Global Fintech Trends - 2nd August, 2024
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
Flutterwave Secures Enhanced Payment License from Bank of Ghana
Flutterwave, a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana.
Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well positioned for rapid digital adoption. The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.
For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.
Read more here:https://www.techafricanews.com/2024/08/01/flutterwave-secures-enhanced-payment-license-from-bank-of-ghana/ ?
Bankers Urge CBK to Hold Interest Rate at 13%
DOHA: In a significant move to enhance the country's instant payment system, Qatar Central Bank (QCB) has unveiled the 'Request to Pay'feature through its 'Fawran'service. This development aligns with the Third Financial Sector Strategic Plan and was announced on Tuesday.
The 'Request to Pay'option allows customers to send a payment request from the payee to the payer. Upon receiving the request, the payer will see the payee's name, the requested amount, and options to accept or reject the payment. If the payer accepts, the specified amount will be transferred instantly to the payee's account.
QCB highlighted this new feature on the social media platform X, emphasizing its potential to streamline transactions and enhance payment efficiency. The participating banks for this service currently include Doha Bank, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, and Qatar International Islamic Bank.
Read more here: https://www.zawya.com/en/business/banking-and-insurance/qatar-central-bank-introduces-request-to-pay-via-fawran-service-sty5nfi6 ?
Mansa Launches First Pool On Base
Mansa, a fintech providing liquidity to multinational exports and cross border payments for companies in emerging markets, has launched its first pool on base.
Base is a secure, low-cost Ethereum-equivalent L2 blockchain built on the OP Stack by Coinbase, enabling Mansa to offer more efficient and accessible financial services to its clients. Mansa is currently live with two innovative pools centred around remittance and stablecoin liquidity provision, helping African businesses access cheaper capital.
Mansa’s approach allows venture-backed businesses to use a wide range of assets as collateral, significantly expanding the pool of potential borrowers. As institutional adoption of this model accelerates, Mansa’s approach and strategic partnerships will play a crucial role in shaping the future of finance in emerging markets. With boots on the ground in Africa and the UK, Mansa works closely with African businesses to fuel their growth with trade finance and cross-border payments liquidity.
Read more here: https://cioafrica.co/mansa-launches-first-pool-on-base/ ?
Aleta Planet Secures Funding from National Pulse for Middle East, Africa Expansion
Aleta Planet, a Singapore-based fintech firm, has secured funding from Dubai’s National Pulse to enhance cross-border payment services for businesses in the Middle East. The sum was not disclosed.
The investment, led by His Excellency Mohammad Bin Markhan Al Ketbi, Founder and Group Chairman of National Pulse, will facilitate Aleta Planet’s growth into the UAE, Middle East, and Africa.
Following this investment, Aleta Planet will establish its global headquarters in Dubai, with the Singapore office continuing to support its expansion in the Southeast Asia region.
Read more here: https://fintechnews.sg/99899/payments/aleta-planet-secures-funding-from-national-pulse-for-middle-east-africa-expansion/ ?
领英推荐
Fintechs solvings consumer needs through innovative tech
On World Fintech Day, industry leaders came together to highlight how innovative technology is reshaping the financial landscape.
As consumer needs evolve, fintech companies are at the forefront of delivering solutions that not only meet but also exceed expectations.
From streamlining international money transfers to empowering wealth creation and enabling financial inclusion across Africa, these pioneers are demonstrating how technology can bridge gaps and transform lives.
Read more here: https://www.cbn.co.za/industry-news/business-advisory-financial-services/fintechs-solvings-consumer-needs-through-innovative-tech/ ?
New US-Mexico payments pathway will tap rural community banks
A new cross-border payments infrastructure will enable remittances between the US and Mexico via 140 community banks in rural areas.
The new corridor is being developed by the Interledger Foundation , an organisation dedicated to the creation of an open, interoperable payment network and the People’s Clearinghouse, which works with community banks and credit unions in Mexico. The Interledger Foundation argues that for US-based Mexicans using private money transfer services often comes with high fees, high minimums, and prolonged wait times.
Read more here: https://www.finextra.com/newsarticle/44522/new-us-mexico-payments-pathway-will-tap-rural-community-banks ?
Mastercard Teams With UK Neobank Ampere on Card-to-Card Payments
Mastercard and U.K. neobank Ampere teamed up to enhance the latter’s services for small businesses.
The collaboration expands Ampere’s services and transfers offering, allowing its customers access to card-to-card payments, according to a Thursday (Aug. 1) press release emailed to PYMNTS.
Card-to-card payments convert “over 60 different currencies at a faster and cheaper rate than traditional banking systems,” the release said. “Ampere removes until-now inconvenient delays and complications associated with international payments.”
Founded in 2022 and based in London, Ampere provides business banking for small- to medium-sized businesses (SMBs) in the United Kingdom and European Union, per the release.
Read more here: https://www.pymnts.com/partnerships/2024/mastercard-teams-with-united-kingdom-neobank-ampere-card-payments/ ?
Bank of England launches discussion paper on “ambitious agenda” for UK’s payments landscape
The paper seeks to identify the means necessary to strike a balance between the rapid pace of payment innovation against the central bank’s monetary and financial stability objectives.
With this, the central bank’s latest publication highlights several key focus points relating to the rate of innovation.
Chief among these are the financial stability risks posed by the continued detachment of financial markets from central bank money and the parallel rise of private forms of digital money, such as tokenised deposits and stablecoins.