Global Fintech Trends
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Ensibuuko, Care pledge financial inclusion for Uganda women
Through this arrangement, Ensibuuko will acquire Care’s proprietary Chomoka application, a digital solution for savings groups.
Speaking on the recently-signed partnership, Christian Pennotti, Chomoka founder, by combining Chomoka’s user-centric design, Ensibuuko’s proven business model, and Care’s Village Savings and Loan Association (VSLA) network, the combination had the potential to unlock access to financial and digital inclusion for an unprecedented number of savings groups and underserved communities.
“We are convinced that Ensibuuko is the right partner for Care,” said Pennotti, who is also Care’s Managing Director for Women in the Digital Economy Fund project.
Read more here: https://www.cajnewsafrica.com/2024/06/24/ensibuuko-care-pledge-financial-inclusion-for-uganda-women/?
Flutterwave Recommits To Core Enterprise Payments And Remittance Services Amid Workforce Transition
Flutterwave, a leading African Fintech company, via a blogpost has announced a strategic shift in its operational focus to reinforce its core business and expand its growing remittance segment, Send App.
This decision which was made at the end of 2023 includes reallocating resources and restructuring teams to better capitalize on market opportunities. Consequently, as part of this strategic shift, Flutterwave faced the difficult decision to let go of 3% of its workforce.
Read more here: https://www.tekedia.com/flutterwave-recommits-to-core-enterprise-payments-and-remittance-services-amid-workforce-transition/?
PayPal's Competitive Pressures In Online Payments Are Increasing: Goldman Sachs
Goldman Sachs analyst Will Nance assumed PayPal Holdings (NASDAQ:PYPL) with a Neutral rating and a price target of $69.
PayPal shares are near their lowest level since 2017, as the market has increasingly become worried about PayPal's competitive positioning in online payment processing and increasing competition from mobile and web-based wallets, which compete with PayPal's branded checkout experience, Nance noted.
While the analyst’s base case is for PYPL branded to continue to lag overall e-commerce growth in the near term while digital wallets are growing closer to mid-teens, he noted the market has already reflected this shift to a more at-market growth rate.
Read more here: https://markets.businessinsider.com/news/stocks/paypal-s-competitive-pressures-in-online-payments-are-increasing-goldman-sachs-1033501210?
BSP Highlights Digital Transformation to Strengthen Rural Bank Inclusive Growth
The Bangko Sentral ng Pilipinas (BSP) emphasised digital transformation as essential for enhancing rural bank operations during the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum held at the BSP Head Office in Manila on 31 May 2024.
In a recorded message, BSP Governor Eli M. Remolona, Jr. highlighted that the forum aimed “to understand the opportunities and challenges as rural banks embrace technology and innovation.”
“Rural banks can be a linchpin for inclusive growth hence, preserving their role and building up their strengths are crucial for sustainable development,” said Governor Remolona.
Read more here: https://fintechnews.ph/63086/banking/bsp-highlights-digital-transformation-to-strengthen-rural-bank-inclusive-growth/?
PRESSR: Mama Money partners with Access Bank and Paymentology to launch new WhatsApp-powered bank card
CAPE TOWN, South Africa -/African Media Agency (AMA)/- Mama Money, one of Africa’s leading cross-border money transfer operators, has joined forces with Access Bank and Paymentology, global leaders in banking and card issuing, to launch a pioneering new bank card service that stands out for its innovative use of WhatsApp banking.?
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Egypt’s e-payment services hit $52.3bln in 11M-23/24
Cairo: The value of Egypt's electronic payment and collection services reached EGP 2.50 trillion in the first 11 months (11M) of the fiscal year (FY) 2023/2024, up from EGP 2.10 trillion in the same period a year earlier, said Minister of Finance Mohamed Maait.
Electronic customs receipts jumped by 38% year-on-year (YoY) to EGP 284.30 billion in 11M-23/24 from EGP 205.80 billion, the minister revealed.
He added that payments through government electronic collection machines (GPOS) leapt by 31% YoY to EGP 60.80 billion between 1 July 2023 and 31 May 2024, from EGP 46.30 billion.
Maait highlighted that financial inclusion is a cornerstone of growth and the transition to a digital economy, underscoring the state’s significant efforts in digital payments over the past decade, according to an official statement.
Read more here: https://www.zawya.com/en/business/fintech/egypts-e-payment-services-hit-523bln-in-11m-23-24-bjsf7ras?
Canadian Fintech Gigadat Joins Forces with PayDo to Enhance Payment Solutions
Gigadat, a Canadian fintech company specialising in online payment and security solutions, has entered into a strategic partnership with PayDo, an electronic money institution (EMI).
This collaboration aims to expand PayDo’s payment services across Canada, leveraging Gigadat’s experience and infrastructure in the fintech sector.
Operating globally across 150 countries and more than 28 industries, PayDo offers a range of personalised financial solutions for businesses and individuals. The platform features multicurrency IBANs, merchant solutions and mass payment options via a single contract and dashboard.
The strategic partnership with Gigadat will enhance the capabilities of both companies, providing clients with more secure and efficient transaction options.
Read more here: https://thefintechtimes.com/canadian-fintech-gigadat-joins-forces-with-paydo-to-enhance-payment-solutions/?
Swedish banks in race to build new technical infrastructure for Bankgirot to meet EU regulations
The Swedish Financial Supervisory Authority (SFSA) has issued an injunction to SEB and the other Swedish owner banks of Bankgirot to ensure they fulfill the requirements of the EU’s Wire Transfer Regulation (WTR) before 31 December 2026.
SEB is, together with the other owner banks of Bankgirot, fully dedicated to securing a solution and have worked closely with Bankgirot to support the development of new technical infrastructure needed to ensure WTR-compliance. Work to develop this infrastructure is already ongoing.
Read more here: https://www.finextra.com/pressarticle/101269/swedish-banks-in-race-to-build-new-technical-infrastructure-for-bankgirot-to-meet-eu-regulations?
Commerzbank to launch digital credit cards for businesses with Pliant
Commerzbank in Germany is expanding its lending services for businesses through the launch of fully digital credit cards for its small and medium-sized business (SMB) customers.
Developed in collaboration with B2B credit card fintech Pliant and neosfer, the bank’s innovation unit and early-stage investor, the offering is expected to launch in Q3 2024.
Commerzbank says the launch will enable its business customers to “manage their card portfolio themselves” and integrate the fully digital solution “into their own billing processes”, a capability it claims “makes it much easier for companies to issue new cards to their employees”.
The solution will also include a range of card controls, including options to restrict card usage to certain time frames and purchases.
Commerzbank claims to currently service around 25,500 corporate client groups and almost 11 million private and SMB customers across Germany.