Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
Safaricom, Pezesha Partner To Launch New Loan Product
Safaricom has partnered with Pezesha, a digital lender, to provide credit to small business owners, adding to the telco’s existing loan products. The new product, Mkopo wa Pochi, will allow small business owners to borrow money directly through their M-Pesa business accounts.
The product is already available through Safaricom’s M-Pesa super app through an update. It will complement Pochi la Biashara, Safaricom’s business wallet for small business owners.
This partnership marks Pezesha’s debut in Kenya’s mobile money market by partnering with Safaricom, which will give it access to the telco’s vast customer base of over 32.4 million active M-Pesa users.
Key Trends Shaping The Digital Payment Sector In Sub-Saharan Africa
The digital payment landscape in sub-Saharan Africa is going through a remarkable transformation, driving developments that promise greater financial inclusion, economic empowerment and overall growth across the region.
My experience as a fintech entrepreneur and a veteran of the traditional banking sector has shown me that people in sub-Saharan Africa don’t need bank accounts; they need to be able to do banking. The ubiquity of mobile phones has completely changed how people access and use financial services, regardless of their location, background or income level. They can now make and receive payments, contribute to savings and even apply for microloans with just their phones, and digital payment technology is continuing to advance rapidly. We must still learn to navigate complex challenges within this new environment, but I am confident that these trends will benefit individuals, families and communities across the board.
Read more here: https://www.forbes.com/sites/forbesbusinesscouncil/2024/06/18/key-trends-shaping-the-digital-payment-sector-in-sub-saharan-africa/ ?
Climate Tech Leads African Startup Funding in 2024 with $325 Million – Report
The impact of climate technologies is becoming more and more pronounced as the hottest investment destination, according to a report by “Africa: The Big Deal.”
Despite the global slowdown in startup funding, particularly in the previously dominant Fintech sector, Climate Tech attracted $325 million, representing 45% of all startup investments in Africa so far.
Being a broad term, climate technology encompasses a wide range of technologies and processes that are designed to address climate change.
Read more here: https://techeconomy.ng/climate-tech-leads-african-startup-funding-in-2024-with-325-million-report/ ?
Building economy’s financial resilience through fintech
The rise in cost of living and economic instability across the world over the past few years has contributed to uneasiness in the financial lives of many people and businesses. In Ghana, the unstable currency value and growing inflation are biting hard, pushing up the cost of products and services on the market, way faster than salaries can adjust.
The big question remains – how can an individual or business build the ability to withstand these economic shocks and maintain financial stability?
Read more here: https://thebftonline.com/2024/06/18/building-economys-financial-resilience-through-fintech/ ?
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QNB and Mastercard host Commercial Payments Forum on ‘Digitisation and Beyond’ in Qatar
Fintech can proffer solutions to the Small and Medium Enterprises (SMEs) by addressing most of the problems associated with SMEs, especially in their relationship with traditional banking system.
The view was re-echoed by the keynote speaker, Biodun Adedipe, the founder and Chief Consultant, B Adedipe Associates Limited at the Supernews Conference held in Lagos, tagged: “Bringing SMEs into the Financial Services Network via Fintech”.
He explained that in the array of issues SMEs grapple with, fintech has evolved to deal with the long list of deficiencies by introducing into the financial landscape the SME banking software.
Read more here: https://www.zawya.com/en/world/africa/fintech-solutions-can-boost-smes-enhance-economic-growth-in-nigeria-fs7dx6ph ?
US Federal Reserve Board issues cease and desist order against Evolve Bank
The Memphis-headquartered bank operates an open banking division (OBD) alongside a suite of traditional banking services, through which it provides deposit accounts and payment processing services to fintechs.
According to the Federal Reserve’s order, examinations conducted in 2023 found that the bank had “engaged in unsafe and unsound banking practices by failing to have in place an effective risk management framework for those partnerships”.
The Federal Reserve has mandated that until Evolve improves its risk management policies and programmes to comply with AML laws and consumer protection regulations, it must halt certain activities.
Read more here: https://www.fintechfutures.com/2024/06/us-federal-reserve-board-issues-cease-and-desist-order-against-evolve-bank/ ?
Ukheshe Rebrands as EFT Corporation to Drive Fintech Innovation in Africa
Ukheshe has announced its official rebranding to EFT Corporation. The move consolidates Ukheshe’s pioneering digital solutions with EFT Corporation’s extensive reach and expertise under one unified brand, positioning it as a leading catalyst for financial inclusion in Africa.?
The rebranding of Ukheshe to EFT Corporation follows Ukheshe’s acquisition of EFT Corporation in January 2024, the first major milestone in both companies’ shared vision of transforming financial services across the continent. The transition from Ukheshe to EFTCorp marks the next stage in bolstering the combined entity’s knowledge and resources, improving the company’s ability to offer innovative payment solutions to a wider market. Following the acquisition, the business has strengthened its technological capabilities, solidifying its position as a formidable player in the fintech industry.?
Read more here: https://www.techafricanews.com/2024/06/18/ukheshe-rebrands-as-eft-corporation-to-drive-fintech-innovation-in-africa/ ?
Apple to discontinue pay later service in the US
The announcement comes just 15 months after the tech giant first debuted Apple Pay Later in the US, which enables users to borrow between $50 and $1,000 and pay back the loan over four instalments spread over six weeks. Apple then delivered a general launch of the service the following October.
However, the company now appears to be pivoting its interests in consumer lending towards an instalment loan offering, with plans to action its arrival through a string of global partnerships.
This includes partnerships with ANZ in Australia, CaixaBank in Spain, HSBC and Monzo in the UK, and Citi, Synchrony, Affirm and Fiserv issuers in the US.
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