Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
3i Africa Summit births partnerships to strategically drive fintech across the continent
The maiden edition of the 3i Africa Summit mmit has birthed strategic partnerships that will put the continent ahead through financial technologies. The aim is to drive investment, innovation, and impact in Africa using fintech as the catalyst.
The summit with thousands of participants to explore strategies on how Africa can leapfrog through fintech has set the tone for de-risking critical sectors of Africa’s economy for mutual benefits and inclusive growth on the continent. Through a series of keynote speeches, panel discussions, and networking sessions, participants delved into the challenges and opportunities in Africa by harnessing the power of financial technologies to drive sustainable economic growth and create opportunities for all.
Read more here: https://citinewsroom.com/2024/05/3i-africa-summit-births-partnerships-to-strategically-drive-fintech-across-the-continent/#google_vignette ?
Ghana’s fintech industry making giant strides
The Financial Technology industry in Ghana continues to rise above imagination as regards the rate of attraction from both domestic and foreign direct investments characterising its operations. Ghana has, over the past few years, experienced the trend of fast-rising Fintech companies in and outside the country.? Over 70 Fintech companies are estimated to be operating in Ghana and making giant strides in the industry.
Fintech is an abbreviation for Financial Technology. It refers to using technology to improve and automate traditional financial services and processes. Some of these services include online banking, mobile payments, peer-to-peer lending, digital wallets and financial management tools. Interestingly, fintech companies in Ghana go through series of rigorous screenings from the Bank of Ghana (the regulating authority) before they are accorded their licenses to operate.
Kenya brings back controversial bill to regulate ICT industry
Kenya has revived the controversial ICT Practitioners Bill, now rebranded as the ICT Authority Bill, 2024. The new legislation aims to regulate its ICT industry by licensing and registering ICT companies and professionals. First introduced in 2016 by the then majority leader Aden Duale, the ICT Practitioners Bill received industry-wide criticism. Critics pointed out that the bill duplicated existing laws and faulted its potential to hinder talented professionals by mandating university degrees. In the end, it did not receive presidential assent.?
With the reintroduction of the ICT Authority Bill 2024 by ICT cabinet secretary Eliud Owalo, Kenya is again attempting to mandate that companies offering ICT services be accredited by an authority under the ICT ministry. This accreditation will involve meeting minimum technical qualifications, relevant experience, and having the necessary resources—all determined by the authority. The process will also include paying a fee similar to the original bill proposed eight years ago, although the charges were undefined. The costs will be determined by the Authority should the current bill be passed.?
Read more here: https://techcabal.com/2024/05/22/kenya-revives-controversial-ict-bill/ ?
Fidelity Bank wants tech to drive innovation in agric sector
Fidelity Bank Ghana na, the largest privately-owned indigenous bank, has announced a dedicated space for Agric-Tech within the Fidelity Young Entrepreneurs Fund (FYEF) through an upcoming Agric-Tech competition. This initiative aims to support the development of groundbreaking solutions that address pressing challenges faced by players in the Ghanaian agriculture value chain.
Julian Opuni [Aifs] uni, Managing Director at Fidelity Bank, made this announcement during the Agriculture and Fintech Forum at the 3i Africa Summit. The forum, hosted by Fidelity Bank, brought together stakeholders to bridge the gap between agriculture and fintech and showcase how technology can overcome longstanding barriers in the agricultural value chain.
Read more here: https://thebftonline.com/2024/05/22/fidelity-bank-wants-tech-to-drive-innovation-in-agric-sector/#google_vignette ?
Spotlight on African Literary Excellence As Afreximbank Launches $20,000 Canex Prize For African Publishing
African Export-Import Bank (Afreximbank) has officially announced the launch of the CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited. According to a statement on Tuesday, the CANEX Book Factory, a key intervention under the CANEX programme, aims to promote a vibrant literary culture across Global Africa and encourage the development of a sustainable business ecosystem in the literary sector.
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CANEX was launched in 2020 by Afreximbank as a key driver for development and job creation in Africa, having recognised the relevance and opportunities provided by the creative and cultural industries. “The CANEX Book Factory will spotlight and elevate the African book value chain through a Pan-African writing workshop, an e-newsletter highlighting African literature and the prize for publishing in Africa. This will culminate in the Award Ceremony at the CANEX WKND to be held in Algiers, Algeria between 16-19 October, 2024.
Read more here: https://www.arise.tv/spotlight-on-african-literary-excellence-as-afreximbank-launches-20000-canex-prize-for-african-publishing/ ?
Axiz uses Mauritius as expansion springboard into Africa
Axiz, a technology distributor, is increasingly using Mauritius as a base for accelerating its expansion into the rest of Africa. According to the company, the island matched all of Axiz' criteria for a strong foundation on the continent, due to its substantial domestic market, strong financial structure, and political stability.
Speaking to ITWeb Africa ahead of its IT Summit, which begins tomorrow, Axiz CEO Craig Brunsden said: “For us, at a group level, Mauritius is not just a market, it’s also increasingly becoming the headquarters for our business efforts across the continent. “With the Mauritian market, if we look at IT adoption and readiness of the market to accept what we sell – IT infrastructure, edge computing, software – they would be right up there. I would argue at the same level as South Africa.”
Read more here:? https://itweb.africa/content/RgeVDMPRGmxvKJN3 ?
Microsoft Announces $1 Billion Investment in Kenya’s Digital Ecosystem
US Tech giant 微软 Corporation, in collaboration with G42 , an Emirati artificial intelligence (AI) development company, have announced a $1 billion investment in Kenya’s digital ecosystem. This marks the largest single private-sector digital investment in the nation’s history. The initiative, supported by the US and the UAE governments, coincides with Kenyan President William Samoei Ruto, PhD to’s state visit to the United States. The project aims to foster the creation of local-language AI models, specifically in Swahili and English, to support cultural and linguistic needs.
Read more here:? https://kenyanwallstreet.com/microsoft-and-g42-to-invest-1-billion-in-kenyas-digital-ecosystem/ ?
Citi fined ￡61.6m by UK regulators for “failures in its trading systems and controls”
花旗 group Global Markets Limited (CGML) has been fined ￡61.6 million by UK regulators for historic failings in its trading systems and controls. The total penalty consists of a ￡33,880,000 fine from the Prudential Regulation Authority (PRA) and a ￡27,766,200 fine from the Financial Conduct Authority (FCA). Relating to an incident from 2022, the FCA says failures in the firm’s systems and controls “led to $1.4bn of equities being sold in European markets when they should not have been”.
It says on 2 May 2022, a CGML trader sought to sell a basket of equities worth $58 million. When entering the basket into an order management system, the trader erroneously created an order worth $444 billion, over 760,000% of the original intended value. Fortunately, CGML’s controls blocked $255 billion of this order from progressing, but $189 billion was sent through to a trading algorithm “designed to place portions of this total order to be sold in the market over the rest of the day”. The FCA says: “In total, $1.4bn of equities were sold across European exchanges, before the trader cancelled the order. This coincided with a material short-term drop in some European indices which lasted a few minutes.”
Read more here: https://www.fintechfutures.com/2024/05/citi-fined-61-6m-by-uk-regulators-for-failures-in-its-trading-systems-and-controls/ ?
FinTech barq and TerraPay team to boost global money transfers
Saudi-based FinTech application barq has signed a strategic partnership with the global money movement company TerraPay . This collaboration aims to provide fast and secure international money transfer services. Ahmed Alenazi, CEO of barq, stated, “We are delighted to collaborate with TerraPay to enhance our international money transfer services. This alliance reflects our commitment to innovation and customer satisfaction.”
Supported by TerraPay’s extensive global payments network, this agreement aligns with barq’s efforts to expand its service offerings, catering to customer needs and keeping pace with the growth of the FinTech sector, both within and beyond the Kingdom. Ani Sane, Co-founder & Chief Business Officer – TerraPay, said, “This partnership is not just another agreement; it is a testament to our commitment to supporting promising projects in Saudi Arabia like barq. Through this collaboration, we aim to deliver fast, efficient, and secure international money transfer services that adhere to global standards.”