Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
Africa Fintech Festival 2024: Agenda
The Africa Fintech Festival 2024 AGENDA is Live! This year's festival promises an array of insightful sessions, innovative showcases, and networking opportunities with leading experts in the fintech industry.
Explore the detailed agenda and plan your participation by viewing it here.
We look forward to seeing you at the festival!
CBE welcomes Kenyan delegation to discuss instant payment innovations
In a move that underscores Egypt’s dedication to fostering cooperation with African nations, the Central Bank of Egypt (CBE) recently hosted a delegation from the Central Bank of Kenya (CBK). This visit was part of a broader initiative to share Egypt’s pioneering efforts in developing the Instant Payment Network (IPN) and the InstaPay application.
The CBK delegation, composed of a specialized technical team, engaged deeply with the IPN’s technical and operational aspects during their stay. They delved into the CBE’s range of services, focusing on the InstaPay application’s functionality and the swift transaction processing within the IPN. This exchange has been instrumental in enhancing the Kenyan team’s technical know-how in payment systems.
Read more here: https://www.dailynewsegypt.com/2024/06/09/cbe-welcomes-kenyan-delegation-to-discuss-instant-payment-innovations/?
EcoBank Fintech Challenge 2024 For Programmers And Developers In Africa
About the EcoBank Fintech Challenge: The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to scale and provides them with support and access to opportunities in Ecobank’s 33 African markets. The goal? To contribute to their growth as potential Pan African Fintech success stories.
The Challenge is open to all Fintechs on the African continent. Interested Fintechs can apply by sending details of their product as well as a demo here. These products must address one or more of a specific set of pain points which can be found here.
The selected finalists participate in the Ecobank Fintech Innovation Fair, with the top 3 finalists winning cash prizes. All finalists are inducted into the Ecobank Fintech Fellowship, which affords them the opportunity to explore deals, integration and commercial partnership with the Ecobank Group.
Read more here: https://www.afterschoolafrica.com/84253/ecobank-fintech-challenge-2024-for-programmers-and-developers-in-africa/?
Central Bank of Egypt-backed Banknbox expands fintech partnerships across 8 countries in H1 2024
Banknbox Egypt, a leading digital services and payment technology provider, has announced strategic partnerships with banks and fintech firms in eight countries during the first half of 2024. This expansion aims to solidify Banknbox’s position as a regional hub for financial and banking services, leveraging Egypt’s growing fintech sector.
With support from the Central Bank of Egypt (CBE), Banknbox has partnered with leading companies and financial institutions in diverse markets such as Iraq, Libya, Bangladesh, Moldova, Qatar and several African countries. These collaborations seek to provide a range of services through Banknbox’s digital platform in Egypt.
Read more here: https://www.dailynewsegypt.com/2024/06/09/central-bank-of-egypt-backed-banknbox-expands-fintech-partnerships-across-8-countries-in-h1-2024/?
‘More big players will boost fintech ecosystem’
The Chief Executive Officer of Kuda Technologies, Babs Ogundeyi, has said the emergence of more big players will deepen the trust in the country’s fintech ecosystem. Speaking at GITEX Africa in Morocco recently, Ogundeyi highlighted that the presence of additional major fintech companies would bolster industry confidence, leading to greater adoption and growth.
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“It is beneficial for financial institutions revolutionising monetary interactions. If Kuda was the sole player, its success wouldn’t be as pronounced. “Multiple players add credibility. A solitary player can lead to a trust gap and suspicion. However, with more major players excelling, fintech becomes a valid and trusted option,” Ogundeyi told The PUNCH.
Cyber Risks Threaten Innovation in Kenya’s Banking Space
Kenya’s banking industry classifies cyber threats as the key risk slowing investment in innovation, even as most of their clients prefer services served through digital platforms.
Read more here: https://kenyanwallstreet.com/cyber-risks-threaten-innovation-in-kenyas-banking-space/?
Monierate Hits 200,000 Monthly Traffic Months After Launch, Opens for Business
Tunde is a Lagos-based businessman who owns a couple of companies. He has a strict ethic of making on-time payments to his workers residing within and outside Nigeria. Paying workers residing in Nigeria is a breeze for the young businessman. The challenge, however, is paying workers who live beyond the country’s shores.?
Tunde would always have to log in to different websites and platforms. He does this to find out the current dollar-to-naira exchange rate, which determines how much naira he would spend to make full payment of a worker’s salary in dollars. All of that stress disappeared the moment he came across the Monierate website. And what changed? He had stumbled on a one-stop platform for the dollar-to-naira exchange rate.?
Read more here: https://techcabal.com/2024/06/09/monierate-hits-200000-monthly-traffic-months-after-launch-opens-for-business/?
Onafriq and VGS Partner to Improve Virtual Card Security for Fintechs Across Middle East and Africa
As part of the partnership, Onafriq will implement the VGS card reveal capability for its new ‘Credential Show’ feature, which is where both organisations will securely collect and store Primary Account Number (PAN) data and display a complete card number, expiration date, and CVV to end-users when requested.
The ‘Credential Show’ feature will apply to virtual cards and other card issuance features specifically tailored to fintech providers in Africa and the Middle East. This process also helps Onafriq’s fintech clients remain compliant, while offering user self-serve options and reducing customer service needs.
This partnership marks the culmination of a longstanding relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment features.
Read more here: https://thefintechtimes.com/onafriq-and-vgs-partner-to-improve-virtual-card-security-for-fintechs-across-middle-east-and-africa/
56% of US companies offer faster payments; 35% planning to do so
The FPC's report on faster payments and financial inclusion identifies the features required to bolster financial inclusion with faster payments. 88 respondents across a range of financial institutions including banks, credit unions, payment providers, and businesses reveal the stage of faster payments integration they are currently at and what needs to be done to make sure all solutions are inclusive for all those in the US.
Findings from the survey revealed that while financial institutions are exploring and prioritising faster payments, there are numerous inclusion 'painpoints' that need to be addressed. Only 56% of respondents currently offer faster payments, with an additional 35% planning to do so.?