Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
15 Days To Go!
Join us for the vibrant and exhilarating Africa Fintech Festival 2024, taking place from June 12th to 15th at the beautiful Enashipai in Naivasha, Kenya! This fintech-friendly festival will gather the brightest minds and leading innovators, tech enthusiasts, and policymakers, offering a dynamic platform for dialogue, collaboration, and knowledge exchange.
Attendees will experience insightful keynote speeches, interactive panel discussions, fireside chats, and cutting-edge product demonstrations, all designed to showcase the future of fintech.
Don't miss the spectacular closing days filled with joy, laughter, and community spirit. Mark your calendars and bring your products and innovative spirits to Naivasha, Kenya.
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Mastercard and EagleLion partner to drive digital payment transformation in Ethiopia
萬事達卡 rd has teamed up with Ethiopian financial solution provider EagleLion System Technology. The partnership aims to empower local businesses and consumers to seamlessly accept secure digital payments. This joint effort marks a significant stride forward for both companies. Specifically, it combines EagleLion's expertise in digital financial solutions with Mastercard Gateway’s cutting-edge payment technology. It directly taps into the challenge and opportunity of advancing digital financial services in Ethiopia.
Currently, local businesses have limited access to secure and efficient digital payment acceptance solutions, primarily relying on cash transactions. As Ethiopia endeavours to embrace digital transformation, this collaboration contributes to the government's modernisation ambitions. It enables efficient and transparent cashless transactions, including payments for public services and tax collection.
Read more here: https://finance.yahoo.com/news/mastercard-eaglelion-partner-drive-digital-215607709.html?
How instant payment systems across Africa can be the role model for the world
Imagine Salimata working in Nairobi and sending money home to her mother every month, instantly and directly from her mobile money account in Kenya into her mother’s mobile money account in Burkina Faso. Instead of withdrawing cash to give to a remittance company and requiring her mother to travel to an agent to collect it, they both save time and money with lower fees and a better exchange rate.
Many governments across the continent have taken a giant leap forward in making this scenario real. More than half of all countries in Africa already have an instant payment system that allows every person, business, or government entity to transfer money to each other, no matter which bank or financial service provider they use. We believe it is possible to establish such inclusive instant payment systems in every African country by 2030.
Read more here: https://www.cnbcafrica.com/2024/how-instant-payment-systems-across-africa-can-be-the-role-model-for-the-world/?
Plan to get rid of cash in South Africa
The South African Reserve Bank (SARB) has said that the lack of affordable mobile Internet access is a major limiting factor to creating a cashless society. This was reported in the SARB’s Digital Payments Roadmap, which sets out a plan to create a more sustainable and accessible digital payments society in South Africa.
The report cites research by FinScope showing that only 66% of the country has access to the Internet at home. If only two-thirds of the country can access the Internet, this is a major limiting factor to fully implementing digital payments in the future. Further evidence of this is cited from the Independent Communications Authority of South Africa (Icasa), which shows that only 17% of South Africans living in big metros had access to the Internet at home in 2023.
Read more here: https://mybroadband.co.za/news/banking/538453-plan-to-get-rid-of-cash-in-south-africa.html?
MTN projects $12bn digital infrastructure spend in 6 years
Mcebisi Hubert Jonas , chairman of MTN , Africa's largest telecoms group, said companies like his will invest over $12 billion in digital infrastructure by the end of this decade (2030). "We will need to be smart about how we source that capital and the strategic partnerships that we will build to deliver on our strategy," Jonas said.
According to Jonas, digitisation and the fourth industrial revolution (4IR) are transforming Africa's prospects, necessitating the need for reliable digital infrastructure. In his remarks at the recently concluded CEO Forum in Rwanda, Jonas said: "Companies like MTN will need to invest approximately $12 billion up to the end of this decade (2030) in building digital infrastructure, such as radio access networks, fibre and data centres."
Read more here: https://itweb.africa/content/G98Yd7LGRe1vX2PD?
Extend financial services to rural areas, says Kitila
Youths are the largest group in the country but have not been reached thoroughly by financial services, thus extending the service to rural areas is vital. “Despite some progress made in availing the digital financial services to rural areas , we feel that this progress is not impressively becase more citizens in those areas are struggling. Make sure your services are penetrating to rural areas,” Prof Mkumbo said over the weekend when launching Craft Silicon’s local residence in the country.
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Craft Silicon, is a fintech company that empowers businesses to thrive in today’s fast-paced digital economy through providing digital transformation and innovative fintech solutions.
The minister said the country’s economy has been growing steadily but rural areas seem to be excluded somehow. The arrival of companies such as Craft Silicon, will increase the chances of digital connection to rural residents.
WeWire Joins Bank of Ghana Sandbox to Drive Financial Innovation in Africa
WeWire , a cross-border business payment platform with a strong presence in Kenya, has been admitted into the Bank of Ghana ’s (BOG) regulatory and innovation Sandbox program. This program will enable the Ghana-based startup to collaborate with BOG to develop inclusive financial technology products, which will, in return, attract investments into the continent. WeWire, which also operates in Nigeria, understands the power of mobile money in facilitating financial transactions. The company is uniquely positioned to develop, test, and deploy payment solutions that leverage blockchain and stablecoins to facilitate fast and secure global payments.
Kenya’s gross domestic product grew by 5.6% in 2023 and is projected to grow by 6% in 2024, with significant contributions from agriculture, real estate, and manufacturing. Through the Sandbox program, WeWire aims to enable payments by leveraging mobile money platforms, wallets, and digital currencies to facilitate payments for local and global industry players, providing them the foundation for expanding into new local and international markets.
Read more here: https://kenyanwallstreet.com/wewire-joins-bank-of-ghana-sandbox-to-drive-financial-innovation-in-africa/?
How Africa’s largest payments network is integrating social mission with its business aspirations
Being deliberate about creating a “greater purpose” is essential to building an authentic corporate culture, engaging stakeholders, and navigating the evolving landscape of corporate philanthropy. This is the philosophy behind Africa’s largest digital payments network, Onafriq’s, extensive growth and vision to unify the continent’s digital payments landscape according to its General Counsel and Chief Risk Officer Funmi Dele-Giwa.
Dele-Giwa recently shared insights into the organisation’s unique position at the intersection of social impact and commercial ambition at the Women in Payments Symposium EMEA, held in London. During her speech she delved into the company’s journey in delivering greater financial access and connecting all of Africa into a single integrated network that empowers both individuals and businesses.
Read more here: https://techtrendske.co.ke/2024/05/27/how-onafriq-is-integrating-social-mission-with-its-business-aspirations/?
Survey: 60% of US crypto investors don’t understand blockchain technology
About 60% of US cryptocurrency investors say they don’t understand blockchain technology, according to a recent survey. Language-learning company Preply surveyed 1,001 people living in the US about their knowledge, interest, and experience with cryptocurrency, finding that three in five respondent investors were unclear about the blockchain, the distributed database or ledger shared among a computer network’s nodes.
The survey found that 35% of crypto investors who responded were not confident in their knowledge of crypto. It also looked at the Google search volume of 29 crypto-related terms over the past 12 months in all 50 states and 181 of the US biggest cities.
Read more here: https://www.dlnews.com/articles/people-culture/most-crypto-investors-surveyed-unclear-on-blockchain/?
EUBOF Advises EU On Blockchain And AI Integration
The European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission, released a report on May 24 calling on the European Union (EU) to ready itself for the integration of blockchain technology and artificial intelligence (AI). The latest move from the EU blockchain is seen as a proactive approach to secure users’ data.
The EU blockchain report, prepared by the Directorate-General for Communications Networks, Content, and Technology, discussed the potential integration of blockchain technology with AI. It emphasizes blockchain’s secure data storage and management capabilities, particularly in sensitive fields like healthcare and finance.
Apple launches Tap to Pay on iPhone in Canada
苹果 has announced the launch of its Tap to Pay on iPhone service in the region of Canada to seamlessly and securely accept in-person, contactless payments. Tap to Pay on iPhone makes it easy for businesses of any size to accept payments from contactless credit and debit cards, Apple Pay, and other digital wallets using only their iPhone and a partner-enabled iOS app — no additional hardware or payment terminal required.
“Canadians increasingly rely on a variety of digital and contactless payment options, so we’re excited to partner with payment platforms to offer merchants across Canada a private, secure, and easy-to-use capability that meets customers where they are,” said Jennifer Bailey, Apple’s vice president of Apple Pay Apple Wallet. ”