Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
The fintech landscape in Africa is experiencing a surge in growth opportunities, with South Africa emerging as a key player in this dynamic sector. Despite global challenges, venture capital investment in South Africa remained resilient, marking a 6% increase to reach a notable $620 million in 2023.
Fintech solutions, particularly those addressing payment challenges, continue to dominate innovation and attract significant venture capital interest across the African continent. According to Antonia Bothner, Endeavor SA’s capital markets lead, the market’s transition from cash presents vast untapped potential, both in Sou
Read more here: https://techlabari.com/south-africa-tech-ecosystem-shows-growth-potential-with-fintech-leading-the-way/?
One month after a ban on onboarding new customers, fintechs are still at the negotiating table with regulators. Five Nigerian neobanks— Moniepoint Nigeria , OPay , PalmPay , Kuda , and Paga Group Ltd —remain unable to onboard new customers one month after a TechCabal report revealed the restriction was connected to a directive from the National Security Adviser (NSA). The leaders of those neobanks met with the NSA, the Economic and Financial Crimes Commission (EFCC), and the Central Bank of Nigeria (CBN) in Abuja on Friday, April 26, two people familiar with the talks said.
In those talks and continuing engagements, the fintechs were given conditions before new account openings could resume. If those talks stall, it will slow growth for the venture-funded neobanks that have benefited from an explosion in digital payments. It also highlights the weak lobbying power of fintech as they continue to face scrutiny over Know Your Customer (KYC) procedures and fraud prevention.
Read more here:? https://techcabal.com/2024/05/20/fintechs-given-list-of-conditions-for-new-account-onboarding/?
Central Bank of Kenya has announced that it has secured a $95 million credit line from Proparco, a subsidiary of AFD - Agence Fran?aise de Développement (AFD) Group. The facility will be used to finance climate-related investment projects and empower women entrepreneurs in Kenya.
The project is a syndication of European Financing Partners (EFP), led by Proparco, which is contributing $35 million and $60 million, respectively. KCB says it will use the funds for onward lending to projects that prioritize environmental sustainability and high social impact, particularly in the health and education sectors. 30% of the credit line will be allocated to women entrepreneurs
The first-ever digital economy summit in Africa, the 3i Africa Summit , has established that inter-country collaboration is key to guarantee the success of initiatives tailored to boost payments system in Africa. The three days of discussions and other activities at the maiden financial technology (FinTech) summit in Accra also came to the conclusion that players in the space must not work in silos if their initiatives must achieve the needed impact.
The Bank of Ghana na (BoG), DBG and the Monetary Authority of Singapore (MAS) ore (MAS), through its subsidiary, Elevandi, organised the summit on the theme: “Unleashing Africa’s Fintech and Digital Economic potential”. Initially targeted at 2,500, the 3i Africa Summit welcomed more than 8,700 registered participants, with more than 7,500 as physical attendees. The number included 1,724 policymakers, 4,786 industry experts and 1,230 researchers from 95 countries around the world. Additionally, the event featured 240 speakers and discussants, 58 sessions, 15 tracks, nine stages and 10 innovator pitches.
Read more here: https://www.graphic.com.gh/news/general-news/ghana-news-3i-summit-records-big-deals-100m-for-smes-in-ghana-bog-reports-on-ecedi-success.html?
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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, Managing Director at Fidelity Bank, made this announcement during the Agriculture and Fintech Forum at the 3i Africa Summit on May 14, 2024. 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://citinewsroom.com/2024/05/fidelity-bank-announces-agric-tech-competition-to-foster-innovation-in-ghanas-agric-sector/#google_vignette?
India leads the world in mobile wallet payments with 90.8% adoption in 2023. New Delhi: India has emerged as the global leader in mobile wallet payments, with 90.8 percent of its population using mobile wallets for transactions in 2023, according to GlobalData 2023 Financial Services Consumer Survey.
In April 2024, India's Unified Payments Interface (UPI) showcased robust performance, with daily product statistics amounting to Rs 19.64 lakh crore. Continuing this trend, the first half of May 2024 has already seen significant transaction volumes, reaching Rs 10.70 lakh crore by May 15th. This achievement underscores India's rapid advancement in digital payment solutions, surpassing other nations in mobile wallet adoption. The report suggests that the trend of increasing mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
Read more here: https://www.zawya.com/en/world/indian-sub-continent/india-leads-the-world-in-mobile-wallet-payments-with-908-adoption-in-2023-iao4ec1w?
Hong Kong will allow mainland China's pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing's efforts to internationalise the yuan amid rising geopolitical tensions. The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China's central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.
Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China's central bank. Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.
Read more here: https://www.zawya.com/en/world/china-and-asia-pacific/hong-kong-allows-chinas-digital-yuan-to-be-used-in-local-shops-cy5bh3vx?
@Kudos has raised $10.2 million in a Series A funding round led by QED Investors for its AI-powered smart wallet and shopping assistant. Patron, The Points Guy founder Brian Kelly, Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures and the Four Cities Fund joined the round. Founded in 2001 by a team with experience at Google, PayPal and Affirm, Kudos is an app and browser extension that acts as a smart wallet assistant that can recommend or automatically select the best credit card for shoppers to use when paying to maximize their rewards and cash back.