In The Know Vol.19- Key Trends Shaping Africa's Digital Payment Revolution

Africa's digital payment landscape is rapidly evolving, fuelled by the widespread adoption of mobile money, a surge in fintech startups, and shifting regulatory dynamics. Mobile money has become a key driver of financial inclusion, offering millions who were previously unbanked a secure and convenient way to transact. This trend extends beyond East Africa, with notable growth in countries like Nigeria, Ghana, and South Africa, further accelerated by increased internet connectivity and smartphone use.?

Fintechs are also reshaping the sector by providing innovative solutions tailored to African markets, such as alternative credit scoring and cross-border transactions. These advancements are driving down costs and enhancing user experiences, attracting more people to digital payments. Meanwhile, regulators are updating frameworks to ensure security and transparency, fostering a balanced environment for innovation.?

EFT Corporation is at the forefront of this transformation, delivering cutting-edge fintech solutions that drive financial inclusion and efficiency across Africa. By tackling challenges such as regulatory hurdles and market fragmentation, we leverage our deep market insights to offer optimised payment systems that address both current and future needs.?

?? Read more about how EFT Corporation is pioneering payment solutions in Africa. ????

How embedded finance can help more African MSMEs grow?

Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in powering Africa’s economy, contributing over 80% of employment and 50% of the continent’s GDP. As MSMEs continue to drive growth, access to financial tools beyond traditional banking becomes essential. Embedded finance emerges as a key solution, enabling non-financial companies to integrate payments and financial services directly into their platforms, enhancing operational efficiency and customer experience.?

This article explores the various applications of embedded finance in Africa, from lending services and payment acceptance to card issuance. Dive into the benefits of embedded finance for business growth, customer retention, and revenue generation, and discover the challenges posed by regulatory scrutiny, data privacy, and integration complexities. The article paints a picture of the future of embedded finance in Africa, emphasising the potential for digital transactions to transform the continent's economy. ???

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The 15th Edition Connected Banking Summit Innovation and Excellence Awards 2024?

On August 14th, EFT Corporation?attended the 15th Edition Connected Banking Summit - Innovation & Excellence Awards 2024, held at the Ethiopian Skylight Hotel in Addis Ababa. The summit was centred on the theme, "Bolstering the Economy with Digitisation and Financial Inclusion," and brought together key industry players to explore the transformative impact of digital technologies on the banking sector. Discussions highlighted the role of mobile banking, AI, chatbots, payment security, online banking accessibility, and blockchain in reshaping customer expectations and setting new standards for operational efficiency.?

EFT Corporation's booth provided attendees with insights into our innovative payment processing solutions. Our CEO, Clayton Hayward , contributed as a speaker and panellist, exploring how digital advancements are transforming financial access and driving inclusion. He emphasised the need for greater financial inclusion in Africa's underserved MSME sector, noting that technology is crucial in bridging the credit gap and driving economic growth. The panel discussed how digital banking innovations are revolutionising Ethiopia’s financial sector, uncovering growth opportunities while addressing key implementation challenges.?

We were honoured to receive the "Best Payment Solution Provider of the Year" award. This recognition underscores our commitment to excellence and our dedication to empowering financial inclusion through digital banking innovations.?

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EFT Corporation Fintech Roundtable, Ethiopia

Together with Visa , EFT Corporation hosted a successful Roundtable in Ethiopia on Thursday, the 15th of August, aimed at fostering growth in the Ethiopian region through collaboration with valued partners. The event focused on addressing challenges in the payments landscape and exploring opportunities to enable seamless and innovative payment solutions together. ??

Additionally, we took this opportunity to introduce the new?‘EFT Ventures’?division, which, under Stephen Enderby ’s leadership, will invest over $50 million to support the continent’s fintechs and banks. This initiative aims to provide direct mentorship, funding, and technology to the next generation of African leaders, further solidifying our commitment to driving progress and innovation across the region.?

The Rise of Women in Payments Africa??

In light of Women’s month, our latest blog?explores the critical importance of increasing female representation in the financial industry, particularly in Sub-Saharan Africa, where a significant gender gap in access to banking services persists. It examines how the rise of digital financial technologies has opened more opportunities for women to enter the payments profession and influence the creation of financial products tailored to women's needs.?

Discover Women in Payments Africa (WIPA), an organisation dedicated to amplifying the voices of women in the industry and promoting gender diversity. Learn about the impact of WIPA, its mission to empower women in the payments sector, and EFT Corporation’s commitment to supporting this initiative. Dive into how WIPA is fostering collaboration among female leaders to develop strategies and products that uplift unbanked women across Africa.??

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