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Fintech

A collection of 68 posts

Fintechs’ Role in Identity and Financial Security Beyond OPTs and Passwords

Fintechs’ Role in Identity and Financial Security Beyond OPTs and Passwords

In the past year, identity theft has skyrocketed – a worldwide trend that has not gone unnoticed by the public. A report from earlier this year showed that consumers are looking for more security from their banks: 56% want more security measures for non-routine transactions, and 47% want more even for

African Fintechs Gain Financial Backing From World Bank

African Fintechs Gain Financial Backing From World Bank

Through the Southern Africa Innovation Bridge Portal initiative, the World Bank has provided financial support to ten fintech start-ups. This initiative has created an opportunity for underserved communities, which are often seen as high-risk by investors, to access funding. Supported by the World Bank and Switzerland’s State Secretariat of

Nigerian Fintech Startups Dominates AWS Inaugural Cohort Programme

Nigerian Fintech Startups Dominates AWS Inaugural Cohort Programme

Nigeria’s fintech startup ecosystem has achieved a remarkable milestone with the inclusion of eleven Nigerian fintech startups in the finals of the AWS Fintech Africa Accelerator cohort. Out of a total of twenty-five fintech startups selected by Amazon Web Services (AWS), these Nigerian startups have secured a coveted spot

Digital Payments Reign Supreme in Africa as Mobile Transactions Surge by +22%

Digital Payments

Digital Payments Reign Supreme in Africa as Mobile Transactions Surge by +22%

Africa has recently emerged as a central hub for the ongoing digital revolution. Digital payments in the region alone accounted for roughly two-thirds of global value in 2022. According to the State of the Industry Report on Mobile Money 2023, the value of mobile transactions in 2022 reached a staggering

Payday Gets Boost to Continue Revolutionizing Borderless Payments in Africa as Moniepoint, Others Inject $3M

Payday Gets Boost to Continue Revolutionizing Borderless Payments in Africa as Moniepoint, Others Inject $3M

Payday, a Rwandan-born Pan-African neobank issuing global payments accounts denominated in USD, EUR, and GBP to Africans, has announced a $3 million seed round to drive its “future of work” initiative by revolutionizing borderless payment alternatives in major currencies. Moniepoint Inc, led the oversubscribed seed round, with participation from HoaQ,

Cross Switch Ghana Gets a Node from the Bank of Ghana to operate as an Enhanced Payment Service Provider

Cross Switch Ghana

Cross Switch Ghana Gets a Node from the Bank of Ghana to operate as an Enhanced Payment Service Provider

Cross Switch Ghana LTD, a Ghanaian fintech startup, and its parent company, Cross Switch International S.A.R.L., have announced that Cross Switch Ghana LTD has received approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider. The payment firm plans to use the EPSP

Why Embedded Finance is Financial and Commercial Growth Catalyst

Financial Inclusion

Why Embedded Finance is Financial and Commercial Growth Catalyst

Companies, both inside and outside the tech sector, are constantly looking to improve their offerings. Developing safe payment mechanisms is one of the most important changes companies can make, in our opinion. It is no longer a secret that many MSMEs (Micro, Small, and Medium-sized Enterprises) in Africa still cannot

Flutterwave Moves One Step Closer to Connecting Africa to a Seamless Payment System as it Expands into North Africa

Flutterwave Moves One Step Closer to Connecting Africa to a Seamless Payment System as it Expands into North Africa

Flutterwave, a pan-African payments technology firm, announced its entry into North Africa yesterday with the acquisition of payment licenses in Egypt. These licenses, the Payment Services Provider and Payments Facilitator licenses, will allow the African leading fintech startup to operate in the country as a recognized payment service provider and

Why We Need More Fintech Solutions in Nigeria

cashless economy

Why We Need More Fintech Solutions in Nigeria

Since tech startups took the center stage in Africa in the last decade, fintech startups have effortlessly exacted their dominance with superior performance year after year. In 2022 for instance, African fintech startups received a whopping $1.6 billion across 240 announced equity fundraises from the total $4.84 billion

Strengthening Financial Inclusion in the Rest of Southern Africa

Strengthening Financial Inclusion in the Rest of Southern Africa

Broadening financial services seemed like a herculean task for banks until the spread of Fintechs began in Africa. Fintechs have created the needed motivation for banks to expand and simplify service delivery, strengthening the degree of financial inclusion in Africa. Greater access to formal financial services for people in emerging

Kenyan Tech Startups Raise Record Funding in 2022

Kenyan Tech Startups Raise Record Funding in 2022

Kenya is the continent’s second most popular investment destination, trailing only Nigeria. As of November 2022, the ecosystem funding stood at $506,686,000 spread across 63 transactions. This represents a significant increase and nearly doubles the $291, 983,000 raised in the Kenyan Startups in 2021, as well

Now Stitching with Direct Deposit

Now Stitching with Direct Deposit

Direct deposits should be a default for businesses. Its ubiquitous nature makes it more efficient than traditional deposits via banks. To fully automate transactions, South African payments and data API startup, Stitch, has announced the launch of direct deposit or manual transfer as a payment method. Stitch’s direct deposit

PalmPay Gets Nigeria Data Protection Regulation (NDPR) Compliance

PalmPay Gets Nigeria Data Protection Regulation (NDPR) Compliance

PalmPay, a Nigerian fintech innovator democratizing digital payment access, has achieved compliance status with the Nigeria Data Protection Regulation (NDPR) for implementing all statutory requirements. With the rapid growth of the internet and digital economy, the use of information raises serious privacy and data protection concerns. However, any organization that

Cellulant Group, Kenya’s Fintech Startup Gets Approval from the National Bank of Uganda to Offer Digital payment solutions

Cellulant Group, Kenya’s Fintech Startup Gets Approval from the National Bank of Uganda to Offer Digital payment solutions

Cellulant Group, a Pan-African payment technology startup based in Kenya, has received a Payments Systems Operator license from the National Bank of Uganda under the National Payments System Act, 2020, to provide online payment solutions in the country. With this license, Cellulant will be able to expand its operations locally

Kuda Bank Launches Remittance Services in the UK

Kuda Bank Launches Remittance Services in the UK

Kuda Bank, Nigeria’s foremost mobile-only licensed neobank, is expanding to the United Kingdom to provide remittance services to Nigerians living abroad. Babs Ogundeyi and Musty Mustapha founded the London-based startup in 2019. It provides financial services to Africans (beginning with Nigerians) both within and outside of Africa. As a

MFS Africa Granted three Payment Licenses by the Central Bank of Uganda

MFS Africa Granted three Payment Licenses by the Central Bank of Uganda

MFS Africa, a pan-African digital payments platform has been granted three licenses by the Central Bank of Uganda. With the licenses, the company will be able to broaden and deepen its offering in Uganda. The PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument)

Cross-Border Payments, CR2 Announce Partners with Thunes

Cross-Border Payments, CR2 Announce Partners with Thunes

Global B2B payments company, Thunes has teamed with CR2, a market leader in the digital banking and payments space. Through this partnership, CR2 clients may easily send money to more than 130 nations, enhancing the platform’s ability to process payments internationally. Cross-border payments have historically been expensive for both

Interswitch Kick Starts its Regional Breakfast Session with SW Nigeria to Drive a Robust Payment Ecosystem

Interswitch Kick Starts its Regional Breakfast Session with SW Nigeria to Drive a Robust Payment Ecosystem

Interswitch, Africa’s leading integrated payments, and digital e-commerce company hosted an engagement session for its customers and key stakeholders in the South-Western region of Nigeria, following its efforts to strengthen the development of a robust and secure payment ecosystem in the country. The breakfast session was held at the

Dutch Fintech Venture, Yabx Expands into the Nigerian market to Democratize Credit Access

Dutch Fintech Venture, Yabx Expands into the Nigerian market to Democratize Credit Access

Yabx, the award-winning Netherlands-based fintech venture, announced today its expansion into Nigeria to democratize credit access across the country through its digital lending offerings. The lending platform for the underserved, which aims to bridge the gap between new-to-credit segments and banks in Nigeria at scale, as well as introduce new-age

The Ouut Spotlights Startups Improving the Saving Culture of Africans

The Ouut Spotlights Startups Improving the Saving Culture of Africans

Becoming financially responsible is a goal people all over the world struggle with. Whether they belong to the informal class, earning very little to carter for their needs or the formal class earning enough to be financially spontaneous. While traditional banks have lacked the depth needed to curb the temptations

MoneyFellows, Egyptian FinTech Startup, Secures $31M Series B Round for Expansion

CommerzVentures

MoneyFellows, Egyptian FinTech Startup, Secures $31M Series B Round for Expansion

MoneyFellows, an Egyptian fintech startup has secured $31 million in Germany’s CommerzVentures, Middle East Venture Partners, and Kuwait’s Arzan Venture Capital-led series B round to accelerate its exponential growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B verticals, as well

DashPay Launches Glass App to Provide Contactless Payments for SMEs

Contactless Payment

DashPay Launches Glass App to Provide Contactless Payments for SMEs

Dashpay, a provider of merchant solutions, has unveiled Glass, an app-based payment acceptance system that can be utilized by businesses all across the nation. Any merchant may accept contactless card payments through Glass App using any compatible NFC-enabled Android mobile device, according to Dashpay, a part of Capital Appreciation. Dashpay

How Fintech is Driving Financial Inclusion in Morocco

Financial Inclusion

How Fintech is Driving Financial Inclusion in Morocco

Africa is still considered a cash economy, with less than 10% of financial transactions performed electronically in 2021, per McKinsey report. This is because, despite having a population of approximately 1.3 billion people and a GDP of approximately $2.4 trillion, Africa still has a whopping 65 percent of

Egypt's valU Now Joins EFG Hermes, Others in Acquiring Stake in Social Payment Startup, Kiwe

Egypt's valU Now Joins EFG Hermes, Others in Acquiring Stake in Social Payment Startup, Kiwe

Egypt’s valU, a leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform in the MENA region, has today announced acquiring a minority stake in Egypt’s fintech startup, Kiwe, a foremost youth social payment app that facilitates onboarding the unbanked youth segment in Egypt. valU has now joined EFG Hermes Finance,

Nexta, Egypt's FinTech Startup, Receives $3M Funding to Launch its "Next-Gen Banking App"

Nexta, Egypt's FinTech Startup, Receives $3M Funding to Launch its "Next-Gen Banking App"

Nexta, an Egyptian digital banking startup, has received a $3 million investment from eFinance Group, a state-owned provider of digital payments solutions, to launch its “Next-Gen” banking app in the coming months. Ahmed Hisham founded Nexta in 2021 with the singular vision of disrupting the Egyptian fintech scene with its