MFB Launches Innovative Mobile App for Users
Alert Microfinance Bank (MFB), a subsidiary of Alert Group, is revolutionizing the financial management landscape with the launch of its cutting-edge mobile banking app. This innovative app is designed to transform how you handle your finances, offering a streamlined, comprehensive experience right from your smartphone.
The app is incredibly user-friendly, packed with features to simplify your financial tasks. With just a few taps, you can send and receive money, pay bills, and top up airtime. Stay on top of your finances effortlessly by monitoring your account activity and maintaining control with ease.
What truly distinguishes this app is its groundbreaking account opening process. Whether you’re opening a new account or upgrading to a Tier 3 account, the process is seamless and can be completed in minutes using only your National Identification Number (NIN) and Bank Verification Number (BVN). Say goodbye to lengthy branch visits and cumbersome paperwork – it’s that simple!
Read more here: https://www.techinafrica.com/mfb-launches-innovative-mobile-app-for-users/#google_vignette
Econet Wireless Zimbabwe Expands into FinTech with EcoCash Acquisition
In a strategic bid to unlock value for stakeholders, Econet Wireless Zimbabwe Limited has acquired the financial technology (FinTech) businesses from EcoCash Holdings Zimbabwe Limited. The administrative integration process of these businesses is currently in progress and expected to be completed by the second quarter. This integration will result in significant synergies, streamlining processes and propelling the business forward.
Post-integration, Econet’s primary focus areas will be mobile money, digital platforms, InsurTech, HealthTech, and mobile communications. The acquisition excludes Steward Bank, and the financial results of these FinTech businesses are now consolidated as subsidiaries of Econet Wireless Zimbabwe Limited Group, reported under the financial technology segment.
Zimbabwe introduced a new currency, Zimbabwe Gold (ZWG), on April 5, 2024, replacing the Zimbabwean dollar. Backed by precious metals and foreign currency reserves, this new currency aims to stabilize the economy.
Read more here: https://www.techafricanews.com/2024/07/16/econet-wireless-zimbabwe-expands-into-fintech-with-ecocash-acquisition/
Cleva Simplifies International Payments
After studying at prestigious American universities, two Nigerian tech entrepreneurs have embarked on a mission to solve the global challenge of receiving international payments. They decided to start this venture in their home country, Nigeria.
Cleva, a fintech solution developed by a Nigerian startup, enables individuals and businesses to receive international payments in US dollars directly into a US-based account.
Headquartered in Lagos, Nigeria, Cleva was founded in 2023 by Philip Abel and Tolu Alabi. In January 2024, it secured $1.5 million to fund the project’s development and commercial offering. The fintech was also selected for the Winter 2024 cohort of the California-based accelerator Y Combinator.
Read more here: https://www.wearetech.africa/en/fils-uk/solutions/cleva-simplifies-international-payments
African Brands to honour fintechs
African Brands, dedicated to promoting and supporting brand growth across the continent, will be recognizing the contribution of financial technology firms to financial inclusion on the continent at the fifth edition of the Africa Financial Technology Congress.
The event, themed ‘Harnessing the Power of Fintech to Accelerate Financial Inclusion in Emerging Markets”, is scheduled to be held on July 31, 2024, in Lagos.
The organisers of the event, in a statement, noted that the African Fintech space had recorded growth over the past decade, noting that there were currently 1400 active fintech brands across the continent.
Read more here: https://punchng.com/african-brands-to-honour-fintechs/#google_vignette
Fintech startup dopay secures $13.5m to expand digital payroll platform for emerging markets
dopay, a fast-growing financial technology (fintech) company, has secured $13.5m in an extension to its Series A funding round. The company provides a digital payroll and payments platform for unbanked and underbanked workers in emerging markets.
This funding milestone is a significant step forward in dopay’s mission to transform cash-based economies. They aim to achieve this by digitizing payments and promoting financial inclusion for millions of workers.
dopay’s innovative virtual banking platform allows employers to make digital cash payments to workers and beneficiaries.
Read more here: https://www.dailynewsegypt.com/2024/07/16/fintech-startup-dopay-secures-13-5m-to-expand-digital-payroll-platform-for-emerging-markets/
Jordan Kuwait Bank partners Mastercard and FOO to launch multicurrency prepaid wallet offering
Jordan Kuwait Bank (JKB) has partnered with Mastercard and UAE-based fintech FOO to launch eliWallet, a prepaid digital wallet offering both virtual and physical cards for multicurrency transactions across online and in-store payments.
JKB says the new offering will enable its customers to “gain the opportunity to transfer money swiftly across borders”.
The $7.3 billion-asset commercial bank adds that eliWallet “leverages advanced technology to deliver a secure and seamless payment experience”, utilising Mastercard’s “extensive network and expertise in digital payments” for global payment acceptance.
Read more here: https://www.fintechfutures.com/2024/07/jordan-kuwait-bank-partners-mastercard-and-uaes-foo-to-launch-multicurrency-prepaid-wallet-offering/
This Week in Fintech: TFT Bi-Weekly News Roundup 16/07
CUBE, a UK regtech backed by Hg, has welcomed new members to its board. Chelsea F.C’s CEO Chris Jurasek joins as non-exec chair, while Emma Brown joins as chief financial officer. Stéphane Besson joined CUBE’s board earlier this year and continues as non-exec director. Also on CUBE’s board is founder and CEO Ben Richmond, as well as Christopher Fielding and Thomas Martin from CUBE’s investment partner Hg.
Allied Payment Network, a provider of real-time, open-network payments solutions to banks and credit unions, adds Hank Vanjaria as its new chief financial officer. Most recently, Hank served as CFO at Apptega, a B2B SaaS provider of cybersecurity and compliance solution.
Redwood Bank is on a mission to become the UK’s best specialist business bank and has promoted Sam Taylor to the role of business development manager to support its growing business development offering across the East of England and the East Midlands. Sam joined Redwood from the Royal Bank of Scotland in 2020 and has more than eight years’ experience in secured lending and asset finance roles.
Read more here: https://thefintechtimes.com/this-week-in-fintech-tft-bi-weekly-news-roundup-16-07/
Fintech Firm Papaya Launches Payroll And Payment Academy
Israeli cloud-based workforce payment company Papaya Global has announced the launch of an online video “academy” for people and organizations wishing to be more strategic about payroll management.
The Papaya Global Academy video series includes 21 courses with 85 “expert-led” lessons in total, all of which are available for free on the company’s website. Papaya says its aim is to help payroll professionals around the world to enhance their skills and knowledge.
The courses include lessons on best practices in negotiations; handling employee misclassification; the future of payroll technology; and the use of AI in facilitating payroll management.
Read more here: https://nocamels.com/2024/07/fintech-firm-papaya-launches-payroll-and-payment-academy/
