AfICTA, EiTESAL offer support for Egyptian, African companies at 24 Fintech in Saudi Arabia
The Africa Information and Communication Technology Alliance (AfICTA) and its Egyptian member, the Egyptian ICT Association (EiTESAL), have announced exclusive support opportunities for Egyptian and African IT companies to participate in the 24 Fintech conference and exhibition, scheduled to take place from September 3 to 5 in Riyadh, Saudi Arabia.
The event, a meeting point for the financial technology business community in Asia, Europe, Africa, and the Middle East, offers unprecedented opportunities for Egyptian and African companies, aligning with Saudi Arabia’s ambitious Vision 2030 for financial technology and digital transformation.
“24 Fintech opens unprecedented horizons for Egyptian and African companies,” said a spokesperson for AfICTA. “It is a key opportunity to connect with industry leaders and innovators, showcase products, and participate in roundtables and workshops addressing pressing issues in the finance industry, from infrastructure provision to customer service.”
Read more here: https://www.dailynewsegypt.com/2024/08/13/aficta-eitesal-offer-support-for-egyptian-african-companies-at-24-fintech-in-saudi-arabia/
Conduit’s cross-border payments expand from LatAm into Africa with $6M round
Cross-border payments for businesses in emerging markets remain significantly untapped, despite small to large businesses using banks and legacy fintechs to transact trillions of dollars in transaction volume annually.
A report by Airwallex forecasts that the value of cross-border payments will grow by 60%, reaching $250 trillion by 2027. Between 2018 and 2022, the value of such payments increased by $25 trillion to $150 trillion, with business-to-business (B2B) payments making up 97% of that volume.
For years, most businesses have relied on traditional banks, but high costs and slow processes are pushing some to adopt fintech solutions that promise lower costs and fast settlements. One such platform is Conduit. The B2B cross-border payments platform found success after pivoting from crypto to traditional banking and is now making inroads in Africa, where businesses face many similar challenges to the startup’s first markets in Latin America, following a $6 million seed extension from Helios Digital Ventures, the venture capital arm of Helios Investment Partners.
Read more here: https://techcrunch.com/2024/08/12/conduits-cross-border-payments-expand-from-latam-into-africa-with-6m-round/
Meet the 23-Year-Old Running One of the Largest Fintech Companies in Africa
At just 23 years old, Nandwa has already established himself as a force to be reckoned with in the fintech industry. As the CEO, CTO, and founder of two thriving payment companies, HoneyCoin and Peer, his journey is a testament to his tenacity and ability to navigate the complex world of financial technology from a young age.
MIDDLETOWN, Del., Aug. 13, 2024 /PRNewswire-PRWeb/ — Many entrepreneurial ventures begin with a problem and a visionary individual committed to solve it. David Nandwa is no exception, but his vision included smashing personal financial barriers and overcoming imposter syndrome to build what is arguably on the way to becoming a category-defining company in emerging markets, like Africa, and literally changing the lives and livelihoods of millions of individuals and businesses across the globe.
At just 23 years old, Nandwa has already established himself as a force to be reckoned with in the fintech industry. As the CEO, CTO, and founder of two thriving payment companies, HoneyCoin and Peer, his journey is a testament to his tenacity and ability to navigate the complex world of financial technology from a young age.
Read more here: https://www.prweb.com/releases/meet-the-23-year-old-running-one-of-the-largest-fintech-companies-in-africa-302221529.html
Beyond Borders: A fintech entrepreneur’s journey in global currency transfer
George Goognin—PhD in Economics, serial entrepreneur, and fintech expert with over 15 years of experience. His extensive career includes advising the governments of five countries across Europe, Asia, and South America on cryptocurrency legalization, as well as automating major banks and e-commerce platforms for renowned brands like Apple, Samsung, LEGO, Nike, and Disney. He was the founder of one of the first European business schools specializing in digital management and manufacturing. In an exclusive for Entrepreneur, George shares insights on his American entrepreneurial journey, business development strategies in the new economic conditions, and current fintech trends.
Read more here: https://africa.businessinsider.com/local/beyond-borders-a-fintech-entrepreneurs-journey-in-global-currency-transfer/t0k3ltd
Syfe Raises US$27 Million Funding After Achieving Profitability Earlier This Year
Syfe, a savings and investment platform in Asia, has successfully raised US$27 million in its latest funding round, pushing its total raised capital to US$79 million.
The all-equity funding round saw participation from two UK family offices with fintech and banking interests, along with continued support from existing investors Valar Ventures and Unbound.
The newly secured funds will support Syfe in accelerating product development, with plans to introduce innovative investment tools and expand its offerings in newer markets like Hong Kong and Australia.
Read more here: https://fintechnews.sg/100298/wealthtech/syfe-raises-us27-million-funding/
Mastercard taps open banking for streamlined lending
Applying for a loan often includes manual income and employment verification processes that require people to gather paystubs and tax documents and financial institutions to expend their resources verifying them.
As a result, says Mastercard, people are more likely to abandon the process completely, and those without steady income streams, including members of the gig economy, face additional challenges in disclosing their payment history.
To tackle this, the payments giant is working with payroll data aggregator Argyle to enable financial institutions to digitally verify an applicant’s income and employment via credentialed payroll.
Read more here: https://www.finextra.com/newsarticle/44583/mastercard-taps-open-banking-for-streamlined-lending
BDSwiss Increases Accessibility to Financial Services With Mobile Money Solution
Committed to servicing traders worldwide, BDSwiss introduced its dedicated mobile money service. In an effort to ensure that every trader can enjoy seamless access to its financial services, no matter where they are in the world, the broker has been offering mobile money as an alternative payment option to traders in underprivileged regions for quite some time.
As it continues to expand its footprint globally, BDSwiss’ mobile money solution provides the security, convenience, speed and accessibility to financial services that traders in remote Africa are looking for.
For years, the geo has been grappling with the complexities of a traditional banking system and inaccessibility to financial services. The rise of mobile technology and the widespread adoption of mobile money have transformed the African financial landscape in the past decade.
Read more here: https://kenyanwallstreet.com/bdswiss-increases-accessibility-to-financial-services-with-mobile-money-solution/
Blik Code Payments now available on Worldline Tap on Mobile
Under the partnership, businesses using Tap on Mobile on their mobile terminals will be able to accept payments with a BLIK code.
The launch of BLIK code payments on Tap on Mobile is another step in the development of the app, which offers its users ever more options. Until now, clients were only able to accept BLIK contactless payments on Tap on Mobile. Thanks to the option of BLIK code payments, the number of potential customers who will be able to pay using a BLIK code will go up to 16.3 million.
The Tap on Mobile app turns your Android device into a mobile payment terminal that allows acceptance of payments wherever you are. What’s more, a wide range of cashless payments – contactless BLIK, credit and debit cards, and mobile wallets – can be accepted with the app at no fixed costs and, most importantly, with no additional devices required.
Read more here: https://www.finextra.com/pressarticle/101887/blik-code-payments-now-available-on-worldline-tap-on-mobile
Experts Urge Balance Between Fintech Innovation & Regulation
At the recently held 10th edition of the Information Communications and Telecommunication Exhibition (ICTEL Expo), industry experts have emphasized the critical need to strike a balance between innovation and regulation in the fintech sector.
The flagship event, organized by the Lagos Chamber of Commerce and Industry (LCCI), with the theme, ‘New Tech: Threats and Opportunities’, brought together key players in the technology and telecommunications and financial services industries.
This year’s edition reflects Nigeria’s present journey towards a self-sustaining and productive digital economy. It highlighted the transformative power of emerging technologies, mitigating the associated risks, and exploring the endless possibilities they present. The focus on fintech and telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity derives from the critical way in which they are deeply embedded in our lives today.
Read more here: https://cioafrica.co/experts-urge-balance-between-fintech-innovation-regulation/
