Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability – West Africa Webinar
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Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability – East Africa Webinar
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Lengthy Licensing Stumps Kenyan Fintech Startups
Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups to rely on workarounds such as partnerships with established players like telcos and banks. High market entry barriers and evolving regulations have hindered progress, allowing traditional players to maintain dominance.
One potential solution to this problem is “license passporting,” a regulatory mechanism that would allow fintechs to operate in multiple countries within a region without needing separate licenses for each. While no African country has adopted this approach yet, its implementation could simplify cross-border operations and benefit consumers with lower prices, better products, and more choices.
Read more here: https://news.bitcoin.com/lengthy-licensing-stumps-kenyan-fintech-startups/
Paymob Secures $72M Series B Extension to Accelerate MENA Expansion
Egyptian fintech, Paymob has announced the successful closing of a $22 million extension to its Series B round, bringing the total funds raised in this round to $72 million.
This extension was led by EBRD Venture Capital and supported by existing investors like PayPal Ventures, who previously co-led the initial $50 million investment. Additional contributions came from Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob started with a focus on solving Egypt’s lack of digital payment infrastructure. The founders began their journey while studying at the American University in Cairo, and over the years, the company has evolved into a fully integrated financial services enabler, supporting both online and offline transactions.
Read more here: https://techbuild.africa/paymob-secures-72m-series-b-mena-expansion/
US and Africa Urged to Collaborate on AI Development
A two-day pan-African AI conference was held in Lagos, Nigeria, co-hosted by the United States. The conference aimed to promote safe, secure, and trustworthy AI systems in Africa, with hundreds of attendees from various fields. U.S. Deputy Secretary of State Kurt Campbell emphasized the importance of collaboration between the U.S. and Africa in AI development and deployment. He highlighted AI’s potential to address global challenges like health, food security, and climate change.
The African Union’s AI strategy was also discussed, which sets a roadmap for African countries to harness AI’s potential. Additionally, Nigeria’s minister announced a $61,000 grant for AI startups, and analysts predict that AI could boost Africa’s economy by $2.9 trillion by 2030. The conference marked a significant step in Africa’s technological future, emphasizing the need for inclusive and collaborative approaches to AI development.
Read more here; https://news.bitcoin.com/us-and-africa-urged-to-collaborate-on-ai-development/
Kenyan-built mobile money platform disrupts traditional banks’ hold in Eswatini
A Nairobi-designed digital wallet service is nipping at the heels of Eswatini’s mainstream banks and telcos, proving that African expansion can be a gainful strategy for fintech startups.
InstaCash, a mobile money platform, has begun to break the decades-long hold of traditional banks and telecommunications providers in Eswatini’s financial sector.
Just two years after launch, the fintech developed by Kenya’s Directcore Technologies has made significant inroads into the southern African kingdom.
Read more here: https://www.howwemadeitinafrica.com/kenyan-built-mobile-money-platform-disrupts-traditional-banks-hold-in-eswatini/174832/
UK continued to dominate the European FinTech market with a third of all deals in the region
European FinTech investment stats in Q2 2024:
- FinTech deal activity in Europe dropped by 77% YoY
- UK continued its domination of the European FinTech market with a third of all deals in the region completed in Q2 2024
- Finmid secured the largest deal in Germany for the second quarter, with a Series A funding round of $25m
In Q2 2024, the European FinTech sector recorded 270 deals, a drastic drop of 77% from the 1,188 transactions completed during the same period in 2023. The UK led the market with 87 deals (32% share), maintaining its position as the most active country but with a reduced number compared to its 341 deals (29% share) in Q2 2023. France followed with 43 deals (16% share), down from 139 deals (12% share) in the same period last year. Germany completed 26 deals (10% share), a significant drop from the 131 deals (11% share) recorded in Q2 2023.
Read more here: https://fintech.global/2024/09/12/uk-continued-to-dominate-the-european-fintech-market-with-a-third-of-all-deals-in-the-region/
