Strandling Exponential Performance with Stringent conformance – the Fintech Dilema
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Togo: Daba Finance Wins 2024 Ecobank Fintech Challenge
(Togo First) – Daba Finance, an Ivorian fintech company, won the 2024 Ecobank Fintech Challenge, taking home $50,000 and a strategic partnership with Ecobank. Kenya’s Melanin Kapital finished second in the competition, winning $10,000, while Guinean fintech YMO took third place with a prize of $5,000. The People’s Choice Award went to Togolese startup MiaPay.
The competition took place on September 27 in Lomé, Togo, where 12 finalists pitched their ideas after being selected from over 1,550 applications from 70 countries including Kenya, Rwanda, Nigeria, South Africa, Cameroon, Togo, DRC, and Guinea.
Read more here: https://www.togofirst.com/en/economic-governance/3009-14885-togo-daba-finance-wins-2024-ecobank-fintech-challenge
Mastercard and Amazon Payment Service join forces in Middle East and Africa
As part of the collaboration, the leading payment service provider (PSP) will adopt Mastercard Gateway – a single touchpoint for payment processing – as a payment solution available in 40 markets in the region. The integration of the solution will enable merchants to offer fast, seamless, and secure transactions as well as convenient payment choices to customers.
In line with the rapid increase in digital payments, the partnership will benefit thousands of Amazon Payment Services merchants, including Amazon online stores for shoppers across the UAE and Egypt. In addition, it will open new opportunities for building synergies with entities such as telcos and governments to enhance their checkout options, driving a faster and more secure transaction rate for their customers.
Read more here: https://www.finextra.com/pressarticle/102530/mastercard-and-amazon-payment-service-join-forces-in-middle-east-and-africa
AI – the new backbone for fintech innovations
Innovations in AI are now thoroughly interwoven into most fintech operations. AI and Fintech share a common element of innovation, which means Fintech and AI are in a multifaceted, complex relationship which impacts various aspects of financial services delivery and drives efficiencies for Fintech operators.
According to htfmarketintelligence.com, the Artificial Intelligence (AI) in banking market size is estimated to reach US$66.24 billion at a CAGR of 33.61percent by 2030.
Read more here: https://thebftonline.com/2024/09/30/ai-the-new-backbone-for-fintech-innovations/#google_vignette
Choose Africa Program: France Supports Togolese SMEs with €30 Million
(Togo First) – By the first half of 2025, the French Development Agency (FDA) will provide Togo with €30 million to support local SMEs.
According to Papa Amoudou Sarr, Executive Director of FDA, the new funding falls under the Choose Africa program. Sarr announced this on September 27, in a meeting with Togolese Prime Minister Victoire Dogbé.
The funds will target startups and micro, small, and medium-sized enterprises (MSMEs). Priority, Sarr noted, will be given to businesses owned by young men and women, and active in sectors like agriculture, livestock, fishing, transport, and crafts.
Read more here: https://www.togofirst.com/en/economic-governance/3009-14888-choose-africa-program-france-supports-togolese-smes-with-30-million
Valu joins ShipBlu, PayTabs Egypt for e-commerce payments
Valu, a leading universal financial technology powerhouse in Mena, haas announced a strategic partnership with ShipBlu and PayTabs Egypt to transform payment methods for e-commerce deliveries in Egypt.
Through this collaboration, PayTabs Egypt’s payment platforms will offer Valu’s innovative financial technology solutions to ShipBlu’s myBlu app, empowering customers to thrive in an increasingly digital economy.
Launched earlier this year, myBlu app now supports a variety of payment methods, making it a comprehensive payment gateway for merchants who do not have their own gateways.
Read more here: https://www.zawya.com/en/business/fintech/valu-joins-shipblu-paytabs-egypt-for-e-commerce-payments-t5195yxt
FCA and BoE open digital securities sandbox
The sandbox is designed to support company’s innovations and ideas around digital assets and how they can be applied within the traditional financial services infrastructure.
The service, which has been formed on the back of a consultation process launched by the BoE and FCA, also provides a means for testing legislative changes around digital securities and how they may affect the market.
“We encourage firms that are innovating in financial market infrastructure to apply and have published guidance to help them,” stated the BoE and FCA in a joint announcement.
Read more here: https://www.finextra.com/newsarticle/44810/fca-and-boe-open-digital-securities-sandbox
