Egypt Proves Tricky Yet Promising For dLocal Amid LatAm Fintech Invasion
Egypt’s digital commerce landscape is evolving rapidly—and Uruguay-born dLocal, which first set sights on the market in 2018, is riding the crest of this wave. Despite deep-seated cultural reliance on cash, marked by 57% of transactions still conducted in physical currency, dLocal is capitalising on Egypt’s burgeoning e-commerce market, where 38% of the population shops online every week, the average consumer is just 24, internet penetration stands at 72%, and mobile ownership soars to 94%, per recent stats.
Sherif Radi, dLocal’s Egypt Country Manager, shed light on the dual nature of the market in an in-depth interview with WT. “There’s a long-standing cultural preference for cash, stemming from trust in its reliability and tangibility,” he explained. Yet, Radi noted that national initiatives—such as the introduction of Meeza, mobile wallet regulation, and the expansion of instant payment networks—are gradually nudging consumers toward digital alternatives. “Enhancing digital infrastructure and incentivising digital transactions remain crucial,” he added, underscoring the need to overcome challenges like limited banking access and digital literacy, particularly in rural areas.
Read more: https://weetracker.com/2025/02/12/dlocal-egypt-latam-fintech-push/
5 Most Reliable Virtual Dollar Cards for Nigerians in 2025
Nigeria’s growing reliance on digital payments has made international transactions more essential than ever. However, most local bank cards no longer support foreign payments, making it difficult for individuals and businesses to pay for services like Netflix, Amazon, and Facebook Ads.
A virtual dollar card offers a seamless way to bypass these restrictions, allowing users to make secure payments in USD without needing a domiciliary account.
Read more: https://www.itnewsafrica.com/2025/02/5-most-reliable-virtual-dollar-cards-for-nigerians-in-2025/
Fintech OAPay Expands Remittance Services to Kenya, Four Other Markets
OAPay, a fintech licensed in the UK and several states in the United States, has expanded operations to Kenya, Ghana, Nigeria, Uganda, and Tanzania.
- OAPay is set to join the fray of digital remittance companies moving into the continent to facilitate cross-border payments and simplify international monetary transactions.
- Kenya’s diaspora remittances last year rose to an all-time high of KSh 640.8 billion, up from KSh 542.4 billion in 2023.
- The volume of transactions involved between Africans in the diaspora and those living in the continent have attracted scores of fintechs hoping to act as intermediaries between traditional banks and mobile money solutions.
Read more: https://kenyanwallstreet.com/fintech-oapay-expands-remittance-services-to-kenya-four-other-markets/
Tabby doubles valuation to $3.3B in $160M funding as it looks beyond BNPL and plans IPO
Consumer demand for credit options varies across regions, and for fintechs, understanding these differences is key to survival. In developed markets, where credit cards are common, consumers often view buy now, pay later (BNPL) offerings positively because of their flexible installment options.
But in emerging markets like the Middle East, where credit card penetration is low but spending power is high, BNPL has an even more convincing use case. The model is gaining such strong traction that Tabby, one of the region’s pioneers, has now become the most valuable fintech in MENA after securing $160 million in a Series E round at a $3.3 billion valuation.
Growth equity investor Blue Pool Capital and investment management firm Hassana Investment Company co-led the financing. Saudi-based investor STV and Wellington Management also participated.
Read more: https://techcrunch.com/2025/02/11/tabby-lands-160m-at-a-3-3b-valuation-as-it-expands-beyond-bnpl/
Visa and Fold to Launch Credit Card Offering Bitcoin Rewards
The new Fold Bitcoin Rewards Credit Card will join the debit card products already offered by Fold, which is a bitcoin rewards and financial services platform, Fold said in a Tuesday (Feb. 11) press release. A waitlist for the card is now available.
“Fold has already empowered hundreds of thousands of users to incorporate bitcoin into their daily lives,” Fold CEO Will Reeves said in the release. “With this credit card, we aim to dethrone miles as the go-to credit card reward.”
The Fold Bitcoin Rewards Credit Card will offer up to 2% unlimited bitcoin rewards and up to $250 in bonuses, according to the release.
The card will also provide cardholders with access to bitcoin trading with no fees, insured bitcoin custody, FDIC-insured transactional accounts and bonus offers from merchants, the release said.
Saudi Central Bank permits 4 fintech startups to operate under Regulatory Sandbox
The Saudi Central Bank (SAMA) has granted approval for four new fintech startups to experiment with their innovative solutions within SAMA’s Regulatory Sandbox. The startups include SpireTech, which focuses on open banking, The Lending Hub and Soar for peer-to-peer (P2P) lending, and Ldun, which specializes in factoring for micro, small, and medium enterprises. This initiative, SPA reported, highlights SAMA’s ongoing commitment to advancing the Saudi fintech sector and promoting financial inclusion and innovation.
Fintech startups approved in September 2024
In September 2024, SAMA granted permission to three fintech startups to trial their innovative solutions in SAMA’s Regulatory Sandbox. “XSquare” and “NeotTek” received authorization to launch an Open Banking platform, while “MoneyMoon” is set to introduce a peer-to-peer lending platform.
Sri Lanka Launches GovPay to Streamline Government Payments
Sri Lanka has launched GovPay, a new online payment platform designed to streamline digital transactions for government services.
GovPay was developed by the Information and Communication Technology Agency (ICTA) and LankaPay under the oversight of the Central Bank of Sri Lanka (CBSL), with support from the Ministry of Digital Economy.
The platform aims to modernise revenue collection, improve transparency, and enhance digital governance.
Read more: https://fintechnews.sg/107641/payments/sri-lanka-govpay/
