Only 1 Day Left – Don’t Miss AFN’s Virtual Town Hall Webinar!
In just one day, top leaders in Africa’s fintech space will gather for a pivotal Virtual Town Hall organized by the Africa Fintech Network (AFN). The session will delve into the transformative potential of Fintech License Passporting to drive cross-border growth, investment, and financial inclusion.
Register now: https://lnkd.in/dhCKg2Ab
Western Union, Zoona and Chipper Cash Launch International Money Transfers in Zambia
Western Union, Zoona Transactions Zambia Limited and Chipper Cash announced the launch of international money transfer services in the Chipper Cash app. The co-branded service enables customers in Zambia to send and receive money globally, based on their convenience and needs.
Zoona is a leading fintech and enterprise payments platform in Zambia. Acquired by Chipper Cash in 2022, the two brands now support 5 million customers across Africa. The announcement combines Western Union’s global strength and 175 years of expertise in international money movement with Chipper Cash’s and Zoona’s deep local payments knowledge and innovative mobile technology platform.
Chipper Cash app users can now support their loved ones by sending and receiving money seamlessly across Western Union’s network of over 200 countries and territories.
Pastel, FintechNGR collaborate to drive AI in compliance
Technology firm Pastel has partnered with the FinTech Association of Nigeria to drive the adoption of artificial intelligence in compliance functions in the financial sector.
At the second edition of its breakfast meeting in Lagos with players in the financial sector present, Pastel said that this drive becomes important as Nigerian banks face increasing pressure to modernise compliance infrastructure and reduce exposure to fraud.
Themed ‘Technology for Trust: Reinventing Compliance in the Age of Artificial Intelligence,’ the gathering explored the growing role of AI and automation in fraud prevention, regulatory reporting, and operational resilience.
Read more: https://punchng.com/pastel-fintechngr-collaborate-to-drive-ai-in-compliance/#google_vignette
Bank of Ghana cuts policy rate to 25% from 28%
The Monetary Policy Committee (MPC) of the Bank of Ghana has cut the policy rate by 300 basis points to 25 per cent from 28 per cent.
Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, who announced the rate at a press briefing following the conclusion of the MPC’s 125th regular meetings in Accra, said the decision was reached on the back of significant improvements in the economy.
“Overall, the Committee noted that macroeconomic conditions have significantly improved, inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning,” he said.
Money Transfer Startup Afriex Expands into China, India, and Pakistan
Afriex, the Lagos- and San Francisco-based money transfer startup, has expanded into Asia’s three largest remittance destinations, China, India, and Pakistan, amid rising demand for low-cost, near-instant cross-border payments.
As reported by TechCabal, the move positions Afriex to better serve African traders and diaspora communities engaged in foreign trade or supporting families back home.
Read more: https://fintechnews.africa/45601/fintechafrica/afriex-expands-into-china-india-pakistan/
Bank of England appears to backpedal on CBDC plan
The Bank of England (BoE) is reportedly considering ending its development of a central bank digital currency (CBDC) in the hopes that the private sector will provide better payment innovation.
According to a report from Bloomberg, the BoE has been “privately urging” the banking industry to accelerate alternative payment innovations instead of a CBDC. Citing “people familiar with the matter,” the report suggested that the BoE has indicated it wants to be in a position to launch a CBDC if needed, but it is willing to step back if the private sector continues to produce new electronic payment technologies.
The sources also suggested that the central bank’s staff believe the potential gains from going ahead with a digital pound launch have diminished.
Read more: https://coingeek.com/bank-of-england-appears-to-backpedal-on-cbdc-plan/
