Ethiopia bans four US-based remittance firms over licence violations
The National Bank of Ethiopia (NBE) has banned four United States-based money transfer companies for allegedly operating without licences and engaging in unauthorised cross-border transactions. The companies affected are Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah), and TAAJ Money Transfer.
According to the central bank, the companies were involved in suspicious activities, including money laundering. One of the companies, TAAJ Money Transfer, had earlier pleaded guilty in a United States federal court to violating the Bank Secrecy Act. The firm reportedly moved over $66 million without fulfilling mandatory reporting requirements.
In a public advisory, the NBE stated that all international money transfers must go through licensed and regulated financial institutions. The bank also urged US authorities to investigate transactions made through the banned companies, warning that such funds could be seized or may never reach intended recipients.
Read more: https://techpoint.africa/news/ethiopia-bans-four-us-firms/
Kenya’s DigiTax gets FIRS approval to offer e-invoicing in Nigeria
DigiTax, a pan-African e-invoicing firm, has secured technical approval from Nigeria’s Federal Inland Revenue Service (FIRS) to serve as an Access Point Provider and System Integrator. The company is now awaiting one final regulatory sign-off before it can fully operate in the country’s digital tax system for large businesses.
“This milestone solidifies DigiTax’s position as a trusted partner in helping businesses comply with real-time electronic invoicing mandates across the continent,” the company said in a statement on Monday.
DigiTax builds software that connects business invoicing systems directly to tax authorities’ digital platforms. In Kenya, its biggest market, DigiTax is integrated with the Kenya Revenue Authority’s electronic tax invoice management system (eTIMS). The startup also operates in Zambia, where it works with the Smart Invoice system, which is legally mandatory for VAT-registered taxpayers.
Read more: https://techcabal.com/2025/08/04/digitax-expands-to-nigeria/
MEST Africa Challenge 2025 Opens Applications for FinTech Startups to Win $50,000 Equity Funding
The Meltwater Entrepreneurial School of Technology has opened applications for the 7th edition of the MEST Africa Challenge (MAC 2025), a pan-African pitch competition that equips high-potential startups with funding and hands-on support.
This year’s edition is dedicated exclusively to FinTech startups, spotlighting founders who are reimagining how money is moved, managed, and insured across the continent.
Applications run July 30 to September 26, 2025, after which 20 semi-finalists and 10 grand-finalists will be selected.
Benefits
The overall winner will secure a $50,000 equity investment and the opportunity to pilot with strategic partners at scale.
Read more: https://techeconomy.ng/mest-africa-challenge-2025-opens-applications/
Access Bank committed to unlocking Africa’s vast trade potential
During the first Access Bank Af- rica Trade Conference in Cape Town, South Africa, Seyi Kuma- payi, Executive Director, African Subsidiaries at Access Bank plc, expounded on the chal-lenges facing all stakeholders involved in trade in Africa and how Access Bank is working to connect the continent in trade.
“Access Bank is at the forefront, pioneering financial solutions to try and see this growth through,” he said.
Earlier, Kumapayi had bemoaned the fact that, despite Africa’s population of 1.3bn, trade between the continent and the rest of the world is only 3% – while in- tra-African trade accounts for only about 16% of the continent’s total trade. Access Bank is committed to change that and to ensure that “Africa starts to trade with itself”.
ECB Says Cash Will Stay, Even as Digital Payments Grow
As digital transactions continue to rise across Europe, the European Central Bank (ECB) is doubling down on its commitment to preserve physical cash.
In a blog post titled “Making euro cash fit for the future,” ECB Executive Board Member Piero Cipollone outlines why cash remains indispensable—and how the ECB plans to ensure it stays that way.
A Dual Payment Future: Cash and Digital Euro
The ECB explains that while digital payments are growing rapidly, especially following the COVID-19 pandemic, Cipollone made it clear: physical cash isn’t being phased out. Instead, it’s being preserved and modernised to coexist with digital innovations, such as the upcoming digital euro.
Read more: http://cryptonews.com/news/ecb-says-cash-will-stay-even-as-digital-payments-grow/
DBS Foundation Donates S$1.5M to Support Digital Inclusion for Ageing Population
DBS Foundation has pledged S$1.5 million to Singapore’s national Digital for Life (DfL) Fund to support digital inclusion initiatives targeting the needs of an ageing population.
With the government providing dollar-for-dollar matching, the total contribution amounts to S$3 million, making DBS Foundation the largest corporate donor to the DfL Fund to date.
The Fund supports individuals and non-profit organisations in driving digital inclusion efforts across the nation.
Read more: https://fintechnews.sg/115390/financial-inclusion/dbs-digital-for-life-genai-donation/
