Boldswitch Launches FacePay, a Revolutionary Way to Tip Using Just a Face
Boldswitch, the fast-rising Nigerian fintech redefining digital payments, has officially launched FacePay, a groundbreaking feature that allows users to tip individuals by simply taking a photo of their face; no account number needed, no QR code, and no need for a conversation.
The feature was inspired by a simple real-life encounter: a customer wanting to tip a service worker for excellent service but finding no easy or discreet way to do so. FacePay solves this problem by enabling frictionless, anonymous tipping using biometric verification.
With FacePay now live on the Boldswitch app, users can send tips to waiters, taxi drivers, security guards, or even online creators, as long as the recipient has a Boldswitch account. The process is seamless and secure leveraging facial recognition to match a captured image to a registered user, and instantly transferring the selected amount.
South African Travel Fintech TurnStay Raises $2M to Accelerate Africa Expansion
South African travel-focused fintech TurnStay has raised $2 million (over R34 million) in a seed round led by First Circle Capital, with participation from leading US and African VCs including TLCom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures.
The round will fuel TurnStay’s rapid expansion across African markets and enhance its fintech infrastructure for travel and tourism operators. Founded by fintech tech veterans Alon Stern (ex-Prodigy Finance) and James Hedley (co-founder of Quicket, acquired by Ticketmaster), TurnStay is tackling the systemic inefficiencies in Africa’s travel space.
TurnStay addresses a structural challenge in African tourism: high transaction costs, failed international payments, and delays in settlement that impact margins and cash flow. Through a merchant-of-record model combined with payment orchestration, TurnStay processes card payments in the traveller’s home country and settles funds locally, utilising stablecoins. This approach lowers payment fees by up to 70%, shortens settlement times, and improves booking conversion rates.
Mastercard Partners with Monak to Cut Costs in Migrant Remittances
Payments giant Mastercard is teaming up with Oman-based fintech Monak to enhance cross-border money transfers for migrant workers, while improving wage disbursement and onboarding processes for employers.
By launching a new digital financial services platform, Mastercard and Monak plan to significantly reduce the cost and complexity traditionally associated with basic financial services, supporting broader efforts to drive financial inclusion.
Recognising that migrant workers have been historically underserved by formal financial services, the two entities will look to reduce disparities and enable greater economic stability for workers and their families. To achieve this, they will provide access to money movement and expense management tools, typically delayed by slower onboarding processes.
Read more: https://thefintechtimes.com/mastercard-partners-with-monak-to-cut-costs-in-migrant-remittances/
Visa Opens Applications for Fifth Cohort of Africa Fintech Accelerator Program
Visa has officially opened applications for the fifth cohort of its Africa Fintech Accelerator, a high-impact, three-month program aimed at supporting early-stage fintech startups across the continent.
This initiative offers valuable mentorship, tailored training, access to Visa’s technology tools, and opportunities for strategic investment. Startups that successfully complete the program may be considered for funding by Visa or Plug and Play, and Demo Day will be attended by both regional and global investors.
Eligible companies include seed to Series A startups operating in Africa, with a minimum viable product and market traction. The application process consists of two rounds: an initial screening to assess alignment and traction, followed by virtual interviews for shortlisted applicants.
Standard Bank: Reimagining Transaction Banking in Africa
In Africa, companies across sectors and markets have an acute need for frictionless payments. Ongoing challenges in moving goods, managing import cycles and distributing products with certainty have made effective Payments, Working Capital and Trade Finance solutions a priority.
Businesses need speed, flexibility, visibility and control of their payment flows. In response, Standard Bank’s OneHub business platform harnesses Artificial Intelligence (AI), machine learning, Cloud-based computing and application programming interfaces (APIs) to integrate payment features within client Apps, systems and architecture.
“Leveraging our deep insights and knowledge about our clients and the sectors and industries within which they operate, we spend a lot of time innovating for bespoke Payments, Working Capital and Trade Finance solutions,” said Crosby.
Read more: https://gfmag.com/transaction-banking/standard-bank-reimagining-transaction-banking-in-africa/
