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Africa FinTech Spotlight

Africa Unveils PAPSSCARD – First Pan-African Card Scheme, Driving Financial Sovereignty

Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme. Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.

PAPSSCARD, a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Today, most African card payments are routed through global systems, causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefits in Africa.

Read more: https://techafricanews.com/2025/06/30/africa-unveils-papsscard-first-pan-african-card-scheme-driving-financial-sovereignty/ 


Wave raises $137 million to expand mobile money services across Africa

Wave, one of Africa’s most valuable startups, has raised $137 million debt round to boost its working capital and expand across new and existing markets. The funding will scale its mobile money operations and broaden financial access for underserved communities across the continent.

Rand Merchant Bank (RMD) led the funding round, including participation from a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund. 

Read more: https://thecondia.com/wave-raises-137-million/ 


Cash addiction is costing South Africa billions

South Africans’ heavy reliance on cash, instead of using advanced digital payment rails, costs the economy more than R30-billion/year.

This is according to Tim Masela, head of the National Payments System at the Reserve Bank, whose commentary in the Payments Association of South Africa’s (Pasa’s) annual report notes that positive strides taken to digitise the payments ecosystem have been overshadowed by South Africans being slow to adopt digital payment methods.

“In collaboration with the payments industry, the Sarb has advanced the provision of seamless, safer, convenient, affordable and faster digital payment offerings,” Masela said in the report. “While it is encouraging to see somewhat of an increase in PayShap volumes, the overall adoption of new digital payment channels and the utilisation of existing digital payment options in South Africa remains slow.”

Read more: https://techcentral.co.za/cash-addiction-is-costing-south-africa/265985/ 


Fiserv and PayPal Expand Partnership to Advance Stablecoin Payments

Fiserv and PayPal Holdings announced a partnership to build future interoperability between FIUSD and PayPal USD (PYUSD) to allow consumers and businesses to move funds domestically and internationally.

Combining the global reach of Fiserv and PayPal across banking, consumer, and merchant payments, interoperability will allow both firms to further expand the use of stablecoins and programmable payments around the globe.

Read more: https://www.itnewsafrica.com/2025/06/fiserv-and-paypal-expand-partnership-to-advance-stablecoin-payments/


Mawarid Finance and AFS Launch UAE’s First Integrated Fintech Enablement Hub

In a pioneering move set to reshape fintech innovation in the UAE, Mawarid Finance and Arab Financial Services (AFS) have signed a strategic agreement to launch an integrated Fintech Enablement Hub, a unified platform designed to empower fintechs with seamless access to regulated infrastructure and next-generation digital capabilities.

This collaboration combines global technology leadership, BIN sponsorship, and advanced processing capabilities into one integrated framework. The initiative simplifies how fintechs bring card programs to market by merging scheme connectivity, issuing, processing, and enablement tools onto a single, frictionless platform.

Read more: https://techafricanews.com/2025/06/30/mawarid-finance-and-afs-launch-uaes-first-integrated-fintech-enablement-hub/ 


Egyptian fintech Valu’s market cap hits $370 million after blockbuster EGX debut

Egyptian fintech Valu’s market cap reached $370 million as of close of trading today, following a blockbuster debut on the Egyptian Exchange (EGX) last week that saw shares surge 852.4% from their opening price of EGP 0.78 to close at EGP 7.40, hitting the maximum price ceiling allowed for first-day trading. The stock closed today at EGP 8.71.

The listing is significant as Valu became the first consumer finance company to trade on the EGX through an unconventional path that bypassed traditional IPO fundraising and capital raising.

Unlike conventional IPOs, Valu’s parent company EFG Holding distributed shares to its existing shareholders as a dividend rather than raising new capital. EFG Holding shareholders received one Valu share for every 3.3 EFG Holding shares held, with the transaction funded by $6.76 million (EGP 335.5 million) from EFG Holding’s distributable retained earnings. This resulted in EFG shareholders getting roughly 20.5% of Valu’s share capital, while EFG Holding retained a 67% stake through its EFG Finance arm.

Read more: https://www.menabytes.com/valu-market-cap-370-million/?utm_source=rss&utm_medium=rss&utm_campaign=valu-market-cap-370-million