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Africa Fintech Spotlight

KCB and Mastercard Unveil Kenya’s First Platinum Multi-Currency Card

Angela Mwirigi, Director of Digital Financial Services at KCB Bank Kenya and Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard pose for a photo during the KCB Multicurrency Prepaid Card Launch at Nairobi Royal Golf Club.

January 23, 2025, Nairobi Kenya-KCB Bank Kenya, in collaboration with Mastercard, has launched Kenya’s only multi-currency prepaid card that supports 11 hard currencies. This innovative solution is designed to simplify international transactions for customers by enabling seamless spending across various destinations.

The card supports an extensive range of currencies including the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan.

Read more: https://newsroom.mastercard.com/news/eemea/en/newsroom/press-releases/en/2025-1/kcb-and-mastercard-unveil-kenya-s-first-platinum-multi-currency-card/ 


Côte d’Ivoire: Push CI Expands Access to Digital Financial Services

Launched in 2022, the Ivorian fintech offers a range of financial services to local communities. To accelerate its growth, it has forged strategic partnerships with organizations such as La Poste and the Coffee and Cocoa Board.

Push CI is a fintech solution developed by Ivorian company SEAD Group SA. It offers an all-in-one mobile account linked to a virtual or physical Visa card to simplify financial management for its users.

Launched in 2022 by Steven Bedi, along with Selma Ouiguini, a former Société Générale executive, the Abidjan-based startup provides a mobile app available on iOS and Android. The app, which has surpassed 100,000 downloads according to Play Store data, enables users to create an account and access a full range of digital financial services tailored to both individuals and professionals.

Read more: https://www.wearetech.africa/en/fils-uk/solutions/cote-d-ivoire-push-ci-expands-access-to-digital-financial-services 


Mastercard, Money Fellows, and Banque Misr Launch Egypt’s First ROSCA Prepaid Card

Mastercard announced a collaboration with Money Fellows, a mobile app for money circles, also known as ROSCA model (Rotating Savings and Credit Association) and Banque Misr to launch Money Fellows prepaid card in Egypt.  This prepaid card will enable Money Fellows to offer financial planning, savings, and credit access to its users in Egypt.

Driven by a shared commitment to advancing financial inclusion, Mastercard, Banque Misr and Money Fellows collaborate to enhance financial accessibility and improve user experience in Egypt, where 71.5% of the population is formally included in the financial system. The Money Fellows prepaid card offers users aged 16 and above, an array of features that include online and in-store purchases, easy deposits and withdrawals at ATMs, spending tracking, and exclusive offers and discounts. Users can issue the card for free during the launch phase.

Read more: https://techafricanews.com/2025/01/28/mastercard-money-fellows-and-banque-misr-launch-egypts-first-rosca-prepaid-card/ 


Rwanda’s Fintech Growth: Bridging Digital and Economic Development in 2024

As Rwanda harnesses digital technology to drive its economic growth, Richie Santosdiaz examines the country’s strategic push towards becoming a significant fintech player in Africa, focusing on pivotal developments and national strategies that underscore its ambitions.”

Capital and financial hub: Kigali (Ranked globally 67th)

Key economic development strategy: Rwanda Vision 2050, National Strategy for Transformation 2017-24

Economic, financial services and fintech overview:

Rwanda has emerged from its troubled past to become a beacon of progress and innovation, earning the moniker ‘Switzerland of Africa’ and positioning itself as a regional hub with ambitions for continental leadership. The country’s 2050 vision aims to propel Rwanda into a globally competitive, knowledge-based economy, with digital technology playing a central role in its growth trajectory.

Read more: https://thefintechtimes.com/fintech-overview-of-rwanda-in-2024/ 


Nigeria’s Central Bank orders NIBSS to debit banks over fraudulent transactions, tightening accountability

To curb fraud in the financial services sector, Nigeria’s Central Bank has directed the Nigeria Inter-Bank Settlement System (NIBSS) to debit the settlement accounts of commercial banks that receive fraud proceeds. The directive, effective January 2025, signals a shift towards greater accountability for banks, compelling them to tighten their fraud detection measures.

According to multiple sources familiar with the matter, the new rule is part of the CBN’s efforts to hold banks and fintechs accountable for lapses in their transaction monitoring systems. 

Banks that fail to vet incoming transactions or detect fraudulent activity adequately will face instant debits once that activity is reported. This move is designed to encourage financial institutions to improve their Know Your Customer (KYC) and due diligence—areas the CBN has repeatedly highlighted as critical to safeguarding Nigeria’s financial ecosystem.

Read more: https://techcabal.com/2025/01/28/cbn-nibss-fraud/


Bybit Launches Bybit Pay in Brazil to Enable Crypto and Fiat Payments

Bybit is making inroads into taking crypto payments mainstream in Brazil with its new payment solution.

According to a Monday (Jan. 27) press release, the Bybit Pay solution is live in Brazil and integrates with the Brazilian Pix instant payment system developed by the Central Bank of Brazil. This move enables users to make payments in both fiat currency and cryptocurrency.

Bybit Pay allows users to connect their crypto wallets for transactions across websites, mobile applications and point-of-sale systems, offering an interface for deposits, withdrawals and payments, the release said. The platform supports payments in Brazilian reais (BRL) and cryptocurrencies such as bitcoin, ethereum, tether (USDT) and USD Coin. It’s available to verified users in Brazil through the Bybit app and website.

Read more: ttps://www.pymnts.com/cryptocurrency/2025/bybit-launches-bybit-pay-in-brazil-to-enable-crypto-and-fiat-payments/ 


Payments fintech Vyne to shut up shop in UK

UK account-to-account payment fintech Vyne is shutting up shop in the UK.

The fintech was acquired by Dubai-headquartered open banking platform Tarabut in September last year.

A statement on the Vyne website said:

“As part of a broader global strategy adopted by our new shareholders, we have made the decision to wind down operations at Vyne in the UK effective 22nd April 2025.

Read more: https://tech.eu/2025/01/28/payments-fintech-vyne-to-shut-up-shop-in-uk/