Ecobank, XTransfer launch cross-border payments for SMEs
Pan-African financial services firm Ecobank Group and Chinese company XTransfer have signed a memorandum of understanding (MoU) to roll out cross-border financial services to Africa’s small and medium-sized enterprises (SMEs) engaged in foreign trade.
Ecobank said its collaboration with XTransfer will facilitate trade between China and African countries.
XTransfer will use Ecobank’s African network to help its Chinese clients collect funds in local currencies and support African SMEs in making payments in home currencies, avoiding foreign exchange complications.
Read more: https://www.connectingafrica.com/fintech/ecobank-xtransfer-launch-cross-border-payments-for-smes
Bank of South Sudan launches instant payment system
The Bank of South Sudan has launched the country’s first National Instant Payment System (NIPS) in collaboration with the AfricaNenda Foundation.
Launched three years after it was first proposed, the NIPS aims to improve payment efficiency and financial access in the country.
“This project marks a pivotal milestone in the modernization of South Sudan’s financial and payment infrastructure, advancing the bank’s commitment to providing enhanced financial services for all citizens,” the bank said in a statement.
Read more: https://www.connectingafrica.com/fintech/bank-of-south-sudan-launches-instant-payment-system
Egypt’s P1 Ventures Raises USD 50 M, Eyes AI & Fintech As Africa’s Next Big Bets
P1 Ventures, a Pan-African early-stage VC, has closed its first USD 50 M institutional fund, attracting investments from African conglomerates, family offices, and global partners, including the World Bank’s IFC. Senior advisors include Index Ventures’ Bernard Dalle and former Uber CBO Emil Michael.
The Egypt-born firm established in 2020, known for its contrarian investment approach, continues to back high-growth startups beyond Africa’s traditional tech hubs. P1 Ventures recently co-invested with Accel in its largest-ever deal—Moroccan AI-powered hotel booking platform Nuitee’s USD 48 M Series A. The VC firm sees vast opportunities in Africa’s AI and fintech sectors, where mobile-first solutions and automation are driving innovation.
Read more: https://weetracker.com/2025/02/10/p1-ventures-secures-usd-50-million/
NIBSS bets on QR codes as a cash alternative for small-value payments
The Nigeria Inter-Bank Settlement System (NIBSS), the country’s largest payment switch, is betting on QR codes as a cash alternative for small-value transactions after improving its Nigeria Quick Response (NQR) payment platform.
At a press conference on Thursday, NIBSS engineers said they have improved the speed of QR code payments by eliminating separate fee queries and enhanced security with stronger authentication measures.
NIBSS has also partnered with the Lagos State government to use QR codes to accept bill payments as a viability test. Premier Oiwoh, NIBSS CEO, told journalists that at least 750,000 bills in Lagos were paid with QR codes in the first week of deployment. The payment switch has also developed a USSD product for feature phones.
Read more: https://techcabal.com/2025/02/10/nibss-bets-on-qr/
Nigeria: Leading Africa’s Digital Trade Revolution By Jumoke Oduwole
Africa’s digital trade and trade in services landscape has witnessed significant growth in recent years. Indeed, digital trade is transforming the continent’s economic landscape, creating new opportunities for real economic growth, productive job creation, and poverty reduction.
This important shift has occurred as the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols have begun to play a crucial role in increasing intra-African trade, driving economic growth and development across the continent. In particular, the AfCFTA Protocol on Digital Trade, the first of its kind in the world, and the Protocol on Trade in Services are critical game-changers at this pivotal moment, an inflection point in the continent’s journey.
Read more: https://www.channelstv.com/2025/02/10/nigeria-leading-africas-digital-trade-revolution/
UK paytech Paysafe reportedly exploring potential sale amid takeover interest
The Bloomberg UK report, which cites sources familiar with the matter, does not reveal the identity of the interested parties but says that Paysafe is working with an unnamed financial adviser to evaluate its options. However, Bloomberg UK’s sources add that no deal is guaranteed.
Additionally, the report adds that Paysafe is contemplating the sale of “non-core assets” that could occur ahead of any potential sale.
FinTech Futures has reached out to Paysafe for comment.
Founded in 1996, Paysafe went public in 2020 through a merger with the special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp II, which valued the paytech at $9 billion.
