Nigerian fintech BizFlex Africa launches to empower African freelancers, small businesses
Nigerian fintech platform BizFlex Africa has launched with the goal of helping African freelancers and small businesses better manage their finances, simplifying local and international transactions, reducing costs, and integrating essential financial tools.
The second product of Nigerian fintech startup FastaMoni, BizFlex Africa solves a daily challenge for many entrepreneurs – the hassle of managing finances across multiple platforms with high fees and complex banking restrictions. The platform offers multi-currency accounts, virtual USD cards, automated invoicing, international invoice settlements, and an AI-powered accounting system – all in one place.
“Africa’s freelancers and SMEs need more than just financial access; they need comprehensive, affordable solutions tailored to their unique challenges,” said Adetola Adele, CEO of BizFlex Africa. “Fragmented tools and high transaction costs limit real growth. BizFlex offers a simple, all-in-one financial ecosystem that empowers businesses to scale.”
How Blockchain and Fintech Are Changing the Future of Education Grants
In recent years, the intersection of technology and finance has given rise to innovative solutions that are transforming various sectors, including education. Blockchain and fintech are two such technologies that hold immense potential for revolutionizing the way education grants are managed and distributed. As educational institutions and non-governmental organizations (NGOs) seek to maximize the impact of their funding, understanding how these technologies can enhance transparency, efficiency, and security is crucial.
Kuda MD Calls for Unified Regulatory Framework, Investment to Drive Fintech Growth
The Managing Director of Kuda Microfinance Bank, Musty Mustapha, has called for a unified regulatory framework and infrastructure investment to unlock Nigeria’s fintech potential.
Speaking at the Nigeria Deposit Insurance Corporation (NDIC), Mustapha highlighted the sector’s rapid growth, with $2 billion in investments in 2024, but warned that regulatory uncertainty, cybersecurity threats, financial exclusion, and infrastructure deficits continue to hinder sustainable progress.
Nigeria’s fintech ecosystem has been instrumental in driving financial inclusion, pushing the country’s inclusion rate to 64% in 2023, according to government data.
Mastercard launches anti-money laundering service “TRACE” to combat financial crime in Asia Pacific
Mastercard today officially announced the launch of TRACE (Trace Financial Crime) in Asia Pacific, a sophisticated network-level solution that harnesses artificial intelligence to identify and prevent money laundering and financial crime. Powered by timely and large-scale payments data from multiple financial institutions, TRACE provides holistic intelligence beyond an individual financial institution’s siloed view, enabling tracing of financial crime across a payments network.
In recent years, Real-Time Payments (RTP) have seen a rapid rise in use among individuals and businesses across Asia Pacific, allowing transactions to be settled between accounts at different financial institutions within seconds—something which in the past often took a matter of days. However, this speed has also made it a target for money launderers and “mules”, who try to evade detection by moving funds rapidly between multiple accounts. Oftentimes, criminals also involve the accounts of unwitting civilians through methods such as romance and investment scams.
Read more: https://shorturl.at/qjmMU
Citi and PayPal join $18.5 million round in Finmo
The oversubscribed Series A brings the vendor’s total funding to $27 million.
With the new funding, The Singapore-headquartered firm plans to accelerate its product development, invest in AI capabilities, and expand its global reach.
Finmo’s software streamlines real-time payment processes, enhances cash flow visibility, manages FX risks, ensures compliance, automates manual tasks, and optimizes financial decision-making, including excess liquidity management. For companies operating in multiple geographies, the platform provides a one-stop shop for treasury management.
Read more: https://www.finextra.com/newsarticle/45504/citi-and-paypal-join-185-million-round-in-finmo
Bankers Lobby Projects All Banks Will Lower Rates by End of February
The Kenya Bankers Association (KBA) is projecting that all banks will reduce interest rates on loans by the end of this month, after the latest benchmark rate cut by the Central Bank of Kenya (CBK).
- On Wednesday KBA leadership committed that the interest rates are coming down and that it is immediate.
- On February 5, CBK cut the base lending to 10.75%, the fourth cut in a row, saying it wanted to do more to support lending and boost economic growth.
- Only two lenders-KCB Group and Co-operative Bank-have cut rates since the last CBK review, despite the regulator saying it would begin conducting on-site inspections of interest rates.
Read more: https://kenyanwallstreet.com/bankers-lobby-projects-all-banks-will-lower-rates-by-end-of-february/
