Partnership Announcement: AFN and RFL Join Forces to Advance Fintech Growth in Africa
The Africa Fintech Network (AFN) and Rwanda Finance Limited (RFL) are excited to announce a strategic partnership aimed at driving innovation and strengthening the fintech ecosystem in Rwanda and across Africa. This collaboration focuses on fostering fintech growth, expanding financial inclusion, and advancing digital finance through knowledge sharing, capacity building, and policy advocacy.
Read more: https://www.linkedin.com/feed/update/urn:li:activity:7300152962671083522
Fintech Companies Aim to Slash High Remittance Costs for Sub-Saharan Africa
Millions of people across sub-Saharan Africa depend on remittances sent by relatives living abroad.
However, sending money to this region is more expensive than anywhere else in the world, according to the World Bank.
In response to this challenge, several African-founded financial technology (fintech) companies have emerged in recent years. Their goal is to reduce the high costs of remittances and take market share away from traditional players such as Western Union and MoneyGram.
MTN Group Fintech partners with Network International to enhance payment processing
In a strategic move to bolster its fintech capabilities, MTN Group has appointed Network International as its payment processing partner. This collaboration aims to enhance MTN’s digital payment infrastructure, providing seamless and efficient transaction experiences for its users across Africa.
Network International, a prominent enabler of digital commerce in the Middle East and Africa offers integrated payment solutions tailored to diverse market needs. Their expertise is expected to complement MTN’s existing fintech services, particularly the widely used mobile money platform, MoMo.
Nigeria Sues Binance for $81 Billion Over Tax Evasion and Currency Crisis
Nigeria has filed a lawsuit against cryptocurrency exchange Binance, demanding US$79.5 billion in damages for alleged economic losses caused by its operations in the country, along with US$2 billion in back taxes, court documents revealed on February 19.
Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency troubles and detained two of its executives in 2024 after cryptocurrency websites became preferred platforms for trading the local naira currency, Reuters reported.
Binance has previously stated that it is working with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historic tax liabilities.
Asia to dominate global fintech market – report
A report from Singapore-based fintech UnaFinancial found that fintech-related transactions reached $16.8tr in 2024, an increase of $2.1tr on the previous year.
This growth is expected to increase and the Asian fintech market is forecast to reach $18.9tr by the end of 2025, equivalent to 12.6% year-on-year growth.
With the global fintech market forecast to reach $40.1tr by year-end, Asia would account for 47.1% of the market’s transactions.
Read more: https://www.finextra.com/newsarticle/45556/asia-to-dominate-global-fintech-market–report
UK government reportedly considering plans to scrap the Payment Systems Regulator
While no final details have been confirmed, the report states that ministers and officials are set to reach a preliminary decision within weeks.
The PSR has been fully operational since 1 April 2015 and is responsible for overseeing the UK’s payment systems. The body seeks to ensure sector accessibility, security and transparency for consumers and businesses, and reports directly to parliament.
In a statement sent to FinTech Futures, the PSR says: “It’s well known the government is auditing the role of regulators, and decisions on the regulatory structure are rightly for them and parliament.
