South African SMEs rapidly adopt digital payments
Small and medium enterprises (SMEs) in South Africa are accelerating their digital transformation and seeking new growth opportunities through digital payments and strategic private sector collaborations, while sustainability is priority.
This is according to the third edition of the Mastercard SME Confidence Index, which received 300 responses from South African SMEs.
The latest findings reveal that 90% of surveyed SMEs in South Africa have adopted digital payments, highlighting the increasing shift towards contactless transactions as a means to enhance efficiency, security and business credibility, says Mastercard.
Read more: https://www.itweb.co.za/article/south-african-smes-rapidly-adopt-digital-payments/Gb3Bw7WaKzQq2k6V
PayPal partners Verifone for in-person payments push
The partnership will offer enterprise merchants an ominchannel solution that combines Verifone’s hardware with PayPal’s enterprise payment processing and e-commerce capabilities, known as Braintree.
The partners say they will target a host of sectors, including large retail, grocery, quick-service restaurants, ticketing, entertainment, consumer electronics, and apparel.
“This partnership marks a major shift in how PayPal is approaching the omnichannel enterprise opportunity,” says Alex Chriss, President and CEO, PayPal.
Read more: https://www.finextra.com/newsarticle/45563/paypal-partners-verifone-for-in-person-payments-push
Gozem raises $30M to expand vehicle financing and digital banking in Francophone Africa
Gozem, a super app in Francophone Africa, has secured $30 million in Series B funding to bolster its vehicle financing and digital banking services across the region.
This investment, a combination of equity and debt, was led by SAS Shipping Agencies Services Sàrl, a subsidiary of MSC Mediterranean Shipping Company SA, and Al Mada Ventures.
The funds will enable Gozem to provide more affordable vehicle financing options to drivers, facilitating ownership and improving livelihoods. The company plans to move into new markets following the latest funding. Collaborations with major investors like MSC Group and Al Mada Ventures will support Gozem’s growth and service diversification.
Read more: https://techpoint.africa/2025/02/26/gozem-series-b/
Remittance costs in Sub-Saharan Africa remain high despite fintech’s effort to slash fees
Sub-Saharan Africa remains the world’s most expensive region when it comes to transferring remittances, with an average cost of transferring money of 8.37% in the second quarter of 2024, according to the World Bank’s most recent report.
This cost remains significantly above the global average, despite the increasing importance of remittances in the region’s economies. In 2023, Sub-Saharan Africa received $54 billion in remittances, a vital source of income for many households. Countries like The Gambia, Lesotho, and the Comoros rely heavily on remittances, which account for over 20% of their GDP.
Africa’s Fintech revolution: Why Rwanda is the next big investment opportunity
Africa’s fintech revolution is no longer a prediction—it is happening now. With mobile money transactions surpassing $800 billion in 2023, fintech is transforming economies and redefining financial access across the continent.
As investment capital continues to gravitate toward a handful of dominant hubs, Rwanda is emerging as a dynamic new fintech destination, poised to attract global investors. Fintech in Africa: The landscape is changing Fintech has become one of the continent’s fastest-growing sectors, offering financial services to millions who previously lacked access to traditional banking.
Read more: https://shorturl.at/kAjZP
Indian government signs MoU with Paytm to promote fintech
Paytm has signed an MoU with the Department for Promotion of Industry and Internal Trade (DPIIT). Under the terms of the agreement, Paytm will provide mentorship, infrastructure support, market access and funding opportunities to startups.
Under the terms of the MoU, Paytm will extend mentorship, infrastructure support, market access, and funding opportunities to startups.
The partnership will also aim to give startups regulatory and compliance assistance through workshops featuring industry and government bodies as well as help on accessing funding through incubation programes and investor connections initiatives.
Read more: https://www.finextra.com/newsarticle/45567/indian-government-signs-mou-with-paytm-to-promote-fintech
Modern Treasury and Brico Partner to Transform Payment Operations Through Automated Licensing
Modern Treasury’s payment operations software platform will provide mutual clients with an integrated money movement solution, with all the licensing compliance driven by Brico.
“We know how difficult, costly, and manual it is to obtain and maintain the necessary financial licenses, especially when dealing with different rules across all 50 states. We also know that it’s imperative, as embedded payments are the future of many products across industries. By partnering with Modern Treasury, we are creating new opportunities for clients to seamlessly stand up their own platforms correctly, in compliance, and with all the financial data they need,” said Molly Siems Cavanaugh, Brico’s Head of GTM.
Embedded payments is one of the fastest growing sectors across the payments industry as entire industries and workflows digitize. According to Juniper Research, embedded payments’ global transaction value will increase 134% by 2028, up from $1.1 trillion in 2024.
Read more: https://www.businesswire.com/news/beverlyhillschamber/20250226386786/en
