From Mobile Wallets to Neobanks: Uganda’s Financial Services Evolution
Uganda is rapidly emerging as a key player in the fintech and financial services sector within Africa, buoyed by innovations in mobile money and digital banking. With Kampala as its capital and financial hub, the country is working through various economic challenges, including health crises as well as strict lockdowns.
Despite these hurdles, Uganda’s commitment to financial inclusion is evident in its robust mobile money ecosystem, diverse fintech solutions in savings, lending and remittances, and progressive regulatory frameworks aimed at fostering growth and innovation.
Read more: https://thefintechtimes.com/fintech-overview-of-uganda-in-2024/
How Agency Banking Can Deepen Financial Inclusion In South Africa?
A recent working paper by the South African Reserve Bank (SARB) sheds light on how agency banking could be a game-changer in the quest to enhance financial inclusion.
Authored by Lwanga Elizabeth Nanziri and Paul Terna Gbahabo, the study emphasises the critical role of agency banking in overcoming barriers to financial services, particularly for underserved populations.
Agency banking leverages partnerships between traditional financial institutions and non-financial outlets such as retail stores, supermarkets, and post offices to deliver banking services to the underserved.
Amazon to acquire fintech firm Axio to expand credit services in India
Amazon is set to acquire Bengaluru-based fintech firm Axio, enabling the e-commerce giant to expand credit-based offerings to its customers in India. Information about the deal size and shareholding pattern was not disclosed.
“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” said Axio in a company blog post.
Amazon has acquired nine companies in India since 2016, according to data from market intelligence platform Tracxn shows.
Kowri expands into Southern Africa with Strategic Partnership in Namibia
Kowri, a leading digital bank in Africa, has begun 2025 on an aggressive note, announcing its expansion into the Southern African Development Community (SADC) region through a strategic partnership with Velopay, a rapidly ascending fintech company in Namibia.
This collaboration aims to accelerate financial inclusion for underserved and underbanked individuals and businesses in Namibia and the broader SADC region and serves as the first step in the Ghanaian firm’s SADC market entry strategy.
Building on its recent market entry into Francophone Africa, starting with Côte d’Ivoire in October 2024, Kowri’s partnership with Velopay marks a significant step in its mission to provide a unified digital financial services platform across Africa, uniquely tailored to the African context.
Mastercard to pay $26 million to settle gender and race bias class action suit
The settlement was revealed in court documents filed in New York. The class action complaint against the card scheme alleged that Mastercard underpaid roughly 7,500 employees across the country starting in 2016.
The suit alleged that Mastercard routeinly assigned employees to jobs below their pay grade and paid them less than white counterparts doing similar work.
ASs part of the agreement, Mastercard also agreed to conduct annual pay equity audits for three years and hire a psychologist to assess bias in its workplace.
Apple in talks with Barclays, Synchrony to replace Goldman in credit card deal, sources say
NEW YORK – Apple is in talks with Barclays to replace Goldman Sachs as the tech giant’s credit card partner, said two sources familiar with the matter, as the Wall Street giant steps back from its consumer finance ambitions.
Credit card issuer Synchrony Financial is also in discussions with Apple about the card partnership, the first source said. Both sources declined to be identified discussing private talks.
Several financial firms are vying to replace Goldman, which launched the credit card with Apple in 2019, the sources said. While other lenders are tempted by working with Apple, one of the world’s most recognizable brands, they also viewed the original deal terms as risky and unprofitable, sources told Reuters in December 2023.
Mastercard Move and the BCP Group join forces to enhance cross-border payments
In collaboration with Mastercard, the BCP Group will leverage Mastercard Move’s money movement capabilities to enhance cross-border payments for their corporate and individual clients. The collaboration aims to enable near instant, traceable, secure and cost-effective cross-border payments to and from the multiple markets where the BCP Group operates in Africa.
The move reflects the shared vision of both organizations to provide inclusive and innovative financial solutions that optimize transfer operations while reducing transaction costs for end users. It also demonstrates the BCP Group’s strong commitment to addressing the needs of consumers and businesses in the region.
