Africa Doesn’t Need More Fintechs—It Needs Smarter Ones
Every minute, over 2 million mobile money transactions occur across Africa. That’s not hyperbole. It’s the new normal in a continent that’s home to 1.1 billion registered mobile money accounts and processed $1.1 trillion in transactions in 2024 alone, according to GSMA’s State of the Industry Report on Mobile Money 2025. On the surface, this paints a glowing picture of Africa’s fintech revolution. But a deeper look reveals a sobering truth: Africa doesn’t need more fintechs—it needs smarter ones.
Africa’s dominance in mobile money is unquestionable. The continent now accounts for over 50% of global mobile money accounts, with East and West Africa leading the charge. In East Africa, services like M-Pesa in Kenya and Tanzania have become lifelines for millions. In West Africa, Nigeria and Ghana are racing forward catching up quickly.
Visa Reveals How Inclusion is at the Heart of Fintech’s Growth at GITEX Africa 2025
Taking place from 14 to 16 April in Marrakech, Morocco, this year’s GITEX Africa is looking to spotlight the transformative power of technology and investment opportunities across the African continent. One way in which tech can be used is in the payments ecosystem, fostering greater financial inclusion. With this aligning with the commitments of payments processor, Visa, the company has announced its participation as the financial innovation partner at the event.
There is a huge opportunity for greater financial inclusion in Africa, powered by digital transformation, with Visa at the forefront of its development. Building on previous investments in the region, as well as established partnerships with governments, startups, and businesses, Visa’s presence at GITEX Africa underscores its steadfast commitment to driving digital innovation and enabling a cashless economy in the continent.
PayPal Launches X-Border Payment Collaboration With TerraPay
PayPal and TerraPay are teaming to promote cross-border payments in the Middle East and Africa (MENA).
The partnership, announced Tuesday (April 15), is designed to speed cross-border money movement, while making payments more accessible by connecting banks, mobile wallets and financial institutions.
“The Middle East and Africa are at the forefront of the digital transformation, yet financial barriers still limit growth for many,” Otto Williams, senior vice president and regional head and general Manager for the Middle East and Africa at PayPal, said in a news release.
PayPal, TerraPay collaborate to expand access to cross-border payments across Middle East and Africa
PayPal, a global digital payments and commerce platform, today announced a strategic partnership with TerraPay, a global money movement company, to enable real-time fund transfers for PayPal customers across the Middle East and Africa.
This partnership aims to drive economic growth by making cross-border transactions faster, easy to use and more accessible by connecting banks, mobile wallets, and financial institutions.
Through secure PayPal account linking, TerraPay will serve as an enabler, allowing mobile wallet and bank users across the Middle East and Africa to seamlessly transfer funds to their PayPal accounts.
Mobile Wallets and Virtual Cards Give B2B Payments Digital Makeover
It’s about time for B2B firms to ensure their payment processes align with the digital expectations of the next generation of decision-makers.
The latest PYMNTS Intelligence in the March 2025 “Business Payments Tracker®” series reveals that in a push to modernize business payments and mirror the seamless experience consumers enjoy, companies are merging virtual cards with mobile wallets. This tech-forward combo, the report found, can help give businesses tighter control over spending while simultaneously offering the kind of convenience, speed and flexibility that’s redefining B2B transactions in the digital age.
Bank of America to Pay $540.3 Million After Ruling in FDIC Lawsuit
Bank of America will reportedly pay $540.3 million following a judge’s ruling in a lawsuit in which the Federal Deposit Insurance Corp. (FDIC) accused the bank of paying less than it owed for deposit insurance.
The judge’s decision was made public Monday (April 14), Reuters reported Monday.
The FDIC sued Bank of America for $1.12 billion in 2017, alleging that the bank failed to honor a 2011 rule that changed how banks report risk exposure to counterparties and thereby reduced its deposit insurance contributions, according to the report.
