Palmpay, other Mobile Money Operators Forecast Robust 2025 For Fintech Ecosystem in Nigeria
Mobile money operators (MMOs) have been identified as critical in driving financial inclusion in Nigeria The MMOs see a robust 2025 for the industry as they bank on increasing smartphone market and adoption in the country PalmPay, one of the most prominent players in the ecosystem, projects a more substantial market for the company in the new year
Nigeria’s central bank launches digital payment service for government agencies
The Central Bank of Nigeria (CBN) has launched a new naira payment solution aimed at enhancing payment turnaround time for Ministries, Departments, and Agencies (MDAs) by 70%.
This new solution, unveiled alongside a digital document management system named DocFlow, is set to streamline financial transactions and improve customer support within the public sector.
“The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem,” a statement released by the bank reads.
Read more: https://techpoint.africa/2025/01/17/cbn-launches-digital-solutions/
CreditChek Secures Baobab Network Investment to Revolutionize Financial Access for African Immigrants
Nigerian startup CreditChek has announced a significant investment from the Baobab Network. The innovative platform is tackling a long-standing challenge faced by African immigrants: access to financial services in their new countries of residence.
In 2022, the startup raised $240,000 in pre-seed funding led by Atom Capital Founded by Kingsley Ibe and Lionel Orishane in 2022, CreditChek is building the cross-border credit infrastructure that enables banks and lenders to assess creditworthiness in less than five minutes, a transformative solution for millions of African emigrants who struggle with financial exclusion due to untransferable credit histories.
Empowering African Immigrants
For African immigrants, financial exclusion is a major hurdle. A staggering 70% of Africa’s 40 million annual emigrants are locked out of essential financial services because their credit histories do not travel with them. This means no access to loans, mortgages, or even basic credit lines.
Donald Trump Launches $TRUMP Meme Coin—Token Exceeds $12 Billion Market Cap
Trump announced the launch of his meme coin, $TRUMP, in a Truth Social post late Friday, saying the cryptocurrency is celebrating “WINNING” the presidential election and his upcoming inauguration.
Shortly after launching, the price of $TRUMP rapidly rose by more than 300% by Saturday morning, and it kept rallying Saturday night and early Sunday morning—before paring back some of its gains later Sunday.
The digital asset hovered at just over $46 as of 5:25 p.m. EST Sunday, with a market cap of $9.36 billion, according to CoinMarketCap.
UK’s Payment Systems Regulator sets out updated strategy
Unveiled in 2022, the regulator’s original plan focused on protecting users and promoting competition in the sector. Reflecting on its efforts three years on, the PSR is trumpeting its moves to roll out protections against APP fraud, advancing Open Banking, and reviewing card fees.
The review comes after talking to stakeholders and taking into account the Government’s growth mission and the impact of the National Payments Vision.
Read more: https://www.finextra.com/newsarticle/45334/uks-payment-systems-regulator-sets-out-updated-strategy
Mastercard: It Takes a Village to Improve the Online Checkout Experience
Checkout is the last mile in commerce, representing the critical moments of decision-making that can make or break a sale — and by extension, merchants’ fortunes.
Joint research from PYMNTS Intelligence and Mastercard in the “Online Merchant Checkout Innovation Report” found that more companies encounter trouble with their checkout processes than with payments processing. It’s a global issue, illustrated in the pain points experienced by merchants in the United States and four other markets surveyed by PYMNTS Intelligence, including Australia, Brazil, the United Arab Emirates and the United Kingdom. Six in 10 middle-market firms said they struggled with the user experience during checkout online.
Mastercard’s Jennifer Macrae, senior vice president of global digital channel enablement, and Sukhmani Dev, senior vice president of North America digital product management, said the problem is acute enough that more than three-quarters of merchants are looking for ways to streamline checkout to boost sales conversions.
