From Uganda to Jamaica: Interledger Foundation Expands Push for Seamless Cross-Border Payments
The Interledger Foundation (ILF), an organization building and advocating for an open, interoperable payments network, has announced its participation in three new technological initiatives and five research projects, all of which will progress its work toward seamless global money movement.
Among these initiatives is work with private fintech companies to streamline remittances for a major bank in Pakistan, power microloans for community-based financial institutions in Uganda, and enable international payments for online marketplaces in Jamaica.
The organization is investing in five new research projects to inform new methods of boosting economic engagement and sustainable growth. This brings the total number of initiatives Interledger Foundation invested in to over 200 projects.
Nigerian fintechs contribute $18 million to new tax initiative
The Nigerian federal government announced that the Electronic Money Transfer Levy (EMTL) generated $49.5 million in revenue, with fintech companies contributing $18 million.
This funds, as reported by the Federation Account Allocation Committee, is a considerable 56.80 percent increase over the $31.6 million earned during the same period in 2024.
Previously, the charge mainly affected established banking institutions. However, fintech firms have been included because they have contributed a phenomenal 2,507.94 percent growth in transaction values since 2020.
Read more: https://itweb.africa/content/rxP3jqBElz5MA2ye
Ottu and HyperPay Join Forces to Revolutionize MENA Digital Payments
Ottu has announced a strategic partnership with HyperPay, a leading digital payment solutions provider, through a Mutual Collaboration Agreement (MCA), marking a significant milestone in transforming the digital payments landscape across the Middle East and North Africa (MENA) region. This powerful alliance unites two of the region’s leading fintech innovators to deliver a smarter, more secure, and future-ready payment ecosystem.
The Ottu and HyperPay partnership brings a range of strategic benefits to businesses across the MENA region. Merchants gain access to localized payment methods tailored to regional preferences, enhanced transaction security powered by advanced fraud protection, and optimized performance through smart routing and real-time analytics. The collaboration also simplifies integration, offering a unified platform that reduces operational complexity, accelerates time to market, and streamlines overall payment management.
Ethio Telecom and Visa Strengthen Partnership on Digital Finance
Ethio telecom and Visa have reaffirmed their partnership to support the development of Ethiopia’s digital economy, focusing on international digital financial services.
At a meeting held on Thursday (April 24), Ethio telecom CEO Frehiwot Tamru met with Michael Berner, Senior Vice President and Head of South and Eastern Africa Regions at Visa.
The discussion centred on assessing existing projects and planning further collaboration, particularly following the launch of Ethiopia’s first wallet-based Virtual Visa Card and cross-border remittance services through Visa Direct and telebirr Remit in August 2024.
Read more: https://fintechnews.africa/45187/fintech-ethiopia/ethio-telecom-visa-digital-finance/
PayPal and Coinbase are changing the balance of digital payments!
Coinbase, one of the largest cryptocurrency trading platforms, announced the waiver of fees for transactions involving PayPal’s stablecoin (PYUSD), allowing users to redeem the currency directly for US dollars without additional costs. This move is a strong boost for PYUSD, which PayPal aims to establish as an alternative digital payment method.
This action is part of a strategic partnership between Coinbase and PayPal aimed at accelerating the adoption of PayPal’s stablecoin PYUSD, which was launched in 2023, by providing new settlement options for merchants within the PayPal network, away from traditional payment systems.
VoPay rolls out cross-border payments-as-a-service solution
Fintech company VoPay has launched its cross-border payments-as-a-service solution, aimed at helping software platforms and financial institutions conduct global financial transactions without their own cross-border payment infrastructure.
The platform supports a variety of transaction types including B2B, B2P, P2B, and P2P, in more than 140 countries and supports various disbursement methods, the company release said.
With VoPay’s solution, businesses can embed the experience with UI components and APIs.
Read more: https://www.electronicpaymentsinternational.com/news/vopay-cross-border-payments-as-a-service/
