Canada-Africa Fintech Summit – Canada-Africa Fintech Convergence – Nurturing Talents, Fueling Growth, Forging Cross-Border Prosperity for Sustainability
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Kenyan banks push for Pesalink upgrade as CBK eyes new real-time payment system
Kenyan commercial banks are opposing the Central Bank of Kenya’s (CBK) plans to develop a new real-time payments system from scratch, advocating for an upgrade to Pesalink instead. They argue that improving the current system would save time, cut costs, and minimise disruptions.
In a letter seen by TechCabal, the Kenya Bankers Association (KBA) urged CBK to build on Pesalink, the payment platform owned by the association through its fintech subsidiary, Integrated Payment Services Limited (IPSL). The October 25, 2024 letter argues that leveraging Pesalink would be the fastest, cost-effective route to achieve the regulator’s goal of creating a seamless Fast Payment System (FPS).
Read more: https://techcabal.com/2025/01/06/kenyan-banks-cbk-system/
The Gambia signs blockchain pact to boost digital economy
The Gambia has partnered with the Kalp Foundation to develop Gambia One, a blockchain-powered digital public infrastructure (DPI) platform, while also promoting capacity-building efforts for government leaders and technology skilling programs for youth.
The Kalp Foundation is a non-profit organisation dedicated to creating digital public infrastructure that promotes equitable growth through blockchain technology,
This collaboration with The Gambia, according to a Kap Foundation statement, displays a common commitment to promote sustainable development via innovation, compliance, and inclusion.
Read more: https://itweb.africa/content/8OKdWqDXbnYqbznQ
South Africa: Sourcefin lands $7.9mln investment from Futuregrowth to boost SME lending
Futuregrowth Asset Management has invested R150m into fintech and alternative funding provider Sourcefin. Sourcefin is set to deploy more than R1bn in funding for the financial year, ending February 2025, according to the fintech.
“The SMME sector is vital for South Africa’s economic growth, yet traditional financing solutions often fail to meet their unique needs, particularly in government-issued orders,” says Amrish Narrandes, head of private equity and Venture capital at Futuregrowth.
A crucial contributor to socioeconomic development and improved service delivery, the SMME sector enables previously disadvantaged and minority groups to enter the economy and accounts for over 30% of South Africa’s GDP.
Egyptian fintech PayMint launches Meeza prepaid card offering in partnership with ADIB-Egypt
Egyptian fintech PayMint has received final approval from the Central Bank of Egypt to launch its Meeza prepaid card offering in collaboration with Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt).
According to ADIB-Egypt, the launch supports its initiative to advance financial inclusion “in line with the vision of the Egyptian government and the Central Bank of Egypt” by collaborating with fintech companies to drive the nation’s shift towards a cashless society.
Founded in 2019, PayMint provides a wide range of financial services for both individuals and micro, small, and medium-sized enterprises (MSMEs) in Egypt, including instant money transfers, scheduled payments, and business loans of up to EGP 3 million (approximately $60,000).
Visa and Qashio team on B2B travel payments
The Visa Commercial Choice Travel programme will offer global issuance capabilities to the travel industry in the UAE, Mena, Europe and the UK. Over AED 100 million ($27 million) is being allocated to the programme in the coming years.
Travel companies will be able to obtain Qashio cards and transact in different currencies including AED, SAR, USD, EUR and GBP issued from UAE, enabling payments and settlements in multiple currencies.
Clients can digitise and automate their payments, optimising their reconciliation and enhancing liquidity, while the system is integrated with global travel management companies and their booking tools.
Read more: https://www.finextra.com/newsarticle/45273/visa-and-qashio-team-on-b2b-travel-payments
dLocal expands UK operations with FCA payment license and ICC partnership
dLocal, a NASDAQ-listed payment platform specialising in connecting global merchants to emerging markets, has announced a significant expansion in the UK.
The company has been granted an Authorised Payment Institution license by the Financial Conduct Authority (FCA). Simultaneously, dLocal has formed a strategic partnership with the International Chamber of Commerce UK (ICC UK), enhancing its support for British businesses exploring global opportunities.
The partnership with ICC UK aims to help British businesses navigate the complexities of international payments in emerging markets. The collaboration is a key component of ICC UK’s Trade for Prosperity programme, designed to enable British companies to expand into high-growth Commonwealth regions, including Africa, Asia, and the Middle East.
