Sasai & Airtel Money expand free remittance services across Africa
Sasai Money Transfer has partnered with Airtel Money to expand its offering of free remittances to more African markets.
The Zero Fees initiative, which was first launched in May 2024 by Sasai Money Transfer in partnership with Econet in Zimbabwe, is now being expanded with Airtel Money in Uganda. It will then be extended to other high-traffic remittance Airtel markets such as Ghana, Malawi, Nigeria, Kenya and Zambia.
This offering eliminates remittance sending fees for users of the Sasai Money Transfer service in the United Kingdom and South Africa who send money to family and friends in Uganda. The partnership with Airtel Money Uganda ensures that the recipient enjoys similar benefits by cashing out their funds for free from their Airtel Money wallet.
Read more here: https://ibsintelligence.com/ibsi-news/sasai-airtel-money-expand-free-remittance-services-across-africa/
Contact Pay, Basata partner to expand digital payment solutions in Egypt
Contact Pay, a subsidiary of Contact Financial Holding and a leader in electronic payment solutions has announced a strategic partnership with Basata Pay, a subsidiary of Basata Holding for financial payments companies.
The collaboration aims to strengthen Egypt’s digital payment infrastructure and expand the range of financial services offered by Contact Pay nationwide.
Ali Bazaraa, Senior Product Development and Strategic Partnerships Manager at Contact, and Mohamed Ahmed Al-Amawwy, Managing Director of Basata Pay, signed the agreement.
Through the partnership, Contact Pay will expand its reach across Egypt, leveraging Basata’s extensive network. Together, they will offer more inclusive digital payment solutions, including instalment collection services for Contact customers and the integration of Contact’s instalment services into Basata’s payment terminals. This collaboration enhances their ability to meet the growing needs of their customers.
Read more here: https://www.zawya.com/en/business/fintech/contact-pay-basata-partner-to-expand-digital-payment-solutions-in-egypt-dgimsznb
Nigeria: FG Imposes Electronic Levy On Opay, Moniepoint Users, Others
Customers of financial technology (fintech) companies including Opay, Moniepoint and Kuda are grumbling over the implementation of the Electronic Money Transfer Levy (EMTL) on their transactions.
The implementation which takes effect today (Monday) imposes N50 on transfer from N10,000 on fintech account holders as obtained with Deposit Money Banks (DMBs).
EMTL, introduced under the Finance Act 2020, places a singular and one-off levy of ₦50 on the recipient of any electronic receipt or transfer of ₦10,000 or above.
DMB account holders have been paying this transfer levy on transfer receipts above N10,000; forcing some of them to register with any of the fintechs with the hope of bypassing the charges.
Read more here: https://allafrica.com/stories/202409090588.html
REGULATION | The South Africa Revenue Service (SARS) Begins Issuing Tax Notices to Crypto Traders
The South Africa Revenue Service (SARS) is now issuing tax notices to crypto traders.
According to officers at local law firm, Webber Wentzel, these notices are based on information obtained from various crypto asset exchanges, signalling a significant escalation in SARS’ efforts to enforce tax compliance within the burgeoning crypto sector.
Failure to provide requested information could be deemed a criminal offense under the Tax Administration Act, the officers say. The national revenue authority has adopted a ‘leave no stone unturned’ policy in its pursuit of revenue collection by any means necessary, including taxable profits from crypto trading.
The South Africa Financial Sector Conduct Authority (FSCA) approved at least 138 license applications to cryptocurrency asset service providers in the country, and these entities are now required to provide certain information to regulators.
Read more here: https://bitcoinke.io/2024/09/sars-begins-issuing-tax-notices-to-crypto-traders/
Vietnam’s Zalopay Eyes Expansion Beyond E-wallet Into Lending, Investments
Zalopay, the financial arm of Vietnamese tech giant VNG, is pivoting from an e-wallet to become an open payment platform model, according to DealStreetAsia.
This shift will enable Zalopay to offer a wider array of financial services, including lending and investment products, as the e-wallet landscape faces growing competition from mobile banking apps and the VietQR system.
With an emphasis on expanding its financial product suite, Zalopay is set to introduce installment payments and quick loans by Q3 2024.
Read more here: https://fintechnews.sg/101074/vietnam/zalopay-expand-lending-investments/
Network International extends partnership with Orabank Group
Network International has extended its strategic partnership with Africa’s Orabank Group to transform its prepaid and agent banking solutions.
The partnership is aimed at enhancing the banking experience for Orabank Group customers and enabling the bank’s digital transformation with innovative solutions. It will leverage Network’s expertise in enhancing Orabank’s competitiveness in the Francophone markets. It also strengthens Network’s existing partnership with Orabank Group by introducing innovative payment technology and solutions to improve consumer trust and convenience.
Ferdinand Ngon Kemoum, Group CEO of Orabank Group, said, “We are thrilled to enter a new phase of growth through the strategic partnership with Network International. Using Network’s expertise, we are shaping the future of the digital payment market in Francophone Africa with new products and services that will facilitate our digital payment transformation. This offers an elevated experience for our customers and emphasises our pivotal role in the financial market.”
Read more here: https://ibsintelligence.com/ibsi-news/network-international-extends-partnership-with-orabank-group/
Brazil continued to dominate the LatAm FinTech market with half of the top 10 deals in Q2
Key Latin American FinTech investment stats in Q2 2024:
- Latin America market experienced a contraction in Q2 in terms of deal activity with a drop of 69% YoY
- Brazilian companies dominated the investment landscape, completing half of the top 10 deals in Q2 2024
- Celcoin secured the biggest deal for Q2 2024 in Latin America with a $125m funding round
In Q2 2024, the Latin American FinTech sector recorded 29 transactions, reflecting a sharp decline of 69% from the 93 deals completed during the same quarter in 2023 and a 42% drop from the 50 funding rounds in Q1 2024. The total FinTech funding raised during the second quarter amounted to $444.4m, marking a significant decrease of 30% from the $639.3m raised in Q2 2023 and a 39% decline from the $726.3m raised during the first three months of 2024. This trend underscores a notable slowdown in both deal flow and overall funding, with the sector experiencing a contraction in activity and a reduced scale of investments.
Read more here: https://fintech.global/2024/09/09/brazil-continued-to-dominate-the-latam-fintech-market-with-half-of-the-top-10-deals-in-q2/
Indonesian Regulator Grants Binance-Backed Tokocrypto Trading License
Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).
The PFAK license allows Tokocrypto to officially operate as a physical crypto asset trader.
Tokocrypto’s user base has surpassed 4.5 million this year, with its average monthly trading volume increasing by 138%, reflecting steady growth and trust in the platform.
Read more here: https://fintechnews.sg/101133/indonesia/binance-backed-tokocrypto-trading-license/
