Strandling Exponential Performance with Stringent conformance – the Fintech Dilema
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FinTechNGR Seeks More Investment to Drive Access to Affordable Digital Services
Mr. Ade Bajomo, President, FinTechNGR, stated this in his opening remarks at the 7th Nigeria Fintech Week in Lagos.
“Also, we need regulators who foster a supportive environment for innovation. And most importantly, we need a generation of talented fintech entrepreneurs who are passionate about making a difference,” he said.
This is coming against the backdrop of dwindling investments in Fintechs in the continent. Mr. Ade Bajomo, quoting Elevandi report in the first half of 202: “investments in the fintech sector in Africa declined significantly, dropping 77% to US$186 million from US$826 million in 1H 2023. The number of deals decreased 30% year-on-year and average deal size fell to US$4 million in 1H 2024 from US$10.5 million in 1H 2023.
LIST | Cairo, Egypt Leads Africa in the Number of Individuals with Atleast $100 Million in Liquid Assets
There are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more, says the Centi-Millionaire 2024 Report 2024.
These individuals, referred to as centi-millionaires, have grown by 54% over the last decade.
“The geographic distribution of this wealth is revealing. One-third of the world’s centi-millionaires reside in 50 key cities across the globe, with nearly two-thirds of these wealth hubs located in countries offering investment migration programs.
“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” says the report.
Read more: https://bitcoinke.io/2024/10/the-centi-millionaire-report-2024/
NCC, others push for enhanced fintech regulations, says Maida
The Executive Vice Chairman of the Nigerian Communications Commission, Aminu Maida, has said that the NCC, in collaboration with the Central Bank of Nigeria and the Securities and Exchange Commission, is working to strengthen the regulatory framework governing the financial technology sector in the country.
Speaking at the ongoing Nigeria Fintech Week in Lagos on Wednesday, Maida emphasised the role of collaboration among regulatory bodies to foster innovation and safeguard the country’s fintech ecosystem, which he described as vital for achieving financial inclusion and sustainable growth.
The NCC EVC pointed out that the growth seen across Africa’s fintech ecosystem is shaped not only by emerging innovations but also by the regulatory frameworks that guide its development.
Read more: https://punchng.com/ncc-others-push-for-enhanced-fintech-regulations-says-maida/#google_vignette
Africa: Remittance Startup Targets Fees
Benjamin Fernandes’ goal for the fintech startup he launched in 2018, NALA, was to speed up money transfers within his native Tanzania.
It now operates in nearly a dozen African countries, providing African ex-pats working in the US and 20 European countries with a more affordable way to send money home. Last year alone, those outside Africa spent $8 billion in transfer fees. Africa remains the most expensive continent in which to send money.
In July, despite a depressed fintech market, NALA’s 100-person startup raised $40 million (with a valuation of more than $200 million). According to capital-market data provider PitchBook, only five other African fintechs have raised more than $40 million in a Series A fundraising since 2015.
Read more: https://gfmag.com/technology/africa-remittance-startup-nala-targets-fees/
MoneyGram says hackers stole customer data
In late September MoneyGram was forced to take systems offline in response to a “cybersecurity issue”. Now, the company says it has determined that an unauthorised third party accessed and acquired personal information of “certain consumers”.
That information includes names, contact information, dates of birth, national identification numbers, copies of government-issued identification documents, other identification documents such as utility bills, bank account numbers, MoneyGram Plus Rewards numbers, transaction information and, for a limited number of consumers, and criminal investigation information.
Customers are advised to “remain vigilant” while some are being offered identity monitoring services for two years at no cost.
Read more: https://www.finextra.com/newsarticle/44851/moneygram-says-hackers-stole-customer-data
