REGULATION | Bank of Ghana to Intensify Crackdown on Illegal Lending Apps
Kwame Oppong, Head of Fintech and Innovation at the Bank of Ghana (BoG), has announced that the central bank of Ghana is ramping up its efforts to combat illegal lending applications operating within the country.
Oppong highlighted that these unauthorized apps present a serious risk to both consumers and the financial system. He explained that these apps often collect personal information and photos from users during registration. When borrowers fail to repay their loans, the apps misuse this data to threaten and intimidate them.
Disturbingly, there have been reports of borrowers facing such severe harassment that some have tragically taken their own lives.
Read more here: https://bitcoinke.io/2024/09/bank-of-ghana-to-intensify-crackdown-on-illegal-lending-apps/
How to Practically Digitise Everyday Payments Between Merchants and Consumers, Real Examples From Tanzania
In the heart of East Africa, Tanzania stands on the brink of a financial revolution. Despite the widespread adoption of mobile money services for personal transfers, a staggering 97% of point-of-sale (POS) transactions in Tanzania still rely on cash.
This article dives deep into the pressing challenges hindering the adoption of digital payments and presents a practical, clear roadmap to transform Tanzania’s payment landscape using mobile money, fintech apps, and banks.
Tanzania, with its widespread adoption of mobile phones, mobile money and mobile money agents, presents a unique footprint to propel digital payments forward. While digital infrastructure and interoperability challenges exist, I would argue that the primary hurdle remains with merchants and consumers willingness to participate in digital payments.
How Digital Payments are Driving Financial Inclusion in India
Financial inclusion is a critical enabler of economic development, ensuring that all individuals and businesses, regardless of their financial status, have access to essential financial services. In India, financial exclusion has long been a significant barrier to economic progress, particularly in rural areas. However, digital payment systems are now playing a pivotal role in addressing this issue, bringing millions of unbanked and underbanked individuals into the formal financial system.
The rapid adoption of digital payments, fueled by government policies, innovative fintech solutions, and a growing digital infrastructure, is transforming India’s financial landscape. This article delves deep into how digital payments are driving financial inclusion in India, supported by case studies, industry insights, and a discussion on the challenges and opportunities that lie ahead.
Read more here: https://www.finextra.com/blogposting/26768/how-digital-payments-are-driving-financial-inclusion-in-india
Genesis’ Second Venture Debt Fund Hits US$125 Million
Genesis Alternative Ventures has raised US$125 million for its second venture debt fund, aimed at supporting Southeast Asian startups.
The fund attracted strong interest from existing and new investors, including Japan’s Mizuho Bank and global investment platform OurCrowd.
Returning investors from the first fund include Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn.
Read more here: https://fintechnews.sg/101200/funding/genesis-second-venture-debt-fund-hits-us125-million/
Sam Altman’s Crypto Project Worldcoin Faces Scrutiny in Singapore
Singapore is scrutinising activities related to Worldcoin, a Sam Altman’s cryptocurrency project that utilises iris scans for user identification.
The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019.
However, individuals engaged in the buying or selling of Worldcoin accounts and tokens as a business may be in violation of the Act.
Read more here: https://fintechnews.sg/101191/crypto/worldcoin-faces-scrutiny-in-singapore/
Visa aims for 10-fold rise in Pakistani use of digital payments
KARACHI – Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.
The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and also encouraging digital transactions.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60% of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.
Read more here: https://www.zawya.com/en/business/fintech/visa-aims-for-10-fold-rise-in-pakistani-use-of-digital-payments-c2nesibv
Americans lost $5.6bn to crypto-related fraud in 2023 – FBI
While the number of cryptocurrency-related complaints to the FBI – 69,000 – accounted for just 10% of all financial fraud complaints last year, they represented 50% of total losses.
The likes of bitcoin and ether are used in a host of frauds, although investment scams dominate, accounting for around 71% – $3.9 billion – of all crypto losses. Call centre frauds, including customer support scams and government impersonation scams, accounted for about 10% of crypto losses.
People over 60 filed the most complaints about crypto scams, reporting the most losses – over $1.6 billion. California saw nearly double the number of complaints of any other state.
Read more here: https://www.finextra.com/newsarticle/44705/americans-lost-56bn-to-crypto-related-fraud-in-2023—fbi
Vision Bank launches digital banking app in Saudi Arabia
Announcing the launch via LinkedIn, Shajer Sial, head of enterprise risk management at Vision Bank, writes: “This momentous achievement represents the culmination of over two years of relentless dedication, innovation, and collaboration.
“Our vision to transform banking with unprecedented simplicity, intelligence, and seamless integration has finally come to fruition.”
The app is now live on the Google Play and Apple stores, but is currently available to customers on an invite-only basis.
Read more here: https://www.fintechfutures.com/2024/09/vision-bank-launches-digital-banking-app-in-saudi-arabia/
