Kenyans to access financial services as new fintech solutions unveiled
NAIROBI, Kenya, Aug 12 – Experian MicroAnalytics, a mobile financial services company, has entered into a deal with Creditinfo Group, a firm that offers risk management solutions, to unveil new fintech solutions that will facilitate access to finance for individuals and businesses across Africa.
Experian MicroAnalytics’ mobile financial services platform, leveraging Creditinfo’s scoring models and local market expertise, will provide innovative solutions to help businesses access finance.
Sammy Hamoudi, General Manager of Experian MicroAnalytics, said that the pact will enable the company to onboard expertise in mobile financial services, allowing it to offer mobile money loans, advanced analytics, and machine learning to underserved populations who don’t have access to traditional banking services.
Read more here: https://www.capitalfm.co.ke/business/2024/08/kenyans-to-access-financial-services-as-new-fintech-solutions-unveiled/
dLocal and iTransfer Partnership Enables Faster and Cheaper Cross-Border Payments in Emerging Markets
dLocal, a Uruguayan cross-border payment platform, has forged a partnership with iTransfer, a money remittance company. Their collaboration aims to address the complexities of cross-border payments in emerging markets, with a focus on mitigating currency risks and enhancing transfer efficiency.
The partnership’s primary objectives include offering competitive rates, providing real-time currency updates, and increasing flexibility for end-users. Initially, the service will support bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan. dLocal has outlined plans to expand this offering to Bangladesh, Morocco, Egypt, and India in the future.
Dubai-based company to invest $225M in Uganda’s UTel
Uganda is looking forward to a big investment from a global engineering and construction contractor, Rowad Capital Commercial (RCC) LLC.
The company is set to pump in $225 million into its state-run telecom, Uganda Telecommunication Corp. (UTel), and take a majority stake.
The Dubai-based RCC will grab a 60% share in UTel once everything is finalised.
Aminah Zawedde, who’s in charge of ICT in Uganda, mentioned this but didn’t specify if the investment also covers the purchase price for that stake.
Per Bloombberg, talks have been ongoing since early this year after RCC officials met with President Yoweri Museveni in October 2023.
Read more here: https://techpoint.africa/2024/08/12/techpoint-digest-898/
Klasha Unveils Whitepaper on Future of China-Africa Cross-Border Payments
Klasha, a prominent global cross-border payments company, has released a comprehensive whitepaper exploring the future of payments between Africa and China. The report, titled “Unlocking opportunities: The future of cross-border payments between Africa and China,” delves into key trends, emerging opportunities, and innovative solutions shaping this dynamic sector.
China’s role as a major trading partner for Africa is significant, accounting for 22% of the continent’s cross-border trade. As economic ties between the two regions strengthen, the demand for efficient, secure, and cost-effective cross-border payment solutions continues to grow. This whitepaper aims to provide valuable insights for businesses, financial institutions, policymakers, and stakeholders looking to capitalize on the expanding trade and investment flows.
Read more here: https://www.techinafrica.com/klasha-unveils-whitepaper-on-future-of-china-africa-cross-border-payments/#google_vignette
Wise targets huge Indian remittance market
The UK-based firm has briefly stopped accepting new customers in India as it revamps its infrastructure after getting a license from the Reserve Bank of India that permits the app’s users to send more money overseas.
Previously, outbound payments from India via Wise were capped at $5000 per transaction. The new licence means that Wise has had to upgrade back-end processes to comply with tax and reporting rules, according to Bloomberg.
Outbound remittances from India hit $32 billion in the 12 months to March 2024, up from $27 billion a year earlier.
Visa Aims for Diversity With Call for New Fintech Accelerator Applications
Tencent dumps stake in UK fintech Tide
Tencent Cloud Computing offloaded the stake to an unknown buyer in April, according to a company filing. Tide ran a secondary share sale this year, enabling early investors to cash out.
WeChat owner Tencent has invested in a host UK fintechs over the years, including Monzo, Previse and TrueLayer.
However, the firm has recently pulled back from overseas investments, says the Telegraph, citing PitchBook data showing that the value of deals it has completed has dropped from $20 billion in 2018 to $6 billion in 2023.
Read more here: https://www.finextra.com/newsarticle/44576/tencent-dumps-stake-in-uk-fintech-tide
Binance Recovers Over $73Million in User Funds from External Hacks and Scams in 2024
Binance has recovered or frozen over $73million in user funds so far this year, surpassing the $55million secured throughout the entire year of 2023.
This increase reflects the platform’s intensified security efforts to combat external hacks and scams.
Approximately 80 per cent of these recoveries are linked to hacks, exploits and thefts that occurred outside the Binance platform, with the remaining 20 per cent involving external scams.
Binance says its security team has worked with industry partners, users and public sector entities to trace and reclaim lost or stolen digital assets.
Jimmy Su, chief security officer at Binance, outlined the company’s focus on user protection, noting that these efforts are crucial in light of the increasing number of new investors who may be more susceptible to scams and hacks.
Read more here: https://thefintechtimes.com/binance-recovers-over-73million-in-user-funds-from-external-hacks-and-scams-in-2024/
Yuno and Nequi collaborate to bolster financial inclusion in Colombia
Yuno, a leading global payments orchestration platform, has teamed up with Nequi, a prominent digital financial service in Colombia, boasting over 20 million users.
This strategic partnership seeks to revolutionize daily financial activities in Colombia, making them more accessible and secure.
The collaboration between Yuno and Nequi aims to significantly enhance financial inclusion for Colombians. By leveraging Yuno’s extensive access to global payment methods and Nequi’s robust user base, the partnership is set to provide a seamless and secure payment experience across a vast range of merchants both locally and globally.
Read more here: https://fintech.global/2024/08/12/yuno-and-nequi-collaborate-to-bolster-financial-inclusion-in-colombia/
