Cape Town fintech launches crypto-rand hybrid

South African fintech NeoNomad is tackling financial exclusion head-on with a new hybrid exchange platform that aims to bring cryptocurrency benefits to the country’s unbanked population.

At the heart of NeoNomad’s offering is ZARcoin (ZARC), a stablecoin pegged 1:1 to the South African rand. Launched on 11 July, this digital currency seeks to bridge the gap between traditional and crypto finance, facilitating seamless transactions both domestically and across borders.

NeoNomad CEO Hanres Beukes explains the rationale: “We’re creating a growing financial ecosystem that overcomes challenges like infrastructure and transport to help people take ownership of their finances and encourage economic participation.”

Read more here: https://ventureburn.com/2024/07/cape-town-fintech-launches-crypto-rand-hybrid/

Flutterwave, MTN, PalmPay, others among CNBC World’s Top Fintech Companies 2024

Flutterwave has been named among the top 250 fintech companies in the world by CNBC in partnership with market research firm Statista.

The World’s Top Fintech Companies 2024 report by the American business news channel includes companies across a variety of different market categories.

Seven African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; PalmPay (Nigeria) – Payments; Piggyvest (Nigeria) – Financial planning; Yoco (South Africa) – Payments.

Read more here: https://dailypost.ng/2024/07/17/flutterwave-mtn-palmpay-others-among-cnbc-worlds-top-fintech-companies-2024/

Zimbabwe’s fintechs fly private planes of cash to meet Dollar demand

In a daring monthly ritual, private jets touch down at Robert Gabriel Mugabe International Airport in Harare, Zimbabwe, ferrying millions in US dollars for Mukuru, the nation’s leading mobile money app. Amid Zimbabwe’s economic turmoil, where the local currency is shunned, Mukuru’s operation underscores the extremes businesses will go to meet customer demand for dollar liquidity. This unconventional yet legal practice illuminates the complex dynamics of Zimbabwe’s cash-dependent economy amidst global fintech growth. Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.

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Read more here: https://www.biznews.com/africa/2024/07/17/zimbabwes-fintechs-planes-cash-dollar-demand

Innovation and Agile Business Models: Interswitch’s Strategy for Driving Market Leadership

In today’s world, innovation is no longer considered an amenity as it has been proven over the years that it is the bedrock for sustainability.

For organisations aiming to lead and thrive, cultivating a culture of innovation is crucial.

Successful innovators prioritise understanding market needs and trends while aligning their strategies to capitalize on the inherent opportunities.

To ensure scalability and sustainability, they continuously evolve their business models while anticipating market shifts and adapting swiftly.

This proactive approach not only mitigates risks but also positions them strategically in competitive markets.

Read more here: https://techeconomy.ng/innovation-and-agile-business-models-interswitchs-strategy-for-driving-market-leadership/

Kenya’s Currency and Dollar Bonds Weaken Due to Protests

On Tuesday, business activities in various parts of Kenya came to a standstill as demonstrators took to the streets to protest against the government on multiple issues.

• Largely composed of the youth, the protestors are demanding an end to government wastage through budgeted corruption, as well as an end to police brutality and abductions.

• Protesters stepped up demands for President William Ruto to resign, despite his recent concessions such as dropping the controversial Finance Bill 2024, firing his entire cabinet, and the resignation of the head of the police force.

• The protests, which paralyzed activities in major towns such as Nairobi, Mombasa, Kisii, Machakos, Kisumu, and Nakuru, led to the closure of many businesses as traders feared the destruction of their properties. In Nairobi, police lobbed teargas at protestors, and early reports indicated that several protestors had been injured.

Read more here: https://kenyanwallstreet.com/kenyas-currency-and-dollar-bonds-weaken-due-to-protests/

Access Bank Secures $30 Million From Swedfund to Support SMEs in Nigeria

Access Bank Plc, Nigeria’s largest bank by assets, received a $30 million loan from Swedfund, a Swedish development finance institution, to support small and medium-sized enterprises (SMEs) in the country.

This loan is part of a larger $295 million syndicate led by FMO, the Dutch development bank.

“Access Bank’s strong market presence and commitment to SMEs makes them a valuable partner in reaching businesses that need financing,” said Kitanha Toure, Swedfund’s Regional Director for West Africa.

Roosevelt Ogbonna, MD/CEO of Access Bank Plc, highlighted the loan’s significance at a signing ceremony in Hague, Netherlands.

“This facility strengthens our capacity while bolstering Africa’s trade potential,” he said. “We aim to leverage these funds to stimulate growth across various sectors, create jobs, and expand financial inclusion.”

Read more here: https://empowerafrica.com/access-bank-secures-30-million-from-swedfund-to-support-smes-in-nigeria/

Fintech startup dopay secures $13.5mln to expand digital payroll platform for emerging markets

Egypt – dopay, a fast-growing financial technology (fintech) company, has secured $13.5m in an extension to its Series A funding round. The company provides a digital payroll and payments platform for unbanked and underbanked workers in emerging markets.

This funding milestone is a significant step forward in dopay’s mission to transform cash-based economies. They aim to achieve this by digitizing payments and promoting financial inclusion for millions of workers.

dopay’s innovative virtual banking platform allows employers to make digital cash payments to workers and beneficiaries.

This tackles a major fintech opportunity in emerging markets. The Series A extension round was led by Argentem Creek Partners with participation from existing investors. The funds will be used to accelerate dopay’s expansion in its initial market, Egypt. Additionally, the company plans to launch new financial services and expand its multi-bank, multi-country platform to other markets.

Read more here: https://www.zawya.com/en/business/fintech/fintech-startup-dopay-secures-135mln-to-expand-digital-payroll-platform-for-emerging-markets-yrq74ad1

Monzo to launch bank account for children

UK digital bank Monzo has unveiled a new account package for children between the ages of six and 15.

Monzo has opened a waitlist for the new account which lets children set savings goals, organise money with savings Pots, access in-app education and pick a brightly-coloured neon Monzo card. Parents have the child’s account linked to their own, and can choose to be notified when their child spends. Parents can also set spending limits and use customisable controls to turn cash withdrawals and online payments on or off

Read more here: https://www.finextra.com/newsarticle/44462/monzo-to-launch-bank-account-for-children