Canada-Africa Fintech Summit – Canada-Africa Fintech Convergence – Nurturing Talents, Fueling Growth, Forging Cross-Border Prosperity for Sustainability
For more info: www.cafsummit.com
The essential role of business continuity management in FinTech
Business Continuity Management is a domain of growing importance for FinTechs, empowering them to overcome barriers, build resilience and advance risk operations, writes Muhammad Kashif, Associate Director at ECOVIS Al Sabti.
Financial technology (‘FinTech’) has rapidly transformed the financial services industry in the recent years. FinTech has redefined traditional business models by leveraging advanced technology, data analytics, and accessible solutions for everyday users. This transformation has accelerated growth across multiple sectors, including retail banking, education, fundraising, and investment management.
FirstBank awards N10m to NearSwipe Ltd winner at Fintech Innovators Pitch programme
FirstBank Group has reiterated its commitment to sustain investment in the Fintech market by rewarding N22.5 million to three startups that emerged winners at its Fintech innovators pitch Programme during its 2024 Fintech summit.
NearSwipe Limited, a Fintech startup that offers NFC smart Identity (ID) cards with integrated payment for university students emerged the overall winner at the end of the two -days programme, receiving a cheque worth N10 million.
The second and third position went to Middleman, a startup fintech with easiest and fastest seamless payments for African e-commerce businesses to suppliers in China, and Esusu Africa Limited, a digital thrift and credit banking platform, winning a total of N7.5 million and N5 million, respectively.
7 Top fintech companies in Nigeria
In past years, entrepreneurs and individuals have struggled with accessible financial services because of challenges in the traditional banking sector. Remember the long wait you endured to open your first bank account? You had to queue for days!
Even after opening an account, you likely faced challenges over failure to make instant payments. You even had to spend time in line again to address failed transaction issues. Also, financial services remained limited since not everyone had easy access to an account.
Today, however, these challenges are becoming a thing of the past, thanks to the increase in fintech companies in Nigeria. With mobile banking, digital payments, and other innovations, Nigerian fintechs extend financial services to previously underserved communities, thus driving financial inclusion.
Read more: https://techpoint.africa/2024/11/18/7-top-fintech-companies-in-nigeria/
Mukuru supports customers amidst New EFT regulations in South Africa
Africa fintech giant and leading Next Gen financial services platform, Mukuru, has stepped up to support customers amidst the South African Reserve Bank’s (SARB) new EFTs regulatory changes aimed at curbing laundering in Common Monetary Area (CMA) countries.
This follows a significant shift in the CMA financial market after the SARB announced that effective from September 30, low-value electronic funds transfers (EFTs), debit and credit payments between CMA countries — namely South Africa, Lesotho, Eswatini, and Namibia — will be classified as cross-border transactions.
According to SARB, the regulatory change will enhance compliance with international standards. It’s a major shift from when these low-value payments were processed as domestic transactions, allowing a cost-effective and efficient payment service across the CMA.
Read more here: https://www.msn.com/en-za/news/other/mukuru-supports-customers-amidst-new-eft-regulations-in-south-africa/ar-AA1ueoMY
UK sets out National Payments Vision
A year in the making, the NPV addresses the findings of the 2023 Future of Payment’s Review, outlining the government’s ambitions for building a payments ecosystem delivered on next generation technology that delivers economic growth.
Read the National Payments Vision Tulip Siddiq, economic secretary to the Treasury, says: “The National Payments Vision…sets out the government’s ambitions for this vital sector, to achieve a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.”
Read more: https://www.finextra.com/newsarticle/45068/uk-sets-out-national-payments-vision
UK Fintech Funding Remains Steady But US and China Remain in the Lead – Report
The UK Fintech ecosystem has been ranked third in Q3 2024, despite decline in funding, according to an update from Tracxn.
Fintech funding in countries across the globe continues to experience shifts in moment due to a wide range of factors including the rise of startups, the overall socioeconomic environment, government policies and regulations, as well as the general market sentiment towards making strategic investments in Fintech-focused initiatives.
Bitfinex hacker who stole 120,000 bitcoins gets five years in prison
Ilya Lichtenstein was sentenced for his involvement in a money laundering conspiracy arising from the 2016 hack and theft.
According to court documents, Lichtenstein hacked into Bitfinex’s network and authorised more than 2000 transactions transferring 119,754 bitcoin to a cryptocurrency wallet in his control. At the time, the crypto was worth around $70 million although its value has since soared to $10.5 billion.
After taking the crypto and covering his tracks, Lichtenstein enlisted the help of his wife, Heather Morgan, in laundering the stolen funds.
