TerraPay Secures $95 Million Loan to Boost Affordable Money Transfers Across Africa
UK-based TerraPay, a digital payments provider specializing in remittance transfers across Africa, has secured $95 million in debt financing to improve low-cost remittance transactions on the continent, enhance business activities, and boost both reliability and transaction speed. The financing package includes $75 million from the International Finance Corporation (IFC) and a $20 million senior secured loan from British International Investment (BII) through Lendable’s existing senior secured facility.
The IFC’s contribution comprises a $30 million loan from IFC’s account, a $15 million B Loan from ILX under IFC’s B Loan Program, and a combined parallel loan of $30 million from development finance institutions OP Finnfund Global Impact Fund I and BIO.
The fintech industry is seeing significant boosts through integration and connectivity with major markets and money transfer operators like Western Union, MoneyGram, and Ria.
Read more here: https://www.techinafrica.com/terrapay-secures-95-million-loan-to-boost-affordable-money-transfers-across-africa/
CBK fines 12 banks for breach of lending, investment rules
The Central Bank of Kenya fined 12 commercial banks last year for breach of rules on lending, capital adequacy and investment, new disclosures showed.
Read more here: https://www.businessdailyafrica.com/bd/corporate/companies/cbk-fines-12-banks-for-breach-of-lending-investment-rules-4694556
Absa, Old Mutual in pact to cover businesses from ‘political losses’
Small and Medium-Sized Enterprises are set to benefit from a new political risk insurance product amid unrest due to the ongoing countrywide protests.
The product, will come as one of the packages offered under the Linda biz, initiative offered by Old Mutual and ABSA Bank.
The plan will offer insurance for losses against fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money and theft by servants.
Read more here: https://www.the-star.co.ke/business/2024-07-17-absa-old-mutual-in-pact-to-cover-businesses-from-political-losses/
Vodacom Tanzania Announces Winners Of Its Accelerator Program
Vodacom Tanzania has unveiled the winners of the third season of its Digital Accelerator program in partnership with MassChallenge and Huawei.
This year the telco-led accelerator started with 20 startups, and from these, seven finalists emerged: MITz Kits, Afya ya Mnyama, Mkanda Salama, Go Go App, SAB Biomanufacturers, Altitude X, and Makonda Renewable Tech.
The Vodacom Digital Accelerator (VDA) program was founded in 2019 by Vodacom Tanzania with an aim to support early-stage and growth-stage startups with disruptive products and services. The program usually runs for three months.
Read more here: https://cioafrica.co/vodacom-tanzania-announces-winners-of-its-accelerator-program/
Cash App quits UK
Block is killing off its Cash App P2P payments service in the UK as it “deprioritises global expansion”.
In a notice on its site, Jack Dorsey’s firm says Cash App UK will close in September after a six year run in the country. “We do not make decisions like this lightly,” says the notice, adding that Cash App’s strategic approach now “prioritises our focus on the United States”. Over the last decade, Cash App has emerged as a major player in the US P2P payments arena, competing with PayPal’s Venmo and the bank-backed Zelle service to win over 50 million monthly active users.
Read more here: https://www.finextra.com/newsarticle/44475/cash-app-quits-uk
Tallinn-based fintech Mifundo secures €2.5 million to unlock cross-border lending
Estonian fintech company Mifundo has secured €2.5 million in grant funding plus investment from the European Innovation Council (EIC) accelerator program, making it the first fintech company ever to receive full funding from this initiative.
Mifundo is dedicated to revolutionizing the financial industry in Europe by developing a groundbreaking AI-based data platform that enables the transfer of credit profiles across borders. Banks and other creditors will get the capability to assess the credit risk of their foreign customers properly. The technology, combining cross-border data from credit bureaus, open banking and other sources,helps to reduce the credit risk of foreigners up to 7 times and to increase bank’s business volumes by 15% while offering seamless UX both for banks and consumers. Mifundo´s mission is to create a unified credit market within the European Union, improving access to financial services across the continent.
Read more here: https://www.eu-startups.com/2024/07/tallinn-based-fintech-mifundo-secures-e2-5-million-to-unlock-cross-border-lending/
Fintech and Financial Inclusion: Closing the Gap in a Digital World
FinTech companies are revolutionizing the financial industry, offering faster, affordable, and customized services to the underbanked and unbanked populations worldwide. The collaboration between FinTech firms, lawmakers, and traditional banks is essential for enhancing financial inclusion and ensuring a secure, inclusive financial future.
Read more here: https://www.financialexpress.com/business/banking-finance-fintech-and-financial-inclusion-closing-the-gap-in-a-digital-world-3558547/
