Mitigating Digital Fraud in Africa: A Holistic Approach to Combating Emerging Threats
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Canada-Africa Fintech Summit – Canada-Africa Fintech Convergence – Nurturing Talents, Fueling Growth, Forging Cross-Border Prosperity for Sustainability
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Rwanda Unveils Ambitious Five-Year FinTech Strategy to Boost Economic Growth and Financial Inclusion
The Government of Rwanda has introduced an ambitious five-year FinTech strategy, positioning the country to become a regional hub for financial services while fostering financial inclusion. The strategy, which covers the period from 2024 to 2029, aims to bolster Rwanda’s FinTech ecosystem, leveraging technology to drive economic growth and socio-economic transformation.
The FinTech sector has proven to be a key driver of financial inclusion globally, enhancing the accessibility and robustness of financial systems. However, challenges related to inadequate regulation and consumer protection remain a significant concern. Rwanda’s newly unveiled strategy seeks to address these issues, ensuring the growth of the FinTech ecosystem is both sustainable and beneficial to the wider economy.
The strategy is rooted in Rwanda’s Vision 2050, a long-term plan that aims to modernize the nation and elevate its economy. It aligns with the National Strategy for Transformation 2017-2024, which aspires to position Rwanda as a regional financial center. The Kigali International Financial Centre (KIFC) has already been established to attract investment, and the development of a thriving FinTech landscape is viewed as a critical step in realizing this vision.
PayPal and Global Payments join forces to simplify checkout with Fastlane
This partnership will see Global Payments offer their U.S. merchants enhanced PayPal and Venmo branded checkout solutions and accelerated guest checkout through Fastlane by PayPal. Fastlane enhances the shopping experience for consumers and drives increased conversion rates for businesses leveraging the platform.
“We’re excited to deepen our collaboration with Global Payments by enabling more partners to introduce our innovative products and solutions to a wider audience of consumers and merchants,” said Suzan Kereere, President, Global Markets, PayPal. “This partnership demonstrates the velocity by which we’re innovating, and the impact we can have on transforming the checkout experience for consumers and merchants alike.”
Innovation, collaboration key to scaling payment solutions in Africa – Campbell, CCO BudPay
The regtech industry in South Africa is expected to grow by 27.7% on annual basis to reach US$302.31 million in 2024.
The regtech industry is expected to grow steadily over the forecast period, recording a CAGR of 18.5% during 2024-2029. The regtech in the country will increase from US$236.75 million in 2023 to reach US$705.75 million by 2029.
This report provides a detailed data centric analysis of regtech industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of regtech market dynamics, market size and forecast, and market share statistics.
Flutterwave CEO Outlines Vision to Connect Africa to the World at JP Morgan Tech Stars Conference
Flutterwave CEO, Olugbenga “GB” Agboola outlined the company’s long-term ambition in a fireside chat at the JP Morgan Tech Stars Conference in London, United Kingdom.
Mr. Agboola highlighted Flutterwave’s commitment to providing seamless payment solutions to connect Africa to the world and the world to Africa, in a conversation with Maryna Muntian, an executive director at JP Morgan’s Fintech Investment Banking.
“We’ve built a payments processing platform that replaces multiple payment integrations with one platform, for enterprise merchants coming to Africa or growing across and beyond the continent,” said Mr. Agboola.
Norway’s cashless economy drive halted by new cash payment rules
Currently only three percent of consumers in Norway used cash to pay for their shopping, accoding to a survey by Norway’s central bank. The bank believes many more who do so are frustrated by the proliferation of ‘cash not accepted here’ posters in Norwegain retail premises.
An reently introduced amendment to the Central Bank Act, promoted by the Government and the Norges Bank, clarifies consumers’ right to pay with cash up to an amount of 20,000 kroner: “In sales premises where a business regularly sells goods or services to consumers, the consumer shall be offered the option to pay with legal tender if it is possible to pay for the goods or services with other payment solutions. If the business has available change, it must also offer to provide change in connection with the payment, unless there is a clear discrepancy between the banknote offered as payment and the amount to be paid.”
