Nigeria Fintech Week to Discuss Generative AI, Smart Regulation
The Fintech Association of Nigeria, an industry-led organisation that represents and promotes the interests of the Fintech sector in Nigeria, is set to discuss Generative AI, Smart Regulation, Digital Assets, Risk Management and Cybersecurity/Fraud management, Digital and Economic Inclusion, and other relevant topics at the 7th Nigeria Fintech Week, which is scheduled to hold October 8-10 2024 at The Landmark Centre in Lagos.
The organisers have also announced a line-up of local and international speakers for the Fintech Week.
Nigeria Fintech Week is the largest Fintech event in Africa. Over the last six editions, the event has attracted more than 20,000 participants, more than 500 brands and representatives from more than 50 countries to explore trends, foster collaboration and shape the future of Africa’s dynamic and rapidly evolving fintech industry.
Read more here: https://www.thisdaylive.com/index.php/2024/09/25/nigeria-fintech-week-to-discuss-generative-ai-smart-regulation/#google_vignette
Unpacking The State of Fintech in Africa
The fintech sector in Africa has recorded rapid growth over the recent years to emerge as one of the most vibrant fintech ecosystems worldwide.
The continent’s challenges, including low banking penetration, high levels of the unbanked population, and the mobile phone usage boom, offer a fertile land for innovations to take place.
In most African countries, fintech has become a strong facilitator for financial inclusion, delivering access to financial services to millions of unbanked individuals and businesses that have historically been beyond reach.
Read more here: https://techtrendske.co.ke/2024/09/25/unpacking-the-state-of-fintech-in-africa/
Goodwell enters Uganda for first time with fintech deal
Goodwell Investments, the oldest impact investor in the Netherlands, has made its first foray into the Ugandan market with an investment in the Agent Banking Company of Uganda (ABC), a fintech focused on boosting access to quality and affordable financial services. No financial details were disclosed.
Amsterdam-based Goodwell, which was founded in 2006, made the investment through its €150m uMunthu II fund, which is focused on providing venture capital to impact-driven companies throughout Africa.
Read more here: https://impact-investor.com/goodwell-enters-uganda-for-first-time-with-fintech-deal/
Leading Fintech African M-KOPA Reaches 5 Million Customers, Unlocking $1.5bn in Credit Across 5 Markets
NEW YORK, NY / ACCESSWIRE / September 24, 2024 / M-KOPA (https://M-KOPA.com/), a leading emerging market fintech, announced that it has surpassed 5 million customers across Kenya, Uganda, Nigeria, Ghana and South Africa. Two million of these customers have come onboard in the past 15 months.
M-KOPA’s innovative model makes affordable smartphones embedded with financial services available to ‘Every Day Earners’: the wide majority of African adults who earn their income daily but struggle to afford smartphones and typically fail to qualify for conventional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. To date, M-KOPA has supported its customer base with more than US $1.5 billion in financing.
Read more here: https://www.accesswire.com/922647/leading-fintech-african-m-kopa-reaches-5-million-customers-unlocking-15bn-in-credit-across-5-markets
West African super app Gozem launching fintech product in Togo
West African super app Gozem has announced the imminent launch of its fintech product Gozem Money in Togo, in partnership with NSIA Banque.
Launched in Togo in November 2018 as a taxi-hailing service, Gozem operates in 16 cities across Togo, Benin, Gabon and Cameroon, with more than one million users registered and over 20 million trips taken since its launch.
The startup has been pivoting towards a super app model, and is now further expanding its ecosystem with an innovative mobile money solution, which will be available from the fourth quarter of 2024.
Read more here: https://disruptafrica.com/2024/09/24/west-african-super-app-gozem-launching-fintech-product-in-togo/
Helios Leads $100M Round in M2P to Support Its Africa Expansion
- Helios Investment Partners leads $100M Series D funding in M2P Fintech, a BaaS & API provider for banks, lenders, and fintechs.
- M2P Fintech, with funding from Helios, aims for global expansion, focusing on Africa’s underdeveloped BaaS market.
- Helios, known for successful African fintech investments, to provide expertise and network support to M2P’s growth in Africa.
Helios Investment Partners, one of the largest Africa-focused private investment firms, has led a $100 million Series D funding round in M2P Fintech, a Banking as a Service (BaaS) and Infrastructure API provider. The funding, comprising both primary and secondary share capital, will fuel M2P’s global expansion, with a strong focus on Africa.
Read more here: https://dabafinance.com/en/news/helios-leads-100m-round-in-m2p-to-support-its-africa-expansion
audax and Synpulse Partner to Modernise Banking Infrastructure
audax, a digital banking technology solutions provider backed by Standard Chartered, and global consultancy Synpulse have partnered to modernise banking infrastructure for financial institutions.
The collaboration focuses on integrating advanced digital banking technology with Synpulse’s expertise to enable banks to upgrade existing systems and transition to cloud-based platforms without disrupting operations.
The partnership allows banks to migrate to scalable and secure cloud environments, helping them manage large customer bases more effectively.
Read more here: https://fintechnews.sg/101660/digital-banking-news-singapore/audax-and-synpulse-partner-to-modernise-banking-infrastructure/
US Justice Department sues Visa over debit card market monopoly
The civil antitrust lawsuit alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to “thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives”.
More than 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for processing those transactions.
The complaint alleges that Visa illegally maintains its monopoly power by insulating itself from competition.
Read more here: https://www.finextra.com/newsarticle/44785/us-justice-department-sues-visa-over-debit-card-market-monopoly
