Flutterwave Expands African Footprint with Payment Systems License in Uganda
Flutterwave, a leading payments technology company, has received a Payment Systems Operator (PSO) license from the Bank of Uganda. This marks a key milestone in Flutterwave’s expansion across Africa, adding Uganda to its growing list of countries where it operates.
Uganda’s digital payment landscape is transforming, driven by a youthful and vibrant population — over 78% (https://apo-opa.co/3AHL6ti) of its citizens are under the age of 35. This demographic presents an unprecedented opportunity to advance economic growth through enhanced financial inclusion and digital innovation.
Founded in 2016, Flutterwave has emerged as a cornerstone of Africa’s digital economy, with a mission to simplify payments for endless possibilities. Leveraging its advanced technology and deep understanding of African markets, Flutterwave offers a comprehensive suite of payment solutions tailored to the country’s unique needs. From mobile money integration — crucial for Uganda’s predominantly mobile-first population — to seamless cross-border payment capabilities, Flutterwave is uniquely positioned to bridge the gap between Uganda and the global economy.
Read more here: https://ffnews.com/newsarticle/paytech/flutterwave-expands-african-footprint-with-payment-systems-license-in-uganda/
HSBC x Moniepoint Announce Alliance Hackathon 2024 Winners
The Annual Alliance Hackathon, co-sponsored by Nigerian Fintech company, Moniepoint Inc. and HSBC, a UK-based bank, has announced the winners of its 2024 edition.
This year’s event, themed “Shaping Economies through Gender-Intelligent Fintech,” marked its fifth edition, with a focus on addressing the significant financial gap faced by female entrepreneurs through innovative fintech solutions.
A core issue the hackathon tackles is the persistent barriers women encounter in accessing financial services. These barriers it claims often hinder their ability to start and grow businesses, invest in their futures, and adapt to changing environmental conditions.
Read more here: https://weetracker.com/2024/08/28/alliance-hackathon-women-financial-inclusion/
FINTECH AFRICA | South African Digital Bank, TymeBank, to Launch in Indonesia by End of 2024
TymeBank, the first digital bank to break even in South Africa and the entire continent within five years of its launch in February 2019, has seemingly earmarked the South East Asian market after launching in the Philippines in October 2022 and Vietnam in January 2024.
South African challenger bank, TymeBank, is expected to launch in Indonesia by the end of 2024.
TymeBank, the first digital bank to break even in South Africa and the entire continent within five years of its launch in February 2019, has seemingly earmarked the South East Asian market after launching in the Philippines in October 2022 and Vietnam in January 2024.
Read more here: https://bitcoinke.io/2024/08/tymebank-to-launch-in-indonesia/
Moringa School And AFIK Partner To Offer Fintech Courses
Moringa School and the Association of Fintechs in Kenya (AFIK) have joined forces to equip the Kenyan workforce with skills to thrive in the growing fintech sector. In their MoU, they have set out to collaborate on several key areas.
First, the two will collaborate on the establishment of a joint advisory team with representatives from both sides. They will also work together to provide industry-aligned fintech training programs to all interested stakeholders, including fintech professionals, professionals supporting fintech, entrepreneurs, and students.
The course will be flexible, combining theoretical knowledge with practical skills and culminating in a capstone project. Students will also have the opportunity to learn from industry experts through workshops, both online and in person.
Read more here: https://cioafrica.co/moringa-school-and-afik-partner-to-offer-fintech-courses/
Interswitch Partners with Elie Technologies for Contactless Payments
Interswitch East Africa (Kenya) Limited has partnered with Elie Technologies to unveil a contactless payment solution for merchants and customers in Kenya.
The solution, dubbed Tumatap, will enable Micro, Small, and Medium Enterprises (MSMEs) to accept contactless payments on smartphones, thus transforming the devices into point-of-sale (POS) systems without the need for additional hardware.
The real-time data collected from transactions will also provide valuable insights, enabling merchants to monitor customer behaviour and optimize their business performance, reduce transaction costs, and enhance operational efficiencies.
Read more here: https://kenyanwallstreet.com/interswitch-partners-with-elie-technologies-for-contactless-payments/
India cenbank grants self-regulatory status to fintech association FACE
BENGALURU, Aug 28 (Reuters) – The Reserve Bank of India on Wednesday granted “self-regulatory organisation” status to Fintech Association For Consumer Empowerment (FACE) to help ensure statutory and regulatory compliance in the financial technology (fintech) sector.
FACE is an industry body of fintech lenders. Its members account for about 80% of digital lending business volumes in India, according to the organisation’s website.
Earlier this year, the central bank said in a draft framework that Indian fintech firms should create a self-regulatory organisation (SRO) as the industry is growing at a break-neck speed due to surging demand for digital payments and borrowings.
Read more here: https://www.reuters.com/world/india/india-cenbank-grants-self-regulatory-status-fintech-association-face-2024-08-28/
Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten
There have been some significant milestones so far in the development of the digital wallet. Its early days track back to 2003 with the debut of Alipay in China, with Africa’s M-Pesa following in 2007. In 2011, Google Wallet was introduced, allowing users to store card information and make payments using their phones. Starbucks followed that with its mobile app the same year, adding order-ahead mobile order and pay to it in 2015.
More than two decades later, the digital wallet is now hitting its stride. The June 2024 report “Digital Wallets: Beyond The Transaction,” produced with Google Wallet, shows that digital wallets are gaining traction globally, with over 70% of consumers in the surveyed markets (Brazil, France, Germany, the U.K., and the U.S.) using them.
While the primary use remains payments and financial transactions, there’s a growing trend, particularly among Generation Z, to utilize digital wallets for storing and using non-financial credentials like IDs, access passes and loyalty cards. However, barriers like internet connectivity issues and skepticism toward fully embracing digital wallets persist, indicating room for growth and improvement. In short, the story of digital wallets is still being written.
Read more here: https://www.pymnts.com/digital-payments/2024/beyond-the-form-factor-the-story-of-digital-wallets-is-still-unwritten/
Ant International joins the Hong Kong Monetary Authority’s Project Ensemble Sandbox
Singapore-based fintech firm Ant International has announced its participation in the Hong Kong Monetary Authority’s (HKMA) Project Ensemble Sandbox, focusing on “Liquidity Management”, one of its four main themes.
Launched in March this year, Project Ensemble is the HKMA’s wholesale central bank digital currency (wCBDC) project aimed at fostering the development of tokenization in Hong Kong, Ant International said in a statement on Wednesday.
The Project Ensemble Sandbox enables companies to research and test tokenization use cases including the settlement of tokenized monies and tokenized real-world assets, amongst others.
Read more here: https://technode.global/2024/08/29/ant-international-joins-the-hong-kong-monetary-authoritys-project-ensemble-sandbox/
