Canada-Africa Fintech Summit – Canada-Africa Fintech Convergence – Nurturing Talents, Fueling Growth, Forging Cross-Border Prosperity for Sustainability
For more info., check here: www.cafsummit.com
Rwanda unveils national fintech strategy to boost financial growth
Kigali, Nov 29 (IANS) Rwanda launched a five-year fintech strategy aimed at fostering a fintech ecosystem and positioning the country as a regional financial centre.
Fintech refers to technology-enabled innovations in financial services that can result in new business models, applications, processes, or products with significant impacts on financial markets, institutions, and the delivery of financial services, Xinhua news agency reported.
The strategy seeks to establish Rwanda as the preferred destination for fintech startups and investments in Africa while solidifying its position as a leading financial hub on the continent, according to the Ministry of Information Communication Technology (ICT) and Innovation.
Read more: https://bhaskarlive.in/rwanda-unveils-national-fintech-strategy-to-boost-financial-growth/
Paystack Expands Payment Options for Nigerian Merchants with OPay Integration
Paystack has announced an exciting new development for Nigerian merchants, enabling them to accept payments from over 40 million OPay users. This integration broadens Paystack’s robust suite of payment channels, which already supports mobile money in Ghana and EFT in South Africa.
OPay, a leading financial platform in Nigeria, offers a variety of services, including bank transfers, bill payments, airtime purchases, and interest accrual. By partnering with OPay, Paystack ensures seamless, secure payment experiences for millions of Nigerians while empowering businesses with enhanced payment flexibility and efficiency.
This move underscores Paystack’s commitment to expanding its payment solutions and driving financial inclusion across Africa.
Fiducia, Mynd Partner to Enhance Supply Chain Financing in Africa
Fiducia, a Nigerian digital supply chain financing platform, says it has partnered with Mynd Fintech, a subsidiary of M1xchange, to enhance supply chain financing in Africa and the Caribbean.
Chukwuka Amadife, the Chief Operations Officer of Fiducia, said this in a statement on Thursday in Lagos.
He said that the partnership signified an exciting chapter in Fiducia’s journey, after successfully launching a digital marketplace in Nigeria.
According to him, the company is set to unlock new opportunities for Small and Medium Enterprises (SMEs) across Africa and the Caribbean.
African Development Bank and the Government of Libya Sign Agreement to Strengthen Public Financial Management through support of Fund for African Private Sector Assistance (FAPA)
The African Development Bank (AfDB) (www.AfDB.org) and the Government of Libya are pleased to announce the signing of a new grant agreement aimed at strengthening public financial management (PFM) systems in Libya. The agreement, signed on Monday, 18 November 2024, underscores the continued commitment of both institutions to fostering economic growth and strengthening private sector development in Africa through sustainable and impactful investments.
This initiative is part of the Fund for African Private Sector Assistance (FAPA), a Trust Fund supported by the Government of Japan and managed by the Bank that provides grants to support the implementation of AfDB’s Private Sector Development Strategy. Through capacity building and technical assistance, FAPA helps improve the business environment, strengthens financial systems, promotes the development of micro, small, and medium enterprises (MSMEs), and facilitates trade across African nations.
Read more: https://shorturl.at/wxXrW
Financial inclusion drives African fintech M-KOPA to $400M in ARR
An African fintech that has grown on the strength of a 30,000-strong team of direct salespeople is moving into profit country by sub-Saharan country. Now, M-KOPA, the pay-as-you-go asset financing platform serving 5 million underbanked Africans, is racing toward a major milestone: surpassing an annual revenue rate of $400 million by year-end.
The London-headquartered fintech ended last year with 4 million customers and $248 million in ARR, making this jump particularly notable given the harsh economic backdrop. With currencies plummeting against the dollar and consumer purchasing power squeezed by inflation, maintaining dollarized growth in African markets has been an uphill battle. Yet, M-KOPA has not only weathered these conditions — it’s thriving.
Read more: https://shorturl.at/JGWHP
Visa and LianLian Global launch Yueda Card to streamline cross-border business payments
Visa, a global leader in digital payments, and LianLian Global, a prominent cross-border payment solution provider, have announced the launch of the Yueda Card.
This collaboration aims to enhance cross-border payment experiences for businesses, particularly SMEs and corporates, by leveraging Visa’s global network and LianLian Global’s innovative technology.
The partnership is driven by the growing demand for efficient, secure, and seamless cross-border payment solutions in the Chinese e-commerce and foreign trade sectors. Data from the General Administrator of Customs highlights China’s cross-border e-commerce market growth, with import and export volumes reaching 1.88 trillion yuan in the first three quarters of 2024, up 11.5% year-on-year. However, challenges persist, including payment security, unpredictability in transaction times, and high fees.
Read more: https://shorturl.at/BlgLq
