Ecobank Enters Strategic Partnership with Ria to Enhance Remittance Services in Uganda
Ecobank Uganda Limited is set to reshape the remittance landscape in Uganda through a promising partnership with Ria Money Transfer, a global name in cross-border remittance services.
The bank formed a strategic partnership with Ria Money Transfer, with an aim to bring significant improvements to how Ugandans receive money from abroad.
With this new initiative, funds can be deposited directly into Ecobank accounts, potentially streamlining the process of managing transactions for many.
Read more here: https://weetracker.com/2024/09/02/uganda-ecobank-remittance/
Fintech Nala Obtains License to Operate in Uganda
The Bank of Uganda has granted Tanzanian fintech NALA an International Money Transfer Operator (IMTO) license, the fintech announced on August 29. This allows NALA to expand its operations in Uganda by integrating directly with mobile money services, offering users a seamless way to transfer funds into local mobile wallets and enhancing the efficiency and security of cross-border payments.
NALA facilitates money transfers from the UK, US, and EU to several African countries, including Uganda. It has collaborated closely with the Bank of Uganda to meet regulatory requirements, contributing to an increase in foreign exchange supply, which is vital for economic growth.
Read more here: https://www.wearetech.africa/en/fils-uk/brief/brief-simple/fintech-nala-obtains-license-to-operate-in-uganda
Nigeria’s crypto comeback: SEC approves local exchanges post‑Binance ban
Six months after Binance’s exit, Nigeria’s SEC is finally opening the door to regulated crypto trading.
Nearly six months after the world’s largest cryptocurrency exchange bailed out of Nigeria following a government crackdown, the country’s capital market regulator has started giving initial approvals to companies dealing in digital assets “to ensure appropriate protection and transparency”.
On 5 March, Binance ended naira services that it started in 2020 amid allegations of exchange rate manipulation that led to the arrest of two of its executives. The company denied the allegations, saying it did not influence the “various complex factors” affecting the exchange rates.
Read more here: https://www.theafricareport.com/360383/nigerias-crypto-comeback-sec-approves-local-exchanges-post-binance-ban/
Kredete Helps African Immigrants Build Their Credit Scores
Designed to expand credit access for African immigrants, it enables money transfers to approximately 20 African countries.
Kredete is a fintech solution developed by a Nigerian startup designed specifically for African immigrants in North America. The platform enables users to send money to over 20 African countries and establish a credit score.
Built on blockchain technology, Kredete ensures that all financial transactions are secure and efficient. For money transfers, the platform uses stablecoins, significantly reducing transfer fees. Launched in 2023 by Adeola Adedewe, Kredete secured $2.25 million in funding last August to enhance its technology and expand into new African markets.
Read more here: https://www.wearetech.africa/en/fils-uk/solutions/kredete-helps-african-immigrants-build-their-credit-scores
African fintechs will embrace blockchain in the coming years and here’s why
frica’s startup industry has grown immensely over the years. Startup funding between 2015 and 2022 grew by an amazing 2,600% — $185 million to $5 billion — and fintech is one of the key sectors that led this growth.
The fintech sector alone received $1.9 billion from the $5 billion African startups raised in 2022. Also, fintechs made up almost half of all the startups in Africa between 2020 and 2021.
From payments to lending, and remittance, these startups are some of the most celebrated and most valued in Africa. And while their success is evidence of innovation and growth, there are stumbling blocks that could hinder further growth.
Read more here: https://venturesafrica.com/african-fintechs-will-embrace-blockchain-in-the-coming-years-and-heres-why/
MTN takes MoMo fintech battle to South Africa’s streets
MTN South Africa is pivoting its Mobile Money (MoMo) customer acquisition strategy in an effort to accelerate adoption.
According to Kagiso Mothibi, acting CEO of MTN MoMo South Africa, the switch from a digital-first methodology of acquiring customers to an agent-led, “boots on the ground” strategy is better suited to MoMo’s target market: South Africa’s unbanked population.
“Initially we were reliant on a digital acquisition strategy, meaning we tried to acquire the customers and convey our proposition via messages. But that is not sufficient for the type of customer we are after,” Mothibi told TechCentral in an interview.
Read more here: https://techcentral.co.za/mtn-momo-fintech-battle-south-africa/250873/
Singapore to empower police to stop voluntary bank transfers to scammers
Singapore’s Ministry of Home Affairs is opening consultations on new rules that would empower the police to order banks to restrict the banking transactions of people who refuse to believe that they are being scammed.
The new Protection from Scams Bill is set to be introduced in the coming months. It aims to give the police more power to stop people sending money to scammers, even when they have been warned by the authorities, family and friends that that they are being scammed.
Read more here: https://www.finextra.com/newsarticle/44661/singapore-to-empower-police-to-stop-voluntary-bank-transfers-to-scammers
Mastercard to pilot Payment Passkey Service in India
Paytech titan Mastercard is set to debut its new Payment Passkey Service in India with a pilot engaging some of the country’s “largest payment players”.
The initiative will include online merchants like BigBasket, banks such as Axis Bank, and payment aggregators including Juspay, Razorpay and PayU.
With the aim of replacing one-time passwords (OTPs), the service utilises passkeys and tokenisation to facilitate secure online checkout interactions and ensure that no financial account data is shared with third parties.
Read more here: https://www.fintechfutures.com/2024/09/mastercard-to-pilot-payment-passkey-service-in-india/
