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Global Fintech News - AFN

Global Fintech Trends – 4th June 2024

Africa Fintech Festival 2024

7 Days To Go!

Join us in Naivasha, Kenya for the Africa Fintech Festival 2024, taking place from June 12th to 15th 2024! This fintech-friendly festival will gather the brightest minds and leading innovators, tech enthusiasts, and policymakers, offering a dynamic platform for dialogue, collaboration, and knowledge exchange.

Attendees will experience insightful keynote speeches, interactive panel discussions, fireside chats, a tour around the beautiful Enashipai in Naivasha, and cutting-edge product demonstrations, all designed to showcase the future of fintech.

Don’t miss the spectacular closing days filled with joy, laughter, and community spirit.

Mark your calendars and bring your products and innovative spirits to Naivasha, Kenya.

To attend the fest, register now:

For more info, visit this site:

Nigerian Central Bank Lifts Ban on Onboarding New Customers for Prominent Fintechs

Central Bank of Nigeria (CBN) has withdrawn its six-week restriction on five leading fintech companies – Paga, OPay, Kuda, Palmpay, and Moniepoint – from onboarding new customers. The directive, initially issued on April 29, 2024, came shortly after the CBN blocked over 1,000 accounts linked to peer-to-peer (P2P) crypto trading activities.

The decision to freeze new customer sign ups stemmed from concerns raised by Nigeria’s National Security Adviser (NSA), who labelled crypto transactions as a potential security threat. Consequently, the NSA urged fintechs to strengthen their Know Your Customer (KYC) and fraud prevention measures to curb unauthorized crypto transactions through their platforms.

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South African payment processor announces re-brand to Precium after global growth exceeds expectations

The South African payments orchestration startup known as Revio announced today their rebranding to Precium, a move made to signify the company’s growth from a local processor to a global payments platform.

Over the past 18 months, Precium experienced radical growth in its team, product capabilities, and merchant base. Far earlier than expected, the platform attracted the attention of global merchants looking to deepen their reach and realise the full potential of African consumer markets. These merchants demand the highest standards of security, processing reliability, and local expertise, to support their expansion ambitions.

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EBANX strengthens partnership with Ozow to empower South Africa’s digital economy

Cross-border payments fintech, EBANX, has agreed an expanded strategic partnership with South Africa-based instant EFT payments provider, Ozow. The collaboration will streamline transactions, support merchants of digital products and services, and cater to the country’s young, tech-savvy population.

“Our enhanced collaboration with Ozow is a testament to our belief in the potential of the South African market,” said Wiza Jalakasi, Director of Africa Market Development at EBANX. “By integrating these advanced payment solutions, we aim to deepen our service offerings and deliver a superior user experience. South Africa’s digital economy is on a rapid growth trajectory, and we are excited to be a part of this evolution, creating access through technology.”

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CBN Revokes Heritage Bank’s License Over Financial Instability

Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank due to a breach of Section 12(1) of the Banks and Other Financial Institutions Act 2020. The apex bank cited the bank’s continuous financial struggles and lack of visible prospects for recovery as the primary reasons behind the revocation.

According to the CBN statement, the decision was taken to maintain confidence in the country’s financial system. The bank had been engaging with Heritage Bank and prescribed various supervisory measures to stem the decline, but the efforts proved futile as the bank’s financial condition continued to deteriorate.

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VGS and Onafriq Partnering to Increase Security and Payments Innovation for Fintechs in Africa and the Middle East

SAN FRANCISCO–(BUSINESS WIRE)–VGS has announced a strategic partnership with Onafriq, Africa’s largest payments network, that is aimed at bolstering security and innovation for Fintechs across Africa and the Middle East. This partnership marks the culmination of a longstanding relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment features.

As a universal token vault provider, VGS specializes in securely collecting and storing payment card information on behalf of its clients, thus shielding them from PCI compliance liability and the inherent risks associated with handling sensitive data. This collaboration has empowered Onafriq and its fintech clientele to operate with enhanced security and peace of mind while focusing on driving innovation and delivering superior financial services to their customers.

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Visa’s New Innovative Digital Payment Services Unveiled

Visa has launched a range of new offerings aimed at transforming payments and meeting the needs of consumers, businesses, and financial institutions in the area going forward. These developments promise to improve money transfers, in-store shopping, and eCommerce, given the explosive change in payment methods over the last five years.

Visa‘s latest offerings are around digital identity, frictionless checkout processes, adaptable payment methods, acceptance of nano-merchants, and safe account-to-account transfers.  Visa is introducing Visa Pay, a payments-as-a-service platform for the CEMEA area that provides interoperable send-and-receive capabilities and digital payment experiences optimized for mobile devices. To enable banks to swiftly implement cutting-edge solutions, Visa Pay offers a wide range of services, such as wallet platforms, digital issuance, tap-to-pay, payment initiation, and fraud and risk management.

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Sweden card payments market to grow by 8.3% in 2024, forecasts GlobalData

The Sweden card payments market is forecast to grow 8.3% in 2024 to reach SEK1.5 trillion ($138.3bn), supported by high consumer preference for electronic payments, according to GlobalData, publishers of EPI. GlobalData’s Payment Cards Analytics reveals that card payment value in the Sweden registered a growth of 11.7% in 2022, driven by a rise in consumer spending. The value is estimated to have registered a growth of 8.7% to reach SEK1.4 trillion ($127.7bn) in 2023.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, commented: “Sweden has a well-developed card payment market, supported by robust payment infrastructure featuring widespread acceptance of electronic payments. The country benefits from a near-100% banked population, and high consumer preference for electronic payments.”

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Banks slowly preparing for AI, open banking: Sopra Digital Banking Experience Report

AI occupies executives’ thoughts in many ways, according to the results of Sopra Steria’s third annual Digital Banking Experience Report. The report, produced with Forrester and Ipsos, surveyed more than 850 senior decision-makers at global banks and more than 11,000 global bank customers.

Roughly 75% aren’t ready for open banking, either. The two are related, as open banking and emerging regulations have banks looking to AI to prepare.

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