Skip links
Global Fintech News - AFN

Global Fintech Trends – 5th July, 2024

Accelerex Launches Nigeria’s First Pay with Fingerprint Solution

Accelerex, one of Africa’s leading fintech companies, has announced the launch of its groundbreaking “Pay with Fingerprint” solution. This solution, the first to be deployed on Point of Sale (PoS) terminals in Nigeria, allows bank account holders to make secure and convenient payments at merchant locations using their fingerprints on biometric-enabled PoS devices.

Pay with Fingerprint leverages advanced biometric technology to offer a seamless payment experience while enhancing security for consumers and merchants. The solution addresses common challenges such as card fraud and the inconvenience of carrying physical cards, paving the way for a more efficient and secure payment ecosystem. Its enhanced security ensures that only the account holder can authorize transactions, significantly reducing the risk of fraud.

Read more here:

African countries plan to link payment systems – Rwangombwa

A project aimed at creating a new payments system linking Rwanda, Ghana, Nigeria, Kenya and some other countries will be launched in August during the Inclusive Fintech Forum in Kigali, according to John Rwangombwa. The governor of the National Bank of Rwanda, speaking at the Point Zero Forum in Zurich on July 3, said this project will “show how we can interoperate our systems across different” countries.

Rwangombwa said African central banks are working to create payment systems that facilitate

Read more here:

Fintech app surpasses R2bn in disbursements

KwaZulu-Natal-based fintech company iKhokha, which recently achieved the MTN Financial App of the Year Award, has disbursed more than R2-billion in working capital to its small- and medium-sized enterprise (SME) customer base, in partnership with business-to-business service Retail Capital, now a division of TymeBank.

“In a tough South African economic climate with gloomy daily headlines, to have been able to inject R2-billion worth of working capital into the small business sector in South Africa is a really special achievement and milestone for us collectively,” says iKhokha CEO and cofounder Matt Putman.

Read more here:

REGULATION | KuCoin to Charge 7.5% Value Added Tax (VAT) on Crypto Transactions in Nigeria Following ‘An Important Regulatory Update’

Crypto exchange, KuCoin, says it will start collecting a 7.5% value-added tax on trading fees from its Nigerian users starting from July 8 2024.

“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria,” KuCoin said.

“Starting from July 8 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5 per cent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”

According to KuCoin, the 7.5% fee will apply to each trade’s transaction fees, not the transaction amount. It added that the fee covers all transaction types that Nigerian users can perform on its platform.

The company attributed its new decision to ‘an important regulatory update’ even though other crypto trading platforms in the country, like ByBit and Binance, are yet to reveal such tax measures for their users.

Read more here:

G+D unveils offline payments tech

Germany’s Giesecke+Devrient (G+D) has unveiled a token-based system for secure offline payments.

G+D Filia Unplugged promises consecutive, secure offline payment transactions anytime and anywhere with the advantages of cash, including privacy protection, and high levels of data security. The firm says its technology can be integrated seamlessly into existing digital payment offerings, including commercial banks’ tokenised deposit systems, instant payment systems, or mobile money services. Filia Unplugged adds resilience to digital payments which can be hit by connectivity issues thanks to the likes of power outages, weak internet signals, or telecoms failures.

Read more here:

Netevia secures $120m from WhiteHorse Capital to fuel payment solutions expansion

Netevia, a FinTech leader known for its cutting-edge payment solutions, has successfully secured up to $120m in funding from WhiteHorse Capital, a renowned private investment firm.

This financial infusion is composed of various debt facilities aimed at supporting key acquisitions and the rollout of new products, as well as advancing strategic initiatives.

Established as a trailblazer in the FinTech sector, Netevia offers an extensive array of payment services tailored to accommodate the diverse needs of businesses across different industries.

By integrating state-of-the-art technology with a customer-centric approach, Netevia ensures smooth, secure, and efficient transaction processing. This commitment to innovation and growth positions Netevia to empower businesses in the evolving digital marketplace.

Read more here: