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
Egypt: Contact Pay, eKhales expand partnership to offer PoS payment solutions
Arab Finance: Contact Pay, a subsidiary of Contact Financial Holding, has expanded its partnership with eKhales, a digital payment platform under eFinance, as per an emailed press release.
The newly broadened collaboration will enable Contact customers to pay their installments and bills through eKhales’ network of over 600,000 point-of-sale (PoS) terminals across Egypt.
The partnership was signed during the Cairo ICT 2024.
This partnership enables Contact customers across the country to conveniently settle their payments via eKhales’ expansive partners network of PoS terminals, offering greater flexibility and accessibility.
Banking Without Boundaries: Access Africa’s Bold Vision
Access Bank is pioneering a transformative payment infrastructure designed to revolutionize money transfers across the African continent. The new payment rail, dubbed Access Africa, aims to create unprecedented financial connectivity for individuals and businesses operating across multiple African markets.
The strategic initiative leverages Access Bank’s extensive presence in 22 countries, positioning it as a key player in continental financial integration. Rob Giles, the bank’s senior retail banking advisor, emphasized the platform’s significance as a proprietary network connecting diverse African economies.
Read more: https://www.techinafrica.com/banking-without-boundaries-access-africas-bold-vision/#google_vignette
Making the Digital Transition With 4 Zeros for Financial Institutions
In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services.
And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation.
Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators.
This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions.
First National Bank of Omaha’s online-only bank shuts abruptly
Milli Bank, an online-only banking platform of First National Bank of Omaha, ceased operations Nov. 15. The bank didn’t cite a specific reason.
“And just like that, it’s time to say farewell. As we prepare to close our digital doors, we would like to express our heartfelt gratitude to our loyal customers and exceptional team members for their unwavering support,” Milli Bank said in a LinkedIn post last month.
The digital bank offered a high-yield savings account with no fees or minimum balance and a spending account aimed at helping customers achieve their financial goals, according to the bank. However, Milli could only be operated through its mobile application.
London-based payments firm Sokin acquires Norwegian fintech Settle to expand European footprint
British payments firm Sokin has announced its acquisition of Norwegian fintech Settle Group AS for an undisclosed sum.
The move positions Sokin to bolster its technological capabilities and enhance its offering, including its flagship product, Sokin Pay. This strategic acquisition directly plays into Sokin’s growth trajectory, aligning with its vision to transform international payments.
Sokin’s CEO and founder, Vroon Modgill, highlighted the strategic importance of the acquisition: “The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets. It is an incredibly exciting time for us as a business and we anticipate this being the first of a number of acquisitions, following recent investment which has accelerated our growth. Our focus is on providing market leading value, an unrivalled proposition and becoming the trusted partner for businesses on the global stage.”
Visa blocked 410% more suspected fraud on Black Friday
In the UK, Visa saw an 11% increase in transaction volumes on Black Friday 2024 compared to Black Friday 2023. This is also an increase of 16% compared to an average Friday. Across the whole Black Friday/Cyber Monday weekend, spend was up 12% compared to last year.
However, as consumers hunted for bargains, fraudsters were also looking for their own payday. This Black Friday, Visa’s network proactively blocked 410% more suspected fraud in the UK compared to Black Friday 2023. Across the whole weekend, the suspected fraud blocked by the network was up 117% compared to last Black Friday weekend.
Mandy Lamb, Managing Director Visa UK & Ireland said: “Black Friday is a clear fixture in the UK’s shopping calendar, and this year is no exception. But it is also a good reminder that whenever people are looking to spend their hard-earned money, there are also fraudsters looking for potential victims. At Visa, our network protects every transaction no matter how big or small, helping consumers shop safely and securely all year round.”
Read more: https://www.finextra.com/pressarticle/103483/visa-blocked-410-more-suspected-fraud-on-black-friday
