Don’t Miss these Upcoming Ecosystem Events
Fintech Association of Botswana is hosting FAB Power Breakfast #2 themed ‘Solving for Financial Inclusion’.
This Power Breakfast focuses on identifying and overcoming key barriers to financial inclusion. Through collaborative roundtables, we will explore targeted solutions that aim to integrate the underbanked and unbanked populations into the financial system, enhancing accessibility and equality.
Make sure to get your ticket and attend it on August 15th 2024.
To get involved, email comms@fintechbw.org
Read more here: https://www.linkedin.com/pulse/dont-miss-upcoming-ecosystem-events-africafintechnetwork-otr6f/?trackingId=wF6RaDoaR36N3RyOFSMCdQ%3D%3D
dLocal and iTransfer want to simplify cross-border payments in Nigeria
- dLocal, a Uruguay-born cross-border payment platform, has partnered with iTransfer, a money remittance company, to address challenges, including currency volatility, associated with cross-border payments in emerging markets.
- The collaboration seeks to address these challenges by providing competitive rates, real-time currency updates, and increased flexibility for end-users. The move focuses on “mitigating currency risks and improving transfer efficiency.”
- Initially, the rollout will support payouts for bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan. dLocal has announced plans to extend this service to Bangladesh, Morocco, Egypt, and India.
dLocal connects enterprise merchants with market consumers across Africa, Asia, and Latin America, allowing companies to accept payments, send payouts, and settle funds.
Read more here: https://techpoint.africa/2024/08/07/dlocal-itransfer-cross-border-payments-nigeria/
Egyptian fintech Lucky ONE gets $3m to scale credit platform
Lucky ONE, a leading consumer finance company in Egypt and Morocco, has raised $3 million in a convertible bond funding round.
The investment, secured from existing backers including Lorax Capital Partners, KEM, and DisrupTech Ventures, will be instrumental in expanding the company’s credit platform and facilitating its entry into new regional markets.
The funding marks a significant milestone for the company as it accelerates its path to profitability, targeting Q1 2025 for this achievement. Lucky ONE plans to utilize the fresh capital to enhance its credit offerings.
Read more here: https://dabafinance.com/en/news/egyptian-fintech-lucky-one-gets-3m-to-scale-credit-platform
Ripple Joins Forces With Largest Fintech Accelerator In MEASA Region
Ripple Labs has entered into a partnership with the DIFC Innovation Hub, part of the Dubai International Financial Centre, as detailed in an official press release on Wednesday. This collaboration aims to significantly enhance the adoption and development of blockchain technology and digital assets within the UAE and potentially across the Middle East, Africa, and South Asia (MEASA) region.
The DIFC Innovation Hub, recognized as the largest innovation ecosystem in the region, is currently home to over 1,000 tech firms in various stages of growth, venture capital entities, and educational institutions. This partnership is positioned to leverage this network to further the integration of blockchain technology in established and emerging financial markets.
Read more here: https://bitcoinist.com/ripple-partners-largest-fintech-accelerator-measa/
Sendsprint expands US footprint with acquisition of Nobel Financial Inc.
Sendsprint, an emergent cross-border payments startup with operations spanning the UK, Ghana, Kenya, South Africa, and Nigeria, has recently acquired Nobel Financial Inc., a remittance company based in the United States. While the financial terms of the deal remain confidential, this strategic move positions Sendsprint to extend its money transfer and gift-sending services to customers across 16 states in the US.
Damisi Busari, CEO and founder of Sendsprint, expressed enthusiasm about the company’s US market entry: “The US market holds immense potential for our growth, and we’re thrilled to introduce our tailored, people-centric technology solutions to Africans in the US. We’re poised to make a significant impact with this expansion.”
In conjunction with the acquisition, Nobel Financial Inc.’s seasoned Chief Compliance Officer, Scott McClain, will be transitioning to the Sendsprint team, assuming the same role.
Read more here: https://innovation-village.com/sendsprint-expands-us-footprint-with-acquisition-of-nobel-financial-inc/
Sabipay Secures Zambia Payment License
Sabipay Technologies, a subsidiary of Pesapal Limited, has been awarded a Payments System Business license by the Bank of Zambia.
The license allows Sabipay Technologies to offer a suite of innovative payment solutions, from online payments to mobile money and card transactions. With this license, Sabipay is set to overhaul Zambia’s payment landscape, offering businesses and consumers a streamlined, secure, and efficient way to handle their transactions.
Why is this significant? For businesses in Zambia, this means a fresh wave of financial possibilities. Picture small vendors who can now accept mobile payments with a simple tap on their smartphones, or large companies managing transactions with newfound ease and security. This evolution extends to consumers too. Imagine the simplicity of paying for groceries, services, or online shopping with just a few clicks, making everyday transactions more convenient and integrated into the digital age.
Read more here: https://cioafrica.co/sabipay-technologies-secures-zambia-payment-license/
Mexican unicorn Stori raises $212m to enhance financial inclusion across Latin America
This financing round includes $105 million in equity led by Notable Capital and BAI, with additional contributions from ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures, and Tresalia.
The remaining $107 million comes from a new debt facility provided by Goldman Sachs and Davidson Kempner Capital Management LP. This investment is one of the largest in Latin America in recent years and marks a significant increase in Stori’s valuation from its previous unicorn round.
Stori is at the forefront of financial innovation in Mexico, offering a range of products such as credit cards, deposits, and personal loans.
Read more here: https://fintech.global/2024/08/07/mexican-unicorn-stori-raises-212m-to-enhance-financial-inclusion-across-latin-america/
Cross border payment revenues to reach $280 billion by 2030
As technological innovations make the world smaller and more interconnected, cross-border payments have become a crucial component of international trade and finance. Businesses now need to accept payments from various methods across different countries. And, as global commerce evolves, so do the expectations of consumers and businesses looking for the same innovative efficiencies they get from domestic payments. This global digital economy and the advancements in payments technology that support it, are pushing the cross-border payments market into a pivotal stage.
To analyze and better understand this growing demand for cross-border payment services, Convera partnered with the world’s foremost independent global advisory firm, Oxford Economics, and leading source of fintech news, the Paypers, to produce the Fintech 2025+ report.
This article breaks down the report’s findings on the current and future state of the cross-border payments market, including its size and scope, forecasts for its future, revenue generation mechanisms, and the regional leaders shaping this space. From impressive growth predictions to the transformative impact of fintech innovations we examine the factors driving this multi-trillion-dollar industry and what the future holds.
Read more here: https://convera.com/blog/payments/cross-border-payment-revenues-to-reach-280-billion-by-2030/
Real-time payments in the transportation sector: evolving faster than ever
Small and medium-sized businesses (SMBs) in the transportation sector, including trucking and delivery services, face many challenges today, including rising gas prices, labor shortages and inflation that drives up the cost of moving goods. One often overlooked issue is the complications of legacy payment systems. Many businesses still rely on outdated transaction methods like paper checks and money orders for everything from paying workers to settling invoices with suppliers. These payments are prone to delays, errors and other issues.
The integration of real-time payment systems could make transactions in the transportation, trucking and delivery sectors faster, simpler and more secure. While some companies in these sectors are hesitant to adopt real-time rails due to their lack of familiarity, those that have adopted the technology report increased efficiency, healthier balance sheets and a stronger overall financial outlook.
Read more here: https://cargreen.es/2024/08/07/bl-wlv/rtsd475970ltcu59uihtml/real-time-payments-in-the-transportation-sector-evolving-faster-than-ever
