AfCFTA and the Role of FinTech and MSMEs: A Pathway to Africa’s Economic Transformation -By John Owen E. Adimike
AfCFTA is a landmark initiative that has the potential to transform Africa’s economic landscape. However, its success will largely depend on the ability of MSMEs to capitalize on the opportunities it presents. FinTech, with its capacity to enhance access to finance, reduce transaction costs, and facilitate cross-border trade, is crucial to empowering MSMEs in this new economic environment. Therefore, a strategic focus on integrating FinTech solutions with the operations of MSMEs will not only bolster the success of AfCFTA but also drive sustainable economic growth and development across the continent.
The African Continental Free Trade Area (AfCFTA) represents a monumental step towards economic integration in Africa, creating one of the world’s largest free trade areas by the number of participating countries. It offers the promise of significant economic transformation across the continent by establishing a single market for goods and services, facilitating the movement of capital and people, and ultimately, fostering the economic development of African states. However, to fully realize this potential, the role of financial technology (FinTech) and Micro, Small, and Medium Enterprises (MSMEs) must be emphasized and strategically integrated into the operational framework of AfCFTA.
Read more here: https://www.opinionnigeria.com/afcfta-and-the-role-of-fintech-and-msmes-a-pathway-to-africas-economic-transformation-by-john-owen-e-adimike/
Delivering cross-border fintech products through cloud and DevOps
Mukuru’s strategic intent is to be a financial services platform for Africa’s emerging consumer and uses a cloud hosted architecture for product launches in 13 African countries. It is investing in DevOps cloud infrastructure to support its multi-service architecture which is being created to support business product expansion.
Mukuru is a next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 16 million+ across Africa, Asia and Europe.
With more than 100 million transactions to date, Mukuru’s core was built providing international money transfers and from this base, it has developed a set of services to address the broader financial needs of its customers. The company now operates in more than 60 countries and across more than 500 remittance corridors.
Mukuru is a business that puts the customer at the centre of everything it does, and for that reason, it serves clients across physical and digital channels, by various payment methods, cash, card, wallet as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.
Read more here: https://www.intelligentcio.com/africa/2024/09/09/delivering-cross-border-fintech-products-through-cloud-and-devops/
Apply Now: $50,000 for Your African AgriTech Startup Business Idea
In the rapidly evolving world of AgriTech, innovation needs the right conditions to flourish. While many African entrepreneurs possess bold visions, they often face challenges in accessing the necessary resources and networks to bring their ideas to fruition.
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Supporting African startup companies that align with agriculture technology goals can target local challenges, such as limited access to weather predictions, crop information, and processing methods, leveraging technology to bridge gaps and uplift underserved communities. Investors in these firms can generate profits and contribute to socioeconomic progress and poverty reduction.
Read more here: https://www.ictworks.org/african-agritech-startup-business-funding/
LAUNCH | The Central Bank of West African States (BCEAO) Launches an Instant Payment System – Over 90 Financial Institutions Onboarded
After the testing phase, allowing for system adjustments and evaluations of effectiveness, a second cohort of 65 institutions, including nine electronic money institutions (EMIs) and 14 decentralized financial systems, joined the pilot on August 12 2024.
In a significant leap to open up financial services to the public in 8 West African nations, approximately 90 banks and financial institutions have adopted a groundbreaking instant payment system in the West African Economic and Monetary Union (WAEMU).
Read more here: https://bitcoinke.io/2024/09/central-bank-of-west-african-states-launches-instant-payment-system/
Antony Muchiri: The growing Super Apps landscape in Africa
In recent years, the digital space in Africa has undergone a significant transformation, powered by increasing internet penetration, widespread smartphone adoption, and a burgeoning middle class eager for convenience.
At the forefront of this digital revolution is the rise of Super Apps in Africa—all-in-one platforms that serve multiple functions and cater to diverse user needs.
This article explores the dynamic growth of Super Apps on the continent, their potential impact on various sectors, and the challenges they face.
Read more here: https://techtrendske.co.ke/2024/09/09/antony-muchiri-the-growing-super-apps-landscape-in-africa/
GCash Seeks SEC Sandbox Approval for GStocks Global Expansion
Filipino e-wallet GCash is set to expand its stock investment service globally, according to PhilStar.
GCash is currently working with regulators, including the Securities and Exchange Commission (SEC), and has submitted a sandbox application for GStocks Global.
This sandbox allows companies to test innovative products or services in a controlled environment before receiving full regulatory approval.
Read more here: https://fintechnews.ph/64328/e-wallets/gcash-sandbox-gstocks-global-expansion/
AirAsia MOVE Launches BigPay Lite for Simplified In-App Payments
The AirAsia MOVE app has launched BigPay Lite, an integrated wallet feature that enables users to quickly set up an account and make secure payments directly within the app.
This new feature simplifies the process by eliminating the need to exit the app or download a separate application.
BigPay Lite makes it easy for users to sign up and pay without additional steps.
Users can sign up directly from the BigPay widget on the AirAsia MOVE app by filling out their personal information, and they can start using BigPay Lite immediately.
Read more here: https://fintechnews.my/46086/e-wallets-malaysia/airasia-move-launches-bigpay-lite/
Indonesia’s Krom Bank Taps AWS Cloud Expand Its Digital Banking Services
Krom Bank, a youth-focused Indonesian digital bank that is a part of Kredivo Group, is utilising Amazon Web Services (AWS) to enhance its digital banking services in Indonesia.
With 74% of the Indonesian population lacking access to traditional banking, Krom Bank aims to bridge this gap by offering personalised financial services through its mobile app.
By leveraging AWS cloud technology, Krom Bank can rapidly develop and improve its services.
The bank is the first in Indonesia to use the AWS Asia Pacific (Jakarta) Region, ensuring data compliance while offering faster service to local users.
Read more here: https://fintechnews.sg/101083/indonesia/krom-bank-aws-cloud-expand-digital-banking/
Elon Musk’s Starlink finally launches in Zimbabwe
SpaceX’s satellite broadband service, Starlink, has officially launched in Zimbabwe, providing internet access for US$50 per month. There is also a one-time fee of US$350 for the setup kit, as detailed on the company’s website.
This comes four months after Zimbabwe officially granted Elon Musk’s SpaceX permission to operate its satellite internet service, Starlink.
Just 34.8% of Zimbabwe’s population had internet access as of 2021. The arrival of Starlink is viewed as a potential game changer, addressing long-standing issues of high data costs and limited connectivity in rural areas.
Read more here: https://africa.businessinsider.com/local/markets/elon-musks-starlink-finally-launches-in-zimbabwe/xf5b5yb
