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Global Fintech News - AFN

Global Fintech Trends – May 23 2024

3i Africa Summit births partnerships to strategically drive fintech across the continent

The maiden edition of the 3i Africa Summit mmit has birthed strategic partnerships that will put the continent ahead through financial technologies. The aim is to drive investment, innovation, and impact in Africa using fintech as the catalyst.

The summit with thousands of participants to explore strategies on how Africa can leapfrog through fintech has set the tone for de-risking critical sectors of Africa’s economy for mutual benefits and inclusive growth on the continent. Through a series of keynote speeches, panel discussions, and networking sessions, participants delved into the challenges and opportunities in Africa by harnessing the power of financial technologies to drive sustainable economic growth and create opportunities for all.

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Ghana’s fintech industry making giant strides

The Financial Technology industry in Ghana continues to rise above imagination as regards the rate of attraction from both domestic and foreign direct investments characterising its operations. Ghana has, over the past few years, experienced the trend of fast-rising Fintech companies in and outside the country.  Over 70 Fintech companies are estimated to be operating in Ghana and making giant strides in the industry.

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Kenya brings back controversial bill to regulate ICT industry

Kenya has revived the controversial ICT Practitioners Bill, now rebranded as the ICT Authority Bill, 2024. The new legislation aims to regulate its ICT industry by licensing and registering ICT companies and professionals. First introduced in 2016 by the then majority leader Aden Duale, the ICT Practitioners Bill received industry-wide criticism. Critics pointed out that the bill duplicated existing laws and faulted its potential to hinder talented professionals by mandating university degrees. In the end, it did not receive presidential assent.

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Fidelity Bank wants tech to drive innovation in agric sector

Fidelity Bank Ghana, the largest privately-owned indigenous bank, has announced a dedicated space for Agric-Tech within the Fidelity Young Entrepreneurs Fund (FYEF) through an upcoming Agric-Tech competition. This initiative aims to support the development of groundbreaking solutions that address pressing challenges faced by players in the Ghanaian agriculture value chain.

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Spotlight on African Literary Excellence As Afreximbank Launches $20,000 Canex Prize For African Publishing

African Export-Import Bank (Afreximbank) has officially announced the launch of the CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited. According to a statement on Tuesday, the CANEX Book Factory, a key intervention under the CANEX programme, aims to promote a vibrant literary culture across Global Africa and encourage the development of a sustainable business ecosystem in the literary sector.

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Axiz uses Mauritius as expansion springboard into Africa

Axiz, a technology distributor, is increasingly using Mauritius as a base for accelerating its expansion into the rest of Africa. According to the company, the island matched all of Axiz’ criteria for a strong foundation on the continent, due to its substantial domestic market, strong financial structure, and political stability.

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Microsoft Announces $1 Billion Investment in Kenya’s Digital Ecosystem

US Tech giant, Microsoft Corporation, in collaboration with G42 , an Emirati artificial intelligence (AI) development company, have announced a $1 billion investment in Kenya’s digital ecosystem. This marks the largest single private-sector digital investment in the nation’s history. The initiative, supported by the US and the UAE governments, coincides with Kenyan President William Samoei Ruto, PhD to’s state visit to the United States. The project aims to foster the creation of local-language AI models, specifically in Swahili and English, to support cultural and linguistic needs.

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Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”

Citigroup Global Markets Limited (CGML) has been fined £61.6 million by UK regulators for historic failings in its trading systems and controls. The total penalty consists of a £33,880,000 fine from the Prudential Regulation Authority (PRA) and a £27,766,200 fine from the Financial Conduct Authority (FCA). Relating to an incident from 2022, the FCA says failures in the firm’s systems and controls “led to $1.4bn of equities being sold in European markets when they should not have been”.

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FinTech barq and TerraPay team to boost global money transfers

Saudi-based FinTech application barq has signed a strategic partnership with the global money movement company TerraPay . This collaboration aims to provide fast and secure international money transfer services. Ahmed Alenazi, CEO of barq, stated, “We are delighted to collaborate with TerraPay to enhance our international money transfer services. This alliance reflects our commitment to innovation and customer satisfaction.”

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