Kenyan Fintech Company Receives Ksh7 Billion Loan from US DFC
The US government has announced a $51 million (approximately Ksh7 billion) loan to a Kenyan mobile lending company, as part of the deals announced on Thursday, May 23. This loan is part of the agreements between the US and Kenya, marking a significant milestone in their relations. It comes under the Digital Transformation with Africa (DTA), a collaborative effort of the US and allied government and private sectors.
Read more here: https://www.kenyans.co.ke/news/100986-kenyan-fintech-company-receives-ksh7-billion-loan-us-dfc
Coinbase Leads Coalition of Tech Giants Against Financial Scams
Crypto exchange Coinbase has launched the Tech Against Scams coalition, teaming up with industry leaders like Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to tackle online fraud and financial schemes. The Tech Against Scams coalition focuses on preventing online fraud and financial schemes targeting consumers across various industries.
Read more here: https://fintechnews.sg/96381/security/coinbase-leads-coalition-of-tech-giants-against-financial-scams/
As African Firms Take Big Losses In Fraud Crisis, pawaPass Takes On Challenge
An uptick in system breaches and exploits by bad actors has resulted in mounting losses for African businesses in recent years, with fintechs among others paying the price as targets of fraud and money laundering activities. In Nigeria, for example, a crisis is brewing as the country grapples with an alarming wave of cybercrime that saw three prominent fintech companies collectively lose more than ~USD 6 M over the first eight months of 2023, data from the Financial Institutions Training Centre shows.
Read more here: https://weetracker.com/2024/05/23/pawapass-tackles-business-compliance-risks/
Orange Ventures and Digital Africa commit to jointly invest in startups from the “Orange Digital Centers” network in Africa and the Middle East
A partnership agreement was signed at Vivatech by Fayçal Adlouni, Managing Partner of Orange Ventures, and Grégoire de Padirac, CEO of Digital Africa to strengthen and accelerate support for African startups from the Orange Digital Centers (ODC). Asma Ennaifer, Executive Director of CSR, Communications and the Orange Digital Center program for Orange Africa and the Middle East, is delighted with this initiative, which strenghtens the strategic partnership signed in June 2023 with Digital Africa to facilitate the financing and support of startups from the ODC network.
Google Pay lets customers ditch CVVs for biometrics
Google Pay has received a revamp to make it easier for shoppers to see card benefits, use BNPL on more sites, and ditch CVV codes in favour of biometrics at checkout. Shoppers using autofill on Chrome or Android at checkout now have the option to automatically fill in their full card details with a fingerprint, face scan or screen lock PIN, eliminating the need to enter a CVV security code. Google started piloting BNPL – with providers Affirm and Zip – when checking out online earlier this year. The practice is now being expanded to more merchant sites and Android apps across the US. Shoppers can either link their existing account or sign up with a provider at checkout. Finally, American Express and Capital One cardholders checking out on Chrome desktop will now see select benefits for specific cards in the autofill drop-down, making it easier to pick the best option. Google plans to expand this to more cards in the future.
Read more here: https://www.finextra.com/newsarticle/44193/google-pay-lets-customers-ditch-cvvs-for-biometrics
Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider
The Central Bank of Ireland has approved Ramp Network, a financial technology firm building payment rails connecting cryptocurrency to the global financial system, as a Virtual Asset Service Provider. This approval allows the company to offer crypto-to-fiat exchanges in Ireland.
Read more here: https://www.financemagnates.com/fintech/ireland-licenses-fintech-firm-ramp-network-as-virtual-asset-service-provider/
Square brings Tap to Pay on iPhone to Canada
Today, Square launched Tap to Pay on iPhone in Canada, allowing Square sellers to be among the first businesses in the country to try the technology. Available within the Square Point of Sale, Square for Retail, and Square Appointments iOS apps, Tap to Pay on iPhone lets sellers accept contactless payments directly from their iPhone with no additional hardware or payment terminal required and at no additional cost, making it a powerful free to enable option for entrepreneurs.
Read more here: https://www.finextra.com/pressarticle/100906/square-brings-tap-to-pay-on-iphone-to-canada