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Global Fintech News - AFN

Global Fintech Trends – 3rd July, 2024

East Africa Gears Up for Investment Forum in Tanzania

The Tanzania Fintech Association (Tafina) announced the East African Investment Forum (EAIF) 2024, a pivotal event aimed at transforming the region’s financial technology landscape.

Held on September 12th and 13th in Dar es Salaam, the two-day forum brings together key players in the fintech sector – industry leaders, investors, policymakers, and innovators.

The EAIF 2024, themed “Invest & Partner: Leave No One Behind,” focuses on driving discussion on the evolving fintech landscape, fostering investment, and building strategic partnerships across East Africa.

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FINTECH AFRICA | Interswitch Verve Cards Outpacing MasterCard, VISA in Nigeria, Now With Over 50% Market Share

Verve cards are gaining popularity over MasterCard and VISA cards as Nigerian fintech companies prefer the local and easily accessible option.

According to local reports, all Nigerian commercial banks, except Guaranty Trust Holding Company (GTCO), now issue Verve, the card scheme operated by Nigerian payments unicorn, Interswitch.

First Bank, Nigeria’s oldest bank, has issued Verve cards to over half of its card customers, said one person with knowledge of the matter.

Founded in 2009, Verve’s continued rise over the international card schemes is attributed to the Naira’s devaluation, which has made FX-denominated bills more expensive.

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Wakanow Selects dLocal to Make Global Travel ‘More Accessible’ for Customers Across Africa

All-in-one global payment processor, dLocal, is joining forces with travel technology company Wakanow Group, to enable travel customers across Africa to pay in their local currencies.

Through the partnership with dLocal, Wakanow hopes to broaden its operational footprint across the continent, enhancing payment flexibility and accessibility for African travellers.

Currently, the global travel industry only sees 30 per cent of its bookings in Africa conducted online – far behind the global average of 50 per cent. By collaborating with dLocal, Wakanow customers can book travel services and pay in their local currencies or preferred payment methods on the Wakanow website.

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Cardoso: Increasing transaction volumes of non-bank financial firms threatens system stability

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says increasing transaction volumes of non-bank financial institutions threatens the stability of Africa’s financial system.

Cardoso spoke on Monday while addressing the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) at its 10th meeting in Abuja.

According to NAN, the CBN governor was represented by Arogundade Abayomi, the regulator’s acting director of financial institutions department.

He said the transactions of non-bank financial institutions could expose the system to risks, calling for the monitoring of the trends and innovations of the category of organisations.

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Paycorp champions financial inclusion in SA with SARB designation, Visa and MasterCard principal membership

Paycorp, which positions itself as a leading provider of payment solutions, has been licensed as a direct clearing system participant by the South African Reserve Bank (SARB). This means Paycorp can now acquire payment transactions directly into the National Payments System through BankServ Africa and internationally through its principal memberships with Visa and MasterCard.

As an independent non-bank participant in the payments landscape in South Africa, Paycorp provides interoperable solutions to ATM/point-of-sale (POS) networks, card issuers, acquirers and fintech partners.

The move is the culmination of years of strategic partnerships, and a relentless focus on technological advancement, says Gavin Reubenson, CIO of Paycorp.

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AlHuda CIBE and AADF collaborate to foster Islamic finance in Africa

Dubai, UAE: During a significant visit to West Africa aimed at fostering the development of Islamic Finance, Mr. Muhammad Zubair, CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), met with Mr. Cyril Okoye, Secretary General of the Association of African Development Finance Institutions (AADFI). The meeting in Abidjan, Côte d’Ivoire, culminated in a series of collaborative initiatives to advance the financial sector across the continent.

To support and enhance the capabilities of AADFI member institutions in Islamic Finance, AlHuda CIBE has committed to offering a range of educational and developmental resources. These include free webinars on Islamic finance, comprehensive online training programs tailored to the specific needs of AADFI members, and assistance in developing Islamic finance products suited to African markets.

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Absa taps start-ups Stitch, Ozow to launch Absa Pay

Big-four bank Absa has partnered with local payments start-ups Stitch and Ozow to launch Absa Pay for enterprise merchants across South Africa.

Under the partnership with Stitch, the fintech firm will offer direct bank application programming interfaces (APIs), including Absa Pay, Capitec Pay and Nedbank Direct API, as part of its broader “pay by bank” solution.

With this addition, the payments start-up says Absa clients will be able to make payments directly from their Absa account to any Stitch merchant that integrates Absa Pay.

According to Stitch, “pay by bank” is the fastest-growing payment method in SA, with rising demand from consumers due to its “seamless experience, speed and security”.

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How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts

When Natasha Craft first got a Yotta banking account in 2021, she loved using it so much she told her friends to sign up.

The app made saving money fun and easy, and Craft, a now 25-year-old FedEx driver from Mishawaka, Indiana, was busy getting her financial life in order and planning a wedding.

Craft had her wages deposited directly into a Yotta account and used the startup’s debit card to pay for all her expenses.

The app — which gamifies personal finance with weekly sweepstakes and other flashy features — even occasionally covered some of her transactions.

“There were times I would go buy something and get that purchase for free,” Craft told CNBC.

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Crypto bank Silvergate pays $63m to settle regulator charges

The parent company of crypto-focused bank Silvergate has agreed to pay $63 million to settle US regulatory charges about its anti-money laundering programme and the losses sustained during the collapse of FTX.

Silvergate Capital Corp., former CEO Alan Lane and former chief risk officer Kathleen Fraher, were charged by the Securities and Exchange Commission with misleading investors about the strength of its bank secrecy act and AML compliance programme and the monitoring of crypto customers. In addition, the company and former executives were charged with misleading investors about the company’s losses from expected securities sales following the collapse of FTX.

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