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Is blockchain really a silver bullet?
Blockchain is being spoken of reverently – and irreverently – by business pundits, and backed by media and industry leaders as a potential cure for all financial threats/hurdles across the globe. A blockchain has been promoted extensively as the latest…
Regulating virtual currencies in South Africa
The provision of banking and financial services in South Africa is a highly regulated activity and the revolutionary Fintech (financial technology) is posing a significant challenge to the current regulatory framework. The challenge has been acknowledged by the South African…
WorldRemit welcomes restoration of money transfers to Nigeria
WorldRemit, a digital remittance service, has commended the restoration of money transfers to Nigeria, following the decision of the Central Bank of Nigeria (CBN) to approve WorldRemit and other international money transfer operators (IMTOs). At the beginning of August 2016,…
How African banks are losing their hold on the payment space
Traditional banks are poised to lose as much as 50% of their ownership of the payment space by the end of 2016. Their hold on the space began plummeting in 2014 from 100% to 75%, and will continue to fall…
African Fintech innovation is about improving client access rather than experience
Logistics and infrastructure challenges, together with high business start-up costs, have in the past prevented many financial institutions from establishing themselves in developing markets. Thanks to technology and mobile phones, this is no longer the case. So just how are and…
South Africa: New online banking platform for entrepreneurs unveiled
Entrepreneurs have demanding schedules and the growth of their businesses is a lifelong project and a top priority. The right technology can help ensure that they are able to spend more time on those things that are key to their…
Nigeria urged to restore money transfer services
According to a report via TelecomPaper, WorldRemit has called for the urgent restoration of money transfers to Nigeria as draconian new rules leave virtually all money transfer operators unable to provide services to the West African country. The report reveals…
Kenya Commercial Bank tightens banking app security
Kenya Commercial Bank (KCB) has refreshed its mobile banking application to enhance its capabilities and guarantee tighter security features as the lender deepens its digital banking agenda. According to the KCB, with the new look App, users are able to…
Djibouti joins Africa Finance Corporation
Djibouti has become the newest member of Africa Finance Corporation (AFC), an international investment grade multilateral finance institution investing in key infrastructure projects across Africa. Mr Ali Guelleh Aboubaker, Minister of Investments in the Office of the President, commented on…
South Africa: FNB solves crippling connectivity issues
First National Bank (FNB) has confirmed that it has resolved the connectivity issue that has plagued its customers since 24 July, 2016. On 25 July 2016 FNB confirmed, via a media statement, that it was aware of intermittent connectivity issues.…
Regulations could be an innovation enabler for banks
Banks are faced with a real conundrum. They are expected to deliver relevant and innovative new services to a discerning customer base and, at the same time, are facing an ever-tightening regulatory regime. However, the astute institution could view these…
United Bank Africa and Mastercard reveal Pan African partnership
United Bank Africa (UBA) and Mastercard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership, which came into effect in 2016, will see UBA issue Mastercard credit,…
Uber and PwC to close the transport industry tax gap in Nigeria
Charging to drive someone around Lagos was chiefly a cash-in-hand job before Uber launched in Nigeria two years ago. To this day, the rest of the transport industry remains largely informal, with no clarity on how much money is made…
South Africa: Absa launches Masterpass App
Absa has revealed that it has launched the Absa Masterpass App. According to the company, the App is a digital wallet powered by Mastercard. The app is set to enable South African consumers to make safe and easy payments wherever…
FinTech business in Africa makes use of A.I & credit technology
MyBucks, a German listed FinTech company that holds three brands GetBucks, GetSure and GetBanked, has said its partnership with NGO (non-governmental organisation) Opportunity International continues to take strides forward in their vision of bringing financial inclusion to the unbanked and…
Research reveals that mobile banking increases financial inclusion
The SWIFT Institute, in partnership with the Harvard Kennedy School, has released new research on the impact of mobile banking on financial inclusion. The report, ‘A Quantum Leap Over High Hurdles to Financial Inclusion: The Mobile Banking Revolution in Kenya’,…
