"Mastercard has announced its partnership with KCB Banking order to provide its customers across the East African region with optimised payment systems. The payment solutions will be rolled out in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda."
"The annual budget of South Africa revealed its treasury’s plan to promote the adoption of digital payments, which includes analyzing stablecoins and blockchain to “improve the lives and livelihoods of marginalized groups.”"
"Two of the big-four banks have recorded strong growth in the use of virtual cards, as more South African consumers shift to digitally-driven payment methods."
"M-PESA, Safaricom’s mobile money platform, has built on its partnership with Visa to provide tap-to-pay card payments to customers."
"The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling transactions in local currencies giving birth to the Pan-African Payment and Settlement Systems scheduled to go live in 2024."
"SIIPS 2023 explores the evolution of both the supply and the demand side of instant retail payments. It highlights the challenges and opportunities shaping Africa's payment landscape to motivate investments, partnerships, and progress toward inclusivity."
"The AfricaNenda report on the State of Inclusive Instant Payment (SIIP) in Africa for the year 2023 indicatesthat as of June this year, instant payment systems (IPSs) in Africa recorded 32 billion transactions valued at awhopping US$1.2 trillion."
"Africa’s mobile money market is booming, with over 560 million registered accounts and $495.3 billion in transactions in 2020, according to the GSMA. The continent is home to some of the most innovative and successful mobile money services in the world, such as M-Pesa, MTN Mobile Money, Orange Money and Airtel Money."
"ENZA, the acclaimed new disruptor in the African payments market has announced its strategic partnership with Nigeria’s most innovative bank, Wema Bank."
"Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cellphone provider, which it values at $5.2 billion."
"Flutterwave, Africa's leading payments technology company, today announced the launch of its Send App in the United States and Canada. The Send App enables people in the African diaspora to make faster, easier, and more affordable money transfers to families, friends, and loved ones in Africa."
"Today’s consumers have access to a myriad of convenient experiences through mobile apps and online platforms, and they expect a similar level of ease when interacting with businesses and specifically payment interactions. Indeed, consumer demand for better and more diverse payment experiences, coupled with the need to trade across multiple channels, is shaping the midmarket retail sector across Africa."
"Flutterwave, Africa's leading payments technology company, has launched Tuition, a new payment product, to allow African users to conveniently pay various fees to educational institutions within Africa and overseas using their local currencies."
"Flutterwave a leading African payments technology company today announced it is working with Microsoft to build its next generation platform on Microsoft Azure, powering payments infrastructure across the African continent and beyond."
"MultiChoice Group, Rapyd and General Catalyst today announced a joint venture aimed at developing an integrated payment platform for Africa. The joint venture will operate under a new company, called Moment. Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer."
"NCBA Group is in talks with Safaricom and other groups to set up operations in Ethiopia as part of a race to expand its digital banking services in the African region."
"This collaboration enables Flutterwave to give its African e-commerce merchants enhanced access to UK and EU customers, while Token.io leverages Flutterwave's presence in Africa to enable a Pay By Bank method for businesses in the continent."
"Localramp, a modern Pan-African payment gateway, has launched a service that enables businesses operating within the continent to accept local currencies and instantly receive USDT, which can be withdrawn at any time or converted into USD on the platform."
"In this interview, African Business delves into the world of digital public infrastructures (DPIs) with Michael Wiegand, director of the Gates Foundation’s Financial Services for the Poor strategy, and Konstantin Peric, deputy director for platforms."
"For all the talk about emerging markets and their similarities, moves involving African startups expanding to Latin America are rare. Only two significant activities come to mind recently: Migo’s expansion to Brazil and Paga’s planned move to Mexico, their respective second markets outside Africa."
"Safaricom Telecommunications Ethiopia has today officially been granted the license to operate mobile money services in Ethiopia. The licence, coming seven months after the commercial launch of GSM services. The M-PESA license will open the country to the world’s largest mobile payment system and Africa’s largest Fintech, and the world’s first mobile money transfer system."
GlobeNewswire News Room
"TPAY, the leading payment provider for the Middle East, Turkey, and Africa (META), today announces, through its partnership with Bango and Etisalat Egypt, the launch of Direct Carrier Billing (DCB) with Google for over 30 million subscribers. The collaboration will create an easier experience for Android users to purchase apps, games, and digital content on their devices on Google Play."
"dLocal has announced the launch of a new all-in-one payment solution to manage global platform payments in one place. Known as dLocal for Platforms, the end-to-end payment solution will serve marketplaces, on-demand services, and any other platform business models."
"With banks in Africa lagging their European counterparts in adopting open banking, inroads are still being made as the promise of fairness, competition and innovation, which are the hallmarks of open banking, remain an attractive proposition for those looking to facilitate the secure exchange of individual and business data held by banks, with authorised third parties."
"Nairobi. Regulators on the continent are developing frameworks that allow customers of traditional banks to engage with third-party service providers via their banking apps - blowing open a multi-billion dollar market. Nigeria in March became the first African country to launch open banking on the continent, after publishing guidelines on how traditional lenders may connect to a global digital market poised to grow from $13.9 billion to $123.7 billion by 2031, according to Allied Market Research."
Tech In Africa
"According to the latest data from International Data Corporation (IDC), Kenya’s smartphone market dropped for the second quarter in Q4 2022, with shipments down 13.5% year on year (YoY). In its report, the global technology intelligence firm said that supply shortages and rising prices were the main reasons for the drop. Also, the dollar’s exchange rate went up during the quarter, increasing import costs and street prices, which drove up consumer demand. In the fourth quarter of 2022, Samsung had a 31.7% unit share of Kenya’s smartphone market, making it the market leader. Tecno was in second place with 18.8% of shipments, and Infinix was in third place with 9.2% of shipments."
"Bank customers who pay cheques from rival lenders into their accounts will be able to get the money cleared within one working day in fresh efforts to boost cash flow in the economy. At the moment, the process can take up to three days, removing the discrimination that has for years seen banks clear internal cheques within 24 hours. The reduced clearance period follows an upgrade of the Automated Clearing House System (ACH), the platform used by banks for electronic funds transfers and cheques."
"The service, backed by SARB and local banks, will allow South Africans to transfer money instantly between their phones, without a bank account. PayShap is expected to become South Africa's most popular electronic payment option by the end of this year. It could be a significant solution to displace cash as it estimates that nine out of 10 transactions in the country are still conducted in cash."
Business Insider Africa
"Nigeria is experiencing a cash crisis due to a demonetisation effort by the Central Bank of Nigeria. While this has caused considerable social unrest, the crisis has been a short-term boon for the country's fintechs and mobile money operators such as MTN and Airtel Africa. The lack of physical money in circulation has been a significant catalyst to the adoption of digital financial services, as consumers have been forced to adopt digital methods of payment at point-of-sale (POS)"
The volume of financial transactions performed electronically in Africa’s most populous nation surged to the highest in five years in 2022, according to new data from the Nigeria Inter-Bank Settlement System (NIBSS). BusinessDay analysis of the data shows that the total volume of NIBSS Instant Payment platform (NIP) transactions rose by 613.1 percent to 5.2 billion last year from 729.2 million in 2018.