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Fxview Spearheads Innovation in South Africa

Fxview, a leading Forex and CFD industry player operating under the Finvasia Group financial conglomerate, shakes up the financial scene in South Africa with its innovative product suite. In a strategic initiative to expand its outreach in the African region, the multi-asset brokerage continues its pursuit of excellence in South Africa’s ever-evolving financial landscape. South Africa, a growing financial hub South Africa has emerged as a country with one of the most vibrant Forex and CFD trading communities. Recent data show that the trading population is relatively young, with the average age ranging between 25 and 44. The majority of…

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Oceanbase Supports Palmpay to Reduce Its Database Cost by 80%

OceanBase, an enterprise-level distributed relational database provider, announced that its database solution has been deployed and put into operation in the core IT systems of PalmPay, a leading fintech platform in Africa. PalmPay, the first Africa-based customer to adopt OceanBase, has transitioned its accounting, transaction, payment, and billing systems to OceanBase Cloud. This cloud-based database service not only boosts the performance of PalmPay’s database infrastructure, but also provides advanced capabilities like efficient data compression, distributed expansion, financial-grade disaster recovery in multi-availability zones, and streamlined unitised deployment support. Additionally, OceanBase’s comprehensive operation platform significantly improves the efficiency of PalmPay’s day-to-day database…

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Addpay and Wiseasy Unveil Game-Changing Android Payment Solutions

In a pivotal moment that heralds a transformative era for African fintech, cutting-edge Android payment devices are reshaping the paradigm of in-store and forecourt transactions. These technologically advanced devices, meticulously crafted and supplied by Wiseasy, bear the AddPay brand, setting a sensory benchmark when compared to the prevailing, mundane grey digital screens found in most commercial establishments. AddPay, in collaboration with Wiseasy, is not merely introducing payment terminals; they are presenting powerful platforms and solutions, that empower our valued clients to tailor these devices to their exacting specifications. The potentialities are boundless. While core functions include card acceptance, these devices…

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Robust Results from Lesaka as it Champions Financial Inclusion

South Africa’s informal market is a space that is well understood by South African fintech, Lesaka Technologies, a champion of financial inclusion, steadily building a leading position in these fast growing, previously underserved markets. GG Alcock, who coined the term Kasinomics to describe the township economy, is one of the few voices giving insights into the economics that underpin the informal market in South Africa. The lack of research on the township economy estimated to employ 17% of South Africa’s population and contribute more than R300 billion to the country’s GDP is in itself an indication that an opportunity looms…

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South African Insurtech Naked Raises US$17M in Series B Funding

Naked — a South Africa based insurtech company that offers a new, fully digital way for consumers to insure their cars, homes, and valuables — has announced that it has raised US$17 million (about R290 million) in Series B Funding. International Finance Corporation (IFC) – a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets – is leading the funding round. The German Development Finance Institution (DEG), and Naked’s original investors, Yellowwoods and Hollard are also taking part in the funding round. IFC and DEG are both backing Naked…

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SC Ventures Partners With Yabx to Expand Access to Financial Services in Africa

SC Ventures, Standard Chartered’s fintech investment and ventures arm has entered into a Memorandum of Understanding (MOU) with Yabx, a company incubated by Comviva and part of the Mahindra Group, to address a deep-rooted need for responsible consumer finance in Africa. Africa has over 700 million mobile wallets, and about 450 million bank accounts but access to formal credit remain severely constrained due to poor credit infrastructure and the slowly evolving risk appetite of financial services players, especially traditional banks. The COVID-19 pandemic has accelerated digitization in the financial sector and created a fertile environment for new and disruptive products…

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Visa Pledges to Invest $1 Billion in Africa to Accelerate Digital Transformation

During the U.S-Africa Business Forum, Visa announced a pledge to invest $1 billion in Africa over the next five years to advance resilient, innovative, and inclusive economies across the continent. Visa’s expanded investments demonstrate the company’s long-term commitment to Africa’s growth potential and will help enable greater access to digital payments as an entry point for expanding formal financial services for individuals and merchants. Visa Chairman and CEO Alfred F. Kelly, Jr. outlined the pledge during the US-Africa Business Forum, alongside the US-Africa Leaders Summit in Washington, DC. The pledge will further scale Visa’s operations in Africa, and deepen collaboration…

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Flutterwave Closes USD $250M in Series D Funding, Valuation Rises to Over USD $3bn

Flutterwave  announced that it has raised USD $250 million in Series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide. Flutterwave has become the highest valued African start-up with this investment. It is a validation of African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa. Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, and with participation from Alta Park Capital,…

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YO-Uganda Enters Partnership with US African Development Foundation to Deploy Mastercard Farmer Network

Yo-Uganda Limited (“Yo!”), a 16-year-old leading financial technology solutions provider based in Kampala, Uganda, has announced a new grant partnership with the United States African Development Foundation (USADF) to roll out Mastercard Farmer Network – a digital agriculture solution that digitizes marketplaces, payments and workflows within the agriculture sector. The platform provides a digital marketplace for buyers who are looking for sustainable sources of quality produce at favourable market prices and a place for small-holder farmers to access reliable markets and fair prices. USADF supports African-led community enterprises by providing seed capital and technical support. The grant partnership will provide…

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ENPO, one of the largest and oldest postal, financial and governmental service providers in the Middle East, has an extensive services portfolio supporting over 30 million registered as well as walk-in customers. ENPO has an extensive network of 4,000 branches as well as thousands of Points of Sale (PoS) and channels such as iPost, Post Express, Post Cars and field officers with hand-held devices. ENPO provides financial services, including current and savings accounts, instant remittances, electronic collection with notification services, which are geared towards both retail and corporate customers and are available via an in-branch teller services window. Furthermore, ENPO…

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Startupbootcamp alongside Pride Capital announced its maiden venture into Egypt with its accelerator programme ” Startupbootcamp-Pride Fintech Cairo”. The accelerator programme roped in big partnerships with the likes of IFC, VISA , Alexbank Pharos Capital and many more. Ranked by Forbes as one of the top ten 10 accelerators in the world, Startupbootcamp is a famed accelerator which counts over 22 programmes across the global — many of which are fintech focused. Fintechs participating in the programme can expect to gain access to mentors, an office in the heart of Cairo anda three-month Proof-of-Concept phase to scale their products in…

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PayFort, an Amazon company, has announced that merchants using its online payment gateway will now be able to accept payments from Egypt’s new national card, ‘meeza’, following the announcement of the Central Bank of Egypt (CBE) for the national payment scheme. The meeza card is a key financial inclusion initiative from the Egyptian government, as it pushes towards a cashless society, preparing the way for further growth in online payments. The card will allow citizens to receive and make payments electronically and pay their bills via ATMs and at government departments. Debit cards are often not enabled for ecommerce use…

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The Venture lab at The American University in Cairo, and university-based startup accelerator in Africa and the MENA region, Temenos, banking software company, and CIB, Egypt’s largest private sector bank, have come together to announce a collaboration to strengthen the fintech ecosystem in Cairo. Building on their individual partnerships, the three organizations welcome the joint venture which will include activities such as creating awareness of opportunities surrounding Fintech in Egypt, encouraging entrepreneurs to start new Fintech enterprises, and supporting Fintech startups as they develop, pilot and launch their products and services. This alliance was cemented at a joint “Meet the…

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Finastra announced that National Bank of Egypt (UK) Limited is deploying Fusion Treasury and Fusion Risk. The treasury and risk solutions will be tightly integrated with the bank’s existing Fusion Equation core banking system – helping the bank to deliver a more comprehensive and superior service. James Pinnington, Head of Capital Markets & Investment Management, Northern Europe, Finastra said, “Banks recognize that clients today want more joined-up finance, risk, payment and working capital services and expect fast, transparent, 24/7 access to these services. A joined-up approach that fully integrates the treasury, risk management and regulatory functions at the heart…

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The Venture lab at The American University in Cairo, an university-based startup accelerator in Africa and the MENA region, and Temenos, the Swiss banking software company, have announced their intention to collaborate and strengthen the fintech ecosystem in Cairo. Temenos will support financial innovation in Egypt by providing startups with access to the world’s number one core banking solution to be used as their development environment. Sandbox Service A key aspect of the collaboration will see Temenos provide a sandbox service to the startups utilizing the accelerator. This sandbox, a non-production cloud-based version of the best-selling Temenos T24 core banking system,…

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