Author: Fintechnews Africa

Vodafone Egypt, the largest mobile network operator in Egypt in terms of active subscribers and Tpay Mobile, a digital payment enabler in the Middle East and Africa, announced the launch of Direct Carrier Billing (DCB) on the Google Play store. Through this partnership Tpay Mobile, which operates in the UAE, Egypt, Saudi Arabia, in addition to seven other countries, enables Vodafone Egypt subscribers to purchase from Google Play and conveniently charge the payments to their mobile phone bill or deduct them from their airtime balance. For the first time in Egypt, all of the 41 million Vodafone subscribers have the…

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CREST, the not-for-profit accreditation and certification body for the technical security industry, has received a grant of $1.4 million from the Bill & Melinda Gates Foundation to help increase cyber security capacity in Nigeria, Uganda, Tanzania, Kenya, Ethiopia, Pakistan, Bangladesh and Indonesia. Robust growth, adoption and usage of digital financial services by the poor can help provide the means to participate in the formal financial sector, capture income generating opportunities and smooth consumption through savings and other financial products. The growing reliance on digital infrastructure and increasing sophistication of threat actors requires significant attention and investment in managing cyber risk.…

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In 2019, 80% of central banks were engaged in work related to central bank digital currency (CBDC), compared with 70% the previous year. Amongst these, 40% had progressed from conceptual research to experiments or proofs-of-concept, and 10% had developed pilot programs, according to a new survey by the Bank for International Settlements (BIS). The study, which was carried out in the latter part of 2019 and included participation from 66 central banks, found that monetary authorities around the world continued to work on CBDC in 2019 with some accelerating deployment. Respondents cited several motivations and reasons why they investigated CBDCs…

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Net 1 UEPS Technologies, announced that it has exercised its option to acquire an additional 35% interest in Bank Frick, a fully licensed bank based in Balzers, Liechtenstein for approximately USD 46.4 million, subject to certain purchase price adjustments. he transaction is subject to approval from the Liechtenstein Financial Market Authority and is expected to close in March 2020. Following the successful completion of the additional investment, the Company will own 70% of Bank Frick with the Kuno Frick Family Foundation owning the remaining 30% interest. Herman Kotzé: “Combine the benefits of Bank Frick with the technical capabilities of Net1.”…

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Egypt’s multi-partner backed FinTech accelerator program Startupbootcamp-Pride FinTech Cairo holds its first Demo Day to present 10 graduating startups to investors, industry experts and entrepreneurship ecosystem stakeholders on the 22nd of May. The maiden programme was first announced officially in April. SBC-Pride FinTech Cairo’s first Demo Day comes after three months of an intensive acceleration program, more than 180 one-to-one matchmaking sessions, awareness, engineering, validation, pitching and growth-hacking modules, all resulting in 14 proof-of-concept engagements. Building on the importance of financial inclusion and its effect on Egypt’s GDP, the 10 FinTech startups will take center stage and pitch their innovative…

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The World Bank has set aside US$200 million for Egyptian SMEs hoping to create job opportunities for the kingdom’s youth. The project, called ‘Catalyzing Entrepreneurship for Job Creation’, will funnel about US$145 million to grant loans for small businesses—especially those led by youth, women, and first-time borrowers across the country. Loans would be granted via non-bank financial institutions. The initiative will also provide funds to various coaching and mentorship platforms to help up-and-coming entrepreneurs to develop the skills and insights necessary to succeed in their ventures. Additionally, 25% of the total investment, which amounts to roughly US$50 million, will be…

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Why Egypt’s Fintech Boom is Inevitable

Here are a few facts about Egypt. The country is home to 100 million people, making it the most populous nation in the Middle East and North Africa. Among these numbers, 84% of the people were unbanked in 2018. According to an article hosted on the American Chamber of Commerce in Egypt, commercial banks have largely ignored the masses, preferring to focus on long hanging fruit—fat corporate loans financed by wealthy savings accounts. That’s not all. Clunky and lengthy onboarding processes for individual bank accounts, mistrust in banks’ ability to actually steward their money and the impression that banking is…

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The Central Bank of Egypt (CBE) will establish an EGP 1 billion innovations support fund to finance Egypt’s fintech startups—called the Central Bank’s Financial Technology Unit. The announcement was made by Ayman Hussein, Deputy Governor of the CBE at the Arab African Forum in Aswan, Egypt during a panel discussing the impact of financial technology and innovation on Africa. The fund, which is set up with the Egyptian government, will support fintech startups and fund research into the financial services space with the goal of establishing the country as a fintech hub. The CBE will also be launching an Innovative Financial Technology…

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10 Top Fintech Startups in Egypt to Keep an Eye On

As one of the most populous countries in the Middle East topped with a large unbanked population Egypt is fertile for fintech to flourish. Recent report indicates that fintech is one of the fastest growing sector in Egypt. As in stands Egypt’s fintech ecosystem consists of roughly 40 players including 16 startups, 9 financial institutions as well as incubators, hubs, investors and microfinance institution. So who are the top fintech startups in Egypt? As it still a relatively nascent market we feel it would be too pre-mature to say definitely these are the top players but we still feel it…

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Allianz X, the digital investment unit of the Allianz Group, announced today it has received additional investment from Allianz SE, increasing its fund size to €1 billion. The increase is the result of Allianz X’s investment track record, successful collaborations with growth companies as well as the contribution towards the Group’s overall digital transformation strategy. The funds will be used to make additional direct investments in digital companies globally that are strategically relevant for the Allianz Group. Allianz X becomes one of the largest European firms dedicated to digital investment by fund size, uniquely leveraging the world’s leading insurer and…

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Standard Chartered today announced the start of the second phase of its digital-only retail bank across Africa. In response to growing consumer demand for innovative banking services on the continent, the Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow. Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the…

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Fintech and The Digital Banking Impact for Africa

The unique environment for financial services in Africa is fertile ground for innovative FinTech players who are not only disrupting but also building it from the scratch which is bringing Financial inclusions and attracting other investments across the continent. New technological advancements are the real game-changers for the banking and finance industry, especially in FinTech Start-ups. FinTech players and the incumbent banks have the potential to accelerate the digital transformation of financial services in Africa and to make financial services more efficient and accessible to under-served markets across the continent. FinTech players are playing a major role in shaping up…

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Peer to Peer (P2P) Lending Market is projected to grow at a CAGR of 51.5% from 2016 to 2022, to reach $460,312 million by 2022. With a decade’s experience handling mobile money solutions under their belt, a thoughtful and agile expansion strategy could put Orange Money in a good position to take advantage of this growth. The name Orange would not be too familiar to many Swiss, but many of us would probably be familiar with Salt telco—rebranded from the name Orange telco in the Switzerland and Liechtenstein regions respectively. In 2008, Orange Money was launched by the telco as a…

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Egypt’s A15 has just announced that they’re exiting UAE-based Tpay today, selling off its majority stake to Helios from Africa. Now collectively holding 24% of the stake, A15 along with the current executive team will continue to lead the implementation of Tpay’s expansion phase, with input from its new owners. Prior to the sale, A15 held a 76% stake in the company. Established in 2014, Tpay was an early player in the open mobile payment platforms in the region and, today, holds a huge slice of the direct central billing (DCB) space, with availability across 16 countries including the Middle East…

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n a first for Nigeria, customers of United Bank for Africa can now conduct their favorite banking activities in a secure and convenient manner, by communicating with their bank in a verified WhatsApp chat. This capability is made possible through Clickatell Transact’s Control platform integrated with the WhatsApp Business API. The Control platform for Chat Banking allows banks to roll out commonly used banking activities like checking balances, money transfer and purchasing digital products and services across popular communication channels like USSD and now WhatsApp. The platform offers flexibility, reliability, fraud and risk management for banks and a convenient on-demand…

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Egypt-Fintech-Ecosystem-2018

In Egypt, fintech is set to play a key role in providing basic financial services to the large pool of unbanked people, according to experts and industry observers. Egypt is the most populous nation in the Middle East and North Africa (MENA) with nearly 100 million people, 52% of which are below the age of 25. But only 14% of adults had a formal bank account as of 2014, accordingto the World Bank Global Findex database. Egypt’s young population, large pool of unbanked and high mobile penetration rate (more mobile subscriptions – 110 million – than its population) represent an opportunity…

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Fintech South Africa

Market demand for innovative products and services has been pushing fintech innovation in South Africa. In respond to the rapid development of fintech, the South African Reserve Bank (SARB) established a three-man fintech unit in January to monitor the impact of new technology developments on the traditional banking sector. The dedicated full-time team is reporting directly to deputy governor Francois Groepe. “Its primarily responsibilities are expected to include the facilitation of the development of appropriate policy frameworks for the SARB across the fintech domain,” Groepe explained. “Given the rapid developments in financial technology it is evident that we are potentially…

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Insurtechs enable insurance carriers to innovate much faster than they do today. Their innovative solutions dramatically improve the primary process of insurance carriers; they take away the frictions that customers experience when dealing with an insurance firm. We believe that connecting insurance executives with insurtech leaders will increase the relevancy of insurers. It will close the gap between what customers expect and insurers offer. New digital technologies also result in dropping market entry barriers and allow the emergence of new business models. This article features ten insurtechs that look beyond the current frictions and the current primary process. They understand…

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