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…

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…

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…

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…