Kenya’s National Treasury has launched a public consultation on a new bill and policy aimed at regulating cryptocurrencies and virtual asset companies, including crypto exchanges. This comes after the International Monetary Fund (IMF) raised concerns that Kenya is falling behind in regulating the sector. The new bill could help solve the confusion that has stopped banks from dealing with cryptocurrencies. It also provides an opportunity for crypto exchanges like Binance, which have been operating without official approval, to work under a clear set of rules. The National Treasury said the bill and policy will help manage and grow the virtual…

Visa has launched the Visa Accelerator Program, a three-month initiative to help African startups grow and create new solutions in the financial sector. The program is open to startups at the seed to Series A stage that have market-ready products tackling key challenges in payments and fintech. To qualify, startups need to have a minimum viable product (MVP) that works, proven success in their market, and either be operating in Africa or have plans to expand there. Through this program, startups will get access to Visa’s cutting-edge technology, expert guidance, and global network to help them develop and scale their…

The E-Invoicing Exchange Summit will return to Dubai from 10 to 12 February 2025, as the Middle East and Africa experience a rapid shift towards e-invoicing and VAT reporting. Building on the success of its previous edition, the summit will address the region’s specific needs and advancements in digital transformation, highlighting the UAE’s leading role in e-invoicing adoption. The UAE’s ambitious plan to expand e-invoicing compliance by 2026 underscores its commitment to innovation and a digitally-driven economy. The summit will provide practical guidance on achieving e-invoicing compliance, improving efficiency, and managing tax compliance risks. Experts will discuss the integration of…

In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…

The Government of Rwanda has unveiled a five-year fintech strategy, setting out ambitious goals for the sector by 2029. These goals include expanding the sector to 300 fintech companies, creating 7,500 new jobs within the sector, and achieving an 80% fintech adoption rate, representing a significant leap from the current stage of the industry. The Rwanda Fintech Strategy 2024-2029, developed in collaboration with the National Bank of Rwanda (NBR), Rwanda Finance Limited (RFL), Capital Market Authority (CMA) and Access to Finance Rwanda (AFR), aims to transform Rwanda into a hub for financial services in Africa and establish the country as…

Yellow Card has been issued a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa. Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent.This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa. Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in…

Volante Technologies announced a strategic partnership with Standard Bank to modernize payment infrastructure across the African continent. The landmark partnership, which is already live in South Africa, leverages Volante’s Payments as a Service (PaaS) and Embedded Preprocessing, which works alongside current infrastructure, centralizing multiple payment formats and standards into a consolidated system. This enables the bank to take a big step forward towards achieving its broader, long-term transformation strategy. These solutions streamline the bank’s domestic and cross-border real-time, high-value, and bulk payments, reducing complexity, enhancing efficiency, and improving the customer experience for Standard Bank’s Corporate and Investment Banking clients. “Our collaboration with…

Moniepoint, one of Africa’s fastest-growing fintech, announces it has raised US$110 million in equity financing. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has a track record of serving customers across Africa. Initially focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint has grown into Nigeria’s leading business banking provider. The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity…

Yellow Card announced the closing of its Series C financing. The US $33 million equity financing was led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. This financing marks a significant milestone for the company and the African FinTech industry as a whole, as it validates the vision and progress for stablecoins on the continent and practical applications for the technology worldwide. “This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said…

Morocco’s CIH BANK has partnered with digital banking software provider Backbase to improve its digital banking services for millions of customers. CIH BANK will use Backbase’s platform to update its digital infrastructure and offer more personalised services. The bank aims to simplify the account opening process for both local and international customers and provide specific financial solutions, including student loans and investments, to strengthen customer relationships. Backbase’s Engagement Banking Platform will help CIH BANK introduce new features efficiently while retaining control over future developments. The platform’s modular, flexible structure, combined with its user-friendly design and built-in capabilities, will support the…

The Milken Institute and the Motsepe Foundation announced the 10 teams advancing to the Semifinalist Round of the Milken-Motsepe Prize in FinTech, with each team receiving $100,000 in funding. Responding to a global call for applications, this prize supports innovative solutions to expand access to tools necessary for financial inclusion across emerging and frontier markets. The Semifinalists will participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit December 5-6, 2024, in Abu Dhabi, UAE. During this event, the 10 teams will pitch their innovations to a panel of expert judges and investors, and three teams…

Instant and secure payments can act as a multiplier to help businesses and economies thrive and grow. To further Mastercard’s vision of bringing immediacy to card payments, the company today announced that South Africa will be the first market in the world to benefit from the security and speed of immediate Mastercard card payments. Through product innovations, enhancements to its network and strategic partnerships, Mastercard will enable acquiring banks to process real-time card payments. For the first time, all merchants in South Africa who accept Mastercard payments will receive faster payouts, empowering businesses with better cashflow management and faster funds…

The GSMA MWC Kigali will return to Rwanda from 29-31 October 2024, bringing together innovators and political leaders from across Africa to discuss the continent’s digital future. Held at the Kigali Convention Center, the event will focus on driving the digital economy forward and fostering socio-economic development. The conference will feature keynotes and panel discussions centered around four main themes: Connected Continent, The AI Future, Fintech, and Africa’s Digital DNA. Confirmed speakers include prominent figures such as Airtel Africa’s CEO Sunil Taldar, Amini Founder & CEO Kate Kallot, GSMA Director General Mats Granryd, ITU Secretary-General Doreen Bogdan-Martin, and Republic of…

South African digital bank, TymeBank, has surpassed the milestone of 10 million users just under six years after its launch in 2019. The bank, which is the first digital bank in Africa to reach profitability, now holds close to R7 billion (US$402.5 million) in customer deposits, making it one of the fastest-growing bank in South Africa based on deposits for 2024. TymeBank has also disbursed over US$600 million (R12 billion) to more than 80,000 small businesses across the country, a growth boosted by the acquisition of Retail Capital, a fintech company that provides funding to SMEs. This acquisition has been…

In June 2021, the Tanzania Startup Association (TSA) co-hosted a Public-Pricate Dialogue in collaboration with the Ministry of Information, Communications, and Information Technology (MICIT). This event brought together government ministries, departments, and agencies, alongside startup companies, incubators, accelerators, and other key stakeholders from the startup ecosystem. The dialogue, chaired by former Minister of Information, Communications, and Information Technology, Dr. Faustine Ndugulile, focused on identifying the critical challenges facing startups and developing actionable strategies to address these issues. National Framework for Regulatory Sandbox A significant challenge identified during the dialogue was the issue of market access for startups, particularly the regulatory…

Ecobank, the pan-African Bank, has announced the top finalists for the first-ever and inaugural 2024 Ecobank Fintech Challenge Hybrid Semi-Final event held at the Ecobank Pan African Centre in Lagos, Nigeria. The finalists were selected from a cohort of 40  Fintechs that made it to the semi-final stage of the competition. This year’s challenge attracted over 1,550 applications from 70 countries in Africa and other global regions. The finalists will showcase their innovative solutions at the Ecobank Fintech Challenge Grand Finale, scheduled for 27 September 2024, at the Ecobank Pan African Centre in Lomé, Togo. The event will be streamed live on…

In 2024, Africa’s participation in global blockchain deals has significantly grown, underscoring the continent’s emerging influence in the global blockchain industry. In H1 2024, Africa recorded its highest-ever share of blockchain venture capital (VC) rounds, reaching 1.8% of the global deal count, an increase from 1.3% in 2023, according to a new report by CV VC, a Swiss blockchain VC firm. The “African Blockchain Report 2024”, released on July 16, 2024 in partnership with the pan-African bank Absa Group, examines funding activity in Africa and highlights emerging investment trends. The report reveals that not only is Africa increasing in prominence…

In Africa, reliance on technology and digital platforms is rapidly growing. A new survey by Backbase, a Dutch engagement banking platform provider, reveals that banks are prioritizing digital transformation, focusing on enhancing operations and integrating advanced technologies like cloud computing and artificial intelligence (AI) to boost customer satisfaction and accelerate the launch of new products. The study, which polled 155 banks in Africa, reveals that 76% of the respondents view digital transformation as either their biggest or one of the three biggest priorities, showcasing that banks in Africa are recognizing the need to leverage digital technologies to change how their…

The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…

The usage of buy now, pay later (BNPL) services is increasing in South Africa, driven by the country’s large population of financially unserved and underserved consumers, growing e-commerce activity, and challenging economic conditions. A 2023 study by South African payments service provider Stitch, which surveyed over 300 consumers, revealed high usage of BNPL arrangements, with 56.5% of respondents indicating having used it for online purchases, and 41.1% when booking travel online. These results align with data from BNPL provider PayJustNow, which reported a 105.8% year-on-year growth in gross merchandise value in 2023. PayJustNow is one of South Africa’s leading BNPL…