FinTech Partners: Nigeria miles away from financial inclusion
Businessam Staff
December 13, 2019
Nigeria’s journey to becoming the Giant of Africa, especially in financial inclusiveness, is farther than it appears, as its payments market fell behind other African nations like Kenya, and South Africa in FT Partners’ FinTech Industry Research; only 6% of the nation’s bankable population has mobile money accounts. The report, rated the most populous black nation behind Kenya’s 73% and South Africa’s 19%. Also, Nigeria’s Smartphone penetration (27%), accounts in financial institutions (39%) and debit/credit card ownership (35%) all fell behind Kenya’s 60%, 56%, […]
Nigerians’ apathy to .ng denies economy potential revenue
Omobayo AzeezNovember 12, 2019
By Omobayo Azeez Low registration for Nigeria’s top level domain name, .ng, is responsible for loss of money to foreign economies by the Nigeria state, Business A.M has gathered. This notion persists even has Nigerian identity on the internet, .ng, rose by 18 per cent year-on-year to hit 149,508 as at the end […]
Visa launches payment security suite; advocates holistic protection of ecosystem
Businessam StaffNovember 6, 2019
By Omobayo Azeez Global digital payment service provider, Visa, has introduced a suite of innovative security capabilities to prevent electronic payment fraud, harping on complete protection of the electronic payment ecosystem. The new cybersecurity suite launched at Visa’s Central & Eastern Europe, Middle East and Africa (CEMEA) Security Summit 2019 in Barcelona, Spain, is designed […]
Airtel Africa partners Finablr to widen cross-border payments to 100 countries
Omobayo AzeezOctober 22, 2019
By Omobayo Azeez Telecoms services provider, Airtel Africa, and global payment and foreign exchange platform, Finablr, have inked a partnership agreement to leverage their strengths to facilitate inbound and outbound cross-border payments. A statement jointly signed by the duo on Tuesday, explained that as result of the arrangement, Airtel Africa mobile money operations […]
Analysts see growth potential in fintechs despite Nigeria’s offline status
Justice OkamgbaSeptember 3, 2018
Nigeria’s offline status has not impeded the progress of fintechs, rather it portends a huge growth potential for them as the country seeks to achieve the online status, analysts have said. According to them, Africa’s most populated nation’s offline status has been heavily linked to the ratio of cash transactions to online, which is estimated […]
Mines secures $13m series A funding to grow digital credit platform in emerging markets
Businessam StaffAugust 13, 2018
Mines, a fintech startup re-inventing credit in emerging markets, has closed a Series A round of $13M led by The Rise Fund, a global fund managed by TPG Growth. However, Mines plans to use its investment for talent acquisition, continued growth in Africa, and expansion to South America and South-East Asia. Mines provide a credit-as-a-service […]
Nigeria’s Secapay, Wallet.ng among finalists of Ecobank Fintech Challenge 2018
Businessam StaffAugust 8, 2018
Ecobank Group has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. The Ecobank Fintech Challenge is designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and the world. The list of the finalists includes eleven (11) fintech start-ups […]
IMF expands fintech advisory group to step up analytics on technology innovation
Businessam StaffJune 4, 2018
Christine Lagarde, the managing director of the International Monetary Fund (IMF) announced Monday the expansion of the Fund’s High Level Advisory Group on Finance and Technology, to strengthen the representation of national authorities and international organizations. The group is composed of 19 members who are highly-experienced experts and respected leaders in the field of finance […]
African regulators urged to support blockchain to transform continent’s farming, commodity trading
Businessam StaffMay 9, 2018
The regulatory environment in Africa has been urged to support blockchain technology for transformation of farming and commodities trading on the continent. Sandra Ro, CEO of the Global Blockchain Business Council (GBBC) and chief operating officer of London-based UWINCorp Ltd, the blockchain business aiming to transform farming and commodity trading in the developing world, said […]
UBA partners MasterCard, introduces ‘Quick Response’ digital payment collection solution for SMEs
Businessam StaffMay 7, 2018
Pan African Financial institution, United Bank for Africa (UBA) has again disrupted the e-payment space with the introduction of Master Pass ‘Quick Response’ (QR) Bot. The revolutionary solution enables the micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account. Developed […]