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Banking & Finance

Prepaid payment solutions drive cash out of Africa’s economies

Mastercard and prepaid processing and payments solutions provider, Global Technology Partners (GTP), signed a partnership agreement that will result in the latest prepaid solutions being made available across Africa to government institutions, financial services and corporate sector and consumers. The partnership will enable the development and implementation of a wide range of solutions across various […]

Financial firms hit with million dollar losses per cybersecurity incident

The costs associated with cyberattacks on the financial sector are rising as organisations face increasingly sophisticated threats. New research by Kaspersky Lab and B2B International reveals the scale and impact of attacks, with financial firms facing losses of nearly a million dollars ($926,000) on average for each cybersecurity incident they face. The staggering figure is […]

Housing Bank Algeria selects Infosys Finacle to power its operations

The Housing Bank, one of the most respected banks in the Middle East, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the selection of the Finacle Suite of Solutions to power the bank’s operations in Algeria. The bank has chosen to deploy the Finacle Core Banking, Trade Finance and Internet […]

IFC and CDC invest up to $35 million to support Kenya’s economy through warehousing development

IFC, a member of the World Bank Group, and CDC Group, the UK’s development finance institution, will invest up to $35 million in Africa Logistics Properties Holding (ALP), a developer and manager of modern, grade-A warehousing, filling an important gap in logistics infrastructure in the region. The investment – $10 million from IFC and $25 […]

Bitbond and BitPesa partner to improve financing of African SMEs

Global SME lending platform Bitbond and African payment services provider BitPesa announced today that they are joining forces to improve access to financing for SMEs in Africa. Bitbond, which is based in Berlin, Germany, connects fixed-income investors with small business owners who need loans. To make global cross-border lending possible, the platform uses the bitcoin […]

250,000 African merchants will be financially empowered by Masterpass QR

Merchant service provider, Kopo Kopo, announced their partnership with Mastercard today to roll out Masterpass QR across 11 markets in Sub-Saharan Africa, impacting over 250,000 micro and small businesses over the next five years. The announcement was made during the inaugural Financial Times Africa Payments Innovation Summit, in Nairobi, Kenya. The mobile payment solution will […]

Kenyans abroad are the biggest senders of mobile to mobile remittances

To mark the 10th anniversary of ground-breaking mobile money service M-PESA, WorldRemit has released new data showing that the Kenyan diaspora is the biggest sender of digital remittances to mobile accounts. Transfers to mobile money accounts make up 93% of WorldRemit transactions to Kenya now – showing that Kenyans continue to be early adopters of […]

Mastercard to support development of Ghana’s digital payment ecosystem

In support of Ghana’s Vision 2020 goals, Mastercard has committed its support to helping the country develop a cashless economy, in furtherance of its push to be an economic powerhouse in Africa. This was highlighted during a recent discussion between Mastercard and Ghana’s new Vice President, Alhaji Dr Mahamudu Bawumia. With aspirations of becoming an […]

WISeKey to set up Blockchain-IoT centre of excellence in Rwanda

WISeKey International, a Swiss based cybersecurity company, announced during its participation at the Rwanda Investment Board Blockchain event, the intention to establish a Blockchain-IoT Centre of Excellence in Rwanda. The Centre will deploy a Trusted Blockchain as a Service platform to enable the creation of a Blockchain Ecosystem in Rwanda. The project is part of […]

WorldRemit mobile money transactions from Tanzania reach 10,000 monthly mark

Digital money transfer service, WorldRemit is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad. WorldRemit announced a new record of 10,000 unique transactions completed in the month of December 2016 alone, and 150% YoY growth in 2016, driven primarily by […]

African entrepreneurs to meet at Sage Summit in Johannesburg next month  

Sage, a global vendor for integrated accounting, payroll, human resources, and payment systems, will welcome over 1,000 entrepreneurs, small and medium business owners and Sage business partners from around Africa and Middle East at the Sage Summit Tour. The event takes place at the Sandton Convention Centre, Johannesburg from 7-9 March. Sage Summit Tour was […]

MicroSave and MasterCard target Africa francophone markets for fintech education

MicroSave, in partnership with MasterCard Foundation, launched a new programme to develop tailored training courses in digital financial services in francophone markets of Africa. The programme is expected to benefit over 250 digital financial service providers and will focus on the WAEMU region, the Democratic Republic of the Congo, and Madagascar. Additionally, a digital financial […]

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