Managers of Wealth Africa

Africa’s $3bln payment startup Flutterwave presses ahead with IPO plans

Company growing its presence in the markets it is currently in and possibly seeking acquisitions

Kenyan fintech Zanifu raises $11.2m

The Zanifu Android app allows small retailers to procure inventory from their suppliers and pay once they have sold the goods.

Stanbic IBTC Holdings renames newly launched fintech division

Stanbic IBTC Holdings has adopted a new name for its financial technology arm that came to life in May after 16 months in the works, the financial services group

M-pesa entry into Ethiopia signals start of mobile money battle

Ethiopia offers a substantial market, with its population of 120 million, compared with Kenya’s population of 53 million.

Ivory Coast Raises Digital Awareness in West Africa Through ‘Responsabilité Numérique 225’

This initiative positions Ivory Coast as a forerunner in digital awareness and education in West Africa.

Mobile money in Ghana isn’t all good news: customers are paying a hefty price

Similarly, the total value of transactions increased to GH¢ 978.32 billion ($87 billion) in 2021, from GH¢ 571.80 billion ($50 billion) in 2020 according to the central bank.

FirstBank Nigeria launches humanoid robots amid digital customer interaction push

The first robot was installed at the Adetokunbo Ademola VI Lagos Digital Experience Center

Absa CIB joins Contour trade finance network

Many of Africa’s trade transactions are manual and paper-based, which slows down trade growth and creates another layer of complexity and costs.

Mastercard buys minority stake in MTN fintech business

The deal follows an earlier $100 million investment by Mastercard two years ago in MTN's chief rival Airtel Africa.

Unique mobile uptake rises to 64 percent

The Communications Authority of Kenya (CA) counts multiple SIM cards in a process that saw it place the country’s mobile uptake at 130.5 percent in the quarter ended March 2023.

Nigerian Exchange preps dollar settlement platform for fintechs

NGX is addressing this by securing approval from the Securities and Exchange Commission in the US to launch a technology board for fintechs and tech companies to raise capital.

FirstBank Launches Automated Self-Service Branch In UI

First Bank of Nigeria Limited has launched its second fully automated branch

Standard Bank eyes crypto in South Africa

Standard Bank, Africa’s largest lender by assets, will instead monitor the evolution of digital currencies while being mindful of the risks.

Zain Group reports net profit of 14% for Q2 2023

The mobile voice and data services operator reported that it served 52.7 million customers at the end of the period across seven countries

Robust growth in the value of e-payment transaction

Cumulatively, the total value of transactions processed through the NIP platform increased by 45% to NGN123.9trn in Q1 ‘23. .

Digital payment fraud on the rise in South Africa, warns Ombudsman for Banking Services

The South African Ombudsman for Banking Services says digital payment fraud is on the rise in SA.

Banking scam — international crime syndicate targets South Africans using smartphones

The banking ombud, Reana Steyn, has sounded an alert after her office recently received about 124 near-field communication (NFC) fraud-related complaints.

Nigeria’s biggest companies post losses worth $385mln as naira weakens

Apart from weakening the naira, the government has also ended a fuel subsidy that cost $10bln last year

How can Africa guard against cybercrime?

With increasing digitalisation and use of online and mobile transactions, cybercriminals are having a field day. What is the scale of the problem and how can global law enforcement head off the criminals?

Businesses should take steps to protect customer data or risk costly lawsuits

Last month, a well-known Kenyan business was allegedly hacked and customer details such as credit card data were published.

FinTech