fintech
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Quality FinTech Solutions In Africa
The African continent is an exciting market where financial technology gets implemented every day. The impact these financial technology solutions are having on the financial sector in Africa is tremendous. Financial technology, or FinTech, has proved to be a good and more effective alternative to traditional banking systems in different parts of Africa. The FinTech creates a very advanced environment that promotes value, quality financial solutions, and efficiency gains. FinTech is constantly improving the financial sector across many countries on the African continent and stimulates innovation as well as creativity and productivity in many different sectors. In many countries, the banking sector relies heavily on good FinTech solutions that reduce the cost of banking operations and incre...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Egyptian Fintech Startup Offers Online Payment Platform for Students
Sourced from Innovation Village. Local fintech startups Klickit (previously known in the market as Q-Less) and Paymob are officially enabling digital payments for educational entities affiliated with global advisory and educational management firm GEMS Education. This agreement will allow parents of students in GEMS schools across Egypt to make tuition payments online for over 6,000 students. The model is expected to be rolled out to more countries in the future. The GEMS network includes more than 250 schools in 13 countries, of which four are in Egypt, namely The British School Al-Rehab, Madinaty Language School, Madinaty Integrated Language Schools (MILS) and The British International School Madinaty. “Our partnership with Klickit is driving our digital transformation goals forward. Thr...
Doing Business in a Post-Lockdown World
Sourced from Business News Daily At the beginning of March, few anticipated the significant impact the COVID-19 pandemic would have on the lives of all South Africans. As the gradual easing of the strict lockdown conditions continues, thoughts turn to how companies will begin their recovery. Ian McAlister, GM of CRS Technologies, looks at what to expect. From Friday 1 May, South Africa transitioned to Level 4 lockdown conditions which will result in several more industries resuming operations, albeit in a limited capacity. And while all the details around operational issues are still to be confirmed, expectations are that at least 1.5 million South Africans will be returning to work. In part, this is designed to get the economy back up and running following several weeks of virtual non-act...
