Finance
How Card Swipes Point to Economic Recovery in South Africa
Sourced from Htxt.Africa Following months of uncertainty, data from FNB shows that businesses are already seeing signs of recovery as card swipes at merchants point of sale devices rebound close to pre-pandemic levels. Purchases recorded on FNB Speedpoint devices show that transactions recorded in August, when the country moved to level 2 of lockdown, recovered to 93.2% compared to February this year. In the same month, merchant transactions recorded across six provinces were already above pre-pandemic levels, with Free State and Gauteng at 90%, followed by the Western Cape at 70%. Signs of recovery were already apparent in July when the country was still on level 3 of lockdown, where activity had recovered to roughly 86% compared to pre-pandemic levels. Gordon Little, CEO of FNB Business,...
Mastercard and Zimswitch Partner to Transform Payments Sector in Zimbabwe
Mastercard and Zimswitch have partnered in an attempt to modernise Zimbabwe’s payment infrastructure – something that the companies believe will support the country’s Reserve Bank’s vision of an interoperable payment system that supports inclusive economic growth and boosts the digital economy. “We see this partnership as a positive development that will help us achieve our long-standing vision and our strategic plan to modernise payments systems and infrastructure, and build an inclusive financial sector that supports the socio-economic development of the country,” says John Mangudya, Governor of the Reserve Bank of Zimbabwe. Utilising Mastercard’s global network, Zimswitch will launch a co-branded contactless card programme that features EMV technology to enable safer, smarter and more s...
UnionPay and Interswitch Partner to Digitise Payments across Africa
UnionPay International and Interswitch East Africa have partnered to support digitalization across the continent, allowing cardholders and merchants within the region to transact seamlessly and conveniently across various platforms on the global UPI network. The agreement with Interswitch will facilitate UnionPay card acceptance across ATMs, Points-of-Sale, QR Payments and online payments, thereby consolidating the existing partnership with Interswitch in West Africa, helping to drive wider acceptance on the continent. These initiatives are expected to ultimately enhance the current payment landscape and in turn, improve the lives of the mass markets in Africa. “UPI and Interswitch East Africa share a mission to provide convenient and secure payment solutions across Africa, and this p...
Luno is Acquired by Global Blockchain Investor
South African-founded Luno has been acquired by Digital Currency Group (DCG) – a global enterprise that builds, buys and invests in blockchain companies. Luno began in South Africa in 2013. It now has five million customers spanning over 40 countries as well as almost 400 employees based in London, Singapore and South Africa. Led by co-founder and CEO Marcus Swanepoel, Luno has become a digital asset powerhouse in many emerging and frontier markets, providing digital asset education, knowledge, and investment tools for individuals in Africa, Asia, Australia and Europe. The company is a leading exchange in several countries that have the highest percentage of cryptocurrency ownership, including South Africa (third-highest of its citizens owning digital currencies), Nigeria (fifth-highe...
What East Africa could Teach the Continent about Economic Growth
The 21st century is widely touted as the ‘African Century’, a period promising unprecedented economic and technological growth for the continent. Africa’s future looks bright. The continent features five of the ten fastest-growing economies in the world. Its population is the most youthful, with 60% of all African citizens under the age of 25. And the world’s largest free trade area in terms of participating countries, the African Continental Free Trade Area, is now active and expected to boost intra-African trade by as much as 52% by 2022. With Africa’s fortunes continuing to improve, one region stands out as a possible example to the rest of the continent. As the world starts its slow recovery from a year of constant disruption and immense challenges, a closer look at the continued econo...
Is Africa Heading towards a Cashless Society?
Sourced from Redbubble and iStock. Cash may have traditionally been king, but Covid-19 has contributed to a faster pace of digital payment adoption. Recently, two global fintech players discussed the emergence of a plethora of digital payments and debated if cash is on its way out. Omosalewa Adeyemi, Head of Global Partnerships and Expansion at Flutterwave and Nicolas Vonthron, co-CEO of Mama Money; explored the future of payments and banking in an increasingly digital world. Sending money home during the lockdown Vonthron says Mama Money’s digital offering grew five times during lockdown as users look for ways to send money home online following sudden border closures. “There are 5 million migrants in South Africa who came to find a better future for their families. At Mama Money, w...
Huawei and TPAY Join Forces to Drive App Monetisation
Huawei and TPAY have partnered to make it easier for content developers to monetise their apps on Huawei Mobile Services (HMS). This collaboration is expected to allow local MEA developers to fully utilise HMS’s In-App-Purchase (IAP) kit through TPAY’s direct carrier billing (DCB) service. This means that HMS users can pay for apps with just their mobile number. As a result, developers will get 100 per cent DCB coverage. “We are very excited to launch this strategic partnership with Huawei which will equip local and global developers with the tools they need to better monetise their services through In-App-Purchases capabilities,” says Sahar Salama, Founder and CEO of TPAY Mobile. “This agreement further extends the value of TPAY for top global merchants who are aspiring to scale their bus...
Nigerian banks urged to address increasing numbers of customers visiting daily
Prof. Olayinka David-West of Information Systems/Academic Director, Lagos Business School, has urged banking institutions to embrace digital economy to address the increasing numbers of people visiting their branches daily. David-West gave the advice on Saturday at the first ever Virtual Graduates’ Induction and Prize Awards Day organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Newsmen report that theme of the programme was: “Digital Economy: The Role of Professional Bankers”. David-West said: “Our financial services ecosystem has recorded significant progress in areas like Bank Verification Number (BVN) and Instant Payments. “The surge on bank branches after the first phase of the lockdown presented some interesting challenges to the ecosystem and the digital eco...
Sevilla sign Oscar Rodriguez from Real Madrid
Real Madrid midfielder Oscar Rodriguez has joined Sevilla on a five-year contract, the clubs announced on Sunday. Oscar came through Madrid’s youth system but never made an appearance for the first team and has spent the past two years at Leganes, scoring 13 goals and making six assists. The Spaniard was one of Leganes’ key players last term, even as the club were relegated from the top flight. He has earned a particularly strong reputation as a free-kick taker, after scoring four goals last season from 16 attempts. Sevilla have paid Madrid around 15 million euros ($17.9 million) to sign Oscar, according to reports in the Spanish press. “The 22-year-old signs with the club for the next five seasons,” read a statement from Sevilla, who added he has a “powerful shot and an excellent set-piec...
Central bank grants 9mobile service payment bank license
9PSB (Payment Service Bank), a subsidiary of 9mobile, says it has been granted approval by the Central Bank of Nigeria (CBN) to commence operations in the country. 9mobile, in a statement on Saturday, said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem. It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others. Speaking on 9PSB’s entrance into Nigeria’s financial sector, 9mobile Chief Executive Officer, Alan Sinfield, said there was a huge potential in the market and 9PSB was strategically positioned to expand its operations into financial services. “W...
South African Crypto Exchange Reaches 5 Million User Milestone
Luno has announced that has registered over 5 million customers in over 40 countries and has now made its platform available in Australia. The launch comes shortly after the crypto exchange revealed it would also be available in the UK. Marius Reitz, Luno’s GM for Africa, says that key factors in the decision to enter the Australian market also included the young age of the population as well as disposable income. “Our African expansion is moving steadily forward and we recently launched in Zambia and Uganda. Luno is on an expansion drive and the Australian crypto landscape ticked many of the boxes on our checklist.” Australia has seen a five-fold increase in the number of fintech companies in the past five years. Almost 60% of the digitally active adults in the country are considered fint...
Afreximbank clinches African Banker’s Debt Deal of the Year award
The African Export-Import Bank (Afreximbank) has been announced the winner of the Debt Deal of the Year Award at the 14th Annual African Banker Awards 2020. The awards, which held virtually on Wednesday, recognized institutions and individuals driving growth and development in Africa and creating new economic opportunities for citizens and communities across the continent. The Debt Deal of the Year Award was granted to Afreximbank for a EUR 1 billion syndicated senior loan facility arranged with Credit Suisse for Nigeria’s Bank of Industry. The funds have supported the Bank of Industry’s (BoI) work expanding, diversifying and modernizing Nigeria’s industrial sector. Having originally been sized at EUR 750 million, the debt raising was successfully upsized to EUR 1 billion through a general...
