Kenyan banks are looking to take on mobile money leader M-Pesa by growing their own mobile money offerings, either by building their own platforms or by building on existing platforms, including M-Pesa itself. The move comes as a market report shows that the COVID-19 pandemic had a marked impact on non-cash payments to banks, with many banks quickly improving their digital offerings to remain competitive.
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AfDB calls for proposals for digital financial inclusion
he African Development Bank (AfDB) is calling for project proposals to help foster greater access and use of digital financial solutions in Africa. The initiative will be delivered via the Africa Digital Financial Inclusion Facility (AFDI), which aims to eliminate obstacles to the development and application of digital financial solutions. The call for proposals will select initiatives to promote access, quality, and usage of financial services as drivers of sustainable financial inclusion, particularly among the most vulnerable, including women, youth, and small businesses.
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Kenya sees competition among banks in AI adoption
In Kenya, seven banks are competing in the adoption of artificial intelligence (AI) in the sector. The banks are using AI in customer service, fraud detection and anti-money laundering efforts. The adoption of AI by the banks is expected to improve efficiency and reduce costs.
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PennyTree launches retail banking app
Fintech company PennyTree has launched a new app that provides retail banking services for individuals and merchants. Through the app, users can carry out regular banking activities such as transfers, save funds in a secure wallet and create business accounts. The company also announced the launch of a merchant community to serve as a support group for merchants at different levels of scale. The community is open to merchants at any stage of their growth journey, as well as individuals looking to start a side hustle.
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Stanbic IBTC Rejigs Board
Stanbic IBTC Holdings has appointed Stanley Jacob as head of its fintech subsidiary, Stanbic IBTC Financial Services, following regulatory approval. The appointment comes alongside several other changes at the financial holding company’s subsidiaries. CEO Demola Sogunle said the appointments were in line with the firm’s tradition of rewarding excellence and would strengthen its capabilities for better customer service delivery.
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Digital Equb: Modernizing Ethiopia’s revered socio-economic asset
Ethiopian tech-startup Digital Equb has developed an app that modernises the country’s traditional rotating saving and credit scheme, known as Equb. The app enables people to become members of the scheme without being physically present and enables contributions to be paid through mobile banking or telebirr. Digital Equb’s CEO said the app has been downloaded by more than 7,000 people, but only 400 have completed the necessary registration. The platform charges a service fee of between 2% and 5% depending on the amount of money collected after a lottery draw.
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Demand for digital identity verification surges across Africa
Pan-African fintech firm iiDENTIFii is expanding its enterprise-grade face authentication platform across 20 countries in Africa, following increased demand from existing and new clients for identity verification and authentication services. The company’s platform, which has trained its algorithms across millions of face match operations on the continent, offers proof of biometric liveness and facial authentication, as well as identity document verification and facial biometric verification. CEO Gur Geva said the company aims to be the “leading enterprise-grade identity verification and authentication provider on the continent.”
Categories: FintechTags: KYC -
Kenyan Regulatory Agencies Begin Work on a Comprehensive Legal Framework for Crypto
Kenya’s Joint Financial Sector Regulators (FSRB), consisting of five regulatory bodies, will work on recommendations for the development of an oversight framework for cryptocurrencies, players and activities in Kenya. The FSRB’s main role is to enhance collaboration between organizations on legal and policy issues, regulation and supervision, and information sharing. The group also wants to coordinate the development of a framework for promoting the adoption of technology and innovations in the financial services sector to help with effective regulation and supervision. The FSRB will submit recommendations to the Kenya Ministry of National Treasury and Economic Planning.
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Nigerian Banks and Fintech Companies Suspend International Transactions on Naira Cards
Several Nigerian banks and fintech companies have suspended international transactions on naira cards. The directive, which is set to come into effect on December 31, will also affect offshore ATMs and point of sale (PoS) transactions across the country. The move is reportedly connected to the Central Bank of Nigeria’s (CBN) policy of reducing dollar spending abroad and saving foreign exchange for the economy. In March, financial institutions in Nigeria cut international spending on naira cards from $100 to $20 per month.