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With 44% of UK adults facing financial vulnerability, a national strategy seeks to close the gap through policy, innovation, and education. In December 2024, HMT announced the appointment of a FinancialInclusion Committee, tasked with advising the government on developing the first-ever National FinancialInclusion Strategy.
Network International (Network), a leading payment solutions provider in the Middle East and Africa, has signed a memorandum of understanding (MOU) with GIM-UEMOA , the regional payment scheme which promotes electronic payments across the banking, financial and public administration sectors in West Africa.
Payments giant Mastercard is joining forces with Ethio Telecom , a telecommunications service provider in Ethiopia, in a move to enhance financialinclusion and wealth creation in East Africa. Mastercard also provides advanced analytics, anti-fraud systems, and digital identity verification to ensure secure payment solutions.
Mexico in Focus: Open Banking and FinancialInclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population.
Nigerian fintech Moniepoint has secured investment from digital payments giant Visa , enabling it to continue its mission to ensure financialinclusion for people across Africa. “Together, we aim to deepen financialinclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
During the past year we’ve seen some ingenious, innovative solutions addressingfinancialinclusion, and that will need to continue, says GPS CFO Richard Hodgson.
The report, titled “Her Fintech Edge: Market Insights for Inclusive Growth”, explores the representation of women within fintech portfolios and the factors influencing, and examines the performance of women customers compared to overall portfolios, considering loyalty, customer lifetime value (CLV), and default rates.
This strategic expansion aims to boost financialinclusion by providing efficient, affordable cross-border payment solutions to one of the world’s fastest-growing economic regions. In many countries, including Liberia, these funds help address food insecurity, drought, supply chain disruptions, floods, and debt servicing challenges.
The partnership seeks to address the significant credit gap faced by MSMEs in the region, which is estimated at US$2.5 Despite their crucial role in economic growth and job creation, nearly half of all MSMEs in Asia and the Pacific are either unserved or underserved by financial institutions. The post ADB, Mastercard to Bridge US$2.5
With many populations across Africa being underbanked, PayRetailers accelerates financialinclusion across the region by supporting businesses with their growth journey. Leveraging its extensive experience in Latin America, the company is well equipped to address the unique needs of African consumers and businesses.
The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financialinclusivity. Challenges to financialinclusivity Cross-border payment challenges disproportionately affect low-income individuals and small businesses in developing regions.
Stablecoins also addressfinancialinclusion challenges. SCB is now collaborating with Thai regulators to assess the pilot program’s success and secure approval for a broader rollout of the stablecoin wallet.
reflects a significant move toward cashless economies, influenced by fintech developments, financialinclusion policies, and new payment infrastructure models like 4GPN. The paper emphasises that 4GPN can address the needs of both banked and unbanked populations, across both emerging and mature markets.
Financialinclusion opportunities for Southeast Asia’s fintechs The report, released in December, explores the driving factors and key trends in Southeast Asias fintech market, highlighting Southeast Asias robust fundamentals which have been propelled the fintech sectors rapid growth. billion underbanked adults.
This launch operationalises the partnership established in 2022, aimed at promoting intra-African cross-border trade and enhancing financialinclusion. The service improves financial interoperability by making transactions faster, more convenient, and cost-effective for small and medium-sized enterprises (SMEs) and individuals.
Collaborative efforts align with the Indonesia Payment System Blueprint 2030, which prioritises innovation, financialinclusion, and economic sustainability. By incorporating iterative feedback from stakeholders, Bank Indonesia ensured the digital Rupiah remained relevant and effective in addressing real-world challenges.
The collaboration will advance financialinclusion and contribute to an even more accessible digital economy by facilitating the movement of funds from Jordan to 37 countries. We aim to address existing challenges in cross-border payments and seize opportunities through innovative solutions.
Whether you are a small business owner or a multinational financial institution, the central challenge remains consistent—ensuring that payment instructions are accurate and complete. To address this issue effectively, having a reliable source of truth for payment data is indispensable.
The platform addresses inefficiencies in legacy payment systems by offering improved transparency, instant liquidity, and enhanced security. Established in 2021 and backed by DBS Bank, J.P. Morgan, Standard Chartered, and Temasek, Partior uses blockchain technology to enable real-time clearing and settlement.
In it, the AFC urged the FDIC to withdraw the proposal stating that if enacted, the act could stifle responsible innovation and harm consumers without addressing broader market concerns. Pragmatic policymaking should address market-wide issues with input from stakeholdersnot impose a blanket response to a single failure.
With a strong focus on financialinclusion, Fuse aims to bridge the gap between traditional and decentralized finance, empowering small businesses and emerging markets. Fuse is committed to driving financialinclusion and creating a decentralized future where everyone has the tools and opportunities to succeed.
Were proud to address the challenges MSMEs face, including limited access to affordable payment options and working capital financing. By leveraging its innovative data-driven credit scoring and payment solutions, Leja aims to drive revenue growth while advancing financialinclusion.
This collaboration with one of Pakistans leading delivery platforms underscores Mastercards commitment to advancing financialinclusion and strengthening the countrys digital ecosystem. According to data from the State Bank of Pakistan, currency in circulation (CIC) in the country increased by 11.2% during the first half of 2024.
Cross-border payment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financialinclusion by providing efficient, affordable cross-border payment solutions to the region. per cent in 2024.
The FPC is proud to deliver resources that support the industry in addressing fraud effectively and collaboratively, said FPC Executive Director Reed Luhtanen. stakeholders to adopt innovative approaches that protect consumers, businesses, and financial institutions. faster payments infrastructure. The post U.S.
It aims to build innovative solutions that address existing challenges, all the while helping to drive sustainable growth and development in the region. This presents a significant opportunity to support the founders who are not only driving innovation, but also addressing the unique challenges and opportunities of the region.
LuLu Financial Holdings , a leading global financial services conglomerate, has partnered with Abhi Middle East Limited to enhance financialinclusion and improve access to timely remittance solutions.
Featuring presentations led by EFTCorp’s team alongside an address from a representative of the Zambian Ministry of Technology and Science, the event brought together leaders and innovators from Zambia’s banks, microfinancers, and fintech sector.
These experts covered some of the industry’s hottest trends and most urging issues, including artificial intelligence (AI), quantum computing, digital assets, next-generation transactions, and financialinclusion. The exhibition area hosted over 600 exhibitors and 41 international pavilions across five thematic zones.
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, has announced the publication of its latest industry resource, the Faster Payments and FinancialInclusion survey report.
Throughout January, The Fintech Times has been exploring the theme of ‘fintech for good,’ focusing on how fintech solutions support financialinclusion. Panellist Tynah Matembe , CEO of MoneyMatix, an organisation that provides inclusivefinancial education, addressed how fintech is tackling financial exclusion.
De-risking endangers financialinclusion, driving MSBs out and boosting unregulated markets, calling for urgent reform. As professionals deeply embedded in the payments industry, we are acutely aware of the delicate balance between risk management and financialinclusion.
Slated for rollout in Q2 2025 (pending regulatory approvals), this strategic alliance will provide Earned Wage Access (EWA) and Send Now, Pay Later (SNPL) services to complement Al Ansari Financial Services existing portfolio, addressing the varied needs of both unbanked and underbanked communities in the UAE.
Utilising cryptocurrencies Manuel Godoy, CEO of Félix Pago “Félix Pago’s presence in the region addresses a critical need for reliable, secure, and accessible money transfer services,” said Manuel Godoy , CEO of Félix Pago. “Cryptocurrencies are a powerful enabler of remittances, but you have to abstract them from the user. .”
GXS Bank , a partnership between Grab and Singtel, focuses on financialinclusivity for underserved groups, such as gig economy workers and young professionals. This focus aims to address financing gaps and enhance operational efficiency for businesses.
Cambodia is leveraging fintech innovations and strategic reforms to boost economic growth, financialinclusion and international partnerships, positioning itself as a key player in the Southeast Asian digital economy. Despite these advancements, about 30 per cent of the adult population remains underserved in financial services.
Having obtained the PSP licence, Tuma Ventures is able to offer a comprehensive suite of financial services in Tanzania, including real-time payment processing for merchants, mobile wallet solutions, and float management for other fintechs. It says these solutions aim to advance financialinclusion and foster economic development.
The country is focusing on fintech solutions like mobile payments and cross-border systems to boost financialinclusion and economic growth. million bank accounts across these institutions, leaving a significant gap in financial access, with an addressable market of 4.5 However, there are only around 1.5
Through strategic partnerships with innovative players such as Kalabash, KaiOS, Boost, Smile ID, as well as partnerships with financial institutions like Access Bank and Fidelity Bank to enhance cross-border payment solutions, Mastercard has been instrumental in driving financialinclusion and digital transformation in Ghana.
This transition has driven disruptive innovations in the payments space, redefining how financial services are delivered. In this context, CBI advocates for a flexible, modern, and transparent approach to effectively address evolving market demands.
Imad Gharazeddine, co-founder and CEO of Mamo commented: Traditional banking and finance solutions fall short in serving SMEs, making one third of all SMEs consider switching financial providers due to subpar user experiences and product efficacy.
Imad Gharazeddine, co-founder and CEO of Mamo commented: Traditional banking and finance solutions fall short in serving SMEs, making one third of all SMEs consider switching financial providers due to subpar user experiences and product efficacy.
” This event will focus on key topics such as digital banking solutions and trends in commercial payments, providing valuable insights into how technology is transforming the financial sector. Topics will range from Central Bank Digital Currencies (CBDCs) to financialinclusion and AI-driven banking solutions.
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