Remove Finance Remove Financial Inclusion Remove Transactions
article thumbnail

Cross-Border Payments in Numbers: Global Corporations Lost $120 Billion in Transaction Fees

Fintech Finance

The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financial inclusivity. trillion across countries annually—around a quarter of global GDP—at an estimated cost of $120 billion in transaction fees annually. Global corporations move $23.5

article thumbnail

Finovate Global Nigeria: A New Unicorn, Mobile Wallets, and the Pursuit of Financial Inclusion

Finovate

In the years since then, Moniepoint has grown into an all-in-one financial ecosystem that serves 10 million businesses and individuals. The company powers most of the point of sale transactions in Nigeria and, via its subsidiaries, processes $17 billion a month for its customers.

article thumbnail

Kenyan Fintech Leja Processes $2 Billion in Business Transactions in 2024

Fintech Finance

This milestone reflects a 30% month-over-month growth rate and a cumulative 300% increase in B2B transactions within a year. These sectors have traditionally faced challenges accessing affordable credit and managing high transaction fees that cut into profit margins.

article thumbnail

Tradition and Technology: Bhutan’s Journey into Fintech and Financial Inclusion

The Fintech Times

A handicrafts shop manager in Thimphu described the challenges posed by the lack of ATMs, credit card authorisation systems, and other financial infrastructure catering to international customers. For the majority, cash also remained the primary form of transaction. Mastercard clearance, meanwhile, was unavailable at the time.

article thumbnail

Mexico in Focus: Open Banking and Financial Inclusion

Open Banking Excellence

Mexico in Focus: Open Banking and Financial Inclusion 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.

article thumbnail

Embedded Finance Is Making Payments Easier for Everyone Across Asia

Fintech News

This is embedded finance at work, and it’s quietly transforming the way we interact with money – without most of us even realising it. Wait, What’s Embedded Finance? If you’ve never heard of embedded finance , don’t worry. Why Is Embedded Finance Such A Big Deal? You’re probably using it every day.

article thumbnail

Is Vietnam Undergoing a Cashless Revolution?

Fintech News

The Vietnam Consumer Trends 2024 report, released in October, explores key drivers set to fuel Vietnam’s growth and opportunities, highlighting that digital payment methods are gaining dominance, and helping improve financial inclusion and accessibility. rate in 2023.