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The round also featured participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. Sponsored by Brand Communicator, the award acknowledges the fintech’s work in bridging financial gaps and promoting financialinclusion in Nigeria.
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.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
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.
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.
Only firms licensed by the State Bank of Vietnam (SBV) will be allowed to participate, and foreign banks are explicitly excluded. While domestic fintechs and credit institutions may apply to join, participation in the sandbox does not guarantee future regulatory approval once permanent legal frameworks are introduced.
The launch ceremony, led by NBC Governor Dr. Chea Serey, brought together about 300 participants, including representatives from government ministries, international payment firms, and private companies. The app also enables users to transfer funds to their individual Bakong accounts, offering an alternative to cash transactions.
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 financialinclusion and accessibility. rate in 2023.
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.
Financialinclusion is a critical issue, but simply providing access to financial products isn’t enough. True inclusion requires financial literacy, empowering individuals to make informed decisions. AI’s ability to revolutionise money management is undeniable.
During the event, participants, including non-Thai attendees, were able to convert dollar stablecoins to baht stablecoins without foreign exchange fees. Stablecoins also address financialinclusion challenges.
To promote financialinclusion and accessibility, TerraPay , a leading global money movement company, has partnered with Yape , the superapp of Peru. Diverse Functionality: Users can immediately utilize the received funds across various app features, promoting a cashless economy and fostering greater financialinclusivity.
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.
Paysend and Mastercard have partnered to launch Paysend Libre in Mexico in a move to drive financialinclusion in a region where the majority of the population is still underbanked or unbanked. Paysend is taking a lead in financialinclusion throughout the LATAM (Latin American) Region with the launch of Paysend Libre in Mexico.
The SBI Innovation Hub will provide access to over 250 of SBI’s financial service APIs, a secure sandbox environment for testing, and opportunities to participate in challenges and hackathons. The goal of the hub is to accelerate digital transformation and advance financialinclusion.
The Series B initially secured US$60 million in July 2024, led by Peak XV Partners, with participation from J.P. Patricia Sullivan “The payments business is currently undergoing an extensive period of disruption, primarily due to the rapid advancement of technology and drive for greater financialinclusion and transparency.
I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector. Sara Davies said: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusive economy.
Under the agreement, Visa and FPT will collaborate to enhance the national e-marketplace for procurement, encourage greater SME participation, and improve payment systems. The partnership focuses on modernising government services and improving accessibility, particularly for small and medium-sized enterprises (SMEs).
Pin4 Cash provides emergency cash payments via SMS, allowing recipients to withdraw cash from participating NCR Atleos ATMs without needing a debit card or bank account. Ensuring financialinclusion in the United Kingdom with Atleos shared deposit-taking ATMs.
In a time when many Americans are still reeling from the financial impacts of the ongoing COVID-19 pandemic, supporting financial well-being for all consumers, especially the unbanked and underbanked, has never been more important. one of the session's four panelists, added. There are so many avenues faster payments are in.
This is financial exclusion on a global scale, and as we emerge into 2021, I believe the private sector and governments everywhere must work more closely to improve financialinclusion and reduce the world’s unbanked population. Yet, as the developed world progresses further into cashless living, for the 1.7
During the last quarter of 2024, Payments Canada also made significant progress in developing an integrated fraud solution having agreed on a fraud strategy with members and participants and on high-level requirements for an effective fraud mitigation system. “Our last quarterly update was in October.
Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financialinclusion and enhancing economic stability. Additionally, BPC’s Fraud Management Solution strengthens security measures, safeguarding transactions from potential threats.
This latest offering strengthens MTNs commitment to driving financialinclusion and enhancing digital accessibility across Uganda, aligning with the companys broader mission of enabling a digital economy for all. The Virtual Card by MoMo offers a simple and user-friendly application process.
By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financialinclusion. Our growth in a short period of time reflects the underlying demand for better global payments.
The use of keys and QR codes make the technology accessible to unbanked people and businesses while it adheres to the highest security standards, promoting innovation, financialinclusion and minimising fraud. How is Bre-B building on the success of Pix in LatAm to accelerate financialinclusion?
The collaboration will see Mastercard join Buna’s cross-border payment systems as a direct participant. Buna’s Real-Time Gross Settlement service, with its extended operating hours, and Instant Payments System’s 24/7 availability offer a unique advantage for direct participants.
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. It aims to accelerate digital transformation and advance financialinclusion.
Throughout January, The Fintech Times has been exploring the theme of ‘fintech for good,’ focusing on how fintech solutions support financialinclusion. McKenna shared how FinTech Scotland aims to create economic and social impact through financialinclusion initiatives.
The region is home to a complex financial landscape that’s characterized by a significant portion of the population being underbanked or unbanked, alongside a digitally-savvy youth demographic with high mobile Internet connectivity.
This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. The goal is to attract investment and innovation, maintain Singapore’s competitive edge in the global arena, and expand financialinclusion.
Priscila Barrantes, PayJoy’s Mexico country manager “Smartphones are more than devicesthey’re gateways to financialinclusion for Mexico’s working mothers, said Priscila Barrantes , PayJoy’s Mexico country manager.
While this represents a significant step forward, should financialinclusivity have moved further ahead by now? Solving credit invisibility requires more inclusive and creative solutions that open up financial opportunities for everyone, not just a select few. Then we’ll make real progress.”
The partnership aims to broaden financialinclusion as well as improve access to remittances by enabling funds sent via TerraPay’ s network to be received directly within the Yape app. We share a mutual commitment to financialinclusion and innovation, and together we will enhance the user experience for millions of Peruvians.”
Launching the Prepaid Hibir Mastercard in collaboration with Mastercard is a testament to this, marking a significant step towards our mission of digital financialinclusion. With financialinclusion on the rise in Ethiopia, we are committed to providing an efficient and reliable service for both Mastercard and Hibret Bank.
This collaboration is a significant step towards our vision of total financialinclusion, ensuring our customers have the tools they need to participate fully in the digital economy, with a financially connected world supporting and empowering everyone.”
Getting there, he told Webster, involves expanding financialinclusion through digital transactions that, effectively are — for the merchants and consumers involved– free. If you want to participate in this ecosystem, you simply have to be able to receive a request to pay and process a payment.”. Looking Ahead .
Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financialinclusion and enhancing economic stability. Additionally, BPC’s Fraud Management Solution strengthens security measures, safeguarding transactions from potential threats.
The platform will be built on the global ISO 20022 standard and will offer additional features such as Request to Pay and Alias management, providing participants with opportunities for new payments and revenue streams. According to ACI’s latest Prime Time for Real-Time report, 3.8
By leveraging cryptocurrencies and smart contracts, DeFi circumvents barriers such as geographic limitations and bureaucratic hurdles, thereby empowering users to actively participate in global financial markets. Transactions on blockchain networks are recorded immutably, reducing the risk of fraud and corruption.
John Mitchell, CEO and Co-Founder of Episode Six, commented: “Not only does this partnership represent our first entry into the German market but it is huge in terms of our longterm global efforts to progress financialinclusion. Visa Ready for Government Disbursements was created to develop and support such an ecosystem.
“Access to credit is a cornerstone of true financialinclusion,” NovoPayment CEO Rodrigo Rodas said. “NovoPayment’s trajectory has been defined by our commitment to bridging financial gaps through innovative infrastructure solutions. .”
Building better financialinclusivity The launch of the service also builds on the existing range of accessibility services offered by Nationwide, including SignVideo BSL into contact centres and in-branch BSL interpretation. Furthermore, only six per cent provided on-demand access to website content.
Africas digital transformation is underpinned by rapid advancements in internet penetration and financialinclusion, two of the fastest-growing enablers of digital payments across the continent. Mastercard remains committed to driving Africas digital growth through investment, innovation, and partnerships.
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