Category: Banking & Fintech

Ethio telecom and the African Development Bank (AfDB) have officially initiated strategic talks aimed at propelling Ethiopia’s digital transformation and strengthening Africa’s digital economy. In a high-level meeting held at Ethio telecom’s headquarters, AfDB Vice President H.E. Mr. Solomon Quaynor, along with senior officials, met with CEO Frehiwot Tamru to discuss potential financing opportunities for the telecom giant’s ambitious plans.

Mastercard has taken a major step in expanding its presence in West Africa with the opening of its first office in Accra, Ghana. This strategic move underscores Mastercard’s dedication to supporting the region’s rapidly growing digital economy. By offering tailored financial products and services, Mastercard aims to strengthen its role in Ghana’s financial landscape and foster inclusive growth in the country.

stc pay, Bahrain’s leading mobile wallet provider, has achieved a significant milestone by becoming the first company in the country to offer secure and efficient remittances to Alipay, China’s top digital open platform under Ant Group. This development is powered by Mastercard Move, which facilitates fast and secure international money transfers. The collaboration builds on Mastercard’s earlier connection with Alipay, marking a key step in enhancing stc pay’s portfolio of digital financial services.

Equity Group has signed a landmark trade credit financing agreement with BpiFrance, France’s public investment bank, to bolster support for Small and Medium Enterprises (SMEs) in Kenya and across the East African region. Announced during French Week 2024, this partnership will provide SME investors with financing options in US dollars and Kenya shillings, empowering them to scale their operations and expand into regional markets.

Airtel Money Kenya has announced a strategic partnership with Naivas Supermarket, marking a significant step in its efforts to expand financial access across the country. This partnership will allow Airtel Money customers to deposit and withdraw cash at Naivas branches nationwide, bringing mobile financial services closer to the everyday consumer. By leveraging Naivas’ extensive branch network, Airtel Money is enhancing its service delivery and customer convenience.

Africa Nenda, in collaboration with the World Bank and the United Nations Economic Commission for Africa (UNECA), has launched the SIIPS Report 2024, shedding light on the rapid expansion of Instant Payment Systems (IPS) across Africa. This comprehensive report reveals that 31 IPS are currently operational in 26 countries, with an additional 27 nations preparing to launch their own systems, signaling the continent’s growing digital payment infrastructure. The report also highlights the immense potential of IPS to drive financial inclusion for underserved communities, particularly in rural areas.

New Africa Technology (NAT), a leading fintech startup based in Senegal, has partnered with MasterCard to launch an innovative virtual and physical prepaid card for users of its digital wallet service, Flash. This strategic collaboration aims to transform the payment landscape across Senegal, Côte d’Ivoire, and Benin, providing users with a seamless and secure way to manage their finances.