Choice Microfinance Bank Limited has received approval from the Central Bank of Kenya (CBK) to upgrade its status from a community microfinance bank to a nationwide microfinance bank. The approval, granted on November 4, 2024, under section 7 of the Microfinance Act, paves the way for the institution to extend its operations across Kenya, marking a significant milestone in its growth.
Remitly, a leading global digital financial services provider, has partnered with Airtel Tanzania to enhance money transfer services to Tanzania. This strategic collaboration aims to simplify and accelerate the process of sending money across borders, offering a secure and seamless experience for individuals sending financial support to their loved ones in Tanzania.
Minka, a Colombian fintech startup leading in financial innovation, has announced its expansion into key African markets, including Nigeria, Kenya, Uganda, and Cameroon. This marks a pivotal step in its mission to drive financial inclusion across the continent by providing enhanced financial interoperability and transparency. The move highlights Minka’s commitment to improving digital payment solutions and empowering underserved individuals and businesses within both formal and informal financial systems.
Tala, a global financial platform, has reached a major milestone by serving 10 million customers across East Africa, Latin America, and Southeast Asia. This achievement, which coincides with the company’s tenth anniversary, highlights its significant impact on providing financial services to underserved populations. With nearly $6 billion in credit disbursed globally, Tala is empowering individuals in regions where traditional banking systems have long been out of reach due to the lack of credit scores.
NCBA has expanded its presence in Homa Bay County with the official launch of its new branch, reinforcing its commitment to serving the local economy and bringing financial products closer to customers. The new branch is already showing significant success, with over 1,000 accounts opened since its doors were first opened in January 2024. This growth is largely attributed to NCBA’s strategic partnerships across key sectors such as retail trade, transport, farming, education, and the blue economy, which are vital to the region’s economic growth.
Equity Bank has taken a significant step toward supporting the growth of Small and Medium Enterprises (SMEs) in Kenya and the broader East African region by signing a trade credit financing deal with BPI France, a prominent French investment bank. This partnership aims to offer funding in both US dollars and Kenya shillings, giving local and regional investors the financial support they need to expand their businesses across six countries where Equity Bank operates.
Nium, a global leader in real-time cross-border payments, has partnered with Ecobank Transnational Incorporated to enhance payment solutions across 35 African markets, benefiting over 32 million customers. This partnership is poised to significantly impact the region by enabling faster, more efficient cross-border payments for both individuals and businesses, streamlining the financial ecosystem in Africa.
Ecobank and TransferTo have announced a transformative partnership that aims to revolutionize cross-border payment solutions and financial access across Africa. The collaboration between the pan-African banking giant and the Singapore-based global technology group will bring innovative financial tools to millions, ensuring secure and inclusive growth across the continent.
