Africa’s digital payments economy is set to grow from strength to strength, according to a Mastercard-commissioned report by Genesis Analytics. The report states that the digital payments economy is expected to reach $1.5 trillion by 2030. As a longstanding technology partner to Africa, Mastercard continues strengthening its commitment to the continent’s digital growth through strategic
enza, a leading innovator in African payment solutions, announced today that it has secured a $6.75 million investment in a seed equity round co-led by Algebra Ventures and Quona Capital. This milestone marks the first external funding for enza and will accelerate the company’s mission to “liberate the world of payments for more inclusive, opportunity-led
By: Pierre Aurel, Chief Product Officer, Stanchion Payments Solution. Originally published here. The number of virtual cards issued worldwide is growing at an unprecedented pace. According to Juniper Research, global virtual card issuance is expected to grow at over 30% annually between 2023 and 2028, driven by relentless consumer demand for seamless, secure and convenient
EFTCorp, a trusted partner in modern banking, was honoured with the ‘Outstanding Contribution to Fintech Enablement’ award at the 15th Africa Bank 4.0 Summit—West Africa, held in Accra, Ghana, from 26 to 27 February 2025. The award recognises EFTCorp’s role in advancing fintech innovation and expanding financial inclusion across Africa by providing cutting-edge payment solutions
XPay, a fintech startup, has partnered with Huawei Cloud Services to upgrade digital payment systems for businesses in Egypt. The agreement will expand XPay’s digital payment infrastructure by integrating Huawei’s cloud technology. In the official press release, XPay representatives indicated that the firm’s recent results reflect the confidence businesses have shown in its scalable services.
IFC and AWB Egypt (Attijariwafa Bank) announced a partnership to bolster the Bank’s capital position and help it deliver on its strategy to support small and medium-sized enterprises and the growth of climate finance in Egypt. This capital infusion will enhance AWB Egypt’s capacity to expand its lending activities. IFC’s $20 million Tier 2 qualifying
Affinity Africa secured $8 million in seed funding, with The London and Cambridge Technology team advising Backed VC on its lead investment. Other investors include Grazia Equity, Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, ImpactAssets, and Eldon Capital. Affinity Africa is a Ghanaian fintech that provides banking products to the underserved and
African Development Bank Group and Standard Bank Group signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa. The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA).
Originally published here. Stanchion Payment Solutions, a leading global PayTech solutions provider, identified significant opportunities for development and growth in Ethiopia’s fast-evolving payments landscape during a recent follow-up market visit to the country led by Chief Growth Officer Norman Frankel. The visit highlighted Ethiopia’s ambitious digitalisation agenda amidst significant economic reforms, including currency devaluation and
Stitch has partnered with the Shyft team to offer instant top-ups on the Shyft wallet, providing customers from any bank with more immediate access to funds for global transactions. Payments infrastructure company Stitch has partnered with Standard Bank’s Shyft, the global money app, to enable instant top-ups on the Shyft wallet for customers from any
