Kazang, the prepaid value-added services (VAS) and card acquiring business within Nasdaq and JSE-listed fintech Lesaka Technologies, has partnered with TymeBank, the first digital bank to reach profitability in Africa, to make cash withdrawals more accessible to consumers in townships, rural areas and other underserved areas. TymeBank customers can use their cards to withdraw cash
Raenest, the global multi-currency accounts platform for individuals and businesses across Africa, today announced the completion of its $11M Series A funding. The round was led by QED Investors, with participation from Norrsken22. Follow-on investment came from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3M. With
SA Banks are facing a significant shift in technology and in how different groups of customers engage with it. While banks have invested heavily in protecting their customers against fraud, this focus has unintentionally slowed down spending in other areas. As a result, the cracks in the system are starting to become more visible. Currently,
Postbank and SASSA appeal to social grant beneficiaries to replace their SASSA Gold Cards with the new Postbank Black Cards by 28 February 2025. Beneficiaries who fail to get Postbank Black Cards before the deadline are advised that they will not be able to access their SASSA grant payments with the SASSA Gold Cards. After
Bank of South Sudan (BOSS) is proud to announce a groundbreaking initiative to launch the country’s first National Instant Payment System (NIPS) in collaboration with the AfricaNenda Foundation. This transformative project marks a pivotal milestone in modernising South Sudan’s financial and payment infrastructure, advancing the bank’s commitment to providing enhanced financial services for all citizens.
EAC is poised to accelerate regional digital integration with the development of an EAC Payment Systems Masterplan. The Masterplan is set to harmonise legal, regulatory and oversight frameworks to promote a conducive cross-border payment ecosystem in the region. Speaking during a meeting of the EAC Regional Payments System Steering Committee in Entebbe, Uganda, the EAC
KCB Bank Kenya and UnionPay International (UPI) have partnered to enhance e-commerce payment capabilities in Kenya, enabling UnionPay cardholders to transact seamlessly on digital platforms. This collaboration marks a significant advancement in digital payment capabilities, aimed at enriching the online shopping experience for consumers and merchants across Kenya. “We are delighted to join hands with
As digital payments evolve, financial institutions face a major challenge: balancing innovation with maintaining existing IT assets. However, as Dr. John Wamai, Director at Equity Bank, warns in his recent LinkedIn post: “The pressure and urge to ‘sweat’ and maximize IT assets often lead to outdated and inefficient systems, temporary fixes, and poor integration—ultimately misaligning
AWS (Amazon Web Services), a global leader in cloud computing and a key provider for numerous Nigerian startups and commercial banks has announced it will now accept payments in Naira, in addition to seven other local currencies for European clients. This change is expected to reduce cloud expenses for many Nigerian companies, which often host
Cairo Amman Bank will leverage Mastercard Move’s money movement capabilities to facilitate the movement of funds from Jordan to 37 countries. The bank will also incorporate Mastercard value-added services like fraud analytics and risk control, the companies said in a Thursday (Jan. 16) press release. “We aim to address existing challenges in cross-border payments and
