Cash continues to power everyday transactions for millions across the nation. According to The South African Reserve Bank (SARB) Payments Study Report released in August 2024, South Africans use cash most often as a payment method (87%), regardless of what they buy. Only 15% use cardless payments and 8% opt for credit card, while debit
African Development Bank Group has approved a $6.6 million grant to assist the Federal Government of Somalia (FGS) in enhancing state capacity to develop its financial infrastructure, promoting inclusive and equitable growth. The Somalia Financial Sector Development Project will concentrate on strengthening the capabilities of financial institutions, including the Central Bank of Somalia, Somalia Development
Discovery Bank, today, announced that is has reached the milestone of acquiring its first one million clients. This follows the Bank’s announcement earlier this year that it had over two million active accounts. Hylton Kallner, CEO of Discovery Bank, says, “This milestone of our first million clients is a special one. While it’s only the
FCMB Client Background First City Monument Bank (FCMB) is a full-service banking institution headquartered in Lagos, Nigeria offering market-proven solutions that drive digital transformation in the banking sector. FCMB offers a diverse range of financial services, including retail banking, corporate banking, and investment banking. With a strong presence across Nigeria, FCMB is dedicated to enhancing
The South African fintech start-up, Omnisient, has received a $7.5 million investment from Arise, advancing financial inclusion in Africa. Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a
MoData, a leading provider of payment solutions, has been appointed as Lusis Payments’ Africa partner to bring the TANGO payment platform to Africa. Twenty-five leading international banks and BankservAfrica have recently migrated off their legacy transaction switches onto the advanced and trusted TANGO payment platform. TANGO is built on a highly performing micro-services architecture providing
TDB Group, the Eastern and Southern African Trade and Development Bank Group has extended a USD 20 million revolving line of credit to CBZ Bank Limited to support loans for export and hard currency sectors. The facility will be used by CBZ Bank to provide loans to eligible customers operating in key export and hard currency
Ecobank Uganda Limited has formed a strategic partnership with Ria Money Transfer renowned global leader in cross-border remittance services. This partnership will significantly improve remittance options across Uganda, allowing customers to receive funds directly into their Ecobank accounts. Both account holders and non-account holders will also have the option to collect cash transfers promptly at
Nigerian fintech startup Grey has partnered leading cross-border payment platform dLocal to drive expansion into new emerging markets. Launched in 2021 by Idorenyin Obong and Femi Aghedo, Grey offers an international money transfer service that enables its users to send and receive international payments without restrictions quickly. Its products include foreign bank accounts, instant currency
The South African Reserve Bank (SARB), which operates, regulates and oversees the national payment system (NPS), has today published its inaugural Payments Study Report (study). The study, the first of its kind in South Africa, uses individuals’ payment data and provides extensive insight into how the public perceives and uses various payment methods and instruments
