Payment rails can be global or local in nature, and different options might be preferred for different businesses, depending on what their payments needs are and what they’re looking to achieve as a business. In this guide, we look at the existing payment rails in South Africa and how they work together. The payments landscape
The BankservAfrica Economic Transactions Index (BETI), measuring the value of all electronic transactions cleared through BankservAfrica at seasonally adjusted real prices, reflected a welcomed improvement in July by reaching the highest level since May 2022. “The July BETI of 136.7 was 0.5% higher than in June and signalled a continuation of the economic momentum observed
It has been an exciting year for payments and payments technology. Our Payments Product Manager, Rinske van der Bijl, has discussed the latest highlights and additions to Electrum’s Clearing House Payments offerings. Dear Electrum Payments Community It’s impossible to start this letter without mentioning our excitement about PayShap RTP (request-to-pay), that is fast becoming a
Africa’s payment landscape has undergone significant transformations in recent years, driven by technological advancements, changing consumer behaviour, and the rise of fintechs. Amid this evolution, Interswitch Group, one of the continent’s leading integrated payments and digital commerce companies, has strengthened its longstanding partnership with ACI Worldwide, a global leader in real-time payments software, to unlock
The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This strategic move, according to the apex bank, is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The merger is contingent upon
The Africa Fintech Summit (AFTS) has officially opened nominations for the 2024 Excellence in Fintech Awards, set to be held during the 12th edition of the summit in Nairobi, Kenya, from September 4-6, 2024. Since its inception in 2018, AFTS has established itself as Africa’s leading fintech event, where innovative ideas are exchanged, partnerships are
South African banks, in the next month, will halt electronic fund transfer (EFT) services to Namibia, eSwatini, and Lesotho, restricting clients from transferring money to these Common Monetary Area (CMA) countries. From September 4th, EFT services will be unavailable to South African customers wishing to send money electronically to these key Southern Africa Development Community
The Alternative Bank is leading the way in promoting sustainable economic growth across Africa through its innovative catalytic capital strategy. This approach was prominently showcased at the recent Africa Social Impact Summit (ASIS) 2024, an event organised by the Sterling One Foundation in collaboration with the United Nations. Catalytic capital, which prioritises social and environmental
African Development Bank Executive Director Rufus N. Darkortey has concluded a five-day working visit to Liberia, where he engaged in high-level discussions with key stakeholders, including President Joseph Nyuma Boakai. Representing Liberia, The Gambia, Ghana, Sudan, and Sierra Leone at the Bank, Darkortey also met with Vice President Jeremiah Kpan Koung, Speaker of Parliament Jonathan
Africa Finance Corporation (AFC), the continent’s foremost infrastructure solutions provider, has announced a new equity investment from Rawbank, one of the leading banking and financial institutions in the Democratic Republic of Congo (DRC). This equity infusion aligns with AFC’s strategy to mobilise African capital and diversify its capital base, reinforcing the Corporation’s mission to deliver
