FirstBank Promotes Cross Border Payments in Sub Sahara Africa with First Global Transfer

Posted on by Staff Writer | 27054 Views | 8 min read

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal. The First Global

Absa Earnings Decline; 7% Pre-provision Profit Growth Indicates Positive Underlying Performance

Posted on by Staff Writer | 4078 Views | 33 min read

Absa Group Ltd., one of Africa’s largest financial services provider, has reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions

RBR | Banks Show Increasing Interest in Pooling and Sharing ATMs

Posted on by Staff Writer | 3882 Views | 16 min read

Cost pressures are driving banks in more countries to consider pooling or sharing of ATMs, which offers deployers a way of maintaining access to cash while reducing operational costs Cashless payments continue to rise, but cash provision remains crucial RBR’s Global ATM Market and Forecasts to 2025 shows a prolonged decline in demand for cash

Mukuru Partners with Humanitarian Organisations to Deliver Cash Payments to the Most Vulnerable

Posted on by Staff Writer | 5853 Views | 17 min read

Move to aid cash payments The new product line is the result of a trifecta of change in the humanitarian and money transfer sectors. An upswing in the volume of aid distributed across the globe that is putting the humanitarian system under enormous strain. (An estimated one billion people in countries affected by long-term humanitarian

Nedbank’s ‘Tap-on-phone’ – a first in Africa – Empowers SMMEs with Safe and Secure Contactless Payments

Posted on by Staff Writer | 4282 Views | 15 min read

At the height of the global Covid-19 pandemic, Nedbank became the first bank to offer small, medium and micro enterprises (SMMEs) the ability to turn their cellphones into a payment acceptance device with the launch of its Tap-on-phone functionality in October 2020. Following a successful closed pilot in June, the easily downloadable app has empowered

SWIFT and ICC Collaborate to Drive Sustainability in Trade Finance

Posted on by Staff Writer | 2984 Views | 15 min read

Enhanced KYC Registry will simplify and standardise ESG due diligence process Allows financial institutions to easily assess ESG credentials of corporate partners, saving time and money with standardised format SWIFT’s KYC Registry is first utility to integrate ICC sustainability due diligence guidelines SWIFT announced that its KYC Registry will become the first global utility to

$1.3 Million Grants Approved for Two Research Efforts to Enhance Women’s Digital Access to Loans and Micro-insurance

Posted on by Staff Writer | 6071 Views | 12 min read

The African Development Bank has approved two grants for research that will increase African women’s access to a range of digital financial services including loans and micro-insurance. The grants, for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility, a blended finance vehicle supported by the Bank, to two

Ethiopia: African Development Bank approves $2.33 Million Grant to Support the Modernization of Electronic Payments Infrastructure

Posted on by Staff Writer | 6387 Views | 7 min read

The Board of Directors of the African Development Bank has approved a grant of $2.33 million to EthSwitch Share Company, an initiative led by National Bank of Ethiopia, for the modernization of its payments infrastructure. The grant is resourced from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a pan African initiative

SA Fintech firm Adumo gets R225m Investment to Expand Digital Payment Solutions in Africa

Posted on by Staff Writer | 4865 Views | 13 min read

South African fintech group Adumo have announced R225 million ($15 million) in new funding from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions, especially for underserved small and medium-sized businesses. IFC’s investments will support Adumo to make digital payments systems more

South Africans Can Now Buy Now and Pay Later (Zero Interest) at Africa’s Largest Digital Mall

Posted on by Staff Writer | 4558 Views | 9 min read

South Africans can now shop online and pay later, interest-free over six weeks. Payflex has brought the buy now pay later shopping phenomenon to South Africa following its extraordinary popularity in Australia, the USA and Europe. Payflex customers can shop at Africa’s largest digital mall which includes over 500 well-known stores like Cotton-on, Superbalist and