Unleashing Economic Potential: The Soaring Growth of Cross-Border Payments in Africa – Synthesis

By Arthi Narayanan, Lead Payments Consultant at Synthesis The pivotal role of digital accessibility for goods and services has become abundantly clear over the past few years. The global economy, now more than ever, relies on the seamless flow of transactions across borders. Whether it involves individuals, businesses, or financial institutions spanning different countries, the

OpenWay Report | Cross-Border Merchant Acquiring: New Technology, New Competitors

Download the report here. Competition in cross-border merchant acquiring is growing exponentially. Many incumbents find themselves burdened by rigid and uncoordinated legacy systems, unable to keep up with merchant expectations. They face challenges not only from startups, but also former partners, as ISVs transition into payment facilitators, ISOs evolve into processors, and PSPs transform into

Safaricom Inks Deal with a Consortium of Kenyan Banks to Fund Sustainability Agenda

Safaricom has announced the closure of a multi-billion Sustainability Linked Loan (SLL) to strengthen its Environmental, Social and Governance (ESG) agenda. The KES 15 billion deal, which is upscalable to KES 20 billion by accordion, is the largest ESG linked loan facility ever undertaken in East Africa, and the first of its kind for Safaricom

Stanbic Commits to Local Business Growth

Stanbic Bank says it is committed to focus on the growth of local businesses and is well positioned to offer fit for purpose banking services to local businesses in the country. Speaking during his country visit to Zambia, Standard Bank Chief Executive Officer for Business & Commercial Banking, Mr Bill Blackie said that Standard Bank,

Ecobank Wins Coveted Euromoney Award as Africa’s Best Bank for SMEs

Ecobank, the leading pan-African Banking Group, has been named Africa’s Best Bank for SMEs (small and medium-sized enterprises) by the prestigious Euromoney Awards for Excellence for the second year running, having also won the accolade in 2022. Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “This award reflects Ecobank’s absolute commitment to supporting African SMEs

Absa Bank Kenya and Visa launch a new Card-to-Mobile Payment Solution for SMEs

Absa Bank Kenya has partnered with Visa, a global leader in digital payments, to introduce the Absa Mobi Tap solution, a market-first payment solution that allows small businesses to accept card-based payments from customers using an Android smartphone. This convenient and secure solution quickens the purchasing process by leveraging the smartphone as a point of

The Future of Trade Finance in Sub-Saharan Africa Amidst Hard Currency Challenges

With foreign exchange shortages plaguing sub-Saharan African economies, Bank One’s Head of Trade, Gerald Ndosi, explains what measures can be taken to overcome US dollar liquidity challenges, promote trade finance, and foster sustainable economic growth in the region International Trade is conducted in the currencies of major economic powers, largely the US dollar, European Union

Equity Group Acquires 91.93% of Cogebanque in Rwanda

Equity Group Holdings Plc enters into a binding term sheet with the Government of Rwanda, Rwanda Social Security Board, and other investors to acquire 91.93% of the issued share capital of Compagnie Générale de Banque (Cogebanque) PLC Ltd. Cogebanque is a public limited company licensed by the central bank of Rwanda (BNR) to provide banking

Walking the Regulatory Tightrope: Striking a Balance For Fintech Innovation and a Healthy Industry – Ukheshe

Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of them were fintechs, making it the fastest-growing start-up industry in Africa. Their success is due to several trends such as the digital boom during the pandemic and increasing smartphone ownership and internet coverage, as well

Domestic Networks Retain a Small But Stable Share of Global Card Spending – RBR

Domestic networks continue to drive financial inclusion worldwide but face an ongoing challenge to stay up-to-date on card functionality and flexibility 2% of all card expenditure is through local payment networks RBR’s Global Cards Data and Forecasts to 2027 study found that the share of spending made on domestic network cards was unchanged at 2%