As in many developing countries, cash has been the most prevalent mode of payment in Nigeria until 2012 when the Central Bank of Nigeria (CBN) introduced the cashless policy with the aim of promoting the use of electronic payment channels instead of cash. Since then, banking services in Nigeria have shifted from physical and tangible
Paycorp Group (“Paycorp”) today announced the sale of its stake in Tutuka, a global payments enabler in emerging markets, to global financial services investors Apis Partners. Paycorp, an investee company of leading growth markets investor Actis, acquired a stake in Tutuka in 2015. Today, the company processes over US$ 1.2 billion in transactions annually for
The SWIFT global payments innovation (gpi) service is the largest change in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Hundreds of thousands of cross-border payments are being sent every day using the
Emirates NBD customers in the UAE will soon be able to get banking updates, track spends as well as listen to daily market briefings on their Amazon Alexa devices, as the bank continues to lead digital innovation in the MENA region with new Voice Banking solutions powered by “Amazon Web Services” (AWS). Using the Emirates
Through the strategic investment, Standard Bank has launched a mobile application, powered by Nomanini, which offers underserved informal retailers financial services for the first time CAPE TOWN, 27th August 2019—Nomanini, the pioneering fintech platform for the informal retail ecosystem, has today announced a $4m funding round led by Standard Bank, Africa’s largest bank, and completed
Over 63% of the population of West Africa is unbanked and has a high mobile usage of 83%, thus suggesting the scope of successful digital transformation of banking and fiscal operations to establish growth not only in technology usage but also in the banking customer base. The region is ripe for technological disruption and is
Ingenico, the global leader in seamless payment, analyses the disruptive trends that will transform the payment industry in the future. For Michel Léger, EVP Innovation at Ingenico: “Over the past five years, consumer behaviour and expectations have radically changed the way we make and take payments: until recently, consumers still had to pay when they
South Africa’s newest mobile network, Standard Bank Mobile, has expanded its service offering to allow customers to purchase Apple, Samsung and Huawei smartphone devices with a convenient financing option. The Bank has introduced an innovative way to acquire a smartphone by financing devices over 24 months using an extended payment facility on Standard Bank credit
Consumers are embracing the technology offered by virtual cards, as Standard Bank starts to see the benefits of online shopping ecosystem, nine months after the launch its virtual card proposition. In the past nine months, virtual card payments have increased by more than 300%, though they started off at a very low base. A virtual
Shopping has always been a social activity that brings people together, creates conversations, and helps build brand loyalty. Last year, we launched Shopify Ping, a mobile app that centralizes all customer conversations along with intelligent, automated marketing workflows to leverage the power of chat to help you grow your business. Today, we’re excited to launch
