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
ATMIA’s ATM Security Association (ASA) today published the2019 Global Fraud and Security Survey, one of the most comprehensive security reports in the ATM industry. The percentage of respondents reporting a general increase in ATM crime rose slightly from 54% in 2017 to 58% this year, the report found. Specific types of threats are covered in
Industry co-operative publishes new API standard for Pre-authorisation of funds SWIFT today publishes a new API standard for the Pre-authorisation of funds, paving the way for further innovation in financial services enabled by open banking. The new standard allows a payer’s bank to earmark funds for a purchase in advance, guaranteeing that the future payment
GCB Bank Limited, after being voted the Best Bank in Ghana in Anti-Money Laundering (AML) Compliance, has now emerged as Africa’s Best Bank in Compliance. GCB was rated the best among five banks across the African continent namely FNB (South Africa), Standard Chartered Bank (Kenya), BANGE (Equatorial Guinea) and BAI (Angola). This recognition was announced
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
There’s no doubt that technology has already re-shaped the way the world thinks about buying and selling. Who would have thought twenty years ago that people would be shopping on their phones? Despite the huge changes to the shopping experience in recent years, it’s important to understand that we are only part-way through this journey.
UnionPay, with a massive 7.5 billion cards in circulation globally, now accepted in Tunisia, thanks to the strategic partnership with local payment switch, Monétique Tunisie (SMT) and recent developments with major Tunisian banks, significantly expands UnionPay’s presence across Tunisia, that ensures convenient local services to a growing number of global UnionPay cardholders. This partnership has
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
