IFC, a member of the World Bank Group, has partnered with Standard Bank and Rand Merchant Bank (RMB) to help expand local currency financing for private businesses across Africa. IFC will collaborate with Standard Bank and RMB on cross-currency swaps to manage currency exposure related to its local currency lending. This hedging allows IFC to
President William Ruto has asked Member States of the Common Market for Eastern and Southern Africa (COMESA) to ratify the Pan-African Payments and Settlement System to enable and ease trade among the countries. The President said the African payment system will save Africa more than $5 billion annually in payment and foreign exchange transaction costs.
South African bank Capitec has blocked electronic funds transfers and real-time payments to cryptocurrency exchanges as a security measure. While Capitec acknowledges growing interest in cryptocurrencies, the bank maintains that the measure is necessary to protect clients from fraud. Some industry players view this move as an attempt to restrict crypto trading. Crypto Payments Blocked
Fincra, an African payment infrastructure provider, has achieved a significant milestone in its expansion plans. The company has secured a Third Party Payment Provider (TPPP) licence in South Africa, enabling it to offer its payment solutions to businesses in the country. This regulatory approval aligns with Fincra’s goal of simplifying value transfer across Africa and
Ecentric, a leading omnichannel payments provider, has announced significant enhancements to its In Person Payments platform to improve performance and reliability, meet customer requirements around reporting and analytics, and drive growth as the company extends its offering to Tier 2 retailers in the local market. “Ecentric is committed to continuously innovating the In Person Payments
Wibmo, a PayU company, and EFT Corporation have formed a strategic partnership to introduce cutting-edge security technology for digital payments in South Africa. The partnership will bring the Wibmo Areion 3DS Server (3DSS) to the local market, a solution designed to enhance online transaction security and improve payment efficiency. The partnership was formalised at a
Altron FinTech launches the innovative Buy Now Pay Later (BNPL) solutions—PayJustNow and Payflex—on its Android terminals, marking a significant milestone in the payments industry. As the first to introduce this solution to the market in 2023, Altron FinTech continues to lead the way in offering flexible and customer-obsessed payment options, empowering businesses to enhance their
TerraPay, a leading money movement company, has partnered with enza, an Africa-focused payments technology firm. The collaboration, announced Wednesday (July 10), is designed to promote financial inclusion in Africa, the companies said in a news release provided to PYMNTS. That means Enza—with offices in South Africa and Egypt—can harness TerraPay’s connectivity to more than 2.1
Luno customers are now able to pay using crypto at over 31,000 merchants in the Zapper payments network across the country, ranging from Dis-Chem pharmacies and FlySafair to fuel stations, educational institutions, bill payments, parking, donations and more. This opens a huge market for South Africans to pay for goods and services using crypto, according to licensed financial
Thunes – a B2B payments infrastructure platform – has announced a partnership with Access Bank to improve cross-border payments in and out of 13 African countries. The collaboration will enable Access Africa to facilitate inbound and outbound cross-border payments in 13 markets: Botswana, Cameroon, the Democratic Republic of the Congo, Gambia, Ghana, Guinea, Kenya, Mozambique,
