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
Expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa, Nigeria; Leveraging success in Latin America to provide underbanked populations in Africa with efficient payment functions. PayRetailers, the leading payment processor for Latin America, has today announced further expansion into Africa. With coverage now across 12 countries, the company offers a unified simple
Mastercard hosted its inaugural Tanzania Industry Forum in Dar es Salaam, bringing together key stakeholders and thought leaders in the fintech industry to explore the dynamic financial and technology landscape and foster impactful collaborations in Tanzania. The event underscored Mastercard’s commitment to advancing economic growth through innovative digital payment solutions and strategic collaborations in the
Sabipay Technologies, a subsidiary of fintech Pesapal Limited, has been granted a payments system business licence by the Bank of Zambia. The fintech announced the development yesterday, stating that it signals a significant extension of Pesapal’s presence in the Zambian payments landscape. The payments system business license, according to Pesapal, is a crucial approval that
PalmPay, a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion. The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology.
Stanbic Bank and Mobikey Kenya, a leading player in the zero-mileage vehicle distribution industry and a member of Grupo Jap have signed a Memorandum of Understanding (MOU) set to transform vehicle financing in Kenya. This landmark agreement marks Mobikey’s first local partnership and is set to make vehicle financing more accessible and affordable, particularly for
Unlimit, the global fintech company, today announced its entry into the Tanzanian market and the receival of the Bank of Tanzania (“BOT”) licence, marking another significant step in the company’s expansion within the region. The approval of Unlimit as an authorised payment service provider by the BOT will allow the fintech to provide a range
Equity Group, East and Central Africa’s largest financial institution, has fortified its position as one of the strongest banking brands globally by scoring highly, in the 2024 Brand Finance’s Brand Strength and Brand Value rankings. In its third consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed from 4th position in 2023 to
In a bid to improve the access and usage of formal financial services among underserved communities and small businesses in Kenya and Tanzania, ACCOSCA (the African Confederation of Co-operative Savings and Credit Associations) and Visa, a global leader in digital payments, have partnered to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project. The
Leading African digital payments provider, DPO Pay, registered under One Payment Tanzania Limited, has received approval from the Bank of Tanzania to operate as a Payment Service Provider (PSP) in the country. The National Payment System Act, 2015 requires all PSPs to undergo a rigorous license application process to provide payment services in Tanzania. DPO
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