By Pieter Schulze, Head of Product at Standard Bank Mobile money transactions represent a substantial portion of domestic economic activity in many countries across sub Saharan Africa. In countries such as Kenya, Tanzania and Zambia, mobile money transactions volumes and values even exceed domestic electronic funds transfers (EFTs) (Central Bank of Kenya, 2023) (Bank of Tanzania,
The highly anticipated modernisation of the country’s inter-banking payment system will not only boost financial inclusion but make it much easier, and cheaper, for consumers to pay both merchants and fellow consumers whilst boosting e-commerce sales says Andrew Springate, CEO of tech and financial gateway service provider PAYM8. South Africa’s Rapid Payments Programme (RPP) is
The truth is, all businesses are at risk of being scammed at some point, and just one incident can cost a company millions of Rand. Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider, says that fraudsters are constantly finding new ways to exploit vulnerabilities and attack corporate payment systems and it’s
Following the South African Reserve Bank’s (SARB’s) decision to increase its repo rate by 0.25%, FNB will also lift its prime lending rate by 0.25%. The new rate will take effect on all prime-linked accounts from Friday 19 November 2021. FNB CEO Jacques Celliers says that “Today’s rate hike by the SARB is a sign
The Central Bank of Nigeria (CBN) became aware of postings on social media platforms (including Facebook, Twitter) apparently made by the CBN Governor, Mallam Sanusi Lamido Sanusi and has since clarified that the social media accounts are fake accounts. CBN stated that the Governor has neither a Facebook or Twitter account and that in the past 6 months
The Western Union Company and MTN Group announced the launch of a mobile money transfer service in Uganda, allowing MTN customers to send and receive money across borders using just their mobile phones for the first time. The service, announced at a press conference in Kampala, marks the debut of an offering from Western Union
Ingenico, international provider of payment solutions, announced the final closing of the acquisition of Ogone, leading pan- European online payment services provider, after having been informed of the non-opposition from the National Bank of Belgium. This follows the news released in January this year that Ingenico concluded an agreement for the purchase of Ogone for
Fastjet announced the launch of its credit and debit card payment solution in co-operation with Wirecard AG, allowing consumers and travel agents from across the globe the ability to access and pay for seats of the rapidly growing fastjet route network. Fastjet has partnered with credit card acquirer Wirecard to facilitate bookings using Visa and
Discover Financial Services (DFS) and Interswitch Limited, the largest integrated payment processing service provider in Nigeria and promoter of the leading card network, Verve, today announced a strategic alliance that will allow acceptance of Discover and Diners Club International (DCI) cards at Interswitch-enabled ATM and point-of-sale (POS) terminals for purchases in Nigeria. It will also
VeriFone Systems, Inc. announced the appointments of Johan Tjärnberg to president, VeriFone Europe and Southern Africa; and Bulent Ozayaz to president, VeriFone Southern Europe, Russia, Middle East and Northern Africa. Tjärnberg, 37, joined VeriFone in 2012 through the acquisition of Point International and has served as Point’s CEO since 2010. In his seven years with Point, its payments-as-a-service
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