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chaimaa-rachid

Interview: Fintech, Bank partnerships will deepen Financial Inclusion - STEPHEN MUTANA ... - 0 views

thebrinknews.com/ncial-inclusion-stephen-mutana

Partnership banks MTN

shared by chaimaa-rachid on 13 Feb 21 - No Cached
  • We improve on partnerships focusing on leveraging on existing infrastructure such as distribution systems sides for cost effective operations. Partnerships that aim to drive innovation by exposing prebuilt APIs. For instance, access to accounts, transaction history, know your customer, or metadata enhancements.  
  • chaimaa-rachid on 13 Feb 21
     
    MTN finds that partnering with banks and other monetary establishments as an approach to turn out to be more reliable for clients.
hibaerrai

WorldRemit launches new product for business payments to Ghana | Africanews - 0 views

www.africanews.com/...for-business-payments-to-ghana

WorldRemit Remittance E-payments

shared by hibaerrai on 13 Feb 21 - No Cached
  • WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      WorldRemit transfer fees are quite low, and I believe that is caused by competition. In fact, banks provide the same services, however their fees are higher. So decreasing fees is a huge selling point for the fintech.
  • Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Ghana. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Low costs strategy is a winning strategy.
ayachehbouni

YCombinator backed investment platform, Thndr, receives first new brokerage license in ... - 0 views

waya.media/ense-in-egypt-in-over-a-decade

shared by ayachehbouni on 12 Feb 21 - No Cached
  • Thndr, a YCombinator backed investment platform, makes it easy to invest in stocks, bonds, and funds completely commission free. Thndr aims at solving Egypt and the region’s painful, outdated and time consuming process to open, fund and actively manage investment accounts. Thndr’s first product is a mobile first equities trading platform in Egypt. The startup just acquired the necessary licensing from the Financial Regulatory Authority (FRA) making the fast growing startup the first company to acquire a brokerage license in Egypt since 2008. Issuing a license to a tech company is a testament to the regulator’s strong commitment to seek modern methodologies to enhance the investment landscape in Egypt.
    • aminej
      aminej on 12 Feb 21
       
      They acquired an important license from the Financial Regulatory Authority (FRA) which shows that they are following strict regulations. It is good for the traders because it is a official trading platform that offers safety when investing and trading
  • Thndr pre-seed funding involved an array of distinct investors such as Y-Combinator, 4DX Ventures, Endure Capital, The Raba Partnership, MSA Capital, along with some other notable investors that include Tom Stafford, Managing Partner, DST “Savings and investing is a critical part of building wealth and economic development, and Egypt’s youth needs a mobile first platform like Thndr to open the floodgates of investing in the coming decades.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      Investors are attracted to Thndr because of its ideals and goals but mostly because of its innovative services. The platform removes all barriers and friction that users face throughout their investment journey, be it when it comes to account opening, associated costs, access to resources or ease of use. The important mission these services carry out are what made the success of the company among its competitors.
kenza_abdelhaq

Safaricom Launches MPESA Bill Manager For Businesses With Automatic Reminders - 0 views

techweez.com/...sa-bill-manager-for-businesses

M-Pesa Kenya Payments Service

shared by kenza_abdelhaq on 13 Feb 21 - No Cached
  • M-PESA Bill Manager empowers thousands of Kenyan businesses, especially schools and landlords, to digitise their businesses beyond just collecting payments at no additional cost. The service will equally empower millions of M-PESA PayBill customers with better record keeping by providing digital receipts for each payment. Our ambition is to empower both businesses and our customers easily manage and keep track of payments
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      M-Pesa PayBill customers can keep records of their transactions as digital receipts will be generated for each payment.
  • Schools for example can use the Bill Manager platform to customize different type of fees such as tuition, lunch, transport, school trips and among others. Property agents can send rent payment reminders and reconcile any received payments. Utility providers like water and internet providers will be able to automatically bill their customers who in turn will have a way to easily view and manage pending bills.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      The target includes schools, property agents, and utility providers among other businesses or utilities with repeat payments.
nouhaila_zaki

My PAGA - transact mobile payments; send cash via mobile; pay bills via mobile. - 0 views

www.mypaga.com/...C48866E180618E0E570B5BE493B-s1

Paga Nigeria Overview

shared by nouhaila_zaki on 13 Feb 21 - No Cached
  • We are a team of passionate Africans determined to tackle what we consider a critical issue paramount to Africas development - the availability of financial services to all Africans. Paga was founded early 2009 on the simple belief that the ubiquity of mobile phones can be leveraged to bring financial services to all Africans. We aim to accomplish our mission by working in partnership with select Banks, Microfinance institutions, and all Mobile Network Operators. Innovation is at the core of our company - we strive to develop "appropriate technology" suited for the local markets where we operate. We also work hard to ensure our services are low cost and accessible via our agent network - in doing so we can strive towards universal access. Paga works on the most basic SMS enabled phone and on all mobile networks so customers have the liberty to have their Paga account available at their finger tips regardless of what phone or network they are using. For consumers, our core offering is a money transfer service - with Paga you can send money to anyone with a mobile phone. You can either use Paga by yourself (if you own a Paga account) or by going to any Paga Agent. We also offer several other products such as: buying/sending airtime credits, bill payments, and retail payments. For ultimate convenience we provide several channels for consumers to use Paga - SMS, Online, a mobile application, USSD, or IVR (automated line). Paga Merchant Services allows businesses to collect payment from all spectrums of the population - whether banked or not. By leveraging the Paga e-widget, businesses can integrate a world class online checkout process on their own websites. Businesses can also leverage our agent network to collect payment for goods and services or provide customers the convenience of paying via SMS or online at Pagas customer portal. Our current services are the beginning of a journey. Through our innovation lab "Paga labs" and in conjunction with our partners we will continue to develop and deliver valuable offerings to our customers. Together with our partners we will achieve our mission and bring financial services within reach of millions of Africans!
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is an introductory statement of the company Paga, its operations, its goals, its customers, its core offerings, and its innovation programs.
hibaerrai

Leading Egyptian Digital E-Payments Platform Fawry Reaches $1 Billion Market Cap | Fina... - 0 views

financialit.net/...y-reaches-1-billion-market-cap

Fawry Egypt E-payments Online Fintech Leader

shared by hibaerrai on 13 Feb 21 - No Cached
  • This is a super exciting time for Egyptian fintechs. For Fawry to reach a market cap of $1 billion within one year of its IPO is quite impressive and is a moment to celebrate. This will help the whole industry and will open more doors for fintechs to receive funds and make partial exits.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      The pandemic was a huge opportunity for Fawry and Fintech companies in general as, thanks to it, they had an important increase in demand.
  • Commenting on the news, Okasha told WAYA: “This is a super exciting time for Egyptian fintechs. For Fawry to reach a market cap of $1 billion within one year of its IPO is quite impressive and is a moment to celebrate. This will help the whole industry and will open more doors for fintechs to receive funds and make partial exits.”Fintechs and electronic banking companies have seen a huge increase in demand as a result of the pandemic. Fawry saw an increase of more than 50% of the company’s value before the Covid-19 crisis. This number grew exponentially during the crisis.The company went public on the Egyptian Exchange in August 2019, since then its stock price has increased by over 300%. The initial cost of one share at the company was EGP 6.46.According to Fawry’s website, it handles around 2.1 million transactions daily and collected $2.43 billion last year. It has approximately 20 million customers.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      The pandemic has caused Fawry's stock price to increase drastically after going public on the EX. This is a huge step for the fintech which expects a successfull future.
chaimaa-rachid

WorldRemit expands to Algeria - 0 views

www.worldremit.com/...worldremit-expands-to-algeria

Malawian Algeria Partnership

shared by chaimaa-rachid on 13 Feb 21 - No Cached
  • “According to the World Bank, over 80% of the Malawian population live in rural areas. Our new partnership offers recipients a variety of convenient cash pickup locations across the country, and our digital model drives down the cost of remittances as senders do not have to visit a traditional offline money agent.”
  • chaimaa-rachid on 13 Feb 21
     
    WorldRemit is improving consumer loyalty by presenting new services that permit advanced fund transfer.
ayoubb

An Appraisal of Potential Risks of Fintech Adoption in the Nigerian Financial Services ... - 0 views

www.ligsuniversity.com/...an-financial-services-industry

shared by ayoubb on 13 Feb 21 - No Cached
  • The probability that a customer would incur financial losses in financial transactions conducted using Fintech is referred to as financial risk particularly when these losses would have been avoided if the same transactions had been conducted on a conventional platform (Keong et al., 2020; Razzaque et al., 2020). Financial risk can also be incurred by the financial service provider thereby distorting the operating budget of the firm. An example of a financial loss according to Khalil and Alam (2020) is when the process of launching a Fintech service has taken a longer time than planned thereby translating to an increase in the total cost of implementation. The prevalence of financial risk has heightened due to the nature of digital technology employed by Fintech, which could lead to recurrence in financial losses driven by electronic fraud (e-fraud) (Keong et al., 2020). These authors also listed other causes or drivers of financial risk as factors related to budgetary exchange framework, currency misrepresentation, and additional exchange fees that accompany the preferred value. 
    • ayoubb
      ayoubb on 13 Feb 21
       
      Financial Risk of adopting Fintech in Africa
mohammed_ab

Visa and Fawry sign strategic partnership to accelerate digital payments acceptance | Z... - 1 views

www.zawya.com/...acceptance-ZAWYA20201004113100

Fawry Egypt Visa Fintech Partnership

shared by mohammed_ab on 13 Feb 21 - No Cached
  • Visa, (NYSE: V), the world’s leader in digital payments and Fawry, the leading digital transformation and ePayment platform in Egypt announced that they have signed a strategic partnership to accelerate acceptance of digital payments in Egypt in alignment with the Central Bank of Egypt’s plans to build a digital economy and advance digital and financial inclusion in the country.The partnership aims to catalyze the provision of open loop Visa digital acceptance solutions including both POS terminals and QR solutions to a larger number of merchants so they can benefit from the advantages of electronic payments by leveraging on Visa’s vast global network and experience as well as Fawry’s locally relevant solutions.  
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it touches upon partnerships initiated by Fawry with Visa and the Egyptian Government (and Central Bank) in an effort to promote financial inclusion and build a digital economy in Egypt.
  • Visa and Fawry sign strategic partnership to accelerate digital payments acceptance
  • One of the key solutions that the partnership aims to address is the need to enable a digital ecosystem that easily supports the needs of consumers and merchants. Through Visa Direct’s peer to peer transfer and low cost QR solutions, millions of customers – regardless of who they bank with – would be able to make peer to peer and business to business transactions easily and securely so they can move money in real time.
  • mohammed_ab on 13 Feb 21
     
    The excerpt is relevant here because it introduces a critical partnership between Fawry and Visa. This partnership will have positive impacts on Fawry: Quick and secure money transfer between people regardless of their bank.
mohammed_ab

Electronic Transactions Reshape Egypt's Economy - 3 views

www.ifc.org/...egypt-digital-payments

Fawry Egypt Fintech Positive Impact Economy

shared by mohammed_ab on 11 Feb 21 - No Cached
  • The rise of online banking around the world has helped other economies solve these very challenges. Cash, for example, is hard to transport. Coins and bills are prone to theft, and their use makes dodging taxes easier for those so inclined. For individuals who must pay in person, getting across a gridlocked city like Cairo is logistically difficult. Together, these problems can constrain an economy. In Egypt, where 94 percent of all transactions were cash as recently as 2014, such a system stymies economic growth.
  • Fawry is part of a new wave of technology companies ushering Egypt into the digital age. Many of these firms are helping transform industries like banking, health care, and transport, and in the process creating good jobs for young Egyptians, more than 30 percent of whom are unemployed.
  • Sabry, a former salesperson at IBM Egypt, launched Fawry because he knew these issues kept Egypt’s economy from achieving its promise. The early years were lean as the company worked to convince tech-wary Egyptians that Fawry’s systems were secure—and that their money wouldn’t disappear into an electronic void.
  • ...6 more annotations...
  • “Time is of the essence, and Fawry saves me a lot of it,” says Shawky, who owns three electronics stores in the Egyptian capital.
    • kenzabenessalah
      kenzabenessalah on 13 Feb 21
       
      Fawry is available for its customers day and night which attracts a large range of people.
  • It was something that Cairo-based shop owner Nader Shawky had come to dread: paying his phone bill. Every month, he trekked to the offices of his mobile provider where he and dozens of others stood in line—sometimes for up to two hours—to settle their bills. It was, he admits, a maddening process.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • Fawry, a fast-growing Cairo-based company that specializes in electronic payments, makes it possible for Shawky to take care of his accounts online.
  • Fawry’s growth has had a profound effect on Egypt’s economy, says Akef el Maghrabi, the vice chairman of Banque Misr, one of Egypt’s biggest banks and an early Fawry partner. “When you eliminate or reduce the reliance on cash, then you fight corruption, you provide convenience, you lower costs, and you grow the economy. [Electronic payments] do a lot of good for the country.”
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      With a system that relies mainly on cash transactions, the economy faces too many challenges that stops its growth and development. For instance, cash is hard to transport, coins and bills can easily be stolen, and their use makes dodging taxes and corruption easier.
  • IFC invested $6 million in Fawry in 2013 and helped guide founder Ashraf Sabry and his team as they built their business. Now the 12-year-old company handles 2.5 million transactions a day. In 2018 Fawry processed 40 billion Egyptian pounds (about $2.5 billion) in electronic payments. Earlier in 2019, Fawry became Egypt’s largest financial technology firm to list on the national stock exchange. It now employs 1,600 people.
    • samielbaqqali
      samielbaqqali on 13 Feb 21
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • As the Fawry network grew, shop owners who installed the system saw significant benefits, too. Fawry’s terminals drew new customers into stores, providing the consumer traffic that is the lifeblood of small shops. Mahmoud El Rawy, a grocery store owner and father of three, can attest to that. His shop struggled until he installed a Fawry payment terminal. “Fawry has had a big impact on my business,” says El Rawy, who now owns three supermarkets. “It helped bring me more customers and it’s why many come to me now.”
  • chaimaa-rachid on 11 Feb 21
     
    Fawry is making the life of its customers less difficult by offering online banking financial administrations that empower you to cover your bills, move cash, and access a record of your checking account transactions from your internet browser. Banking from anywhere, at any time of the day or night, makes all what you do with your finances somewhat simpler.
  • ...1 more comment...
  • hichamachir on 12 Feb 21
     
    Fintech is providing a very fast business and customer are really satisfied with it. I think that fast service is the main objective of Fintechs.
  • hindelquarrouti on 13 Feb 21
     
    Fawri is helping Egyptians in handling their bills online rather than spending hours on this kind of processes if done traditionally.
  • mohammed_ab on 13 Feb 21
     
    It's interesting to see that Fawry has a positive impact on its customers but also its business partners like small show owners.
mohammed_ab

#40Days40FinTechs: JUMO is offering social impact financial products to the unbanked. |... - 1 views

money.hipipo.com/...ncial-products-to-the-unbanked

JUMO SME Emerging Markets

shared by mohammed_ab on 12 Feb 21 - No Cached
  • The HiPipo chief executive officer Innocent Kawooya expressed his excitement about JUMO’s financial inclusion efforts, saying that its products are taking a lead in democratising lending and borrowing.“We are excited to interact with JUMO, a company that is enhancing financial inclusion in over 10 countries and serving more than 16 million customers.”
  • Reimagining finance in emerging markets by extending financial services to the underserved and the excluded has been JUMO’s goal since inception.
  • Reimagining finance in emerging markets by extending financial services to the underserved and the excluded has been JUMO’s goal since inception. This explains why it chose to specialize in social impact financial products where small businesses that are financially excluded can access loans and savings products.
  • ...1 more annotation...
  • During the same period, they have disbursed over $1 billion and record over 51 million interactions with customers monthly.  Over 120 million people have been connected to financial choices while the cost of transaction has been reduced significantly.
  • hichamachir on 12 Feb 21
     
    JUMO's great job made other companies to be proud of making a partnership with them. This is a good example of a successful company.
  • mohammed_ab on 13 Feb 21
     
    I like the service Jumo offers. The company provides loans to small businesses and SMEs that have difficulties accessing financial services. It's amazing to see the number of transactions they have made during one year.
samiatazi

Our Story - Safaricom - 0 views

www.safaricom.co.ke/...our-story

mpesa Kenya Fintechs e-payment

shared by samiatazi on 08 Feb 21 - No Cached
  • In the year 2000, we began the Safaricom journey with a view to Transform Lives. Safaricom is one of a small group of about 400 companies across Africa whose annual revenues are more than $1 billion. Many of these companies are pan-African in their operations and are active in increasingly diverse sectors.
  • M-PESA is restoring dignity to thousands of refugees. Through a partnership with the World Food Programme, we are leveraging M-PESA to help more refugees access food, through a product known as Chakula Chap Chap. M-PESA has enabled us to digitize food delivery for over 100,000 households. It has removed the opportunity for corruption by eliminating middle-men, and reduced the cost of distributing relief aid, creating employment and business opportunities for people in refugee camps. This initiative has shown us that our business can help bridge critical gaps for our society.
    • mehdibella
      mehdibella on 08 Feb 21
       
      this shows how much M-Pesa is trying to help the much refugees in Kenya by providing the upmost necessities
  • In the year 2000, we began the Safaricom journey with a view to Transform Lives. Safaricom is one of a small group of about 400 companies across Africa whose annual revenues are more than $1 billion. Many of these companies are pan-African in their operations and are active in increasingly diverse sectors.
    • samiatazi
      samiatazi on 13 Feb 21
       
      this shows how much M-Pesa is trying to help the much refugees in Kenya by providing the upmost necessities
mohammed_ab

Don't Fear the Algorithm: The Risks and Benefits Of Machine Learning in Finance - NextB... - 0 views

nextbillion.net/rithm-machine-learning-finance

JUMO Africa Financial inclusion Machine Learning

shared by mohammed_ab on 13 Feb 21 - No Cached
  • Machine learning is a critical component of this process, as it allows us to enhance our predictive ability to better identify these qualifying customers. As a result, we are making significant strides towards our goal of creating the world’s leanest and lowest-cost banking infrastructure. This helps our bank partners offer loans at the lowest possible rate, and it helps our customers to achieve higher-yield savings. We’ve proven that our model works. Twelve million customers in Africa and Asia have saved or borrowed on the JUMO platform, and roughly 70% of these customers are micro and small businesses. We’re incredibly proud of our progress so far – but we know there’s more we can do.
  • To test our approach, we looked at Ghana, running new and advanced machine learning algorithms on signals associated with a pool of lending applicants. The goal was to identify combinations of signals — from income size and deposit frequency to mobile phone battery life and mobile wallet transaction patterns — that would serve as more accurate indicators of likely fraud than existing models.
  • mohammed_ab on 13 Feb 21
     
    This article explains how machine learning is used as a tool to identify potential customers for JUMO. It's quite amazing to see that machine learning take into account things like the battery life of your phone, data usage, mobile money transactions as components to make a lending decision
nouhaila_zaki

M-Pesa - 2 views

www.investopedia.com/...mpesa.asp

M-Pesa Financial inclusion Kenya

shared by nouhaila_zaki on 07 Feb 21 - No Cached
  • One of the drives for Fintech innovations, like M-Pesa, is financial inclusion, which is mostly geared toward an underbanked or unbanked group of people.
    • nouhaila_zaki
      nouhaila_zaki on 07 Feb 21
       
      Financial inclusion is a main priority of M-Pesa.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • nouhaila_zaki
      nouhaila_zaki on 07 Feb 21
       
      This excerpt is important because it explains how this mobile banking service operates. 1. Payments are made through SMS messages. 2. Cash collected by M-Pesa is deposited in bank accounts held by Safaricom. 3. Phone numbers act as account numbers. 4. M-Pesa provides receipts as proof of transaction.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • ghtazi
      ghtazi on 08 Feb 21
       
      this article shows us how M-Pesa is a virtual system that provides transaction services through a SIM card. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
  • ...9 more annotations...
  • A farmer has no bank account and wants to deposit his commodity sale proceeds of 1,000 shillings goes to an M-Pesa outlet and deposits the money with the kiosk agent or attendant. The agent, in turn, uses her phone to access the client’s account with the client’s registered phone number and credit the account for 1,000 shillings.
    • ghtazi
      ghtazi on 08 Feb 21
       
      M-Pesa target customers are anybody who has a phone.
  • M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. M-Pesa was introduced in Kenya as an alternative way for the population of the country to have access to financial services. Safaricom, the largest mobile phone operator in Kenya, launched M-Pesa in 2007. The service is a blend of two entities where M means mobile and Pesa means money or payment in the Swahili language.
  • Financial inclusion is an initiative that seeks to include residents who have no access to banks or who can’t afford the required minimum deposits in the digital banking era. In order for this initiative to succeed, different sectors must collaborate in sharing data with each other and build a meaningful digital platform.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      I like how M-PESA gave opportunities for those who cannot afford to have bank accounts , an alternative to still have access to those services.
  • Through mobile payment services like M-Pesa, the standard of living in Kenya has improved greatly. Market traders, debt collectors, farmers, and cab drivers don’t need to carry around or transact in a large amount of cash. This means that the occurrence of theft, robbery, and fraud is reduced. Also, individuals and business owners don’t have to wait in long lines for hours to make their electricity and water bill payments because these can be made using M-Pesa.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      The mobile payment industry was revolutionized by M-Pesa. The value of this business in the financial industry is demonstrated by the fact that the term M-Pesa has a financial significance. I believe that by using digitalisation in a way that can benefit people and solve their problems, M-Pesa has gained its impact.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
    • ghtazi
      ghtazi on 13 Feb 21
       
      to combat fraud they use either a sim card, ID card, or passport. in this way every transaction made will be marked with identifications of the parties transferring money, paying or whatever action it was made.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
  • M-Pesa is one of the innovative tools that have been birthed from the collaboration of telecommunication and banking sectors in East Africa.M-Pesa began in Kenya and is being utilized in 10 countries, including India and Romania. Emergent technology in the financial sector, or Fintech, has made it possible for financial services and products, like M-Pesa, to be more accessible at small costs.M-Pesa makes it possible for unbanked people to pay for and receive goods and services using a mobile phone instead of utilizing a brick-and-mortar bank.
    • nourserghini
      nourserghini on 13 Feb 21
       
      this article explains that M-pesa is a virtual banking platform that gives the opportunity for unbanked or underbanked individuals to conduct transactions through a SIM card.
  • This cross-communication tactic used by M-Pesa is developing rapidly in sub-Saharan Africa, where the telecommunication and banking sectors are working together to create mobile banking services for those with limited access to traditional banking.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Mobile payment is progressively being used in emerging regions in which a large percentage of the population has little or no access to traditional banking such as Africa
  • Mobile money is increasingly being adopted in developing nations where a high percentage of the population has little or no access to traditional banking. Revolutionary services like Paga, MTN Mobile Money, Airtel Money, and Orange Money are disrupting the traditional payment systems used frequently by residents of emerging nations, by changing the economy from a cash society to a digital one.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects the increasing importance of mobile money i.e. as proposed by M-Pesa in developing countries.
  • hichamachir on 12 Feb 21
     
    M-Pesa revolutionized the mobile payment industry. The fact that the word M-Pesa got a financial meaning shows the importance of this company in the financial industry. I think that M-Pesa gained its influence by using digitalization in way that can help people and solve their problems.
mohammed_ab

0% Interest Small Business Loans | Kiva - 1 views

us.kiva.org/wenyc

Kiva Crowdfunding Entrepreneurs Microfinance Women

shared by mohammed_ab on 13 Feb 21 - No Cached
  • Kiva expands access to and lowers the cost of capital for small business owners by providing 0% interest, crowdfunded loans, raised from its network of 1.6 million supportive lenders around the world. Many of these lenders become borrowers' new customers, brand advocates, and biggest fans.
  • WE NYC has partnered with Kiva, a platform specializing in crowdfunded loans, to help more women entrepreneurs achieve crowdfunding success. Participating in WE Fund Crowd means WE NYC will be your first lender, pledging 10%, or up to $1,000, of your crowdfunding goal. Friends, family, and new supporters who see your campaign will know that WE NYC believes in your business and your dreams.
  • chaimaa-rachid on 13 Feb 21
     
    Kiva has a very interesting platform that aims to help small businesses that have no interest.
  • mohammed_ab on 13 Feb 21
     
    This partnership between the city of New York and Kiva should be an example for all major cities.
hibaerrai

Thndr obtains brokerage licence, executes digital commission-free trading | ZAWYA MENA ... - 0 views

www.zawya.com/...sionfree_trading-SNG_183523889

Thndr Egypt Fintech Investment Securities

shared by hibaerrai on 13 Feb 21 - No Cached
  • The company is keen to work with companies specialising in the financial technology (fintech) solutions field, to contribute to the development of the Egyptian capital market sector.The most prominent of these partnerships includes a contract with the Egyptian Company for Information Dissemination (EGID).
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      As Thndr helps both individuals and companies to easily deal in the Egyptian stock exchange, working with companies specializing in the financial technology solutions field is a must.
  • Startup and equities trading platform, Thndr Securities Brokerage, has obtained approval from Egypt’s Financial Regulatory Authority (FRA) to practice securities brokerage activities.Thndr is the first company in the Middle East to announce the provision of a zero commission on securities trading service.Its activities take place through an advanced electronic platform that enables dealers in the Egyptian Exchange (EGX) to view the latest developments and indicators at zero cost.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Thndr is the first fintech to have a brokerage license in Egypt. Also, they aim to help users invest easily in the Egyptian Stock Exchange by employing wero comission on traded securities.
nourserghini

SimbPay Money Transfer Service in Kenya - KCB Bank Kenya Ltd - 0 views

ke.kcbgroup.com/...simbapay

Simbapay Services Remittance

shared by nourserghini on 13 Feb 21 - No Cached
  • This is simply the low cost, simple and secure way to send money worldwide online. What you can do with SimbaPay Bank Deposit: Transfer money directly to your receiver’s bank account. Mobile Wallet: Send money directly to a mobile money account.
    • nourserghini
      nourserghini on 13 Feb 21
       
      Simbapay is a platform that allows costumers to transfer their money to another account directly and to send money to a mobile money receiver.
ayachehbouni

How Digital Technology Is Changing Farming in Africa - 0 views

hbr.org/...-is-changing-farming-in-africa

shared by ayachehbouni on 13 Feb 21 - No Cached
  • FarmDrive, a Kenyan enterprise, connects unbanked and underserved smallholder farmers to credit, while helping financial institutions cost-effectively increase their agricultural loan portfolios.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      Agriculture accounts for more than 30% of the continent's GDP and employs more than 60% of its working population. I believe that the agricultural sector may be the most important one in Africa, which is why many financial solutions saw the light in order to help farmers. Farmdrive is one of these solutions.
hibaerrai

Thndr obtains brokerage licence, executes digital commission-free trading - Daily News ... - 0 views

dailynewsegypt.com/...igital-commission-free-trading

Thndr Egypt Fintech Investment

shared by hibaerrai on 13 Feb 21 - No Cached
  • The company is keen to work with companies specialising in the financial technology (fintech) solutions field, to contribute to the development of the Egyptian capital market sector. The most prominent of these partnerships includes a contract with the Egyptian Company for Information Dissemination (EGID). The latter company has been the approved authority for distributing information to EGX listed companies in the country for more than 20 years. “By using technology and introducing an easy-to-use application, we hope to remove all barriers users face, whether by making the account opening process easier or reducing costs,” said Saif Amr, co-founder of Thndr. He added, “We help companies by facilitating dealing in the Egyptian Stock Exchange, but we intend to offer other investment options soon to suit all segments.”
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Thndr created lots of partnerships with other similar fintechs in different countries as well as important companies that provide data about interest rates, listed companies in the egyptian stock exchange, to make the investment profitable.
mehdibella

FarmDrive - 0 views

farmdrive.co.ke

Fintech Farmdrive kenya

shared by mehdibella on 08 Feb 21 - No Cached
  • FarmDrive’s alternative credit risk assessment model is providing financial institutions with an agriculturally relevant and data-driven model to assess risk and develop loans that fit the needs of smallholder farmers. Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities, thereby alleviating poverty, hunger, and inequalities.
    • sawsanenn
      sawsanenn on 08 Feb 21
       
      FarmDrive overlaps our focus areas of agriculture and financial inclusion, empowering the world's most vulnerable farmers with the digital financial services they need to strengthen and improve their livelihoods. FarmDrive connected to various partners and expertise to help them scale, as its usage increases in other developing markets in sub-Saharan Africa.
  • Nearly 50 million smallholder farmers in Africa are struggling to support their families and communities through agri-business because less than 10% have their economic needs met by the financial sector. Without access to credit, they remain unable to purchase quality inputs, make productive investments, and improve their production and harvests.
    • sawsanenn
      sawsanenn on 08 Feb 21
       
      While financial inclusion in the country has increased, many farmers remain excluded. Limited financing for farmers is due, in part, to a lack of available credible risk-assessment information for financial institutions.
  • FarmDrive’s alternative credit risk assessment model is providing financial institutions with an agriculturally relevant and data-driven model to assess risk and develop loans that fit the needs of smallholder farmers. Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities, thereby alleviating poverty, hunger, and inequalities.
    • aminej
      aminej on 11 Feb 21
       
      FarmDrive helps small holder farmers get access to credit and funding in order to develop more and improve their capabilities and ressources. They also offer another service that consist of giving a score to each farmer according to his credits which is a good way to evaluate each one and to include more people that are unbanked.
  • ...2 more annotations...
  • FarmDrive uses mobile phones, alternative data, and machine learning to close the critical data gap that prevents financial institutions from lending to creditworthy smallholder farmers.
  • $450 Billion Financing Gap Agriculture employs 65% of Africa’s population and makes up 32% of its GDP. However, less than 1% of bank lending in Africa goes to agriculture. In absence of accurate and cost-effective methods for assessing small-scale agricultural lending risk, financial institutions choose not to lend to smallholder farmers, thereby contributing to the $450 billion global agriculture financing gap.
    • mehdibella
      mehdibella on 13 Feb 21
       
      Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities as the GDPR is maiinly based on agriculture these similar technologies help push it over the limit.
  • hibaerrai on 08 Feb 21
     
    This excerpt is important because FarmDrive tries to gather all data needed to create loans that suit farmers situations.
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