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mohammed_ab

Mobile money platform Pngme raises $3M to expand across Africa - 0 views

cointelegraph.com/...ses-3m-to-expand-across-africa

M-Pesa Competition Pngme Africa Mobile Money

shared by mohammed_ab on 12 Feb 21 - No Cached
  • Africa-focused but U.S. based unified financial data platform Pngme this week announced its successful seed funding round raised $3 million.
  • Pngme hopes to tap into the burgeoning mobile money market in Africa that was kicked off with M-Pesa in 2007. Launched in Kenya, M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones, largely targeting a massive population of unbanked citizens in the sub-Saharan region.
  • mohammed_ab on 12 Feb 21
     
    Pngme has been able to raise $3 Million to expand its operation on mobile money into Africa. This competitor could acquire more market shares from M-Pesa if it succeeds to penetrate the African market using the right strategy.
mohammed_ab

MTN Group furthers financial inclusion - MTN Group - 0 views

www.mtn.com/p-furthers-financial-inclusion

MTN Financial inclusion Fintech

shared by mohammed_ab on 12 Feb 21 - No Cached
  • Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader. The group works with numerous partners to offer services including loans, insurance, remittances and MoMo Pay, enabling customers to store money in their mobile wallets with which they can then pay for goods or services at registered merchants. Mobile money services have grown faster in Africa than anywhere else in the world. In 2020, the trend has quickened, and the value of transactions has increased, partly supported by MTN’s reduction in MoMo transaction fees in many operations to assist customers battling the impacts of the pandemic.
  • mohammed_ab on 12 Feb 21
     
    I like how MTN has developed its fintech service MoMo that was originally just for money transfer using mobile phones but has rapidly grown to other services like loans and remittance.
kenza_abdelhaq

Private equity investment in leading mobile payments platform | responsAbility - 0 views

www.responsability.com/...ading-mobile-payments-platform

Fawry Egypt Services

shared by kenza_abdelhaq on 13 Feb 21 - No Cached
  • Fawry is the leading mobile payments platform in Egypt. Through a network of 65,000 agents, mostly small shop owners, Fawry allows 20 million customers to perform a variety of transactions such as utility bills payments, airtime top-ups or merchant transactions. Over the years, Fawry has created a platform connecting all clients’ channels of payments including bank accounts, credit cards and mobile wallets with any of the 23 banks connected to its platform. Fawry’s success has been to build acceptance and usage from clients as well as banks and merchants.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Fawry's services, operations, and network include small shop owners, a variety of transactions, and a platform connecting clients and more than 20 banks.
  • Speaking on behalf of Fawry, Ashraf Sabry, CEO, said: “Our efficient payment platform and network will enable us to provide financial services for sections of the population that have so far been underserved – at costs that will allow the model to be commercially sustainable. At the same, we aim to further spread cashless transaction in Egypt, thereby serving customers as well as commerce.”
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Fawry is targeting customers as well as commerce while focusing on providing financial services to the underserved. The company focuses on financial inclusion while maintaining a certain level of costs to have a commercially sustainable model.
  • kenza_abdelhaq on 13 Feb 21
     
    "Fawry is the leading mobile payments platform in Egypt. Through a network of 65,000 agents, mostly small shop owners, Fawry allows 20 million customers to perform a variety of transactions such as utility bills payments, airtime top-ups or merchant transactions. Over the years, Fawry has created a platform connecting all clients' channels of payments including bank accounts, credit cards and mobile wallets with any of the 23 banks connected to its platform. Fawry's success has been to build acceptance and usage from clients as well as banks and merchants."
kenza_abdelhaq

Two African startups where inclusive fintech comes with a human touch | Accion - 0 views

www.accion.org/ntech-comes-with-a-human-touch

Lumkani South Africa Insurtech Implementation

shared by kenza_abdelhaq on 13 Feb 21 - No Cached
  • In South Africa, mobile money systems are much less available than they are in Kenya, so they are not a good option for Lumkani clients to use to manage policy payments and payouts. Additionally, people in the informal settlements where Lumkani provides its services tend to be limited in both financial literacy and experience with technology, so they need information on what the insurance product is and how it works. So Lumkani relies on agents — many of whom live in the same settlements — to do face-to-face sales pitches and enrollments. The agents, however, carry smartphones with an app for setting up the new accounts. Agents also collect cash payments in person but send SMS reminders to keep clients up to date.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Lumkani adapts to local communities that are generally with limited literacy and experience with technology by relying on agents to do face-to-face pitches and assist in the installation and activation of the device.
  • kenza_abdelhaq on 13 Feb 21
     
    "In South Africa, mobile money systems are much less available than they are in Kenya, so they are not a good option for Lumkani clients to use to manage policy payments and payouts. Additionally, people in the informal settlements where Lumkani provides its services tend to be limited in both financial literacy and experience with technology, so they need information on what the insurance product is and how it works. So Lumkani relies on agents - many of whom live in the same settlements - to do face-to-face sales pitches and enrollments. The agents, however, carry smartphones with an app for setting up the new accounts. Agents also collect cash payments in person but send SMS reminders to keep clients up to date."
hibaerrai

WorldRemit launches transfer tracker app - 0 views

www.finextra.com/...-launches-transfer-tracker-app

WorldRemit Remittance E-payments

shared by hibaerrai on 13 Feb 21 - No Cached
  • Consumer research shows that financial insecurity is at an all time high. WorldRemit is working tirelessly to increase transparency and support users by providing easy access to financial services. With WorldRemit’s proprietary technology, each user can now track the money they have been sent, giving them added peace of mind at a time when they need it most.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      WorldRemit continues to develop new apps and platforms everyday in order to increase financial inclusion in all countries. Their services are known for their speed, convenience and safety. I believe that this fintech is among the best ones in the world.
  • WorldRemit is one of the first companies in the global payments industry to launch a Transfer Tracker app exclusively with recipients in mind. The digital payments company allows senders in 50 countries to send money via the app or website to recipients in over 150 countries and can choose from multiple payout methods including bank deposits, mobile wallets, mobile airtime top-up and cash pick-up.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      WorldRemit might be surpassing popular fintechs in the next years. It goes beyond standard services and look for ones that suit all individuals in different countries.
nourserghini

Abacus - VC4A - 0 views

vc4a.com/abacus

Abacus E-trade Africa Kenya

shared by nourserghini on 10 Feb 21 - No Cached
  • Abacus allows investors, locally and in the diaspora, to invest in equities, fixed income, unit trust, real estate and unlisted securities in Kenya.
    • ayachehbouni
      ayachehbouni on 10 Feb 21
       
      Abacus builds web and mobile software to help investors across the globe access African financial markets. It makes it possible for both local and international investors to research and invest, any time, any where.
  • We are looking to cover at least 50% of Africa’s financial markets by 2019. We are an e*trade for Africa.We provide real time data and news, research, analyses and insights, technology driven advisory and community forums with investing leaderboards where you can see, copy or follow other investors’ activity. 
    • nourserghini
      nourserghini on 13 Feb 21
       
      This article states that Abacus Kenya is planning on covering about 50% or more in the African financial market these past years, by providing significant data and insights as well as community forums with investors.
ayoubb

FinTech and RegTech: Enabling Innovation While Preserving Financial Stability on JSTOR - 0 views

www.jstor.org/...26395923

shared by ayoubb on 13 Feb 21 - No Cached
  • The authors propose a new regime of regulatory systems in response to the growth of financial technology to balance innovation with objectives for economic development, financial stability, and consumer protection. This regime, called "smart regulation," requires a comprehensive review of current regulatory frameworks and systems. Smart regulation also involves technology for regulation, includes digitization of systems, and leverages advanced analytics and data.
    • ayoubb
      ayoubb on 13 Feb 21
       
      Fintech and Regulations
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.
ayoubb

Is Fintech Good for Bank Performance? The Case of Mobile Money in the East Af... - 0 views

papers.ssrn.com/...papers.cfm

shared by ayoubb on 13 Feb 21 - No Cached
  • Mobile money, a technology-driven innovation in financial services, has profoundly penetrated the financial landscape in Sub-Saharan Africa, including banks. Yet, besides anecdotal evidence, little is known about whether mobile money adoption enhances or worsens bank performance. Combining hand-collected data with balance sheet data from Bankscope for a panel of 170 financial institutions over the period 2009-2015, we find a strong positive and significant relationship between the time elapsed since banks’ adoption of mobile money and their performance considering an array of proxies of bank profitability, efficiency and stability. In further investigations, we show how bank specialization and size alter such an association. Our results are robust to using instrumental variables, controlling for bank and macro level confounding factors, bank fixed effects and considering alternative measures of bank performance and mobile money adoption. Furthermore, we show that enhanced income diversification and broadened access to deposits are possible channels through which banks involved in mobile money improve their performance. Overall, our findings highlight the bright side of cooperation between banks and mobile network operators in the provision of mobile money.
    • ayoubb
      ayoubb on 13 Feb 21
       
      FinTech and Mobile Money
    • ayoubb
      ayoubb on 13 Feb 21
       
      Innovation
sawsanenn

Paga Definition - 0 views

www.investopedia.com/...paga.asp

FinTech E-payments Nigeria competition

shared by sawsanenn on 13 Feb 21 - No Cached
  • In order to prevent fraudulent transactions, Paga has put certain measures in place to protect its users. A user logging into an unrecognized device, for example, will have to answer a couple of security questions before proceeding. Again, every transaction using Paga has to be finalized with a personal PIN known only to the user.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Paga has placed such steps in place to protect its users in order to discourage fraudulent transactions. For example, a user logging into an unrecognized computer would have to answer a few safety questions before continuing. Again, with a personal PIN is known only to the user, any transaction using Paga must be finalized.
  • With Paga, customers are able to deposit and save money, purchase prepaid phone credit, pay utility and cable bills, and make payments to retailers. The partnership between Paga and Western Union also has the added benefit where Western Money transfers sent to users can be deposited into their Paga accounts.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it discusses Paga's offerings fist, before moving to how Paga's partnerships, here with Western Union, helped the fintech improve its offerings.
  • Paga was introduced in Nigeria to take advantage of the cash buildup in the system and to create a means whereby financial services are available to all. Although the banking sector in Nigeria is not easily accessible to everyone, the telecommunications industry has been more successful in reaching a large portion of the country’s population. The collaboration of both the banking and telecom sector has given rise to mobile banking platforms like Paga, where a user can perform basic financial transactions with the use of a cellphone. Paga works through a mobile phone application or online through the company’s website.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it narrates the context in which Paga emerged. The combination of a large unbanked/underbanked population and high accessibility to telecommunications contributed to the establishment and subsequent success of Paga n Nigeria.
  • ...1 more annotation...
  • A number of other mobile wallet and payment service platforms are increasingly being implemented in emerging nations that have a high percentage of unbanked groups. M-Pesa, MTN Mobile Money, Airtel Money, and Orange Money are examples of mobile banking applications that are being employed to include all people in the growing digital financial sphere.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this excerpt talks about companies that strated to offer the same services as paga which made them competitors to paga
mohammed_ab

Egypt calls for financial inclusions - Wamda - 1 views

www.wamda.com/...ypt-calls-financial-inclusions

Fawry Financial inclusion Regulations

shared by mohammed_ab on 13 Feb 21 - No Cached
  • For years, Egyptian companies have been paying salaries in cash, and people have been saving money outside banks.  Only 10 percent of Egyptians have bank accounts, according to Payfort’s State of Payments in the Arab World 2014 report. Over the previous decade, the electronic payment market has been penetrated by two firms: state-owned e-Finance, which handles electronic payments from and to the government through banking channels, and private-sector Fawry, which was launched in 2008 to provide payment solutions through ATM machines, mobile wallets, and retail points. Chief technology officer of Fawry, Mostafa Elnahhas, told Wamda that his company succeeded in spreading 65,000 collection points in 300 cities for banked customers in Egypt. However, the electronic payment is still small-sized due to the large amount of unbanked customers and the low credit card penetration.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Fawry's main concerns for the next years is the large number of customers not familiar with electronic payment making fintech entry more challenging. E-services awareness should be made in that regard.
  • Regulations are, however, crippling entrepreneurs. Mourad Alashry, CEO of PayMe, launched his startup in August 2016. It  allows companies and businesses to collect electronic payment without signing contracts with banks or paying extra fees.  The startup offers a simple payment tool for companies to allow them to set up an account and have customers send money through it. PayMe app was forced by Egypt’s fiscal regulator to stop operating for four months to abide by regulations. (Photo via PayMe) However, shortly after its launch, the Central Bank of Egypt, the state regulator, suspended Payme’s operations as a payment firm as it wasn’t cooperating with a bank. The firm had to abide by this regulation until it followed the requirements and collaborated with state-owned bank the National Bank of Egypt, then resumed its business in January 2017.  
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Egypt's regulations are quite strict. If a fintech doesn't cooperate with a bank for instance, the central bank will suspend its activities until further notice.
  • Regulations are, however, crippling entrepreneurs. Mourad Alashry, CEO of PayMe, launched his startup in August 2016. It  allows companies and businesses to collect electronic payment without signing contracts with banks or paying extra fees.  The startup offers a simple payment tool for companies to allow them to set up an account and have customers send money through it.
  • ...1 more annotation...
  • Bureaucracy, the absence of clear government regulations in the electronic payment sector, and the low percentage of debit and credit card users in Egypt are affecting the sector, said Al Salahy.
  • mohammed_ab on 13 Feb 21
     
    This article shows that regulatory agencies are still very strict with fintech firms in Egypt. It makes the work for fintech very difficult as they need to abide by these regulations even if it affects their operations and growth.
chaimaa-rachid

Artificial Intelligence Innovation in Financial Services - 0 views

www.ifc.org/...novation-in-financial-services

artificial intelligence worldcover technology

shared by chaimaa-rachid on 13 Feb 21 - No Cached
  • Realizing financial inclusion benefits through the adoption of artificial intelligence relies on its responsible adoption by firms, on competitive market settings, and on continued investment in the necessary infrastructure.
  • chaimaa-rachid on 13 Feb 21
     
    Worldcover profits by the utilization of AI in developing business sectors as it permits it to robotize significantly more its business interaction and influence enormous data to tackle issues and overcome obstacles.
ayachehbouni

Kenyan Startup FarmDrive Uses Data Analytics to Connect Unbanked Farmers to Financial S... - 0 views

techweez.com/...ve-connecting-unbanked-farmers

shared by ayachehbouni on 13 Feb 21 - No Cached
  • In its next phase of algorithm development, FarmDrive seeks to expand the environmental arm of the algorithm by incorporating more alternative data-sets, including satellite imagery and remote sensing data. They are currently engaging with Planet, a satellite company from Silicone Valley, and The Impact Lab, a Chicago-based data analytics firm to analyze the possibilities of using satellite images in predicting a farmer’s creditworthiness.In addition, FarmDrive also plans to use these environmental data-sets, in combination with crop cycle data to predict seasonal yield and influence agricultural insurance products.The startup also uses machine learning in generating the farmer’s profile by learning from the farmer’s input. Data points about the farmer’s behaviour, education level, and their interaction with the app are all analyzed to contribute to the farmers profile score.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      FarmDrive employs different advanced methods to predict a client's creditworthiness. They also conduct psychometric tests to figure out their clients' characters. This makes the process professional and the customer base monitored.
  • Smallholder farmers, especially in Kenya face difficulties when it comes to accessing loans and financing from banks and other financial institutions. The agricultural sector is the backbone to Kenya’s economy, yet banks have very little incentive to work with farmers.
    • aminej
      aminej on 13 Feb 21
       
      FarmDrive use very advanced data analytics to evaluate the credit risk of farmers across Africa in order to help them access investments and funds. They use algorithms developed by their own team which is really good
  • FarmDrive founded in 2014 has built an innovative solution that provides “detailed risk profiles of smallholder farmers to financial institutions”. FarmDrive does this through a credit score, generated by an algorithm developed by the team, in-house. The algorithm relies on data-sets collected from the farmers through their mobile phones, alternative data and machine learning.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      The agricultural sector is crucial to Kenya. Yet, farmers have a very hard time getting loans from banks. Hence, as it helps in this aspect, Farmdrive might as well be saving the backbone of the country.
kenza_abdelhaq

Robo-Advisors - Business Models and Strategies | ccecosystems.news - 0 views

ccecosystems.news/...business-models-and-strategies

Fintech Strategy Robot Advisors Investments

shared by kenza_abdelhaq on 13 Feb 21 - No Cached
  • As mentioned in the last article, it is not possible to define exactly what a robo-advisor is, as the individual providers offer a range of services of varying breadth. In fact, robo-advisors have long since ceased to offer mere recommendations or advice, and most providers are steadily expanding their services into a fully integrated solution. Accordingly, people now associate a robo-advisor with a platform that can also be used to make an investment directly (see [Bloch/Vins 2017, 114]). However, this service, for example, is linked to certain regulatory requirements, which are presented below. It should be noted here that this is the regulatory framework in Germany. In terms of regulation, four business models can be distinguished in the area of robo advisory services:
    • kenzabenessalah
      kenzabenessalah on 13 Feb 21
       
      Since EasyEquities is about investment, having roboadvisors that provide financial advice would create more value to the company and would target more segments.
  • investment brokerage (german: Anlagenvermittlung),investment advice (Anlagenberatung),acquisition brokerage (Abschlussvermittlung), as well asfinancial portfolio management (Finanzportfolioverwaltung), also known as asset management.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt summarizes the business models that can be distinguished in the area of Robo-advisory services. The main difference between these business models lies in who is responsible for making the investment decision.
  • Robo-advisors can follow an active or passive investment approach not only in terms of their product range, but also in the composition of the individual products. In active management, for example, the market is constantly monitored and, on the basis of this, the securities that appear to be most advantageous at a given time are included in the portfolio. This targeted approach is described as so-called “stock picking” (see [Müller/Pester 2019, 229f]). Due to market fluctuations, there are thus regular purchases and sales of securities with the aim of achieving a higher return than the passive market. In the course of this, the percentage distribution of the asset classes in the portfolio can also be continuously adjusted and regular risk assessments carried out. As a result, the portfolio may be subject to constant change. The passive management approach is based on the strategy of maintaining the portfolio created at the beginning, including the asset allocation and the defined securities, unchanged and independent of market fluctuations. If a change in asset allocation should occur due to market fluctuations, the original state can be restored through various adjustment methods, also called “rebalancing”. In contrast to active management, this adjustment is not carried out on an ongoing basis, but at predetermined times or according to specific rules. In so-called “periodic rebalancing”, a restoration of the asset allocation is carried out as needed at the time of a previously defined temporal interval change. Another variant of rebalancing provides for an adjustment only if the portfolio value exceeds or falls below a previously defined mark, the threshold
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt distinguishes between Robo-advisors' active investment approach and passive investment approach, based on their product range but also on the composition of the individual products. Understanding the difference between the two approaches would allow us to better formulate strategies that incorporate Robo-advisory in them.
  • ...1 more annotation...
  • Online asset management has been experiencing a rapid rise in Germany for several years. Since 2017, the number of users has grown by a factor of 7 from around 291,000 in 2017 to around 2.01 million in 2020 (cf. o.V. 2020), while the investment volume has increased more than tenfold from around 756 million euros to 8.068 billion euros (cf. o.V. 2020). Two factors in particular are key to this trend
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      robo-advising or online asset management has been growing rapidly during the past years due to loss of trust in personal banking advisors amid the 2007 financial crisis and the new generation that prefers digital interactions.
hibaerrai

Egypt startup receives first new brokerage license in the country in over a decade - - 0 views

ventureburn.com/...n-the-country-in-over-a-decade

Thndr Egypt Fintech Investment Securities

shared by hibaerrai on 13 Feb 21 - No Cached
  • Thndr recently 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. 
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      The reason behind this big achievement, in my opinion, is Thndr's focus and consideration to the local nuances and preferences of the Egyptian investor in mind.
  • “ Our vision is to put wealth in the hands of everyday individuals. With the rise of technology, and the foresight of a very supportive Financial Regulatory Authority, we can make this vision come to life — Egypt is expected to be the 7th largest economy by 2030 and has more than 100 mn people, most of which are young and are looking for a convenient and digital way to invest their money. That’s why we are excited to bring a new breed of young investors to the market.” 
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      This concept is first introduced by Thndr in Egypt to support young investors and encourage them to be more interested in financial activities. This application is innovative.
ghtazi

Mukuru Adds Sign-Up Feature to WhatsApp - IT News Africa - Up to date technology news, ... - 1 views

www.itnewsafrica.com/...ds-sign-up-feature-to-whatsapp

Mukuru Transaction Control

shared by ghtazi on 13 Feb 21 - No Cached
  • By signing up for Mukuru via WhatsApp, users will be able to bypass the onerous task of submitting Know-Your-Customer (KYC) documents to an agent or Mukuru branch in person. Instead, they can submit documents directly to Mukuru’s verifications team. Mukuru will then provide timely feedback via WhatsApp as to whether a prospective customer’s ID documents have been effectively verified or not (and if the customer needs to take further steps). “Our customers already use WhatsApp extensively to create money transfer transactions (comprising more than 30% of our total monthly transaction volume in SA) so we are naturally extending self sign-up services on this channel,” says Jury. “This capability removes key barriers for our customers and increases accessibility to important financial services in South Africa and across our network. By harnessing our technology expertise and ability to innovate around customer pain points, we are boosting financial inclusion by allowing customers to submit their own KYC documents and gain access to higher limits.”
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects the importance of WhatsApp in the operations of Mukuru. 1- Whatsapp allows cheap KYC 2- Whatsapp is an extension of customer habits 3- Whatsappremoves barries to access financial services.
  • “Our customers have been asking for a Mukuru App, and we have made sure to develop and present a solution that empowers our customers to send money back home to their families in an even safer and more convenient way. Mukuru has always given its customers the ability to transact when and wherever they need to through our existing USSD and WhatsApp offerings – the Mukuru App adds a richer experience and more control for a customer to manage their profile,”
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      It is a good idea to use one of the most used social media application which is WhatsApp, it will be more easy for customers to make a payment or receive it. It is a good approach to make the transactions accessible and easy for everybody.
  • “Our customers have been asking for a Mukuru App, and we have made sure to develop and present a solution that empowers our customers to send money back home to their families in an even safer and more convenient way. Mukuru has always given its customers the ability to transact when and wherever they need to through our existing USSD and WhatsApp offerings – the Mukuru App adds a richer experience and more control for a customer to manage their profile,”
    • ghtazi
      ghtazi on 13 Feb 21
       
      the introduction of Mukuru to social media is a great move since we live in an era where social media controls everything. it will also touch the z generation and will extend their target customers.
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.
mehdibella

Kenyan agri-tech startup FarmDrive secures latest funding round - 0 views

disrupt-africa.com/...e-secures-latest-funding-round

Fintech Farmdrive kenya funds

shared by mehdibella on 12 Feb 21 - No Cached
  • Kenyan agri-tech startup FarmDrive has accessed further financing as it expands operations to provide access to credit for three million smallholder farmers.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      the investment from strategic investors enabled farmdrive to build financial identities for more smallholder businesses
  • Founded by Peris Bosire and Rita Kimani, FarmDrive delivers productive digital loans and lay away savings products to smallholder farmers in Kenya, helping them grow their incomes and resilience.
  • Having previously raised funding from the likes of Safaricom and EWB Canada, FarmDrive has now secured further investment. EWB Canada is again involved in the round, which also includes AK Impact Investors, 1 to 4 Foundation, ADAP Seed Fund 2, The Lakes Charitable Foundation and Sunu Capital.
    • mehdibella
      mehdibella on 13 Feb 21
       
      The follow-on investment will allow FarmDrive to scale to US$13 million of loan, with minimal losses and exceptional returns
  • ...4 more annotations...
  • Using a combination of agriculturally relevant data, Know Your Customer (KYC) data, and advanced behavioral analytics, the startup has developed a proprietary lending engine to extend loans to these farmers.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      The relevant financial technologies behind FarmDrive.
  • The follow-on investment will allow FarmDrive to scale to US$13 million of loan originations in 2019 with minimal losses and exceptional returns using RiPe, a customisable lending engine that will allow lenders to plug in and access low-cost loan origination channels such as USSD, credit scoring, identity verification, and a portfolio management suite that includes recovery and collections, payments, customer support and advanced real time data analytics.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      FarmDrive is providing a range of services while focusing on its low-cost approach and maximizing its profit.
  • “We are delighted for this investment from strategic investors to enable us to build financial identities for more smallholder businesses and scale our low cost distribution model. We are going where banks haven’t reached and are creating a trust ecosystem in the most unstructured sector in sub Saharan Africa – Agriculture,” said Bosire.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      FarmDrive agritech has the potential to take over the banking system in sub saharan Africa as it provides more structured services.
  • Kenyan agri-tech startup FarmDrive has accessed further financing as it expands operations to provide access to credit for three million smallholder farmers.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      As I see it, Farmdrive needs and deserves all the financing it can get as it is creating a trust ecosystem in the most unstructured sector in sub Saharan Africa, which makes its operations extremely important.
nourserghini

9 Fintech Innovations Impacting the Consumer Experience | DAP - 0 views

www.digitalauthority.me/...fintech

Fintech Public cloud Strategy

shared by nourserghini on 13 Feb 21 - No Cached
  • The fintech industry is lagging behind in cloud adoption. The industry as a whole was cautious about moving information to the cloud due to security concerns. However, the adoption of cloud technology is accelerating.Public cloud adoption has many benefits for financial businesses. The cloud provides a faster way to deliver services to consumers. Companies have to invest less capital.It streamlines operations and helps build consumer-centric processes. According to a PWC report, the public cloud will be the main infrastructure model for financial services by 2020.
    • nourserghini
      nourserghini on 13 Feb 21
       
      Another strategy that fintechs need to consider is adopting a public cloud instead of a private one as major fintechs are going back to it since it allows faster and cheaper service for the company.
mohammed_ab

FinTech Innovation Map Reveals Emerging Technologies - 0 views

www.startus-insights.com/...-reveals-emerging-technologies

Fintech Big Data Strategy

shared by mohammed_ab on 13 Feb 21 - No Cached
  • Big DataIn addition to traditional financial data collection, new data sources such as mobile banking and the Internet of Things (IoT) provide an additional layer of data gathering. Combined with Artificial Intelligence, Big Data analytics utilize large amounts of old and new data to discover hidden patterns for better risk management and fraud detection. New insights from big data improve the understanding of customer behaviors and help banks to create better and more customized products and services.
    • nourserghini
      nourserghini on 13 Feb 21
       
      Big data analytics is another technology that fintechs have to consider in oredr to manage the important number of customers and data they have.
  • AI helps banks to analyze their Big Data to improve existing solutions and make better decisions. A more recent AI trend is to use its cognitive abilities to go through a large amount of unstructured text and data to generate more insights and to learn natural language. A more intelligent AI chatbot or virtual assistant can take over repetitive “low-value” operations, such as performing small amount transactions, explaining financial products and providing basic financial advice to customers.
  • mohammed_ab on 13 Feb 21
     
    Artificial Intelligence is a great technology that fintech like M-Pesa has to consider as it could have a big impact on their operations. It could help the company to deal with and analyze big data and generate insights that might have taken months to discover with traditional approaches.
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