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JUMO offers a wide range of services to users in emerging markets via partnerships with other financial institutions

JUMO offers financial services infrastructure to third parties and has served over 15 million customers across countries, including Ghana, Kenya, Pakistan, and Tanzania, and it plans to use the fresh capital to launch new products and expand into new markets: It's set to launch in Bangladesh, India, Côte d'Ivoire, and Nigeria soon, per its website.

South African fintech JUMO scooped up $55 million in funding

Fawry now supports millions of transactions daily for consumers and business through more than 90,000 locations (including groceries, pharmacies, stationaries and post offices), as well as through multiple alternative channels, including online, ATMs, and mobile wallets. The company’s client base and service offerings continue to expand, leading to rapid data growth. Abbas comments: "Our data has doubled in just the last eight months, and we expect it to grow even faster in the years to come.”

The technology offers data compression and deduplication features that enable Fawry to boost utilization of storage resources. Abbas adds: “IBM FlashSystem A9000R offers much greater performance than our previous storage platform, meaning that we get both optimized data economics and short response times. We were able to achieve a seamless migration to the new platform with zero downtime.”

Each day, Fawry processes 2 million financial transactions, giving Egyptians an easy, secure payment alternative to the complex, time-consuming procedures that are the norm. To help grow customer satisfaction and speed the roll-out of new services, Fawry deployed IBM® Storage, IBM Db2® and Oracle database on IBM Power Systems™ solutions.

Fawry offers a convenient and reliable way to pay bills and other services  in multiple channels (online, using ATMs , mobile wallets and retail points)Fawry’s network of retailers includes small groceries, pharmacies and stationaries, and post-offices, all equipped with point-of-sale machines – the same ones used for credit card payments.

Based on its own-patented technology, that is fully compliant with international security standards of the ISA 27001 and PA DSS certifications, Fawry performs more than 3 million financial operations daily.Fawry services for businesses include collection services, customer acquisition, electronic cash, payment facilitation, and business-to-business collection centers.

Fawry is the Leading Egyptian Digital Transformation & E-Payments Platform, offering financial services to consumers and businesses through more than 194,000 locations and a variety of channels.Fawry offers a convenient and reliable way to pay bills and other services  in multiple channels (online, using ATMs , mobile wallets and retail points)Fawry’s network of retailers includes small groceries, pharmacies and stationaries, and post-offices, all equipped with point-of-sale machines – the same ones used for credit card payments.

our solution is based on high technology and based on Service Oriented Architecture (SOA) standard. We are highly available and our system is scalable as it can carry huge numbers of transactions. We are now certifying for the Payment Application Data Security Standard (PA-DSS) for security development and we’re following the standards of the Interactive Financial Exchange (IFX), ISO27001 and other different standards related to technology and security. Our solution is based on applying the latest technology, following the latest standards and being reliable. Moreover we allow easy access through more channels than competition to satisfy our customers’ needs. Also we’re covering more sectors and providing more services than our rivals.

Fawry is an Egyptian company that started in 2009 with the purpose of offering electronic payment services through several payment channels. The service started at banks and a big network of outlets all over the republic as well as Egypt post.

Fawry is an Egyptian company that started in 2009 with the purpose of offering electronic payment services through several payment channels. The service started at banks and a big network of outlets all over the republic as well as Egypt post.1 Now we are covering about 60 types of bills, where we cover the telecommunications sector and lately we covered all electrical companies in the country and some water companies. We also offer our services at universities and syndicates. Adding to that, users can now buy their airline tickets through us.

The overall benefits for businesses and customers include: Safety and security: Customers can pay via their mobile phone and retailers can rest assured knowing that extensive security measures are in place. Speed: It’s fast, as customers simply need to scan the display code at a till point. Convenience: There is no need to carry cash around and paying via SnapScan offers a frictionless experience. Cashless: As customers won’t be using cash, it is easier for businesses to authenticate and formalise transactions. SnapScan is a mobile payments solution with a variety of payment options available for retailers.

The overall benefits for businesses and customers include: Safety and security: Customers can pay via their mobile phone and retailers can rest assured knowing that extensive security measures are in place. Speed: It’s fast, as customers simply need to scan the display code at a till point. Convenience: There is no need to carry cash around and paying via SnapScan offers a frictionless experience. Cashless: As customers won’t be using cash, it is easier for businesses to authenticate and formalise transactions. SnapScan is a mobile payments solution with a variety of payment options available for retailers.

SnapScan offers quick, easy, and secure mobile payment solutions to retailers so their customers can enjoy the convenience of paying on the fly. Mobile payments can also mean that staff spend less time processing payments, as SnapScan can be integrated with a variety of leading point-of-sale systems. Businesses that offer delivery services can give their drivers a lanyard with a SnapCode (unique QR code) so customers can pay for goods or services during delivery. Retailers that have an online store can use SnapScan to offer a streamlined and consistent experience to their customers across multiple platforms.

CAIRO (Reuters) - The initial public offering for Egyptian digital payments company Fawry was oversubscribed by 30.3 times at a price of 6.46 Egyptian pounds (39 U.S. cents), data from the Egyptian stock exchange showed on Monday.

Fawry plans to list 36% of its share capital, worth up to 1.6 billion Egyptian pounds ($97 million), in the flotation.It said Actis, Banque Misr and National Bank of Egypt would each be offered about 7% of the stock, and 5% would be offered to retail investors.A private placing representing the remaining 10% of the share capital was 15.9 times oversubscribed, raising about 360 million Egyptian pounds, investment bank EFG Hermes said last Thursday.

“The subscriptions for both the public and private offerings for Fawry were large and strong because the industry itself is new to the market and has greater than average growth,” said Radwa El-Swaify, head of research at Pharos Securities Brokerage.

The company makes its money by charging a small transaction fee to the retailer on each purchase. This fee varies. “We take a small transaction fee, much like the acquiring component to merchant transactions,” Ehlers says. SnapScan has a partnership with Standard Bank, which means it can process transactions at “competitive rates”, he adds. In addition to transaction fees, SnapScan offers its customers the option of accessing analytics or running loyalty programmes, both of which are billed as add-ons.

SnapScan co-founder, 28-year-old Kobus Ehlers, says there are a number of benefits to this approach for retailers. “It takes about 30 seconds to sign up. We issue a QR code, which you print, and you’re done.” Merchants without bank accounts can cash out their takings at the end of the day. “Customers can pay with the app, the retailer can then get a voucher code at the end of the day that they can punch in at a Standard Bank ATM — or hand over at a Spar — and get cash.” If customers don’t have the app installed, scanning the QR code will take them to the relevant app store where they can download it.

If customers don’t have the app installed, scanning the QR code will take them to the relevant app store where they can download it.

Last year we predicted partnerships between banks, insurers and fintechs. We saw a couple of notable events: the joint venture between Capitec and Easy Equities where Capitec is offering Easy Equities to its client base. The game changer in the payments space was Vodacom partnering with Alipay, although recent regulatory developments in China around fintech could hamstring these efforts. Standard Bank bought Tradesafe, a digital escrow services provider. OUTsurance and Shoprite partnered to offer funeral and life insurance to Shoprite customers. Telkom Business partnered with fintech startup, Fundrr, to offer loans to businesses wanting to grow.

Last year we predicted partnerships between banks, insurers and fintechs. We saw a couple of notable events: the joint venture between Capitec and Easy Equities where Capitec is offering Easy Equities to its client base. The game changer in the payments space was Vodacom partnering with Alipay, although recent regulatory developments in China around fintech could hamstring these efforts. Standard Bank bought Tradesafe, a digital escrow services provider. OUTsurance and Shoprite partnered to offer funeral and life insurance to Shoprite customers. Telkom Business partnered with fintech startup, Fundrr, to offer loans to businesses wanting to grow.

Fawry, Egypt’s first and largest E-payment company in the Egyptian market signed an agreement to acquire a non-controlling interest in “Waffarha” is a platform that provides various offers and discount vouchers for B2B and B2C through its website and APPs on mobile devices.Tarek Magdy, CEO of Waffarha, said: “Waffarha” was launched 6 years ago as the only platform that provides offers ranging from 50% for B2B and B2C, with more than 1 million social media followers and more than 1000 commercial series.”And he pointed out that “Waffarha” provides many services as (restaurants, cafes, travel, health and beauty, entertainment, etc.). There are 250 thousand customers who have saved nearly 50 million EGP after using “Waffarha”. All offers starting from 50% include taxes and services, and can be paid in different ways by choosing “Fawry Pay” service, which allows customers to pay cash in more than 90 thousand stores of Fawry or by banks (credit cards or direct debit). In addition to paying with “PayPal” through Fawry Pay” Magdy added: “Waffarha” aims to reach its dealings to 150 million Egyptian pounds by 2020″.

Fawry, Egypt’s first and largest E-payment company in the Egyptian market signed an agreement to acquire a non-controlling interest in “Waffarha” is a platform that provides various offers and discount vouchers for B2B and B2C through its website and APPs on mobile devices.

“Fawry” took over “Waffarha” shares | Fawry

The financial services industry today is characterized by change. Investor interest and capital is pouring into fintech companies – digital banks, insurtechs, wealthtechs, proptechs and every option in between are shifting how financial services are created, offered and evaluated. New changes, new challengesThis shift has spurred many traditional financial institutions to take action. Yet, changes aren’t always straightforward. Financial institutions know they need to embrace innovation, and they also have to find better ways to understand and respond to their customers.At the same time, the shift has put a spotlight on a new area of opportunity for big tech companies like Alibaba, Apple, Google, Tencent and others. These companies have incredible reach, deep roots into their customers’ lives, and robust customer data. Big techs are also constantly looking for ways to provide their customers with more value, to enhance customer loyalty by providing a more integrated ecosystem. Most already offer payments solutions, so extending their offerings to include financial products makes sense. However, there are no strong indicators that the big tech companies want to become banks. The regulatory burden is so far considered too high for their appetite1. Forging strategic alliancesBig tech and financial institutions are already investing in fintechs to help advance their strategic goals. For example, Tencent led a $35 million investment in open banking focused TrueLayer in the UK this year2.What they are realizing that partnerships don’t have to be limited to start-ups – working together with established institutions can create value. Over the past 6 months, there have been a number of strategic business relationships announced, such as Google’s partnership with Citibank and Stanford Federal Credit Union, to offer smart checking accounts3 and Apple’s announcement of a partnership with Goldman Sachs to offer the Apple Card credit card4. These will likely only be the beginning. 

So far JUMO has analysed more than 33 terabytes of data to serve more than nine million customers in seven countries across Africa and Asia, including Tanzania, Kenya, Uganda, Ghana, Zambia and Pakistan.

Its mission is to build and operate inclusive digital banking marketplaces to advance financial inclusion for the 80 per cent of the world’s population who are excluded or underserved by traditional financial services.

As an investor partner, LeapFrog’s financial services expertise is being used for product design and multi-country rollouts, to turbocharge Jumo’s growth and spur financial inclusion across Africa.

Nigerian fintech firm Carbon — an early-stage financial services startup based in Lagos — has posted on its website financials audited by KPMG.This comes four months after the company obtained a credit rating as a pre-IPO venture. Carbon — which recently rebranded its OneFi holding company and PayLater product titles into one name — plans to continue releasing its financial results on an annual basis, co-founder and CEO Chijioke Dozie told TechCrunch.This may not be totally unheard of in other global tech markets, but for startups in Africa’s big tech hubs — such as Nigeria — it’s a rarity.One of the first glimpses into startup financials in Nigeria came when Jumia shareholder Rocket Internet went public in 2014, which required it to include limited Jumia data in its annual report. The accompanying prospectus to Jumia’s listing this year on the New York Stock Exchange offered the most expansive financial data to date on a tech venture operating in Africa.Prior to this — and still for the most part — companies in the continent’s (mostly) pre-public (earlier-stage) startup hubs — such as Nigeria — provide little to no financial performance info.“Typically, in the local market, we have not seen a lot of voluntary transparency or the availability of data,” said Lexi Novitske — a Lagos-based VC investor at Acuity Venture Partners.“Most startups are concerned such disclosure could expose losses, give market intel to competitors or attract unwanted attention from regulators. It could also lead to negative negotiation leverage if partners saw that they were making good returns.”So why’d Carbon go to the trouble of putting its pre-public accounting out in the open for anyone to see?

Clients and recruiting were two reasons. “From a customer perspective, we are trying to get people to trust us with their financial services…so they can see this is the institution I’m dealing with and this is their financial position,” explained Carbon’s Dozie.Carbon has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services — including payments, investment products, credit reports and business banking services. In March, the company acquired Nigerian payment solutions company Amplify for an undisclosed amount.By stats offered by Briter Bridges and a 2018 WeeTracker survey, fintech now receives the bulk of VC capital and deal-flow to African startups, many of which are attempting to reach the continent’s large unbanked and underbanked populations.Carbon fits into that category and its CEO believes being upfront about the startup’s financial position will attract top talent. “From a recruitment perspective, we want recruits to know we have good prospects — that this is a company that’s doing well and wants to keep doing well,” said Dozie.That impression is buoyed by Carbon’s initial results, which were fairly positive for a Series A-stage startup. The company had revenues in 2018 of $10 million, according to its online annual report, and turned a profit of around $500,000.It’s helped with recruiting interest, according to Dozie, who said he’d marked an increase in candidates inquiring about open positions since the results were posted.

we don’t get considered because investors don’t really think that you can get the results or this performance in the markets that we’re in,” he added — noting that Carbon has operations in Nigeria, Ghana and South Africa and is considering expansion in Senegal, Côte d’Ivoire, DRC and Egypt.Investor Lexi Novitske thinks Carbon offering financial performance data is a good thing for Africa’s tech ecosystem. “The move builds trust from clients, partners or investors in a market where there is not a lot of openness,” she said. “I am encouraged to see how other companies will react. My hope is that more will openly report their own metrics…”Dozie says the company will continue to post audited financials on an annual basis, even if they show losses. If the startup continues to expand, attract capital and talent and grow revenues, other Nigerian fintech firms may follow suit.

BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.

BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.

Netherlands-based BelCash is offering a technology called helloCash, while MOSS ICT, mainly owned by an Ireland-based firm, is rolling out M-Birr in the nation of 96 million people.In both cases, Ethiopian banks and institutions will offer the service to customers and hold the cash deposited, in line with government policy that bars foreign firms or banks from investing in the financial sector or the telecoms industry.

Send payments back home in an easy and secure way. Taking care of your loved ones back home does not need to be complicated. EthioPay makes it easy to send money without having to worry whether the money will reach your loved ones. Our secure platform uses bank-grade encryption meaning when you send money, your loved ones are guaranteed to receive it. You also never have to worry about your payment methods being compromised. Use our one-time payment system or set an ongoing schedule. We know that sending money home depends on multiple factors. Sometimes you will want to send a one-time amount, other times you will want recurrent payments. Ethiopay caters for both instances by offering you flexible payment options that you can adjust to your needs. This helps you ensure that you never miss a payment when it's needed. Avoid the headaches of keeping track of payments. You want to keep track of payments you make for your personal records. This can be a challenge when using other platforms. The Ethiopay User Account Dashboard offers a unified and detailed view of all the transactions you have made on the platform. Each entry shows the date and time stamp, amount, recipient and transaction status of every payment made. Pay education & utility bills back home with Ethiopay Paying utility and school fees is an important way of empowering your loved ones back home. Whether you are in North America or Europe, Ethiopay offers an easy and reliable way to do this. In addition, you can opt to set up scheduled payments so the payments are made at the beginning of each school term or any other time frame your choose.

Deezer platform, which specialises in music broadcasting, has agreed with the electronic payment company Fawry to have the Fawry Pay platform provide payment and subscription services for its various music package

Deezer aims to attract music streaming market. Fawry already provides electronic payment services for other entertainment services, such as movie tickets, theatres, and football matches, as well as facilitating ways to pay subscriptions to watch dramas and more

Mohamed Okasha, managing director of Fawry, said that the partnership with Deezer aims to attract music streaming market. Fawry already provides electronic payment services for other entertainment services, such as movie tickets, theatres, and football matches, as well as facilitating ways to pay subscriptions to watch dramas and more

Paga is a mobile payment company. We are building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone.

Banked or unbanked, online or offline Paga offers you a central place for simple money transfers.

JUMO also has a mobile wallet technology that offers an easy-to-use service that is accessible via mobile devices.Watkins-Ball commented on the cost-effective technology used to collect information which strengthened the business model, He said: “When we founded JUMO, we were always clear that we can only achieve our mission by leveraging sophisticated information technologies at really low cost.

Fawry is a pioneering Electronic Payment Network, offering financial services to consumers and businesses

Fawry is a pioneering Electronic Payment Network, offering financial services to consumers and businesses through more than 65 thousand locations and a variety of channels. It offers a convenient and reliable way to pay bills and other services in multiple channels (online, using ATMs , mobile wallets and retail points)The company'snetwork of retailers includes small groceries, pharmacies and stationaries, and post-offices, all equipped with point-of-sale machines – the same ones used for credit card payments.

1. Millennials squared – a parable of a digital wallet and beer moneyEarlier this year Sam Crowder stood up at a televised baseball game, and held a sign asking his Mum to send him “beer money”. He included his Venmo account information. Thousands of people sent him money, as his sign went viral. Beyond sharing this story as advice in case you ́re ever thirsty and leave your wallet at home, what it reflects is how the use of new technologies may start with digital natives, but then rapidly spread to other generations. It reflects the inter-generational adoption of, and use of, FinTech technologies.So, when looking at the potential of new services, it is important not just to consider the young people who will adopt it. But what will happen when they introduce the technology to their friends and family. Millennials are the earthquake that shakes companies, and adopt new tech and services at lightning speed. The rest of us are the tsunami of adoption that follows and lead to exponential growth.

2. Facebook, Amazon, Google or Ant Financial will become the largest retail bank in the worldIt’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.“Some bankers and analyststhink that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. What is more, I think banks that are not prepared for such new competitors face certain death”Francisco González, CEO, BBVA

hese major tech companies have the platform and the scale to upend retail banking. They already have a digital wallet which underlies the services that enable users to buy and sell on their platforms, such as Google Wallet and Amazon Payments. Facebook Messenger Pay is already available in the US while it recently received an e-money license from the Central Bank of Ireland. This means European users will be able to store and transfer money, and make online purchases. The transition to becoming the largest retail bank in the world will be swift and brutal for traditional banks.