Digital money transfer service WorldRemit has joined forces with First Bank of Nigeria Limited (First Bank) for instant money transfers to all First Bank accounts in Nigeria. The new strategic partnership considerably expands WorldRemit’s footprint in the country and allows its customers in over 50 countries to send money to First Bank accounts directly from their phones. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. First Bank is collaborating with WorldRemit in a bid to drive convenience and ease of banking for its customers as well as provide the much-needed push for financial inclusion initiatives. With a diaspora of over 15 million people living in countries such as the United States, the United Kingdom and German
Accelerator programmes in Africa are increasingly going niche, targeting specific programmes targeted at startups in spaces such as fintech and health, instead of following the more traditional 500 Startups, Y Combinator, or, in Africa, 88mph models. But why are niche programmes suddenly so in vogue on the continent? Has the landscape changed since 88mph departed the scene after programmes in Kenya, South Africa and Nigeria that had mixed success? Do we yet know the real ingredients for a successful African accelerator? Adedana Ashebir is regional manager for Africa at Village Capital, which has run a host of focused accelerators across the continent, most recently a fintech programme with PayPal. She said niche accelerators allow entrepreneurs to share best practices and lessons lea...
The Shoprite Group has announced ‘Shoprite Money’ – a new mobile transactional banking service which is available to everyone, even those without existing bank accounts the retailer said in a statement on Wednesday. The service has been launched in partnership with global fintech company Celbux, Google and Standard Bank. “Using their Shoprite Money mobile wallet, this new service will allow customers to deposit, withdraw or send money as well as buy groceries at any of the till points in all Shoprite, Checkers, Checkers Hyper or Usave stores,” it said. Customers can also send money and buy electricity or airtime using their mobile phones, provided they have funds in their Shoprite Money account. “Basic transactional banking services in South Africa are expensive and in many cases
Investment in fintech sector is seen as an investment hot ticket. While the 2015 edition of the EY FinTech Adoption Index estimated that fintech was still in its infancy, the 2017 edition found that adoption had risen dramatically to one in three. “But while it’s clear that digital start-ups and first round investments in fintech are growing and that the digital revolution in banking is well and truly here, what hasn’t yet been mapped is the impacts on banking’s biggest players,” says Mark Fitzgerald, Director – Government and Enterprise at FaceMe. In its report, Banking disrupted, Deloitte suggests that the future of European retail banks is looking rather grim. Rocked by the wake of the financial crisis and the ongoing shakings of re-regulation, retail bankers face the threat of to
Cellulant, an African digital payments service provider bagged $47.5 million from Rise Fund, an impact fund run by private equity group TPG Growth though details of the stake still unclear. The investment is not only currently Africa’s largest in the fintech arena but also it is unique to Cellulant as the company is “for Africa, by Africans, in Africa” according to its mission statement. “Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund in a press statement. “We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect part