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
With the rapid and sustained growth of the fintech sector in East Africa, in particular in Kenya, there has been a sharp rise in demand for skilled leaders to fill positions, and companies are looking globally in their talent search. “Because of the limited supply of leaders who have a strong technical background in fintech disciplines including data science, analytics and data engineering, but who also have experience working in Africa, South Africa is considered to be a great pool from which to fish when filling these roles,” says Debbie Goodman-Bhyat, CEO of top local and continental search firm Jack Hammer. She says there is tremendous opportunity and growth in East Africa, because of the development of a unique eco-system primarily leveraged by mobile money services such as MPes
The University of Cape Town (UCT) has introduced a fintech degree, to equip students with financial technology skills to shape a sustainable career in the financial services industry. The academic institution says it is the first university on the continent to offer the degree, which is "specifically designed" to equip students with the necessary skills and knowledge to embrace the technological revolution in the financial services sector. The new degree, which is already in demand from potential students, is a Master of Data Science with a specialisation in financial technology, and will be offered for the first time in January 2018. According to Business Insider, the innovation was a result of consultations between the institution and the financial services industry experts ...
Visa has partnered with four banks in Kenya to launch an Interoperable Mobile Payments Service to that will mount the first credible challenge to the country’s dominant Mpesa system. The mVisa service allows people to send money to each other’s accounts without first loading a digital wallet, as well as pay for goods and services without a point of sale machine regardless of which mobile provider is being used. The mVisa app will initially facilitate transactions for people with accounts at four banks, including KCB Group Ltd. and Co-operative Bank of Kenya Ltd., according to Visa Emerging Markets Senior Vice President Uttam Nayak. Visa, the world’s largest payment company, said mVisa should reduce the cost of remittances from overseas and, for businesses, automatically build up a l