Steven Kark

As a payments professional, I was pleased to witness the Cape Town International Jazz Festival transition to a cashless system, implementing tap-to-go Wallet. Guests acquired a QR token/wallet for purchases at retail terminals, enhancing the buying experience with instant and faster payments, eliminating line congestion. However, despite its merits, the closed-loop system presents challenges for cashing out unused funds, particularly for small amounts like R5 or R10, potentially resulting in financial losses for consumers. The evolving landscape of digital payments underscores the need for open, modular, and integrated payment platforms that prioritize interoperability, necessitating regulatory support. I'm supportive of advancements that optimize payment experiences for efficiency, security, and seamlessness, emphasizing collaboration as vital for achieving these objectives. Personally, I advocate for QR technology, provided it remains user-friendly and accessible. While South Africa has progress to make, leveraging QR technology could foster growth in digital payments, provided the right use cases are identified. #CPIJF2024 #CTICC #Payments #digitalpayments #instantpayments #digitalwallets #QRpayments

40

4 Comments

Apis Growth Fund I celebrates successful exit from PayTech Adumo Apis Growth Fund I, a private equity fund managed by Apis Partners, a UK-based asset manager, will have fully exited its position in South African merchant acquirer Adumo following Adumo’s acquisition by South African FinTech Lesaka Technologies, announced yesterday. Formed 10 years ago, Apis aimed to achieve superior returns and create positive societal impact, recently highlighted by their recognition in the ImpactAssets 50 database. Adumo, established in 2019 with investments from the Fund and Crossfin Holdings, catalysed the merger of three premium payments businesses—Sureswipe, Ikhokha, and Innervation—creating a robust platform. Adumo now serves about 70,000 active clients and processes roughly R80bn transactions annually. Post-acquisition, Lesaka’s ecosystem will likely encompass 1.7m active clients and over R250bn in annual throughput. The collaboration between Apis, Crossfin, and Adumo has significantly advanced financial inclusion and sustainable economic growth across Africa. Since the Fund’s investment, Adumo has been pivotal in bridging the payment acceptance gap in South Africa, enhancing digital and mobile transactions, which in turn increased customer retention and footfall. Apis has been crucial in value creation at Adumo, facilitating multiple acquisitions, including GAAP and Wirecard South Africa, which expanded Adumo’s geographic reach. The Apis team also supported major capital raises, securing significant funding from the IFC to accelerate Adumo’s growth. Matteo Stefanel, Co-Founder and Managing Partner at Apis Partners, remarked: “It has been a pleasure to work with all at Adumo over the past few years. Our teams’ shared goals of impact creation and increasing financial inclusion are demonstrated by Adumo more than doubling the value of transactions it processes for SMEs in South Africa during the Fund’s holding period. We believe the transition into Lesaka’s ecosystem is a perfect fit for Adumo’s next phase, and we look forward to being a part of it as Lesaka shareholders.” Udayan Goyal, Co-Founder and Managing Partner at Apis Partners, added: “We are very pleased to announce the sale of the Fund’s interest in Adumo, which marks a significant achievement for both Apis and Adumo. Adumo was a pioneer in using a verticalisation approach to provide the best in class service to its clients. This transaction underscores Apis’ commitment to identifying and investing in innovative, high-growth opportunities within the financial services and technology sectors.” News credit FinTech Global #news #fintechnews #fintech #usdt #usdtbuysell #finance #paymentgateway

3

Transfers and Cash Continue to Dominate Cross-Border Payments in Africa Despite Fintech Growth -Report. According to a new Duplo report, traditional banking channels such as bank transfers and cash payments, continue to dominate the African cross-border payment landscape, even with the increasing presence of fintech companies. The report, titled “The State of Cross-Border B2B Payments in Africa and its Impact on Trade, highlights that cash payments remain a significant component of informal cross-border trade in parts of West and East Africa, accounting for 40% of payments. While traditional channels still handle large-value business-to-business (B2B) transactions, they are often hindered by high fees and extended processing times. This, according to the report, presents an opportunity for fintech companies to offer alternative solutions, particularly for small and medium-sized enterprises (SMEs) engaged in cross-border trade. The report also underscores the scale of the B2B retail payments market in Sub-Saharan Africa, which the World Bank estimates at $1.5 trillion. Duplo anticipates that the demand for efficient, low-cost cross-border B2B payment solutions will grow, presenting both a challenge and an opportunity for financial institutions and fintech companies. The report suggests that this growing demand could lead to significant changes in the financial landscape, especially with fintech introducing innovative services tailored to the diverse needs of African businesses, ranging from small traders to large corporations. Furthermore, the report emphasizes the critical role cross-border B2B payments play in driving intra-African and extra-African trade. As businesses increasingly seek efficient and cost-effective payment solutions, fintech companies may be well-positioned to capitalize on this evolving market, potentially reshaping the future of cross-border trade in Africa. #fintech #payments #B2B https://lnkd.in/d3h8c2yS

1

OPay Crowned 2024 MVP Among Banking Apps in Nigeria OPay has been recognized as the Most Valuable Player (MVP) among banking apps for Nigerians in 2024, earning accolades for its seamless user experience, low transaction costs, and consistent reliability, which have set it apart from traditional banking apps. A recent poll conducted by Technext online to identify the best-performing banking apps revealed Opay as the clear favorite, receiving the highest number of mentions and significantly outpacing its competitors. Read more 👇 #Opay #financialinclusionafrica https://lnkd.in/d3tESMxR

6

1 Comment

Transfers and Cash Continue to Dominate Cross-Border Payments in Africa Despite Fintech Growth -Report According to a new Duplo report, traditional banking channels such as bank transfers and cash payments, continue to dominate the African cross-border payment landscape, even with the increasing presence of fintech companies. The report, titled “The State of Cross-Border B2B Payments in Africa and its Impact on Trade, highlights that cash payments remain a significant component of informal cross-border trade in parts of West and East Africa, accounting for 40% of payments. Read more👇 #fintech #cashpayment https://lnkd.in/d9nDfQAe

3

Wema Bank Launches AlatPay to Digitize SME Operations And Lead Cardless Payment Revolution Wema Bank Plc., a leading Nigerian bank, has launched AlatPay, an instant digital payment solution aimed at helping small and medium businesses digitize their operations. Tunde Mabawonku Executive Director of Retail and Digital Business, stated that “the future of cards is cardless.” He explained that the payment landscape is shifting, and in the near future, traditional cards will be replaced by cardless tokens that customers can tap and go. Mabawonku emphasized that this is the future of payments, and Wema Bank is proud to be a key player in this transition through AlatPay, enabling merchants to carry out payments with ease. Read more👇 #wemabank #Alatpay #Smeoperatiom #cardlesspaymentrevolution #digitalbusiness #cardlesstokens Sylvanus Eneche, CFA Joseph Ayowole Akinola Ogungbayi

3

Boleh Capital portfolio company, TymeBank, supported in community ecosystem by Fintech Nation is now valued at $1.5 Billion with Backing from Fellow Fintech Nubank. Tyme Group, a digital lender backed in South Africa by billionaire Patrice Motsepe, and founded by Coenraad (Coen) Jonker has raised $250 million in funding. This round values Tyme at $1.5 billion, making it one of Africa's few fintech unicorns. - $150 million investment from Nu Holdings (Nubank's parent company) - $50 million from M&G's Catalyst Fund - $50 million from existing shareholders (Tencent, Gokongwei Group, Norrsken22) As the first venture investor in SEA to be part of the journey of TymeBank for the last 5 years, it is humbling for Fintech Nation and Boleh Capital to see the evolution along with Rachel FreemanNathaniel (Nate)Aaron. Over this time, we worked together on market entry in Philippines with Gokongwei Family, and Indonesia with Finfra Markus Prommik (also Fintech Nation Fund portfolio). Vanessa Ho Tawishi Singh Kai Zen Theng Chris Lim

135

15 Comments

EBA CLEARING launches latest VOP solution. The new solution aims to support payment service providers (PSPs) by offering verification of payee services, which aligns with the instant payments regulation https://lnkd.in/dnbV-b4u #fundadmin #Custody

1

Bianca Mirisola, Commercial Administration Manager with First Merchants Bank, has seen how great the need is for comprehensive financial education and believes strongly in the vital role banks play in providing it. “I don’t think banks should be preachy – ‘You need to do this,’ ‘You need to sign up for this program,’” she said. “Because we don’t always understand someone’s situation. I always give my clients the facts and the rules of the game, and some ideas for what they can do – but it’s their personal choice. Because it’s easy to say, ‘You have to save more,’ but sometimes people are in a situation where there’s not a penny left. But even in that situation you can still build habits that can help your situation – it’s my job to educate people so they can build those habits.” Want to know more about Bianca’s passion for financial education? Read the full story on our website! https://bit.ly/3UPmXav #finance #financialwellness #financialeducation

35

1 Comment

𝐒𝐭𝐚𝐧𝐛𝐢𝐜 𝐊𝐞𝐧𝐲𝐚'𝐬 𝐂𝐨𝐫𝐞 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐔𝐩𝐠𝐫𝐚𝐝𝐞 𝐑𝐞𝐯𝐞𝐚𝐥𝐬 𝐖𝐢𝐝𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐞𝐜𝐡 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 Stanbic Bank Kenya has completed its upgrade to 𝚃𝚎𝚖𝚎𝚗𝚘𝚜 𝟸𝟺 (𝚃𝟸𝟺 𝚁𝟸𝟹), becoming one of the first banks globally to implement the latest version of the widely-used core banking platform. However, the transition hasn't been smooth, with customers reporting access issues beyond the announced October 19-21 maintenance window, highlighting the complexities of modernizing banking infrastructure. The upgrade, executed in partnership with Orion Innovation, follows an earlier 2024 transition to version R17, demonstrating the bank's phased approach to digital transformation. This strategic move reflects a broader trend in Kenya's banking sector, where institutions are significantly increasing their technology investments. Notable examples include NCBA and Equity Bank, which reported 30% and 32% increases in IT staff costs respectively. The implementation challenges underscore a growing industry-wide issue: the intense competition for technical talent among banks, telcos, and tech companies. While some institutions consider developing in-house solutions for greater control, many opt for third-party platforms like Temenos to balance expertise with cost efficiency, despite the complex integration challenges with legacy systems. #DigitalBanking #FinTech #BankingTechnology #CoreBanking

66

3 Comments

A huge percentage of this cash gets swopped out into “cash vouchers” as safe haven for their money, these operators literally sit on billions in consumer “deposits” and are totally unregulated. The proposed amendments to the National Payment System (NPS) Act will enable qualifying non-banks to offer a full suite of digital payments independently without the requirement to partner with banks. This broadens access to non-banks for NPS service provision and allows the issuance of digital payment instruments by banks and non-banks, including retailers, fintechs, and mobile network operators (MNOs) . Non-banks, including fintech companies, should be allowed to provide remittances, mobile money, and e-money services without the requirement to partner with banks. This will promote competition and financial inclusion, driving the adoption and use of digital payments . #shadowbanking #compliance

47

3 Comments

💥 October 2024: Top Five #Payments Stories You Need to Know 💥 1️⃣ 𝑶𝒏𝒍𝒊𝒏𝒆 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑷𝒍𝒂𝒕𝒇𝒐𝒓𝒎 𝑺𝒆𝒄𝒖𝒓𝒆𝒔 𝑼𝑲 𝑬𝑴𝑰 𝑳𝒊𝒄𝒆𝒏𝒄𝒆 Netherlands-based Online Payment Platform (OPP) received an EMI licence from the FCA, paving the way for cross-border payment solutions in the UK with new wallet options for marketplaces and platforms. 2️⃣ 𝑲𝒆𝒏𝒚𝒂 𝑴𝒊𝒈𝒓𝒂𝒕𝒆𝒔 𝒕𝒐 𝑰𝑺𝑶 20022 The Central Bank of Kenya has upgraded its Kenya Electronic Payment and Settlement System (KEPSS) to ISO 20022, enhancing settlement speeds, processing efficiency, and liquidity management across its financial systems. 3️⃣ 𝑺𝒘𝒊𝒇𝒕 𝒕𝒐 𝑻𝒓𝒊𝒂𝒍 𝑫𝒊𝒈𝒊𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕 𝑻𝒓𝒂𝒏𝒔𝒂𝒄𝒕𝒊𝒐𝒏𝒔 𝒊𝒏 2025 Swift is set to start live trials for digital asset transactions next year. Banks across North America, Europe, and Asia will be able to transact seamlessly between digital and fiat currencies, signaling a major step forward for cross-border digital payments. 4️⃣ 𝑾𝒊𝒔𝒆 𝑱𝒐𝒊𝒏𝒔 𝑱𝒂𝒑𝒂𝒏’𝒔 𝒁𝒆𝒏𝒈𝒊𝒏 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑵𝒆𝒕𝒘𝒐𝒓𝒌 UK’s Wise becomes the first non-bank to join Japan’s Zengin network, allowing real-time payments to and from Japan without intermediaries—boosting the speed and efficiency of international transfers. 5️⃣ 𝑺𝒂𝒏𝒕𝒂𝒏𝒅𝒆𝒓 𝑼𝑲 𝒂𝒏𝒅 𝑻𝒐𝒌𝒆𝒏.𝒊𝒐 𝑶𝒑𝒆𝒏 𝑩𝒂𝒏𝒌𝒊𝒏𝒈 𝑷𝒂𝒓𝒕𝒏𝒆𝒓𝒔𝒉𝒊𝒑 At Open Banking Expo, Santander UK announced a new partnership with Token.io to offer direct account-to-account payments, enhancing payment accuracy, biometric security, and real-time money movement for over 14 million customers. Is there any other payments news from October missing? Let me know in the comments! #Fintech #DigitalBanking #OpenBanking #CrossBorderPayments #EMI #FinancialServices

11

Fido Secures $30M Series B Funding to Expand Digital Lending in Africa Ghanaian fintech Fido has secured a $30 million Series B funding round, led by global impact investment manager BlueOrchard Finance Ltd and FMO - Dutch entrepreneurial development bank. Fido offers a range of financial products, including loans, savings, bill payments, and smartphone financing, leveraging mobile technology and alternative data sources to serve individuals and small businesses. The company has served over a million customers, with 40% being small businesses, and has extended over $500 million in loans across Ghana and Uganda. The digital lending market in Africa is expected to reach $2 billion in the next five years, driven by the growing demand for financial inclusion and the expansion of mobile money services Fido's innovative approach to credit scoring and loan origination, using AI models and alternative data, positions it well to capitalize on this market growth. Fido's CEO, Alon Eitan, emphasizes the importance of financial inclusion for small businesses, which are the drivers of economies in sub-Saharan Africa. The company's default rate is below 4%, attributed to its robust credit scoring system #Fido #DigitalLending #Africa #FinancialInclusion #SeriesBFunding

91

2 Comments

✅ Business finance platform Capitalise has integrated with Plaid to simplify business funding, by offering pre-approvals to 150,000 small businesses using Open Banking. “Open Banking sits at the core of SME credit decisioning and brings confidence to underwriting risk assessments,” said Ollie Maitland, co-founder of Capitalise. Read more at the 🔗 Zak Lambert Molly Swan #openbanking #openfinance #smallbusinesses #businessfinance #SMEs #businessfunding #credit https://lnkd.in/ergnDHbu

16

Yes! It's Friday, but it's not too late to decide to start saving with #PyramidMicrofinanceBank Save a minimum of N100,000 and make monthly deposits of at least N50,000 for a minimum of 6 months. What you get: - Up to 8% interest per annum - Opportunity to roll over your investment for an additional interest of Upto 4% You can also save a minimum of N100,000 and make monthly deposits of a minimum of N100,000 for a 12 month period  What you get: - Up to 14% interest per annum Also you get to access loans using your investments as collateral Start your savings journey with us today #PyramidMicrofinanceBank #saveandearn #investment #loans

1

Digital payments service provider Peach Payments has integrated with Kenya's conversational commerce and CRM platform SUKHIBA to offer South African merchants a new sales channel and facilitate WhatsApp-based sales. Sukhiba, founded in 2021, is a platform built on top of WhatsApp and used by over 35,000 SMEs across Africa and the Middle East. Through this partnership, Peach Payments' merchants in South Africa can utilize Sukhiba's technology to add their product catalogs to WhatsApp, enabling customers to complete purchases, make payments, and schedule deliveries seamlessly. The partnership is expected to be particularly beneficial for merchants with existing WhatsApp channels, providing a unified solution for sales, marketing, payments, deliveries, customer service, loyalty programs, and remarketing. With WhatsApp's 94% penetration among South African internet users, this integration addresses the growing consumer preference for WhatsApp-based interactions Rahul Jain CEO and founder of Peach Payments, highlights that Sukhiba's technology enables merchants to add product catalogs to WhatsApp, facilitating everything from purchases to payments and delivery scheduling. This integration leverages Peach Payments' platform on WhatsApp, offering customers flexibility in payment methods, including card, EFT, and buy-now-pay-later options #DigitalPayments #WhatsAppCommerce #SouthAfricanTech #FinTech #EcommerceInnovation

96

1 Comment

A strong year for open banking adoption 💪 Open Banking Limited (OBL) has announced that 10 million consumers and small businesses are now benefiting from using open banking 🏦💼 Marion King, OBL Chair, shares, "Reaching 10 million users highlights the empowerment open banking offers. It's inspiring to see so many embracing the financial opportunities available." #OpenBanking #CustomerExperience #CreditRisk #DigitalTransformation #Data #SmartData

7