The Covid-19 pandemic is fuelling a boom for Africa-focused money transfer companies, despite predictions from the World Bank of a historic 20% drop in remittances to poorer countries this year.
Ant Group plans to increase the valuation target for its initial public offering to at least $280-billion due to strong demand. That would make it worth more than three times US banking giant Citibank.
US fintech and Internet payments leader Stripe said on Thursday that it is acquiring Paystack, a Nigerian payments start-up, as it looks to grow its footprint across the African continent.
The US state department has submitted a proposal for the Trump administration to add China’s Ant Group to a trade blacklist, according to two people familiar with the matter.
Despite the compelling value proposition that mobile money offers, the Reserve Bank of Zimbabwe recently placed significant regulatory restrictions on its operation.
Central banks have identified key criteria for issuing their own digital currencies in a report from the Bank of International Settlements.
The European Central Bank will start experimenting with a digital version of the euro while holding a public consultation in a major step toward introducing the technology.
South Africa will soon have a new “digital bank” in the form of Bettr, a fintech start-up that has been working on building a “new challenger” in the country’s finance sector. TechCentral speaks to co-founders Tobie van Zyl and Andrzej Stempowski.
Africa’s mobile phone operators are ramping up plans to bring banking to millions of Africans, in some cases for the first time, after the coronavirus crisis caused a surge in use of digital financial services.
Nigeria’s central bank said it will grant more licences for payment service banks but set a minimum capital base that could deter telecommunications firms and some other potential new entrants.