Abhinav Nehra

Jifiti Introduces Tap Now, Pay Later™, Enabling Banks to Easily Deploy Their Loans Through All of the Leading Digital Wallets at Any Point of Sale Read more: https://lnkd.in/d6WKGkbZ #Jifiti #TapNowPayLater #DigitalWallets #PointOfSale #Finance #Fintech #FinancialIT

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Jifiti Introduces Tap Now, Pay Later™, Enabling Banks to Easily Deploy Their Loans Through All of the Leading Digital Wallets at Any Point of Sale “To be truly customer-centric, banks and lenders need to make their point-of-sale financing a seamless part of the customer’s payment journey. Today’s payment method of choice is digital wallets. With Tap Now, Pay Later™, customers gain the best of both worlds – all the benefits of bank financing combined with the easy ‘tap-to-pay’ experience they’ve come to expect. This serves our mission at Jifiti, which is to provide access to affordable and responsible financial solutions when and where it matters most,” stated Yaacov Martin, CEO of The Jifiti Group. https://lnkd.in/e9xhxKT4 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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💡 [𝗣𝗔𝗡𝗘𝗟] 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗕𝗮𝗻𝗸 𝗚𝗼𝘃𝗲𝗿𝗻𝗼𝗿𝘀: 𝗳𝗼𝗿𝗴𝗶𝗻𝗴 𝗮 𝗰𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 🔜 The financial future of Africa is being shaped right now at AFIS 2024, as central bank leaders from across the continent discuss bold solutions to consolidate and strengthen the banking sector. With Nigeria and Kenya leading initiatives to raise minimum banking capital requirements tenfold, the session tackles the tough questions: ☝🏽 How can we achieve consolidation without excluding smaller players or reducing MSME lending? ☝🏽 Which capital adequacy frameworks best balance innovation, regulation, and financial stability? 🎙️ 𝗠𝗼𝗱𝗲𝗿𝗮𝘁𝗲𝗱 𝗯𝘆: ✨ Ramah Nyang, Journalist, CGTN/Bloomberg News 💡 𝗞𝗲𝘆𝗻𝗼𝘁𝗲 𝘀𝗽𝗲𝗮𝗸𝗲𝗿𝘀: ✨ Mamo Mihretu, Governor, National Bank of Ethiopia ✨ Aivo Andrianarivelo, Governor, Central Bank of Madagascar ✨ Jean-Claude Kassi Brou, Governor, BCEAO (compte officiel) 🗣️ 𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀 𝗱𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱: ✔️ Optimising capital adequacy for commercial banks: What’s the best approach to ensure growth and resilience? ✔️ Risk-based capital vs. minimum requirements: Which framework protects financial systems while supporting development? ✔️ Tailor-made solutions for fintechs and neobanks: Is now the time to innovate? 🧷 This session is a rare opportunity to hear directly from the architects of Africa’s financial ecosystem as they address both challenges and opportunities for creating a stronger, unified system. 🤝 AFIS 2024 is co-organised by Jeune Afrique Media Group, IFC Africa, a member of The World Bank Group, the Moroccan Ministry of Economy and Finance, and la Bourse de Casablanca

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Mastercard Partners AFDB to Provide Digital Access to Millions of People And Businesses in Africa Payments giant Mastercard and the African Development Bank Group (AFDB) have partnered to launch the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa to extend digital access to critical services to 100 million individuals and businesses in Africa over the next 10 years. The Alliance will initially focus on supporting the agricultural sector and women. Among the first efforts will be a pilot program launching this year to support three million farmers in Kenya, Tanzania and Nigeria by working with local banks to provide digital identities and access to high-quality seeds and agricultural inputs. Read more👇 Folasade Femi-Lawal (FCA,FCIT,MBA) Bossman Akuffo Kwapong Lois Bruu Temitope Seni-Alabede Laura Mackenzie Rozano Planta Adam Jones Solana Cozzo Laura Quevedo Ryan Stern Eyob Easwaran Famien K. Ibrahim RHISSA

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The Central Bank of Kenya (CBK) 🇰🇪 wants to develop a new instant payment system, the biggest advance in the country’s money transfer network. The Fast Payment System (FPS), will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs). The Central Bank did not disclose the launch date for FPS. FPS will allow Kenyans to pay bills, send money, and other transactions regardless of their bank. It is a project that seeks to fix the interoperability issue that has made it a pain for payment systems to speak to each other. Pesalink, a payment switch by Kenyan banks and other financial institutions that facilitates electronic transactions between banks, mobile money providers, and other financial institutions in Kenya, was launched in 2015 to fix the interoperability issues. However, it does not have a utility payments segment, and it is not immediately clear where Pesalink will stand once FPS is activated. Read the comlpete source article by Kenn Abuya for more info: https://lnkd.in/dtgW9qXs Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

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📢 Access Bank’s Award Highlights Growing Digital Banking Trend Among Business Owners. Access Bank PLC’s recent accolades at the 2024 Digital Jurist Awards for Best Digital Bank and Best Website underscore a growing trend: business owners are relying more heavily on mobile and web platforms to manage their finances. With the convenience of apps and online portals, managing cash flow, supplier payments, and real-time transactions can now be done quickly and efficiently from a smartphone or laptop. Yet, as businesses lean into digital solutions, concerns around cybersecurity and data privacy also rise. This trend aligns with SAPL’s mission to guide business owners through both the benefits and potential risks of digital finance. With insights into safe financial practices, SAPL aims to empower businesses to leverage these digital tools securely and stay compliant with evolving tax regulations. #digitalbanking #businessfinance #mobilebanking #financetrends #SAPL #accessbank #digitalbanking #businesssdvisory #cybersecurity #taxcompliance #nigerianbusinesses SAPLAccounting_Lagos

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The Kenya Commercial Bank (KCB) has announced an upward revision of its base lending rate to 15.6% per annum. The revision is effective May 27, 2024 – an uptick from the previous rate of 14%. For existing loan facilities, the new rate will come into play starting July 1, 2024. The revision is not isolated, as it follows a trend seen across the banking sector, with other institutions like NCBA and Equity Bank also increasing their rates in recent months. These adjustments are largely in response to the Central Bank Rate (CBR) hikes, aiming to balance the banks’ risk and profitability. https://lnkd.in/dgCgq9W2

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💡 Banking Gets Smarter in the West Africa Edition of CIO Africa Magazine July Issue!💡 In this month’s edition, we dive deep into the dynamic world of fintech, shining a spotlight on the innovations that are revolutionizing banking across West Africa. Our cover story features an exclusive interview with Ola Oyetayo, CEO and Co-Founder of Verto, who is leading the charge in breaking down the barriers of cross-border payments across Africa. Oyetayo shares his vision for making financial transactions across borders seamless, efficient, and accessible to everyone, ushering in a new era of smart banking that’s set to transform the financial landscape of West Africa. But that’s not all—our latest issue is packed with engaging features and expert insights: We catch up with Alex Siboe Wekunda, Chief Technology Officer at Stanbic Bank Kenya. In our dxNova feature, Anita Chege, General Manager of Innovation at HFC Kenya Group, offers a compelling perspective on why innovation goes beyond just being a buzzword and Sylvia Brune, CEO of pawaPass, discusses how facial recognition technology is enhancing identity verification in Africa. This edition is a treasure trove of insights for anyone interested in the intersection of technology, finance, and innovation in West Africa. Whether you’re a fintech enthusiast, a leader in the banking sector, or simply curious about the future of finance in Africa, this issue has something for you. 📖 Don’t miss out on these cutting-edge insights! Read the West Africa edition today and see how smart banking is reshaping the region’s financial landscape. Get Your Copy: https://lnkd.in/erPwTG6d #Fintech #CIOAfrica #SmartBanking #Innovation #DigitalTransformation #Leadership #AfricaTech #CrossBorderPayments

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🎙️ Get ready to elevate your banking! Tune in to our new podcast series for weekly tips and insights on making your banking faster, easier, and smarter with Ecobank's digital services. #TheBetterWay #EcobankMobile #DigitalBanking #StayTuned

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Banking Industry Today, I found a Trend which has been ongoing since March 2024 in the Africa Banking Sector. Access Bank has moved one step closer to completing the deal to acquire the National Bank of Kenya 100%. The bank deal, which was first announced in March 2024, is now set to be completed in a deal worth $100 million With the acquisition, Access Bank has now further strengthened its presence in the East African market. This same Bank Purchase the African Banking Corporation of Tanzania (ABCT) Limited few months ago. To be among the top players in you market, the Market Opportunity is the key and understanding the competitive landscape i.e the top players in industry. looking for bears in the market and make a move. This new acquisitions by Access Bank will project it among the top leading Traditional Banks in Africa who owns the largest market share. South Africa’s banking giant Standard Bank Group is the top Bank in Africa for 2024, followed by the National Bank of Egypt, and Morocco’s Attijariwafa Bank comes third. if this Bank continue with this marketing strategy of buying the market bears definitely it will position it among the leading Africa traditional Banks in the coming years. what do you thing? I have performed Market Analytical report on the Africa FinTech industry and the Traditional Bank: South Africa, Nigeria, Egypt, and Kenya are leading the way for Africa with a revenues projected to grow thirteenfold to US$65 billion in 2030 with a 32% CAGR. I know that this industry has untapped market opportunities but it has not been uncover... #bank #business #Marketing #investors #Africa #Nigeria #Kenya #Money #FinTech #business #cooperate #industry

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Guaranty Trust, a Nigerian financial services group, has kicked off the process of raising ₦400 billion to meet new capital requirements. In a presentation on Monday, CEO Segun Agbaje cited the bank’s operational efficiency and goal to hit $1 billion in profit as compelling incentives for investors. “₦370 billion of the total capital raised will be used for growth and expansion of the banking business (including recapitalistion) with a plan to “aggressively” roll out more branches in the next year. With 35 million retail customers and 2.9 million SME customers, GTCO believes the Nigerian banking sector is still significantly underserved. “It will also expand to new countries and grow existing subsidiaries like Ghana, Cote d’Ivoire, and Kenya. Despite these plans, the company will take a cautious approach to opening new subsidiaries.” Via TechCabal. https://lnkd.in/dztwSF4H

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#ICYMI Highlights of the recently released African Digital Banking Transformation Report 2024 by African Banker Magazine and Backbase. ✔️African banks have widely embraced digital transformation, considering it crucial for remaining competitive, meeting evolving customer demands, and countering growing competition from digital-first banks. ✔️There is strong evidence indicating consumer preference for digital banking once they become accustomed to it. The convenience, control, advanced security measures, and the desire for cashless banking have made digital banking an attractive option for consumers. ✔️Legacy systems pose significant challenges for African banks in integrating new digital platforms. This lack of interoperability and standardization between legacy and new systems is a major concern, impacting the ability of banks to innovate and adapt to changing customer demands. ✔️The success of KCB Bank Group in Africa has been attributed to its mobile-first digital strategy. With a mobile-first continent, where smartphones are becoming more affordable and internet penetration is increasing, a well-designed mobile-first strategy is crucial for attracting customers. ✔️Retail banking remains the most important market segment for digital banking investment in North African banks, with increased investments in SME platforms as well. External service providers are often relied upon, and legacy structures are seen to have a moderate impact on the ability of banks to adapt to changing customer demands. Read the full report below. #digitaltransformation #digitalbanking #banking #fintech #africa

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++ Premier Bank Partners with Mastercard to Launch Shari’ah-Compliant Card Solutions in #Kenya ++ Premier Bank, a leading Islamic financial institution in Kenya, has announced a collaboration with Mastercard to introduce an innovative suite of Shari’ah-compliant debit, credit, and prepaid cards. This collaboration marks a significant milestone in delivering secure financial solutions, tailored to meet the diverse needs of Kenya’s population and the wider market. "We are excited to embark on this transformative journey with Mastercard. The Premier Mastercard suite reflects our commitment to delivering innovative financial solutions that cater to the evolving needs of our customers. Together with Mastercard, we aim to set new standards for digital banking in Kenya." – Osman Dualle, CEO, Premier Bank Kenya "Our collaboration with Premier Bank is a testament to Mastercard’s dedication to advancing financial inclusion through innovative and responsible solutions. The introduction of Shari’ah-compliant Premier Mastercard suite is not merely a product launch. It is a strategic initiative that exemplifies our commitment to enabling communities with secure, convenient, and tailored financial services. As Kenya continues to embrace digital transformation, this initiative will play a pivotal role in shaping a more inclusive financial landscape that caters to the evolving needs of individuals and businesses across the country." – Shehryar Bakht Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, Mastercard #techafricanews #africa #kenya #card #solutions #individuals #financial #digital #product #businesses #commitment

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Take control of your transactions – view account balances, transfer money, pay bills, request for loans and do much more on your terms, with the Bloom Mobile App. Download our app today and experience refreshing banking on the go! #BloomDigital #BloomBankAfricaSL #WeMakeItHappen

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AMINA Bank Launches the AMINA Payments Network (APN) Myles Harrison, Chief Product Officer atAMINA Bank said: “In an age where 24/7 cryptocurrency asset markets are normalised, and wider global crypto adoption continues to grow at pace, the demand for faster transactions is no longer a want, but a need. With the introduction of the AMINA Payment Network, the facilitation of seamless cross-border transactions between network members across the globe is realised, and the required efficiency of money markets can meet the demands of the current financial landscape.” https://lnkd.in/eHXwErBX #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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According to the Central Bank of Kenya, Premier Bank offers the cheapest loans at 9% interest while Middle East Bank is the most expensive at 20.96%. Loan rates of top banks: • ABSA Bank Kenya ➡️ 19.82% • NCBA Bank Kenya ➡️ 19.12% • Stanbic ➡️ 17.49% • Standard Chartered ➡️ 17.32% • KCB Bank Kenya ➡️ 16.40% • Equity Bank Kenya ➡️ 16.02% • Co-operative Bank ➡️ 15.18% The difference in rates really adds up the larger the amount of money you borrow. Among the top banks, if you borrow, say, 10 million shillings from ABSA, you will pay KES 464,000 more than if you borrowed from Co-operative Bank. The cheapest loans are from Premier Bank, Access Bank Plc Kenya, Diamond Trust Bank, Consolidated Bank of Kenya Ltd, Kingdom Bank Limited and Guardian Bank. The most expensive loans are from HFC, Credit Bank and Middle East Bank. In August, the Central Bank lowered its main interest rate to 12.75%. This rate had been 13% for the first half of the year in an effort to stabilize inflation and the exchange rate. These loan costs affect how much money people and businesses can borrow. This impacts how much they can invest, grow and spend. If you need a loan, shop around. Don't just go to your usual bank. Look at smaller banks too, they might have better rates. And keep an eye on the Central Bank's decisions. When they lower rates, it might be a good time to borrow or refinance. PS - Follow me Ben David for more finance industry insights

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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

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