Obi Emetarom

Nigerian fintech innovator Grey (YC W22) has forged a strategic alliance with dLocal, a prominent player in the cross-border payment sector, to facilitate its growth into new and emerging markets. Founded in 2021 by visionaries Idorenyin O. 0bong and Joseph Femi Aghedo, Grey has quickly become a go-to service for international money transfers, offering its users the ability to swiftly send and receive payments across borders without limitations. The company’s offerings include the provision of foreign bank accounts, instant currency exchange services, and seamless international money transfers. Having secured a US$2 million investment in 2022 with the support of Y Combinator, Grey is on an aggressive expansion path, with Kenya serving as its gateway to the East African market. dLocal specializes in enabling local payment transactions in fast-growing economies, bridging the gap between global merchants and consumers across continents including Africa, Asia, and Latin America. The collaboration with dLocal will empower Grey to extend cross-border payment services to wallets and bank accounts in new territories such as Brazil, Indonesia, Mexico, the Philippines, and South Africa. Click the link to read more: https://lnkd.in/dnUYEduH   #innovationvillage #grey #dlocal #fintech #partnership #ycombinator #techtrends #technews #innovation #emergingmarkets #africabusiness

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Nigerian banks spend ₦80-100 BILLION annually on foreign core banking solutions! Coreinfra is changing the game with indigenous, cost-effective core banking and payment solutions! #core #coreinfra #coreinfrastructure #fintechsolutions #banks #nigeria #banking #business #innovation #tech #solutions

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𝗭𝗼𝗻𝗲 𝗮𝗻𝗱 𝗡𝗜𝗕𝗦𝗦 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝘁𝗼 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗣𝗢𝗦 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝘄𝗶𝘁𝗵 𝗕𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆  Zone, a blockchain payment infrastructure provider, has formed a strategic partnership with the Nigeria Inter-Bank Settlement System to integrate Payment Terminal Service Aggregator functions into Zone's blockchain network. This collaboration aims to improve interoperability across the Point of Sale payment value chain in Nigeria. The partnership will enable NIBSS, Nigeria's central switch, to become part of Zone's blockchain payment network. This development follows Zone's recent launch of a blockchain-powered POS payment gateway, positioning the company as a POS payment switch. Key Features and Benefits: Decentralized Transaction Routing: Unlike traditional systems, institutions on Zone's blockchain network can route transactions directly between each other, eliminating intermediaries. PTSA Functions: The partnership allows Zone to perform PTSA functions, including verifying the technical and operational standardization of POS machines. This aligns with the Central Bank of Nigeria's mandate requiring all licensed financial service providers to route POS transactions through a PTSA. Automated Chargeback Resolution: Zone's blockchain network enables automated resolution of chargebacks, processing refunds for declined transactions within minutes. This feature also provides real-time validation of final transaction status. Enhanced User Experience: The new system is expected to improve the overall cardholder experience by increasing transaction reliability, speed, and efficiency. Zone's decentralized blockchain-powered POS payment gateway stands out in a market where competitors like Interswitch, Unified Payments, and eTranzact use centralized architectures. Premier Oiwoh, Managing Director and CEO of NIBSS, emphasized the partnership's potential to transform the payment landscape.  Obi Emetarom, CEO and co-founder of Zone, stated that the collaboration sets a new standard for reliable, frictionless, and universally interoperable payments in the industry. #blockchain #fintech #payments #Nigeria #financialinclusion #Africa

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Post 1: The Rise of Fintech in Africa Industry Insight: Fintech is revolutionising financial services across Africa, providing access to banking for the unbanked and underbanked populations. Countries like Kenya, Nigeria, and South Africa are leading the way with mobile money platforms like M-Pesa and innovative payment solutions. Regional Developments: East Africa: Kenya ·      Volume of Mobile Payment Transactions: In 2023, Kenya recorded mobile transactions worth $55.1 billion. ·      Number of Digital Banks: Kenya has seen the entry of digital banks like Umba, which launched operations in early 2023. ·      Number of People Using Services: Approximately 84% of internet users in Kenya use mobile payments. M-Pesa alone has over 50 million active monthly users across Africa. West Africa: Nigeria ·      Volume of Mobile Payment Transactions: Nigeria is a significant player in mobile payments, with a substantial share of the 45 billion transactions made in Sub-Saharan Africa in 2022. ·      Number of Digital Banks: Nigeria hosts several digital banks, including Chipper Cash, Alat, and Kuda, contributing to the 21 digital banks active in Africa. ·      Number of People Using Services: Around 60% of internet users in Nigeria use mobile payments. Southern Africa: South Africa ·      Volume of Mobile Payment Transactions: South Africa is part of the leading regions in mobile money transactions, contributing to the 45 billion transactions in Sub-Saharan Africa in 2022. ·      Number of Digital Banks: South Africa has a robust digital banking sector with banks like Bettr and TymeBank, which have millions of customers. ·      Number of People Using Services: Digital payment services are widely used, with a significant portion of the population engaging in mobile transactions. Central Africa: Cameroon ·      Volume of Mobile Payment Transactions: Cameroon is experiencing growth in mobile banking, contributing to the overall increase in mobile money transactions in the region. ·      Number of Digital Banks: While specific numbers for digital banks in Cameroon are less prominent, the country is seeing a rise in mobile banking services. ·      Number of People Using Services: The adoption of mobile banking services is growing, although specific user numbers are less detailed compared to other regions. Summary Fintech is indeed revolutionizing financial services across Africa, with each region showing significant advancements in mobile payments and digital banking. Kenya, Nigeria, and South Africa are leading the charge, while Cameroon is steadily catching up. #Fintech #FinancialInclusion #Africa #DigitalTransformation

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Lendsqr, a Nigerian loan management software provider, has launched a $600,000 on-lending initiative to support local digital lenders. The program aims to provide essential capital to lenders holding State Moneylender or Cooperative licenses, enabling them to expand their credit offerings and enhance financial inclusion across Nigeria. At this critical time, personal loans in Nigeria have surged by 329.28% to a whopping ₦7.52 trillion by March 2024, but licensed lenders went from 173 in April 2023 to 311 by September 2024, and the digital lending landscape has expanded significantly. Through this program, Lendsqr offers an innovative overdraft model where lenders only pay interest on utilized funds. The company has implemented a comprehensive risk assessment process and provides real-time monitoring through a user-friendly dashboard The program exclusively serves Nigerian lenders who must be registered with the Corporate Affairs Commission, maintain valid lending licenses, and possess current tax documentation. Initial loan amounts range from ₦1 million to ₦15 million, with interest rates determined by risk assessment. #NigerianFintech #DigitalLending #FinancialInclusion #AfricanStartups #FintechInnovation

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Leading fintech companies in Nigeria have issued 17 million Verve cards powered by Nigerian payments unicorn Interswitch Group. Due to factors like cost, shift in customer behavior, and integration complexities, they are increasingly prioritizing the local solution over Visa and Mastercard. In fact, since 2021, Verve has controlled 54% of the Nigerian card market. “The decision to switch to local card schemes is also connected to customers’ use of cards for local payments. With spending power under pressure because of inflation, the ability to make global payments, which the big card schemes offer, is useful to only a small percentage of customers. “‘Majority of fintech customers use cards for POS transactions. They are not shopping on Amazon or online outside the country,’ an employee at a Nigerian card scheme told TechCabal.” Via TechCabal. https://lnkd.in/dRHF5EJi #fintech #financialservices #payments #cards #africa #nigeria

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Wema Bank Plc., a leader in Nigeria's banking sector, is taking a bold step to protect its customers from rampant identity fraud by adopting advanced facial recognition technology. In partnership with Daon, an international digital identity trust company, Wema Bank is implementing the Daon xProof (xAuth/xFace) and Daon IdentityX platforms. These cutting-edge solutions will provide robust digital identity verification and authentication on Wema's banking app, ensuring a secure and seamless banking experience. With the integration of xAuth/xFace, Wema Bank customers will enjoy the convenience of accessing everyday banking transactions simply by taking a selfie. This innovative technology enhances security while offering a user-friendly experience across various engagement channels. Clive Bourke, Daon President for Europe, Middle East, and Africa as well as the Asia-Pacific region, emphasized the importance of defending against identity fraud, noting its significant impact on financial losses in the banking sector. Founded in 1945, Wema Bank prides itself on being one of Nigeria’s most resilient and innovative banks. This latest initiative further cements its reputation, following the launch of Africa's first fully digital bank, ALAT, in 2017. Olusegun Adeniyi, Chief Digital Officer at Wema, highlighted that integrating the Daon IdentityX platform would enhance customer safety and ease of access to a wide range of financial services, including better savings, transfers, and rewards. By adopting Daon's suite of identity verification and authentication solutions, Wema Bank is not only enhancing security but also improving the overall user experience for its customers. This partnership represents a significant milestone in Wema Bank's journey towards digital transformation and reaffirms its commitment to providing innovative and secure banking solutions. #DigitalBanking #FacialRecognition #IdentityFraud #WemaBank #Daon #Innovation #CustomerSecurity #Fintech #Nigeria #TechInnovation #BankingSecurity

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Agree! This year, we have seen banks make significant upgrades to core banking systems . What are your thoughts on this upgrade? How do you see the upgrade affecting Africa's payment infrastructure? Share your insights! #Join our conversation #CoreBanking #Fintech #Africa #core #bank #PaymentInfrastructure #Innovation

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Newly minted African fintech unicorn Moniepoint Group is in talks about acquiring a commercial banking license from the Central Bank of Nigeria. This would enable the company to expand its offerings and reach, increase its share of Nigeria’s financial services market, and enhance its credibility. “The license would also give it a major edge over competitors like OPay and make it the first Nigerian fintech to own a commercial banking license. Nubank, the largest fintech in Latin America, is applying a similar strategy in Mexico, where it applied for a banking license after becoming the primary bank for nearly 60% of its Brazilian customers and serving more than half of the adult population.” Via TechCabal. https://lnkd.in/d6ttHeW3  #financialservices #fintech #banking #regulatoryaffairs

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As digital payments in Nigeria evolve, compliance is crucial for Payment Service Providers. This week’s #TMTThursday explores the Central Bank of Nigeria’s latest directives aimed at streamlining POS transaction routing and boosting transparency across the payment ecosystem. Learn how the new connectivity requirements and reporting obligations could impact your business. #DOALaw #CBN #TMTThursday #POSRegulations #PaymentSolutions #LegalInsights #Nigeria #ElectronicPayments #Fintech

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🚀 Presenting the Winning Strategy for Africa's Fintech Market! 🌍   PML OCT PM CHALLENGE,winning team has reimagined fintech in Africa, crafting a roadmap to address key challenges and unlock massive opportunities in cross-border payments. 💸📈 From reducing fees and enhancing security to boosting financial inclusion—they've tackled it all! Here's what they uncovered in the journey:   🔹 Growth Potential: With projections of $65 billion by 2030 and $70 billion by 2040, Africa's fintech market is primed for expansion, fueled by mobile penetration and a large unbanked population. 📱💵  🔹 Top Players: Key competitors like FlutterWave, Chipper Cash, and Lemfi show us the strength of the African fintech ecosystem and the fierce competition shaping it.  🔹 Tech Integration & Regulation: From AI to blockchain and the African Continental Free Trade Agreement, the landscape is evolving fast! 🚀   Problem Focus: High fees and regulatory complexity in cross-border transactions are big roadblocks, especially for freelancers and remittance senders, who face high conversion rates and long delays. 🕒   🎯 Objective: Create a seamless, low-cost cross-border payment platform with a secure wallet, simplified KYC, and robust customer support to make transactions smoother than ever! 💳✨   Roadmap Snapshot: Our team mapped out a phased development approach with essential features up front, focusing on usability, affordability, and security. 🛠️🔒   Kudos to the amazing team for tackling Africa's fintech challenges head-on and paving the way for a more inclusive financial future! Halima Iyke-Oginah, Blessing Asibi Bako, DANIEL UMAH (MBA) , Joy Ozoya ,Nomajuba Hlatshwayo,AbdulGaniu Shelle , MARIAM ATOYEGBE 👏👏 #PMLChallenge #AfricaFintech #CrossBorderPayments #FintechForGood

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Africa is experiencing a rapid rise in fintech and a significant shift towards digital banking. But does this mean that neobanks and digital-only banks pose a threat to traditional banks? Let's explore in this post! #africa #fintech #digitalbanking #digitaltranasformation #digitalreinvention #banking #techurate #neobanks

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1app #Technologies wins #Fintech company of the year at #Ibadan #Tech Expo 2024 https://lnkd.in/eh7MNkyU In a significant milestone for Nigeria’s financial technology sector, 1app Technologies clinched the coveted #Fintech #Company of the #Year award at the #2024 #Ibadan #Tech #Expo. The prestigious recognition highlights 1app’s steadfast commitment to solving the complexities of online transactions for #Nigerians, offering a blend of innovation and customer-focused solutions tailored to individual and business needs. https://lnkd.in/eh7MNkyU The award organizers acknowledged 1app’s role in advancing #financial inclusion, praising the company for its dedication to providing seamless transactions, virtual card services, and cross-border payment solutions. These innovations, they noted, have set a new standard for financial services in #Nigeria. Accepting the award, Opeyemi Adekunle, Managing Director of 1app Technologies, expressed gratitude to the organizers, noting that the recognition is both an honour and a challenge to continue breaking new ground in #Nigeria's #fintech landscape. “This award signifies a call to action,” said Paul. “We are committed to pushing the boundaries of fintech innovation in #Nigeria and beyond. As the financial ecosystem continues to evolve, we remain positioned as a key player in driving the next wave of digital transformation, helping individuals and businesses alike achieve their financial goals.” 1app’s multi-channel platform has been pivotal in promoting financial inclusivity across #Nigeria, simplifying online payments, and enabling secure and efficient #financial transactions. https://lnkd.in/eh7MNkyU

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Flutterwave CEO, Olugbenga Agboola Named Vice Chair of US-Africa Business Center Board “Flutterwave is at the forefront of the digital revolution in Africa. Their leadership and vision in the digital economy sector exemplify why Africa is a key player in the global economic narrative. We are eager to explore Africa’s digital transformation and to advance the US-Nigeria business initiative announced at UNGA,” said the organisation. https://lnkd.in/eQvKdXac #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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BREAKING NEWS: The future of homebuying in Nigeria has arrived! Get ready for Giddaa, launching THIS SATURDAY, April 20th. For the FIRST TIME, Giddaa brings top developers AND banks to one central platform. This changes everything: ▪ Unmatched choice: Explore ALL property options and flexible payment plans from trusted developers and banks – find your perfect fit! ▪ Pioneering platform: No more scattered searches – one platform were various developers showcase all their available houses and plans directly on Giddaa. ▪ Ultimate convenience: Search, inspect, make payments, and receive offer letters – completely online. ▪ Search your way: Find homes by searching by estate OR by your favorite developer – a first in Nigeria! ▪ The developer lineup you've been waiting for: We've already partnered with the best, and more are on the way. ▪ Nigeria-wide vision: We're starting in Abuja, but our goal is to connect buyers and sellers across the entire country soon. We're humbled by our partners' trust, and we're only getting started! More partnerships are coming to make Giddaa THE place for homebuyers like you. Mark your calendars – this is how you buy a home in 2024!

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The Nigerian open banking pioneer, Okra, has expanded its technological footprint by venturing into the cloud services sector with the introduction of its new platform, Nebula. By launching Nebula, Okra is positioning itself alongside a growing contingent of indigenous cloud service providers such as Nobus Cloud Services, Galaxy, and Layer3. These companies are establishing themselves as cost-effective alternatives to the dominant international players like Amazon Web Services (AWS) and Microsoft Azure. This strategic move represents Okra’s adaptation to the changing economic landscape in Nigeria and the broader African market, as well as its commitment to meeting the dynamic requirements of the continent’s businesses. Fara Ashiru, Okra’s CEO, underscored the significance of nurturing domestic innovation in a statement shared on LinkedIn. She pointed out the long-standing reliance of Africa on external solutions, which often come with a hefty price tag. Ashiru highlighted Nebula’s advantage in accepting payments in the local currency, the naira, which is a significant benefit in Nigeria where the economy has been impacted by currency devaluation. Click the link to read more: https://lnkd.in/dG-kAFYh #innovationvillage #okra #nebula #fintech #startups #cloudservices #technology #innovation #africamarket #productlaunch #africabusiness #technews #techtrends

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