Olugbenga Agboola

Fidelity Bank PLC, a leading financial institution in Nigeria, has partnered with Mastercard to launch Fidelity Send, a new initiative designed to enhance cross-border payments and remittances in the country. This collaboration leverages Mastercard’s global network to enable near-real-time and cost-effective outbound transactions, aiming to drive financial inclusion across Nigeria. The Fidelity Send solution utilizes Mastercard Cross Border Services, a leading money transfer platform that allows participating banks to securely send money to beneficiary accounts in over 60 countries worldwide. With access through Fidelity Bank PLC branches and digital platforms, individuals and businesses can now benefit from faster and more reliable funds delivery, addressing key challenges such as high fees, limited banking infrastructure, and long processing times that have traditionally hindered cross-border remittances. Click on the link to read more https://lnkd.in/dXSgCYyG #mastercard #launch #banking #fidelity

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In the early 2000s, Nigeria's banking sector was ripe for disruption. Amidst a wave of failed core banking software implementations, a young Nigerian company, CWG, saw an opportunity. With sheer determination and a deep understanding of the local market, CWG PLC led by Austin Okere brought Infosys Finacle, a revolutionary banking software, to Nigeria. Against all odds, CWG's tenacity and innovative approach led to Finacle's rapid adoption by major Nigerian banks. There is a story of the struggles, the under-happenings, the truths, the battles, the successes here. https://lnkd.in/dmuHNCZa

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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

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Kuda Business Unveils Virtual and Physical POS Solutions to Streamline Payments for Nigerian SMEs Kuda, through its Kuda Business platform, has launched new virtual and physical point-of-sale (POS) solutions aimed at simplifying payment processing for freelancers, small businesses, and medium-sized enterprises (SMEs). These innovations are designed to help businesses accept payments faster while tackling common challenges like delayed payment confirmations and fragmented banking services. Read more👇 #kudabank #kudabusiness #pos #SMEs Babs Ogundeyi Nosakhare Oyegun Precious Akin Iluku (FCCA, ICAN RA,ACTI, MCIB) Sulaimon Abiola Feyi Togan

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Moniepoint Group, one of Africa’s fastest-growing fintech companies, has appointed Bayo Olujobi, CTP, former Chief Financial Officer of Stanbic IBTC, as the CFO of its microfinance bank. This strategic hire is seen as part of Moniepoint’s broader expansion strategy and potential ambitions to enter Nigeria's commercial banking sector. With a history of rapid growth and recent unicorn status, Moniepoint is positioning itself for further success in both the digital and traditional banking landscapes. Olujobi’s extensive experience in commercial banking, particularly his role in managing financial operations at Stanbic IBTC, will be pivotal as Moniepoint scales its operations. In 2023, the fintech processed over five billion transactions, and with a growing customer base, advanced financial oversight is becoming increasingly critical. Olujobi's appointment strengthens the company’s financial management and may help smooth the regulatory challenges if Moniepoint pursues a commercial banking licence. As Moniepoint continues to focus on expanding financial inclusion across Nigeria and Africa, CEO Tosin Eniolorunda’s vision of driving access to financial services remains central. The company has already proven successful with its agency banking model, which could provide a solid foundation for expansion into other African markets, including Kenya. With Olujobi’s background, Moniepoint is well-positioned to navigate regulatory complexities and grow its footprint beyond Nigeria. Moniepoint’s growing scale and aspirations for expansion reflect its competitive edge in both digital and traditional banking sectors. While the company’s next steps remain uncertain, Olujobi’s addition to the team highlights Moniepoint’s serious commitment to advancing its role in Africa’s financial services industry. #Moniepoint #Fintech #BankingInnovation #FinancialInclusion #Nigeria #Africa #Expansion #CommercialBanking #Leadership #BayoOlujobi

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#CardPayments & #RealTime - It's great to see these terms finally coming together! Kudos to Mastercard & ACI Worldwide on launching this initiative in #SouthAfrica - look forward to hearing more about the actual settlement efficiencies gained by the merchants! Highlights below ICYMI.. more details and comments most welcome! - South Africa will be the #first market in the world to benefit from the #security and #speed of #ImmediateMastercardCardPayments. - For the first time, all merchants in South Africa who accept Mastercard payments will receive #fasterpayouts, empowering businesses with better cashflow management and faster #fundsavailability. - The enhancements and new standards will enable #sameday payouts for South African merchants through the introduction of #realtime clearing and more frequent #settlement cycles - In the future, Mastercard will enable issuing banks in South Africa – and around the globe – to process real-time card payments, empowering consumers with increased #transparency, #FasterPayments, and #RealTimeInsights into their funds - Together with #ACI, #Mastercard will empower acquirers in South Africa to quickly and easily adopt #RealTimeTransactionProcessing #standards

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In a significant milestone, Nigeria’s fintech landscape has garnered global recognition as two prominent players— our innovative portco Kuda and PalmPay—have secured spots on CNBC’s prestigious list of the top 250 fintech companies for 2024. Curated in collaboration with market research firm Statista this list highlights the world’s most innovative and impactful fintech firms across the globe. Despite the challenges faced by the fintech sector, innovation continues to thrive, with artificial intelligence emerging as a key theme. Driven by technological advancements, expanding global markets, and collaborative leadership, fintech companies are reshaping the future of financial services. Kuda often referred to as the “money app for Africans,” has been at the forefront of revolutionizing digital banking in Nigeria since its inception. Leveraging technology, Kuda offers seamless, customer-centric banking services entirely online, eliminating the need for physical branches. Users can access a comprehensive suite of services, including savings accounts, personal loans, and budgeting tools—all through a mobile app. Kuda’s rapid growth, innovative approach, and increasing influence in the global digital banking sector have earned it recognition in the Neobank section. Kudos to the entire team at Kuda. https://lnkd.in/eNNkmk-N #portco #improbablestories #neobank #vc #africa #cnbc Kuda CNBC

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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 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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1 In 2 Businesses In Nigeria Still Prefer Cash Payments Over Digital Payments – Moniepoint Report The consensus that “cash is king” due to its ease of use in low-trust environments, is true for small businesses in Nigeria. This comes after a Moniepoint report revealed that despite the rise of digital payments in the country, 1 in 2 businesses in Nigeria said they prefer to receive cash over digital payments. The preference for cash was connected to safety and ease of doing business. Read more👇 #Digitalpayments #Moniepointreport #fintech

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The WorldPay Global Payments Report 2024 validates that the VC support for Fintech and Payment companies, as seen in Nigeria and India, can significantly reduce cash usage. #Fintech #Payments #Innovation #VC #CashlessEconomy #Visualcapitalist

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I recently shared the summary of 2024 Q1 interim financial results of the top 5 Nigerian banks, and some of my friends were asking why a bank with relatively small balance sheet size would end up being the most profitable. Going through the Q1 results of GTCO, the two key factors responsible for the superlative profit of the bank are explained here: 1. The bank's net interest income grew by NGN145billion Q on Q. This is money made from loans and advances, and income from Investment Securities (mainly Treasury Bills). Yield from TBs alone increased from 6.29% as at Dec 2023 to 17.67% as at end of March 2024. As we all know, GTCO is a heavy investor in Treasury Bills and other Investment Securities. 2. The bank’s fair value gain on financial instruments went up by NGN331billion Q on Q. The financial instruments in question could be financial derivatives, foreign bonds, or any other financial instrument (asset) denominated in foreign currencies. One US dollar was exchanged for Naira at N895 on December 31, 2023, and the exchange rate was N1,415 to a dollar on March 31, 2024, hence the huge increase in the fair value gain on FCY financial instruments. The significant gain achieved was because of the high volume of long position held by the bank on March 31, 2024. GTCO is generally known for its high efficiency in balance sheet management. The Bank's ROE and ROA have always been the highest, after Stanbic IBTC though. The truth however, is that the bank needs to grow its balance sheet size for it to retain the leadership position in profitability.

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Flutterwave Expands Payment Options for Nigerian Merchants with American Express Integration Flutterwave, a leading fintech company in Africa, has integrated American Express into its payment platform, enabling Nigerian merchants to accept payments from American Express cardholders. This strategic move is expected to significantly enhance the ability of Nigerian businesses to conduct seamless transactions with international customers, thereby broadening their global reach. In addition, Flutterwave has revealed plans to extend this feature to merchants in several other African countries, including Tanzania, Rwanda, Ghana, and Uganda, in the near future. Read more👇 #flutterwave #americanexpress #payments Olugbenga Agboola Iyinoluwa Aboyeji Vivi N Galani Azamat Israilov Sonia Punja Rupal Jain Shane McCarthy Omosalewa Adeyemi Reni Odebiyi Samuel Oka

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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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The key components of building a card programme Whether your proposition involves digital banking services, SME lending or point-of-sale financing, there are certain essential components your card programme will need before and after it launches. You’ll need the fundamental building blocks to get up and running but you’ll also need the key components that will support the day to day running of your proposition. Fundamental building blocks ✅ Essential elements to launch your programme: 🔹 Network (Scheme) licence Your programme will need a network (scheme) licence before it can start executing payment transactions using a payment network. Either through your own principal membership of Visa or Mastercard or through a BIN Sponsor or Programme Manager.N.b we refer to network and scheme throughout this guide. The terms are interchangeable. Generally in the UK and Europe we tend to use the term scheme, but globally the norm is to use the term network. 🔹 Regulatory licence Enables you to operate in the jurisdictions and countries you want to. Your card proposition dictates what kind of licence you need. Payment services need a payment institution (PI) licence. Payment services and to issue e-money, requires an e-money institution (EMI) licence. Usually to issue cards you (or a partner) will require an e-money licence. 🔹 Payment processor A platform, like Marqeta, that connects card programme innovators with card networks (schemes) like Visa and Mastercard. A good payment processor has strong relationships with BIN Sponsors and issuers, and provides the core technologies to enable card issuing and transaction processing. 🔹 Card bureau/ provider If your programme offers physical cards, it’s up to a card fulfilment bureau to bring the in-the-hand manifestation of your programme to life. Card bureaus handle everything from design to manufacture, personalisation, despatch and delivery to cardholders. 🔹 Programme management A provider of a turnkey, end to end card programme is referred to as a programme manager. They bring together all of the building blocks described above and provide all essential elements to launch and run a card programme directly. Further information is provided in the licencing section. 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Marqeta #fintech #cardpayments #payments Prasanna Marcel Richard Panagiotis Tony Efi NicolasArjun Dr Ritesh

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Unlocking Financial Inclusion: How Fintech is Transforming Banking for Nigerians Fintech is breaking down the barriers to banking in Nigeria, bringing financial services to the unbanked and underbanked population. With over 40% of Nigerians still lacking access to formal banking services, fintech platforms offer mobile accounts, microloans, and savings solutions catering to the masses. By utilizing mobile technology and integrating with local banks, fintech is helping bridge the financial gap for millions. Key Takeaway: Fintech companies should focus on mobile-first solutions that provide affordable, accessible banking services to everyone.

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The inaugural payments track at the EMEA Cash Cycle (ICCOS) & Payments Seminar is filling up fast! Centered around the theme of ‘Payments Trends Across Africa,’ discussions will explore a variety of the most salient topics, including: 🔹 The role of non-banks in the payments system, 🔹 Making cross-border payments faster and cheaper, 🔹 Financial inclusion, 🔹 Enhancing digital literacy to promote the adoption of alternative payment methods, and 🔹 The catalytic role that regulation can play to enable the framework necessary for promoting and implementing innovation. Do you have an interesting perspective on the above topics? There are still a few slots available for panels and presentations, so please do get in touch if you’d like to appear on stage. If you’ve not done so already, please ensure that you register at your earliest convenience. Interest for the EMEA Cash Cycle (ICCOS) & Payments Seminar is at an all-time high this year, and some agenda items are already nearing capacity. Register here: https://hubs.li/Q02TH7Wx0 #EMEACCPS2024 #EMEACCS2024 #iccos #Cash #CashManagement #FutureofCash #Centralbanks #CurrencyNews #FinancialInclusion #CashCycle #CommercialBanks #RiskManagement #CashManagement #Innovation #Payments #instantpayments #regulation

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