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One of the challenges I've always heard in conversations is... "there's no digital national ID"... The Philippines government has launched the digital national ID, making it easier than ever for citizens to verify their identity online. This move is set to streamline transactions, enhance service delivery, and ensure a more efficient distribution of social welfare benefits. With 87.6 million Filipinos already registered, this initiative promises to revolutionize government and private sector transactions, making them more efficient and secure. How will this impact how digital banks and fintechs serve the underbanked and unbanked? #DigitalID #NationalID #digitaltrust #transactions #Innovation #Philippines https://lnkd.in/gm24J8k7

“I saw the problem, I just had to find a solution!” Breaking Financial Barriers with Hepta Pay's Innovative Solution Victoria Munguti, the co-founder and CEO of Hepta Pay, has taken the East African financial services landscape by storm with her innovative solutions.. The company, founded in 2020, has rapidly addressed the critical need for accessible, low-cost cross-border money transfers and digital payments in East Africa. Hepta Pay was born out of a personal challenge Victoria faced seven years ago when she experienced the high fees and delays associated with transferring money across borders. At that time, most local merchants in East Africa did not accept debit or credit card payments, complicating the financial landscape for many. Recognizing this widespread issue, Victoria and her team developed a solution to streamline the process, initially helping themselves and a few friends. Hepta Pay offers a virtual ATM for mobile money in East Africa, allowing customers to deposit mobile money, top-up airtime, and pay bills in Rwanda, Kenya, Uganda, and Burundi. The platform is notable for its user-friendly interface, which does not require users to sign up to transact. Customers can make payments from their debit or credit cards directly to Mobile Money wallets across East Africa, with Hepta Pay accepting Visa, Mastercard, and American Express from anywhere in the world. Despite limited marketing efforts, Hepta Pay has facilitated transaction volumes exceeding $1,000,000 and reached over a thousand users. This success highlights the platform's effectiveness and the pressing need for such a solution in the region. Launching Hepta Pay was not without challenges. The financial services industry, particularly in the fintech sector, is highly competitive and regulated. Victoria and her team had to navigate these complexities while ensuring their platform met the highest standards of security and efficiency. Additionally, building trust among users and convincing them to switch from traditional remittance methods to Hepta Pay required persistent effort and robust customer support. Victoria’s background in a family-run shop provided her with early insights into business operations and customer needs. This foundation, coupled with her hunger for success and her ability to seize opportunities, propelled her forward. Finding like-minded team members who shared her vision and determination was crucial in overcoming the initial hurdles and driving the company’s growth. Victoria Munguti's journey with Hepta Pay exemplifies the power of addressing real-world problems with innovative solutions. Her dedication to improving financial access and reducing transfer costs has not only transformed the lives of many in East Africa but has also set a precedent for future fintech innovations in the region.

🌎 This month marks International Day of Family Remittances. We’re celebrating the millions who use fintech apps like PayPal, Remitly, and Wise to send money to loved ones abroad. Every year, one in seven people worldwide send or receive remittances. Though small, averaging $200-$300, these funds significantly support families and lift millions out of poverty. Traditionally, sending remittances involved long waits and high fees at post offices or money transmitters. Today, fintech innovations have revolutionized this process. With just a touch of a button, people can now send money conveniently and cost-effectively through mobile apps. Digital remittance providers have played a crucial role in global financial inclusion, making financial systems more accessible. Regulators like the Federal Reserve System can further improve this landscape. The recent launch of #FedNow aims to make cross-border payments cheaper and faster, but currently, it is only accessible to banks. As nearly 90% of Americans use fintech apps to manage their finances, expanding Fed access could unlock even greater benefits. Learn more in our recent edition of #FintechExplained ⬇️ https://lnkd.in/eD3ueqEs #FamilyRemittances #Fintech #FinancialInclusion #RemittanceRevolution #PoweredByFintech

How good are we doing? We have this awesome journey we just seen #pay360 The Payments Association and we have come a loooooong way. I always enjoy a good history of money post from Mike Chambers I can recommend his knowledge on payments and his newsletter. Vice versa it is always great to hear Chris Skinner who is far ahead of what´s happening....towards intelligent money we are going. But we also have the daily reality, which another payment guru Neil Harris pointed out..... so how are we doing. Financial inclusion in 2020…. ● 1 in 4 adults will experience financial exclusion at least once ● Not having access to banking costs up to £500 a year ● Inclusive services could unlock £500m for institutions ● We could help customers save £1.8bn a year ● 7.4 million people still rely on a basic bank account ● Providing ‘free’ basic bank accounts costs £350 million a year ● 10-12 million people have limited access to affordable credit ● Over 8 million people struggle with money, yet few get help ● 7.7 million people don't have enough savings ● 70% of UK consumers already use a FinTech service ● There are currently over 1,600 FinTech firms in the UK The Inclusion Foundation is a dedicated not-for-profit Community Interest Company (CIC) aiming to improve the lives of millions. Our mission is for the industry to play their part in giving every person in the UK access to financial services and lift those least fortunate in society out of the poverty trap. We will do this by providing better access to information on financial services that’s more inclusive and signpost people to the right products. We aim to achieve this as an industry through lobbying key stakeholders in government, commerce and consumer groups, as well as offering the banking world a wide range of vital services so they have the tools to get on board. Reality is not forgotten by The Payments Association and its members and it is interesting to see the journey from history to future, without forgetting the daily use and needs we have, cash, financial inclusion, digital assets....cheques still anyone :-) It is estimated that by the year 2043, the UK will be a completely cashless society, I am all in for the learning from the past, be ready for the future and live in the NOW.

Kenya's fintech sector has flourished into a dynamic ecosystem, characterized by a multitude of innovative companies revolutionizing financial services and expanding financial inclusion. The digital transformation surge gained momentum particularly after the pandemic, which minimized traditional face-to-face interactions. In response to these trends, LOOP DFS, a fintech subsidiary of the NCBA Group, seized an opportunity to redefine banking by introducing LOOP- a lifestyle brand that seeks to empower customers with the tools and solutions they need to live out their lives effortlessly. They recognized a growing demand among Millennials for a financial partner rather than a conventional bank. This initiative aimed to cater to those seeking a modernized banking experience aligned with their evolving needs and preferences. So how does LOOP benefit the customer? ✅ Goals & Investments: LOOP allows users to create multiple savings goals within a single platform. This feature not only facilitates effective budgeting but also empowers users to track progress towards their financial objectives without the need for multiple accounts. ✅Overdraft and Term Loans: Recognizing the need for flexibility, LOOP offers overdraft facilities of up to KES 100,000 to provide a safety net for unexpected expenses. Additionally, term loans are available to support diverse financial needs. ✅Expense Tracker: With LOOP's expense tracking feature, users can gain insights into their spending habits. This tool helps individuals make informed decisions about their finances by visualizing where their money goes and identifying areas where savings can be optimized. ✅Link Card: LOOP simplifies transactions by allowing users to link their Visa cards from other banks. This integration enhances convenience, enabling seamless management of finances across different banking platforms. ✅Payments and Transfers: LOOP facilitates effortless payments to mobile money services and other bank accounts. Whether sending money to family members or settling bills, users can execute transactions quickly and securely, directly from the LOOP platform. ✅Standing Orders and Bill Payments: Automating recurring payments is made easy with LOOP's standing orders feature, ensuring bills are paid on time without manual intervention. The platform also supports bill payments to various service providers, helping users stay organized and avoid late fees. ✅Money Pools: LOOP's money pooling feature enables users to create and manage funds collectively with transparency. This functionality is particularly useful for group savings efforts or fundraising activities, providing a centralized platform for coordination and accountability. LOOP exemplifies a shift towards digital banking solutions that cater to the diverse needs and preferences of today's consumers. The service is available on the Apple Appstore and Google Playstore. #WhyWaitLoopIt

Is Australia on the verge of becoming a cashless society? According to experts, the answer is yes. By the end of this decade, the country is expected to become "functionally cashless," a shift that has raised concerns among Australians. A recent study revealed that 71% of Aussies are apprehensive about transitioning to a cashless society, with 41% expressing extreme concern. Baby Boomers, regional Australians, and lower-income households are the most anxious about this change, according to the research by payments technology company Waave. As we move towards a more digital age, it's important to consider the impact on our finances and wealth. How can we protect our wealth online and in digits instead of dollars? And what happens if a war breaks out and our communications break down? Let's open up the conversation and share our thoughts on this important topic. Are you happy to just give all the power of your wealth over to a computer system run by this government? #cash #cashless #australia #canberra #woke

I believe this the right way to do it. Never dictate solutions to the market - even if you think they are the better, faster or more superior solutions - because that’s not what innovation means. Understand the problem, and understand it deeply and extremely well. And instead of just throwing apps at the problem, take the time to thoroughly understand what the market actually needs solved. Then proceed to give the market what the market wants, exactly how it wants it, and in best iteration possible. That is what real innovation is. There’s just way too many apps and yet way too few real solutions in the African business and trade landscape. Therefore, in the wake of so many different technological advancements and options in the fintech and payment systems ecosystem, it is important for solution enablers and providers to always prioritize market fit in their innovation quest. This is particularly more important in the African fintech domain, because building first world solutions to third world problems is not how you achieve success or competitive edge in Africa. If the market generally prefers USSD, then you give the market USSD, while making the more advanced app based interface options equally available and accessible interchangeably, leaving the consumer with the freedom to use what best suits their convenience, while still bringing them along in your innovation journey amid a fast changing and highly competitive technology environment.

This @WorldBank article discusses how fast/instant payment systems transform the way people, businesses, and governments make and receive payments in #Africa. This form of payment offers convenient user experiences, lowered costs, and expands the market of providers and promotes #FinancialInclusion on the continent. Read more here: https://ow.ly/p65A30sBo8l

New Marqeta Research Finds UK Consumers Are Leading Global Adopters of Digital Payments, With Over Two-Thirds Now Comfortable Ditching Wallet For the Phone “Competition is rife in payments, and there is pressure on payment and financial providers to innovate at the speed demanded by consumers, which means business need to offer people more convenient ways to make payments and access their wages,” said Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta. “While traditional banks still have a hold on the UK market, consumers are experimenting with new payment and banking options alongside their traditional banks, and they’re very open to exploring embedded finance offerings from non-financial services companies. This is opening up a world of opportunity for brands that can keep up with the changing preferences and consumer desires around how they want to pay and be paid.” https://lnkd.in/e8JKerbE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

This @WorldBank article discusses how fast/instant payment systems transform the way people, businesses, and governments make and receive payments in #Africa. This form of payment offers convenient user experiences, lowered costs, and expands the market of providers and promotes #FinancialInclusion on the continent. Read more here: https://ow.ly/cK2u30sBmam