Africa's rate of financial inclusion is making great strides as traditional banks and emerging fintech innovators combine to drive adoption of digital payments and other innovations. From mobile networks partnering with credit providers to support SMEs, to a range of tailored payment innovations designed to meet the unique needs of African merchants, the continent is a thriving hotbed of payment and related innovation that is transforming the African economy.
In this week's #Crossfin #newsletter, we look at some of the latest developments in financial inclusion in Africa, including:
# Mastercard and MTN have entered into a partnership to link millions of individuals and small businesses in Africa with digital payment tools;
# Standard Bank has increased its digital retail client base by 8%, facilitating 2.8-billion digital transactions over the past year;
# AI tools are entering the African market, with one pioneering tool allowing feature phone users to leverage local mobile networks to send commands or information requests through SMS and voice calls;
# South Africa's fintech sector faces a wake-up call following the country's FATF greylisting, with anti-money laundering and KYC protocols becoming increasingly important; and
# Crossfin company Sybrin has collaborated with the Linux Foundation and other integrators to launch Tazama, a revolutionary open-source solution for real-time fraud management.
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