Zahra Nooreen’s Post

🌍 Boosting Global Remittances with UPI & CBDCs 🌍 The adoption of Unified Payments Interface (UPI) and Central Bank Digital Currencies (CBDCs) can transform remittance flows, reducing costs and increasing inflows. According to the Reserve Bank of India, the global acceptance of UPI and the development of CBDCs can help reduce remittance fees significantly, enhancing volumes and benefiting recipients. In 2023, Fintechs offered the most cost-effective solution with an average remittance fee of 4.2% per $200, compared to 5.4% by money transfer operators and 11.5% by banks. India’s remittance growth remains strong, with estimates projecting it to reach $160 billion by 2029. As digital payments advance and India’s skilled workforce continues to grow, the future of remittances looks promising. #Fintech #Remittances #UPI #CBDCs #DigitalPayments #RBI #FinancialInclusion

WISE RE-ENABLES LOCAL CURRENCY PAYOUTS TO NIGERIA Wise (formerly TransferWise), a UK-based international money transfer service known for its low-cost transfers, has re-enabled payouts to Nigeria in the local currency, Naira. This follows several suspensions of remittances to Nigeria, with the latest re-entry aligned with the Central Bank of Nigeria’s (CBN) new guidelines. In January 2024, the CBN reversed its earlier directive that mandated all remittances be paid out exclusively in US dollars. The new policy requires that all remittances be paid in Naira to recipients’ bank accounts or disbursed in cash for amounts below the $200 equivalent. This shift prompted the UK-headquartered fintech to cease dollar remittances and comply with the new Naira payout requirements, allowing its UK customers to send Naira to Nigerian bank accounts. Wise’s return follows a complex history in the Nigerian market, having suspended and resumed operations several times over the past decade. The fintech first launched Naira payouts in 2015 but halted them in 2016 due to difficulties in offering competitive mid-market exchange rates and transparent fees. After resuming services in 2017, Wise suspended operations again in 2020 when regulations shifted to require payments in US dollars. In 2022, Wise again ceased Naira transfers, citing difficulties with reliable payout providers and regulatory compliance. Now, in 2024, with the CBN's latest policies now in effect, Wise is positioned to provide a more stable and reliable remittance service, facilitating cross-border transfers in local currency for Nigerian customers. #Fintech #Remittances #Nigeria #Wise #CBN #MoneyTransfers #FinancialServices #InternationalPayments

𝐒𝐭𝐨𝐩 𝐎𝐯𝐞𝐫𝐩𝐚𝐲𝐢𝐧𝐠 𝐨𝐧 𝐎𝐯𝐞𝐫𝐬𝐞𝐚𝐬 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐬! 𝐂𝐨𝐬𝐭-𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐌𝐚𝐥𝐚𝐲𝐬𝐢𝐚𝐧 𝐒𝐌𝐄𝐬 Are high fees & bad rates eating into your SME's profits when making international payments? 😕 MoneyMatch offers a smarter solution for Malaysian businesses! We specialize in cost-effective overseas transfers, helping SMEs like yours get the 𝐁𝐄𝐒𝐓 𝐄𝐗𝐂𝐇𝐀𝐍𝐆𝐄 𝐑𝐀𝐓𝐄𝐒 for payments to suppliers or contractors abroad. 1️⃣ Competitive exchange rates that save you money compared to traditional banks. 2️⃣ Fees as low as RM3 - no hidden charges. 3️⃣ Regulated by Central Bank. 4️⃣ Every transaction is recorded on the platform, pheeeww so auditing is not so tough anymore. Streamline your payments with MoneyMatch today and see how we can help your SME thrive! #MoneyMatch #SME #Malaysia #ForeignExchange #InternationalPayments

Can FinTechs Inward Remittance Save Ghana's Currency Depreciation? ⭕ In 2023, 11 licensed FinTech companies provided #inwardremittance services to #customers with a total value of GH¢57 billion ($3.8bn) compared to GH¢18 billion ($1.7bn) in 2022. ✅ The #remittance space, over the years, has seen licensed #FinTechs providing innovative solutions, hence the immense growth witnessed in the review year. ✅ The percentage increase in #remittances from 2022 to 2023 is approximately 216.67%. ⭕ Remittances sent in foreign currencies typically require #exchange into domestic #currencies. Banks can increase their #foreignreserves through this process of exchange and maintain demand for the national currency. Foreign reserves allow countries like #Ghana to stabilize their currencies to a greater degree during periods of #crisis. #Fintech #remittance #inwardflow #bankofghana #exchangerate #foreigncurrency #banks #mtos #telecoms #ATLMoney RemitAll Software #ghana #africa Aditya Kumar Kwame Addo Bossman Akuffo Kwapong Ghana Interbank Payment and Settlement Systems Limited Michael Magnusson Yaw Appiah Lartey, ESQ, FCCA, FCA Joseph Edward Mensah , CIM Alfredo Muñoz García

Bank of Ghana Clarifies Roles of FinTechs and MTOs in Remittance Process. The Bank of Ghana has clarified that local FinTech companies authorized by the Central Bank do not directly mobilize foreign exchange from abroad. Instead, this responsibility lies with Money Transfer Operators- MTOs located overseas, which handle the receipt of remittances. The funds received by MTOs are deposited into the nostro accounts (a bank account that a domestic bank holds in a foreign bank, denominated in the foreign bank's local currency) of local partner banks, and Fintechs manage the downstream process of payments to beneficiaries within Ghana. Recent concerns suggested that FinTechs were holding onto foreign exchange abroad, with claims that around $12 billion in remittances to Ghana between 2018 and 2022 went untracked. The BoG refuted these assertions, particularly dismissing reports that $8 billion had been withheld by newly licensed MTOs and 11 FinTech companies over the past two years. Discrepancies between the World Bank’s remittance tracking figures and the Auditor General’s recorded amounts further fueled public confusion. #Fintech #Africa #Tech #Ghana

@IAMTN #crossborderpayments #remittanceservices still need to reduce higher transfer costs #SDG10.c.1, increase #interoperability , address #amlcft issues and overvalued #exchangerate

🌍AFRICA FINTECH NEWS - SOUTH AFRICAN's ECOSYSTEM 💵Cash remains stubbornly high as a preferred method to #pay for goods and services in #SouthAfrica according to the South African Reserve Bank’s inaugural 2023 Payments Study. 📈There has however been significant increases in debit card payments and QR payments across both low and high income earners. More info here : SABC ⤵ #fintech #africa #southafrica #digitalpayments #financialinclusion

- Zero forex cards: A new product launched by Niyo, a fintech company, in partnership with SBM Bank India, a scheduled commercial bank. The card allows customers to load up to 16 currencies on a single card and offers zero forex mark-up rates on international transactions. - Target market: The card is aimed at young Indian tourists who travel abroad frequently and want to save on currency conversion charges. Niyo claims that the card can help customers save up to 7 per cent on such charges compared to other forex cards or cash. - Features and benefits: The card comes with a mobile app that enables customers to check real-time exchange rates, lock-in exchange rates, and track their spending. The card also offers airport lounge access, travel insurance, and 24/7 customer support. - Fintech-bank partnership: The card is an example of how fintech companies and banks are collaborating to offer innovative and convenient digital solutions to customers. Niyo and SBM Bank India have been working together since 2019 and have launched several products, such as Niyo Global Card, Niyo Bharat Payroll Solution, and NiyoX Digital Savings Account Let's keep pushing boundaries and join the finance revolution worldwide! Need Swift Account & Merchant Onboarding PAN India? Awign has got you covered! Book a slot here: bit.ly/awignlnkdn Visit https://lnkd.in/gTSdQTMz for more details! #DigitalPayments #UPIRevolution #FintechInnovation #FinancialTechnology

In the age of globalization, cross boarder payments are full of friction and fees. This sector is ripe for distruption and the companies who are positioned to solve it are not always fintech centered companies

Cross border payments have seen a lot of innovation in the past few years but there is lot more to solve : - frictionless payments - cost - speed - connectivity - regulation complexity - lack of transparency - limited accessibility The future has lot of promise. Some of the solutions are : 1. **Blockchain and Distributed Ledger Technology (DLT):** - Blockchain and DLT can provide a secure, transparent, and efficient way to facilitate cross-border payments. - These technologies eliminate the need for intermediaries, reducing transaction costs and processing times. - Blockchain-based platforms can enable real-time settlement and provide a unified, decentralized ledger that simplifies reconciliation and improves transparency. 2. **Central Bank Digital Currencies (CBDCs):** - CBDCs are digital versions of national currencies issued and regulated by central banks. - They offer the potential for seamless cross-border transactions with reduced fees and faster processing times. - CBDCs can improve interoperability between different countries' payment systems and facilitate instant settlements across borders. 3. **Global Payment Networks:** - Creating or enhancing global payment networks can streamline cross-border transactions by offering a unified infrastructure that connects various financial institutions and payment systems. - These networks can standardize processes, improve interoperability, and provide transparency in fees and exchange rates. - They can also offer robust security measures to protect against fraud and money laundering. These solutions aim to provide more efficient, cost-effective, and transparent cross-border payment options while enhancing security and customer experience. Do you see any more solutions? #payments #digitalpayments #blockchain #api *Views are personal