The total transaction value increased from $775.7 billion in 2020 to $1,980.6 billion in 2024. Over $1.9 trillion worth of instant payment transactions took place in Africa in 2024, according to the State of Inclusive Instant Payment Systems (SIIPS) Report released on Thursday. The annual report, produced by the AfricaNenda Foundation in partnership with the…
Remember walking into a grocery store 15 years ago? You’d see a mix of people at the till, some with cash pulled from purses or wallets, others with cheques or debit cards, often leading to clunky delays at checkout. There was no tap-to-pay, no mobile wallets and no seamless apps linking bank accounts to phone…
Rory Bosman, executive for sales and marketing at Ecentric Payment Systems. The success of a modern payment transaction often hinges on a fleeting moment. For their part, payment service providers navigate a delicate balancing act, serving the businesses that are their direct customers, while also ensuring the satisfaction of those companies’ customers. Here’s a closer…
The system enables DLTC teams to operate with greater accuracy and reduced administrative burden. In a world where digital transactions dominate the private sector, public-facing institutions are modernising their approach to fragmented systems, manual processes and reconciliation challenges. A quiet revolution is under way at Driver Licensing Testing Centres (DLTCs) in South Africa, one that…
Judy Winn Combining AI, ML, network intelligence and next-generation payment hubs can reduce risk in real-time payments, according to payments experts at the ACI Worldwide Payments Intelligence Roadshow, in Johannesburg. Outlining trends in global payments and new risks inherent in instant payments, ACI Worldwide experts noted that technologies such as cloud native payment hubs, advanced…
APP scam losses are on the rise, according to ACI Worldwide’s latest Scamscope report. Amid an ever-changing payments landscape, real-time payments are booming, offering significant value for financial institutions. At the same time, Authorized Push Payment (APP) scam losses are on the rise. To unpack these and other key trends in payments and fraud prevention,…
Hosted at the Hasso Plattner School of Design Thinking Afrika at UCT, 12 teams made up of students from UCT, Cape Peninsula University of Technology (CPUT), University of the Western Cape (UWC) and Eduvos took part. All competing not just for a prize, but for the opportunity to work with the Interledger Protocol (ILP) to…
Winning team Direla created a QR code-based payment system for low-income users and retail partners. The University of Cape Town’s (UCT’s) Financial Innovation Hub has crowned the winners of its fintech hackathon, with team Direla taking the top spot. Hosted in collaboration with the Interledger Foundation, the week-long hackathon saw 12 teams made up of…
