Instant payment systems promote transactions for everybody, without the confines of traditional bank accounts. Interoperability between mobile money and traditional bank accounts will serve as a key lever for financial inclusion for the millions of Africans excluded from payment systems. This can be further enhanced by regulatory harmonisation efforts at a regional level. These were…
Bankserv Africa – now PayInc – CEO Stephen Linnell Automated clearing house and settlements hub BankservAfrica on Thursday announced a major refresh of the company’s brand, changing its name to PayInc to align itself with shifts in the local payments landscape. The move goes well beyond a name change, however, and marks a significant shift…
The Competition Commission has recommended that the Competition Tribunal approve the South African Reserve Bank’s proposed acquisition control of BankservAfrica – and has done so without attaching any conditions. The transaction will see the central bank take sole ownership of the payments clearing house, which plays a critical role in processing interbank transactions. BankservAfrica is…
South Africa’s top banking executives and finance minister Enoch Godongwana have held discussions on the potential fallout if Washington were to impose sanctions on the country, according to a report by Sowetan on Monday. The talks, which took place at a recent Banking Association of South Africa board meeting, reportedly centred on concerns that US…
Nedbank has acquired Durban-based payments fintech iKhokha in an all-cash deal valued at R1.65 billion. This acquisition is a significant move for Nedbank, as it looks to strengthen its support for small and medium-sized enterprises (SMEs) in South Africa. Read: Bandwidth Blog & Smile 90.4FM Tech Tuesday: iPad Pro and VR? “The acquisition is a…
South African travel-focused fintech TurnStay has raised $2 million in seed funding to expand across African markets The round was led by First Circle Capital and joined by TLcom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures The startup operates a merchant-of-record structure combined with payment orchestration, allowing card payments to be processed in…
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…
MoneyBadger’s partnership with Peach Payments has gone live, with the intention to broaden Bitcoin adoption and use in retail. African payment services provider Peach Payments has partnered with South African Bitcoin and crypto payments solution provider MoneyBadger to enable its merchants to accept payment in Bitcoin and other crypto assets. The companies cite research by…
Reserve Bank govenor Lesetja Kganyago The South African Reserve Bank has released a position paper outlining how it intends carrying out its national payments ecosystem modernisation programme. According to Reserve Bank governor Lesetja Kganyago, the programme’s objectives include developing and establishing a national payments utility, increasing competition, and ensuring cash is no longer the only…
New York — Today, 3.4 billion people live in countries that spend more on debt interest payments than on health or education. This marks a trembling indication that the United Nations’ promise for the 2030 Agenda could be slipping away. With less than five years left, developing countries are facing an estimated USD 4 trillion…
