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African microlender OKash integrates facial recognition to prevent fraud
A recent report by Financial Sector Deepening suggests that 73 percent of Kenyans have a mobile money account, and the country has one of the world’s fastest-growing digital economies, according to TUKO, but mobile money fraud has become a widespread problem.
- Categories
- Finance, Technology
- Region
- Sub-Saharan Africa
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Kenyan fintech Lendable secures $450k grant from Dutch development bank FMO
The convertible grant is being provided by the Dutch government through its MASSIF fund — which FMO manages. The fund aims to support small businesses, inclusive enterprises, women as well as youth entrepreneurs by financing local financial intermediaries and other institutions that contribute to development.
- Categories
- Finance
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Seeking a Happy Ending: Will Nigeria’s New and Improved Financial Inclusion Strategy Work Better Than the Last One?
Nigeria's Central Bank has finally admitted something it had been hinting at for months: The 2020 goals described in its National Financial Inclusion Strategy are not feasible. Building off the wins and learning from the shortcomings of that strategy, the country is now setting new goals and targeting new gains in financial access. Olayinka David-West and Ibukun Taiwo of the Lagos Business School share their five recommendations for the next phase in Nigeria’s efforts to reach the unbanked.
- Categories
- Finance, Telecommunications
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Why Airtel, Telkom have failed to whittle down Safaricom market share
Airtel Africa boss Raghunath Mandava had a rare chance to get excited last week when results of the Indian telecommunications giant were released. The chief executive officer, who had seen the African business lose so much money that his parent company Bharti Airtel started considering pulling out of some key markets on the continent, had for the first time a different story to tell investors.
- Categories
- Finance, Telecommunications
- Region
- Sub-Saharan Africa
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Fighting ‘Tech Complacency’ in Social Enterprise: Why it’s Time to Embrace Blockchain
All around us, Fortune 500 firms and VCs are embracing disruptive innovation – so why aren't more social entrepreneurs following suit? Gautam Ivatury, founder and CEO of LendLedger, says the time has come for the social sector to take some risks and get out of its comfort zone – instead of simply waiting for technologies to filter down to its target beneficiaries. With blockchain, he says, social entrepreneurs "can redraw how industries work, not just create the latest in an endless series of mission-driven service providers."
- Categories
- Finance, Social Enterprise, Technology
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Why Nigeria must embrace mobile money and agent banking
Up to 25 mobile money Operators (MMOs) have been licensed since the launch of mobile money service in Nigeria in 2009. Despite this large number of MMOs, high mobile phone and SIM card ownership, mobile money uptake and usage is still low in Nigeria.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- fintech, mobile finance
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Mexico’s new government wants fintech, banks to help financial inclusion
Arturo Herrera, one of two future deputy finance ministers, said in an interview that the lack of financial inclusion was one of the biggest obstacles in the new government’s fight against poverty, inequality and slow economic growth.
- Categories
- Finance
- Region
- Latin America
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Report: Mobile devices and merchant transactions are driving financial inclusion
In a new report, the company forecasts that mobile merchant transactions by unbanked individuals will grow from 1.8 billion per annum in 2018 to 3.8 billion by 2023.
- Categories
- Finance