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Why ‘Chat Banking’ is the Future of Financial Services in Africa
WhatsApp alone reports that users send 65 billion messages per day. Yet, despite the continued growth of messaging apps and changing user behavior, very little has been done to integrate financial services into the messaging experience. Sidharth Garg, founder and CEO of Teller, recently returned from East Africa, where he researched user behavior as it relates to mobile money, mobile phone use and communication preferences. He sees a vast opportunity in integrating banking, payments and mobile money features into messaging apps. He thinks now is the time to invest in those integrating technologies, and that Africa may be the place.
- Categories
- Finance, Technology
- Tags
- digital finance, fintech
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China’s payments giant is ready to boost financial inclusion in Africa
The cooperation, announced in Addis Ababa last week, is pegged to both the 2030 global sustainable development goals and the African Union’s Agenda 2060, which seeks to end poverty and improve lives through economic, social, and technological progress.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Press release: Mines Secures $13M Series A to Grow Digital Credit Platform for Emerging Markets
"There are more than 3 billion adults globally without access to credit. Our vision is that every one of them will have instant access to credit in the next 10 years." explains Ekechi Nwokah, Mines CEO. "We believe the best way to realize this vision is to partner with banks, retailers and mobile operators and power digital credit products tailored to their markets so they can create the customers of tomorrow, today.”
- Source
- Press release
- Categories
- Finance
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World Bank, Commonwealth Bank team up on blockchain sustainable development project
The World Bank has chosen the Commonwealth Bank of Australia to help organize a new Ethereum blockchain bond denominated in Australian dollars. The bond is projected to raise between $50-$100 million, and proceeds will go towards sustainable development initiatives.
- Categories
- Finance
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The Impact Of The Middle East’s Fintech Boom On Economic Inequality In The Region
History tells us that any new technology can lead to one of two diametrically-opposed social outcomes: the technology can help balance the distribution of global wealth, or it can deepen economic and social inequality.
- Categories
- Finance
- Region
- North Africa & Near East
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Press release: Kora Gateway launches, bringing improved financial services to emerging markets
Kora, the largest blockchain project out of Africa, has launched a new wallet that aims to provide access to low cost financial services to populations that have historically had little to no access to them.
- Categories
- Finance
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Fintech’s Good Fortune: Eight Things Africa Can Learn from China’s Success
Earlier this year the FiDA Partnership took 26 leaders from Africa’s digital finance industry to China to learn about what's driving the unprecedented Fintech boom there. Jessica Osborn, a senior manager at Caribou Digital, writes that the immersive and intense week was designed to help participants experience Chinese digital life firsthand on the streets of Beijing, in the mom-and-pop stores of Hangzhou and the on factory floors of Guangdong. Osborn shares eight key lessons for anyone looking to succeed in emerging market fintech.
- Categories
- Finance
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Offering a white-labeled lending service in emerging markets, Mines raises $13 million
Emerging markets credit startup Mines.io has closed a $13 million Series A round led by The Rise Fund, the global impact fund formed by private equity giant TPG, and 10 others, including Velocity Capital.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- fintech, lending, venture capital
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