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Financial Inclusion Remains a Work in Progress in South Africa
On the surface, South Africa appears to be financially inclusive compared with other emerging markets: 70% of adults, for example, have a transaction account. However, it’s not nearly as inclusive as most mature markets, and serious and stubborn gaps remain, according to a new report by The Boston Consulting Group.
- Categories
- Technology
- Region
- Sub-Saharan Africa
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Bitcoin Startups BitPesa and Bitbond Deliver P2P Loans for African Businesses
Bitcoin startups BitPesa and Bitbond, based in Africa and Germany respectively, have announced a new initiative to bring financing options to businesses in Kenya, Nigeria, Tanzania and Uganda.
- Categories
- Technology
- Region
- Sub-Saharan Africa
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Xiaomi Launches Mobile Micro-Loan Service In China
Xiaomi is launching a new mobile service in China today called Xiaomi Mi Loan. As its name suggests, Xiaomi Mi Loan is an application designed to allow customers in China to apply for micro-credit directly from their smart devices. The application was announced earlier today via Xiaomi’s official MIUI page on China’s social media website Weibo. It is currently available for download on Android smartphones in China, but there’s currently no information on whether the app will also make its way to other platforms, though it’s unlikely to ever be launched outside of Xiaomi’s home country.
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- Technology
- Region
- South Asia
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Digital Payments Made Through UPI See Massive Jump in India
Digital payments through the Unified Payments Interface (UPI), the mobile-based national payment system, continue to surge even after the end of demonetisation-induced cash shortage, latest data from Reserve Bank of India shows.
- Categories
- Technology
- Region
- South Asia
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Indonesia regulator expects fintech firms to double to 250 by year-end
Indonesia – the largest economy in the south east Asian region – is betting on the great big fintech opportunity riding on its demographics and unbanked population. Indonesia, which has already seen the emergence of 130 fintech companies, is expecting this number to double in a year with $3.6 billion worth of transactions on this model over the next one year, deputy director of OJK, the financial services regulator, Pak Tuahta Aloysius Saraguh, said in an interaction. Pak Aloysius has been instrumental in encouraging the Fintech industry in Indonesia.
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- Technology
- Region
- South Asia
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Equity mobile cash platform cuts Safaricom market share
Equity Bank’s mobile banking platform accounted for over a fifth of mobile money transfers in the latest sector statistics by the Communication Authority of Kenya.
- Categories
- Technology
- Region
- Sub-Saharan Africa
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Digital transactions decline for third straight month in India
Digital payments, which saw a huge jump post demonetisation, is seeing some form of correction in transaction numbers and value of payments for the third month in a row in 2017. All major forms of digital payments, Immediate Payment Service (IMPS) along with mobile wallets and plastic cards, have seen a reduction in transaction numbers.
- Categories
- Technology
- Region
- South Asia
- Tags
- digital payments, fintech
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WhatsApp reportedly in talks to integrate with a mobile payment platform in India
Late last year, India ceased circulation of its two highest-denomination bank notes in a bid to tackle the flow of money associated with corruption and terrorist activities. The move fuelled the popularity of mobile wallet solutions, such as Paytm which has amassed over 200 million wallet users, providing a significant incentive for Samsung to integrate the service with Samsung Pay in time for its Indian launch.
- Categories
- Technology
- Region
- South Asia
- Tags
- digital payments
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