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From Heritage to Habit: Why Digital Remittances Languish in Some Cultures But Surge in Others
Thirty years after its introduction, digital remittances have failed to take off. Some 90% of remittances still begin as cash and end as cash - even when banks are the intermediary. Trust, access and interoperability - to name just a few challenges - are keeping lower-income people tied to costlier cash transfers. However, remittance providers and related fintech entities are exploring many new avenues to encourage recipients to keep remittances in the digital ecosystem and possibly use them for other financial products, writes Steven Davidson with Mondato.
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- Finance
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Argentina-based Mobile Payments Fintech Ualá Raises $150 Million via Series C Investment Round
Argentina-based mobile payments firm Ualá has been valued at almost $1 billion in its most recent investment round, which was led by Chinese tech giant Tencent, according to sources familiar with the details of the transaction.
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- Finance
- Region
- Latin America
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A Country May Issue a Digital Currency in 5 Years
A new report says national digital currencies could mean greater financial inclusion, less financial crime and more efficient cross-border transmissions.
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- Finance
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China Investors Back Africa-Focused Fintech Startup
OPay, located in Lagos, was incubated in 2018 by Opera, a Norway-based and Chinese-controlled online consumer icompany. OPay provides consumers with a wide range of services including mobile payments and transfers, ride-sharing and food delivery.
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- Finance
- Region
- Sub-Saharan Africa
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Interswitch Partners with Visa to Promote Financial Inclusion Across Africa
“Sub-Saharan Africa is the fastest-growing payments market in the world, with growth driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad.”
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- Technology
- Region
- Sub-Saharan Africa
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Everything You Need to Know About African Fintech Right Now
Africa is home to the world’s youngest labor force, and a rapidly growing rate of mobile phone use. Providing essential financial services to this market has major potential—and global investors, from Silicon Valley venture capital firms to international finance institutions, are taking notice and backing African fintech companies.
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- Finance
- Region
- Sub-Saharan Africa
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As remittance market reaches saturation in Myanmar, mobile money keeps growing
If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year.
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- Finance
- Region
- South Asia
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A Look Into India’s First Digital Village
“We saw the situation in the rest of India, long lines, fights—everyone’s life had come to a stand still. We were amazed,” says Urmila Ben, a resident of Akodara. “People had made such a big deal out of this whole demonetization, but we could not be bothered any less,” says Chintan Patel, the sarpanch, or head of the village. “For us, life went on as usual.”
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- Finance
- Region
- South Asia
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