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UN report: Social network payments now reach nearly US $3 trillion in China
A new UN study reveals that Alipay and WeChat Pay enabled US$2.9 trillion in Chinese digital payments in 2016, representing a 20-fold increase in the past four years. The data shows that digital payments, using existing platforms and networks, provide access to a wider range of digital financial services, expanding financial inclusion and economic opportunity throughout China and neighboring countries.
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- Technology
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World Bank Group Launches New Program to Support Africa’s Top Digital Entrepreneurs
The World Bank Group (www.WorldBank.org) launched XL Africa (www.XL-Africa.com), a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. Start-ups will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors. With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.
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- Uncategorized
- Region
- Sub-Saharan Africa
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- fintech
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Ex-Safaricom chief Joseph set to leave Vodafone
Former Safaricom #ticker:SCOM chief executive Michael Joseph is set to step down as Vodafone’s director of mobile money later this year as part of a wider plan to disengage from all his full-time roles at the telecom giant. Mr Joseph, who is the chairman of Kenya Airways #ticker:KQ, is also set to relinquish his non-executive director positions at Vodafone’s African subsidiaries — Vodacom Mozambique, Vodacom Tanzania and Vodacom Group South Africa.
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- Technology
- Region
- Sub-Saharan Africa
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India: Hero Enterprises to invest $15.5m in Aavishkaar Bharat Fund
Hero Enterprises today announced a Rs 100 crore ($15.5 million) investment in impact investor Aavishkaar’s new fund, the Aavishkaar Bharat Fund. Aavishkaar Bharat Fund is the investor’s sixth fund, and is a SEBI registered Category II Alternative Investment Fund. The firm is aiming to raise Rs 2,000 Crore ($310 million) for this fund, through which it will invest in businesses engaging with the underserved population in sectors.
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- Uncategorized
- Region
- South Asia
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- fintech
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Grameen Foundation lndia appoints Prabhat Labh as CEO
Grameen Foundation India, an innovator in the use of digital technology to advance financial inclusion, has named Prabhat Labh as its new CEO. He succeeds Chandni Ohri who helped to launch the company and has served as CEO since 2011. An international development expert with more than two decades of experience in leading programs and initiatives across Asia, Africa and North America. Prabhat brings with him an indepth knowledge of financial inclusion.
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- Technology
- Region
- South Asia
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ImpactUs Welcomes First Issuers to its Impact Investing Marketplace
Financial technology provider ImpactUs today announced the onboarding of the first issuers to its impact investing platform, ImpactUs Marketplace. The Marketplace is a community-driven full-service platform offering institutions, individuals and financial advisors an extensive range of private impact investing opportunities.
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- Impact Assessment, Investing
- Region
- North America
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‘Fintech startups in Middle East, North Africa raised $100m last decade’
Fintech startups in the Middle East and North Africa have raised $100-million over the last decade, yet 28% fail in their initial years, says a new report by business support organisation Wamda and online payment gateway Payfort.
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- Technology
- Region
- North Africa & Near East
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- fintech
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Tanzania: 47% of GDP Transferred in Mobile Money Revolution
When Vodacom introduced the mobile money transfer service, M-Pesa, in 2008 financial inclusion in the country was below 16 per cent. Only eight years later, financial inclusion increased fivefold to reach 86 per cent putting Tanzania well ahead of most Sub-Saharan African countries.
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- Technology
- Region
- Sub-Saharan Africa