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Coronavirus Could Spark Demand for E-Wallets, Digital Banks in LatAm
The coronavirus outbreak could drive financial inclusion in Latin America, as governments look for agile partners to distribute state aid and large segments of the informal economy grapple with restricted access to cash.
- Categories
- Coronavirus, Finance
- Region
- Latin America
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In Africa, COVID-19 Crisis Puts Squeeze on Millions Who Rely on Remittances
Remittances amount to 5% of GDP in at least 13 African countries. For some, like tiny Lesotho, they amount to 23% of its annual income. With stay-at-home orders throwing millions out of work in Western countries, millions of Africans are feeling the pinch.
- Categories
- Coronavirus, Finance
- Region
- Sub-Saharan Africa
- Tags
- fintech, remittances
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Brazil Undertakes Massive Tech-Enabled Financial Inclusion Exercise With “Coronavoucher”
Millions of unbanked citizens are receiving the government's emergency financial aid through a mobile app.
- Categories
- Coronavirus, Finance, Technology
- Region
- Latin America
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Viewpoint: Let FinTech Help Jumpstart The Economy
There is no doubt that the $2.2 trillion U.S. government stimulus package in the form of The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will help deal with at least some of the economic consequences resulting from this pandemic crisis. The package includes unemployment benefits, loans to small businesses, $1,200 direct payments to individuals and a $500 billion Federal initiative to corporations. But there are several challenging issues with the administration of the CARES Act with which FinTech companies could prove extremely helpful, if given the opportunity to help.
- Categories
- Coronavirus, Finance
- Region
- North America
- Tags
- fintech, public policy
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Report: Over 500 Million Mobile-Money Users Expected in Africa in 2020
With 50 million new accounts created on the continent in 2019 and a 12% increase in registered users, Africa is by far the leading continent for mobile-money services. However, growth is uneven from one region to another.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Safaricom, Vodacom Acquire M-PESA Payments Platform
“Our joint venture will allow Vodacom and Safaricom to drive the next generation of the M-PESA platform, an intelligent, cloud-based platform for the smartphone age. It will also help us to promote greater financial inclusion and help bridge the digital divide within the communities in which we operate.”
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Coronavirus Seen as Trigger for Mobile Money Growth in West Africa
Mobile money providers across Africa have reduced or waived transaction fees and governments are encouraging digital payments to reduce person-to-person contact and potentially slow the spread of the virus.
- Categories
- Coronavirus, Finance
- Region
- Sub-Saharan Africa
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From the Valley of Death to a $14 Million Series A: Sokowatch, Quona and the Role of Philanthropic Capital
The e-commerce company Sokowatch recently raised a $14 million Series A round, enabling it to expand its digital financial services to more merchants in Africa. But just two years ago, the company was in danger of going under. Malika Anand and Maelis Carraro at BFA’s Catalyst Fund discuss how the fund's philanthropically-funded acceleration approach has helped Sokowatch – and other promising fintech startups – survive the “valley of death” and position themselves for commercial investment.