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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.
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- Inclusive Fintech, Technology
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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.”
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- Press release
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- Inclusive Fintech
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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.
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- Inclusive Fintech
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Telecoms, Bank of Uganda want mobile money tax scrapped
Starting July 1, 2018 government introduced a 1% tax on all mobile money transactions and Shs 200/daily levy on social media usage. Following public outcry and pressure, government has since tabled an amendment bill, Excise Duty Amendment Bill No. 2, 2018 to have the mobile money tax reduced to 0.5% and only limited to withdrawals.
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- Inclusive Fintech
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- Sub-Saharan Africa
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Press release: ‘Easypaisa Loan’, Pakistan’s First Digital Nano Loan Launched By Telenor Microfinance Bank
This innovative service is aimed at the common man who has no access to formal loans or banking services. It enables easy access to working capital requirements for farmers, self-employed individuals, street hawkers, and home-based workers. It also works as an effective tool in creating financial literacy by incentivizing positive credit behavior through access to better borrowing terms.
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- Inclusive Fintech
- Region
- South Asia
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Three Steps (and One BFF) for a Perfect Bank-Fintech Match
Finding "The One" has never been easy: you have to know what you want, set appropriate filters, determine mutual understanding, and, of course, remember to take things slow. Fintechs and banks may not seem like natural partners, but as of late they're pairing up more than ever. With so many hurdles to cross, it's only natural that they could use a little help – and that's why BFA and MetLife Foundation teamed up to play matchmaker. In this piece, Maelis Carraro, senior associate at BFA, outlines how they brought together two new fintech-bank power couples in Latin America.
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- Inclusive Fintech
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Press release: IFC, Mastercard Foundation present key tool to expand digital financial inclusion
“Agent banking and mobile money have begun to transform the financial landscape in many African markets, and there is an increasing body of evidence to show that this has real, positive impact on people’s lives and livelihoods,” said Riadh Naouar.
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- Inclusive Fintech
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Viewpoint: Will mobile money cannibalise banks? Not really, says GSMA Executive
Mobile money is one of the jewels in the crown for Sub-Saharan Africa and it’s a place where we have excelled, and we are working with the industry and all stakeholders to ensure that we continue to excel in this space.
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- Inclusive Fintech
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- Sub-Saharan Africa
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