Omniscient, a prominent South African fintech company, recently received the Finovate 2024 Excellence in Financial Inclusion Award, recognizing its innovation in delivering financial services to underserved communities. This achievement highlights the growing importance of fintech in bridging the financial divide globally, particularly in developing markets like Kenya. Kenya too has made remarkable progress in financial…
Tether, the leading stablecoin issuer, has announced a groundbreaking profit of $5.2 billion in the first half of 2024. This milestone highlights Tether’s robust financial strategy and its expanding role in global markets. Key Financial HighlightsIn the second quarter alone, Tether’s net operating profit surged to $1.3 billion, a significant increase from the $1 billion…
The Mobile Revolution Kenya, with over 32 million smartphones in use, is undergoing a financial transformation. Mobile money platforms like M-Pesa have revolutionized transactions, allowing many Kenyans to save, send, and receive payments without traditional banking. This change has been pivotal for 44% of the population previously excluded from formal banking services. Now, a new…
M-Pesa, a leading mobile money service, has signed an agreement with Dahabshiil, a major money transfer firm, to facilitate direct remittances to Ethiopia. This move is set to enhance financial inclusion and ease the money transfer process for Ethiopians living abroad. Convenient RemittancesThe collaboration aims to simplify how the Ethiopian diaspora sends money home, offering…
Transferring money between African countries can be incredibly frustrating. High fees, poor infrastructure, and security risks plague both individuals and businesses engaged in intra-African trade. Fintechs, banks, and mobile network operators (MNOs) are striving to improve cross-border payments in Africa. Innovations like blockchain, real-time transfers, and better national settlement systems are paving the way for…
