Tag Archives: fintech
fintech: Latest News
Peter Pedroncelli, 6:17 am
Major South African banking institution, First National Bank (FNB), has been named as Africa’s most innovative bank at the 2017 African FinTech Awards for the second consecutive year. The bank was awarded the The Most Innovative African Bank accolade at this year’s African FinTech Awards in Johannesburg, recognizing FNB as a bank that is at the forefront of innovation.
Peter Pedroncelli, 1:15 am AFKI Original
The shortlist of finalists for the Appsafrica.com Innovation Awards 2017 was recently announced, with a number of apps considered in the fintech and m-commerce categories. The awards celebrate the best in mobile and tech ventures from across Africa, with various categories included to recognize mobile apps that impact numerous industries and sectors. The annual awards attracted over 300 submissions from across 31 countries, with the winners announced at the awards party in Cape Town on Nov. 6.
Peter Pedroncelli, 6:40 am
South Africa’s fintech adoption rate is expected to experience a surge in the near future, with the country’s uptake of fintech services set to be greater than the global average. Africa’s most industrialised economy is forecast to enjoy a future fintech adoption rate of around 71 percent in the coming years, which is far higher than the average global growth rate of 52 percent, according to global accounting and consulting firm Ernst and Young.
Tom Jackson, 1:52 am AFKI Original
Finding skilled workers is a major barrier to the development of Africa’s fintech space, which is catering to a large unbanked African population through mobile and other avenues, but the market is slowly responding. The University of Cape Town recently became the first university in Africa to offer a specialized fintech degree, and other ed-tech and related startups have come to the party in an effort to fill the fintech skills gap.
Peter Pedroncelli, 7:22 am
The University of Cape Town in South Africa has become the first tertiary education institution in Africa to offer a specialized fintech degree, which will be available through the university from January 2018. The degree has been designed to provide students with the necessary skills and practical knowledge to acquire or further a career within the modern financial services sector, which is currently experiencing unprecedented growth.
Tom Jackson, 6:13 am AFKI Original
While fintech solutions in other parts of the world have not produced consistent success, Africa’s lack of banking penetration has opened up possibilities for fintech startups to serve a mobile-first population. This track record of innovation is resulting in increased funding for African fintech startups, while of all the sub-sectors within Africa’s tech space it has also proven the most likely in terms of exits.
Peter Pedroncelli, 8:56 am
In its second year, the Barclays Accelerator is dedicating resources and efforts towards backing fintech startups that are attempting to solve financial and banking issues within the African context. The Barclays Accelerator, powered by small and medium business empowerment organization Techstars, is a startup program of networking, mentoring and development, aimed at supporting breakthrough financial technology innovations that are focused on Africa.
Peter Pedroncelli, 5:32 am
African fintech startups continue to be an example to similar entities in other sectors, attracting substantial investment while disrupting the financial services market on the continent. The innovative solutions that fintech enterprises are producing have attracted the attention of banks and investors, in the hope that these financial disruptors become the next PayPal or similar concept in Africa. The last two years have seen a sharp increase in the number of businesses created in this sector, with 301 African fintech startups identified across 20 countries on the continent.
Kurt Davis Jr., 5:03 pm AFKI Original
The story line in 2017 is buy undervalued assets, especially those with massive upside — no surprise. The surprise, however, may be looking for that opportunity in the Democratic Republic of the Congo. Kabila is still in power despite his term of office ending. Mineral prices have been low and hurt local mining companies. Budget cuts are a big topic in local politics. The DRC, like one or two other countries on this list, is worrisome on the surface. But there are opportunities in the government’s desire to strengthen private-sector investment.
Tom Jackson, 12:36 pm AFKI Original
Across Africa, banks are choosing to work with startups rather than compete against them. Citibank has run mobile challenges in Nairobi, Standard Bank has incubators in South Africa, and Barclays has just selected its second cohort in its Cape Town-based accelerator. Fintech startups are reimagining the concept, delivery and consumption of financial services in ways banks have been unable. However, such companies lack the financial clout and access to customers to ensure mass uptake of their solutions. Banks can offer them this.
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