payments
Latest articles about payments in African payments and fintech
Wave Sénégal Launches Virtual Visa Card in Digital Payments Push
Wave Sénégal has launched virtual Visa cards in partnership with Ecobank to enable e-commerce transactions for its mobile money customers. The move represents a significant expansion of digital payment options in Senegal, where Wave has established itself as a leading mobile money provider.
PayPal Partners with Paga to Enable Local Withdrawals in Nigeria
PayPal has partnered with Nigerian fintech Paga to enable direct withdrawals to local bank accounts, ending a long-standing restriction in Africa's largest economy. The integration allows Nigerian PayPal users to withdraw funds directly to their bank accounts through Paga's payment infrastructure, marking a significant development for the country's digital economy.
PawaPay CEO Warns African Mobile Money Growth at Risk from Regulatory Hurdles
PawaPay's CEO has highlighted regulatory uncertainty as a major challenge for mobile money growth in Africa, as various countries pursue different approaches to payments modernization. The warning comes as Ghana admits six fintechs to its regulatory sandbox for virtual assets, while other nations like DRC prepare to launch new payments infrastructure.
Nigerian Fintech Cardtonic Secures $2.1M Seed Round for B2B Pivot
Nigerian fintech Cardtonic has secured $2.1 million in seed funding to develop Pil, a new business spend management platform. The funding marks the company's strategic expansion into B2B services, targeting corporate customers in Nigeria with solutions for business spend control.
Safaricom Clarifies Automatic M-PESA Health Deductions Amid User Concerns
Safaricom has clarified the mechanism behind automatic health levy deductions from M-PESA wallets, confirming these are conducted without PIN authentication as part of a government mandate. The development comes amid Safaricom's continued dominance of Kenya's mobile money sector, recently evidenced by a Central Bank-approved $1.6 billion stake transaction.
Safaricom Launches Shiriki Pay for Controlled M-PESA Sharing
Safaricom has launched Shiriki Pay, a new M-PESA feature enabling controlled sharing of mobile money accounts with multiple users. The service allows primary account holders to set spending limits and monitor transactions, marking a significant expansion of M-PESA's functionality in Kenya's mobile money market.
Kenya Central Bank Approves $1.6bn Safaricom Stake Sale
Kenya's Central Bank has approved a $1.6 billion stake sale in Safaricom, as the telecom giant expands its digital payment services. The approval coincides with Safaricom's launch of new M-PESA features and comes amid increasing competition in the mobile money sector.
African Stablecoin Adoption Surges as Remittances Overtake Aid Flows
Stablecoin adoption is rising across Africa as users seek protection from inflation and lower remittance costs. The trend coincides with remittance flows surpassing traditional aid as a source of external financing for African economies.
Stablecoins Emerge as Key African Remittance Tool, Says Former UN Official
Stablecoins are becoming increasingly important for cross-border remittances in Africa, according to discussions at the World Economic Forum in Davos. The trend is driven by high traditional transfer costs and inflation, with remittance flows now exceeding traditional aid channels in significance.
Nigeria's CBN Upgrades Major Fintech Players to National Operating Status
Nigeria's Central Bank has upgraded the operating licenses of major fintech companies including OPay, Moniepoint, PalmPay, and Kuda to national status. The regulatory upgrade enables these digital payment providers to expand operations across all 36 Nigerian states, marking a significant development in the country's financial technology sector.