Author: Akin Naphtal

The National Bank of Oman (NBO) has signed a Memorandum of Understanding (MoU) with Indian fintech PayMate in a bid to modernise its B2B payment processes. Using PayMate’s technology, NBO plans to digitise, streamline and automate its B2B payment processes, allowing corporate and small and medium-size enterprise (SME) clients to utilise their Visa business credit cards to make payments to suppliers. The pair says doing this will remove the need for suppliers to have dedicated payment systems, ultimately streamlining the process by transferring funds directly into their bank accounts via payments made with the provided Visa business credit cards. They…

Kenya has overtaken Nigeria, gaining the highest amount of tech funds on the African continent, in 2023, a report has disclosed recently. The research stated that for the first time in a while, tech funding across the four markets was distributed relatively equally. Reports claimed that the allocation of tech financing among the four biggest tech markets in Africa—Egypt, Nigeria, Kenya, and South Africa—is beginning to stabilise. According to the repor; “In 2023, the ‘Big Four’ attracted 87 per cent of all the start-up funding in Africa, their largest share since 2019. They were home to 71 per cent (357…

US-based lender Downpayments has launched its services in Florida backed by $31.8 million in initial debt funding from Partners for Growth and $1 million in equity from Second Century Ventures, the investment arm of the US National Association of Realtors. Making its debut at a time when mortgage rates are topping nearly 8%, the start-up seeks to provide property investors with interest-free down payments on their next home purchase by enabling them to leverage their existing equity, without the need to refinance or forgo their current low fixed rates on other properties. As a registered in-house brokerage, it’s also expected…

Chile’s government, partnered with Google, has unveiled plans for the Humboldt Cable Project, a pioneering undersea fibre-optic cable that will link South America with the Asia Pacific region.The cable will cover over 14,800 kilometres (9,200 miles), connecting Chile’s port city of Valparaiso with Sydney, Australia. Boasting a substantial capacity of 144 terabytes and a projected 25-year lifespan, the project is set to propel Chile into a prominent position as the digital hub of South America.Chile’s President Gabriel Boric was enthused about the initiative, stating during a press conference in Valparaiso, “this cable will consolidate Chile’s position as the centre of…

Alphabet’s Google has disclosed its intention to layoff employees across multiple divisions, including the Voice Assistant unit, the hardware team responsible for Pixel, Nest, and Fitbit, as well as the augmented reality (AR) team, marking another wave of layoffs for the tech giant. Notably, Fitbit co-founders James Park and Eric Friedman are also parting ways with Google as part of these organizational changes. The fitness tracking company Fitbit was acquired by Google for $2.1 billion in 2021, signaling the tech giant’s expansion into the health and fitness tracking market. Despite this acquisition, Google has continued to invest in its Pixel…

Enterprise Computing Limited (ECL), a professional services company globally providing businesses with customised AI technology solutions and consultancy, has announced the appointment of Seth Donkor as its new CEO, effective 1st January, 2024. Donkor takes over from former CEO, Jake Oyortey, who stepped down on 31st December, 2023, to be a full-time board member of the company. ECL has touted Donkor’s praise, noting that since he joined ECL over a decade ago as a Systems Engineer, his contributions have been key in transforming ECL from a lowly tech startup to the global giant it is today. Taking ECL’s reins is…

Mastercard has joined forces with Rawbank’s fintech division, Illicocash, to introduce a virtual card program in the Democratic Republic of the Congo (DRC) to offer an innovative and convenient solution for consumers and businesses to engage in eCommerce transactions. Following Rawbank’s 2022 partnership with Thunes, a global cross-border payment infrastructure provider, this latest initiative focuses on enhancing cross-border transactions between the DRC and the global community. Through the partnership with Illicocash, customers in the DRC can now acquire virtual cards valid for both domestic and international online transactions. This expanded access enables users to seamlessly explore various entertainment and shopping…

In kickstarting the new year, MultiBank Group, a leading online financial derivatives institution, welcomes 2024 with the official launch of their cutting-edge mobile application, MultiBank-Plus, and the unveiling of a redesigned website. This significant milestone marks an extensive rebranding journey for MultiBank Group, reflecting their commitment to enhancing user experience. MultiBank Group introduces MultiBank-Plus Platform, an innovative and easy-to-use mobile app that redefines the way users approach trading. With a modern interface and user-friendly design, MultiBank-Plus offers a fast account opening process that takes just 3 minutes. This all-in-one Platform is designed to empower users with the tools they need…

Woven Finance, the fintech startup founded by Trium, a venture group by Coronation Group, is discontinuing its service, according to an email shared with customers recently. The fintech which was fully licensed by the Central Bank of Nigeria (CBN) in 2022, and has a Payment Solutions Service Provider (PSSP) license, will transfer its services to Hydrogen, a fintech company owned and run by Access Bank. Also, becoming part of Hydrogen will help Access Bank compete with GTCO’s fintech, Squad. Hydrogen is been led and managed by Kemi Okusanya, a former General Manager at Visa West Africa. Following the email sent…

To deepen its fintech operations in Africa, MTN Group has entered a strategic partnership with Swedish technology firm, Ericsson. With a focus on providing mobile banking services and financially empowering millions of African citizens, the partnership aimed to increase financial inclusion from first-time consumers to high-end enterprise applications by leveraging MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform. The agreement was inked during a visit by senior MTN Group officials to Ericsson’s Group Headquarters in Kista, Sweden, where the two businesses addressed major strategic priorities and future collaboration. According to the report, it reads that Ericsson Wallet Platform…