The Ombudsman for Banking Services is South Africa has warned members of the public about the rise in contactless payments fraud. According to the banking ombud, it has seen the emergence of a new scam involving the use of near-field communication (NFC) technology. NFC is short-range wireless connectivity technology that lets NFC-enabled devices communicate with […]
Read MoreGlobal revenue from BaaP (Banking-as-a-Platform) services will increase to $49 billion globally in 2028, from $4 billion in 2023 but the traditional banks are fighting back. Juniper Research in a study argued that BaaP can help traditional banks regain their competitive edge against neobanks. Through collaboration with innovative vendors, banks can offer new services from […]
Read MoreThe Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory approval. A statement by Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said this on Wednesday in Abuja. Irukera said the DMLs were operating in violation of the Limited Interim Regulatory/Registration Framework and […]
Read MoreBinance Labs, the venture capital and incubation arm of Binance has committed $15 million into Xterio, a Web3 game platform and publisher bridging free-to-play and on-chain gaming with in-house and third-party games currently in development. The company plans to use this investment to further game and tech development, including integration of AI, and the launch […]
Read MoreEcobank has introduced foreign currency transfer into its Ecobank Mobile and Omnilite apps that allows the recipient gets immediate credit in the target country’s local currency. Customers can now transfer money in seconds to 33 African countries where Ecobank Group operates. Announcing this new development in Lagos, Head, Consumer Banking, Ecobank Nigeria, Korede Demola- Adeniyi, […]
Read MoreA new year brings a new wave of cyber incidents for the crypto sphere. According to the analysis by the Atlas VPN team, various crypto projects and their clients lost a whopping $666,354,302 to 125 cyberattacks in the first half of 2023. Nevertheless, compared to the same period last year, crypto-related cyber incidents and losses […]
Read MoreLast year, the FBI reported that American Senior Citizens lost over $1 billion US dollars to crypto scams. The figure is a troubling 78% increase on 2021’s figure and a jaw-dropping 95% increase on 2020’s $55,056,091 loss. It seems that cryptocurrency crimes are well and truly on the rise, but with more than half of […]
Read MoreNigeria-founded Flutterwave has secured a five-year technology agreement with Microsoft, and the fintech is already building its next-generation platform on Microsoft Azure. This agreement, the company said, is to support and secure Flutterwave payments infrastructure as it prepares to roll out new products. Flutterwave said the backing of Microsoft will enable the two parties to […]
Read MoreBetween 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of them were fintechs, making it the fastest-growing start-up industry in Africa. Their success is due to several trends such as the digital boom during the pandemic and increasing smartphone ownership and internet coverage, as well […]
Read MoreGoogle Cloud has announced a new collaboration with Nigerian fintech Moniepoint to drive financial inclusion in Africa’s biggest economy. The company said the collaboration makes financial services accessible at scale to millions of small and medium-sized enterprises by bridging the banking gap in suburban locations. Google and Moniepoint are targeting over 41 million micro-businesses in […]
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