MTN says its mobile money operation worth $6bn

MTN says its mobile money operation worth $6bn

MTN says its mobile money operation worth $6bn   South Africa-based MTN, the mobile phone company, has plans to value its mobile money arm at over $5 billion, a report from Financial Times (FT) says. The company is preparing to sell or list a minority stake in order to draw more global investors, who are seeking to capitalize on quickly-growing FinTech assets. MTN currently has 280 million global subscribers and added almost 12 million new users to its mobile money arm for a total of over 46 million in 2020. Ralph Mupita, company…

Read more

MTN expands MoMo cardless cash withdrawal service to over 40 banks, financial institutions

MTN says its mobile money operation worth $6bn

MTN expands MoMo cardless cash withdrawal service     Mobile money service provider, Y’ello Digital Financial Services, has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide. Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks, according to a statement issued by MTN Nigeria on Wednesday. The telco said customers could visit MoMo Agents nationwide to access funds…

Read more

PoS operators demand chargeback policy review, decry rising frauds

Chargeback

PoS operators demand chargeback policy review, decry rising frauds     Point of Sale (POS) merchants operating in Nigeria have called on the Central Bank of Nigeria (CBN) to change its policy towards chargeback claims on transactions, citing increasing fraud cases. According to a statement by the operators in Abuja, the extant CBN policy allows POS cardholders to lodge a chargeback claim within six months of the transaction, while the POS merchants have only 48 hours to defend the claim, otherwise the merchants will be automatically debited by the switch…

Read more

The Rise Fund to invest $200 million in Airtel Africa’s mobile money business

Airtel mobile money business

The Rise Fund to invest $200 million in Airtel Africa’s mobile money business   Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced the signing of an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm TPG, will invest $200 million in Airtel Mobile Commerce BV. The AMC BV is a wholly owned subsidiary of Airtel Africa plc. AMC BV is currently the holding company for several of Airtel Africa’s mobile…

Read more

Flutterwave now worth $1bn after raising fresh $170m

Flutterwave raises $170m, now valued at over $1 billion

Flutterwave now worth $1bn after raising fresh $170m   African focused payments company, Flutterwave has raised $170m in the latest funding round that has blown its valuation past a billion dollars. The Series C round was led by New York-based private investment firm Avenir Growth Capital and US hedge fund and investment firm Tiger Global. DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, WorldpayFIS 9yards Capital are among the new and existing investors that participated in the round. A Reuters report…

Read more

SystemSpecs emerges Payment Technology Company of the Year Award

SystemSpecs emerges Payment Technology Company

SystemSpecs emerges Payment Technology Company of the Year Award SystemSpecs, Africa’s leading financial technology and human capital solutions firm, has emerged the payment technology company of the year at the 2020 edition of the Nigerian Business Leadership Awards (NBLA). Organised by BusinessDay newspaper, the annual award ceremony was held in Lagos at the weekend. The award is in recognition of the pioneering and sustained work of SystemSpecs, the provider of Remita, Paylink and HumanManager, in payment technology innovation, disruption and deep ecosystem play across many tiers and sectors within the financial and technology…

Read more

Establish cashless Lagos scheme, fintech experts tell Sanwo-Olu

Establish cashless Lagos scheme, fintech experts tell Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has been urged by the Fintech professionals who spoke at the annual Lagos Fintech Week to inaugurate the Cashless Lagos scheme as part of his administration’s Greater Lagos initiative.   The Fintech experts said that it is high time the Lagos State government in partnership with the private sector articulated a vision for the Cashless Lagos scheme. According to them, the state that has over 14.3 million metro population, 30 per cent active payments terminal penetration, 64 per cent banked population, high number of…

Read more

Fintechs fidget as Google launches new Pay App

By David Alonge Digital tech giant, Google is set to launch a new pay app, Google Pay, with a Live video announcement in strengthening its digital bank accounts goal. The video premieres today, Wednesday at 9:27 AM(PT) (18:27 Nigeria Time) on Google’s YouTube Channel. The video is currently pending a livestream starting at that time and the video’s description says: “We invite you to watch live and learn more about the new Google Pay app, designed to help you improve your relationship with money. It’s coming to Android and iOS,…

Read more

Skills Deficit: Stakeholders call for fintech talent needs survey

fintech

Fintech specialists and other stakeholders have tasked the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC) and Nigeria Security Commission to conduct a talent needs survey. According to the professionals, the survey will help the regulators to understand the type of manpower challenges the industry is facing and to assist the education and training institutes to develop relevant curricular. The keynote speaker and President of the Institute of Software Practitioners of Nigeria (ISPON), Chinenye Mba-Uzoukwu said the specific competencies identified by the survey would be a starting point for…

Read more

Mastercard unveils AI tools to help banks fight cyber risks

Mastercard unveils AI tools to help banks fight cyber risks

Mastercard has unveiled an AI-powered suite of tools designed to help banks assess cyber risks across their ecosystem and prevent breaches. Drawing on the capabilities of RiskRecon, which Mastercard acquired earlier this year, the Cyber Secure suite’s AI combines multiple public and proprietary data sources. Then, it evaluates this data against 40 security and infrastructure criteria, with the impact and importance of each vulnerability analysed to produce a cyber risk rating and issue priority navigator. This information can be used by banks to identify and prioritise threats and vulnerabilities as…

Read more