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…

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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…

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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,…

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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…

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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…

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Fintech companies raised $554m in investment last week

Fintech companies raised $554m in investment last week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week. A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple. Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million. According to finbold’s data, Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively. Other noteable fintechs include Extend $40…

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Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Stripe has acquired Paystack, an e-payment startup based in Lagos, Nigeria for a sum in excess of $200 million, TechCrunch reported on Thursday. The report added that the move is a critical step in Stripe’s plan to penetrate the African e-payment market. Paystack and Stripe share similarities such as the provision of a quick way to integrate payments services into an online or offline transaction by way of an API Paystack currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, and the…

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Global fintech lending on 25% growth to hit $335bn by 2021

Global fintech lending on 25% growth to hit $335bn by 2021

Lending by fintech to grow 9.1% SMEs’ search for fund driving momentum ___________________________________ Although traditional banks and credit suppliers still hold the largest market share for consumer and business loans, recent years have witnessed considerable demand for fintech lending. With millions of SMEs searching for necessary financial backing to support their businesses amid the COVID-19 pandemic, 2020 witnessed a new rise in the number of these alternative loans. According to data presented by BuyShares.co.uk, the entire fintech lending industry is expected to grow 9.15 per cent year-over-year to $291.5 billion…

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Why full potential of Nigerian fintech remains untapped, by McKinsey

Why full potential of Nigerian fintech remains untapped, by McKinsey

Despite the increased activity in the fintech sector in Nigeria and the positive multiplier effect in the economy, there is significant potential for further growth, report by McKinsey and Company, has said. According to the report, ‘Harnessing Nigeria’s Fintech Potential’, Fintech accounted for only around 1.25 per cent of retail banking revenues in 2019. It noted that while fintech investments in Nigeria grew to approximately $460 million in 2019, the majority of which was from external investors, this was only a small fraction of the $36 billion invested in fintech…

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McKinsey: Nigerian fintech startups raise over $600m in 5 years

McKinsey: Nigerian fintech startups raise over $600m in 5 years

The Nigerian fintech ecosystem raised more than $600 million in funding between 2014 and 2019, a new report by McKinsey & Company, a management consulting firm, has shown. The report, titled, ‘Harnessing Nigeria’s Fintech Potential’, noted that the country attracted 25 per cent at $122 million of the $491.6 million raised by African startups in 2019 alone, coming after Kenya which attracted $149 million. The report further explained that Nigerian fintech companies are primarily focused on payments and consumer lending. According to the report, banking in Nigeria remains an attractive…

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