US-based payment technology firm Visa and TechCrunch, a media company owned by US-based technology firm Yahoo, recently opened the Visa Everywhere Initiative 2022, a contest awarding USD 500,000 in prizes to firms that “deliver innovative payment and commerce solutions.” Applicants apply based on their
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MICROCAPITAL BRIEF: PPro Acquires Alpha Fintech to Boost Payment Infrastructure for Financial Services Providers
PPro, a digital payments infrastructure firm based in the UK, recently announced its acquisition of Alpha Fintech, an Ireland-based financial technology (fintech) firm. PPro helps financial services providers accept payments through third-party platforms such as China-based Alipay and US-based PayPal. Among the goals of the deal is
MICROCAPITAL BRIEF: Pay-per-use Option from Software Group Targets Smaller FSPs Offering Branchless Banking in Nigeria
Software Group, a Bulgaria-based technology company serving financial services providers (FSPs), recently released a “Fast Track” version of its agency banking software. While the firm’s traditional agency product carries a subscription fee, the new version has a pay-per-use pricing structure, which can be more
MICROFINANCE EVENT: 8th African Islamic Finance Summit; March 23-25, 2022; Brikama, The Gambia
This event is structured as a one-day summit followed by a two-day workshop. Topics include Islamic Banking, Finance, Fintech (Financial Technology) and Financial Inclusion; Development of Islamic Microfinance in West Africa; Takaful (Islamic Insurance), Sukuk and Islamic Capital Markets; and Investment Opportunities in Africa. The summit includes an award ceremony to
MICROCAPITAL BRIEF: USADF, DFC Launch African Small Business Catalyst to Support SMEs in Sub-Saharan Africa
Two institutions backed by the US government, the US African Development Foundation (USADF) and the US International Development Finance Corporation (DFC), recently announced the launch of African Small Business Catalyst (ASBC), “a business accelerator for early growth-stage small and medium-sized enterprises (SMEs) in sub-Saharan Africa.” Through April 15, 2022, SMEs in Cote d’Ivoire, Nigeria, Senegal and Uganda may apply for loans ranging from USD 100,000 to USD 1 million paired with technical assistance and grants up to USD 100,000. In future years, ASBC expects to expand to serve other countries in Africa. The program’s
MICROCAPITAL BRIEF: Angala Fintech Launches Payrail Agency App to Expand Agent Banking in Nigeria
Angala Financial Technology, a Nigerian firm, recently announced the release of its Payrail Agency mobile app, which allows entrepreneurs to offer branchless banking services to their customers. The app targets farmers as well as
MICROCAPITAL BRIEF: CDC, DFC, Norfund Investing $95m in AgDevCo for Agribusiness in Sub-Saharan Africa
AgDevCo, an investor in smaller agribusinesses in Africa, is receiving a funding package of USD 90 million from three development finance institutions (DFIs): USD 50 million in equity from the UK-based CDC Group, USD 20 million in equity from Norway’s Norfund and USD 20 million in debt from the US International Development Finance Corporation (DFC). The organizations
MICROCAPITAL BRIEF: IDB Invest to Help Comafi of Argentina Manage Environmental, Social Risks; Deploy $20m to SMEs for Equipment Upgrades
IDB Invest, a member of the US-based Inter-American Development Bank (IDB) Group, recently loaned USD 20 million to Argentina’s Banco Comafi to invest in small and medium-sized enterprises (SMEs) via leasing services and asset financing. In particular, the intent is to enable access to equipment that is more efficient or otherwise employs better technology. The wholesale loan has a period of up to three years and is renewable for an additional three years. Meanwhile, IDB Invest will
MICROCAPITAL BRIEF: Lipa of South Africa Offers Banks Tap-to-pay Service Allowing Informal Merchants to Accept Cashless Payments
Lipa Payments, a financial technology (fintech) firm based in South Africa, is rolling out its flagship digital “tap-to-pay” service, which allows merchants in Africa’s informal sector to accept cashless customer payments using mobile phones, rather than point-of-service terminals. The service, which Lipa is introducing via financial institutions in Nigeria and South Africa, integrates
MICROCAPITAL BRIEF: Fintech Flutterwave Raises $250m in Equity Round Led by B Capital, Eyes Expansion Beyond Africa
Flutterwave, a US-based financial technology (fintech) firm active in 34 African countries, recently raised USD 250 million in a Series D equity round, giving it a valuation of USD 3 billion. The funding round was led by US-based investment firm B Capital Group, with three other US-based investors also buying into the company for the first time: Alta Park Capital, Lux Capital and Whale Rock Capital. Other participants in the round were previous investors in the firm,
MICROCAPITAL BRIEF: Nepal’s Gateway Payments Service, Manam Infotech, National Payments Corporation of India to Boost Digital Transactions in Nepal
Gateway Payments Service, one of 10 licensed payment system operators in Nepal; the National Payments Corporation of India (NPCI), which is owned by the government of India; and Manam Infotech, an Indian financial technology (fintech) firm are partnering to rollout NPCI’s Unified Payments Interface (UPI) in Nepal. Among UPI’s functions is to allow users to control multiple bank accounts from a single mobile app, facilitating payments to merchants as well as among individuals. The rollout in Nepal will allow transactions within the country at first and may be extended to execute cross-border payments in the future. NPCI is participating in the effort through
MICROFINANCE EVENT: Africa Fintech Summit; April 21, 2022; Washington, DC, USA
The Africa Fintech Summit (AFTS) offers a platform on which “ideas are explored, investments mobilized, and collaborations formed” relating to financial technology (fintech) in Africa. The event will cover topics such as regulation; how to boost African talent in the technology field; and environmental, social and governance considerations. Session titles include: US-Africa Fintech Connection, Investing in African Fintech, and Cryptocurrency and The Future of Money. Furthermore, the AFTS gives out awards to entities and individuals
MICROFINANCE PAPER WRAP-UP: “Platform-based Business Models and Financial Inclusion,” by Karen Croxson et al, Published by Bank for International Settlements
Many financial institutions are transitioning to platform-based business models, which leverage “big data and automation to offer third-party services, such as digital payments, credit insurance and wealth management….” Dr Croxson and her colleagues argue that although these platforms can lower costs and support financial inclusion,
MICROCAPITAL BRIEF: GCS International, Mastercard Target Unbanked in Jamaica with Mobile Wallets, Payment Cards
GCS International, a financial technology (fintech) firm based in the Dominican Republic, and Mastercard, a US-based payment technology firm, recently announced the implementation in Jamaica of their partnership “to develop and deliver digital payments solutions to underserved consumers across the Caribbean.” Using their work in the Dominican Republic as a model, the partners will
MICROFINANCE EVENT: Mondato Summit Africa; May 17-18, 2022; Maputo, Mozambique
Themed “Beyond Access: Generating Value Through Digital Inclusion,” this event will cover methods for promoting financial inclusion in Africa, including
MICROCAPITAL BRIEF: Planet42 of South Africa Raises $3.4m in Equity from Naspers, Expanding into Mexico
Planet42, a financier of vehicles that is based in South Africa, recently acquired USD 3.4 million in equity funding from Naspers Foundry, a unit of the global technology investor Naspers, which is also based in South Africa. Meanwhile, Planet42 is establishing its operations in
MICROFINANCE EVENT: Microfinance & NBFCs Exhibition (MINE) cum Conference; March 11, 2022; Chennai, India
This conference will include speakers from the government and the private sector on topics such as the effects of COVID-19 on microlending and the ways new forms of technology can boost the field’s “overall reach and profitability.” Sample topics include the
MICROCAPITAL BRIEF: Fintech Finclusion Assembles $20m in Equity, Debt Investment Round for Transformation into Bank, Expansion to Mozambique, Uganda
Eight individual investors reportedly are among the equity participants in a recent funding package assembled by Finclusion Group, a Mauritius-based financial technology (fintech) firm serving five countries in Africa. A majority of the package, which totaled the equivalent of USD 20 million, was in the form of debt from unspecified “local-currency funds in Eswatini and South Africa.” Finclusion plans to use the fresh cash to