Micro, Small, and Medium Enterprises (MSMEs) are the backbone of many economies, particularly in developing regions like East Africa. They drive job creation, innovation, and economic growth, but they often struggle with one critical challenge: access to financing. The International Trade Center (ITC) has recognized this and has recently launched an innovative solution—the MSME Financing…
Article Highlights: Born from the vision of central banks in Thailand, Hong Kong, China, and the United Arab Emirates, mBridge operates under the Hong Kong BIS Innovation Hub. It’s not a solo act. The project boasts an impressive roster of participants: Africa’s getting in on the action too. The Bank of Namibia, South African Reserve…
The Mobile Revolution Kenya, with over 32 million smartphones in use, is undergoing a financial transformation. Mobile money platforms like M-Pesa have revolutionized transactions, allowing many Kenyans to save, send, and receive payments without traditional banking. This change has been pivotal for 44% of the population previously excluded from formal banking services. Now, a new…
Africhange, a Nigerian fintech company, has launched its operations in the UK. The company aims to meet the growing demand for convenient remittance services between the UK and Nigeria. This expansion marks a significant step for Africhange as it seeks to provide a seamless and cost-effective platform for money transfers across various regions. Global Reach…
Standard Chartered Kenya is making waves with its new SC Juza mobile loan app, offering quick loans to Kenyans. With this app, customers can borrow between Ksh 1,000 and Ksh 100,000, with a monthly interest rate of just 1.60% and a processing fee of 5.50%. However, if you don’t repay within a month, expect an…
Transferring money between African countries can be incredibly frustrating. High fees, poor infrastructure, and security risks plague both individuals and businesses engaged in intra-African trade. Fintechs, banks, and mobile network operators (MNOs) are striving to improve cross-border payments in Africa. Innovations like blockchain, real-time transfers, and better national settlement systems are paving the way for…
Family Bank received high praise for its digital innovation efforts. CEO Nancy Njau expressed joy over this recognition, seeing it as proof of their dedication to putting customers first in today’s fast-paced digital world. The bank recently won an award for exceptional customer service during the Innovation and Excellence Awards East Africa held at the…
Mitsumi Distribution’s Big Move to Boost AI in Kenya’s Healthcare Industry is something to take note of. Mitsumi Distribution is a major player in IT, telecoms, and enterprise distribution across Africa and the Middle East, is leading the charge in making the region fully AI-capable. In a groundbreaking move aimed at expanding AI adoption across…
