E-Financial
Finserve Targets Nigeria, Others in Expansion into E-commerce, Remittances Markets
Fintech business, Finserve is betting on a new payment platform for customers and businesses across East, Central Africa as well as Nigeria to tap into the region’s e-commerce and remittances markets.
Finserve plans to work with financial services providers and businesses to merge payment options in East and Central Africa on to one payment platform, accessible via mobile apps and online sites, Finserve managing director Jack Ngare said.
“If you are a businessman doing business in, let’s say, Tanzania and you want to move to Uganda, then you can … use our platform as soon as you land in Uganda to accept payments,” he said in an interview.
Ngare said this would mean people would not have to sign up for all the telecoms companies and banks services just to allow customers to pay into their business.
The new service will be available in Kenya, Uganda, Tanzania, Rwanda, the Democratic Republic of Congo and South Sudan.
Ngare said the company has ambitions to expand beyond East and Central Africa into other African countries such as Nigeria and South Africa.
Finserve is also targeting the remittances business, where people living outside their home country regularly send money back. Billions of dollars annually are sent to Africa by the continent’s diaspora. The World Bank, for example, estimated remittances to sub-Saharan Africa at $38 billion in 2017.
Finserve is also teaming up with an unnamed fintech firm and six Ethiopian banks to make its remittances platform available in the country.
The government of Ethiopia opened a diaspora fund bank account last month. It is asking Ethiopians abroad to contribute as part of efforts to help end a forex shortage.
Ngare said this was an opportunity for Finserve.
“Ethiopia is seeking influx of forex, so things such as cross-border remittance (platforms), are very handy to them,” he said.
Equity Group, Kenya’s biggest bank by customer numbers, this week launched Finserve as an independent company. Equity Group said Finserve had been behind innovations such as Equitel, the bank’s mobile virtual network operator.
Finserve has already integrated on its platform payment providers that include Alipay, established by Alibaba, Tencent’s WeChat, MasterCard and Visa.
Ngare said the company was targeting online businesses that want to sell in East and Central Africa.
“One of my customers, who does a lot of Sino-Africa trade and he used to carry cash all the way to China to purchase goods, but now … he is able now to push money back and forth.”
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
This followed a motion of urgent public importance by Marcus Onobun.
Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
Lagos Lawyer Sues MTN, Seeks Dissolution of Board
Daphne Dafinone, CBN GOV’s Ally Facing Alleged N100m Fraud Charges – Police
Court Stops FG from Sanctioning MultiChoice over DStv, GOtv Tariff Hike
NELFUND Links Loan Portal to Schools for Easy Verification
9Mobile Dispute: Hayatu, Seltrix Respond to Funtua’s Trusteeship Claims
Telecom2 days agoMTN Commits $2Bn to ITU’s Partner2Connect Initiative
E-Business2 days agoKaspersky Uncovers Sophisticated Deception Campaign using DeepSeek AI as Bait
Telecom2 days agoTelegram Introduces New Features to Address Unsolicited Messages
Telecom2 days agoMTN Nigeria Reaffirms Support for Grassroots Sports During Edo State Visit
News2 days agoIgniteher BootCamp: A Pathway to Women Empowerment and Economic Growth
News1 day agoUS Launches ‘Self-Deportation’ App to Streamline Voluntary Exits
News2 days agoIntelsat, MaxIQ Space Expand STEM Learning to Educators in Multiple African Countries
Telecom1 day agoAirtel Buys Back 66,089 Units of Own Shares