Telecom
Mastercard Announces Fintech Express to Empower MEA Fintechs to Launch and Expand Rapidly
Mastercard has launched Fintech Express in the Middle East and Africa (MEA), a program designed to facilitate emerging fintechs’ launch and expansion. Leveraging the power of partnerships and Mastercard’s expertise, technology, and global network, startups will now be able to focus on innovation that drives the digital economy.
Mastercard Fintech Express is designed for all types of fintechs: established fintechs wanting a direct license from Mastercard; as well as fintechs with the ambition to innovate through collaborating with ready-to-go Mastercard Engage partners. As such, the program is split into three core modules: Access, Build, Connect.
• Access: Enabling regulated entities to obtain a Mastercard License and access Mastercard’s network through a streamlined onboarding process
• Build: Fintechs as Processors/Enablers can become an Express Partner by building unique tech alliances and benefitting from all the advantages that Mastercard provides
• Connect: Fintechs/Start-ups, looking to add payment solutions to their suite of products, can easily connect with qualified Express Partners available on the Mastercard Engage web portal, and go live with Mastercard in a matter of days
The program supports digital payment innovators by making it simple to collaborate with Mastercard and its partners to launch new fintech products.
It is designed for fintechs looking to add payment solutions to their suite of products, tech-savvy startups looking at serving a new segment as well as established players with ambitions to innovate through partnerships.
Becoming an Express Partner helps brands simplify the launch of payment solutions, shortening the process from a few months to a matter of days. Express Partners will also enjoy all the benefits of becoming a Qualified Mastercard Engage Partner.
Gaurang Shah, senior vice president, Digital Payments & Labs, Middle East and Africa, Mastercard, said “Startups are forming diverse collaborations with traditional financial institutions, and in the process manage to enhance competitiveness, while also bringing services and products to market that can have a real impact on consumers.
“Mastercard is playing a central role in making fintech partnerships a reality as a single technology provider. Technological advancement and innovation are steering the digital financial services industry, where fintech players are becoming globally mainstream and an increasing influx of fintech players are competing with large traditional players.
“With today’s announcement we are taking the next step in further empowering them to fulfil their ambitions of scale and speed”.
In Africa, fintech startup funding is one of the most active business investments and Nigeria, South Africa, and Kenya represent the lion’s share of investment.
The MEA region also currently has over 1,200 fintech players, covering everything from credit to insurance to wealth management offered through a centralized cloud-based platform.
Some of the early players to have joined forces and created alliances under the new Express Partner program across Sub-Saharan Africa are Diamond Trust Bank, DPO Group, Selcom and Tutuka.
“We are excited to partner with Mastercard under the Fintech Express program. The world has changed dramatically over the last few months and we are fast embracing a fully digital economy.
“As a bank driven by innovation, DTB is looking forward to collaborating with emerging fintechs in the region and providing them with the necessary support on their payment solutions,” said Farouk Khimji, Head of Products & Innovation at Diamond Trust Bank Kenya.
“We are delighted to be Mastercard’s preferred payments partner of choice on this exciting new initiative. Fintech Express will accelerate the ability of fintech firms to commercialize their operations and payments processes, driving financial inclusion and boosting business growth in Africa.
“We work with more merchants across more markets than any other payment service provider on the continent. The DPO Store, our e-commerce solution which is powered by Mastercard, enables merchants to set up integrated payments and a free e-commerce business website within 72 hours.
“The demand we have seen for the DPO Store demonstrates the appetite from business owners for effective, fast technological solutions,” commented Eran Feinstein, CEO and co-founder of DPO Group, a leading African payment service provider operating in 19 African countries.
“Our seven-year partnership with Mastercard has enabled us to go the extra mile and achieve unmatched scale in key African markets, while focusing on product-market fit for our innovative payment offerings.
“The strategic partnership has helped us to not only share our learnings with other Mastercard partners, but also to enable Mastercard to attain local expectations and needs with our brand association and presence.
“During our three-year run in this programme, we’ve discovered that such partnerships are critical in order to deliver products that enhance customers’ lives,” stated Sameer Hirji, Executive Director, Selcom, the largest payment service provider in East Africa.
“Tutuka and Mastercard share a common goal – to allow fintechs to easily issue Mastercard payment tools whether virtual, physical or mobile.
“Through those fintechs, customers across Africa and the Middle East will have a simple route to use Mastercard, often for the very first time. This is true financial inclusion,” said Rowan Brewer, CEO, Tutuka, a global payments enabler that powers millions of transactions every day.
Other players across Middle East and Africa are:
• Middle East & North Africa (MENA): Network International and First Abu Dhabi Bank
• South Africa (SA): Ukheshe and Nedbank
Mastercard Fintech Express falls under the umbrella of Mastercard Accelerate – Mastercard’s overarching fintech platform that gives start-ups and emerging brands support and assistance for every stage of their growth and transformation, from market entry to global expansion. Mastercard Accelerate is comprised of four main programs: Fintech Express, Start Path, Engage and Developers.
Telecom
Group Advocates for Digital Rights at 2024 Internet Governance Forum
Paradigm Initiative (PIN), a leading pan-African organisation dedicated to advancing digital rights and inclusion in the Global South, has made significant contributions to the just-concluded 2024 Internet Governance Forum (IGF) in Riyadh, Saudi Arabia.
PIN’s participation in the prestigious global event underscores the organisation’s commitment to fostering inclusive digital policies and ensuring that Africa’s voices are central in global discussions about the future of the internet.
During the week-long forum, PIN team members played key roles in numerous sessions, emphasising the importance of a digital rights perspective in the development of emerging technologies, advocating for a more inclusive digital future, and addressing the specific challenges the African continent faces in terms of digital access and inclusion.
PIN Executive Director, ‘Gbenga Sesan, spoke at high-profile sessions, including the Leadership Panel on ‘The Internet We Want’, which outlined the vision for a global internet that is accessible, secure, and inclusive.
At the Africa Youth IGF Parley, ‘Gbenga provided a platform for young Africans to address pressing issues such as internet restrictions, the digital divide, and digital rights violations.
Adeboye Adegoke, Senior Manager for Grants and Programmes Strategy at Paradigm Initiative, contributed to Open Forum #12, advocating for policies that ensure a rights-respecting and inclusive digital future. His discussions highlighted the importance of policies that place human rights at the core of technological advancements.
Ihueze Nwobilor, Senior Programmes Officer, spoke at the session, ‘A Rights-Respecting Approach to Emerging Tech Development,’ where he called for the prioritisation of human rights in the development and deployment of emerging technologies across Africa and beyond.
The organisation’s Senior Manager for Partnerships and Engagements, Thobekile Matimbe, shared valuable insights during the ‘Better Products and Policies Through Stakeholder Engagement’ session.
She emphasized the role of the private sector in engaging with local communities to ensure that digital products and policies are inclusive and meet the needs of vulnerable groups across Africa.
Bridgette Ndlovu, PIN Partnerships and Engagements Officer, moderated a session on ‘Implementation of the USF in 26 African Countries,’ where she and other speakers, including ‘Gbenga Sesan, discussed the crucial role of Universal Service Funds (USF) in advancing digital inclusion, particularly in underserved and rural areas.
PIN’s participation at IGF 2024 has been an important moment for advocating digital rights in Africa. “Paradigm Initiative’s participation was a powerful reminder that Africa’s digital future must be shaped by inclusive, rights-respecting policies.
“Our participation at the IGF is a continuous demonstration of the need for all stakeholders to collaborate in building a more inclusive and accessible internet for everyone, especially those in under-served communities,” PIN Executive Director, ‘Gbenga Sesan stated.
Telecom
Patricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
Lagos-based financial technology firm Patricia Technologies has commenced repayments to customers impacted by a 2022 security breach. This follows a two-year period where the company focused on recovering funds and rebuilding trust.
In 2022, Patricia experienced a significant cyberattack, resulting in the loss of over 600 million Naira from customer accounts. Following the breach, the company temporarily restricted withdrawals and collaborated with law enforcement, leading to the arrest of several suspects, including a prominent politician.
Patricia had previously requested a two-to-five-year repayment window, a plan that has now begun to be implemented. The company has started disbursing funds to affected customers in phases, with the first batch of payments initiated on December 10, 2024.
CEO Hanu Fejiro emphasized the company’s commitment to its customers, stating, “This repayment process represents a milestone in fulfilling our promise to make things right.”
He encouraged customers to update their information on the Patricia platform and monitor official channels for further updates on their individual repayment timelines.
Subscribers who are getting paid in this phase have since been officially notified by email. One of the subscribers, with initials BP (for purposes of confidentiality), expressed appreciation and satisfaction with being paid by Patricia via an email reaction: “I really appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words.”
Telecom
From Niche App to Global Giant: TikTok’s Controversial Journey
TikTok’s rise from a niche video-sharing app to a global social media giant has sparked controversies worldwide, with concerns over its links to China and its influence on users and politics.
In Albania, Prime Minister Edi Rama announced Saturday that TikTok would be banned for at least a year starting in 2025.
The decision follows a tragic incident in Tirana where a 14-year-old was killed and another injured in a fight stemming from an online confrontation. Rama described TikTok as the “thug of the neighborhood.”
In Romania, the European Union is investigating whether TikTok played a role in far-right candidate Calin Georgescu’s unexpected first-round presidential election victory.
The probe focuses on alleged Russian interference and claims of “preferential treatment” by TikTok. This marks the platform’s third EU investigation, potentially risking fines of up to six percent of its global revenue.
TikTok stated it has implemented “robust actions” to combat election misinformation, while Russia denies meddling.
In the United States, TikTok faces mounting pressure after the government passed a law in April requiring ByteDance, its Chinese parent company, to divest from the platform by January 2025.
The U.S. claims TikTok allows China access to American user data, a claim TikTok denies. ByteDance admitted its employees had accessed U.S. user data but insisted it does not share information with Chinese authorities.
TikTok could face a nationwide ban if ByteDance fails to comply, threatening its 170 million U.S. users.
Australia recently enacted a landmark law banning under-16s from accessing social media, including TikTok, with hefty fines of up to AU$50 million for noncompliance.
TikTok expressed disappointment, warning the law could push young users to less regulated parts of the internet.
In Europe, TikTok was forced to remove an engagement feature in its TikTok Lite version after EU regulators raised concerns about its addictive nature.
The feature rewarded users aged 18 and older with points redeemable for goods based on time spent on the app.
TikTok also faces criticism for its role in spreading hazardous challenges, some of which have reportedly led to child deaths, such as the blackout challenge.
Disinformation remains a significant issue, with a study by NewsGuard revealing that one-fifth of videos on topical subjects like the Russia-Ukraine war contained misleading or false information.
Despite these controversies, TikTok remains a dominant force in social media, attracting creators and influencers worldwide.
Its powerful algorithm and innovative features have secured its place at the forefront of digital engagement.
However, the platform continues to grapple with mounting scrutiny over its practices and societal impact.
TikTok’s meteoric rise has reshaped the social media landscape, cementing its status as a global powerhouse with over 1.04 billion monthly active users worldwide as of 2024.
This milestone, achieved in less than a decade, underscores TikTok’s unparalleled growth trajectory compared to platforms like Facebook and Instagram, which took significantly longer to reach similar heights.
In the United States alone, 170 million people actively use the app, contributing to its $16 billion U.S. revenue in 2023.
Globally, TikTok engages over a quarter of social media users and nearly one-fifth of internet users monthly, with U.S. adults spending an average of nearly an hour daily on the platform.
Its popularity is further evidenced by 137 million downloads in the first quarter of 2024.
Since its 2018 launch, TikTok has grown from 55 million users to over a billion, fueled by its dynamic algorithm and appeal across diverse demographics.
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