AGPAYTECH LTD.’s Post

State of Africa’s Digital Payments & Consumers Experience 2023 📍 In a groundbreaking survey conducted across the continent, AGPAYTECH LTD. and Regtech Africa have revealed a shift in consumer preferences toward digital payment methods. ⭕ With 2,591 respondents from diverse regions, the findings underscore a resounding vote of confidence in electronic transactions, with 91% of #participants expressing a clear preference for #digitalpayment approaches over traditional #cash methods. ✴ A resounding 76% of respondents voiced concerns over the absence of a #unified payment platform, advocating for such as India’s #UPI to interlink retail payment systems among countries in #Africa. ✴ Notably, 73.5% of respondents leverage banking #apps for various transactions. Whilst 85.5% utilize these apps for #fundtransfers and other payments, significantly reducing reliance on physical #bankbranches. 💠 The survey reflects central banks' growing appetite for #digitalcurrencies. Despite their potential to transform financial infrastructure, 69% of participants admitted to lacking knowledge of #CBDCs in Africa. 💠 Moreover, only 19.8% agreed to issuing #CBDCs, while 47.9% opposed the idea, and 32.3% remained uncertain. ⭕ Looking ahead, the research identifies a burgeoning interest in innovative payment trends, including personalized services such as 'buy now pay later,' 'save now buy later,' WhatsApp banking, CBDCs, and open banking. 📍 How does Africa achieve interoperable payments with a unified interface for countries in Africa? 🔸 Pls, share your views in the comment section. Visit here for related reports https://lnkd.in/eehfiBjj For best remittance services https://www.atlmoney.com/ Alfredo Muñoz García Caleb Maru Dan Littman Joe Proto Ajibola Jinadu Adam Swartzbaugh Hong Kong Monetary Authority (HKMA) Africa Finance Corporation Regtech Africa Edvania (Vania) Tarkiainen Cecilia Ihrivbogbe Cecilia Acheampong Gideon Asare Dhruv Patel Satish Chander Swaminathan Eugenia Darkoa Blay Pan-African Payment & Settlement System - PAPSS Fintech Association Of Kenya Ghana Association of Banks Ghana Fintech and Payments Association

Modernizing Finance Nigeria’s Transition to Open Banking 🌍Nigeria is at the forefront of a financial revolution, embracing Open Banking to drive innovation and inclusivity in its financial sector. ⭕ Big Moves Accelerating Open Banking: 🔻 Regulatory framework and operational guidelines 🔻 Open banking foundation 🔻 Open Banking API Standard v1 Key ecosystem partners 💠 Nigeria Data Protection Commission 💠 Central Bank of Nigeria 💠 Fintechs 💠 Banks As the country accelerates towards a digital economy, Open Banking promises new opportunities by facilitating the secure sharing of financial data across #banks, #fintechs, and #thirdparty providers. Here’s why this shift matters: ✅ Customer-Centric Services: Tailored financial solutions, seamless transactions, and improved access for the underbanked. ✅ Innovation Hub: Startups and fintechs can create cutting-edge products, promoting competition and boosting economic growth. ✅ Security and Transparency: Built on the foundation of secure data-sharing protocols, Open Banking enhances trust in digital financial services. 💡This transition will redefine banking in #Nigeria, fostering a more connected, inclusive, and future-ready financial #ecosystem. It’s an exciting time for the financial sector! #OpenBanking #Fintech #Nigeria #DigitalTransformation #FinancialInnovation #BankingRevolution #CustomerFirst #DataEconomy Open Finance Association Olugbenga Adebayo Obong Idiong Olajumoke .D. Tomilola CRM. Alfredo Muñoz García Aditya Kumar OPEYEMI JESUDIMU Panagiotis Kriaris MoreFun POS Tina Mona-Lisa Pokuaa Agyapong Lucy Nsiah-Asare ACMA, CGMA, CA Oluwadurotimi Ajele Tony Moroney Yonas Worku Emmanuel Ahatsi Kwabena Apeagyei Jagmeet Singh Malhotra Mary Yamat

🌍 Exploring Africa’s Banking and Lending Tech Sector 📈 The landscape of banking and lending in Africa is rapidly evolving, with a significant shift towards digital transformation. As millions of African consumers continue to enter the formal banking system, FinTech companies are stepping up to offer innovative solutions to the largely underbanked population. 💡 Key Highlights: • Digital Transformation & BaaS (Banking as a Service): Platforms like Anchor and Layer are providing virtual wallet capabilities, cross-border payments, and APIs to embed financial services into various products. • Lending Tech & LaaS (Lending as a Service): Companies like JUMO and Migo are enabling real-time liquidity platforms and automated collections, making credit more accessible. 🔍 Market Trends: • Trust issues and infrastructure challenges have historically hampered efforts to bring consumers into the formal banking system. However, with improved financial infrastructure and evolving consumer preferences, there’s been substantial growth in account ownership across the continent. • The BaaS model allows non-bank entities to offer financial services by partnering with authorized banks, a mutually beneficial arrangement that drives innovation and new revenue streams. 📊 Account Ownership by Country: Significant growth observed from 2011 to 2021 in countries like Kenya, South Africa, and Ghana, demonstrating the increasing adoption of banking services. The digital revolution is here, and Africa is at the forefront, leveraging technology to bridge gaps and provide more reliable, convenient financial services. 🚀 #FinTech #Banking #DigitalTransformation #Africa #Innovation #FinancialServices

The Bank of Ghana Open Banking Directive is here, and I’m genuinely excited about the potential it holds for Ghana—and Africa as a whole. A secure, standardized framework for data sharing through APIs is a game changer. It opens the door to better credit scoring, innovation in financial services, and smoother trade under the AfCFTA. But, as with all regulations, the devil is in the details. As I went through the directive, I couldn’t help but think: this is a solid step forward, but it’s not perfect. To truly make it work for everyone, here are three things I believe we need to focus on: 1️⃣ Avoid Overcomplication: While robust governance is crucial, we need to ensure the regulation doesn’t become overly bureaucratic. Innovators and financial institutions need clarity and simplicity to move quickly. Let’s focus on a system that’s efficient and easy to navigate. 2️⃣ Foster Open Collaboration: The directive is a great start, but ongoing stakeholder input is critical. Regulators, banks, fintechs, and even customers need to have a say to ensure the regulation reflects real-world needs and realities. Collaboration shouldn’t stop at this draft—it should be a continuous process. 3️⃣ Prioritize User Data Protection Without Fear: Customers need to feel secure sharing their data, but we also can’t scare off innovators with excessive red tape. A balance must be struck where user consent is paramount, but the process is smooth and not overly restrictive for businesses creating value from that data. This regulation has the potential to set the pace for open banking disruption across Africa, especially when aligned with AfCFTA’s goals of seamless cross-border commerce. But we need to get it right—and that means everyone stepping up to contribute. What do you think? Are we headed in the right direction, or are there gaps we need to address now? Let’s talk! #OpenBanking #Innovation #FinancialInclusion #AfCFTA

Digital payments users want more. What exactly do they want? Read the full survey report here.

The Evolving Financial Landscape in Nigeria: A New Era for Digital Banking 🌍 The financial sector in Nigeria is transforming rapidly, driven by an increasing shift towards digital solutions, greater financial inclusion, and an expanding fintech ecosystem. At Raven, we’re excited to be part of this evolution by offering innovative financial products that cater to the needs of today’s tech-savvy Nigerians. In a country where over 200 million people are embracing digital banking, mobile payments, and e-commerce at unprecedented rates, the potential for innovation in financial services is boundless. With our newly launched payverse 3.0, Raven aims to bridge the gap between traditional banking and modern convenience, making transactions seamless and secure. We’re committed to empowering individuals and businesses with tools that enhance financial access, transparency, and control. As we navigate this evolving landscape together, we look forward to contributing to a financially inclusive Nigeria where opportunities are accessible to all. Ready to experience the future of banking? Join us on this journey towards a smarter, more connected Nigeria with Raven. #DigitalBanking #FinancialInclusion #Raven #Nigeria #Fintech #FinancialInnovation #EvolvingFinance

"Ever found yourself at crossroads between traditional banking and Fintech?" "Fintech is transforming financial services in Ghana at a breakneck pace." However, some believe that traditional banking methods are still the backbone of the economy and will remain so for the foreseeable future. Here's why this perspective might be short-sighted: The fintech market in Ghana is projected to grow by 9.36% from 2024 to 2028, with a market volume reaching US$947.70 million. Mobile money adoption is at an all-time high, with 67% of Ghanaians using fintech applications and 62% relying on mobile money. Regulatory changes by the Bank of Ghana and significant increases in internet usage are paving the way for a robust digital financial ecosystem. So, instead of holding on to outdated banking methods, it's high time we embraced the digital transformation driven by fintech. The growth is undeniable, the regulatory environment is supportive, and the push towards a cash-lite economy is promising. What do you think about the future of fintech in Ghana? Would love to hear your thoughts #Fintech #FinancialServices #Ghana #Banking #Economy #DigitalTransformation #MobileMoney #Regulations #InternetUsage #CashLiteEconomy #Finance #Innovation

Exciting news in the fintech industry! Card-acquiring firm @KazangAfrica has launched a new card acceptance solution in #Zambia, making it easier and more affordable for merchants to accept card payments. The move signifies a significant step towards enhancing financial inclusion and boosting digital payment adoption across regions. Here's my prediction on the impact of this development: - The new card acceptance solution by @KazangAfrica in Zambia is set to revolutionize the payment landscape by driving increased use of cashless transactions and fostering a culture of convenience and security for businesses and consumers alike. - This initiative is expected to pave the way for similar innovations in other emerging markets within Africa, signaling a positive trend towards modernizing payment systems and promoting economic growth through enhanced financial services accessibility. - With the growing popularity of digital payments and the demand for convenient and secure payment solutions, the launch of this new card acceptance solution underscores the importance of leveraging fintech advancements to bridge the gap between traditional banking services and modern payment technologies. #FintechInnovation #DigitalPayments #FinancialInclusion #FintechRevolution For more insights on fintech trends and payment gateway solutions, feel free to reach out to me at +17625005002 or connect with my telegram chatbot at t.me/Finsolgroupbot. Let's continue to drive innovation in the fintech industry together!

𝗘𝘅𝗽𝗹𝗼𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝗿𝗼𝗻𝘁𝗶𝗲𝗿 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: 𝗢𝗽𝗲𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗶𝗻 𝗡𝗮𝗺𝗶𝗯𝗶𝗮 Namibia is on the brink of a financial revolution with the advent of Open Banking. This transformative approach to banking is set to redefine the financial landscape by empowering consumers with unprecedented control over their financial data. Open Banking allows third-party providers (TPPs) to access customer-permissioned data, paving the way for a new era of personalized financial services. From real-time payments to comprehensive financial management tools, the possibilities are endless. The Bank of Namibia’s strategic vision is clear: drive digital transformation, enhance financial inclusion, and lead through innovation. With the National Payment System Vision 2025 highlighting Open Banking as a key trend, Namibia is poised to foster a competitive and innovative market for financial services. As we embrace this change, it’s crucial to recognize the importance of consumer consent and the secure sharing of data. Open Banking is not just about opening doors to new services but also about building trust and ensuring privacy. Join the conversation on how Open Banking can unlock a wealth of opportunities for startups, fintechs, and tech companies in Namibia. Let’s discuss the impact of this paradigm shift on financial inclusivity and the broader economy. #OpenBanking #FinancialInnovation #DigitalTransformation #Namibia #Fintech

The digital payment landscape in sub-Saharan Africa is going through a remarkable transformation, promising greater financial inclusion and economic empowerment. Read more: https://hubs.li/Q02Cdhtn0 Post written by Dr. Sailesh Sewpaul, Forbes Councils Member.