Cerise+SPTF’s Post

This post reimagines the classic tale of David versus Goliath within the context of the financial world, specifically focusing on smaller banking institutions in Africa facing off against giant fintech companies. Just like David facing Goliath, these smaller institutions must strategize and arm themselves to compete effectively. In the financial landscape of Africa, smaller banks are akin to the underdog Davids, grappling with the overwhelming presence of fintech giants like Goliath. To level the playing field, it's crucial for these institutions to equip themselves with powerful tools, much like David's slingshot, to overcome the challenges posed by their formidable competitors. Drawing from years of experience and a close understanding of the African market, the key lies in harnessing the power of a strategic trifecta: Payments Processing, Income Generation, and the Expansion of Credit through Micro Lending. This three-pronged approach forms the foundation for a robust ecosystem that empowers smaller institutions to thrive amidst fierce competition. Enter Techverve Solution Private Limited, a guardian angel for these institutions, investing time and resources to collaborate with Saccos and MFIs. By providing support and tools like the Trinity Fintech Platform encompassing ZipVerve, InstantVerve, and SaccoVerve solutions, Partner Banks are armed with the necessary firepower to navigate the financial battlefield. This innovative platform acts as a sturdy bridge, connecting individuals to financial literacy and opportunities for life transformation. It symbolizes the essence of empowerment and progress, bringing communities closer to the benefits of digital transformation in the financial realm. #InstantVerve #CommunityVerve #africanfintechs #digitalTransformation

#Left #Behind? - Early last year, AfricaNenda's Sabine Mensah asked a #probing question in a blog: What does it feel like to be unbanked? (link provided below post). In the #Pacific #Archipelagos, this is more than a reality, close to 80% not only feel #unbanked but are also almost completely #excluded from formal financial services according to the Alliance for Financial Inclusion (AFI). There is a gradual but progressive downscaling and withdrawal of regional financial institutions from non-performing #Archipelagos, a trend that is worrying. There is also lower-than-anticipated growth in partnerships between local financial institutions and #corresponding banks in the region. Though underwhelming, the trends present an opportunity for new entrants. The overall effect, however, includes a dampening of efforts at deepening financial inclusion at scale and speed particularly initiatives centered on innovative partnerships with traditional relatively well-established financial institutions. Solutions involving fintech have, unfortunately, failed to reach the desired scale and remain unattractive to #capital #markets due to weakening #business #case #outlooks. I see emerging rays of hope though; 🎯Expanded networking amongst the Pacific nation Islands is growing beyond the region to other Small Islands. This should be accelerated and strategically targeted. Policy-making experience sharing is an area that will immensely contribute to lowering the curve to accelerated impact in enabling financial inclusion. 💡Quality financing and product development of financial solutions (for both demand and supply sides) in the financial sector is yet to be fully optimized and realized - This is an opportunity as it can be turned around with dedicated partnerships and collaborations. The term "appropriate", however, may continue to remain a keyword in solving the challenge in the near term. This is because, currently available financing solutions, particularly for the supply side in the region are less demand-driven and tend to keep one-size-fits-straight jacket features across starkly unique contexts. ✨Product development for #finclusion partners and #market actors, therefore, is a great opportunity for growth. There is little research ongoing in user-centric designs and, consequently, limited knowledge collaterals on behavioral insights to support demand-driven product development. More investment and focus in this area could unlock unprecedented growth. 🔥The question of identity remains a major bottleneck for hundreds of thousands of Pacific Islanders. There is an increasing pool of evidence pointing at #eIDs as an alternative to physical identity proofing, the lack of which is locking way too many from the financial ecosystem. Capacity gaps for effective #eKYC particularly for processes enabling binding, credentialing, authentication, and portability or federation remain quite low but can be built.

If you are in the credit union business, One FinTech Avenue’s #CreditUnionFinTechPitchDay is the perfect event to learn more about FinTech solutions that can enhance your operations and member experience. The Mifos Initiative is another #FinTechFeature we know you’d want to learn more about. The Mifos Initiative is a global non-profit organisation dedicated to making financial services more accessible to underbanked people worldwide. It focuses on supporting microfinance institutions (MFIs), credit unions, and savings and credit cooperative organisations (SACCOs). The organisation uses open-source, microservice, API-first, cloud-based (MACh) core banking technology to revolutionise the financial sector, from microfinance to financial inclusion and embedded finance. Mifos is leading the way in providing a comprehensive core banking solution to small and mid-tier credit unions in the Caribbean with integrated payments, credit analytics, and digital identity solutions. They use a multi-tenant hosting architecture designed to make adoption easier, scalable, and more affordable. Click on the link to book your spot and learn more about the Mifos initiative at One FinTech Avenue’s Credit Union FinTech Pitch Day, happening on September 10, 2024: https://bit.ly/4g4tfwM #OneFinTechAvenue #TTIFC #fintech #creditunion #innovation

Unlocking 🔐 Financial Inclusion 🤝 Through Public-Private Partnerships I had the privilege of hosting 18 Central Bankers on a Roundtable Discussion on the above during the Global Fintech Fest. Thank You to National Payments Corporation Of India (NPCI) for the invitation for such an amazing opportunity. Sharing a room with so many policymakers was not easy… trust me 😮💨 😂 We had amazing representation from across LATAM, APAC and Africa and the discussion was rich of #invaluable insights and experiences. Unfortunately, I am not at liberty to share who all were in the room or what was said specifically but some of the data points shared were astounding and the entire session was a learning experience. Here are my two cents worth on the topic ⬇️ Despite all the digital advances we have made as world, #financialinclusion remains a critical challenge globally - both in developed and developing nations. (PPPs) are increasingly emerging as a #powerful tool to bridge this gap, serving both underserved consumers and small businesses Here's how I see them make a difference: 🤝 Collaborative Innovation: PPPs combine government reach with private sector agility, fostering innovative solutions tailored to local needs. #UPI is a great example of the same in 🇮🇳 📱 Digital Infrastructure: Partnerships can build robust digital payment systems and mobile banking platforms, bringing financial services to remote areas. We can see examples of the same in countries like 🇰🇪 and 🇵🇪 🆔 Digital Identity: PPPs can develop secure, accessible digital ID systems, simplifying KYC processes and expanding access to financial services. Again, countries like 🇧🇷 and 🇮🇳 have pioneered in this effort 💡 Fintech Revolution: Regulatory sandboxes, a product of public-private collaboration, allow fintechs to innovate safely, leading to more inclusive financial products. 🇸🇦 has made a great advances with the same and so has 🇹🇭 💰 SME Financing: PPPs can create alternative credit scoring models and specialized lending platforms, unlocking capital for small businesses often overlooked by traditional banks. 🇬🇧 has lead the charge on this for years 📊 Data Sharing: Public-private data collaborations can lead to more accurate risk assessment, enabling financial institutions to serve previously excluded segments. Countries like 🇦🇺 and 🇳🇬 are working on improving this for the past few years 🌱 Financial Literacy: Joint initiatives can enhance financial education, empowering individuals and businesses to make informed financial decisions. 🇲🇾 financial education network is a great example The potential of PPPs in driving financial inclusion is immense. As we move forward, it's crucial for governments, financial institutions, and tech companies to join forces more often than they have in the past Keen to hear your views on the topic. Please share on the comments below #FinancialInclusion #PublicPrivatePartnerships #Fintech #DigitalBanking #SMEFinance

Fintechs Are Aiding Financial Inclusion Across Sub-Saharan Africa - As fintech continues to grow in the remittance and financial services space, and regulations become uniform, even more people will be drawn into the formal economy. By putting customers front and centre, innovative fintechs make a meaningful contribution to lasting financial inclusion because they enable access for their customers to a suite of financial services. Mukuru Nikki Kettles https://lnkd.in/d_V8JiKg #fintechgrowth #financialinclusion #fintechsolutions

Have you been affected by digital fraud? Join us as Jason Abbott from Provenir and Mariama Jalloh-Heyward from AIR - Alliance for Innovative Regulation bring their wealth of experience to address one of Africa's most pressing challenges. This dynamic session will focus on the theme: "Mitigating Digital Fraud in Africa: A Holistic Approach to Combating Emerging Threats." Our esteemed panelists will explore the latest trends, risks, and innovative strategies to protect businesses and consumers in Africa's burgeoning digital economy. From regulatory frameworks to technological solutions, they’ll provide you with actionable insights to safeguard your organization against the ever-evolving landscape of digital fraud. This is a must-attend webinar for anyone involved in Africa’s financial sector, whether you're in fintech, banking, or any industry impacted by digital transactions. You can’t afford to miss this opportunity to learn from industry leaders and equip your team with the tools to combat fraud effectively. Secure your spot today and don’t forget to share this opportunity with your colleagues and network! Register now: https://shorturl.at/8k5vC Segun Aina, Ali Hussein Kassim, Jameelah Sharrieff-Ayedun, Ph.D., Patrick Saidu Conteh PhD, FCCA(UK), MBA, BSc(Hons)., Alex SEA, Kagisho Dichabe, Deji Ajani, Ph.D., Adrian Pillay, Reuben Mwatosya, Josephine Olok, Cathy Starr, Digital Finance Practitioners Association of Zimbabwe, DRC Fintech Association, Association Fintech Madagascar, Fintech Association Of Nigeria Association For Digital Finance Practitioners - ADFP Zambia, Association of Fintechs in Kenya, Ghana Fintech and Payments Association, Fintech Association of South Africa (FINASA), Mauritius Africa FinTech Hub, Egyptian FinTech Association, Tanzania Fintech Association (TAFINA), FITSPA Uganda, Fintech Association of Botswana, FINTECH.MZ - Mozambique Fintech Association, Alliance of Digital Finance and Fintech Associations Wave Mobile Money, Making Finance Work for Africa (MFW4A), Ripple, Cedar-IBSi Capital & FinTech Lab, AFRICA FINTECH FORUM, Ecobank Transnational Incorporated, Cenfri, Africa Digital Financial Inclusion Facility (ADFI), Digital Pilipinas, International Digital Economies Association iDEA

Have you been affected by digital fraud? Join us as Jason Abbott from Provenir and Mariama Jalloh-Heyward from AIR - Alliance for Innovative Regulation bring their wealth of experience to address one of Africa's most pressing challenges. This dynamic session will focus on the theme: "Mitigating Digital Fraud in Africa: A Holistic Approach to Combating Emerging Threats." Our esteemed panelists will explore the latest trends, risks, and innovative strategies to protect businesses and consumers in Africa's burgeoning digital economy. From regulatory frameworks to technological solutions, they’ll provide you with actionable insights to safeguard your organization against the ever-evolving landscape of digital fraud. This is a must-attend webinar for anyone involved in Africa’s financial sector, whether you're in fintech, banking, or any industry impacted by digital transactions. You can’t afford to miss this opportunity to learn from industry leaders and equip your team with the tools to combat fraud effectively. Secure your spot today and don’t forget to share this opportunity with your colleagues and network! Register now: https://shorturl.at/8k5vC Segun Aina, Ali Hussein Kassim, Jameelah Sharrieff-Ayedun, Ph.D., Patrick Saidu Conteh PhD, FCCA(UK), MBA, BSc(Hons)., Alex SEA, Kagisho Dichabe, Deji Ajani, Ph.D., Adrian Pillay, Reuben Mwatosya, Josephine Olok, Cathy Starr, Digital Finance Practitioners Association of Zimbabwe, DRC Fintech Association, Association Fintech Madagascar, Fintech Association Of Nigeria Association For Digital Finance Practitioners - ADFP Zambia, Association of Fintechs in Kenya, Ghana Fintech and Payments Association, Fintech Association of South Africa (FINASA), Mauritius Africa FinTech Hub, Egyptian FinTech Association, Tanzania Fintech Association (TAFINA), FITSPA Uganda, Fintech Association of Botswana, FINTECH.MZ - Mozambique Fintech Association, Alliance of Digital Finance and Fintech Associations Wave Mobile Money, Making Finance Work for Africa (MFW4A), Ripple, Cedar-IBSi Capital & FinTech Lab, AFRICA FINTECH FORUM, Ecobank Transnational Incorporated, Cenfri, Africa Digital Financial Inclusion Facility (ADFI), Digital Pilipinas, International Digital Economies Association iDEA

🚀 Don’t miss the 19th NextGen Payments & RegTech Forum on 6-7 November in Limassol, Cyprus! This prestigious event will feature over 50 leading Payments and RegTech experts sharing invaluable insights on key topics such as payment trends, RegTech advancements, and the latest technologies transforming our industry. With participation from key organizations like the Payment Systems Regulator (PSR), Swift, and Grant Thornton (US), this is a must-attend for compliance professionals in Cyprus. Seize this opportunity to connect, collaborate, and gain insights that will shape the future of payments and regulatory technology! 🌟 #Payments #RegTech #Compliance #Networking #NextGenPayments

In today’s fast-paced financial world, staying ahead isn’t just an option—it’s a necessity. Banks, SACCOs, and microfinance institutions are on the hunt for ways to supercharge efficiency and slash costs. That’s where Newgen Software steps in with a game-changing, low-code digital transformation platform that’s reshaping the banking industry. For IT Managers ready to take the leap, Newgen’s powerful digital banking solutions simplify and automate even the most complex customer journeys—whether it’s lending, deposits, or trade finance. Imagine slashing process times by 65%—that’s exactly what Kenya’s third-largest bank achieved by leveraging Newgen’s AI-driven automation. 🚀 At Foresight TLC, we’re thrilled to partner with Newgen, bringing these world-class solutions right to your doorstep. Together, we’re empowering Kenyan banks, SACCOs, and microfinance institutions to compete at a global level, with bespoke digital strategies that meet the unique demands of our market. Ready to see what the future holds? Let’s make it happen! Reach out to me, at +254739353681 or sidney.maleli@foresighttlc.co.ke for a personalized demo. Let’s elevate your institution’s efficiency, compliance, and customer satisfaction to new heights! Join us in embracing the future of banking—where innovation meets efficiency. 💼💡 #DigitalTransformation #BankingInnovation Fintech Association Of Kenya #NewgenSolutions #ForesightTLC #EfficiencyUnlocked #KenyaBanking #FinancialInnovation #ITLeadership

The Fintech Show #145 is LIVE 🚨 Today we're joined by James Holian from NatWest Group, Edgardo Torres-Caballero from Tuum and Niall Devlin from Bank of Ireland who discuss advanced technologies and data analytics that are needed to meet the DIVERSE needs of SMEs and how banks can get tooled up to leverage them 🏦 🤝  Edgardo Torres-Caballero highlights that embracing digital platforms is VITAL for launching services rapidly and meeting customer requirements. He start that by integrating APIs, banks can improve onboarding processes AND risk validation, while fintech partnerships can enhance the overall customer experience. 📈 Niall Devlin, the Head of Business Banking at Bank of Ireland, takes us back to the most important stakeholders in this relationship and reflects on the resilience of businesses in the face of challenges like Brexit, COVID-19, noting that the current high interest rate environment presents an OPPRORTUNITY for banks to help businesses MAXIMISE their liquidity. 🏪  Both James Holian and Niall Devlin from Bank of Ireland discuss the diversity of small businesses and the NECESSITY for banks to offer both digital AND human support; saying that NatWest aims to be the NUMBER ONE bank for small businesses in the UK by combining the best tech, whether developed in-house or sourced externally, to create exceptional customer propositions. Watch the full conversation on the link below! 👇 https://lnkd.in/efjXDidZ #tuum #bankofireland #businessbanking #liquidity #SMEs #fintech #smallbusinesses #bankingexperience #natwest