Financial Technology Africa

Nairobi Burse Automated Trading System Collapses after Inauguration

Nairobi, Kenya: The Nairobi Stock Exchange was hit by confusion on Monday after the much-hyped automated trading system for bonds failed to function, barely hours after its launch in a ceremony presided over by Prime Minister Raila Odinga and Finance minister Uhuru Kenyatta...

Egypt United Bank selects Smart Stream TLM Corona for Reconciliations

Cairo, Egypt: Smart Stream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Egyptian firm The United Bank has selected TLM Corona to automate its back office processes...

E-Payment: Shoprite Blames Bankserv for System Failure

Johannesburg, South Africa: One of SA largest retailers, Shoprite, has blamed Bankserv for lost revenue and the bad service its customers experienced as the national clearing system failed several times last week...

Net1 to benefit from wider SA Social Benefits

Johannesburg, South Africa: NASDAQ- and Johannesburg-listed Net1 UEPS expects to benefit from the extension of a South African social development tender. The US-based company provides secure transaction channels between formal business and un-banked and under-banked individuals...

Off-Site ATM: Nigerian Banks, IAD Spend 10,304 Dollars on ATM per Annum

Lagos, Nigeria: Costs for running an average ATM deployed at off-banking location in Nigeria is around 10, 304 USD, financialtechnology findings as revealed. Total bank machines network in Nigeria is 8,902, out of which 3,485 (49%) are located outside the bank premises...

BCX Wins Sanlam Data Centre Management Deal

Johannesburg, South Africa: Embattled IT company Business Connexion (BCX) has won a deal to provide Sanlam with an outsourced data centre. The three-year Sanlam deal covers mainframe, open systems Unix and Windows servers, storage and data centre management...

FT TV : STATE OF E-PAYMENT INDUSTRY IN NIGERIA

Mr. Mitchell Elegbe, MD/CEO, Interswitch Ltd, the leading transactions switching and e-payment firm in Nigeria, speaks on: When The Facts Change, The Game Changes: Interswitch Company Update, at the company annual Techno Interactive Conference and Awards 2010 held in Calabar, Nigeria...

M-Pesa Drives Safaricom Half-Year Earnings up to Sh40b

Nairobi, Kenya: New revenue stream: Exponential growth of M-Pesa and text message services has seen total contribution of data business to Safaricom total income leap to 18 per cent from 11 per cent in a similar period last year...

Financial Blogging: Standard Bank asks Customers for Ideas on Blog Site

Johannesburg, South Africa: South Africa-based Standard Bank has added a section to its blog site where customers can submit ideas on how it can improve service. Submitted ideas are posted on the site, enabling other customers to vote for them and add their own comments. Several ideas have already been posted, with customers asking for a tool to track the progress of home loan applications, a small business networking facility and a change to the current boring and annoying call centre music...

E-Money: Cellphones overtake PCs in Banking Services in South Africa

Johannesburg, South Africa: Almost twice as many people bank on their cellphones than on PCs, new research has revealed. World Wide Worx research shows that more than a quarter of bank customers use cellphones for services ranging from informational transaction types such as balance enquiries, to financial transaction types, which include account payments...

M-Payment: S1, PayPal to Deliver System for Banks

S1 Corporation, a leading global provider of financial services and payments software solutions, today announced an agreement with PayPal to deliver a new personal payments service that allows consumers and businesses to make easy, fast and secure payments from their bank accounts to PayPal users around the world using their mobile phones...

Interswitch Wins Stratus EMEA Partner of the Year Award

Interswitch Nigeria has been named Stratus Technologies' EMEA Partner of the Year. African Regional Director of Stratus Technologies, Mr. Richard Sharod, handed the award to Mr. Mitchell Elegbe, CEO, and was assisted by Mr. Charles Ifedi, Chief Strategist Officer of Interswitch at the 2009 annual Techno Interactive conference in Calabar; an event that acknowledged best practices across numerous categories within the Nigerian banking sector...

Tanzania M-Pesa users hit 1 million

Dar es Salaam, Tanzania: Vodacom Tanzania, part of South Africa Vodacom Group, says on Thursday its M-Pesa money transfer service had attracted more than a million customers since its launch in April last year.The company did not say in its statement how much money it had handled to date...

S1 Corporation Unifies its Brands under S1

S1 Corporation, a leading global provider of financial services and payments software solutions today announced a change in its corporate branding...

Somalia First Ever Debit Card Service Launched

Mogadishu, Somali: Dahabshiil, the largest international money transfer business in the Horn of Africa, has launched the first ever debit card service in Somalia to help individuals and businesses make and receive payments. The service, called Dahabshiil eCash, will enable customers to pay for goods and services at any shop, restaurant, hotel or petrol station that is an official Dahabshiil merchant and has a point of sale terminal on the premises...

Adeyemi, a Nigerian Charged with 1 million Dollar ID Theft

A computer technician has been charged with stealing the identities of more than 150 former colleagues at the Bank of New York Mellon and using the information to pilfer over 1.1 million dollars from charities, non-profit groups and other institutions...

Online Banking: Firewall Collapse Cut off 20,000 Standard Bank Customers

Johannesburg, South Africa: Standard Bank's firewall collapsed yesterday, shutting customers out of online banking. Standard Bank is the second large bank to have its Web site fail this month, when a firewall collapsed yesterday, making the site unavailable for a few hours...

M-Payment: Tagattitude Launches Social Network Applications

Tagattitude social networking application, TagLink was launched at Harvard and Columbia universities last week. Hundreds of students were invited to attend launch parties on each campus where they discovered and discussed TagLink while Linking with other party guests...

Online Payment: Amazon Sidelines User Names, Passwords

Amazon has moved to simplify the online checkout process with a feature that lets customers complete purchases by typing in a short, unique phrase and PIN...

Huge Debt Profile May Scare CWG, XLCMS from ATMC Acquisition

Lagos, Nigeria: Potential buyers of Automated Teller Machine Consortium (ATMC), the struggling Nigeria premier independent ATM deployer (IAD) may change their minds following discovering that ATMC has unresolved multi-billion naira debt profile, Financialtechnology has learnt exclusively...

Obopay introduces m-payments for online games and digital goods

Obopay has announced its entrance into the online games market with the immediate availability of its mobile payment solution. Both users and online merchants will experience many advantages by using Obopay easy, secure and convenient mobile payment service...

Consumer Credit: MasterCard Targets SA Market with Virtual Mall Solution

Johannesburg, South Africa: MasterCard is targeting the local market with its new offering, Virtual Mall Solution, an online product that allows small and medium companies to accept credit card payments...

SA R609M Health Smart Card Remain on Hold Indefinitely

Johannesburg, South Africa: The R609 million smart card project will remain on hold indefinitely, pending a review of all department projects and major contracts...

Rwanda Central Bank to Watch MTN Mobile Money Closely

Kigali, Rwanda: The National Bank of Rwanda (NBR) will regulate the new mobile money transfer system that will soon be introduced by MTN Rwanda, the central bank Governor says...

Off-Site ATM: CBN May issue Three Licenses

Lagos, Nigeria: Indications have emerged that Central Bank of Nigeria (CBN) may issue additional three new Independent ATM Deployer (IAD) in the country. ATM Consortium is the only incumbent IAD operating in the country...

M-Payment: M-Pesa Target Air Travellers with Easy Travel

Nairobi, Kenya: Air passengers travelling on domestic low cost airlines can now buy their tickets using the M-pesa money transfer system. Safaricom says it has partnered with East African, Air Kenya, and Aircraft Leasing Services airlines to launch an online portal that integrates M-Pesa and airline ticketing software. The airlines target niche destinations like Diani, Lokichoggio and Kisumu...

FEATURE: KCB Mobile Wallet Stirs Money Transfer Market

From the domestic kitten to the cheetah, the fastest animal on earth, and the lion, the king of the jungle, all cats are reputed for hiding their claws until they are ready for the big kill...

ATM Fraud: Nigeria First Class Action Suit Commences

Lagos, Nigeria: On the 24th day of May 2009, Nduka Agwuaba, a businessman in Lagos called his bank to speak with his account officer requesting for a statement on his account. It was promptly reported that the account had a balance of N26, 000.00. This Agwuaba found absolutely incredible, as his last statement confirmed he had N810, 000.00 left after his last deposit of N500, 000.00...

Over Half Billion People to Use MMT Services by 2014

According to new analysis from Juniper Research consumer demand for mobile money transfer services will see users exceed 500 million globally by 2014, principally in developing countries. Juniper Research new report - Mobile Money Transfer and Remittances: Markets, Forecasts and Strategies 2009-2014 - also suggests, however, that the many new mobile money services being announced will face political, regulatory or commercial challenges as they bring their services to market...

Nigeria e-Payment Body Changes its Name to E-PPAN

Lagos, Nigeria: The Stakeholders Association for E-Payment and Self Service (SAFE-PASS), the association responsible for catering for the stakeholders in the e-pyment business in Nigeria has changed its name. It is now known as E-Payment Providers Association of Nigeria (E-PPAN). This name change has become necessary as the association takes steps to formalize and institutionalize the body...

M-Payment: MoadBus Boards M-Banking Train

MoadBus, a global provider of financial software and services, announced today the release of its mobile banking solution, M-Banking, with Quad-Mode technology; encrypted SMS, standard SMS, mobile browser and a downloadable application, within a single solution...

M-Payment: MTN Rwanda to Launch Mobile Money Service

Rwanda, Kigali: MTN Mobile Money follows the success of M-PESA, a mobile money transfer service in Kenya offered by Safaricom. MTN Rwanda yesterday announced that the company will be launching its MTN Mobile Money product on to the Rwandan market before the end of the year...

e-Payment: Smartbuses Usher Kenya Public Transport into IT Era

Nairobi, Kenya: Public transport has been ushered into the information technology era with the introduction of travelling smart cards by Budget Kenya, a motor vehicle leasing and renting company. The entry of Budget Kenya into the public transport sector is likely to bring order to the otherwise chaotic operations of a sector characterised by unregulated fares...

M-Payment: Monitise Claims Million Users

Monitise, the global mobile money specialists, announces that it has registered its one millionth customers following a period of rapid growth in the uptake of its industry-leading services. In the UK, Monitise has partnerships with the majority of Britain high street banks. In the USA, its joint venture with FIS, one of the world largest providers of banking technology, already has over 100 financial institution partners and is growing fast...

Offsite ATM: Interswitch, CWG, 7 Others Pitch for IAD License in Nigeria

Lagos, Nigeria: Interswitch, Nigeria leading transactions switching firm and Computer Warehouse Group (CWG), the largest ICT conglomerate in West African region top the list of companies that have applied for an Independent ATM Deployer license from the Central Bank of Nigeria (CBN)...

Conflicted BCX Director Steps Down

Johannesburg, South Africa: Sindi Zilwa has stepped down from BCX due to a conflict of interest. Sindi Zilwa has resigned as a non-executive director because of a conflict of interest, says Business Connexion (BCX). The company says the conflict is with a current client, but does not provide further details...

M-Payment: SMS-Based Microfinance System Unveiled

A new system that claims to let microfinance institutions run their entire operations via mobile phones and a single laptop has been unveiled. The FrontlineSMS:Credit system combines SMS-aggregating software and mobile commerce offerings to let MFIs deliver and track loans via handsets. It is based on FrontlineSMS - free, open source software that turns a laptop and mobile phone into a central communications hub...

Adehyeman Savings and Loans, Ghana Signs on Rubikon

Accra, Ghana: Neptune Software is excited to announce that Adehyeman Savings and Loans Limited, a fully registered and licensed savings and loans company in Accra, has signed contract for supply and implementation of the Rubikon Banking System, as part of their strategic plan to revamp the existing system in order to stay ahead in the market...

RTGS: Big Cheques Ban Leaves Kenyan Civil Servants in Crisis

Nairobi, Kenya: A cash crisis has hit civil servants cooperative societies after the government banned cheques with a value of more than Sh1 million. All payments of more than Sh1 million are supposed to be made using new computer software, which many government ministries did not have...

Uganda Bourse to use Fingerprints to Prevent Fraud

Kampala, Uganda: In the absence of a national identification system, the Uganda Securities Exchange says it will use local and foreign investors fingerprints taken at the time of opening an account at the Securities Central Depository agents. According to USE, this will guard against fraudsters especially now that the bourse is about to switch to an automated trading system...

ATM Services: Transol Terminates Ecobank Deal

Accra, Ghana: Transaction Solutions (Ghana) Limited (TranSol), Ghanaian premier Independent ATM Deployer (IAD) has terminated its shared platform deal with Ecobank Ghana. The two organizations had ventured into business to provide opportunities for customers to access their cash whenever they need it, and at their convenience...

Mobile Money Africa Appoints Clickatell VP Jeppe Dorff to Advisory Board

Johannesburg, South Africa: Clickatell and Mobile Money Africa announced the appointment of Clickatell Jeppe Dorff, VP of Mobile Financial Services, to the publication esteemed advisory board. Other members are global leaders involved in the advancement of mobile money, including executives who have worked with global brands including World Bank, Paypal, mPay Connect, Timesformoney, Taurus Mobile and others...

Security Printers Fear Business loss to EFT Payments

Nairobi, Kenya: Reforms aimed at streamlining payment systems in the country are gradually raising the uptake of electronic funds transfers at the expense of cheques. The changes signal a difficult time ahead for security printing firms that earn a significant part of their revenues from printing the documents. The Real Time Gross Settlement (RTGS), an electronic payment system that officially begun on October 1 has taken off well, according to sources in the banking industry. The new system makes it mandatory for individuals, businesses, and the government to use electronic funds transfers (EFTs) when making payments of over Sh1 million, limiting the usage of cheques to values under Sh1 million

Online Fraud: Absa Drags FoneWorx to Court

Johannesburg, South Africa: Big four bank Absa has denied any liability in a fraud case that saw R3 million illegally moved from FoneWorx's accounts. FoneWorx says just over R3 million of its money had been fraudulently moved out of its eight Absa accounts into 183 unknown, and unauthorised, Absa accounts, in February

Unlikely Mates: Mobile Messaging and Social Networks

Script: William Dudley, Group Director, Product Management, Sybase - Over the past year, there has been speculation in the press and from various industry and financial analysts that today�s popular social networks could begin to cannibalize SMS traffic and ultimately revenues. The real fact is that SMS and messaging revenues and social networks can and do actually complement each other

Tagattitude Rolls out Mobicash Contactless Mobile Payments Systems in SA

Johannesburg, South Africa: South African start up MobiCash has gone live with its contactless mobile payments platform, which allows consumers to carry out secure cashless transactions via their mobile phones

Basel II: How are Nigerian banks faring?

In banking, regulation is of utmost importance. In most cases when banks collapse, it is a regulation issue. Regulation issue in the sense that there must have been some unheeded warning signals. Even the on-going global financial crisis was triggered off by regulation failure. The first alarm bell rang with the 2006 HSBC results to the United States subprime mortgage crisis, which unfortunately was then ignored. That started the initial liquidity crisis

Giving ATM fraud a Run for its Money

As recent high-profile cases have shown, security at ATMs is not necessarily something you can bank on. However, modern technology and crime prevention best practices are currently helping to give fraudsters a run for their money

Oracle Launches Revenue Management and Billing for Insurance

Oracle Insurance has introduced Oracle Revenue Management and Billing for Insurance, which the vendor describes as a robust flexible solution that enables insurers to consolidate billing systems for greater visibility and efficiency, increase revenue opportunities, improve customer service and extend multi-channel sales support

Nigeria Issues M-Payment Guidelines, Welcomes all Models

Lagos, Nigeria: Central Bank of Nigeria (CBN) has approved a regulatory framework that addresses business rules governing the operation of mobile payment services in the country, financialtechnology can reveal exclusively.