Sophia Bekele DotConnectAfrica Group CEO honored with Awards Across Multiple Continents

Sophia Bekele DotConnectAfrica Group Founder and CEO, also of US-based CBSegroup was honored with multiple awards across continents. Sophia Bekele was honored with the Silicon Valley’s Women of Influence (WOI) Award and the CEO Today Africa Awards. The Women of Influence award “recognizes established business leaders who have accomplished specific achievements in the business world in this innovation region women with a strong record of innovation in their fields, outstanding performance in their businesses, and a clear track record of meaningful community involvement. Women from every industry and profession who…

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DCA WebForum Hosts Leading Ladies in Africa’s Finance Sector on timely topic of Women Bankers for Women Entrepreneurs: A post 2020 strategy for success.

The DCA Group hosted its 5th impactful and insightful Executive Roundtable conversation on the topic of “Women Bankers for Women Entrepreneurs: A post 2020 strategy for success, presenting a unique topic about “What Women Want” in Banking. The virtual meeting dialog consisted of  leading ladies at the Ministry of Trade and Industry Zanzibar, Credit Bank PLC-Kenya, Bank of Ghana, NCBA Bank Group, Absa Bank and African Development Bank Group. The rich discussions encompassed Ambassadors, Ministers, Senior Managers, and Directors in top Banking and Finance Industry who are passionate and well known in…

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Kenya’s Central Bank Proposes law to combat predatory lending by mobile loan apps

MTN Rwanda

Digital app lending companies operating in Kenya are set up for a shake-up after the country’s central bank proposed new laws to regulate monthly interest rates levied on loans by digital lenders in a bid to stamp out what it deems predatory practices. If approved, digital lenders will require approval from the central bank to increase lending rates or launch new products. The move comes in the wake of mounting concern about the scale of predatory lending given the proliferation of startups offering online, collateral-free loans in Kenya. Unlike traditional…

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Instagram Rolls Out New ‘Personal Fundraiser’ Feature For Crowdfunding

Instagram Fundraiser

The coronavirus pandemic has upsurged the number of crowdfunding campaigns for hospital bills, funeral expenses, and other coronavirus-related causes, and now Instagram has announced Personal Fundraiser, a new tool that lets users raise money for personal causes. Soon people in the US, UK, and Ireland to raise money for their own personal causes. The company is launching the feature today as an initial test on Android phones, with iPhones to follow, after already making personal fundraising available to Facebook users. Personal Fundraiser will be available to people over the age…

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Central Bank of Kenya Declines to cap the free M-Pesa transactions to five

M-Gas Mpesa

Kenya’s leading telco Safaricom has lost the bid to cap free M-Pesa transactions to five. This comes after subscribers split high-value transfers to avoid paying transfer fees, costing it billions of shillings in revenues. The company had petitioned the Central Bank of Kenya (CBK) to cap the number of multiple transactions between two numbers, according to a recent disclosure of conference call transcripts between Safaricom and investors seen by the Business Daily. Safaricom reported that customers were splitting high-value money transfers of as high as Sh60,000 to deals of below…

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Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

News earlier in the week broke that Opera-backed Nigerian fintech startup, OPay has reportedly shut down all its business operations in Nigeria following a letter issued by its foreign investors amidst the poor economic climate caused by the COVID-19 pandemic.. A report claims that all verticals of the startup, including ride hailing, ORide and OTrike — which were still active in other states aside Lagos; the recently launched B2B and B2C eCommerce platforms, OMall and OTrade; OExpress for logistics; and food delivery feature, OFood will be closed down. Opay launched…

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Digital WhatsApp Payments for SMEs launched, Pilots in Brazil

Digital WhatsApp Payments for SMEs launched, Pilots in Brazil

Facebook has launched its WhatsApp payments service in Brazil, enabling people to send money and make purchases from within the chat app. You use it by linking up your WhatsApp account to your Visa or Mastercard credit or debit card. This now adds Facebook as one of the digital payments and mobile money providers like Mpesa WhatsApp began testing P2P payments in India in 2018 but Brazil, where the messaging service has 120 million users, becomes the first country to get a nationwide rollout. Brazil would be the first to…

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Rush to digitization during the COVID 19 Crisis Should perpetuate financial exclusion

Digitization

The economic effect of the current global COVID-19 lockdown will be severe. An essential focus for supporting the economic rebound is to invest in efforts to deepen economic integration and further lower trade costs. Digitization, and the creation of specialized ecosystems, will be the single most efficient approach to reduce trade cost on a global scale, which will benefit all countries currently impacted by COVID-19. A robust technical infrastructure and end-to-end digital processes (“paper-less”) are key elements to safeguard productivity during disastrous events. First-response actions such as implementing business continuity…

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Uber Africa launches Uber Cash in partnership with Flutterwave

Uber Africa launches Uber Cash in partnership with Flutterwave

Uber will launch its Uber Cash digital wallet feature in Sub-Saharan Africa in partnership with San Francisco based — Nigerian founded — fintech firm Flutterwave. This will let riders to top up Uber wallets using the dozens of remittance partners active on Flutterwave’s Pan-African network. Flutterwave works as a B2B payments gateway network that allows clients to tap its APIs and customize payments applications. Uber Cash will go live this week and next for Uber’s ride-hail operations in South Africa, Kenya, Nigeria, Uganda and Ghana, Ivory Coast and Tanzania, according…

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KCB Group replaces KPMG Kenya with PwC as its external auditor

PWC KPMG

KCB Group is reported to this Thursday replace KPMG Kenya with PricewaterhouseCoopers (PwC) as its external auditor, dealing a blow to the consultancy after it lost Absa Kenya job last year. The changes now hand PwC audit control of Kenya’s top two banks — KCB and Equity Group. Last year, Equity Bank dropped Ernst & Young for PwC in 2017. KCB audit job has been among the highest payers, with remuneration paid by the lender amounting to Sh55 million in the financial year ended December 2019. Absa Kenya last year…

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