According to Businesstech, Absa, Standard Bank, and FNB have been closing ATMs over the last five years, while Capitec has significantly increased its ATM footprint. Banks in South Africa are closing ATMs due to a combination of factors, including increased digital banking adoption, high operational costs, and security concerns. As more customers transition to online …
According to The Fintech Times, the third iteration of the report, titled African Blockchain Report, reveals that despite global economic pressures, African blockchain funding is expanding in large parts due to regulatory advancements. It also found blockchain is having an impact on transparency, sustainability, data accountability, new service and creator economies, and financial inclusion across …
The banking sector across Africa is undergoing a significant digital revolution, driven by a growing population, expected to reach 2.49 billion by 2050, and an increase in the use of smartphones and tablets, which now account for 75% of web traffic on the continent. This digital shift promises numerous benefits such as speed, convenience, and …
According to The EastAfrican, Access Bank Plc has completed the acquisition of the African Banking Corporation Tanzania (BancABCT) as it seeks to deepen its foothold in East Africa’s banking market. The lender, which is listed on the Nigerian Stock Exchange (NSE), disclosed that it had completed the acquisition of a majority equity stake in BancABCT, …
According to Financial Times, TymeBank has become the continent’s first digital lender to break even after entering South Africa’s banking scene four years ago. With a valuation of $965 million, TymeBank ranks 21st in Africa’s Fastest Growing Companies by FT-Statista and aims to be among the top three fastest-growing banks in South Africa. Backed by …
According to a press release, Temenos announced that Cooperative Bank of Oromia (Coopbank), one of the largest banks in Ethiopia, has launched CoopApp and CoopApp Alhuda on Temenos Digital (Infinity), delivering a modern digital experience for conventional and Islamic banking with greater personalization for more than 12 million customers. Ethiopia has one of the lowest …
The theme for the 3rd annual Banking Transformation Africa conference was “Shaping the Future of Banking in Africa”. At the heart of that is a word that is likely familiar to many in the financial services and fintech sector: collaboration. Maurice Enslin from FF News attended the two day summit, which was attended by executives, decision …
In a new episode of Connecting Africa, CNN International’s Eleni Giokos hears the latest technology updates from some of the biggest banks on the continent as they continue to digitise. africa.com According to McKinsey, cash is still used in more than 90% of all transactions in Africa. One of the key reasons for this is …
The global financial landscape has changed profoundly after the COVID-19 pandemic, with digitalisation being a key driver. During their post-pandemic routes to recovery, banks around the world have increasingly moved away from conventional banking methods toward more data-driven, digital business models. This has come in response to the growing demands for instant and personalised services, …
Accordingly to itnewsafrica, TymeBank, South Africa’s fastest-growing digital bank, pioneers the integration of PayShap. As the first South African bank to provide this real-time interbank digital payments service, TymeBank offers its 7.6 million customers free access to payments up to the R3,000 limit using cellphone numbers (ShapID). This emphasizes the bank’s dedication to delivering affordable …
