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US Boost Mobile is launching a new money service aimed at underbanked customers. The prepaid mobile service provider’s OmniMoney product means users can secure payments, make withdrawals, transfer money and send remittances. VISA is the scheme provider, offering a virtual and physical card. Store cash deposits are available at various locations. “We’re looking to provide … Read more
Electronic wallet fintech Tekmo has been licenced by the Saudi Central Bank. The total number of companies licenced by the Central Bank to provide payment services is now 22. In an official statement, the Bank said: “This step comes from the role of the Saudi Central Bank in enabling the financial technology sector by allowing … Read more
A record 96% of US households were banked in 2021. So says the latest national survey just released by the Federal Deposit Insurance Corporation (FDIC). Why it matters? The percentage of those unbanked in a country reflects on that nation’s willingness to provide its peoples with levels of financial inclusivity that is key to increased … Read more
The French government is backing early-stage African startups who speak the same language. Via the Digital Africa initiative, Francophone African companies can get up to 50,000 euros in equity funding. The money is made up of 20,000 euros in funding followed by a 30,000 euros SAFE investment. Important why? Seed financing is the crucial first step … Read more
The Maya app users can now fund their digital wallet with a few taps on their smartphones. This has been made possible after a partnership between payment infrastructure platform Xendit and the China Banking Corp. The pair have launched the China Bank Direct Debit. This new feature allows customers to safely and easily fund their … Read more
The number of bank accounts in Morocco rose by 10% last year. There are now 29 million accounts, compared to 26.5 million in 2020. Why it matters. This boosts financial inclusivity in Morocco and shows its emerging status. The figures come from a recent report published by Morocco’s central bank, Bank Al-Maghrib. Round of applause? Not … Read more
The number of European fintech start-ups continues to decline steeply year on year. In 2017, there were 1,553 new finetch start-ups – last year, there was just 225, down 51% from when 456 made their entrance in 2020. Does it matter? The fintech industry isn’t that big to start with, nor is it very old, so … Read more
Private sector lender Induslnd has expanded its microfinance lending to women borrowers in the rural Indian communities of Jharkhand, Uttar, Pradesh and Bihar following a US$150m from the United States International Development Finance Corporation.
A new app has been launched by the Agribusiness Rural Bank to serve the underbanked communities of Philippines. The app was developed by digital banking software provider Geniusto. The app means Agribusiness can publish new services and products in real time.
👉 GafaPay and SaveChain have teamed up to help millions of Africans access to a US bank account, international money transfers and mobile payments. 👉 GafaPay provides a mobile wallet with over 300,000 users in Sub-Saharan Africa. 👉 SaveChain is a global neobank for unbanked people which allows anyone to open a US bank account. 👉 … Read more
The American Banker is reporting that Federal Deposit Insurance is reinstating the underbanked analysis to the agency’s biannual unbanked survey, quoting a number of sources.
The food and grocery B2B e-commerce and distribution platform MaxAB has raised $40m in a pre-series B equity round. MaxAB serves a network of traditional retailers across Egypt and Morocco. Why it matters: MaxAB is trying to transform the food and grocery supply chain by re-engineering it. The company connects suppliers with underserved traditional retailers … Read more
The prepaid cards market, widely used in the underbanked space, will be worth US$4233.4 billion by 2028, up from US$2474.77 billion this year, almost double. So what? Prepaid cards are useful for many financial product consumers, and as the report said: “…growth in unbanked and underbanked population and emergence of new applications are expected to … Read more
A financial services industry luminary writing in the venerable Financial Times has just declared that fintechs make people’s lives too complicated. And that a “proliferation of products” creates confusion, not clarity. Banks and fintechs stand accused of creating a “…bewildering array of financial products.” With all due respect, what rubbish! I can see his point, … Read more
Morningstar has published its latest Europe Equity Market Outlook: Fourth-Quarter 2022, showing data and analysis European equity markets for the fourth quarter of 2022. Here’s the main bit: Investor confidence has fallen to lows not seen since the very beginning of the coronavirus pandemic. This is, of course, unsurprising given the array of risks out there: high … Read more