The Kenyan government has taken action to halt Worldcoin, a cryptocurrency project, from signing up new users in the country due to data privacy concerns. Founded by US tech entrepreneur Sam Altman, Worldcoin offers free crypto tokens to individuals who consent to have their eyeballs scanned, attracting thousands of Kenyans who have queued up to…
Uber and Safaricom have entered into a partnership that will enable Payments for Unbanked Riders through M-Pesa. Through this new partnership, UberEats delivery drivers will also receive their payments via the mobile money platform, and customers will have the option to use M-Pesa for their payments. This collaboration aims to address the needs of approximately…
Mastercard and Lipa Later Group have joined forces to expand the Buy Now, Pay Later (BNPL) solution across the African continent. Through this strategic partnership, the two companies aim to provide flexible financing options to empower individuals and businesses, promote financial inclusion, and drive sustainable economic growth in Africa. Mastercard’s extensive network of merchants and…
Uganda Development Bank (UDB), the country’s national development finance institution, has achieved an exceptional National Long-term Rating of ‘AAA (uga)’ with a Stable Outlook, the highest rating on Uganda’s national scale. This prestigious rating was assigned by Fitch Ratings, a globally renowned international credit rating agency. Additionally, the Bank received a Long-Term Issuer Default Rating…
Depositors of the collapsed Imperial Bank Ltd (IBL) are facing further delays in receiving their payments as a Mombasa tycoon, Mr. Ashok Doshi, has obtained court orders blocking any payments pending the resolution of his petition. The High Court suspended the payments last week, following a challenge by the Kenya Deposit Insurance Corporation (KDIC), accusing…
Commercial banks and other financial institutions in Uganda have made commitments to provide funding for businesses and projects that promote environmental conservation and renewable energy. These institutions have taken steps to train their staff in assessing projects that support sustainable agriculture, energy efficiency, renewable energy, drip irrigation, clean transportation, and other eco-friendly initiatives. Ms. Virginia…
Safaricom has officially introduced the zero-interest credit service called “Faraja,” which allows customers to purchase goods valued at up to Sh100,000 on credit. Initially, the financial regulator had blocked this service, but now it’s set to shake up the mobile loans market, challenging products like Fuliza, a mobile overdraft service offered on M-Pesa. Faraja enables…
In January 2025, the Financial Action Task Force (FATF), a global anti-money laundering watchdog, is set to review South Africa’s greylisting and assess the effectiveness of measures taken by the public and private sectors to address concerns related to money laundering and financial crimes. Failure to demonstrate a practical and scalable plan could result in…
Kenyan fintech company, Boya Inc, has teamed up with VISA and Diamond Trust Bank – Kenya to introduce a virtual expense card that will facilitate seamless payment and expense management for businesses, all at no cost. Boya’s platform is designed to revolutionize expense tracking and reporting for businesses of all sizes, providing them with unmatched…
Equity Bank Uganda has officially become a platinum member of the Financial Technology Service Providers Association (FITSPA), reaffirming its commitment to delivering inclusive financial services. FITSPA, an independent and non-profit organization, aims to support Uganda’s aspiration to become a leading fintech hub by promoting affordable financial services through innovative information and communication technology, while also…
