Top fintech stories this week – 4 August 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Africa
Barclays Africa looks for innovation heads-up with nine start-ups
Barclays Africa will collaborate with nine firms to explore new technology-based solutions to improve its banking services. The nifty nine are not just fintech but include Abe.ai and Kapitalwise from the US; FOMO Group and Byte Money from South Africa; and FlexPay, Spatialedge, Sun Exchange and Avenews-GT. Details below if you want the full show. […]
Absa gets real with virtual investor launch
South African heavyweight Absa Bank has unveiled its own artificial intelligence (AI)-powered online investment platform, Virtual Investor. The self-service platform uses AI and computer algorithms to recommend a product for customers based on their financial attitudes to risk. Armien Tyer, head of Absa Investments, says: “Individuals can either invest a once-off lump sum amount or […]
Abu Dhabi and Kenya form fintech bridge
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Capital Markets Authority (CMA) Kenya have signed a co-operation agreement for fintech innovation. The agreement provides a framework for information sharing; and keeping abreast of regulatory and relevant economic or commercial developments in the respective markets. They will also support fintech […]
New core banking system for Nigeria’s microfinance banks
Inlaks, a banking software provider in Nigeria and West Africa, has built a core banking solution together with the Central Bank of Nigeria (CBN) for the country’s microfinance sector.
Absa targets African millennials with Hello Soda partnership
Absa Bank, a subsidiary of Barclays Africa, has partnered with multilingual text analytics and big data firm, Hello Soda, as it looks to tap into the millennial market. The bank says it wants to make sense of unstructured social data to better understand its consumer base. According to Absa, Hello Soda provides new ways for […]
Oromia International Bank moves into Islamic banking, selects new core system
Ethiopia-based Oromia International Bank (OIB) has opted for the ICS Banks core banking system, supplied by ICS Financial Systems (ICSFS), to underpin OIB’s Islamic banking operations.
EBank deploys Fiorano enterprise service bus
EBank, a new bank in Namibia, has implemented Fiorano ESB, an enterprise service bus to “seamlessly integrate” the bank’s core processing software – Temenos T24 – with other third-party systems and channels, with a major focus on digital banking.
Mastercard launches competition for African financial inclusion
The Mastercard Foundation Fund for Rural Prosperity (FRP) has launched a new competition to find financial products and services that improve the lives of poor people in rural areas of Africa. The 2017 competition will follow a rolling format and will be open throughout the year with applications submitted and evaluated periodically. The first submission […]
Ghana’s Premium Bank opts for NetGuardians’ anti-fraud solution
Ghana-based Premium Bank has selected NetGuardians’ anti-fraud solution FraudGuardian. FraudGuardian uses a “patented big data model to correlate and analyse human behaviours across the entire bank system including eBanking, service channels, IT systems and financial transactions”. The firm says it can help banks prevent fraud in a proactive manner. FraudGuardian will integrate with the Temenos […]
Path Solutions scores first core banking system deal in Morocco
Crédit du Maroc (CDM), a Morocco-based subsidiary of the Crédit Agricole group, has signed for Path Solutions’ iMAL core banking system to support its newly launched participative banking window.
InvestCloud wins deal with South African wealth manager
US-based InvestCloud has a spring(bok) in its step as it has been appointed by South Africa’s Anchor Private Clients to provide digital client communication and client reporting solutions. Johannesburg-headquartered Anchor Private Clients, the private client division of Anchor Group, specialises in investment management and advice for private clients across South Africa and internationally. Its parent […]
ICSFS signs National Bank of Yemen for ICS Banks core system, goes live at BOND Savings and Loans
ICS Financial Systems (ICSFS) has signed a core banking software deal with National Bank of Yemen, and has gone live at BOND Savings and Loans in Ghana.
Trio triumph in Innotribe’s African start-up challenge
Innotribe, Swift’s innovation arm, has revealed the three winners of its third 2017 Startup Challenge for Africa in Abidjan, Ivory Coast. Each start-up receives a €10,000 cash prize and will share their insights about innovation in Africa at Sibos in Toronto. The trio are: IroFit Technologies – offers small businesses processing for in-store mobile/card payments […]
Mobile money could make Africa the new boss
Samsung Pay has officially launched in the UK, continuing the evolution of the digital economy, but does this technology have the potential to disrupt the global pecking order?
South Africa’s Mercantile Bank goes omnichannel with TCS Bancs Digital
South Africa-based Mercantile Bank has implemented a new digital channels platform, TCS Bancs Digital, supplied by TCS Financial Solutions.
Middle East and Africa the world’s fastest growing payment cards region
The Middle East and Africa (MEA) is the payment cards region increasing the quickest across the globe, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021, the number of cards in issue in MEA increased by 13% to 611 million in 2015, making it the […]
Innotribe unveils ten start-ups for Africa challenge
Innotribe, Swift’s innovation arm, has named the ten firms who will compete in its Start-up Challenge Africa. The start-ups will pitch their products in Abidjan, Ivory Coast, on 17 May 2017 during Swift’s African Regional Conference. Innotribe evaluated close to 100 applications received for the third edition of the Startup Challenge in Africa. The applications […]
HF Group live with new core banking system, Intrasoft’s Profits
Kenya-based mortgage lender Housing Finance (HF Group) has gone live with a new core banking system, Profits, supplied by Intrasoft International.
2017: South Africa – blockchain fizzle or sizzle?
While the maturity of blockchain discussions and advances are at different stages of development around the world, blockchain is said to be at the height of the Gartner hype cycle. This implies that 2017 will be the year where disillusionment with the technology begins. However, 2017 may also see some real breakthroughs with its application and the emergence of pockets of the first concrete results.
Central Bank of Lesotho overhauls tech with Intellect Design Arena
The Central Bank of Lesotho has gone live on Intellect Design Arena’s Quantum Central Banking Solution (QCBS). According to India-based Intellect, the “key highlight was an accelerated implementation with zero errors during migration despite complex integration with multiple external interfaces”. Mothetsi Sekoati, head of business solution at Central Bank of Lesotho, says the project is […]
The Monday mindset: 10 April 2017
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Banking Technology’s deputy editor Antony Peyton briefly reflects on last week’s visit to Morocco for HPS Worldwide’s PowerCARD Users Meeting 2017. At […]
HPS Worldwide’s PowerCARD 2017: no fintech firm is an island
Morocco-based payments firm HPS Worldwide is setting its sights on growth through the use of APIs and extensive collaboration with start-ups. At its PowerCARD Users Meeting 2017, held 5-7 April, in the lively city of Marrakesh – about 400 people from over 50 countries listened to presentations from the company and its partners. The message […]
NLS and KCB Bank in court over tech use
Kenya-based banking tech provider and integrator NLS Banking Solutions is seeking an injunction against Kenya Commercial Bank (KCB) for software infringement rights.
Nedbank overhauls commercial lending with Misys tech
Nedbank, one of South Africa’s largest banks, is implementing a new syndicated lending system, Fusionbanking Loan IQ, supplied by Misys.
Commercial Bank of Africa goes Loop-y for millennial entrepreneurs
Kenya-based Commercial Bank of Africa (CBA) has unveiled its mobile-based banking service as it targets millennial entrepreneurs. The new service, created in collaboration with software provider Strands, is called CBA Loop and core banking services will be available on the mobile phone app. Users can manage their personal finances, send money, schedule utility bills payments, […]
Housing Bank Algeria in tech revamp with Infosys Finacle
Housing Bank Algeria, a subsidiary of Jordan-based Housing Bank for Trade and Finance (HBTF), is modernising its front-to-back office technology with Infosys Finacle.
Mfinance concludes integration platform tender
Kenya-based banking tech provider and integrator NLS Banking Solutions has won the bid to supply an integration platform to Madison Finance Company (Mfinance) in Zambia.
Guaranty Trust Bank extends ICS Banks core system roll-out to Tanzania
Guaranty Trust Bank (GTBank), a Nigeria-based bank operating across multiple countries in Africa, has extended the roll-out of its core banking system, ICS Banks, to Tanzania. The solution is supplied by ICS Financial Systems (ICSFS).
Kenya Bankers Association unveils real-time interbank switch
Kenya Bankers Association (KBA) has launched its real-time interbank switch, PesaLink, and kicked off a phased rollout of the digital payments platform. The product has been in the making since 2013, when KBA member banks decided to create their own industrywide switch to rival the M-Pesa services. KBA vice-chairman John Gachora says PesaLink is “proof […]
2017: the year fintech shifts its focus to Africa
Africa is becoming a very interesting fintech innovation hub (in particular South Africa, Nigeria and Egypt). As much as 80% of the continent is unbanked, opening the door to a breadth of opportunities for fintech companies to seize market share.
Innotribe start-up challenge returns to Africa
Swift Innotribe’s “Start-up Challenge for Africa” is open for applications. For the third year running, the challenge will be part of Swift’s African Regional Conference (ARC) held in Abidjan, Ivory Coast, from 16-18 May 2017. ARC typically attracts up to 500 delegates from around 40 countries, according to Swift. It offers the usual mix of […]
Ecobank launches fintech challenge for start-ups
Pan-African banking conglomerate Ecobank has launched a fintech challenge for start-ups. The event, open to Africa’s entrepreneurs, innovators and developers, provides an opportunity to win $500,000 in funding as well as partner with Ecobank and roll out services across 36 countries.
New digital bank, SunTrust, runs on ICS Banks core platform
SunTrust Bank in Nigeria has renewed the contract with banking software vendor ICS Financial Systems (ICSFS) for its ICS Banks core banking system.
Centenary Bank live with new core banking system, Profits
Centenary Bank in Uganda has gone live with a new core banking platform, Profits, supplied by Intrasoft International.
NetGuardians signs fintech deal with Keystone Bank
Nigeria-based Keystone Bank has selected the FraudGuardian solution from NetGuardians for protection from online banking fraud.
ICSFS gains new core banking client in Ghana, BOND Savings and Loans
BOND Savings and Loans, a Ghana-based financial services company, has selected new core banking software provider and system as it is aiming to become a fully-fledged bank in 2017. ICS Financial Systems (ICSFS) has won the contract to supply its flagship ICS Banks system to BOND.
People’s Bank of Zanzibar to overhaul core banking tech with ICS Banks
People’s Bank of Zanzibar (PBZ), a state-owned bank in Tanzania, has concluded its core banking system selection. The bank has signed a deal with ICS Financial Systems (ICSFS) to implement the vendor’s ICS Banks platform.
Beige Capital in Temenos T24 core banking revamp
Ghana-based Beige Capital Savings and Loans (BCSL) is in the final stages of rolling out Temenos’ T24 core banking system. The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new technology centre in Accra. During that same period consultants from Temenos and London-based systems integrator Jethro were […]
Fintech funding round-up: 13 December 2016
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
