Fintech, remittances anchor Africa's booming payments system

The Somali Instant Payment System is backed by the Central Bank and operates on Banking Payments Commerce's SmartVista platform.

An economic outlook published by Mastercard has highlighted digital adoption and advances made by the East African country, which are helping to support strong economic growth.

As criminals adopt more sophisticated methods, businesses should adopt advanced technologies that can help alleviate these threats.

The telco says M-PESA is now available in over 170 countries and serves over 70 million customers.

Sustainability is more than a goal, it becomes a catalyst for economic growth and long-term opportunity across Africa.

AI, particularly generative AI, can automate much of the tedious work of accounting. It can replace monthly closes with continuous accounting.

Kenyan financial institutions must continue adopting innovative communication strategies to effectively engage their growing tech-savvy customer base.

Canalys says the continent will face economic headwinds in 2025, leading to a shrinkage in the smartphone market.

Fund will focus primarily on companies in digital infrastructure, financial services and technology, and tech-enabled service sectors including education, training and healthcare.

The company asserts that by eliminating the need for costly on-premises infrastructure, it can provide a more agile, secure, and scalable solution.

Already leading the world in the field of mobile money, Visa says there is great potential for digital payments and cryptocurrencies in Africa.