Africa quick to take to digital currencies Kenya, SA and Nigeria are among the top 10 crypto-adopting nations in the world 21 April 2021 - 18:10 Catherine Tinavapi Picture: 123RF/DIMARIK16
Economies in sub-Saharan Africa are developing digital financial services. In the larger markets, regulators have taken policy and regulatory measures to support financial institutions’ digital transformation.
While emphasising the importance of robust cybersecurity and consumer protection measures, the global pandemic has generated a strong appreciation for the digital economy. With it comes the expectation that the digital economy will bring growth. Of the emerging and new technological developments, there are a few we believe are most likely to bring growth to regional capital markets.
The Next Wave: Moving fintech in one direction
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Google s media innovation fund, Open Banking in Nigeria, Angolan crowdfunding startup, Deya s pre-seed
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Panel tasks CBN on open banking regulation - National Accord Newspaper
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Editor’s note [14th January at 9:30pm WAT]: Original headline edited to accurately capture what the NIBSS figures represent – a spike in e-transactions, as opposed to cashless transactions (which are difficult to track).
In 2020, the coronavirus pandemic disrupted several business and social activities. Though electronic transactions took a hit when the Nigerian government implemented a lockdown, they rebounded almost immediately with electronic transactions reaching an all-time high in December 2020.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), in 2020, Nigerian merchants and mobile money operators processed over 655 million point of sale (POS) transactions valued at ₦4.7 trillion ($13 billion). This number presents a 50% increase from 2019.