IFC and IFC Financial Institutions Growth Fund invest in payments provider Adumo

SOUTH AFRICA – The International Finance Corporation (IFC), a member of the World Bank Group and the IFC Financial Institutions Growth Fund, have invested in Adumo, South Africa’s largest independent payment provider with a presence in 13 African countries. The investment consists of up to US$15 million in preferred shares to fund the growth of the company. The investment will support Adumo to make digital payment systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. “Through this investment in Adumo, we will…

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KCB Bank and Huawei partner to unveil new mobile banking product, Vooma

KENYA – Kenya Commercial Bank (KCB) is set to officially launch its Vooma loan product, a platform it developed jointly with Chinese telco giant Huawei. Vooma, a Swahili word for speed, a payments and settlements platform, is expected to be launched in March 2020. East Africa’s biggest bank by assets pulled the plug on its Mobiloan product on 23rd December 2020 and  replaced it with Vooma, which has since been on a test run ahead of its launch. “The platform is owned as a revenue share between us and Huawei.…

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AfDB approves US$2.33m grant to support the modernization of e-payments infrastructure in Ethiopia

ETHIOPIA – The Board of Directors of the African Development Bank (AfDB) has approved a grant of US$2.33 million to EthSwitch Share Company, an initiative led by National Bank of Ethiopia, for the modernization of its payments infrastructure. The grant is resourced from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a pan African initiative that aims to facilitate digital financial inclusion for an estimated 332 million unbanked population across the African continent, 60% of whom are women. The African Development Bank believes that provision of interoperable…

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Real estate agent SODIC partners with AAIB to launch e-payment solutions

EGYPT – SODIC, a real estate agent, has signed a partnership agreement with the Arab African International Bank (AAIB) to provide its clients with e-payments solutions accessed through the developer’s website. The agreement entails that the AAIB provides a payment gateway that allows clients an e-payment option for their home installments and any other payments against services or products offered by SODIC, ensuring a convenient, safe and secure payment alternative. “The partnership comes as part of SODIC’s digital transformation plans where we are moving towards digitising all internal and customer…

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