FairMoney Business’ Post

Happening tomorrow at 3pm East Africa Time. I would call Kenya "the sleeping giant of open finance." The potential is massive, the timing right, and maybe the appetite is now there? Come listen to industry perspectives on what it might take to make open finance a reality in Kenya.

Exciting news for Kenya's financial sector! 🇰🇪💼 We're thrilled to announce the launch of the Open Finance Initiative (OFI), a groundbreaking collaboration between FSD Kenya, the Kenya Bankers Association, and the Association of Fintechs in Kenya. The OFI aims to revolutionize Kenya's financial landscape by: 💡 Fostering innovation and competition 💵 Enhancing financial inclusion 🚀 Driving growth in the financial services sector Through Open Finance principles, we're working to create a more inclusive, efficient, and customer-centric financial ecosystem. This initiative will enable the sharing of consumer financial data between providers, with consent, to develop better products and services. Key focus areas: 🏪 Researching Open Finance implementation in Kenya 🏭 Identifying potential business models and use cases 🏛️ Developing policy proposals to support implementation We invite all stakeholders in Kenya's financial ecosystem to join us in this transformative journey. Your participation is crucial in shaping the future of financial services in our country. How You Can Contribute: - Participate in research through our stakeholder survey - Engage in roundtable discussions, workshops, and forums - Advocate for regulatory changes to support Open Finance Stay tuned for upcoming research projects, engagement events, and collaboration opportunities. Together, we can advance Kenya's financial services industry and ensure that Open Finance benefits all stakeholders. Let's build a more inclusive and innovative financial future for Kenya! 🚀📈 #OpenFinance #FinancialInclusion #KenyaFinTech #Innovation

Gakenia Siika, an Associate in the Strategy & Operations Consulting Team at PwC Kenya, notes that Kenya’s National Payments Strategy recognizes the importance of digital payments in the nation, aiming to build upon the existing success of the country’s mobile money and digital payments landscape to further enhance financial inclusion. Leveraging digital payment platforms has expanded access to financial services, particularly among underserved groups, with approximately 84% of the population having access to formal financial services and products. Through increased participation in financial activities, Kenya is experiencing heightened economic empowerment, paving the way for sustainable development and prosperity. #PwCInsights #PwCAdvisory

🌟Research Alert 🌟 We're excited to share a thought-provoking study recently published in the Journal of Advance Research in Business, Management and Accounting! 📚 🔍 Title: Effect of Incentive System Management on Employee Performance of Selected Deposit Money Banks in Cross River State, Nigeria. research paper by Agbor Margaret, Cross River University of Technology 💡 This insightful research delves into how effective incentive systems, including pay rises, bonuses, and recognition, can drive employee performance in Nigeria's banking sector. Key Concepts Explored: Incentive Strategies 🎯 Employee Performance 📈 Pay-Rise & Bonus Systems 💰 Recognition & Motivation 🏆 Discover how these management techniques are shaping employee productivity in Cross River State and driving success in deposit money banks! 🌍💼 👉 Read the full study and stay ahead with the latest insights in business management and accounting: https://lnkd.in/g9RQZ5Ys #IncentiveManagement #EmployeePerformance #Nigeria #BusinessResearch #Accounting #BankingSector #PayRise #Recognition #JournalPublication #ResearchInnovation

𝐃𝐚𝐲-𝟒: 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 ...Today's post covers sections 8 & 9 of the ACT, Have a good read🥂 [𝐒𝐄𝐂𝐓𝐈𝐎𝐍 𝟖]- 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐥𝐢𝐜𝐞𝐧𝐜𝐞𝐬 8.(1) A licence issued under this Act shall be issued subject to the terms and conditions that the Bank of Ghana may impose. (2) The terms and conditions of a licence may be stated in the notice of approval of a licence and shall be considered to form part of the licence for purposes of this Act. (3) A licence shall be designated eitheras a banking licence or a specialised deposit-taking institution licence. (4) A specialised deposit-taking institution licence shall be issued to an applicant whose primary activities are limited to deposit-taking business. (5) The name of a specialised deposit-taking institution shall clearly designate which category of specialised deposit-taking institution licence that institution operates under, in accordance with rules prescribed by the Bank of Ghana. (6) For purposes of this Act, the Bank of Ghana shallby notice published in the Gazetteor in at least two daily newspapers of national circulation indicate the designation of a licence issued to a company before the coming into force of this Act. [𝐒𝐄𝐂𝐓𝐈𝐎𝐍 𝟗]-𝐏𝐫𝐞-𝐫𝐞𝐪𝐮𝐢𝐬𝐢𝐭𝐞𝐬 𝐟𝐨𝐫 𝐚 𝐥𝐢𝐜𝐞𝐧𝐜𝐞 9.The Bank of Ghana shall not issue a licence to an applicant unless the Bank of Ghana is satisfied that (a) the feasibility report submitted by the applicant under section 7 is based on sound analysis under reasonable assumptions; (b) the proposed directors and key management personnel of the applicant are fit and proper persons; (c) the significant shareholders are suitable and the ownership structure of the proposed bank or specialised deposit-taking institution will not hinder effective supervision, including supervision on a consolidated basis; (d) the paid-up capital of the applicant is adequate and the original sources of capital are acceptable and do not include borrowed funds; (e) the arrangements for governance, including accounting, risk management, and internal control systems and records of the applicant are adequate; (f) the applicant is not a shell company; and (g) the applicant has complied with this Act, the Regulations, directives, and other legally-binding instruments made under this Act and any conditions that the Bank of Ghana may impose. #bankregulation #banklaws #readingdaily

During the past few months I have had a wonderful opportunity to work with think tanks from Cenfri delving into a feasibility assessment on “Zambia’s readiness to Open Finance”. Last week the team from Cenfri shared their findings on #openfinance. Here are some of the key take aways for me: 1. As a country we must develop tailored National API’s and Data Standards. 2. To participate in open finance consumers have to be formally included (digitization is key here). Considerations such as government datasets should be taken into account in the expansion stage to drive financial inclusion. 3. Understanding of consumer rights is key. consumers must consent to having their data shared hence the need for an ID system to correctly identify consumers. 4. As a country we are already in the process of implementing eKYC and a National ID. While eKYC doesn’t need the backing of a national ID it is vital that eKYC and INRIS are pushed together. Thank you team Cenfri and Bank of Zambia for the valuable insights. A special thanks to Jeremy Gray and Amina Khan.

Open Finance has the potential to transform financial services by empowering consumers to take control of their data and creating a level playing field for fintechs. However, its implementation must account for local realities as global standards often don’t align with Africa’s unique contexts. At Cenfri, in partnership with the William and Flora Hewlett Foundation and Smart Africa, we've had the privilege of working with the National Bank of Rwanda (NBR) and the Bank of Zambia over the last two years. Through detailed open finance feasibility assessments and tailored implementation strategies, we've gained invaluable insights into the unique challenges and opportunities within Africa's financial ecosystem. We’re excited to share our synthesis note, which captures key lessons from Rwanda and Zambia and offers guidance for decision-makers across the continent. This is just the beginning—version 1 of what we hope will be an evolving set of insights to shape open finance across Africa: https://lnkd.in/d827XESh

ECAP Finance offers premier financial solutions tailored for you. Sub-Saharan Africa can be a complex and challenging environment to do business. We work with our clients to identify and harness the continent's opportunities. ECAP Finance with support from its UK affiliated and international consulting partners assists its clients to derisk their investments, while enabling them to have the confidence to fully leverage viable commercial opportunities. Following the rise of US interest rates, that has led to increased scarcity of US dollars in Africa, coupled with the ongoing conflicts in parts of the world, many African financial institutions and entrepreneurs have found themselves facing a severe dollar liquidity problem. Traditional sources of dollar supply such as trade flows or FDI are not sufficient to meet bank client needs, as governments and central banks prioritise and allocate scarce dollars to key strategic items, such as food, fuel and even US dollar denominated debt before other commercial interests. The Corporate Funding Solution We are happy to present a funding option/ solution to banks alongside their corporate clients, that are looking for short-term (360days) US dollar liquidity (rollable), with tranches available from US$20Mn to US$200Mn. • Our financiers target are solid bank credits who are looking to continue supporting their customers with hard currency liquidity during these difficult times. • The target cohort are African based banks alongside their corporate clients with relatively strong balance sheets, that support significant international trade or commercial businesses, who require short term US dollar funding to support their business activities. These banks would be looking for alternative sources of US dollars that will not impact their existing sources nor their balance sheet. Get in Touch +260 977 834 864 | 977 285 880 #ECAPFinance #Reliablycontributingtotheglobalfinancialsector

Attention finance professionals! 📊 We know the challenges you face daily. From managing cash flow to ensuring compliance & increasing efficiency, the demands are endless. Payable Africa is here to streamline your processes and lighten the load. Book a free demo today - https://lnkd.in/dGbhqfST #FinanceDepartment #PayableAfrica #FinancialSolutions

Part 1 of my research paper: The Role of Consumer Finance in Advancing Financial Inclusion in Egypt. PD: Financial inclusion is essential for economic development and social welfare. In Egypt 2021, less than 5% of the population has access to credit facilities, highlighting the significant challenges in achieving financial inclusion. Expanding access to financial services for individuals traditionally excluded from the formal financial system is crucial for promoting economic well-being. Consumer finance companies have become a vital force in providing non-banking financial services to underserved populations. Over the past six years, installment applications have rapidly gained popularity, making it easier for people to access products and services. These companies have bypassed the long procedures typically associated with banks, offering diverse financial solutions through electronic platforms—an approach that has grown due to weak purchasing power and rising inflation. By December 2021, more than 25 companies joined the Egyptian Federation of Consumer Finance Entities, obtaining licenses from the Financial Regulatory Authority (FRA). These companies, including 14 consumer finance companies and 13 service providers, have played a crucial role in enhancing financial inclusion by targeting underserved customers and offering products that improve their financial well-being. While banks used to dominate installment services, consumer finance companies such as Valu, Contact, and blnk have now taken the lead. These companies have revolutionized credit access with more flexible, innovative solutions, simplifying the process for a larger portion of the population. The results are clear: in 2021, the total value of consumer financing granted amounted to around EGP 17 billion (USD 551 million). In 2022, the sector saw impressive growth, with the total value of consumer financing reaching EGP 29.8 billion (USD 965 million), marking a 75.3% increase from the previous year. This strong performance continued into 2023, with consumer financing in Egypt jumping by 60% year-on-year, reaching EGP 47.3 billion, according to the Financial Regulatory Authority. Additionally, the number of consumer finance companies increased to 45, serving approximately 7.8 million customers. #FinancialInclusion #ConsumerFinance #EgyptEconomy #Fintech #FinancialServices #InclusiveFinance #InstallmentPlans #DigitalFinance