Fredrick K Mwanza’s Post

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

What will it take to grow and scale embedded finance in Africa? Embedded finance is reshaping payments in Africa, but scaling it won’t be easy. Businesses need reliable and secure solutions that match Africa’s unique needs, like regional currencies and payment preferences. Trust is also a hurdle—people still rely on traditional banks, so digital services must build credibility. And affordability is crucial; SMEs can’t afford costly tech solutions. For embedded finance to thrive, all players—banks, fintechs, and regulators—must collaborate to create scalable, trustworthy, and affordable solutions that work for everyone. https://okt.to/v1A0cJ

GTR East Africa 2024 Nairobi On May 21-22nd, The Access Bank UK Ltd attended the GTR East Africa 2024 conference held in Nairobi, Kenya. The Bank was represented by Julie Soyinka-Sonuga, Deputy Head of Commercial Banking and Desiree Cline-Thomas, Deputy Head of Trade Finance. The Bank has a rich history of engagement and sponsorship with GTR events globally, underscoring its dedication to supporting trade finance across emerging markets. This year’s participation in GTR East Africa 2024 marks another milestone in this enduring partnership. The premier event featured over 50 senior speakers from various sectors and brought together key players in the trade finance industry, providing a platform for insightful discussions, networking, and strategic partnerships. GTR East Africa is renowned for being one of the most significant trade finance events in the region. Organised by Global Trade Review (GTR), the conference serves as a vital platform for businesses, financiers, and policymakers to discuss the latest trends, challenges, and opportunities in East Africa's trade finance landscape. The conference highlighted six major topics that are crucial for the future of trade finance in East Africa: maximising hard currency liquidity, boosting food security, alternative infrastructure financing sources, digital supply chain finance, industry outlook: energy sector and climate financing opportunities. The Access Bank UK Ltd representatives in attendance gained valuable insights from these discussions, which will be instrumental in shaping the Bank's future initiatives and strategies to better serve its clients and support sustainable economic growth in the region.

DEMICA Technology Opens New Doors to Supply Chain Finance in Nigeri Maurice Benisty, Demica’s Chief Commercial Officer, said: “We’re thrilled our technology is helping drive forward the expansion of supply chain finance in Nigeria, in partnership with Afreximbank and Sterling Bank. Right across Africa there is huge unmet demand for this type of finance to meet fast-changing requirements for working capital and liquidity, especially in the SME sector. This payables finance solution is going to assist the growth of trade in and from Africa, and further demonstrates the value that these solutions bring to the real economy.” https://lnkd.in/gR6bdnF8 Gwen Mwaba #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

II. World Bank Financing Program - During the week, World Bank launched its financing program for Kenya which is set to be executed in three tranches over the next three fiscal years - The program dubbed 'Kenya Fiscal Sustainability and Resilient Growth Development Policy Operation' is set to release USD 1.2bn in the first tranche - The amount is comprised of USD 850.0mn credit from International Bank for Reconstruction and Development (IBRD) and USD 350mn from International Development Association (IDA), of which USD 50mn is a grant -The main objectives of the funding are;      i. Promoting efficiency, transparency, and equity of public finance,      ii. Fostering more competitive and inclusive product and labor markets, and,     iii. Strengthening climate action In addition, some of the reforms tied to the DPO for the three years include; 1. Reducing salaries & renumeration as a percentage of total revenue to 35% in 2027, from 47% in 2023, 2. Getting at least five enterprises benefitting from competition reforms and enforcement in digital markets, that invested in Kenya’s ICT sector 3.  Increasing the revenue generated from E-Commerce to USD 5.7bn, from USD 3.6bn in 2023 4. Having all the Ministries, Departments and Agencies’ public procurement annual budget processed through the e-Government Procurement system 5. Raising the share of inter-county trade as a percentage of total VAT to 49%, from the current 46%

Kenya Embedded Finance Business and Investment Databook 2024: A $1.45 Billion Market by 2029 – 75+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments – ResearchAndMarkets.com #IndustryFinance

The #CBUAE to participate in #ProjectAperta - an initiative launched by the Bank for International Settlements (#BIS) aimed at reducing frictions and costs in global finance by enabling seamless cross-border data portability. The CBUAE's participation will add further impetus to the open finance agenda in the UAE, driving efficiency and connectivity. #OpenFinance

💵 Open Finance is about financial inclusion, allowing unprecedented access to financial products and services especially for those who have been historically excluded from the banking system. IFC - International Finance Corporation continues to work with financial institutions on open finance initiatives as part of their roadmap towards greater financial inclusion. In the Philippines, the IFC team just finished a series of intensive workshops on Open Finance, as part of our advisory project with the Bangko Sentral ng Pilipinas. ➡ The first workshop, on Strategic Business and Monetization Models had participants discussing business models that would work in an Open Finance system. They also had a chance to listen to best practices from other countries. ➡ The second workshop provided participants with a deeper understanding of the practical applications and effective governance structures related to Open Finance. The event was attended by industry leaders like Lito Villanueva, EVP and Chief Innovation & Inclusion Officer of Rizal Commercial Banking Corporation and Founding Chairman of the Fintech Alliance, Gus Poston Co-Founder of Netbank, Todd Schweitzer, CEO of Brankas, and other senior executives. This project is supported by the Government of Japan through the Comprehensive Japan-IFC Trust Fund. 🔗 Read more about Open Finance PH: https://lnkd.in/dMqNEY3c

What will it take to grow and scale embedded finance in Africa? To scale embedded finance in Africa, key challenges such as reliability, trust, affordability, and security must be addressed. Despite growth driven by mobile penetration and digital economies, expanding these services requires businesses and providers to offer reliable, tailored solutions. Trust between digital services and consumers, especially in a region where physical banks dominate, remains a barrier. Collaboration between banks, fintechs, and regulatory bodies is essential. Solutions must be secure, cost-effective, and scalable to realize embedded finance’s potential in transforming commerce and driving financial inclusion across Africa. https://okt.to/hZPUvV

Proper prior planning prevents poor performance. If there's a quote every business owner should have up in their office, it is that one! We have reached the end of the 'Financial Tips' series, and to end it off, we will look at practical strategies for financial decision-making. For a small business, every financial decision you make impacts your business's growth and stability, especially in an economy that changes as quickly as South Africa's. Here are some actionable strategies to boost your ability to make sound financial decisions: 📲 Adopt Digital Solutions:  Using digital banking and payment services not only streamlines transactions but also enhances record-keeping and lowers fraud risks. 🏦 Explore Formal Financial Services:   They're not just for the big guys. Formal financial services open new doors and minimise risks. 💳 Good Debt vs. Bad Debt:  Learn the difference. Good debt can help grow your business, while bad debt can drag you down. 📊 Think Long-Term:  Don't be put off by upfront costs. Investments in accounting software or payment systems can elevate sales and reduce costs over time. 📚 Prioritise Financial Literacy:  Knowing your financial status and options will guide you towards making decisions that support your business goals. As we've covered cash flow management, tax compliance, budgeting, financing options, and now decision-making strategies, the aim has always been to arm you with knowledge for financial success. For more insights and personalised advice, Count and Account Financial Services (Pty) Ltd is ready to support your business’s journey. Reach out to me to get started. #FinancialLiteracy #SME #SouthAfrica #Growth #CountAndAccount