Verto wins $1M Milken-Motsepe FinTech Prize.
UK-based Verto has secured the $1 million Grand Prize in the Milken Institute - Motsepe Foundation Prize in FinTech for its cross-border B2B payments platform, emerging from a pool of 400 global applicants. The platform, which supports 49 currencies and removes intermediary fees for emerging market SMEs, was recognized for its scalable, inclusive innovation at the 2025 Milken Institute Global Conference. The award is part of a broader $2 million prize designed to expand access to capital in underserved markets.
This FinTech award marks the third in the Milken–Motsepe Innovation Prize Program, which has now disbursed over $6 million to 50+ startups and facilitated 10x more in follow-on investments. With over 3,000 applicants from 126 countries, finalists like Kenya’s Chumz and Ghana’s Oze highlighted Africa’s rising FinTech impact. The program also launched a new $2 million prize targeting AI-powered manufacturing innovations in Africa, with a $1 million Grand Prize aimed at supply chain resilience, job creation, and advanced tech adoption. Applications close July 31, 2025.
IFC backs $75m African private credit fund to support distressed SMEs
The International Finance Corporation (IFC) and TLG Capital have launched the TLG Africa Growth Impact Fund II (AGIF II), securing $75 million in first-close funding to support distressed but viable small and medium-sized enterprises (SMEs) across Africa. Anchored by IFC’s Distressed Asset Recovery Program (DARP) with a $20 million commitment, the fund is backed by Swedfund, Norfund, Bpifrance, and the UK’s FCDO under its Manufacturing Africa initiative.
AGIF II will partner with African banks to finance up to 20 SMEs facing loan stress, offering flexible local capital to help them withstand economic shocks. Targeted sectors include healthcare, agriculture, manufacturing, and telecoms. Advisory support from McKinsey and BDO aims to complement financing with strategic turnaround expertise.
This initiative reflects growing efforts to blend impact investing with economic recovery strategies. It aims to promote gender equality, local ownership, and job creation in Africa’s least developed countries, demonstrating that social impact and strong returns can align. Since 2007, IFC’s DARP has helped resolve $46 billion in bad loans and supported over 21 million debtors globally.
#IFC #TLGCapital #AfricaSMEs #ImpactInvesting #PrivateCredit #ManufacturingAfrica #InclusiveGrowth #DevelopmentFinance #AfricaEconomy #DebtRecovery #SMEFunding
Ramp and Stripe launch world’s first stablecoin-backed corporate cards for global spend
U.S.-based fintech Ramp is partnering with Stripe to launch the first stablecoin-backed corporate cards with integrated spend management software, aimed at transforming global business transactions. The new offering allows companies to fund wallets with local currency or stablecoins, transact in local fiat, and shield funds against currency devaluation—cutting settlement time and cross-border fees dramatically.
Ramp and Stripe target global businesses hampered by delayed payments, costly currency conversion, and complex card issuance across jurisdictions. With the new solution, users access fast, low-cost transactions and automation tools in one platform, removing friction in managing global finances. The stablecoin wallet holds dollar-equivalent value, allowing users to bypass volatile currencies like Argentina’s peso, which has lost nearly 50% of its value since 2023.
Starting in Latin America, the rollout will expand to Africa, Asia, and Europe, enabling enterprises in emerging markets to issue Ramp cards and use Ramp’s automation tools. This move positions stablecoins at the center of corporate finance innovation and aims to close the financial access gap for global SMBs.
#Stablecoins #RampFinance #Stripe #GlobalCommerce #CrossBorderPayments #Web3Finance #FinTechInnovation #CorporateCards #FinancialInclusion #EmergingMarkets
Afreximbank launches $1B Africa Film Fund to back global storytelling from the continent
African Export-Import Bank (Afreximbank) , through its investment arm FEDA, has unveiled the Africa Film Fund, a groundbreaking $1 billion initiative aimed at scaling African film production and boosting global cultural influence. Designed to attract patient capital, the fund will support filmmakers across Africa to create high-quality films and TV series with international appeal, addressing chronic gaps in production infrastructure, financing, and distribution.
Africa’s film and audiovisual industry currently generates $5 billion annually and employs over five million people. Yet access to equipment, digital platforms, and cinema screens remains limited. The Africa Film Fund will counter these constraints by unlocking long-term financing and fostering global market access. Afreximbank President Prof. Benedict Oramah said the fund aligns with CANEX’s goal of catalyzing Africa’s creative economy for broader economic growth, while FEDA CEO Marlene Ngoyi emphasized the fund’s role in building an inclusive creative ecosystem.
Actors Viola Davis and Boris Kodjoe endorsed the fund as a vital enabler of authentic African storytelling for global audiences. The initiative positions culture as a strategic economic asset and comes at a time when African narratives are gaining prominence. By investing in both content creation and distribution, the fund marks a pivotal shift in empowering Africa’s creative sector as a driver of trade, employment, and influence.
#AfricaFilmFund #CreativeEconomy #CANEX #Afreximbank #FEDA #CulturalFinance #AfricanStorytelling #FilmInvestment #GlobalAfrica #CreativeCapital
QNB becomes first Middle East & Africa bank to launch branch in India’s GIFT City
QATAR NATIONAL BANK (QNB), the largest financial institution in the Middle East and Africa, has opened a new branch in GIFT City, Gujarat—India’s premier international financial centre and special economic zone. This move makes QNB the first bank from the MEA region to establish operations in the zone, signalling a strategic push to support India’s growing demand for global wholesale banking services.
The new branch expands QNB’s product offerings with multi-currency capabilities, enabling it to serve both onshore and offshore clients in India with a focus on structured trade, working capital, and foreign currency funding. It builds on the bank’s existing India presence, which began in 2017, and strengthens QNB’s reach across 28 markets in three continents. Executives highlighted India’s improving asset quality, $650 billion in forex reserves, and growing role in global supply chains as key factors in the bank’s decision.
This expansion reinforces QNB’s intent to align with India’s economic trajectory, positioning itself as a key cross-border banking partner for Indian corporates. As India's GIFT City gains momentum as a financial hub, QNB’s early move may grant it a competitive edge in regional and global financial integration.
#QNBIndia #GIFTCity #WholesaleBanking #MEAExpansion #CrossBorderFinance #GlobalBanking #IndiaFinanceHub #StructuredTrade #QatarNationalBank #InternationalBanking #ForeignCurrencyLoans
Shortlist of nominees announced for the African Banker Awards 2025.
The African Banker Awards 2025 has unveiled its shortlist of nominees ahead of the annual ceremony set for May 28 in Abidjan, Côte d’Ivoire, during the African Development Bank (AfDB) Annual Meetings. Organised by African Banker Magazine and IC Events , the awards honour innovation, leadership, and excellence in African banking, with platinum sponsorship from the African Guarantee Fund and cocktail sponsorship from ATIDI.
This year’s nominations reflect a growing focus on SME financing, sustainable banking, and fintech innovation, with notable entries from Kenya Commercial Bank, CRDB Bank, Trade and Development Bank Group, and a standout in fintechs like 4G Capital and Oze. Two women – Mukwandi Chibesakunda of Zanaco and Patricia Ojangole of Uganda Development Bank – are nominated for Banker of the Year, underscoring women's rising leadership in finance. Transformational transactions like the $1.9B Kano-Maradi railway and $13B Ghana Eurobond restructuring feature prominently among deal categories.
Awards chair Ben yedder Omar noted strong performance from African banks amid macroeconomic headwinds and currency volatility, while calling for larger institutions to support continental growth. The gala will spotlight financial players shaping Africa’s economic future through digital transformation, sustainability, and inclusive banking.
#AfricanBankerAwards #Abidjan2025 #SMEBanking #FintechAfrica #InclusiveFinance #BankingLeadership #FinancialDeals #WomenInBanking #AfricanDevelopmentBank #SustainableFinance
African startup funding rebounds with $343M in April, driven by healthtech and fintech megadeals
Venture capital activity across Africa surged in April 2025, with startups raising $343 million—marking a 586% increase from March and a 357% rise year-on-year. This makes April the second-best month on record after April 2022, according to data from Africa: The Big Deal. Despite a lower number of deals (39 startups raising above $100,000), the funding rebound suggests a cautious but strengthening investor confidence, with preference towards mature ventures.
South Africa led the resurgence, buoyed by Pretoria-based healthtech hearX, which sealed a $100 million cross-border merger with U.S. firm Eargo, the continent’s first megadeal of the year. Egypt followed closely, where Islamic fintech Bokra raised $59 million via sukuk to boost SME financing. Another South African startup, Stitch, secured $55 million to expand its payments infrastructure—further signalling a shift in investor appetite toward fintech and healthtech resilience.
The $803 million raised year-to-date represents a 43% increase over the same period in 2024, spread across 163 startups and backed by 225 unique investors. While Kenya and Nigeria were notably absent from April’s top deals, the funding breadth suggests a maturing ecosystem beyond traditional hubs. Momentum in Q2 could mark the onset of a stronger, more stable recovery for African startups.
#AfricanStartups #VentureFundingAfrica #FintechAfrica #HealthtechInnovation #EmergingMarkets #StartupEcosystem #InvestmentTrends #AfricaTech2025 #hearX #StitchPay #BokraFintech
dLocal and PayPal expand partnership to unlock over 40 emerging markets
dLocal has announced a strategic expansion of its partnership with PayPal ’s Enterprise Payments (formerly Braintree), enabling businesses to accept and process local payment methods in more than 40 new emerging markets without setting up local entities. This move allows PayPal merchants to tap into high-growth regions across Latin America, EMEA, and APAC, using dLocal’s single-platform infrastructure to handle both B2B and B2C transactions seamlessly.
The collaboration streamlines market entry for global firms by integrating local payments with minimal engineering effort, boosting approval rates through domestic card processing and simplifying international operations. Businesses can now manage global and local payments from a single dashboard, reducing complexity while expanding reach. Stored cards and existing infrastructure with PayPal will remain compatible, lowering the cost of expansion and time to market.
This partnership highlights growing momentum in cross-border fintech collaboration, targeting underserved but high-potential economies. By eliminating traditional market barriers, dLocal and PayPal aim to accelerate global commerce while enhancing financial access across emerging regions.
#CrossBorderPayments #FintechPartnerships #EmergingMarkets #GlobalCommerce #PayPal #dLocal #DigitalPayments #FinancialInclusion #B2BPayments #LocalProcessing
Trump tariffs muddy Fed outlook as rate held at 4.3% amid rising inflation and job risk.
The U.S. Federal Reserve kept its benchmark interest rate steady at 4.3% for a third consecutive meeting, maintaining a cautious stance amid growing economic volatility triggered by sweeping tariffs introduced by former President Donald Trump. While investors had anticipated two to three rate cuts in 2025, the tariffs—especially the 145% blanket duty on Chinese imports—are complicating the Fed’s dual mandate of price stability and maximum employment.
Economists warn the tariffs could drive up inflation by raising the cost of imported goods and simultaneously boost unemployment as firms grapple with higher input costs. This dual threat has put the Fed in a policy bind, as rising prices would typically call for rate hikes while rising joblessness would argue for cuts. Fed Chair Jerome Powell signaled that the bank would wait to assess the economic fallout before adjusting rates, despite political pressure from Trump, who publicly criticized Powell and urged immediate rate reductions.
#FederalReserve #InterestRates #TrumpTariffs #InflationRisk #USJobs #JeromePowell #EconomicPolicy #MonetaryPolicy #TradeTensions
Visa and EgyptAir launch exclusive co-branded card to boost travel payments and loyalty in Egypt
Visa and EGYPTAIR have signed a multi-year exclusive agreement to launch a premium co-branded payment card aimed at enhancing travel experiences and boosting customer loyalty in Egypt’s aviation and tourism sectors. Unveiled at a ceremony in Cairo, the partnership will offer cardholders accelerated mile accumulation and curated travel and lifestyle benefits, reinforcing EgyptAir’s competitiveness both regionally and globally.
The initiative supports Egypt’s broader Vision 2030 digital transformation agenda by modernizing travel payments and improving customer engagement across the booking and travel journey. Visa noted that co-branded travel cards significantly influence consumer decisions, encouraging loyalty to affiliated airlines and hotels. The collaboration is also a key step in Visa’s strategy to deepen digital financial inclusion and expand its product offerings in North Africa.
While financial terms remain undisclosed, the partnership positions EgyptAir and Visa to capture value from Egypt’s growing travel demand, digitize aviation payment infrastructure, and introduce new tech-driven financial services tailored for frequent travellers.
#DigitalPayments #TravelFintech #VisaEgyptAir #CoBrandedCards #AviationInnovation #FinancialInclusion #Vision2030 #NorthAfricaTravel #CustomerLoyalty #SmartPayments
Uber revenue growth slows as U.S. travel demand weakens, but upbeat outlook bolsters investor confidence.
Uber ’s revenue for Q1 2025 rose 14% to $11.53 billion, missing analyst estimates of $11.62 billion, as its core ride-hailing business posted its slowest growth since the pandemic. The decline was linked to weaker inbound U.S. travel, mirroring similar signals from Airbnb and trade data showing a sharp drop in foreign tourist spending. Despite this, ride-hailing revenue still grew 15%, while delivery rose 18%, meeting expectations.
The company remains optimistic, forecasting second-quarter bookings and earnings above Wall Street targets. Uber continues to expand internationally and leverage partnerships like its robotaxi rollout with Waymo in Austin, Texas, where strong utilization is prompting a scale-up. CEO Dara Khosrowshahi emphasized Uber’s resilience during economic uncertainty, and investor sentiment remains strong, with shares up 42% this year, ranking among the top 10 performers on the S&P 500.
#UberEarnings #RideHailing #USTravelTrends #Q12025 #TechStocks #MobilityInnovation #Robotaxi #Waymo #InvestorUpdate
Absa chairman Sello Moloko to step down
Absa Group announced on Wednesday that Sello Moloko will step down as chairman of the bank on 15 July to make way for new leadership, and René van Wyk will succeed him, subject to regulatory approval.
Moloko said he had decided to quit after the board “dealt with several challenges in 2024”, appointed a new chief executive and launched a restructure of Absa’s retail model.
“I feel the time is ripe now for me to refocus my attention on my family, my community commitments and the several personal business initiatives outside the group that I need to drive,” he added.
Van Wyk was interim group CEO in 2019 and rejoined the Absa board as a non-executive director in 2020.
“The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team,” Van Wyk said. — (c) 2025 Reuters
Bonus...
The South African banking CEO who earned R94,000 a day for 15 years
Mike Brown, the long-serving CEO of Nedbank Group, officially stepped down in May 2024, capping a 15-year tenure during which he earned nearly R515 million—an average of R94,000 daily. Under his leadership, Nedbank evolved into a digitally-driven financial powerhouse, despite facing national economic turbulence, the COVID-19 crisis, and systemic governance failures. Brown’s contributions were widely recognized, including his 2020 Sunday Times Business Leader of the Year award.
Brown was succeeded in June 2024 by Jason Quinn, former Absa finance director, who earned R27.5 million in his first year, with over R80 million in long-term incentives. While most of Nedbank’s executive team saw their total remuneration drop significantly in 2024, the group still delivered a strong financial performance—headline earnings rose 8% to R16.9 billion, and return on equity improved to 15.8%. Quinn attributed the growth to better non-interest income and disciplined cost controls.
#Nedbank #MikeBrown #ExecutivePay #DigitalBanking #LeadershipTransition #SouthAfricaBanking #JasonQuinn #FinancialLeadership
𝑾𝒆 𝒉𝒐𝒑𝒆 𝒚𝒐𝒖 𝒇𝒐𝒖𝒏𝒅 𝒗𝒂𝒍𝒖𝒆 😊 𝒊𝒏 𝒕𝐨𝐝𝐚𝐲'𝐬 𝒏𝒆𝒘𝒔𝒍𝒆𝒕𝒕𝒆𝒓. 𝑰𝒇 𝒚𝒐𝒖 𝒅𝒊𝒅, 𝒘𝒉𝒚 𝒏𝒐𝒕 𝒔𝒉𝒂𝒓𝒆 𝒊𝒕 𝒘𝒊𝒕𝒉 𝒚𝒐𝒖𝒓 𝒏𝒆𝒕𝒘𝒐𝒓𝒌 📢? 𝒀𝒐𝒖𝒓 𝒔𝒖𝒑𝒑𝒐𝒓𝒕 🙏 𝒉𝒆𝒍𝒑𝒔 𝒖𝒔 𝒓𝒆𝒂𝒄𝒉 𝒎𝒐𝒓𝒆 𝒓𝒆𝒂𝒅𝒆𝒓𝒔. 𝑨𝒉𝒔𝒂𝒏𝒕𝒆 𝒇𝒐𝒓 𝒚𝒐𝒖𝒓 𝒄𝒐𝒏𝒕𝒊𝒏𝒖𝒆𝒅 𝒓𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 🙌. 𝑾𝒆 𝒍𝒐𝒐𝒌 𝒇𝒐𝒓𝒘𝒂𝒓𝒅 𝒕𝒐 𝒃𝒓𝒊𝒏𝒈𝒊𝒏𝒈 𝒚𝒐𝒖 𝒎𝒐𝒓𝒆 𝒊𝒏𝒔𝒊𝒈𝒉𝒕𝒔 🔍 𝒏𝒆𝒙𝒕 𝐭𝐨𝐦𝐦𝐨𝐫𝐨𝐰.
𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐟𝐢𝐧𝐭𝐞𝐜𝐡 𝐬𝐭𝐨𝐫𝐲 𝐨𝐫 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐬𝐡𝐚𝐫𝐞?
𝐑𝐞𝐚𝐜𝐡 𝐨𝐮𝐭 𝐭𝐨 𝐮𝐬 𝐚𝐭 𝐩𝐫@𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐚𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐢𝐨𝐧.𝐚𝐟𝐫𝐢𝐜𝐚 𝐚𝐧𝐝 𝐠𝐞𝐭 𝐟𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐢𝐧 𝐨𝐮𝐫 𝐯𝐢𝐛𝐫𝐚𝐧𝐭 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲.
𝐖𝐞 𝐜𝐚𝐧'𝐭 𝐰𝐚𝐢𝐭 𝐭𝐨 𝐡𝐞𝐚𝐫 𝐟𝐫𝐨𝐦 𝐲𝐨𝐮!
𝐏𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐰𝐞𝐞𝐤𝐥𝐲 - 𝟓𝟒,𝟎𝟏𝟎++💙𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬
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3moCongratulations.
Procurement Record Manager | Sourcing & Inventory Control Specialist | Logistics & Supply Chain Expert | Career Development Coach | Director, NextGen Career Hub | LinkedIn & CV Optimization Expert Keynotespeaker,
3moInteresting how Kenya’s fintech space is fixing tomorrow’s problems today. Instead of waiting for confusion in the industry, leading groups have come together to form the FinTech Alliance so that rules, growth, and teamwork are built before things get messy. M-Pesa sub-agents are already speaking up about fraud, which means action is likely before trust is fully broken. Across East Africa, plans for cross-border payments are already approved, so money can move easily before delays and costs become bigger problems. Kenya is also pushing ahead with open finance, making sure people have better control over their data before the system gets too complicated. And with AI growing fast, local experts are raising red flags early to ensure jobs can be protected before they are lost. Even the Nairobi Stock Exchange is facing losses, but this could push leaders to fix issues before investor confidence disappears completely. Kenya isn’t waiting ,it’s moving first !