Connect with us

Tech

South African mobile operators announce new services to combat fraud

Published

on

South African mobile operators have unveiled new Application Programme Interfaces (APIs) services that will help checkmate and combat internet fraud in the country.

The move which is part of the global GSMA Open Gateway initiative will enable the operators to implement world-class Number Verification and SIM Swap, and will be available to all mobile commerce and financial institutions and developers to create new services to combat digital fraud and protect South Africa’s 47 million mobile subscribers.

Angela Wamola, Head of Sub-Saharan Africa of the GSMA, who announced the unveiling of the services, said it was in response to a series of complaints of digital banking fraud which saw a 24% surge in reported cases in 2022.

Banking fraud is a growing threat in South Africa, and mobile network operators are strategically placed to work with developers to help banks, financial institutions and commerce providers mitigate the risk and protect their customers,” she said.

“The availability of the two APIs to South African operators will equip enterprises with additional means of verifying that their customers are who they say they are and protecting them against identity theft, all while maintaining the user experience – and the GSMA’s.

“The new APIs ensure 100% privacy and will have important applications in sectors including banking, finance, insurance, and retail.”

Quoting a report published last year by the South African Banking Risk Information Centre (SABRIC), Wamola said the rise in banking fraud resulted in cyber criminals stealing over R740 million from unsuspecting victims, which was primarily attributed to the growing number of fraud cases related to banking applications and online banking.

“Given the alarming surge in digital banking fraud in South Africa, standardizing APIs by Mobile Network Operators (MNOs) presents a promising avenue for mitigating such threats.

“They are also able to implement robust fraud detection and prevention mechanisms, bolstering overall resilience of digital banking systems against cyber threats,” Wamola emphasized.

Tech

MTN Nigeria set to acquire two more licences for its fintech

Published

on

Nigeria’s largest telecommunications company, MTN Nigeria, is on the verge of obtaining two licences that will enable it expand its fintech subsidiary, MoMo PSB, signaling an increased focus on digital payments within Nigeria.

The company, in a statement on Wednesday, said it has applied for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses for Momo in a bid to upscale it to a full fledge payments platform.

“The PSSP license will enable MoMo PSB to offer payment processing gateways, create financial solutions, and provide merchant aggregation and collection services,” the statement said.

“With this license, MTN can process its payments in-house, reducing its reliance on external PSSPs and minimizing associated costs.

“In addition to addressing MTN’s internal payment needs, MoMo PSB will also be equipped to handle payment processing requirements for merchants and partners.

“The PTSP license, meanwhile, will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and provide training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB,” it added.

Continue Reading

Tech

Kenyan fintech Chumz expands into Rwanda after hitting 200k users

Published

on

Kenya’s fintech startup, Chumz, has announced its imminent expansion into Rwanda after hitting 200,000 registered users in its home market.

Chumz, which helps users set and achieve saving and investment goals through behaviour-based prompts and mobile money deposits, said the expansion drive was part of testing its solution by going live in Rwanda.

Co-founder and CEO of Chumz, Samuel Njuguna, who spoke on the move, said the fintech had built a goal-based mobile app that helped users save and invest money from their mobile money accounts, with as little as $0.05 and wanted to take its offering out of Kenya.

He stated that one of the unique features of Chumz that stands it out is that it encourages users to save based on their behaviour.

“For instance, if a user spends money at a pub, the app suggests investing some of that money instead of spending it all,” he said.

“Similarly, if a user receives mobile money, the app prompts them to save some of the money. Our app offers an easy, convenient and accessible way for users to save and invest, helping them to reach their financial goals.

“Our next big leap is to hit one million users in Kenya by 2026 and be operational in Uganda, Tanzania and Botswana by then as well,” said Njuguna, who is also behind Kenyan mobile money startup Chura.

Founded in 2019, Chumz worked on a prototype in 2020, reaching out to the regulator for a license in late-2020 and receiving one a year later.

According to several reviews, the platform works by channeling funds collected from a user’s mobile money account to a licensed fund manager, who then offers a return to the fund. Earned interest is then redistributed to individual clients.

The startup has also launched a new feature, the Superfan Challenge, where users save and invest based on their favourite football team’s performance.

“For example, if your team wins, the app prompts you to save a set amount. We have seen segments such as parents using the app to educate their kids about financial literacy and at the same time create goals for them on the app. A majority of the savers and investors are women,” Njuguna said.

Continue Reading

EDITOR’S PICK

Tech14 hours ago

MTN Nigeria set to acquire two more licences for its fintech

Nigeria’s largest telecommunications company, MTN Nigeria, is on the verge of obtaining two licences that will enable it expand its...

Metro14 hours ago

Zambia seeks global support to boost sustainable housing

The Zambian government has called for support from the international community to help it in developing sustainable human settlement initiatives,...

Culture14 hours ago

Ghanaians kick as President Akufo-Addo unveils ‘self-honouring’ statue

A decision by outgoing Ghana’s President, Nana Akufo-Addo, to unveil what has been described as a “self-honouring” statue outside a...

Metro20 hours ago

Nigeria, Rwanda sign MoU to boost trade, investment

Nigeria and Rwanda have signed a Memorandum of Understanding (MoU) aimed at boosting trade and investment between the two countries....

VenturesNow21 hours ago

Nigerian banks can now trade with deposited FX

The Central Bank of Nigeria has announced a free foreign exchange deposit window for banks in the country with instructions...

VenturesNow23 hours ago

Ghana’s inflation rises to 22.1%

Ghana’s consumer inflation increased to 22.1% in October, up from 21.5% in September, according to the statistics department on Wednesday....

Tech2 days ago

Kenyan fintech Chumz expands into Rwanda after hitting 200k users

Kenya’s fintech startup, Chumz, has announced its imminent expansion into Rwanda after hitting 200,000 registered users in its home market....

Culture2 days ago

Zimbabwe calls on UK to return remains of 19th century warriors

The Zimbabwean government has renewed its call on the United Kingdom to repatriate the remains of its 19th century warriors...

Metro2 days ago

Zambian revenue agency warns businesses to pay tax arrears or face sanctions

The Zambia Revenue Authority (ZRA) has warned businesses and taxpayers to settle their outstanding tax arrears on or before December...

Uncategorized2 days ago

Dangote: Deregulation doesn’t excuse low-quality oil blends

In Nigeria, Dangote Petroleum Refinery has warned Pinnacle Oil and Gas Limited and other oil marketers that the country’s national...

Trending