In today’s FinTech news, SmartCash Payment Service Bank, a unit of Airtel Africa, is bringing digital financial services to Nigeria, while OPay and Mastercard are teaming up to boost financial inclusion. Additionally, Walmart-owned PhonePe is stepping up competition against Google, Amazon and others in India with new acquisitions.
Airtel Africa’s Smartcash PSB Launches in Select Nigerian Cities
Airtel Africa’s subsidiary, SmartCash Payment Service Bank (SmartCash PSB), is bringing its digital financial services to select cities in Nigeria to further reach unbanked consumers there and expand the region’s digitization efforts to the entire financial ecosystem. Segun Ogunsanya, CEO and Managing Director of Airtel Africa, said it was the start of the company’s “journey to revolutionize the financial services landscape in the country”.
The combination of OPay and Mastercard promotes financial inclusion in the Middle East and Africa
OPay and Mastercard are partnering for financial inclusion in the Middle East and Africa and working to open up digital commerce in the region. Mastercard has been working to develop more inroads to help emerging markets, and its partnership with OPay will help facilitate the growth of the next generation of super apps.
Walmart’s PhonePe steps up competition with WealthDesk and OpenQ buys
India-based PhonePe, owned by Walmart, is stepping up competition and trying to take on Google and Amazon more with the acquisition of wealth management firms WealthDesk and OpenQ. Bengaluru-based PhonePe reportedly bought WealthDesk for around $50 million and OpenQ for around $25 million.
Deutsche Bank backs MarketFinance effort to lend $125m to UK SMEs
London-based fintech firm MarketFinance has secured debt from Deutsche Bank to fund part of a $125 million lending effort for small and medium-sized enterprises (SMEs). MarketFinance is also expanding its lending capacity to include underserved SMEs, including the UK’s 3.2 million sole traders and partnerships.