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E-Financial

Mastercard Adds Hello Tractor, Nigerian Agri-Tech Firm to Accelerate Programme

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Mastercard has announced the expansion of its Accelerate fintech portfolio, adding dynamic entrepreneurs to its award-winning startup engagement program Start Path and more technology partners to its Engage network, providing access to expert engineers and specialists that can help customers deploy new services quickly and efficiently.

Mastercard Adds Hello Tractor, Nigerian Agri-Tech Firm to Accelerate Programme

Mastercard helps emerging brands grow, diversify and build their businesses, supporting their programs today and serving up what we know they will need in the decades to come.

Recognizing the important role fintechs play in the world’s rapid digital transformation, Mastercard is continuously diversifying its business by diversifying its perspective: looking to new partners, new markets and new ways to build on its core competency as a payments network.

The most recent African fintech to join the Start Path program is Hello Tractor, which operates across Nigeria and Kenya.

Hello Tractor is revolutionizing mechanization services across emerging markets by bringing together tractor owners and smallholder farmers through Internet of Things technology and allowing farmers to access affordable tractor services, plant on time and increase yields. It is one of 11 global startups welcomed into Start Path.

“The current global shift towards digitization and open banking is transforming the future of commerce and connectivity as we know it.  We are particularly excited to partner with regional innovative fintechs, such as Hello Tractor, through our Start Path program. These partnerships are crucial as we continue to build the digital economy through ongoing innovations that deliver locally-relevant payment solutions to empower communities and harness Africa’s potential,” said Raghav Prasad, division president for Sub-Saharan Africa, Mastercard.

Mastercard Start Path

Globally, Mastercard is welcoming 11 new startups to its Start Path program, offering a powerful network, innovative technology and deep expertise to help them grow their business and scale sustainably.

Since 2014, Mastercard has invited more than 230 later-stage startups worldwide to participate in its six-month virtual program, providing technical guidance, operational support and commercial engagements within the Mastercard ecosystem.

“Hello Tractor is revolutionizing how farmers access tractors in a region that has been plagued by low rates of mechanization. By partnering with Mastercard through the Start Path program, we have the opportunity to unlock additional value for our farmers by expanding their access to banking and payments infrastructure. This combination of innovations holds unlimited promise for this continent and the global south,” said Jehiel Oliver, founder Hello Tractor.

Across Sub-Saharan Africa, several African fintechs have benefited from the Start Path program including Ukheshe, MAX, N-Frnds, Flutterwave, Kasha, mfarmPay, Netplus, Lidya and Lipa Later.

Providing a simple, single entry point to Mastercard’s wide fintech portfolio and access to everything startups need to grow quickly, these fintechs have achieved accelerated growth from the program over the past few years.

Start Path evaluates more than 1,500 applications each year and selects approximately 40 startups that offer the most promising technologies and demonstrate a readiness to scale.

Startups in this growing network have gone on to raise $2.7 billion in post program capital and collaborate with Mastercard, major banks, merchants and other high-profile organizations.

Mastercard Engage

Consumer expectations are evolving more rapidly than ever and banks, financial institutions, and digital players are looking for even more agility in bringing new solutions to market; Mastercard’s global reach and local roots afford it the ability to foster a strong, carefully curated network of technology partners that are qualified based on Mastercard standards and industry requirements.

Mastercard is expanding its Engage program to support even more solutions and deliver better learning and promotional opportunities for partners.

Engage identifies, serves and promotes a network of more than 170 strategic partners who comply with Mastercard certification and rules, to build and deploy new solutions on behalf of fintechs, banks and merchants.

In the first quarter of 2020 alone, Engage signed almost 50 new deals with partners such as Antelop, Giesecke+Devrient Mobile Security, MeaWallet, Netcetera, Payair and Thales across Europe, Latin America, Asia Pacific and Middle East & Africa.

Strengthening the capabilities of technology partners is even more critical during times of crisis, so fintechs can innovate faster and better serve consumers and businesses.

Engage has enabled more than 200 million cards to support financial growth and market entry for fintechs around the world.

Additional resources are now available for partners through the new Mastercard Engage website.

 


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E-Financial

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

This is coming nearly three years of suspension.

United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.

In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.

“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.

“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.

“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”

The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.


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E-Financial

Flutterwave Secures 20 more US Money Transmitter Licences

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Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).

Flutterwave Secures 20 more US Money Transmitter Licences

This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.

Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.

Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.

Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.

Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.

This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.

Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.

Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”

Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.

 


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E-Financial

Court Affirms NIBSS Authority to Manage BVN

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Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.

Court Affirms NIBSS Authority to Manage BVN

This is according to a judgment delivered by Justice James Omotosho on Friday.

Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.

This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.

However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.

“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.

“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.

“The court grants the reliefs of NIBSS as prayed,” he stated.


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