Alliance for Financial Inclusion (AFI)’s Post

The DhowCSD platform, developed by the Central Bank of Kenya, clinched the prestigious Central Banking's Payments and Market Infrastructure Initiative Award. This recognition underscores the platform's significance in enhancing payment systems and market infrastructures, highlighting Kenya's strides in financial innovation. #globalrecognition #financialinnovation #fintech #paymentinfrastructure

Nigeria Inter-Bank Settlement System (NIBSS) is a network of threads that connects all the banks in Nigeria. And it’s one of the most advanced of its type in the world. When you make a bank transfer and the recipient gets an instant credit alert, NIBSS is why that transaction went through. Check out this edition of Fintech School to learn more about NIBSS and how it works. #Korafintechschool #NIBSS #fintech

Project #mBridge reaches MVP stage and invites further international participation. ⭕ Project mBridge aims to explore a multi-central bank digital currency (#CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (#DLT) to enable instant #crossborder payments and #settlement. ⭕ Project #mBridge continues its development and has reached the minimum viable product (#MVP) stage, while broadening its #international reach. ✴ What is New? 🔸 #Private sector participants are invited to propose value-added solutions that can be connected to the mBridge MVP #platform.  🔸 More #centralbanks and #commercialbanks can join the platform through the mBridge MVP legal #framework and perform real transactions on it. 📍 Project mBridge is the result of extensive collaboration starting in 2021 between the Bank for International Settlements – BIS Innovation Hub, the Bank of Thailand, the Central Bank of The UAE, the @Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority (HKMA) Authority. The Saudi Central Bank – SAMA is joining mBridge as a full participant. There are also now more than 26 observing members. ✴ The project aims to tackle some of the key inefficiencies in cross-border payments, including high #costs, low #speed and operational #complexities. ✴ It also addresses #financialinclusion concerns, particularly in jurisdictions where correspondent banking has been in #retreat, causing additional costs and #delays. #bis #mbridge #cbdc #crossborderpayment #correspondentbanking

𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗥𝗶𝗮𝗹𝘁𝗼: 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝗰𝗿𝗼𝘀𝘀-𝗯𝗼𝗿𝗱𝗲𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 🆕 In an exciting development for African financial professionals, the Bank for International Settlements – BIS has 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝗱 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗥𝗶𝗮𝗹𝘁𝗼. This initiative aims to revolutionise instant cross-border payments using wholesale central bank digital currencies (wCBDCs). By 𝗶𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗻𝗴 𝗮 𝗺𝗼𝗱𝘂𝗹𝗮𝗿 𝗙𝗫 𝗰𝗼𝗺𝗽𝗼𝗻𝗲𝗻𝘁 and 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗶𝗻𝗴 𝘄𝗖𝗕𝗗𝗖𝘀, Project Rialto aims to 𝗿𝗲𝗱𝘂𝗰𝗲 𝘁𝗵𝗲 𝗰𝗼𝘀𝘁𝘀, 𝗱𝗲𝗹𝗮𝘆𝘀 𝗮𝗻𝗱 𝗿𝗶𝘀𝗸𝘀 𝗮𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗿𝗿𝗲𝘀𝗽𝗼𝗻𝗱𝗲𝗻𝘁 𝗯𝗮𝗻𝗸𝗶𝗻𝗴. 📈 As Africa continues to expand its digital financial landscape, the success of #ProjectRialto could provide a blueprint for similar innovations across the continent, boosting financial inclusion and economic growth. See the progress of #CBDCs across Africa here 👇🏽 #FinancialInnovation #CBDC #CrossBorderPayments #AfricanFinance 𝗦𝗼𝘂𝗿𝗰𝗲: Bank for International Settlements – BIS

Let us explore the latest strides in African finance, where innovation is reshaping the continent's economic landscape. The Pan-African Payment & Settlement System (PAPSS) is revolutionizing cross-border trade with a focus on central bank onboarding, partnerships with leading banks, and empowering fintechs. By 2024, all 41 African central banks will be seamlessly linked to PAPSS, with Kenya as the latest addition. PAPSS has already connected with 28 prominent commercial banks, aiming to onboard every commercial bank in Africa by 2025. Locally licensed fintechs are gaining access to streamline intra-African trade transactions, while a recent partnership with BUNA promises mutual growth and expansion. Together, these efforts are building a modern, interconnected financial ecosystem, enhancing efficiency, facilitating seamless trade, and driving economic growth across Africa. #fintechnews #financenews #finance #banking #bankingtech #papss https://lnkd.in/dMbpvhzT

“With the recent rapid evolution of fintech innovations, the Payments and Settlements Department of the Central Bank of Sri Lanka (CBSL) has taken several regulatory decisions to enhance the quality, security, efficiency and accessibility of the financial services in Sri Lanka” Unlocking the future of payment services in Sri Lanka through strategic technologies, an article from the Finance Outlook Magazine 2023 ; by MS. R.H.N.G Ranamuka, Senior Assistant Director, Information Technology Department, CBSL. #Finance_Outlook_Magazine #IW #UOK #FCMS #DFIN #FinSK21_22

The Qatar Central Bank (QCB) has announced that it has finalized the infrastructure needed for its Central Bank Digital Currency Project (DCP). As part of this initiative, the QCB will trial and develop specific applications for settling large-scale payments with domestic and international banks, utilizing the latest advanced technologies in a controlled environment. These applications are intended to expand access to capital markets for banks in Qatar, improve domestic settlement systems, and enhance the efficiency of securities transactions. This project underscores the QCB's dedication to staying abreast of digital transformations in the financial and banking industries, both locally and globally. The first pilot phase of the DCP will extend until October 2024. Following this phase, the outcomes will be reviewed, and potential future applications will be identified, which could include retail uses or other high-value settlement scenarios. #digitalcurrency #fintech #financialregulations #qatar #legalnews

Kyrgyzstan: Keremet Bank Halts Transfers Through Sanctioned Russian Banks Keremet Bank, one of Kyrgyzstan's largest banks in terms of capital size and owned by the country's National Bank, has indefinitely suspended money transfers through the mobile apps of Sberbank, MTS Bank, T-bank, and the operator of Russia's national payment system, NSPK. For more details on how this affects banking operations and international transactions in the region, stay tuned. #Kyrgyzstan #Banking

From local happenings to global events, our news content covers it all! Dive into our curated stories for the latest updates, diverse perspectives, and meaningful insights into the world of Regulatory Technology. Expand your horizons with our news feed. 📌 Nigeria: Nigeria: SEC Releases Framework to Support Banking Sector Recapitalisation 📌Nigeria: Nigeria: NITDA Director General Calls for Integration of Digital Skills in School Curriculum 📌Africa: Ethiopia Advances Economic Reform with Steps Toward Central Bank Digital Currency (CBDC) 📌 Africa: Kenya Finance Bill 2024 Advances Amid Public Outcry 📌Global: Italian Government to Intensify Crypto Market Surveillance 📌Global: Brazil’s Tax Authority to Summon Foreign Crypto Exchanges for Compliance Information Get informed via https://lnkd.in/d9J_v8UM #RTCA #RTCA24 #RTACONFERENCE2024 #RegTechAfricaConference #Innovation #Regulation #Fintech #Event #RegTechAfrica #RegTech #Regulation #Africa #Fintech #innovation #africa #digital #business

It's so encouraging to see growth in African Fintech focused on our pain points and peculiar needs. From Last week's news, my favourites are 👇 - The African currency trading Platform #AfrieximBank intends to launch this May👏. This will bring the much-needed exchange-rate transparency we need on the continent. The only concern is - will countries will adopt it easily? or see it as a loss of control over their monetary policy. -The 2nd one is the cross-country settlement rails launched by #BankserveAfrica with a 60-sec clearing timeline 😲, based on their TCIB platform. For my Nigerian colleagues, think of it as an NIP that interconnects countries, but with faster clearing and supports accounts and wallets directly. Curious about TCIB? Learn more here: https://lnkd.in/edDXUurd. And of course, there is the usual funding news. Congrats to everyone and Allons-Y 🚀🚀