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Patascore, a Kenyan based digital platform is enabling Open Banking through its interoperability APIs
Patascore Team
The current COVID-19 pandemic has demonstrated the need to embrace innovation NOW in order to create durable systems that can withstand future pandemics . The only certainty is the world post covid19 would be different from what we left behind.
In the Fintech world where Pezesha operates, COVID-19 crisis has impacted SMEs ability to access capital. Borrower’s ability to pay has been severely impacted by lockdowns, curfew and proximity-based restrictions notwithstanding the measures Pezesha is taking to support the underserved SMEs during this time. To alleviate these impact on the most vulnerable businesses and communities, in addition to strengthening the overall economy, data accessibility and mobility has to be prioritized.
The current pandemic has accelerated the need for digital channels. Instead of a customer going to a local bank branch they can instead access financial services from online or mobile banking. Instead of waiting for a collections or customer service agent to call to remind customers of their loan repayment due date, they can get an automated AI driven bot notifying them on their due date 2 days in advance.
In Kenya, some news channels announced the temporarily closure of bank branches in an effort to curtail the spread of Covid19. Some other news channels have asked how fiscal stimulus programs will reach the most vulnerable. To answer these questions brings into focus digital mobility, digital accessibility, which would be powered by an open banking infrastructure.
The premise of open banking involves standardizing data and systems, ensuring their mobility and interoperability and making them available to third parties. This makes it possible for financial institutions to expand their addressable market, achieve product diversity, personalization, real time KYC and commercialize core systems.
Below is a summary of what Hilda Morara, the founder and CEO at PataScore believe will drive a successful open banking and API economy.
1. The future is choice, affordability and convenience
Her 18 year old cousin, still has to go to the bank to fill in forms in order to open a bank account. She however has delayed this process because of the current COVID situation and the need for social distancing. With open banking capabilities, and from the comfort of her home, she would be able to open a bank account, deposit money and start transacting immediately. 75% of Kenya’s population are youths who are looking for choice, affordability and convenience at their doorstep.
Providing mobile solutions and digital on-boarding for new account holders needs to be the norm as Cash and ATMs have become a casualty of covid-19 and we are now seeing an upwards trend towards digital currency through mobile money driven by M-pesa who have gone a step further to waive transaction fees in wake of coronavirus.
2. Financial literacy to optimise the value of open banking and API economy
This entails educating the customers on transparency of pricing, availability of services terms and conditions. Financial literacy in the end will also drive financial health and prosperity for customers. During this period, financial education value add is needed more than ever to reduce debt stress and debt traps and promote financial wellbeing for life.
Pezesha recently launched FREE open financial education chatbot APIs, which financial institutions can leverage to build their own personalized inductive content and reach their existing customers to educate and retain them with the hope that their personal financial health and financial position will turn out much stronger post COVID-19 and customers will now make better informed financial decisions.
3. Data aggregation and ownership will be key
DATA is the new currency for consumers and financial institutions. On one hand, customers need to own and have control of their data and ability to give consent rights on who, why, what, when and how their data should be accessed at any given point during a credit decision at the same time understand the value of their data. On the other hand, financial institutions have access to complete data sets (instead of scraping off from SMSes) to ensure accurate understanding of holistic customers behaviour and build superior credit scoring models.
For example Patascore is playing a pivotal role by providing enabling assets and an API infrastructure that unifies all data analytics and help drive interoperability across the board.
- Patascore as an enabling assets: provides digital identity, consent management, financial literacy layer, access management and data analytics
- Patascore as an API infrastructure: provides complete and centralised mobile money APIs, 3rd parties data APIs, extractions APIs and ability to integrate with banks and other apps.
Around the world, organisations are entering into agreements to share financial data through channels including APIs, for instance in the case of Visa acquisition of Plaid. As the world continues to evolve and payments become increasingly digital and mobile, consumer yearns for the flexibility, convenience, and simplicity that they have come to see as usual, for their financial services.
As Fintechs in Kenya continue to explore ways to ensure they survive the current pandemic and unforeseeable regulatory directives, it’s imperative that innovation will be inexorable. It is apparent that without the standard data APIs to better understand customer behaviour and their holistic credit scores, will continue to hinder the growth and long term win of Fintechs during and post COVID-19 period and by extension financial inclusion to ensure no one is left behind.
4. Collaboration, Agility and Regulation
In the end, for the API economy to succeed, there is an urgent need for consolidation and collaboration from banks and Fintechs to bring to reality, what we envisioned as the future innovation in financial services. The future is NOW as the world is already moving in the direction of open banking.
Now, is the time for financial institutions and governments to show their agility and quickly implement digital solutions to meet people’s needs and allow for distribution of wealth to vulnerable communities affected by COVID-19. The firms who have shown willingness to collaborate already have a leg up on their competitors when it comes to competitive pricing, alternative wider data sources and deeper customer understanding.
To catapult sanity in open banking solutions, regulation will be key to help streamline data sharing approaches by providing guidance and policies on how data can be accessed, retrieved, ingested and shared in a standard format while ensuring consumer protection at all times as open banking comes with risks of cyber security, information security, data protection, data privacy and system risks among others.
As a result of the rapid growth in mobile penetration and mobile money economy driving digital transformation in Africa, then open banking opportunities and case studies is just a matter of time.
Visit: PataScore
Economy
Meta Hosts its First Youth Summit in Nigeria to Drive Innovation and Empowerment
Meta recently hosted its first Youth Summit in Lagos, Nigeria, bringing together over 200 young professionals, students, recent graduates, creatives, tech enthusiasts and aspiring entrepreneurs.
Themed ‘Empowering Youth Through Technology, Innovation and Entrepreneurship’, the summit included a series of thought-provoking panel discussions, a mentoring session and an interactive workshop designed to equip young Nigerians with the skills, insights and networks needed to thrive in today’s tech-driven world.
Commenting about the event, Phil Oduor, Head of Policy Programs, Sub-Saharan Africa said, “At Meta, we believe that today’s youth are tomorrow’s change-makers. Through initiatives like the Youth Summit, we aim to foster innovation, promote digital literacy and empower young Nigerians with the tools and opportunities to realise their potential and contribute to Nigeria’s growing digital economy.”
Delivering the keynote address, Femi Aluko, CEO/Co-Founder, Chowdeck, shared his journey of breaking barriers to achieve success in tech. He encouraged attendees to embrace the limitless opportunities within today’s technology ecosystem.
A panel discussion, led by Chinny Francis, Public Policy Manager at Meta, featured panellists Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack. They shared valuable insights about the future of work, emphasising the importance of storytelling to build a personal brand, practicing self-awareness, developing soft skills, lifelong learning and honing problem-solving skills to thrive in a digitally transformed world.
Francis Sani, Technical Adviser for Innovation, Entrepreneurship & Capital at the Federal Ministry of Communications, Innovation & Digital Economy, spoke at the event. He highlighted the 3 Million Technical Talent (3MTT) program, emphasising that the program aims to build Nigeria’s technical talent backbone to drive the digital economy and position Nigeria as a net talent exporter. He encouraged youth to take advantage of this opportunity.
Another panel of industry experts took the stage during the ‘Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape’ session, moderated by Sade Dada, Head of Public Policy for Anglophone West Africa at Meta. Seye Bandele, CEO of PaidHR and Damilola Teidi-Ayoola, Head of Platform and Networks at Ventures Platform Fund, shared their invaluable insights. Seye highlighted the importance of grit, curiosity and candour, while Damilola reinforced the need to understand one’s target audience, deliver value through their business and embrace data-driven decision-making in the dynamic entrepreneurial landscape.
The event also featured inspiring conversations with leading figures in the creative industry. Miss Techy, an award winning tech content creator and Salem King, a creator, storyteller, author and speaker, shared their experiences and advice on achieving long-term success. Attendees also benefited from an interactive workshop and a mentoring session, where industry experts shared practical advice and strategies for entrepreneurs and tech enthusiasts.
Meta’s Youth Summit 2024 highlights a commitment to driving positive change, championing youth empowerment and advancing economic opportunities in Nigeria. Through investments in key areas—such as the creative industry, digital literacy, economic impact and youth job training—Meta is dedicated to empowering young Nigerians to thrive in today’s tech-driven world.
Cross-section of some of the attendees at the Meta Youth Summit 2024 in Lagos
L-R: Chinny Francis, Public Policy Manager, Meta; Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack.
L-R: Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; Damilola Teidi-Ayoola, Head of Platform and Networks, Ventures Platform Fund, and Seye Bandele, Chief Executive Officer, PaidHR during the Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape panel session.
Salem King, a creator, storyteller, author and speaker and Miss Techy, an award winning tech content creator
During a mentoring session workshop
Femi Aluko, Chief Executive Officer and Co-founder, Chowdeck.
Francis Sani, Technical Adviser to the minister of communications and digital economy of Nigeria
Press Release
Novotel, French Global Hotel Expands Into East Africa
Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).
Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya.
Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.
Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings.
For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.
“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated.
The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.
Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.
“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.
Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects. Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health.
To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.
Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.
Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.
Press Release
FOO Partners with eNovate To Further Digital Transformation In Egypt
FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.
eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.
With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.
eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.
Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.
Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.
This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.
Further significant projects are to be announced in due course.
Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”
Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”
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