Flutterwave secures Cross-Border Payments Award at Africa Tech Summit 2025. (Image source: Flutterwave)

Flutterwave, Africa’s leading payments technology company, was recently honoured for its excellence in Cross-Border Payments at the 2025 Africa Tech Summit, held from 12 to 13 February in Nairobi, Kenya

The Africa Tech Summit awards recognise the most innovative and impactful technology solutions driving digital transformation across various sectors in Africa. As the continent continues to develop cutting-edge solutions to address its digital challenges, these awards highlight businesses that are shaping Africa’s technology ecosystem.

By awarding Flutterwave the Cross-Border category, ATS acknowledges the company’s dedication to bridging Africa with the world through seamless payment solutions. This recognition follows a series of prestigious accolades Flutterwave received in 2024. These include Fast Company’s “Most Innovative Company for Europe, Middle East, and Africa”, the “Financial Services Infrastructure Innovation Award” at the International Financial Inclusion Conference, and “Fintech of the Year” at the Africa Banker Awards.

Expanding Reach and Impact

In 2024, Flutterwave achieved remarkable milestones, with 48% of businesses on its platform receiving payments from new geographic locations in industries such as remittance, hospitality, and travel.

The company also extended its footprint to over 30 countries, including Ghana, Malawi, Uganda, and Zambia. Additionally, it secured more than 30 new Money Transmitter Licences (MTL) in the U.S. and formed strategic partnerships with global financial institutions like American Express, further expanding payment options for businesses and individuals across African markets.

Flutterwave’s continued recognition and expansion solidify its role as a leader in Africa’s fintech space. By providing a robust and scalable payment infrastructure, it empowers businesses to thrive in Africa while seamlessly expanding their global reach.

Read more: Transforming small businesses through digital tools

Bank of South Sudan and AfricaNenda introduce NIPS, enabling real-time transactions and financial inclusion for a connected digital economy. (Image source: Adobe Stock)

The Bank of South Sudan (BOSS) has unveiled a landmark initiative to introduce the country’s first National Instant Payment System (NIPS) in partnership with the AfricaNenda Foundation

This initiative represents a major advancement in modernising South Sudan’s financial infrastructure, reinforcing the bank’s mission to enhance financial services for all citizens. It also complements broader efforts to integrate key systems such as the Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and Instant Fund Transfer (IFT).

Designed to enable secure, real-time, and cost-efficient transactions, NIPS will enhance interoperability between banks, mobile money providers, and other financial institutions. As the foundation of South Sudan’s digital payment ecosystem, the system will support various financial transactions, including person-to-person (P2P), person-to-business (P2B), government-to-person (G2P), and person-to-government (P2G) payments. This will drive efficiency and inclusivity across the financial sector.

“The start of the NIPS journey marks a monumental step forward for financial and socio-economic inclusion in South Sudan. This partnership with AfricaNenda Foundation is pivotal in transforming the financial services landscape, fostering greater inclusivity, and creating a more resilient digital economy,” Johnny Ohisa Damian, governor of the Bank of South Sudan.

The partnership’s primary objectives include:

• Establishing a comprehensive roadmap for NIPS implementation with defined milestones.
• Strengthening the capacity of BOSS and financial institutions to manage and oversee the system effectively.
• Ensuring seamless integration and interoperability through collaboration with banks, telecom operators, and key stakeholders.

Following a successful proof-of-concept phase in 2023, which demonstrated strong demand and viability, BOSS and AfricaNenda are confident that NIPS will transform South Sudan’s financial landscape. The system will enhance financial accessibility, support businesses, streamline government operations, and create new economic opportunities in a digital-driven economy.

This initiative reflects BOSS’s dedication to fostering a sustainable, inclusive, and innovative financial future for all citizens in South Sudan.

“We are proud to partner with the Bank of South Sudan on this landmark initiative. Instant payment systems are transformative tools that redefine access to financial services and promote inclusivity. With the launch of this system, South Sudan is laying the foundation for a more connected and resilient economy that benefits every citizen,” concluded Robert Ochola, CEO, of AfricaNenda Foundation.

Also read: Mukuru wallet transforms Zimbabwe’s digital payment

XTransfer and Ecobank Group will collaborate to provide efficient cross-border payment solutions tailored for African SMEs. (Image source: Adobe Stock)

XTransfer, China’s leading B2B cross-border trade payment platform, has signed a landmark Memorandum of Understanding (MOU) with Ecobank Group, a leading pan-African financial services provider, to enhance financial services for Africa’s small and medium-sized enterprises (SMEs) involved in foreign trade

This collaboration aims to facilitate trade between China and African nations.

In recent years, trade between China and Africa has expanded significantly, with imports and exports growing at a rapid pace. In 2023, bilateral trade reached a record US$282 billion. From January to November 2024, China’s exports to Africa amounted to US$160bn, marking a 1.4% increase from the previous year, while imports from Africa reached US$107bn, reflecting a 6.6% rise.

Redefining trade boundaries

Despite this growth, African SMEs engaged in international trade face several hurdles in cross-border payments and fund collection. These include difficulties in opening bank accounts, the risk of frozen funds, foreign exchange complications and related losses, high remittance costs, and slow transaction processing times.

Through this partnership, XTransfer and Ecobank Group will collaborate to provide efficient cross-border payment solutions tailored for African SMEs. XTransfer will leverage Ecobank’s extensive African network, enabling its Chinese clients to receive payments in local African currencies while supporting African SMEs in making payments in their respective currencies to mitigate foreign exchange challenges.

Bill Deng, Founder and CEO of XTransfer, stated, "We are excited about the partnership with Ecobank. This collaboration represents a significant milestone for XTransfer and greatly enhances our global payment capabilities. Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region. We are looking forward to the synergies and opportunities this partnership will create. Together, we will drive innovation and improve the financial landscape, making financial services more efficient and accessible for African SMEs.”

Jeremy Awori, CEO of Ecobank Group, added, "We are proud to partner with XTransfer to advance seamless cross-border payment solutions between Africa and China. This partnership builds on our established strategy, which includes a representative office in China and a dedicated China desk. By integrating XTransfer's cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade.”

Beyond facilitating trade between SMEs in China and Africa, the collaboration will streamline foreign trade transactions between African businesses and their global partners. Ultimately, this will lower the costs associated with international trade and enhance the competitiveness of African SMEs in global markets.

This partnership aligns with Ecobank’s vision of driving financial integration by enabling seamless cross-border trade, which remains a vital component of Africa’s economic growth. By joining forces with XTransfer, Ecobank reinforces its role in the global payments industry, reducing trade barriers, empowering African SMEs, and fostering sustainable economic development across the continent.

Also read: Unlocking Africa’s payment potential with Moment

Mark Elliott, Division President for Africa at Mastercard and Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard at the Ghana Office opening ceremony. (Image source: Mastercard)

Mastercard has marked a significant milestone in its West African operations by inaugurating its first office in Accra, Ghana

This strategic move demonstrates Mastercard’s dedication to advancing Ghana’s digital economy through innovative and market-specific financial products and services.

The Accra office underscores Mastercard’s commitment to strengthening stakeholder relationships and fostering inclusive growth in the region. By establishing a physical presence in Ghana, Mastercard aims to enhance collaboration with local partners, delivering tailored solutions that positively impact the nation’s financial landscape.

“Opening our office in Ghana marks an important milestone in our commitment to deepening relationships across the region. Our growth strategy for West Africa is ambitious, and establishing a formal presence here allows us to better serve the specific needs of our customers. We are eager to leverage our global expertise and innovative capabilities to introduce advanced payment technologies in this market. As we look to the future, I would like to express my sincere gratitude to our extensive network of partners in the public and private sector, who are helping us build a better, more connected digital world. We remain unwavering in our commitment to shaping the future of payments and financial services in this dynamic market,” shared Mark Elliott, Division President for Africa at Mastercard.

With Ghana experiencing economic growth—reflected in a 2023 GDP per capita of USD$2,238 and expanding sectors like agriculture, mining, and digital infrastructure—the country presents a compelling opportunity for Mastercard’s West African strategy.

“Ghana presents a tremendous opportunity for Mastercard to enhance its geographical presence in West Africa. We are committed to attracting and nurturing top talent and fostering an ecosystem that aims to contribute positively to the local economy and technological advancement. We are proud of the positive impact that Mastercard has made on Ghana’s financial services ecosystem through collaborative partnerships between our team and extensive network of partners. We will continue to work closely with our partners and innovative new players in the fintech space and beyond as we contribute to a connected and inclusive digital future for all,” noted Folasade Femi-Lawal, country manager and area business head, West Africa, Mastercard.

Beyond opening its office in Accra, Mastercard has driven financial inclusion and digital transformation through strategic partnerships with innovative players like Kalabash, KaiOS, Boost, Smile ID, and financial institutions such as Access Bank and Fidelity Bank. These partnerships have improved cross-border payment solutions, empowered local fintechs, and expanded digital service access for underserved communities, cementing Ghana’s role as a technological innovation hub. Initiatives such as the Mastercard Fintech Forum and the Fraud and Cyber Resilience Forum have further enriched the financial ecosystem by fostering dialogue, sharing best practices, and addressing key challenges.

This new Accra office exemplifies Mastercard’s broader commitment to West Africa, joining its network of existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, and Mauritius. With this expansion, Mastercard reinforces its dedication to building a sustainable digital economy that delivers long-term benefits across Africa.