Today in FinTech: Airtel Africa’s SmartCash Launches; OPay, Mastercard Team for Financial Inclusion

In today’s FinTech news, SmartCash Payment Service Bank, a unit of Airtel Africa, brings digital financial services to Nigeria, while OPay and Mastercard partner to boost financial inclusion. Plus, Walmart-owned PhonePe steps up the 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 across the finance ecosystem. Segun Ogunsanya, CEO and managing director of Airtel Africa, said it’s the beginning of the company’s “journey to revolutionize the financial services landscape in the country.”

OPay, Mastercard Tie-up Drives Financial Inclusion in Middle East, Africa

OPay and Mastercard are teaming up for financial inclusion across the Middle East and Africa and striving to open up digital commerce in the region. Mastercard has been working to develop more inroads to assist 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, OpenQ Buys

India-based PhonePe, owned by Walmart, is stepping up the competition and trying to further take on Google and Amazon with the acquisition of wealth management firms WealthDesk and OpenQ. Headquartered in Bengaluru, PhonePe is reportedly picking up WealthDesk for about $50 million and OpenQ for an estimated $25 million.

Deutsche Bank Backs MarketFinance’s Efforts to Lend $125M to UK SMBs

London FinTech firm MarketFinance secured debt from Deutsche Bank to fund part of a $125 million lending effort for small- to medium-sized businesses (SMBs). MarketFinance is also expanding its lending capacity to comprise underserved SMBs, including the U.K.’s 3.2 million sole traders and partnerships.