Brazil: Brazil's unemployment rate fell to 6.4% in the three months leading up to September, marking the second-lowest level on record. This decline from 6.9% in the previous quarter and 7.7% a year earlier reflects a strengthening labor market, with the number of employed individuals reaching a record 103 million. This improvement highlights economic resilience and has significant implications for consumer spending and economic growth. The lower unemployment rate may also influence monetary and fiscal policy adjustments to sustain economic momentum while keeping inflationary pressures in check. Source
Mexico: The Mexican Peso has depreciated past the 20.00 mark against the US Dollar, driven by concerns over an economic slowdown and uncertainties related to the upcoming US presidential election. Recent economic data, including weaker Retail Sales and Economic Activity figures, indicate a deceleration in Mexico's economy. Additionally, fears of renewed tariffs on Mexican imports, should former President Donald Trump return to office, are adding pressure on the Peso. These developments highlight investor concerns over Mexico's economic stability and its trade relations with the United States. Source
Brazil: Nubank, founded in 2013, is now Latin America's most valuable bank and a major growth stock. It serves over 100 million users across Brazil, Mexico, and Colombia, focusing on fee-free, fully online banking for lower-income customers. With a cost structure 85% lower than traditional banks, Nubank is poised for expansion, especially in markets like Mexico. Analysts predict annual revenue growth of 30% and profit growth of 40% from 2024 to 2027, despite its current high valuation. Source
Mexico: David Martínez, founder of Fintech Advisory, has acquired a significant stake in Telecom Argentina, a major telecommunications company. Martínez, known for investing in Argentina’s economy, previously owned a 40% stake in Cablevisión and played a key role in Argentina's sovereign debt restructuring. His strategy often targets distressed assets for revitalization and value growth. This investment reflects Martínez's ongoing confidence in Argentina’s telecom sector. Source
Argentina: Open Payment Technologies has launched Kuady, a digital wallet app designed to boost financial inclusion in Latin America. Kuady is live in Peru, Chile, Argentina, and Mexico, built on Mambu’s cloud banking platform and hosted on Microsoft Azure. Developed in under nine months, the app offers services like instant payouts, chargeback protection, and multiple deposit options, catering to regions with limited banking infrastructure. Expansion plans include further Latin American markets, Africa, and Europe. Source
China: China is preparing a fiscal package aimed at stabilizing its property sector and local government finances, with plans to issue over 10 trillion yuan ($1.4 trillion) in new debt. This initiative focuses on reducing off-books municipal debt and funding land buybacks from developers, contrasting with previous aggressive growth strategies. Analysts suggest the primary goal is to shore up balance sheets rather than boost immediate GDP growth, with potential economic benefits expected in the latter half of 2025. Concerns persist about whether the package will resolve debt issues or merely delay a crisis, and household consumption levels remain low. The impact on short-term growth and deflation risks remains uncertain. Source
India: India's GDP growth is notably high, yet bank credit and consumer spending remain weak. Swaminathan Aiyar highlights this unusual disconnect, suggesting either the GDP data may need downward revision or that consumption will pick up in the future. The domestic stock market is strong, driven by local investments rather than foreign inflows, reflecting a shift toward mutual funds. The Reserve Bank of India has adopted a cautious approach on interest rates to balance inflation concerns. Overall, Aiyar emphasizes the importance of aligning economic data with real consumer and credit activity. Source
India: India's economic growth has fueled fintech advancements, especially in cross-border payments, driven by the government's 'Make in India' initiative aiming for $2 trillion in exports by 2030. The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) are collaborating to integrate international payment systems for seamless global transactions. Fintech firms are now offering comprehensive services beyond gateways, including credit solutions and SME lending. Leveraging advanced tech, these companies make international transfers faster and cheaper, supporting India's aspiration to become the third-largest economy by 2031. Source
Ghana: The World Bank reports that rising inflation and low economic growth are pushing more Ghanaians into poverty, with around 36% now living below the poverty line. More than a quarter of the population survives on less than $2.15 per day. Acting Country Manager, Mrs. Eunice Ackwerh, stressed the need for policies that drive economic growth while protecting the vulnerable. The call came during the World Bank's End Poverty Day program in Accra, emphasizing urgent measures to combat severe poverty. Source
Nigeria: The IMF has reaffirmed support for Nigeria’s removal of petrol subsidies and exchange rate unification, emphasizing their necessity for economic stability. It noted that subsidies primarily benefited the wealthy and neighboring countries through smuggling, diverting funds from essential sectors. The IMF also highlighted that the fixed exchange rate created inequities and drained reserves. These reforms, the IMF insists, will ensure more equitable access to resources and support priority spending. Source
Nigeria: PalmPay, a leading fintech in Nigeria, was honored as the Most Outstanding Fintech Driving Financial Inclusion at the BrandCom Awards 2024 on October 26th. The award recognizes PalmPay’s efforts to enhance financial access since its launch in 2019, focusing on underserved communities with innovative transaction tools. Hanson Femi, Head of Marketing and Communications, emphasized their commitment to providing secure and user-friendly financial services for all Nigerians. Source
Nigeria: Moniepoint, a Nigeria-based fintech, has reached unicorn status by securing $110 million in funding from investors, including Google. This achievement comes despite a tough funding environment for African startups. Moniepoint specializes in digital financial services aimed at boosting financial inclusion in Nigeria. The funds will be used to drive further expansion and innovation. Source
Côte d'Ivoire: Janngo Capital has closed its oversubscribed $78 million fund, exceeding the initial target of $60 million. The fund will invest in tech-enabled startups across Africa, focusing on sectors like healthcare, education, and financial services. Key investors include the European Investment Bank (EIB), African Development Bank (AfDB), and Proparco. Janngo Capital aims to support early-stage companies that address social needs while delivering financial returns, with a strong emphasis on gender equality by backing women-led and women-focused businesses. Source
Israel: The Bank of Israel has warned lenders about rising risks in the mortgage and construction sectors due to ongoing geopolitical tensions. The conflict has disrupted construction projects, mainly because of labor shortages from absent Palestinian workers and mobilized Israeli reservists, leading to delays and cost overruns. The central bank is also concerned about the mortgage market, where higher interest rates and economic uncertainty have strained borrowers' ability to repay, increasing default risks. Lenders are urged to reassess their exposure and strengthen risk management strategies. Source
Egypt: The IMF has stated it is too early to discuss increasing Egypt’s $8 billion loan program. Jihad Azour, IMF Director for the Middle East and Central Asia, mentioned that the program is showing progress, with growth recovery, reduced inflation, and a stabilized foreign exchange market. This comes after President Abdel Fattah al-Sisi hinted at reevaluating the program amid regional challenges. Azour noted that Egypt will save about $800 million over six years due to IMF policy reforms. The IMF expects GDP growth to hit 4.1% in 2025, with inflation dropping to around 16% by the 2024/25 fiscal year. An IMF team will review the program in Cairo in November. Source
Egypt: Egypt is on the brink of a digital banking boom, driven by regulatory support and increased fintech activity. The Central Bank of Egypt has introduced policies to promote digital transformation, including licenses for digital-only banks and payment firms. Rising smartphone usage and a young, tech-savvy population further fuel the demand for digital financial services. These factors are attracting significant investment into fintech and digital banking, aiming to enhance financial inclusion and modernize Egypt's banking landscape. Source
Saudi Arabia: Hong Kong Science and Technology Parks Corporation (HKSTP) has formed a $300 million partnership with Saudi Arabia’s Beta Lab to accelerate the growth of fintech startups. This collaboration will provide emerging companies with essential funding, mentorship, and market access, promoting cross-border innovation between Hong Kong and Saudi Arabia. The initiative aims to advance financial technology while offering startups opportunities to scale and enter global markets, reflecting both regions' strategic focus on fintech development. Source
Saudi Arabia: Sawari Ventures, an Egypt-based venture capital firm, is launching its second fund, “Sawari Ventures II,” targeting $200 million in early 2025. The fund will invest in startups across Egypt, Tunisia, Morocco, Kenya, and West Africa, with 70% ($140 million) earmarked for Egyptian startups over the next four to five years. Investments will focus on Series A and B stages, with some allocation for seed-stage ventures in sectors like fintech, deep tech, health tech, digital education, climate tech, and agritech. Sawari Ventures has also partnered with Bpifrance to enhance collaboration between Africa, the Middle East, and France. Source
