According to a Visa report, AI-powered scams have emerged as the largest threat in payment fraud, as enhanced network-level security measures have diminished chances for direct system breaches. This shift has led criminals to increasingly exploit human trust to carry out their fraudulent activities.

South Africa's Yoco is expanding its services beyond payment processing through a new artificial intelligence deal. This development is part of a broader discussion that includes the Central Bank of Nigeria's data localisation rule, which has raised concerns within the fintech sector, and Visa's plans to integrate AI for shopping with cards in South Africa, according to Techpoint Africa.

Yoco has expanded its offerings beyond traditional card payments by launching an AI-powered platform that includes over 20 new features. These features comprise an AI assistant, loyalty rewards, tools tailored for specific industries, reduced fees, and savings pockets designed to assist businesses in their operations.

Xpress Payment Solutions Limited plans to leverage emerging technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) for its next growth phase, following a decade of processing transactions worth trillions of naira. The announcement was made by the company's Managing Director and Chief Executive Officer, Mr. Wale Olayisade.

Visa is enhancing its digital payments ecosystem by introducing new features for Visa Accept and Visa Direct, which allow small businesses to use smartphones for receiving payments and sending real-time payouts without the need for additional payment hardware. These updates are specifically designed to support micro, small, and medium-sized businesses in emerging markets, according to TechTrends KE.

According to CIO Africa, Africa's payments landscape is evolving into a new phase that goes beyond mere digital transactions, focusing on the development of intelligent and interconnected financial ecosystems. This shift indicates a significant transformation in how financial services are delivered and utilized across the continent.