Browsing: Financial Inclusion in Africa

• Mukuru has launched a new mobile wallet in Malawi to enhance international transfers and boost financial access, particularly for underserved and unbanked communities.
• The Mukuru Wallet features two pockets, Nyanja and Moyo, designed for domestic and international money transfers, with added benefits like no cash-out fees and interest on savings, promoting financial inclusion.
• The wallet is part of Mukuru’s digital transformation strategy, empowering Malawians to participate in the digital economy and modernizing financial services across the country.

Mukuru, a financial services platform popular for its world-class fintech solutions, has made a strategic leap in Malawi by launching its innovative mobile wallet, the Mukuru Wallet. This marks a significant milestone in the company’s mission to enhance financial access and streamline international transfers, particularly for underserved communities.

By offering a secure, efficient, and accessible way to manage funds, the wallet is poised to transform Malawi’s financial landscape.

Expanding financial access through innovation

• Less than 40% of adult population in Tanzania has bank accounts.
• Central Bank aims to increase integrated financial services access to 80% by 2028.
• Lack of collateral affecting disadvantaged populations from accessing bank credit.

Financial inclusion in Tanzania has increased considerably but with less than 40 per cent of the adult population having an account at financial institution, a pointer that policymakers in the country have a lot of work to do. To this end, the government, through the Bank of Tanzania (BoT), has announced plans to increase integrated financial services access to 80 per cent of the population by 2028.

BoT Deputy Governor, Ms. Sauda Kassim Msemo recently told media that financial services inclusion is crucial for sustainable economic growth of the East African nation. “The government continues to create a conducive investment environment, but we need to grow financial inclusion, especially access to banking,” she said.

She pointed …

• Mastercard Gateway is a global payment platform that offers protection from fraud and simplifies payment acceptance.
• The main forces behind this change are the speed, security, and ease of use provided by digital wallets and mobile money.
• Mobile money services like MTN Mobile Money, Airtel Money, and Kenya’s M-Pesa are becoming to become well-known brands.

Mastercard and Amazon Payment Services have entered a multi-year partnership to digitize payment acceptance across key markets in the Middle East and Africa.

The agreement includes Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and the UAE.

Through the partnership, Amazon Payment Services will integrate Mastercard Gateway, a streamlined solution for payment processing, across 40 markets in the region.

This integration will allow merchants to provide faster, more secure transactions and various payment options for customers.

The collaboration comes as digital payments continue to rise in the region. Amazon Payment Services merchants, including Amazon …

• AfDB signs a risk facility worth over $150 million to boost financial inclusion.
• Survey shows risk-supported Commercial Banks in Africa can play a key role in poverty eradication.
• Increased access to capital loans will help lower-income families increase their household earnings

To boost intra-Africa trade in line with the aspirations of the African Continental Free Trade Area (AfCFTA), the African Development Bank Group has approved a $150 million risk facility.

The funding will be through the Trade Finance Unfunded Risk Participation Agreement, a deal which has been entered between the African Development Bank (AfDB) and the Trade & Development Bank (TDB).

Under this agreement, “the AfDB will provide guarantee cover of 50 per cent and up to 75 per cent for transactions in low-income countries and transition states on a risk share basis with TDB to a number of qualifying local and regional banks,” the bank states.

In this first …

The African Development Bank (AfDB) has inked a massive grant agreement to the tune of $400,000 to modernize the regional financial market infrastructure in West Africa.

The funding is to be extended via the West African Monetary Union (WAMU) and among other things is meant to fund the creation of a digital platform to automate securities issuance for the regional financial market.

In a press release, the AfDB said the funding will also help reduce the holding period preceding subscription allocations and registration on the said digital platform.…