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Financial technology (FinTech) is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial sector.
In an area that traditionally suffered limited access to financial services such as Credit, insurance, and banking Financial technology [FinTech] has aided in accelerating financial inclusion in this sub-Saharan Africa region.
While the bell has long been chiming for businesses to rapidly adapt, harness the power of data and streamline their digital processes, COVID-19 reprioritized the need for these capabilities. It made these elements of digital strategy essential, and at a frightening pace.
The Fintech sector in Africa has since rapidly emerged with more and more startups coming up as compared to other years. As consumers avoided touching cash or point of sale devices, digital payment usage increased dramatically and continues …
Deposits formed the bedrock of the source of funding for assets, notwithstanding impacts associated with the pandemic, DT-Saccos were still able to mobilize deposits at a near similar rate as the growth in their assets’ portfolios.
Gross loans increased by 13.16 per cent in 2020 to Kshs 474.77 B compared to Kshs 419.55 B of 2019.
Net loans and advances increased markedly by 12.60 per cent to reach Kshs 450.58 B in 2020, compared to Kshs 400.16 B in the previous year. …
The Spanish on demand delivery platform Glovo is on course to conquer Africa’s online delivery business space as it continues to become a major thing.
This is after the company announced its plans of expanding Glovo services and operations to include Ghana and Tunisia, bringing its current operations to a total of seven countries on the continent.
Earlier this year, the Spanish on demand delivery platform launched its service operations in Accra in Ghana, and in the following month it saw extending the service to the city of Tema, and it expects to launch in Tunis in Tunisia next month [October].
Also Read: Glovo expands in Kenya
we take it completely for granted that you can push a button on your smartphone and something happens nearly instantly in the real world.
This trend is fast expanding to all sorts of use cases due to our ever growing need for instant …
The Ghanaian government is calling for a strategic partnership with the United States of America to set up a post Covid-19 economic transformation agenda which will mutually benefit the two countries.
This is according to the Ghanaian Trade and industry minister Alan Kyerematen, who says that this will enable the country to attract more investments from the USA to take advantage of the African Continental Free Trade Area
Ghana is currently USA’s 83rd largest goods trading partner with $1.8 billion in total (two way) goods trade during 2019. Goods exports totaled $840 million; goods imports totaled $943 million. The U.S. goods trade deficit with Ghana was $103 million in the same year.
The Ghanaian Trade minister also explained that the country’s economy was being diversified from cocoa, gold and oil to pharmaceutical, energy and telecommunications, amongst others.
Speaking at the virtual 2021 US Ghana Business Forum which opened yesterday, Mr. …
It is indeed good news to the Petroleum and other Industry players after Muhammadu Buhari, Nigeria’s President finally appended his signature into law the Petroleum Industry Bill after twenty years of deliberation and revision.
The signing of this historic Petroleum Bill comes barely a month after the Petroleum Industry Bill (PIB) 2021 was voted by both chambers of the National Assembly.
After so many questions surrounded the bill after it was passed by the two houses, major one being whether the PIB was going to be the game changer for the industry, pending the President’s signature, it is now the proverbial saying of only time will tell after the President gave the bill a green light.
The new legislation which aims to Overhauling and transforming the Nigerian Oil and Gas is anticipated to drive investment in the sector by providing a framework for almost all aspects of oil and gas …
South Africa has a market-oriented agricultural economy that is highly diversified and includes the production of all the major grains (except rice), The agricultural sector contributed around 10 percent to South Africa’s total export earnings in FY 2019 at a value of $10.7 billion. The grain industry (barley, maize, oats, sorghum and wheat) is one of the largest agricultural industries in South Africa, contributing more than 30% to the total gross value of agricultural production. The industry is comprised of a number of key stakeholders including input suppliers, farmers, silo owners, traders, millers, bakers, research organizations, financiers, etc but with increasingly severe weather, growing political volatility, cyber concerns and other threats, farmers need to continue to invest in their risk preparedness.
As the farming industry is disrupted by digital, insurers and intermediaries must anticipate emerging risks to remain relevant and be the partner that farmers need. Now’s the time for …
The Bank of Ghana (BoG) has partnered with Giesecke+Devrient (G+D), company headquartered in Munich that provides banknote and securities printing, smart cards, and cash handling systems to roll out a general purpose Central Bank Digital Currency (retail CBDC).
Founded in 1852 by Hermann Giesecke and Alphonse Devrient, G+D has expanded operations to include banknote processing, smart cards, identification systems, and e-payments. The firm is the world’s second largest supplier of banknotes, with annual revenues of $2.45 billion.
According to the partnership agreement with Ghana, G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders.
G+D will now provide its proprietary CBDC solution known as Filia to pilot the issuance of a digital form of Ghana’s national currency, the cedi.
Digital Ghana Agenda
The working-age population of sub-Saharan Africa is set to increase more than twofold by 2050 to become the largest in the world, offering unprecedented opportunity for economic growth, according to S&P Global Ratings.
This burgeoning youth population is both an opportunity and a challenge for the continent. On the positive side, the population provides an opportunity for the continent to address Africa’s sustainable development challenges. While the continent’s natural resources are vital, the creativity and innovation of its youthful population can play a key role in the continent’s economic transformation.
In a report published on Wednesday, the ratings agency estimated that growth in the working-age population would add up to three percentage points to the average annual GDP growth for the next 10 years across key economies in the subcontinent.
According to the Senior economist of the S&P Global ratings,countries in sub-Saharan Africa are now experiencing the “most significant demographic …
The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has stated that for Africa to be able to transform herself, and become the epitome of economic empowerment and self-reliance, she needs to have the wherewithal to be able to protect and optimise the resources at her disposal.
To this end, President Akufo-Addo, speaking at the EBII Africa Investments Risk and Compliance (IRC) Summit, on Friday, 30th July 2021, at the University of Oxford, has admonished African governments to build robust financial compliance systems, and ensure strict enforcement of these systems.
Speaking on the theme “Financial Crime Compliance and ESG – The Future of African Investment”, the President stated a recent report has put the cost of financial crime compliance across all financial institutions, globally, at an all-time high of $180.9 billion for the year 2020.
Part of the reality in Africa, according to President Akufo-Addo, is that there …
The Ghana.gov platform also serves the digitization and revenue-collection needs of other Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs)
As of mid-July, 2021, about 624,000 users have logged in to pay for 37 government services, comprising taxes, levies, royalties and stamp duties, directly into Ghana Revenue Authority (GRA) accounts. …