Browsing: Mobile Banking

• Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade.
• In the 10 years leading up to 2021, the share of women in Africa who owned a financial account doubled to more than 49 per cent.
• This surge in women’s account ownership in many developing countries is largely attributed to mobile money platforms.

Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade. The gender gap in ownership of formal financial accounts in developing countries has decreased from 9 to 6 per cent, signifying a move towards financial parity for women.

The increase in account ownership among women has outpaced that of men, with 68 per cent of adult women in developing nations now participating in formal financial systems. This surge in women’s account ownership in many developing countries is …

The EasyEquities investment portfolios integrate directly into Discovery Bank’s Vitality Money programme, automatically counting towards the client’s Vitality Money status.

On September 30, 2022, Discovery Bank announced several new products and changes at its annual product update event with financial advisors. However, the CEO Hylton Kallner said that the new features will be made available from October and through the first quarter of 2022 on a phased basis.

According to Business Tech, Discovery Bank clients can use the Discovery Bank app to transact and trade in real-time in these currencies. With the Multicurrency FX Account, clients can also receive international payments and choose to pay in more than 60 currencies, Kallner said.…

Customers can also buy airtime and access other mobile network operator services using their Visa or Mastercard debit and credit cards through Tingg, Cellulant’s digital payments platform.

Tingg by Cellulant is at the forefront of ensuring digital financial solutions are available across the continent. Tingg, which integrates 211 banks in Africa, is a one-stop payment aggregator for multinational corporations, mid-caps, and small and medium-sized enterprises (SMEs).

Tingg enables merchants to receive, view and reconcile all their payments through a single platform or their system by integrating Tingg’s Application Programming Interfaces (APIs), eliminating the need to subscribe to multiple providers’ payments and, in the case of mobile money, mobile network operators (MNOs) and banks.…

Even as mobile penetration continue to grow, the East Africa region is still sluggish in technology innovations especially in the insurance sector.

The region is considered as Africa’s Silicon Savannah with a high mobile penetration, home grown digital financial innovations like M-PESA that is now being exported in other countries and a fast growing tech start –up ecosystem.

Statistics indicate that about $63.6 billion is transacted in aggregate in a single year on mobile money platforms in the East African Community (EAC) countries. This corresponds to 46 percent of the total GDP of the EAC in the most recent statistics.

Mobile is a key factor in the region’s start-up ecosystem where many tech start-ups now use the technology as the primary platform to create solutions that address various socioeconomic challenges.

According to the GSM Association, a trade body that represents the interests of mobile network operators globally, over half of …