Browsing: Mobile money

East Africa is a global leader of mobile money with the highest penetration of mobile money in the world according to a report by the African Union in collaboration with the Organisation for Economic Corporation and Development.

The joint report is titled; Africa’s Development Dynamics’ authored by the African Union (AU) in collaboration with the Organisation for Economic Corporation and Development.

Mobile money services are provided by telecommunication companies and supported by a network of licensed agents that allows registered users to deposit and withdraw cash in a virtual wallet.

According to data from the report, for every 1,000 adults, the East Africa region has 1,106 registered mobile money accounts compared to  600 for the whole of Africa, 533 and 245 for Asia, Latin America and the Caribbean respectively.

The penetration is higher in the region with most adults subscribers owning one or more mobile money accounts.

According to the …

The bank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond. …

Banks continue to fill the impact of mobile money as it eats into their asset quality and profits despite partnering with telecoms.

According to a 2020 banking sector analysis report by Summit Consulting, increase in mobile money deposits has a negative connection to banks’ return on equity defined as the ability of a firm to generate profits from its shareholder’s investments in the company.

“High volume of mobile money transactions discourages customers from depositing with banks due to convenience,” the report read in part.

Accessibility and convenience of the telecom hosted platform have been boosted by the increase in the number of mobile money agents making it more attractive to the 27.9 million subscribers.

Deposits of mobile money accounted for 37.7 per cent of the slump on return on equity and deny banks of adequate deposits for investment, as most banks get money from customer deposits, which they lend out …

MTN Uganda recorded a 9.1 per cent increase in net profit to about $120.47 million for the first six months of 2020, according to the company’s latest interim results.

According to the report, the strong performance of mobile money, data and digital income attributed to the performance.

MTN Uganda overall revenues grew by 7.6 per cent to about $244.97 million in the six months while data incomes saw a 30 per cent growth from about $34.84 million to about $45.45million.

The company’s mobile money which has been another cash source grew by 6.5 per cent to about $58.25 million as its active mobile money subscribers hit 7.4 million an increase from 7.3 million.

Meanwhile, its Voice revenues grew from about $124.67 million to about $128. 2 million as the company reported a 10 per cent growth in subscriber base to 13.2 million, up from 13 million last year.

The number …

The Bank of Tanzania (BoT) has aligned various approved policy measures necessary for rescuing the economy from gruesome effects of the Coronavirus (COVID-19), which has already demonstrated its impacts by destabilizing the tourism and aviation sector in Tanzania.

The bank announced the new move on Tuesday, through a statement.

As Tanzania still records nearly 500 confirmed cases and 16 deaths, the central bank’s Monetary Policy Committee (MPC), which met on 8 May 2020, agreed on the measures to “safeguard the financial sector stability and continue facilitating the financial intermediation process” according to the central bank’s statement.

How local banks get saved

Tanzanian business shutdown and some worrying about their loan repayment schedules, the central bank has emerged with a rather customized solution to aid the banking and business community in that manner.

The bank has urged banks and other financial institutions to assess financial challenges faced by borrowers triggered …

The company’s media spend was Ksh63.3 billion which was on different means and platforms to keep it in people’s consciences…

Remittances to Sub-Saharan Africa are set to increase by over 5.6 per cent between 2019 and 2020…

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 …

More than 800 travel agencies will simplify travel payments, book clients’ trips, hotel accommodation, hire transport and use M-Pesa to pay…

Juba – South Sudan has launched its first-ever mobile money transfer service in Juba last week. The aim of m-GURUSH (m-for mobile and GURUSH for money in Arabic)  is to make it easier to transfer money, as well as create new job opportunities in South Sudan.

The mobile based financial service platform is a joint partnership between South Sudan’s Trinity Technologies Limited and Zain Telecoms South Sudan.

Licenced by the Bank of South Sudan and the National Communications Authority of South Sudan, m-GURUSH allows users without bank accounts to access banking services through outlets spread across the country.

The virtual banking system allows users to access services through a Zain Network SIM card that is compatible with all of South Sudan’s mobile networks. Once activated, the SIM will allow users to transfer money to family or make payments to vendors. The service is also available on UUSD or as a …