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- Despite of the pandemic, still mobile money regulators enabled its performance
- Financial technologies are changing the way unbanked populations access finance services
Mobile money is still king in Africa and will be so for long. With more than 548 million (up 12 per cent) registered accounts attached to a 27.4 billion transaction volume worth $490 billion, Africa stands to draw billions from mobile money and transform its economies significantly (GSMA 2021).
Thanks to financial technology (fintech) which has accelerated financial inclusion in sub-Saharan Africa, now more than ever, the unbanked population in rural areas of Africa can access financial services seamlessly, even during the coronavirus pandemic’s harsh times.
Today fintech technologies are challenging traditional financial services, particularly banks in Africa. This has forced banks to adapt to the new game brought by fintech aggregators, including fusing their services to mobile services and
NAIROBI, Kenya, Jun 9 – East and Central Africa’s most profitable company Safaricom will help transform Ethiopia by positively impacting most sectors of the 112 million population economy.
This is according to Kenya’s President Uhuru Kenyatta who says the Kenyan telco’s entry into Ethiopia will help the economy make even greater strides in its areas of strength.
These include digital presence, mobile money, telephony, data and fibre connectivity, and business solutions among others.
Kenyatta spoke on Tuesday in Addis Ababa during the issuance of an operation license to the Safaricom led Global Partnership for Ethiopia consortium which won a Sh91.8 billion bid to operate in the country.
The licences are expected to bring an infusion of cash, jobs and infrastructure investment.
The consortium won a 15-year license in a competitive bidding process making it the first private telecoms player in the country.
It brings together Kenya’s Safaricom, South Africa’s Vodacom, …
South Sudan’s pioneer mobile money platform m-GURUSH has ventured into international money transfer business.
This is an innovative feature from that seeks to enable customers to conveniently send money across Africa and beyond. The service will benefit m-GURUSH customers, especially the business and trading communities sending funds from South Sudan to Kenya, Uganda and the greater East African region.
According to a statement from the firm, the service was launched by the Governor of the Bank of South Sudan Hon. Jamal Wani Abdalla. The customers will be able to send this money digitally in form of US Dollars or South Sudanese Pounds from their m-GURUSH account from the comfort and safety of their homes.
The international remittance service will enable m-GURUSH registered customers to send and receive money to several countries across the globe using mobile money.
“The service will be particularly beneficial to the South Sudanese living in East …
Uganda Revenue Authority assistant commissioner IT James Kizza is the winner of the East Africa CIO of the Year Award 2019.
He has been recognized for his “crucial role” in the trail-blazing digital development of the URA.
According to the judges, the role of the chief information officer (CIO) continues to evolve at a breakneck pace, and only those executives who advance in lockstep will enjoy prolonged success and better the enterprises that they dedicate their energies to serve.
The 2019 East Africa CIO100 jury led by Professor Louis Fourie, former VC at the Western Cape Peninsula University of Technology, flanked by Alex Ntale CEO – Rwanda ICT Chamber, Bill Sangiwa, Digital Transformation Expert in Tanzania, Charles Musisi, a senior ICT expert in Uganda and Elizabeth Ochieng, ICT director- Deloitte appreciated the high level of submissions for the 2019 …
SBM Bank has partnered with leading global payment network UnionPay International to roll out its UnionPay Prepaid Card in Kenya.
The partnership with SBM Bank enables cardholders of UnionPay prepaid card to leverage on UnionPay’s global footprint to make both online and real-time purchases.
UnionPay cards are accepted in 174 countries and regions with 55 million merchants and over 2.9 million ATMs making it ideal for travelers and tourists.
According to SBM Group Chairman Kee Chong Li, this UnionPay card is especially ideal for SMEs looking to trade with China which is one of the leading markets for African produce and also acts as a key source market for various goods.
Mr. Kee Chong Li says that the pre-paid card will also offer additional security for travelers and online buyers shielding them from online fraud and the erosion …
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 …
Close to 8 million Vodacom M-Pesa customers will from today receive their share of the Tzs.27 billion ($11.718 million) profit distribution accumulated on M-Pesa Trust Accounts.
The leading telecom provider has announced that its M-Pesa customers will over the next month and a half, receive their share of the bonus interest earned as a benefit from using the service.
Speaking to the media, Vodacom Tanzania M-Commerce Director, Epimarck Mbeteni said, “We are thrilled to share M-Pesa interest with our customers because our customers are the reason for the M-Pesa success story. M-Pesa continues to transform the lives of millions of Tanzanians and today’s initiative will see more continue to benefit from it. All Vodacom customers that have been using M-Pesa will benefit from the interest which will be distributed via M-Pesa and deposited directly into their M-Pesa wallets. We have started distributing the Tzs. 27 billion interest fund to approximately …
Vodacom Tanzania has posted a strong full year results driven by Data and M-Pesa services.
In its preliminary results for the year ended 31 March 2019. The company achieved a 5.4 per cent growth in service revenue, reaching TZS1,018.9 billion ($443.389 million), driven by strong growth in M-Pesa, mobile data and messaging revenue demonstrating its ambition to pioneer inclusive growth through financial inclusion and connectivity.
According to a statement from Vodacom, the firm maintained market leadership as the number 1 mobile and financial service operator in Tanzania with 14.1 million customers- a growth of 9.6 per cent, increasing its market share to 32.4 per cent. Leadership in mobile money grew to 38.6 per cent reaching 7 million M-Pesa users transacting over TZS4.1 trillion ($1.784 billion) monthly.
Vodacom’s Managing Director, Hisham Hendi said, “The M-Pesa platform continues to open up opportunities for Tanzanians to earn a living registering 620,000 new customers, …
The digital divide in Africa is real: Three-quarters of the people on the continent do not have sufficient access to the internet – or have no access at all.
This has an impact on everyone and in every component of society, from health to economic well-being to education. The priority solution requires a combination of continent-wide high-speed access combined with low prices, available through the surety of satellite connectivity.
On June 3rd, 4th and 5th, 2019 the East African Communications Organizations* (EACO) is gathering in Dar Es Salaam. Regional experts, national ICT regulators, operators, services providers (in the telecommunication, broadcasting and postal sub-sectors) ICT training institutions, and other stakeholders in the communication sector from Burundi, Kenya, Rwanda, Tanzania and Uganda will iron out a common agenda in preparation of the 2019 World Radio Communication Conference. Necessary revisions to Radio Regulations, the international treaty governing the …
Digital payments in Kenya have been ruled by Safaricom through its revolutionary MPesa services. This is despite there being other local players like Airtel Money and Telkom’s T-Kash competing for the local share of mobile money transfer.
Safaricom has gone global targeting international remittances and linking with global players like Western Union and Pay Pal to make trans-border transfers.
However, during the just concluded East Africa EuroMoney Conference locally hosted by Central Bank of Kenya, the CBK governor Dr Patrick Njoroge noted that these innovations though first tested and embraced in Kenya, must not sleep on their laurels.
Dr Njoroge noted that Kenya was able to enjoy the innovation and domesticate the technology, which has drawn the admiration of global players and replicated world over.
However, it is the entry of global players like WhatsApp, WeChat, Alipay and Apple Cash which have made it easier to transfer money, purchase items …