Mobile financial services are growing in Africa. According to the Tanzanian communications regulator, 39.5 million Tanzanians made 366 million transactions with a total value of around 12.7 trillion shillings ($5.4 billion) as of September 2022. Telecom operator Vodacom Tanzania announced on Thursday, October 27 that M-Pesa, its mobile financial services platform, has extended its international money...
The Zambia Revenue Authority (ZRA) plans to tax mobile money transactions by businesses, similar to that applied to banks. ZRA board chairperson Caleb Fundanga said, “Most businesses in the country use mobile money in order to avoid paying tax applied to Visa card transactions (in which case the money is transferred directly into a bank...
Nigerian multinational pan-African banking group United Bank for Africa (UBA) has launched a new mobile money solution M2U Money in Cameroon. In 2018 UBA announced its intention to collaborate with Viettel Cameroon SA (Nexttel) to launch a solution and engage the Cameroon market. The company secured authorisation from the Central African Banking Commission (COBAC) to...
The separation of mobile money activities should allow the Central Bank to better regulate the growing Kenyan mobile payments market. According to statistics from the financial institution, the country had 70 million mobile money accounts as of August 2022. The Central Bank of Kenya (CBK) announced on Tuesday, October 11, the finalization of the process of...
Mobile payments are growing in Nigeria. According to data from NIBSS, the value of transactions increased by 172.2% to N4.9 trillion in the first four months of 2022 from N1.8 trillion in the same period of 2021. Nigerian telecom operator Globacom, founded and owned by billionaire Mike Adenuga, has announced that MoneyMaster PSB, its payment services...
Mobile money service EcoCash has increased its transaction limit by an average of 230% as the local currency tumbles against the US Dollar. EcoCash said it had increased the daily limit to ZW$75 000, and to ZW$359 000 for mobile clients. Additionally, consumers can send up to ZW$350 000 per day, with the transaction limit...
Safaricom has officially launched its commercial activities in Ethiopia. The company’s offering includes voice, data, SMS and, soon, mobile money services. Safaricom Telecommunications Ethiopia (STE) will be able to provide mobile financial services through its M-Pesa mobile money platform in Ethiopia in addition to mobile phone services. To this effect, the company obtained the approval of the...
The number of Zimbabweans receiving diaspora remittances through mobile money platform, EcoCash has increased to 260 000 (up from last year’s figure of 230 000), with US$7.5-million in transaction value processed through the e-wallet. EcoCash, a spin-off of Econet Wireless and listed separately on the Zimbabwe Stock Exchange, experienced a drop in the number of...
Mobile money agents are compelled to branch out and serve as multi-channel and multi-platform digital finance ecosystem facilitators – this as growth of the continent’s digital payments market impacts on cash-in cash-out transactions, according to a new report released by digital finance advisory company Mondato. The report explains that to date, mobile money agent networks cashed in...
The Afriland First Bank in Liberia has launched a Mobile Money banking transaction service with Lonestar cell MTN, ‘Push and Pull mobile money service, with the aim of making banking more accessible and convenient for its clients. The MTN Push and Pull service, according to Lonestar Cell MTN Mobile Money Project Lead Manju Konneh, is...
