MTN Nigeria’s Mobile Money (MoMo) service ballooned in the year ended December 2020, as the mobile operator drives its fintech business in Africa’s most populous nation. The telco, which has been seeking to reposition itself and push into new sources of revenue, recorded increased uptake in its fintech business, which includes MoMo, insurance, airtime lending...
The Central Bank of Somalia (CBS) has announced it has awarded the country’s first mobile money licence to Hormuud Telecom (HorTel). The licensing and regulation of mobile money service providers has been a key priority area for the CBS, as it seeks to ensure financial inclusion, consumer protection and financial stability. The move follows months of...
The value of mobile payment volumes increased by 206 per cent in 2020 to Rwf 7.177 billion from Rwf2.349 billion in the previous year, statistics from the central bank show. Mobile payment transactions increased by 85 percent from 378.8 million transactions in 2019 to 701 million transactions. In 2020, Mobile points of sale (POS) increased...
Airtel Africa has revealed its plans to raise cash by selling a minority stake in Airtel Money – its mobile financial platform. According to Business Daily, this move is part of the company’s strategy to sell some assets. “We are actively pursuing the sale of the remaining owned tower sites that sit across several of our...
Vodacom Tanzania has announced it will pay a total of TZS 3,928,312,789 (US$1.6-million) in dividend to its M-Pesa customers who have used the service over the past year. The company said the dividend payment covers the first quarter of the company’s financial year. Vodacom’s M-Commerce Director Epimack Mbeteni said that the profit will be paid...
A new survey by the Financial Scooping (Finscope) has revealed that the uptake of mobile money services in Zambia has increased to 58% in 2020, a significant increase from the 14% recorded in 2015. The report added that financial inclusion has also increased to 69.4% from 59.3% in 2015. Despite the prevailing economic challenges facing the country, the...
Telkom has launched Telkom Pay, which is its digital wallet service that runs through WhatsApp. Telkom Pay allows customers to send money to anyone with a cellphone number and can be accessed without any other app or software. “We are launching financial services solutions that cater to everyone and that are easy to access through one’s...
Telkom has introduced Telkom Pay Digital Wallet, an e-wallet service for customers and merchants. The mobile-based platform allows users to send and receive money through the WhatsApp messaging app. It can be sent to anyone on the user’s contacts list and can also serve as a cashless point-of- sale payment option for merchants. Users with WhatsApp...
The MTN Mobile Money (MoMo) platform is closing in on a total of just over two million users since its relaunch in February. So says Felix Kamenga, MTN SA chief officer for mobile financial services, in an e-mail interview with ITWeb. Kamenga notes MTN has identified fintech as a key growth pillar and, as such,...
Togo’s Electronic Communications and Post Regulatory Authority (ARCEP) has confirmed it will sanction mobile operator Togocel over what it described as “serious inconvenience and malfunctions of T-Money services, and lack of information for consumers.” The sanction is for disruption of services on T-Money on 17 November 2020 and according to ARCEP, the operator failed to...
