Over the last decade, Kenya has witnessed significant technological growth, with the country now considered among the leading nations on that front in Africa. Dubbed Silicon Savannah, the East African nation has become the reference point for technological advancement not only in the region but also on the entire continent. Kenya is not about to...
Digital transformation has accelerated the adoption of e-commerce platforms in Africa. While the majority of African populations are still unbanked, fintech and mobile payment platforms present themselves as alternatives. The Kenyan telecommunications operator Safaricom and Visa Inc launched, on Thursday June 2, a virtual payment card. The M-Pesa GlobalPay Virtual Visa Card will allow users of M-Pesa,...
MTN Nigeria has announced that its Fintech subsidiary MoMon Payment Service Bank (PSB) has formally begun operations. The operator released a statement notifying the Nigerian Exchange and investors of the development, adding that it follows a successful pilot initiated on 16 May 2022 “in commemoration of the launch of our GSM operations on 16 May...
Zambia’s efforts to establish a digital economy is under the spotlight following a spate of abductions of mobile money booth operators and agents that are allegedly being held for ransom. Operators have suspended services and demand security from law enforcement. Zambia police services Inspector General Lemmy Kajoba has called for calm and said the police...
In November 2021, Airtel Nigeria and MTN had agreed an agreement in principle with the Central Bank of Nigeria for the operation of payment service banks. Earlier this month, MTN obtained its license for this purpose. Airtel Africa Plc announced on Tuesday, April 26 that the Central Bank of Nigeria (CBN) has granted its local subsidiary...
A client using mobile money service M-Pesa. Ethiopia’s central bank has drafted a Bill that will allow foreign investors to offer mobile money services, boosting firms such as Safaricom that are seeking to start operations in the country this year. Ethiopia has started changing its national payments law to clear the way for Safaricom to introduce...
Following the enactment of the National Payment Systems (NPS) Act, 2020, MTN Uganda’s telco and fintech business was separated leading to the creation and licensing of MTN Mobile Money Uganda Limited in 2021. We caught up with the newly appointed Managing Director of MTN Mobile Money Uganda Limited, Richard Yego, for his initial interview since...
Zimbabwe’s central bank, which is battling to contain exchange rate distortions that are driving inflation, has shut down the country’s popular mobile money transfer service, InnBucks for not having a permit. InnBucks, run by fast food franchise operator Simbisa, is a mobile platform that leverages USSD and mobile application tech to allow consumers to send...
As more African countries introduce taxes on mobile money and digital services, the GSMA representative grouping of global mobile operators is encouraging dialogue between operators and governments to promote digital inclusion and economic growth. Mobile money and digital finance platforms have helped drum up financial inclusion across Africa. However, taxes on mobile money and electronic...
EcoCash Zimbabwe has announced it would venture into the lucrative domestic remittance market through its EcoCash FCA wallet. EcoCash FCA is added to a list of offerings that have emerged to tap into this market, including CBZ, which launched a dedicated money transfer branch, and start-ups Senditoo, and Shumba Money which offer limited-run transaction-free promotions...
