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January 25, 2019

Top Post

Mobile money transactions equivalent of half of Kenya’s GDP

Payments Cards & Mobile

“Central Bank of Kenya (CBK) data shows that mobile money transactions stood at Sh3.98 trillion ($38.5 billion) last year, having increased by Sh346 billion (10%) from 2017. This translates to an average value of Sh10.92 ($108 million) billion mobile cash transactions per day. n short, Kenyans moved nearly half the equivalent of the country’s gross domestic product (GDP) through their mobile phones last year, underlining the growing importance of digital wallets to the economy.”

December 20, 2018

On the web

Interoperability: The Next Phase of Mobile Money

Payments Afrika

“If mobile money transactions want to achieve the same growth and ubiquity as card payments, it must move to the next phase of its existence and embrace interoperability. Most mobile money platforms are still operating on a closed loop system, where account holders can only transact with people on the same network. As we saw when we looked at the history of cards, a key success factor to creating a digital payments ecosystem is creating an open-loop system that relies on cooperation for the seamless transfer of funds across different accounts.”

December 5, 2018

On the web

November 26, 2018

On the web

Orange And MTN Partner For Mobile Money Platform Mowali


“Two of Africa’s largest mobile operators and mobile money providers, Orange Group and MTN Group, today announced a joint venture, Mowali (mobile wallet interoperability), to enable interoperable payments across the continent. Mowali makes it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost.”

November 19, 2018

On the web

Mobile money transactions fall on new taxes

Standard Media (Kenya)

“Mobile money transactions have declined in the wake of new taxes introduced on digital cash transfers and bank charges. Data from the Kenya National Bureau of Statistics (KNBS) indicate that transactions marked one of the steepest declines in several months, both in the number and value of money sent. “

November 15, 2018

On the web

October 17, 2018

On the web

India moves towards interoperable mobile wallets

NFC World

“The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services. Reserve Bank of IndiaThe new rules are set out in Prepaid Payment Instruments (PPIs) — Guidelines for Interoperability, which was published on 16 October 2018.”

September 27, 2018

On the web

The mobile money industry’s transition to a platform-based business model


“Processing over a billion dollars a day, mobile money has evolved into the leading digital payment service in many emerging markets. Yet, significant changes in the commercial and technological landscapes mean that mobile money of tomorrow is likely to be based on a new business model. This blog is the first in a series of insights related to the payments as a platform approach.”

September 24, 2018

Top Post

Pulling funds from bank accounts: best practices for mobile money providers


“In our 2017 Edition of The State of The Industry report, we highlighted an increase in funds entering and leaving the mobile money system in digital form. The most pronounced change was in bank-to-mobile transactions, from 1 per cent of total transaction values in 2012 to 9.2 per cent in 2017. In another blog post, we noted how bank-to-mobile and mobile-to-bank transfers are enabling merchants and small businesses to interact with the broader financial system and to digitise their respective value chains through supplier and salary payments.”

September 5, 2018

On the web

August 28, 2018

On the web

Mobile Money Heats Up in India as Google Doubles Down

Wall Street Journal (paywall)

“A day after Warren Buffett’s Berkshire Hathaway Inc. said it had invested in the parent company of India’s largest digital-payments firm, called Paytm, Google said it is expanding its mobile money service in the South Asian nation. It is partnering with several local banks to offer consumer loans from within its app in the coming weeks, aiming to assist users seeking cash to cover expenses such as school fees.”

July 24, 2018

On the web

Mobile Money Interoperability Is The Next Revolution In Africa, This Is What You Need To Know


“Several regions across Africa are zeroing in on what promises to be a new frontier in the fast-growing digital economy: mobile money interoperability. That means anyone in an interoperable region with a mobile money account can transact with anyone else who has an account, whether they use the same service provider or not. And when that happens, mobile money instantly becomes more useful to more people, enabling them to more easily save, borrow, and transact with all the people and institutions they need to connect with, instead of just those on their same network. When connected with banks, mobile money becomes even more valuable as people have a safe, secure place to store their assets.”

July 19, 2018

On the web

April 30, 2018

On the web

One of the world’s biggest mobile money services wants to become a social network


“The messaging service, known as Bonga (which means “to chat” in colloquial Swahili), was partially-launched on April 26, in closed beta testing for select users on Android devices, according to documents seen by Quartz. The app will allow users to review their balance on M-Pesa, besides letting customers transact money without leaving the platform. The service was first conceived of in August 2017 and was produced by the company’s innovation arm Alpha, which was established last year to leverage M-Pesa to drive financial inclusion.”

April 18, 2018

On the web

April 17, 2018

On the web

GCash, Alipay target Chinese tourists with new payment scheme


“Globe Telecom’s fintech arm Mynt and Ant Financial on Monday jointly launched a new QR Code solution that will allow Philippine merchants to accept local GCash payments as well as payments from Chinese tourists using Alipay in one single connection. “By jointly establishing this QR code with Alipay, all merchants working with GCash will be able to accept Alipay as a payment option for Chinese travelers in their stores, while also catering to the local user pool that have now grown to love our cashless lifestyle app,” said Anthony Thomas, president and COO of Mynt.”

Interoperability lifts Equitel’s growth to Sh711bn value of transactions

Business Daily Africa

“Equity Bank’s mobile money platform Equitel rode on interoperability to grow, processing transactions worth Sh711.5 billion in the three months to December up from Sh650.3 billion in the previous quarter. The value of Equitel’s transactions was Sh350.5 billion, Sh258.9 million for its mobile e-commerce while person-to-person transfer on the platform amounted to Sh102 billion, according to the Communication Authority (CA)’s Second Quarter Report.”

April 12, 2018

On the web

Mobile commerce transactions in Kenya surpass Sh1trn

Business Chief

“According to the Communications Authority of Kenya (CA), transactions hit Sh1.17trn ($11.6bn) in the second quarter of 2017/18, up 64% from the previous quarter’s recording of Sh714bn (US$7bn). The nation was able to reach the trillion mark despite mobile commerce transactions falling from 352mn in the first quarter to 308mn in the second quarter. “A total of 607.4 million mobile money transfer transactions valued at Sh1.763 trillion were carried,” stated the report released by the CA.”

On the wires

The reach of West Africa’s mobile money sector is 13 times wider than local banks


“That rapid growth has been a boon for financial inclusion, mainly through mobile money. Thanks to expanding agent networks and more enabling regulations, there are now 13 times more active mobile money agents in West Africa than the total number of bank branches and ATMs, the report notes. Paga, a leading mobile money service in Nigeria, boasts a network of nearly 15,000 agents.”

April 10, 2018

On the web

Mobile money interoperability in Bolivia: A case study for Latin America


“There is a commercial rationale for efficient interoperability with the banking sector which can be achieved through different models. Timing and industry choice was key to the momentum behind interoperability with the banking sector and the identification of ACCL switch as the preferred model. The arrangement was supported by constructive dialogue between industry and policymakers to align on timing, benefits and costs, and risks of interoperability.”

April 3, 2018

On the web

Societe Generale Cameroun partners with YUP to run mobile money services

Jurnal du Cameroun

“Societe Generale Cameroun (SGC) has partnered with YUP Cameroun to operate mobile money activities in the country.
According to an authorisation from the central bank, SGC bank and it’s partner YUP Cameroun can now offer digital finance services. The authorization states that the financial institutions have 12 months as from March 2018 to kick start operations, else they forfeit their licences.”

March 28, 2018

On the web

Airtel Tigo integrates money transfer platforms

Ghana Web

“Customers of Airtel Money and Tigo Cash will by the end of April 2018, be integrated onto a single platform to allow for mobile money transactions. This is according to the CEO of Airtel Tigo, Roshi Motman. The move which will make them the second biggest mobile money operator in the country also forms part of the integration of the two companies after their merger in November 2017.”

March 23, 2018

On the web

March 12, 2018

On the web

With revamped T-kash, Telkom Kenya aims to challenge Safaricom’s dominance


“It said it has spent 1 billion Kenyan shillings ($9.9 million) redesigning and rebranding the platform, T-kash, which enables customers to transfer money and pay bills via mobile phone. The company shut down its original mobile money platform, which drew a limited number of subscribers, last June. It has now signed up 20,000 new mobile money agents to provide the service, which it hopes will help accelerate its subscriber growth, Telkom Chief Executive Officer Aldo Mareuse told reporters in Nairobi.”

March 7, 2018

On the web

Enterprise Solutions: The next frontier for mobile money


“Of the total number of registered mobile money accounts, we estimate that the vast majority – 99.8 per cent – are still owned by individual customers. These figures point towards a significant missed opportunity: Enterprise solutions. According to the IFC, small and medium enterprises (SMEs) play a major role in most economies, particularly in developing countries. Formal SMEs contribute up to 45 per cent of total employment and up to 33 per cent of national income in emerging economies, and these numbers are significantly higher when informal SMEs are included.”

March 6, 2018

On the web

690M Users: Launch of the 2017 State of the Industry Report on Mobile Money


“Today, we’re pleased to announce the release of the 2017 State of the Industry report on Mobile Money. With our annual report now in its seventh year, this year’s SOTIR focuses on numerous new trends to have emerged in mobile money in 2017 – from the accelerated growth of bank-to-mobile interoperability, to the emergence of South Asia as the fastest growing region, and a raft of innovations designed to reach the most underserved.”

February 14, 2018

On the web

January 19, 2018

Top Post

FinTech for the Poor: Not All Virtual, Not All Apps


“Like in every other sphere, digital technologies are bringing a wide range of financial services like retail banking and investments to our fingertips, and making our financial lives more customizable and more connected than ever before. But for low-income customers in developing countries, FinTech is not always about rolling out a dazzling new smartphone app. As CGAP has seen in African countries where we’ve been working with FinTech innovators, it usually means something quite different, though no less impactful.”

December 21, 2017

On the web

Kenya’s fintech companies are innovating to bring small businesses into their fold


“Mobile operators and electronic payment firms are focusing on the hundreds of thousands of small businesses in Kenya by introducing new products specifically aimed at paying for low-value card transactions with ease, speed, and convenience. PesaPal, a Nairobi-based aggregator for online and mobile payments, recently introduced a mobile point of sale (mPOS) service known as Sabi (Pidgin English for ‘understand’) that would process payments in both local and US dollar currencies. Using their Android phones or tablets, the Visa or MasterCard payments are processed over Bluetooth by connecting to a portable terminal. The technology allows the over 300 businesses in Kenya, Uganda, and Tanzania that have signed up so far to view their transaction history and to issue receipts.”

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