Tag Archives: mobile money

AMA, Business, Technology

Cellulant Appoints Anthony Hernandez as Chief Operating Officer to Lead AI-enabled Customer Operations Strategy and Strengthen Execution

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Appointment signals a move toward AI-powered operational transparency, real-time compliance, and data-led growth for customers

NAIROBI, Kenya, 15 April 2026 -/African Media Agency(AMA)/ – Cellulant, Africa’s leading payment technology company, has appointed Anthony Hernandez as Chief Operating Officer (COO) to lead end-to-end customer experience, from onboarding and transactions to customer growth, alongside advancing operational automation across the business.

Cellulant serves the payment needs of enterprises and global businesses across Africa through a single API that connects to multiple markets and hundreds of payment methods. As the company continues to scale, its focus is on strengthening the operational backbone required to enable payments with consistency, reliability, and visibility for customers across every market while enabling them to grow.

Commenting on the appointment, Peter O’Toole, Chief Executive Officer of Cellulant, said, “In payments today, trust is the real currency, and operational excellence is what earns it. As we continue to grow our volumes and support market-leading businesses across Africa and beyond, we are deliberately strengthening our operational foundations. Anthony’s role is to ensure we embed that operational discipline with intention, delivering consistent, high-quality experiences as we deepen our presence across markets and support our customers’ growth.”

Anthony brings over 25 years of global leadership experience across financial services, fintech, and industrial sectors, with a strong track record in building and scaling high-performing operating models in complex, regulated, and fast-growing environments.

Throughout his career, Anthony has held senior leadership roles at GE Capital, Xapo Bank, and Demica (now part of FIS), where he led large-scale digital transformations, regulatory approvals, and built global operating teams managing assets totalling tens of billions of dollars.

Under Hernandez’s leadership, Cellulant will advance an automated, data-driven operational framework to meet growing customer expectations around real-time visibility into fund status and settlements, alongside robust transaction monitoring to support compliance across its markets. Leveraging platform data, the company will deliver deeper insights to help customers optimise performance, manage risk, and grow. He will also strengthen compliance and risk frameworks to ensure the highest standards of governance across regulated markets.

“Payment flexibility starts with access to the right options and is grown by how reliably those options work in practice,” said Anthony, COO at Cellulant. “Cellulant has built a powerful payment infrastructure for businesses operating across Africa, and I’m excited to join a team that is at the very heart of Africa’s digital economy. Our focus is now building the operational discipline and systems that ensure customers experience simple, reliable and frictionless payment experiences every time, while giving them the visibility and insight to grow their businesses.”

Distributed by African Media Agency (AMA) on behalf of Cellulant

About Cellulant

Cellulant is Africa’s leading payments company, providing seamless, secure, and innovative solutions that empower businesses, banks, and global brands to thrive in a fast-changing global economy.

With a presence in over 24 countries and support for more than 200 payment methods, including cards, bank transfers, and mobile money, our single API payment platform, Tingg, streamlines collections, disbursements, and reconciliations. Tingg processes over 4.5 million transactions daily for market leaders across various sectors, including Travel & Hospitality, Telecoms, E-commerce, Ride-Hailing, Trade, and Remittances.

By simplifying how people pay and get paid, we drive trust, commerce, and scale, connecting companies and people to their ambitions.

For More Information:
● Visit – www.cellulant.io | LinkedIn www.linkedin.com/company/cellulant/

The post Cellulant Appoints Anthony Hernandez as Chief Operating Officer to Lead AI-enabled Customer Operations Strategy and Strengthen Execution appeared first on African Media Agency.

AMA, Business, Technology

Cellulant Appoints Former Agoda CFO to Drive Next Phase of Pan-African Growth

MaraviPost

Seasoned global fintech leader joins Cellulant to strengthen financial leadership as the company scales its payments platform

NAIROBI, Kenya, 19 march 2026 -/African Media Agency(AMA)/ – Cellulant, Africa’s leading payments technology company, has appointed Darren Makarem as Chief Financial Officer, strengthening its executive team as it accelerates its expansion as the preferred payments partner for global and regional enterprises.

The appointment comes as Cellulant builds on strong operational momentum, scaling its platform with greater financial discipline while delivering differentiated, product-led value to customers.

A seasoned finance and operations leader with over 20 years of experience in the digital and fintech sectors, Darren will help strengthen the company’s financial strategy and operational foundations.

Having achieved profitability in 2024, Cellulant is leveraging its infrastructure, which processes over 4.5 million transactions daily, to serve Africa’s digital payments economy, projected to reach $1.5 Trillion by 2030.*

A CFO Who Understands the Customer

Darren brings a strong understanding of payments from the customer side. As former Global CFO at Agoda, he oversaw the company’s global payments network, managing annual transaction volumes of approximately $12 billion. In that role, he navigated multi-currency settlement, conversion rate optimisation, the need for reliable, high-uptime payment infrastructure and payment experiences that enable customer growth.

“Darren doesn’t just understand the numbers; he understands the customer,” said Peter O’Toole, CEO of Cellulant. “His experience as a high-volume user of payment services at Agoda gives him a unique perspective on what businesses need to grow. He will leverage these insights to build a finance centre of excellence, ensuring our financial operations are as innovative, agile, and customer-centric as our products.”

Global Rigour Meets Emerging Market Expertise

Darren brings a rare blend of institutional rigour and experience scaling a global fintech platform. An ACA-qualified professional, he began his career with EY in England and later earned an MBA from the Kellogg School of Management.

His experience spans complex regulatory and commercial landscapes, notably serving as APAC & LATAM CFO at Binance and, most recently, as CEO of OnRamp. This background in digital assets and regulated business models is particularly vital as Cellulant continues to explore new payment and settlement models.

Building for Sustainable Growth

For Darren, the opportunity at Cellulant is rooted in both the strength of the platform and the scale of the opportunity ahead.

“What excites me about Cellulant is the quality of what has already been built. A deep payment network, strong enterprise partnerships and a real focus on customer value,” says Darren Makarem, Chief Financial Officer at Cellulant. “Cellulant’s true strength is its people, obsessed with solving the toughest payment challenges in the market. My priority is to ensure the business has the financial discipline, insight and operational support to move fast, stay bold and keep delivering.”

Cellulant continues to invest in the leadership, infrastructure, automation and organisational capability required to build a high-performance, product-centric business that is trusted by customers and positioned for sustained growth across the continent.

*Source: The Future of Digital Payments in Africa, a report by Genesis Analytics commissioned by Mastercard (2025).

Distributed by African Media Agency (AMA) on behalf of Cellulant

About Cellulant
Cellulant is Africa’s leading payments company, providing seamless, secure, and innovative solutions that empower businesses, banks, and global brands to thrive in a fast-changing global economy.

With a presence in over 24 countries and support for more than 200 payment methods, including cards, bank transfers, and mobile money, our single API payment platform, Tingg, streamlines collections, disbursements, and reconciliations. It processes over 4.5 million transactions daily for market leaders across various sectors, including Travel & Hospitality, Telecoms, E-commerce, Ride-Hailing, Trade, and Remittances.

By simplifying how people pay and get paid, we drive trust, commerce, and scale, connecting companies and people to their ambitions.

For More Information:

● Visit – www.cellulant.io | LinkedIn www.linkedin.com/company/cellulant/

The post Cellulant Appoints Former Agoda CFO to Drive Next Phase of Pan-African Growth appeared first on African Media Agency.

AMA

World Bank Group Appoints Johan A. Mistiaen as New Country Manager for Niger

MaraviPost

Washington, USA, 02 February 2026 -/African Media Agency (AMA)/-The World Bank Group has appointed Johan A. Mistiaen as the new World Bank Group Country Manager for Niger, effective today.

In this role, Mr. Mistiaen will lead the World Bank Group’s engagement in Niger—spanning the World Bank (IBRD and IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)—working closely with the Government of Niger, development partners, the private sector, and civil society towards advancing the country’s development priorities.

“Joining our team, clients, and partners in Niger is a privilege. I look forward to continuing building and enriching our strong partnership with Niger and leverage support from across the World Bank Group to help further the country’s efforts to promote inclusive growth and create more and better jobs,” said Johan A. Mistiaen, World Bank Group Country Manager for Niger.

A Belgian national, Mr. Mistiaen has been with the World Bank Group since 2004, serving in multiple leadership capacities, including as Practice Manager for the Poverty and Equity Global Practice in Western and Central Africa. His prior roles include Program Leader for Equity, Finance, and Institutions (EFI) for both the Kenya Country Management Unit in Nairobi and the Senegal Country Management Unit in Dakar. Mr. Mistiaen holds academic qualifications in biology, economics, and statistics from the University of York (UK) and the University of Maryland (USA). He has contributed to applied economics through publications in journals and edited volumes, focusing on welfare measurement and policies aimed at reducing poverty and inequality.

The World Bank’s (IDA) active portfolio in Niger comprises 23 operations—13 national and 10 regional —totaling about $4.45 billion in commitments, with investments in transport, water, energy, and agriculture, alongside support for governance, human capital, urban and social development, environment, and the digital sectors. IFC’s committed investment portfolio in Niger stands at $50 million, primarily in infrastructure and finance. MIGA has $2 million in exposure in the mobile money sector and indirect exposure through West African Development Bank lending operations.

Distributed by African Media Agency (AMA) on behalf of Word Bank Group.

Contacts
In Niamey:
Mouslim Sidi Mohamed,
msidimohamed@worldbank.org

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AMA, Technology

2025 State of RegTech in Sub-Saharan Africa Report Launched, Highlights Surge in Supervisory Technology and Financial Inclusion

MaraviPost

LAGOS, Nigeria, 11 December 2025-/African Media Agency (AMA)/-RegTech Africa today formally announces the publication of the 2024 State of RegTech in Sub-Saharan Africa Report, a comprehensive, data-driven industry report examining the rapid evolution of regulatory innovation across Africa’s financial ecosystem. The report provides strategic insights into the growth of RegTech and SupTech, regulatory innovation, financial inclusion, and the critical role of technology in strengthening consumer protection across emerging and complex markets.

The report positions Sub-Saharan Africa as one of the most dynamic frontiers for regulatory technology, driven by the expansion of FinTech, mobile money, cross-border payments, and real-time digital supervision. It highlights how regulators and financial institutions are increasingly leveraging artificial intelligence, machine-readable regulation, and cloud-based architectures to manage risk while expanding access to formal financial services.


Cyril Okoroigwe, Chief Executive Officer, RegTech Africa, said:

“This report marks a defining moment for Africa’s regulatory and digital finance ecosystem. RegTech is no longer a back-office function, it is now core infrastructure for trust, stability, and inclusive growth. The report captures how African regulators and market participants are moving from reactive compliance to proactive, technology-driven supervision.”

The publication also underscores the growing adoption of Supervisory Technology (SupTech) by central banks and financial authorities, signaling a structural shift towards real-time, data-driven oversight across the continent.


Commenting on the broader implications of the report, Dr. Tunde Ibidapo-Obe, CEO, Regfyl, stated:

“The findings of this report clearly demonstrate that Africa is shaping a uniquely innovative model of digital regulation. The convergence of RegTech and SupTech is enabling safer markets, stronger consumer protection, and scalable financial inclusion that other regions are increasingly studying and learning from.”


The 2024 State of RegTech in Sub-Saharan Africa Report serves as a strategic benchmark for policymakers, regulators, financial institutions, FinTech leaders, investors, and development partners seeking to understand the next phase of digital financial infrastructure in Africa.


Access the full report at: https://regtechafrica.com/state-of-regtech-in-sub-saharan-africa/

For Partnership & Research Collaboration: info@regtechafrica.com

Distributed by African Media Agency on behalf of RegTech Africa.

About RegTech Africa 

RegTech Africa is a leading platform advancing regulatory technology adoption through research, policy engagement, industry convening, and capacity building across emerging markets.

The post 2025 State of RegTech in Sub-Saharan Africa Report Launched, Highlights Surge in Supervisory Technology and Financial Inclusion appeared first on African Media Agency.

AMA

Leveraging Technology to Unlock Financial Inclusion and Economic Mobility in Malawi

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By Dumisani Kadango, Country Manager, TransUnion Malawi

LILONGWE, Malawi 7 August 2025 -/African Media Agency (AMA)/- Financial inclusion has become one of the most critical building blocks for sustainable economic development, not only in Malawi but across emerging markets. When individuals and small businesses have access to affordable, appropriate, and timely financial products and services, they are empowered to save, invest, manage risk, and improve their quality of life.

Yet in Malawi, a portion of the population still faces challenges in accessing comprehensive financial services. According to the 2023 FinScope Consumer Survey, 88% of Malawian adults are considered financially included, meaning they have access to and actively use formal or informal financial products and services. This marks a major shift from 2014, when 51% of adults were financially excluded. Notably, formal financial inclusion, which refers to the use of services provided by regulated financial institutions such as banks, microfinance providers, and mobile money operators, now stands at approximately 74%, up from 34% in 2014. The most rapid growth has been in the use of mobile money and other formal non-bank channels, which surged from 18% to 73% over the same period. While this progress is impressive, it conceals deeper issues. Only 13% of adults hold traditional bank accounts, down from 27% in 2014. This suggests that although mobile channels have expanded access significantly, reliance on full-service banking remains limited, raising concerns about savings, credit, and financial resilience.

Expanding Access Through Alternative Data

One of the biggest barriers to formal financial inclusion has been the lack of traditional credit information. Conventional lending relies on payslips, collateral, and credit histories, criteria many Malawians, especially informal workers and rural entrepreneurs, cannot meet. The rise of alternative data sources such as mobile money transaction logs, airtime purchases, utility payments, and other digital footprints offers a promising solution. These indicators allow lenders to better assess financial reliability and extend credit responsibly to underserved communities.

At TransUnion Malawi, we are supporting this shift by leveraging data-driven innovation to enable lenders to see beyond traditional credit histories. Through responsible use of alternative data, scoring solutions, and deep consumer insights, we’re working with partners across the financial ecosystem to help unlock access for those historically excluded, without compromising financial stability.

This approach is not merely about approving more loans; it is about responsible lending. When implemented correctly, data-driven credit scoring reduces risk for lenders while opening doors to economic opportunity for those previously excluded from the formal financial system.

Digital Platforms as Vehicles for Empowerment

Mobile phones have become the gateway to financial inclusion in Malawi. Digital platforms are breaking down longstanding barriers and reshaping how individuals engage with financial services. For example, a young entrepreneur in Lilongwe can obtain a microloan through a mobile app, unlocking capital previously out of reach. In Dedza, a smallholder farmer can access weather-indexed crop insurance via SMS, providing protection against climate-related risks. Meanwhile, a student in Zomba can use digital savings platforms to manage finances, monitor spending, and build a financial footprint that supports future borrowing.

These digital tools are more than convenient; they are transformative. Reliable, anytime-anywhere access to financial services through digital platforms reduces the physical, bureaucratic, and psychological barriers that have long excluded many from the formal financial system.

Building Trust and Digital Literacy

Despite growth in access, many remain hesitant to engage with digital financial services due to mistrust, lack of understanding, or prior negative experiences. Financial education and consumer protection are therefore vital.

Technology can serve a dual purpose: facilitating service delivery and providing education. Interactive SMS campaigns, in-app learning modules, and community-based digital training help demystify financial products, clarify terms, and guide users toward informed decisions. Transparency, through digital credit reports, real-time transaction alerts, and clear communication, empowers consumers to understand and manage their own financial profiles. When users grasp how their actions affect their financial futures, they are more likely to engage confidently and responsibly.

The Role of Collaboration

Achieving deep financial inclusion requires collective action. Regulators must craft policies that promote innovation while protecting consumers. Financial institutions need to adopt new models that reach underserved populations. FinTech companies and mobile network operators must develop accessible, user-friendly digital solutions tailored to diverse needs. Civil society organisations play a critical role in advocating for transparency, inclusivity, and representing marginalised voices.

This ecosystem approach ensures inclusion is not just broad but meaningful, enabling financial engagement and resilience. It means every Malawian, regardless of income or location, can participate fully in the economy, saving securely, borrowing wisely, investing in livelihoods, and safeguarding against uncertainty.

Seizing the Opportunity

Technology offers Malawi a unique chance to leapfrog traditional barriers to financial access. However, this promise can only be realised through intentional design, trust-building, collaboration, and ongoing financial education. If stakeholders unite around these priorities, the result will be far more than expanded access, it will ignite durable economic mobility and truly inclusive growth for Malawi’s future.

Distributed by African Media Agency (AMA) on behalf of TransUnion.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries, including Botswana, Kenya, Malawi, Namibia, Rwanda, South Africa, eSwatini, and Zambia. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this by providing an actionable view of consumers, stewarded with care. 

Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. 

For more information visit: www.transunionafrica.com

Media Contact:

Keabetsoe Matshediso

keabetsoe.matshediso@fleishman.co.za

The post Leveraging Technology to Unlock Financial Inclusion and Economic Mobility in Malawi appeared first on African Media Agency.

Lifestyle

Political upheaval Is redrawing Africa’s fiscal landscape

Maravi Post Reporter

Just months after his return to power in December 2024, Ghana’s President John Mahama faces a critical challenge that could define his second term: managing a ballooning public debt while offering relief to citizens worn down by years of austerity.

According to a new joint white paper from Pangea-Risk and Acre Impact Capital, titled “The Impact of Political Change on Africa’s Credit Outlook in 2025,” the Mahama administration has scrapped five taxes introduced in 2023 under IMF loan conditions, including a 1% levy on mobile money transfers and VAT on vehicle insurance. These tax cuts, worth an estimated $430 million annually, aim to ease the burden on households but risk widening Ghana’s fiscal deficit and straining its $3 billion IMF program.

“The removal of IMF-linked taxes may further constrain Ghana’s fiscal position and complicate its relationship with the IMF,” the report warns. As Ghana remains largely locked out of international credit markets, the government’s push to renegotiate IMF terms underscores the tightrope it must walk between economic populism and fiscal discipline.

Across Africa, the election cycles of 2024 and 2025 are stress-testing public finances in fragile democracies. From Ghana to Gabon, political transitions, some peaceful, others turbulent, are reshaping investor sentiment, altering fiscal strategies, and exposing deep-seated vulnerabilities in African debt economies.

In South Africa, the African National Congress (ANC) lost its parliamentary majority for the first time in 30 years, paving the way for a coalition Government of National Unity (GNU). While markets initially welcomed the GNU, with the rand appreciating by 4%, increased appetite for local bonds, and record highs on the Johannesburg Stock Exchange, the honeymoon appears to be fading.

“GNU partners have already compelled the ANC-led finance ministry to reduce the planned VAT increase from 2% to 1%, spread over two years,” the report notes, warning that this concession will limit revenue growth. South Africa’s public debt is expected to peak at 76.2% of GDP in 2025/26, with debt servicing projected to consume 22% of government revenue. Yet the country’s strong domestic creditor base provides a buffer against global volatility.

Cameroon presents a different picture, with political uncertainty at the core of its economic fragility. President Paul Biya, now 92, is set to run again in the October 2025 elections, stoking concerns about leadership continuity. “Speculation over his health and succession has rattled domestic and external stakeholders,” the report says.

The country’s IMF program expires in July, with continued support contingent on tough fiscal reforms, including a $151 million surplus by March, restrained borrowing, and a sharp increase in non-oil tax revenues to $1.67 billion. Yet in November 2024, Cameroon managed to raise less than 30% of its $22 million bond issuance target, reflecting investor wariness amid political uncertainty.

Not all stories are cautionary. Côte d’Ivoire, despite rising political tension over a potential fourth-term bid by President Alassane Ouattara, continues to display fiscal resilience. “The country’s adherence to reform and sound debt management has earned it credit rating upgrades and positive IMF reviews,” the report states.

With a vibrant economy driven by oil, gas, and mining, Côte d’Ivoire is on track to cut its fiscal deficit from 4.5% in 2024 to 3% in 2025. In December 2024, it launched a landmark debt swap backed by the World Bank, converting $420 million in expensive commercial debt into concessional financing, a move projected to save $350 million over five years.

Meanwhile in Gabon, the transition from military rule is unfolding with both urgency and risk. The interim government, led by General Brice Oligui Nguema following the 2023 coup, has scheduled elections for April 12, 2025, in a bid to regain international legitimacy.

Despite strained public finances, the government has increased infrastructure spending by 67% and public sector wages by 12%. These moves have pushed Gabon’s debt-to-GDP ratio past the 70% threshold set by the Economic and Monetary Community of Central Africa (CEMAC), with projections pointing to more than 80% in 2025.

In January 2025, the World Bank suspended funding over $27 million in unpaid arrears. To avert default on a $605 million Eurobond due in June, Gabon orchestrated a buyback of half the bond via Morocco’s Attijariwafa Bank and issued a new $570 million Eurobond in February. “Though costly, the refinancing has eased immediate repayment pressures,” the report explains. A peaceful election in April could strengthen Gabon’s hand in IMF negotiations and unlock concessional financing for infrastructure.

Source: Africanews

Regional

Ghana’s President assents to e-levy bill as panic withdrawals surge

Maravi Post Reporter

– –

Ghana’s President Nana Akufo-Addo has signed the country’s controversial Electronic Transaction Levy (E-Levy) bill into law paving way for its implementation.

The country’s parliament on Tuesday passed the bill popularly referred to as E-levy to cover electronic transactions including mobile money transfers and payments.

The passage in parliament though was done amid a walkout by opposition lawmakers who have opposed the bill since its introduction.

Last year when the bill was introduced as part of the 2022 budget statement by the country’s Finance Minister Ken Ofori Atta it sparked fury among many Ghanaians.

Its passage in parliament stalled several times and even led to brawls among lawmakers.

– –

The rate for the levy was reviewed downward from initial 1.75% to 1.5%. The government said the implementation of the law will start next month when the Ghana Revenue Authority completes the necessary processes.

According to the government the E-levy would widen the tax net and raise an extra GH¢6.9 billion ($914 million) in 2022.

The Minority lawmakers in Ghana have filed a suit at the Supreme Court, to challenge the passage of the levy, insisting parliament did not have the numbers to pass it.

Threats of strikes and withdrawals 

The Mobile Money Agents Association of Ghana has said that most of its members may shut down their mobile money businesses following the passage of the 1.5% Electronic Transfer Levy.

– –

“We may be tempted to withdraw our services because the service already is not all that lucrative,” the General Secretary for the association, Evans Otumfour, said.

“A lot of our people will definitely be out of business… when the policy was announced, there was a sharp decline or drop in the use of mobile money,” he added.

Some mobile money users are also threatening to withdraw monies in their wallets to avoid paying the controversial levy.

Some traders who also use mobile money have also hinted that they will also stop accepting mobile money when the implementation starts.

Ghana’s decision to tax mobile money transactions sparks outrage

Source: Africafeeds.com

Source: Africa Feeds

Regional

Ghana’s controversial e-levy passed by MPs after opposition walkout

Maravi Post Reporter
– –

Ghana’s parliament on Tuesday passed a controversial electronic transactions bill popularly referred to as E-levy.

The bill relates to the introduction of a levy on electronic transactions including mobile money transactions.

Ghana’s President, Nana Akufo-Addo is now expected to sign the bill into law before it becomes effective and operational.

Last year when the bill was introduced as part of the 2022 budget statement by the country’s Finance Minister Ken Ofori Atta it sparked fury among many Ghanaians.

Its passage in parliament stalled several times and even led to brawls among lawmakers.

– –

On Tuesday though during the passage, the minority MPs from the opposition party walked out giving the majority the urge to approve it.

The Bill was however adopted at a reduced rate of 1.5% from the initial 1.75% from last year.

With regards to mobile-money payments the levy will apply to transactions that are more than GH¢100 ($11) on a daily basis.

Ghana’s government said the introduction of the e-levy has been necessitated by the astronomical rise in electronic transactions, hitting $80 billion (over 500 billion Cedis) in 2020.

– –

According to government between February 2020 and February 2021 alone, Ghana saw an increase of over 120% in the value of digital transactions.

After considerable deliberations, Government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy,” Ghana’s finance minister said last year in parliament.

Although the government plans to use some of the proceeds to promote entrepreneurship and create jobs for the youth, many Ghanaians have taken to social media to kick against it.

Ghana’s lawmakers fight in parliament over e-levy voting

Source: Africafeeds.com

Source: Africa Feeds

Technology

The biggest fintech trends changing the face of payments in emerging markets

MaraviPost

Mark Dankworth, President Business Development Africa at Ukheshe, shares his thoughts on how mobile money, cross-border payments and ‘buy now, pay later’ are transforming the financial sector, particularly in emerging markets, for the better.

Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services. A report by CB Insights entitled ‘State of Fintech’ revealed that the third quarter of 2021 was the second highest on record for fintech financing, up by 147 percent year-on-year, and 2022 is looking like more of the same.

Fintechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy for all, particularly across developing nations. Africa’s large unbanked and underbanked population, together with the increase in mobile penetration creates fertile ground for fintech innovation, providing much-needed economic independence to those outside the formal banking system.

Some of the biggest fintech trends poised to make an impact in the financial sector this year include:

Mobile money

According to the Global System for Mobile Communications (GSMA), the number of registered mobile money accounts grew by 12.7 percent globally in 2021 to 1.21 billion, with sub-Saharan Africa making up 548 million of those accounts. With mobile subscriber penetration across Africa predicted to increase by four percentage points to hit 615 million by 2025, an upsurge in mobile transacting is certain.

The fastest adopters of mobile payments are small, medium and micro enterprises (SMMEs), which, according to the African Development Bank (AfDB), account for more than 90 percent of businesses and almost 80 percent of employment in Africa. Traditionally dealing only in cash, the ease of use, affordability and accessibility of digital wallets, mobile POS solutions and QR code payments, such as those offered through Ukheshe’s Eclipse API, are changing the way these merchants transact, giving them access to loans, insurance and other vital financial services previously out of their reach.

Taking it further and integrating digital financial services into the messaging experience, chat banking is fast becoming the next big thing, allowing users to do their banking on their favourite chat platform. By combining the ease and enjoyment of messaging apps like WhatsApp with the convenience of online banking, users have a fast and personalised way to manage their finances. Banks and mobile network operators are partnering with fintech enablers such as Ukheshe to bring this service to market and become players in the mobile network operator space.

Cross-border payments

In 2021, remittance inflows in sub-Saharan Africa amounted to over USD$45 billion, a figure which is expected to more than double in the next two years. A large proportion of the technology supporting these cross-border payment systems remains on legacy platforms, but this is set to change this year, thanks to innovations focused on revolutionising the time-consuming, unsecure and expensive remittance industry.

A key focus for Ukheshe this year will be the acceleration of remittances in Africa and beyond. Its joint venture with ForexPeople – boostXB – assists our customers in the acceleration of cross border remittance. Through boostXB, Ukheshe enables seamless cross border remittance services for the likes of Chipper Cash, Sasai and many more.

Buy now pay later

The buy now, pay later (BNPL) movement is gaining momentum after kicking off during the COVID-19 economic crisis when companies sought to help customers struggling to pay their bills. This method of deferred payment allows buyers to increase their cash flow and budget more easily by splitting payments into four or six instalments – interest free – and is expected to drive the growth of ecommerce further as more retailers get on board.

BNPL is predicted to increase by 66.9 percent annually in South Africa, with other African countries closely following suit. Globally, this figure is expected to move from US$176.2 million in 2020 to US$ 1,673.7 million by 2028. A study by PYMNTS.com shows that 48 percent of BNPL platform users will not buy from a merchant if they don’t offer BNPL and a recent survey revealed that almost 80 percent of shoppers would not have made their most recent online purchase if not for the BNPL service. With consumer interest being this high, banks are looking to partner with fintechs to help accelerate their technology development and bring BNPL products to the market faster.

At the heart of these trends is the willingness to collaborate, create partnerships and engage with innovation – all of which Ukheshe continues to drive by working closely with players in the payments space to create solutions that are seamless and efficient.

Business, Regional

Ghana’s decision to tax mobile money transactions sparks outrage

Maravi Post Reporter

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A decision by the government of Ghana to introduce a levy on electronic transactions has left many citizens infuriated.

In the presentation of the country’s 2022 budget statement, the country’s Finance Minister Ken Ofori Atta announced that the introduction of the e-levy has been necessitated by the astronomical rise in electronic transactions, hitting $80 billion (over 500 billion Cedis) in 2020.

According to him, between February 2020 and February 2021 alone, Ghana saw an increase of over 120% in the value of digital transactions.

The government is now imposing a 1.75 percent levy on all electronic transactions such as mobile money payments, bank transfers, merchant payments and inward remittances.

“Mr. Speaker, it is becoming clear there exists enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the “informal economy.

– –

After considerable deliberations, Government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy or E-Levy,” he said.

Although the government plans to use some of the proceeds to promote entrepreneurship and create jobs for the youth, many Ghanaians have taken to social media to kick against it.

– –

Opposition lawmakers to reject the move

Meanwhile opposition lawmakers in Ghana have criticized the government for overburdening Ghanaians with more taxes amid current economic hardship.

They lawmakers intend rejecting the e-levy when voting to approval of the budget takes place.

In the 2022 budget, the government also abolished collection of road tolls in a bid to check pollution and ease traffic.

A GH¢1 billion ($195 million) “YouStart” initiative is also being rolled out annually to support the teeming youth to set up their own jobs.

The government said the initiatives are crucial in building a sustainable entrepreneurial nation.

West African countries to adopt single currency in 2027

Source: Africafeeds.com

Source: Africa Feeds