Barely a week goes by, it seems, without the announcement of another digital money transfer service in Africa. The latest involves Co-operative Bank of Kenya, a leading financial institution in Kenya and the larger East Africa region, and Thunes, a cross-border payment provider.
Another major name has recently been added to the growing list of companies driving the mobile money transfer trend in Africa – and Xoom, PayPal’s money transfer service, says it is also offering lower charges than the average for its service.
Welcome news for Kenyan operator Safaricom, though possibly less so for its customers, is that coronavirus-related price cuts affecting its mobile payment business may end soon.
A couple more examples of the growing importance of cashless, mobile phone-based payments in Africa have emerged in recent days – this time in South Africa and Uganda.
Alibaba financial arm Ant Group denied it was preparing to offload shares in India-based digital payments company Paytm, due to tensions between China and India bringing more restrictive market conditions.
The total number of mobile money users in emerging markets will exceed 1.2 billion in 2025. That’s a key finding of a new study from Juniper Research, which provides research and analytical services to the global hi-tech communications sector.
Ericsson penned a five-year deal to expand and modernise Mozambique Telecom’s (TMCEL) network and digital services ecosystem, a move with a focus on boosting the operator’s mobile money solutions.
Fintech deals continue to make news in Africa as more companies – and countries – embrace digital payment and banking.
Saudi operator STC was preparing to expand its digital payment services into United Arab Emirates, Kuwait, and Bahrain, with the company currently awaiting regulatory approval.
MTN Group hailed its achievement in connecting 42 million users to its MoMo mobile money service, an acceleration attributed to the Covid-19 pandemic.
Western Union has entered into a definitive agreement to acquire a minority stake in the fast-growing Saudi Digital Payments Company (known as stc pay), a fully owned subsidiary of the Saudi Telecom Company).
Covid-19 was supposedly a boost to mobile money use in Kenya after the Central Bank of Kenya (CBK) allowed free M-Pesa and mobile banking transactions until the end of the year. However, Safaricom is apparently not thrilled by the possibility that this ruling may be extended into 2021.
Safaricom is expected to revise down its bid for an operating licence in Ethiopia following the revelation that mobile money offerings will be the exclusive preserve of local financial institutions.
MTN Rwanda opened its mobile money API platform to third-party developers, as part of plans to stimulate the growth of its monetary technology ecosystem.
WhatsApp began widespread rollout of its payment service in India after multiple regulatory challenges, with backing from the country’s largest banks.
Kenya’s National Assembly has agreed to allow mobile money services as an accepted form of payment by gaming operators.
Vodacom Tanzania, the country’s leading cellular network company, and Oryx Oil Tanzania, a market leader in fuels, LPG and lubricants distribution, have entered a new partnership which brings the payment service M-Pesa to fuel stations.
MTN and Airtel’s Ugandan units announced mobile money services between the two networks have resumed after a major hack impacted transactions in the country.
Jordan’s Ahli Bank has implemented Temenos’ cloud-native Infinity solution to help it develop and deploy digital and mobile banking experiences.
MFS Africa and Moroccan mobile money provider inwi money are bringing smooth and affordable international digital money transfers and payments to Morocco.
Fintech start-up Thunes raised $60 million in Series B financing with Helios Investment Partners leading the latest round of funding, as the company continues expansions plans in emerging markets.
MFS Africa has partnered with global money transfer start-up PaySii to help facilitate remittances in Africa.
It has been suggested that some of Nigeria’s telecommunications companies may be unable to enter the mobile money market after the decision by the country’s central bank that new entrants must guarantee a significant capital base.
Pan-Africa cross-border payments group MFS Africa has partnered with MoneyGram to enable P2P payments and money transfers in Africa.
Airtel Africa and MoneyGram have announced a partnership that will allow 19 million Airtel Money subscribers to receive international MoneyGram transfers directly into their mobile wallets.
Pan-African operator Airtel Africa and leading international banking group Standard Chartered Bank have announced a strategic collaboration to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.
According to the Reuters news service, South African operator Telkom has launched a life insurance business that, it has said, will initially sell funeral insurance.
Underlining the growing business interest in African online finance, two more digital commerce-related deals have recently been announced.
Pan-African telecommunications and mobile money services company Airtel Africa has announced a deal with African remittance organisation Mukuru.
Orange has partnered with bancassurance leader NSIA to launch Orange Bank Africa in Abidjan and Côte d’Ivoire.
Zimbabwean police have issued the country’s leading operator Econet Wireless with a search warrant over suspected involvement in money laundering.
Pan-African cross-border payments leader MFS Africa has acquired Beyonic, a digital payments management provider of business services for SMEs, fintechs, and social impact entities across Africa.
Zimbabwe has blocked the majority of mobile money transactions and suspended the country’s stock exchange as it seeks to stabilise its currency.
Telenor Group is selling its entire 34.2% stake in Wave Money to Yoma Strategic Holdings for $76.5 million.
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