A United Nations agency and the African Union (AU) are pushing for cross-border mobile money payments to boost electronic trade on the continent. The AU has been piloting the use of a common payment system in the Economic Community of West African States (ECOWAS) region and is scheduled to roll out the same across Africa by the end of this year. The move is intended to facilitate interconnectivity between registered mobile money account owners within Kenya and across the continent, totaling 277 million according to a 2017 report. These represent 140 mobile money schemes across 39 countries. The roll-out of the common payment system will coincide with the commencement of trade under the Continental Free Trade Area expected later this year. The agreement aims to create a single cont...
Investment in fintech sector is seen as an investment hot ticket. While the 2015 edition of the EY FinTech Adoption Index estimated that fintech was still in its infancy, the 2017 edition found that adoption had risen dramatically to one in three. “But while it’s clear that digital start-ups and first round investments in fintech are growing and that the digital revolution in banking is well and truly here, what hasn’t yet been mapped is the impacts on banking’s biggest players,” says Mark Fitzgerald, Director – Government and Enterprise at FaceMe. In its report, Banking disrupted, Deloitte suggests that the future of European retail banks is looking rather grim. Rocked by the wake of the financial crisis and the ongoing shakings of re-regulation, retail bankers face the threat of to
It is time for a new approach to security. Today’s dynamic threat landscape demands a security strategy that focuses on the threat itself more than simply prevention. One that doesn’t continue to simply stick band-aid over band-aid, until a cat’s cradle of fixes and patches becomes a management nightmare. Meanwhile, the organisation’s systems remain vulnerable to new, increasingly smart, attacks. Findings from the recent The Cisco 2018 Security Capabilities Benchmark Study reveal that more than nine out of ten (94%) companies surveyed in the Middle East and Africa have suffered a breach in the last year, with nearly a half (48%) experiencing more than $500,000 (around R6.2 million) in damage. The good news is that companies in the region are taking a progressive approach to tackling
President Uhuru Kenyatta enacted Computer and Cybercrimes Bill, 2017 citing a two year jail term or Kshs 5 million fine for spreading fake news. The President’s decision is facing protests with many Kenyans claiming it is a move to suppress not only media freedom but citizens’ freedom of speech. The new law also provided for offences relating to computer systems, cyber espionage, false publications, child pornography, computer forgery, computer fraud, cyber stalking and cyber bullying, aiding or abetting in the commission of an offence. Offences relating to computer systems, a fine not exceeding five million shillings or to imprisonment for a term not exceeding three years, or to both. Cybersecurity cost Kenya over Sh21.2 billion in 2017 coming a close second to Nigeria tha
Selina Wamucii’s mobile phone-driven sourcing platform for fresh produce from Kenyan smallholder farmers, has received USD 100,000 grant from global social impact programme Expo Live, run by organisers of the next World Expo, Expo 2020 Dubai. Some 60 per cent of food produced by smallholder farmers in Africa never reaches the market due to supply chain inefficiencies. Selina Wamucii’s mobile platform aims to improve the agricultural supply chain by enabling buyers and exporters to source fresh produce directly from smallholder farmers, even without access to the internet. Selina Wamucii was founded in June 2015 by John Oroko and Gaita Kariuki, both of whom were born and raised in smallholder families. The company is named after the co-founders’ mothers. By shortening the supp