The oldest public company in Botswana, Botswana Post continues to follow ride the innovation train with every day seeing the post coming up with life improving technologies especially the ones that speaks to fintech. In a statement communicated to biztechafrica the organization said of its latest offering: “Following closely on the launch of the BotswanaPost innovative mobile money solution, PosoMoney in April 2019, BotswanaPost is proud to announce the value added feature of PosoMoney Card-to-Wallet.” This PosoMoney card-to-wallet facility allows PosoMonemobily users to top-up their account using any debit/credit card. True to the company’s drive to enhance its digital offering through its E-services, BotswanaPost is on the pursuit on how to continuously improve services for its custom
The value of mobile money payments rose by 11.1 percent to hit Sh2.5 trillion in the first seven months of this year, new data from the Central Bank of Kenya (CBK) shows. The increase happened even though the actual figures from month- to- month fluctuated between Sh328.2 billion and Sh368.4 billion. The total value for the seven months was Sh2.5 trillion compared to Sh2.25 trillion in July last year. In July, the value stood at Sh366.4 billion, about Sh20 billion up from June’s Sh346.8 billion. Compared to July last year, the upward change was higher at Sh34 billion or 10.2 percent. The change underlines the rising popularity of the mobile money in transactions where many banks, mobile lenders, savings and credit societies and merchants have also been linking up with the mobile b
McKinsey & Company has warned that Kenyan banks risk being crowded out of the daily payments and commerce space in financial intermediation by agile and innovative financial technology (fintech) companies and must act urgently to protect their turf, global consultancy. “In devising their strategies, banks could focus on owning the next generation payments landscape (for example contactless, QR, e-commerce etc) and building an ecosystem of value added services to recapture share in everyday commerce and transactions,” said Tawanda Sibanda, a partner at McKinsey. “Banks could also move first to serve the long-tail of underserved small and medium-sized enterprises (SMEs) in the market through entirely digital offerings.” The firm says, in its eighth annual review of the global bankin
Of the 690 million registered mobile-money accounts worldwide, 50% are in Africa. In Zimbabwe and Somalia, for example, both countries that have experienced decades of economic isolation and political unrest, mobile money is ubiquitous and central to economic activity. Writes Aubrey Hruby The big picture: While Apple Pay and other mobile-money platforms have been slow to grow in the U.S., with only 20%–30% of iPhone users enabling Apple Pay, a cashless economy has taken hold in unexpected places. In Africa, a continent all too often mislabeled as relatively undeveloped, major innovations are taking root and scaling quickly. The numbers: McKinsey estimates that 1 in 10 African adults actively use mobile money, compared to roughly 1 in 40 South Asians. Although Kenya paved the way
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...