Mobile Finance

Safaricom and Mastercard announced on Thursday that they have signed a partnership to accelerate adoption of payment acceptance and cross-border remittance services in Kenya.

The central banks of Cambodia and Malaysia have launched the first phase of a cross-border payments system that initially enables Cambodian travellers to purchase good and services in Malaysia using QR codes.

A reminder that in large parts of Africa internet connectivity is not always guaranteed comes from PalmPay, a financial platform with over 30 million users on its smartphone app in Nigeria. PalmPay has announced the launch of its USSD code, a service that offers Nigerians an additional way to manage their finances without the need for internet connectivity.

Pakistan Telecommunication Company Limited (PTCL) says that Mastercard has partnered with its fintech subsidiary U Microfinance Bank (UBank) to issue a new physical and virtual debit card for its mobile financial services platform UPaisa.

International money transfer operator Sasai Money Transfer has announced that it has partnered with Airtel Money, the payments division of operator Airtel, to expand what it describes as its revolutionary offer of free remittances to more African markets, this time targeting Uganda.

Ethio Telecom partnered with financial powerhouse Visa to launch the first Visa digital wallet in Ethiopia, a move the operator claimed modernises remittance and bolster its fintech business.

North Korea’s Pyongyang Information Technology Bureau is reportedly conducting inspections of the country’s electronic payments network to update equipment and stabilize operations in a drive to boost confidence in the country's transition to digital finance.

MTN Nigeria says it has taken full ownership of Mobile Money Payment Service Bank (MoMo PSB) after buying the 7.17% share owned by Acxani Capital for around NGN6.95 billion (US$4.36 million).

Paymentology, a card issuing and processing platform, has announced a partnership with Salaam Bank’s Waafi in Somalia.

BnB, a fintech company that says it is committed to revolutionising financial services in Africa, has launched an initiative that seeks to expand international money transfer services in collaboration with operator Lonestar Cell MTN’s MoMo (a mobile money service).

Globe Telecoms’ fintech unit Mynt (Globe Fintech Innovations) gained fresh investments from Ayala Corp and Mitsubishi UFJ Financial Group (MUFG), a move that will boost the valuation of Mynt to US$5 billion, claimed Globe.

PLDT’s digital unit DigiCo acquired a 10% stake in Bayad Center and the entirety of Multipay Corp, as the operator aims to position itself for the Philippines’ shift to digital payments.

The number of active mobile money accounts in Tanzania has reportedly more than doubled in the last five years up to the end of 2023, according to the latest figures from the Tanzania Communications Regulatory Authority (TCRA).

African money transfer company Dahabshiil and Safaricom Ethiopia's M-Pesa have signed a partnership that will enable the Ethiopian diaspora to send money directly to M-Pesa mobile wallets.

Africa-focused cross-border money transfer operator Mama Money partnered with payment processor firm Paymentology and Access Bank to launch a new bank card service that integrates WhatsApp banking.

Mobile money adoption surged 327% in the past five years in Benin showcasing the rising popularity of the technology.

MEA digital commerce firm Network International announced that telecoms operator Airtel has appointed it as an issuing payments processor for its operations across the African continent.

Mobile banking remains the most popular form of banking in Cambodia as mobile-based transactions reportedly continue to grow, while internet transactions are now declining.

Globe Telecom CEO Ernest Cu said the operator group’s fintech division may go public as the company looks to diversify its business away from traditional telco revenue drivers.  

In a remarkable change of heart, Zimbabwe seems to be about to bring back mobile money services that it once blamed for the country’s currency crash.

MTN South Africa partnered with banking and financial services companies to integrate digital payments solution Payshap into its mobile money platform MoMo, a move MTN claimed will bridge the gap for the unbanked.

In a move it says is  set to “boost the transition towards a cashless economy and support the national digitalisation agenda”, UAE operator du has announced the launch of du Pay, offering what it calls transformative fintech solutions for UAE residents.

Remittance deals continue to hog the fintech headlines in Africa. MTN MoMo, Mastercard and Equity Bank Kenya are the latest companies to make announcements about plans to serve the vast African remittance market.

Mastercard and pan-African digital payments company Onafriq announced on Monday that they are collaborating to increase accessibility to mobile payment services for consumers and small and medium enterprises (SMEs) across Africa.

Remittances are in the news yet again, this time in the shape of LemFi, a cross-border payment solution that allows people in the diaspora to send and receive funds back home. LemFi has announced that it has secured the approval of the Central Bank of Kenya (CBK) to operate remittances in Kenya.

Bangladesh operator Banglalink has partnered with mobile financial service provider bKash and City Bank to finance 4G smartphone purchases for customers to make the devices more affordable and in turn boost 4G adoption.

A remittances-focused partnership has been announced that could see the expansion of M-Pesa, the continent’s leading mobile money and digital payments service, to West Africa.

The mobile money market matured as transaction value grew by 14% to US$1.4 trillion and total global registered accounts reached 1.75 billion in 2023, an increase of 12% year-on-year.

Safaricom Ethiopia’s M-Pesa mobile money service has signed an international money transfer agreement with Onafriq, Africa’s largest digital payments network, which currently operates in 40 African countries.

Mastercard has signed a deal with China’s Alipay to facilitate international remittances into the market.

MTN Uganda Mobile Money managing director and CEO Richard Yego revealed the operator is aiming to almost double its loans to UGX1 trillion (US$256,000) this year. 

Mastercard and MTN Group Fintech have signed a multi-market agreement that will use Mastercard’s technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers.

At Mobile World Congress on Monday, payments company Visa and the GSMA Mobile for Development Foundation (a.k.a. the GSMA Foundation) launched the Digital Finance for All (DFA) Initiative to advance digital financial inclusion in developing markets.