2023 marked a profound year in mobile money merchant acquisition in Africa. Why? This particular year witnessed a skyrocketing increase in the sector of 14%, reaching approximately $74 billion. This rapid growth shows how mobile money is changing the way businesses accept payments across Africa. Simply put, mobile money allows people to send, receive, and…
The Central Bank of Nigeria granted MTN the permission to operate Mobile Money (MoMo). Since its inception in 2019, MTN Nigeria’s Mobile Money (MoMo) service has attracted over 9 million subscribers. According to TechCabal, the license means MTN Nigeria would be able to provide practically all the services provided by traditional commercial banks, except for…
The GSMA has released its tenth annual ‘State of the Industry Report on Mobile Money’ today. It reveals that mobile money adoption and use will continue to grow in 2021, with a record $1 trillion processed annually. The industry has seen a significant increase in the number of registered accounts, with an 18% increase since…
Cameroonians’ new year celebrations have so far coincided with opposition to the Paul Biya administration’s new tax on mobile money transactions. A 0.2 percent tax on money transfers and withdrawals via mobile wallets went into effect on January 1, 2022, as required by the newly enacted 2022 Finance Bill, which President Biya signed last November….
Two of Africa’s biggest startup stories of 2021 involve the billion-dollar valuations accorded to OPay, and Wave. Propelled by Chinese and American venture capital, each rose rapidly to own large shares of the financial services sector in Nigeria and Senegal respectively, primarily because of their sprawling mobile money operations. But Opay and Wave are just two among many companies…
Editor’s note:This article contributed by Alix Murphy of WorldRemit gives insight into opportunities around Mobile money,FinTech and financial inclusion for 2016 The Top 3 Predictions for FinTech, Mobile Money and Financial Inclusion in 2016 are: 1. Financial inclusion will mean big business. Making serious money and reaching the unbanked have not always gone hand-in-hand. We’re…