Payments News

On The Web

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Global

Music Streamers Turn to Telcos to Make Africa Pay

“Africa, with its internationally recognised musical talent – and growing mobile phone use – is central to Swedish music streamer Spotify’s (SPOT.N) plans to extend its reach to a billion customers. As African artists such as Nigeria’s Burna Boy and South Africa’s Black Coffee are streamed across the world, the continent was seen as an […]
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Companies

Google to Invest $1 Billion in Africa Over the Next 5 Years | TechCabal

“At the first virtual Google for Africa event today, Sundar Pichai, CEO of Google and Alphabet, announced a plan to invest $1billion over 5 years to support digital transformation in Africa. The investment focuses on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business; and helping nonprofits to […]
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Global

CBN Postpones ENaira Launch

“The Central Bank of Nigeria has announced the postponement of the launch of the country’s digital currency, eNaira. The bank had earlier said it would launch the currency today, October 1. It announced a postponement Thursday citing lined up events for the country’s 61st independence anniversary. The postponement came a day after a firm (ENaira […]
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Deals

PawaPay Raises $9M Seed Backed by MSA, 88mph and Mr Eazi’s Zagadat Capital

“When companies create digital payments-facing solutions for African countries outside Nigeria and South Africa, building around mobile money is key. It’s literally a no-brainer. The concept is ubiquitous in East Africa, but since mobile money is a telecom operators-led initiative, there are technical complexities in creating a unified infrastructure for businesses that need it. PawaPay , a […]
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Global

War-Ridden Somalia Starts Payments System as It Rebuilds Nation

“Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world’s most fragile states, following decades of political and economic instability. The 13 lenders in the Horn of Africa nation can now “become inter-operable, connected to the clearing and settlement system of the central […]
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Global

Payments Insider August 2021 | TCIB successfully processes first live transactions

“Sending money anywhere in SADC quickly, cheaply and securely is no longer a dream, but a reality.  Last month BankservAfrica successfully processed its first real-time cross-border transactions between Zimbabwe and Namibia via the TCIB (Transactions Cleared on an Immediate Basis) payments service.  “We are so excited to see this project finally come to life after […]
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Global

Is West Africa Ready for a Single Currency?

“Since the early 2000s, the 15-member Economic Community of West African States (ECOWAS) has been pursuing a common currency agenda, centered on the “eco,” with the intention of reducing barriers to doing business across the region and increasing trade overall. While the implementation of the new currency has been postponed due to hurdles in macroeconomic […]

On The Wires

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Companies

Western Union Joins Forces With Major Financial Institutions in Africa

“Western Union, a global leader in cross-border, cross-currency money movement and payments, is collaborating with major financial institutions in Africa, to enable millions of consumers to send and receive cross-border payments, quickly and reliably, 24/7. Customers of KCB Bank Kenya, the Diamond Trust Bank (DTB) and the Kenya Post Office Savings Bank (Postbank), can now enjoy […]
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Global

TNM Mpamba and Mastercard Partner to Transform Malawi’s Payment Landscape | Middle East/Africa Hub

“In a country-first for Malawi, mobile money service provider TNM Mpamba today launched a Mastercard virtual payment solution that will enable TNM Mpamba mobile money wallet customers to make safe and seamless local and international e-commerce transactions. This is expected to enhance financial inclusion and improve access to the digital economy. Through a Mastercard virtual […]