Payments News

On The Web

nbsp;

Systems

Mojaloop Bootcamp Application

“Some of the biggest challenges for retail financial services in developing countries include poor or missing payment APIs, a lack of standardization, and limited interoperability between various mobile money and bank-based domains within the payment system. These problems increase costs, create bad user experiences, and limit use cases. The Gates Foundation are working to create […]
nbsp;

Global

Mobile money transactions equivalent of half of Kenya’s GDP

“Central Bank of Kenya (CBK) data shows that mobile money transactions stood at Sh3.98 trillion ($38.5 billion) last year, having increased by Sh346 billion (10%) from 2017. This translates to an average value of Sh10.92 ($108 million) billion mobile cash transactions per day. n short, Kenyans moved nearly half the equivalent of the country’s gross domestic […]
nbsp;

Systems

Interoperability: The Next Phase of Mobile Money

“If mobile money transactions want to achieve the same growth and ubiquity as card payments, it must move to the next phase of its existence and embrace interoperability. Most mobile money platforms are still operating on a closed loop system, where account holders can only transact with people on the same network. As we saw when […]
nbsp;

Global

Orange And MTN Partner For Mobile Money Platform Mowali

“Two of Africa’s largest mobile operators and mobile money providers, Orange Group and MTN Group, today announced a joint venture, Mowali (mobile wallet interoperability), to enable interoperable payments across the continent. Mowali makes it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost.”
nbsp;

Systems

Bank of Tanzania Launches Single Payment System

“The system’s implementation process will take 18 months before taking off in June 2020. Launching the platform known as Tanzania Instant Payment System (TIPS), the BoT Deputy Governor (Financial Stability and Deepening), Dr Bernard Kibesse, said the central bank and other payment providers realised the need for interoperability of mobile money services in order to […]
nbsp;

Systems

The battle between cash and mobile payments

“Nigeria might be Africa’s largest economy, but when it comes to financial matters, people typically favour cash payments over technology. Despite high mobile penetration, only 6% of the population uses mobile phones to make financial transactions. And 60% of Nigerians still do not have a bank account, so they don’t have access to digital services on offer. In […]
nbsp;

Global

Mexico pushes mobile payments to help unbanked consumers ditch cash

“The administration of President Andres Manuel Lopez Obrador recently announced measures aimed at making financial services more affordable in a nation where more than half the population is unbanked. It is planning a digital payments system run and built by the central bank that will allow Mexicans to make and receive payments through their smartphones free […]
nbsp;

On The Wires

nbsp;

Systems

DFS Lab Announces Open Applications for Fintech Hackathon Focused on the Mojaloop Software

“Digital Financial Services Lab (DFS Lab), today announced it was hosting a hackathon in Dar es Salaam, Tanzania April 8 to 12. The Hackathon will offer participants an in-depth look Mojaloop, which is open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion. Interested applicants can apply on the DFS […]
nbsp;

Reports

GSMA Report Highlights 20 Per Cent Annual Increase in Mobile Money Accounts to More Than 866 Million Worldwide

“The GSMA today unveiled its eighth annual ‘State of the Industry Report on Mobile Money’, offering a current snapshot of the mobile money landscape and highlighting the impact that greater financial inclusion has on lives, economies and innovation, especially in emerging markets. The report provides a comprehensive picture of mobile money adoption and usage around […]