On The Web
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“A day after Warren Buffett’s Berkshire Hathaway Inc. said it had invested in the parent company of India’s largest digital-payments firm, called Paytm, Google said it is expanding its mobile money service in the South Asian nation. It is partnering with several local banks to offer consumer loans from within its app in the coming weeks, aiming to assist […]
Mobile Money Interoperability Is The Next Revolution In Africa, This Is What You Need To Know
“Several regions across Africa are zeroing in on what promises to be a new frontier in the fast-growing digital economy: mobile money interoperability. That means anyone in an interoperable region with a mobile money account can transact with anyone else who has an account, whether they use the same service provider or not. And when […]
Nigerians Bury Cash In Backyards As Mobile Money Stumbles
“Less than 6 percent of Nigerians use their handsets to transact using mobile money, compared with 73 percent of Kenyans, where more than two-thirds of adults have a bank account, according to the World Bank. That’s even though there are more than two phones for every bank account in the West African nation.”
One of the world’s biggest mobile money services wants to become a social network
“The messaging service, known as Bonga (which means “to chat” in colloquial Swahili), was partially-launched on April 26, in closed beta testing for select users on Android devices, according to documents seen by Quartz. The app will allow users to review their balance on M-Pesa, besides letting customers transact money without leaving the platform. The service […]
MTN’s successful IPO in Ghana shows the far-reaching potential of mobile money in Africa
“MTN successfully pulled off a first: a historic initial public offering done mainly through mobile money. The telecom operator’s IPO, launched in May, saw 84.6 % of local applicants in Ghana buy their shares through MTN’s mobile money service, Momo Wallet.”
Pulling funds from bank accounts: best practices for mobile money providers
“In our 2017 Edition of The State of The Industry report, we highlighted an increase in funds entering and leaving the mobile money system in digital form. The most pronounced change was in bank-to-mobile transactions, from 1 per cent of total transaction values in 2012 to 9.2 per cent in 2017. In another blog post, we noted […]
Kenya’s biggest mobile money service is reinventing itself for the future
“Safaricom is responding to these challenges by developing an ecosystem that favors M-Pesa as a de facto payment system for other services. By building this proprietary infrastructure, the aim is to not only make the payment service indispensable to customers, but also yield a consistent experience on a daily basis.”
India moves towards interoperable mobile wallets
“The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services. Reserve Bank of IndiaThe new rules are set out in Prepaid Payment Instruments (PPIs) — Guidelines […]
The mobile money industry’s transition to a platform-based business model
“Processing over a billion dollars a day, mobile money has evolved into the leading digital payment service in many emerging markets. Yet, significant changes in the commercial and technological landscapes mean that mobile money of tomorrow is likely to be based on a new business model. This blog is the first in a series of […]
Mobile money transactions fall on new taxes
“Mobile money transactions have declined in the wake of new taxes introduced on digital cash transfers and bank charges. Data from the Kenya National Bureau of Statistics (KNBS) indicate that transactions marked one of the steepest declines in several months, both in the number and value of money sent. “