On The Web

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Global

Kenya’s biggest mobile money service is reinventing itself for the future

November 15 2018

• in
• Kenya
• Mobile Money

“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.”

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Global

India moves towards interoperable mobile wallets

October 17 2018

• in
• India
• Mobile Money

“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 […]

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Systems

The mobile money industry’s transition to a platform-based business model

September 27 2018

• in
• Mobile Money

“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 […]

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Glenbrook

Pulling funds from bank accounts: best practices for mobile money providers

September 24 2018

• in
• Mobile Money

“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 […]

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Global

Mobile money transactions fall on new taxes

November 19 2018

• in
• Kenya
• Mobile Money

“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. “

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Global

Orange And MTN Partner For Mobile Money Platform Mowali

November 26 2018

• in
• Africa
• Mobile Money

“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.”

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Global

Mobile money transactions equivalent of half of Kenya’s GDP

January 25 2019

• in
• Kenya
• Mobile Money

“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 […]

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Systems

Interoperability: The Next Phase of Mobile Money

December 20 2018

• in
• 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 […]

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Systems

Gates Foundation Supports Expansion Of An Open Mobile Banking Platform in Africa

December 5 2018

• in
• Mobile Money

” Two of Africa’s largest mobile operators and mobile money providers, Orange Group and MTN Group, have announced they will use open source financial services technology that was sponsored by the Bill and Melinda Gates Foundation.”

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Systems

Mojaloop Bootcamp Application

January 30 2019

• in
• Mobile Money

“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 […]