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Global

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.”
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Global

Unimpressive Growth in Mobile Payments

“The CBN data show that 120 million PoS transactions were recorded in H1 2018, representing an increase of 103% y/y. The volume of point-of-sale (PoS) transactions indicates the impact of the CBN’s cashless policy on the economy. Meanwhile, mobile payments amounted to 28 million transactions valued at N495bn (US$1.6bn) in H1 2018. The volume of transactions […]
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Global

Opera’s OPay still plans Africa expansion on Nigerian super app

“Opera’s Africa fintech startup OPay remains committed to building a multi-service super app in Nigeria as the foundation to expand on the continent. OPay also continues to operate ORide for limited passenger service — though the company is shifting the motorcycle ride-hail operation toward logistics businesses. Opera launched the OPay mobile money platform in Lagos […]
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Global

Nigeria’s Central Bank, in Bid to Help Nation’s Underbanked, Takes Measure to Boost Payment Firms

“Nigeria’s central bank is planning to issue licenses to more payment providers, aiming to “improve the country’s financial-inclusion rate to 80% by the end of next year from about 60%,” Bloomberg reports . Central Bank of Nigeria Governor Godwin Emefiele spoke in Abuja last week, promising the new licenses “will help support innovation and competition […]
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Global

Nigeria Is Finally Turning to Telcos to Drive Financial Inclusion Through Mobile Money

“The regulatory caution and conservatism often blamed for holding Nigeria back finally looks set to change with the central bank reversing a longstanding stance on declining to issue mobile money licenses to telecoms operators. In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, […]
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Deals

TradeDepot adds $10 million to add financial services to its supply chain services for African SMBs

“Nigeria’s e-commerce startup TradeDepot, which connects international brands to small businesses in Africa, has raised $10 million in a new round of funding to expand its business into financial services and credit offerings for retailers. First launched in 2016, TradeDepot has built up a network of 40,000 small businesses in Nigeria and connects them to local […]