Finance
Telkom Launches Africa’s First Virtual Banking Card with Ukheshe
Image sourced from My Broadband /* custom css */ .tdi_4_066.td-a-rec-img{ text-align: left; }.tdi_4_066.td-a-rec-img img{ margin: 0 auto 0 0; } Telkom has launched Africa’s first Mastercard virtual card for use on WhatsApp, enabling Telkom Pay customers to make e-commerce payments. This move is expected to empower millions of South Africans – even those without a bank account – to access the digital economy and transact online. Telkom Pay /* custom css */ .tdi_3_64f.td-a-rec-img{ text-align: left; }.tdi_3_64f.td-a-rec-img img{ margin: 0 auto 0 0; } Launched in 2020, Telkom Pay is a digital payments wallet that enables its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual (non-plastic) card to the wallet, users can now make ...
Offline Device Locking: Protect Your Financed Devices against Non-payment with NuovoPay
Sourced from Travellers With the advent of 4G technology and the promising 5G technology, smartphones have offered people a gateway to enter the digital economy and get socio-economic benefits. According to Statista, in 2020 global smartphone unit sales for end-users were 1.38 billion. This shows a strong demand for smartphones, which is largely driven by consumers from developed countries. The consumer in developed countries has easy access to smartphone finance, affordable loans, alternative forms of credit scoring, etc. This necessarily does not hold true for certain emerging markets such as Sub-Saharan Africa or South Asia. According to Newzoo Global Mobile Market Report 2018, Smartphone penetration in South Africa was 35.5%, Vietnam was 37.7%, Indonesia was 27.4% as compared to 83% an...
Eazzy Banking App Grows 222% as Digital Banking Explodes in Kenya
Image sourced from Kenya Online News. /* custom css */ .tdi_4_00d.td-a-rec-img{ text-align: left; }.tdi_4_00d.td-a-rec-img img{ margin: 0 auto 0 0; } The Central Bank of Kenya (CBK)’s Bank Supervision Annual Report 2020 noted that there was a notably high adoption of digital financial services by consumers during the beginning months of the pandemic in the country. This is believed in part due to consumers seeking channels for financial transactions with minimal physical contact, a necessity in remaining safe and socially distant as COVID-19 waves fluctuate. Now according to Techweez, the digital banking services provided by Equity Bank Kenya are now ahead of its traditional banking in terms of sheer volumes transacted. This comes via an announcement made when the lender revealed its Q1 20...
Nigerian government approves N9.2 billion premium for civil servants’ life insurance
The Federal Executive Council (FEC) has approved the sum of N9.2billion as premium to insurance companies that will manage the group life insurance for federal civil servants in the country. Minister of Information and Culture Lai Mohammed revealed this when he briefed State House correspondents on the outcome of the Council meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday. He said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907. “This premium is for a perio...
9 out of 10 Kenyan SMEs Use M-Pesa for Payments, via New Survey
Image sourced from WeeTracker /* custom css */ .tdi_4_9b7.td-a-rec-img{ text-align: left; }.tdi_4_9b7.td-a-rec-img img{ margin: 0 auto 0 0; } A new survey conducted by Amethyst Consultants on SME perceptions of banking products in Kenya showed that up to 95% of SMEs (9 out of 10 companies) in the country use M-Pesa, Vodafone’s mobile money service, according to Business Daily Africa. The survey, commissioned by SNDBX, took place between the months of March and April 2021 and included 131 small to medium enterprises (SMEs) across 17 “key sectors”. “The survey highlighted that SMEs continue to be resilient through the pandemic season and a third [of SMEs] are looking forward to a better future in 2021,” says Amethyst Consultants Founding Director, Sharon Mbugua. /* custom css */ .tdi_3_7f1.t...
Senate committee gets 14 days to process President Buhari’s N2.343 trillion loan request
The Nigerian Senate has given its Committee on Foreign and Local Debts 14 days within which to process President Muhammadu Buhari’s request for a fresh ₦2.343 trillion ($6.183 billion) for approval. Senate President Ahmad Lawan gave the directive at the commencement of Tuesday’s plenary session shortly after the Senate Majority leader, Yahaya Abdullahi, drew the attention of the Senate to the pending request. The Senator Clifford Ordia-led Committee on Foreign and Local debt had approved a total of $28 billion so far. The current request will take the total loan approved to $35.683 billion. Buhari had urged the Senate to approve N2.3 trillion ($6.183 billion) external borrowing. He said the loan was to finance the 2021 budget deficit of N5.6 trillion. The President indicated that the loan ...
How Blockchain and Crypto Can Lessen Financial Exclusion in Developing Countries
/* custom css */ .tdi_4_8ce.td-a-rec-img{ text-align: left; }.tdi_4_8ce.td-a-rec-img img{ margin: 0 auto 0 0; } While the COVID-19 crisis has reversed the recent global poverty reduction, according to the UN and other experts, it has also sped up financial inclusion via mobile financial services apps provided by crypto, blockchain and FinTech startups. Many people worldwide take for granted the services billions of others struggle to access. In their book “Financial Exclusion and the Poverty Trap,” authors Pamela Lenton and Paul Mosley assert that one of the main causes of poverty is financial exclusion, which they define as the inability to access finance from mainstream banks. /* custom css */ .tdi_3_d8d.td-a-rec-img{ text-align: left; }.tdi_3_d8d.td-a-rec-img img{ margin: 0 auto 0 0; } ...
Presidency: One million Nigerians benefitting from survival fund
The Presidency yesterday said that over one million Nigerians have so far benefitted from the Survival Fund scheme under the Federal Government’s Economic Sustainability Plan (ESP). The Presidency said there are 500,000 beneficiaries from the MSMEs Payroll support track, 44,500 under the one-off General MSME Grant, and another 265,425 under the artisan support track, among others. Recall that payment to new beneficiaries of the Payroll Support track and the one-time General MSME Grant had commenced at the end of April. A statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, in Abuja last night explained that so far, under the ESP there are currently over one million beneficiaries nationwide from the various schemes...
Lenovo Records Group Revenue Surge Past $60 Billion
Image sourced from GSMArena /* custom css */ .tdi_4_390.td-a-rec-img{ text-align: left; }.tdi_4_390.td-a-rec-img img{ margin: 0 auto 0 0; } Lenovo has announced its results for the Group as well as its fourth quarter and fiscal year, revealing growth across all parts of the business. The company says its results demonstrate the Group’s resilience and ability to achieve balanced, consistent, and sustainable growth. “Last quarter, we delivered our fastest-growing quarter in almost a decade and closed the fiscal year with the new milestone of passing $60 billion in revenue and significant growth in profit to a new record. These historic highs were achieved by leveraging our core competencies of a clear strategy, innovative products, operational excellence, and global-local model to meet the n...
House invites CBN governor on recovered loots
The House of Representatives ad hoc committee investigating the assessment and status of recovered loots has invited the governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to appear before it. The Chairman of the committee, Rep. Adeogun Adejoro, who extended the invitation on Thursday in Abuja said that it was necessary for the committee to know the number of recovered loots and where they were being kept. The Minister of Finance, Hajia Zainab Ahmed had told the committee that she had no idea of the number of accounts being used to keep the recovered loot. She, however, said that the ministry had a record of what had been recovered and the amount that had come into the account. She stated that N50 billion was provided from recovered loot to fund the 2020 budget, adding that the...
Contactless Payment Methods Beat Traditional Options for the First Time
Sourced from Htxt.Africa South African bank, FNB has revealed that contactless payments have surpassed Chip and PIN contact payments for the first time ever among its Credit, Debit, Fusion, and Virtual Card users. The Bank attributes the behavioural shift (from chip contact to contactless) to consumer’s preference and awareness of safer, convenient, and quicker means to pay at a Point-of-Sale. “This is a remarkable milestone for the financial services industry, and it augurs well for efforts to improve safety and convenience in the payments network,” says Raj Makanjee, Payments Executive at FNB. “With over 10 million contactless cards in the hands of our customers and 200 000 Virtual Cards activated, we are delighted to see our customers pioneering what we believe to be the future of payme...
Mondia Pay and M-Pesa Expand FinTech Footprint in Tanzania
/* custom css */ .tdi_4_713.td-a-rec-img{ text-align: left; }.tdi_4_713.td-a-rec-img img{ margin: 0 auto 0 0; } Mondia Pay and M-Pesa have partnered to allow Tanzanians to access Mondia’s suite of online content on the Vodacom Tanzania PLC digital services network. This means 7 Million Vodacom Tanzania customers can now make use of their airtime balances via SMS and USSD to subscribe to Mondia digital services including PlayInc., MyMuze, Vodacom Premier league, as well as many other news and entertainment services. With the addition of the Mondia Pay and M-Pesa payment option, users now have a safe, secure and convenient payment method connecting them to content, from sports and movies to music and games. The partnership shows the growth potential for innovative fintech and content collabo...
