Kacha Digital Financial Services becomes first private mobile money company in Ethiopia

ETHIOPIA – The National Bank of Ethiopia has formally granted a mobile money licence to Kacha Digital Financial Services S.C., making it the first private company to hold such a license. Kacha, which has a registered capital of 200 million Birr (US$3.80m), heralds the start of a new era for expanded private sector involvement in the framework of the country’s…

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Reserve Bank of Zimbabwe shuts down mobile money transfer service InnBucks

ZIMBABWE – Zimbabwe’s central bank RBZ, has shut down the country’s popular mobile money transfer service, InnBucks, for operating without a license. InnBucks, which is operated by fast food franchisee Simbisa, is a mobile platform that uses USSD and mobile application technology to enable consumers to send and receive money as well as make purchases at fast food locations. Mobile…

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Nigeria grants MTN licence for mobile money banking service

NIGERIA – The Central Bank of Nigeria has approved the licence for MTN’s Mobile Money (MoMo) Payment Service Bank in the country, extending its services to wider banking operations. Mobile money is a growing contributor to MTN Nigeria’s income, and the new banking licence would allow the company to explore growth opportunities presented by the country’s unbanked population. MTN Group…

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MTN Mobile Money Uganda picks Richard Yego as its new Managing Director

UGANDA – MTN Mobile Money Uganda Limited, a 100% duly owned fintech subsidiary of MTN Uganda Limited, has announced the appointment of Richard Yego as its Managing Director. “We are delighted that Richard Yego joins the MTN family as the Managing Director for MTN Mobile Money Uganda. He brings with him a wealth of experience attained from his journey through…

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Kenyans’ use of mobile money jumps 20% in 2021

KENYA – Kenyans made 1.9 trillion mobile money transactions in the first 11 months of 2021, worth more than US$55 billion. The Central Bank of Kenya (CBK) said that transactions in the first 11 months of 2021 were 20% up on the whole of 2020. The surge in transactions came despite the government removing COVID-19 subsidies at the start of…

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Orange picks Ericsson for mobile money in Africa

AFRICA – Orange Middle East and Africa is set to deploy Ericsson’s Mobile Financial Services solutions across fourteen of the countries in its Orange Money footprint. Starting with Senegal, Ericsson’s solutions will be rolled out in phases and once operational will provide a more agile and compliant IT architecture to enhance performance in managing the flow of transactions. In addition,…

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Qatar Investment Authority invests US$200m in Airtel Africa’s mobile money unit

AFRICA – Telecoms operator Airtel Africa has announced that it has secured another investment from Qatar Holding LLC for its mobile money arm. Qatar Holding LLC IA is an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar with over US$300 billion in assets. The Middle Eastern corporation is set to invest US$200 million…

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Fintech company Semoa, Ecobank to enable mobile money users carry out banking faster and easier

TOGO – Fintech company Semoa has partnered The Ecobank Group to enable mobile money users in Togo to carry out banking faster and easier, across West African Economic and Monetary Union (WAEMU) through a new digital banking service via Whatsapp called “Express cash by Semoa”. The Ecobank Group, whose network covers 35 countries across Africa, is the first bank to…

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Telecommunication company Nexttel set to launch its mobile money service

CAMEROON – Viettel Cameroon SA, a privately-owned mobile telecommunications network service provider which operates under the brand name Nexttel, is set to enter the mobile money market in the country. The market is already dominated by MTN Cameroon and Orange Cameroun which run MTN MoMo and Orange Money respectively. Nexttel General Manager Benoit Yaoussou announced recently that they will roll…

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MTN gets US$2m from IFC to expand its mobile money business MoMo

SOUTH AFRICA – MTN South Africa has announced a US$2 million deal with the International Finance Corporation (IFC), a member of the World Bank Group, to expand MTN’s Mobile Money (MoMo) business in South Africa. The telco55 said the partnership will target the unbanked and underbanked population through establishing a strong network of MoMo agents in the country. According to…

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