Author: Akin Naphtal

Safaricom Ethiopia, has reported KES 7.2 million ($43,368) in M-PESA revenue just three months after its launch in August 2023, having garnered an M-PESA customer base of 1.2 million users, with 67% actively utilizing the mobile money product. The success includes the registration of 22,700 M-PESA agents, facilitating transactions amounting to 2 million in volume, and valued at KES 43.7 billion ($287 million). In contrast, M-PESA in Kenya, operational since 2007, showed a 16.5% year-on-year revenue growth, reaching KES 66.23 billion ($436 million). This growth was supported by a 12.0% year-on-year increase in average revenue per user (ARPU) to KES…

Ghana’s Central Bank has taken regulatory action against eight money transfer organisations (MTOs) by barring them from offering remittance services without the required regulatory approval. The barred companies include LemFi, Wise, Transfer Go, PayPal’s Xoom, SendValu, Boss Revolution, Aza Finance, and Supersonicz, according to a notice from the bank. The Central Bank’s notice serves as a warning to the public, commercial banks, dedicated electronic money issuers (DEMI), and enhanced payments service providers (EPSP) to avoid transacting with the aforementioned companies. The bank’s decision is backed by Section 3.1 of Ghana’s Foreign Exchange Act, 2006 (Act 723), which prohibits dealing in…

Kenyan digital payments service provider, SasaPay has been named Africa’s Best Emerging Digital Payment Provider of the Year at the 8th Edition of the Africa Digital Economy Awards (ADEA), held on 10th November in Nairobi. The award, presented by organiser of ADEA, Digital Economy magazine, serves as a tribute to SasaPay’s dedication to fostering innovation, inclusivity, and sustainability within the digital economy. Chief Operating Officer of SasaPay, Daniel Njoroge, appreciated the recognition, stating, “this is a testament to our commitment to revolutionising digital payments and fostering financial inclusion. We are dedicated to providing innovative solutions that cater to the diverse…

Pan-African fintech firm, Cellulant, has broadened its reach by securing a Payment Service Provider and Payment Facilitator license in Egypt, allowing Cellulant to empower both global and regional merchants in Egypt, and manage B2B and B2C payments across local and international transactions. Cellulant’s versatile solutions support a range of payment methods, including mobile money, wallets, cash, cards, and direct bank transfers, encompassing various currencies to cater to diverse customer needs. In recent years, the fintech has heavily invested in its real-time payment solutions, incorporating features such as checkout, in-store payments, payouts, payment links, and a robust business dashboard. These services…

California-based mobility platform, inDrive, has unveiled its New Ventures Investments arm, backed by a dedicated fund of up to $100 million, focusing on venture funding and mergers and acquisitions (M&A) as it moves to fuel innovation within the startup ecosystem. Veteran entrepreneur and investment expert, Andries Smit, has been appointed as the Vice President to lead the New Ventures unit, bringing his expertise to guide inDrive’s investment strategy. Key Investment Criteria: In addition to financial metrics, inDrive’s New Ventures will prioritize investing in startups that have a positive impact on communities, by helping them address societal injustices and enhancing the…

Deputy Governor of Nakuru County, David Kones, has urged county departments to adopt the Geographic Information System (GIS) technology for making informed and evidence-based decisions in project implementation. While celebrating GIS Day, the county’s planners, surveyors, and geo-spatial planners showcased various technologies under Kones’ leadership. Kones said that the system could guide policymakers, planners, and the community on land use needs such as where to build schools and health centres. The GIS community of professionals and students celebrates the advancement of GIS technology every year on GIS Day. They showcase the diverse applications of spatial technology in storing, visualising, analysing,…

The National Communications Authority (NCA) and the Cyber Security Authority (CSA) have organised a joint training session for their staff on cybercrime and cybersecurity awareness as part of their ongoing collaboration to develop and implement the Cybersecurity Act, 2020 (Act 1038). The training session, held on Wednesday, 15th November, aimed to equip both NCA and CSA staff with the fundamental knowledge and appreciation of cybersecurity, as well as the roles and responsibilities of the NCA and the CSA under the law. The session covered topics on the types and trends of cybercrime, the best practices and standards of cybersecurity, protection…

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced that the Nigerian federal government has set up a $609 million fund for tech entrepreneurs in Nigeria for the next four years. Speaking at the 2023 Nordic Nigeria Connect event in Lagos, Dr. Tijani stated that telecommunication is the biggest contributor of services in Nigeria, and that the country needs to build partnerships that would help its citizens achieve that. “In a connected world, our role is to build relationships with countries, organisation with innovation and a body of knowledge. Nigeria doesn’t need to reinvent the wheel…

Kenya’s Principal Secretary of the State Department for ICT and the Digital Economy (ICT&DE), Eng. John Tanui, has advocated the digitisation of library services during an official visit to the Ministry Library on Wednesday, 15th November. The Ministry Library, located on the 7th floor of the TelePosta Towers, serves as a resource centre for the Ministry staff and the public. Eng. Tanui was welcomed by the Director of Library Services, David Kengere, and his team of librarians, who gave him a tour of the library and its facilities. Eng. Tanui appreciated the work of the library staff, and commended them…

Under the Imbuto Foundation’s Edified Generative Scholarship Programme, IHS Towers is providing financial support for 150 students in Rwanda to enable them to pursue quality education and cover their extra educational costs. The scholarship programme is part of the partnership between IHS Rwanda and the Imbuto Foundation, which was established in 2015. The partnership aims to support the education of young and talented Rwandans, especially those from economically vulnerable backgrounds. Tuition fees, school materials, and other educational expenses for the selected students who are enrolled in boarding schools across the country will be covered by the scholarship. The students are…