Browsing: Mobile money

Bolt Food has also created a feature that enables customers to use promo codes and coupons to pay for orders made on the app. As restaurants on the platform offer promotional items and campaigns, all active promotions will always be displayed in the Bolt Food app.

These initiatives are meant to create a flexible and convenient environment for customers as they enjoy excellent service on the Bolt Food app.

“Customer Experience on our platform remains a key priority in our operations. Our focus is to continue growing our brand and serving our customers in the best way possible through quality services tailored towards their needs”, said Edgar.

Bolt Food continues to scale up its operations and invest more into initiatives geared towards enhancing customer experience and offering quality services as it grows its courier earnings. 

As far back as June 28, 2017, This Day Live said another point to note is that USSD is very important within emerging economies, where the cost to access data services is increasing. Despite the growth of smartphone penetration and 3G/4G coverage, the data access cost is a key factor in deciding how information is consumed.

Meanwhile, the continued reliability of USSD will enable mobile service providers and financial institutions more opportunities to satisfy new market segments, add more value to the customer, and meet underserved customer needs.

In a related article by Myriad Connect published January 29, 2018, the core benefit of USSD is that it doesn’t rely on a data connection to operate, thereby helping reach the billions of people in areas where network coverage is at its most basic or for sectors of the population for whom a data connection is too expensive to access.

So long as a phone can make a call and send a text, then the technology is good to go.

In addition, governments have to make things better for businesses. Currently, tech start-ups have to pay a lot to comply with regulations that are sometimes not clear. These regulations differ in the 54 different African countries which makes it a lot of work for investors to scale faster across the continent. 

To deal with this, leaders in the different African nations need to come up with a common, unified framework that makes it easy to expand into regional markets. 

For things to work much better and faster, there is need to get more people to help each other since ecosystems that have more links are stronger and grow faster. African leaders should work on policies that can enable ecosystem players start a Pan-African tech start-up network to help tech start-ups grow and get better. 

To address these challenges, African governments need to quickly create and implement a digital economic policy that will open and connect economies and create jobs for the continent’s growing number of young people. 

Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML), and Counter-Terrorism Financing (CTF).

The platform also conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against the latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.

Fintech startups in Africa have continued to gain a lot of attention from investors who have been pouring billions of dollars to support the industry. 

Safaricom has a network of partners whose collaboration allows subscribers to send and receive money from more than 200 countries and territories.

The launching of the M-Pesa supper app has also enabled its users to operate mobile money transfer easily and securely making it rise faster in the African continent.

For instance, access to financial services and products in Kenya grew by an astonishing 56 per cent between 2006-2019 due to the availability of the mobile money services . M-Pesa has been credited with lifting at least two per cent of Kenyan households out of extreme poverty.

Airtel Network Kenya, the second biggest telecommunications network, saw shareholder loans from its holding firm, Bharti Airtel Kenya BV, rise by 12.01 per cent from sh46.6 million in 2020 to sh52.2 million in the year ending December 2020.

The causes of the financial losses have been additional lending, forex losses as the shilling depreciate, and postponement in paying interests.
Capitalization interest due to being paid stands at Sh1.34 billion, which has disrupted cash flow in the firm.

Airtel Kenya said that the issued shareholder funds, revenue generated from its operations, and borrowing from external lenders had kept the company afloat.

In 2020, total transaction values climbed by 22% to hit US$767 billion. or the first time, and in a pandemic, the industry is processing more over US$2 billion per day which has more than doubled since 2017. 
The GSMA predicts that by the end of 2022, this value will be in excess of US$3 billion every single day. Some of the innovations that will help propel this growth include APIs and regulation initiatives like tightening transaction and balance limitations which could bolster the industry’s transaction values growth.
Transaction costs remain a big concern for many with users calling for a review of this in countries like Kenya. When the pandemic was announced in Africa, Kenya and Ghana- which also happen to be the continent’s two biggest mobile money markets– were swift to scrap fees on small person-to-person transactions.

The shortage of cash is a legacy of the hyperinflation 13 years ago that caused the government at the time to abandon the Zimbabwean dollar. In 2018, the government printed 100 trillion bank notes, causing inflation to reach 500 billion per cent.
In a report published by the), a worldwide organization representing the interests of mobile money operators, Zimbabwe is ranked top among the 16 member states of the Southern African Development Community (SADC) in reference to mobile money penetration.
The GSMA, on the other hand, has stated that the), also known as the 2% tax, is making mobile money transactions more expensive.

The government amended the Electronic and Postal Communication Act (CAP) last month by imposing a levy of between US$0.0043 (10Tsh) and US$4 on mobile money transactions, depending on the amount sent and withdrawn.

One of the key factors that led to the expansion of mobile money in Africa and Tanzania, in this case, was the increased interoperability, product expansion—which brought financial inclusion to enable nearly everyone with decent income-earning schedules to own a mobile wallet account.