Central Bank of Kenya Declines to cap the free M-Pesa transactions to five

M-Gas Mpesa

Kenya’s leading telco Safaricom has lost the bid to cap free M-Pesa transactions to five. This comes after subscribers split high-value transfers to avoid paying transfer fees, costing it billions of shillings in revenues. The company had petitioned the Central Bank of Kenya (CBK) to cap the number of multiple transactions between two numbers, according to a recent disclosure of conference call transcripts between Safaricom and investors seen by the Business Daily. Safaricom reported that customers were splitting high-value money transfers of as high as Sh60,000 to deals of below…

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Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

Opera’s Opay Pulls Plug on ORide, OCar, Shifts focus to eCommerce & payments

News earlier in the week broke that Opera-backed Nigerian fintech startup, OPay has reportedly shut down all its business operations in Nigeria following a letter issued by its foreign investors amidst the poor economic climate caused by the COVID-19 pandemic.. A report claims that all verticals of the startup, including ride hailing, ORide and OTrike — which were still active in other states aside Lagos; the recently launched B2B and B2C eCommerce platforms, OMall and OTrade; OExpress for logistics; and food delivery feature, OFood will be closed down. Opay launched…

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Amazon to manufacture self-driving cars after acquiring start-up Zoox for $1bn

Amazon to manufacture self-driving cars after acquiring start-up Zoox for $1bn

Amazon is making strides into developing its own self-driving vehicles, agreeing to buy Californian start-up Zoox in a deal said to be worth more than $1bn (£810m). The takeover was first reported by tech website The Information and was later confirmed by Amazon.  Talks were said to have started between the two companies last month. Zoox’s chief executive Aicha Evans and chief technology officer Jesse Levinson will continue to lead the team as a standalone business after the deal has completed, Amazon said. The takeover is believed to be part of Amazon’s plans to begin…

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Power Panel at DCA WebForum voice their thoughts on impact of COVID-19 SME Financing in Africa

DCA WebForum Series 3 Executive Roundtable The Impact of COVID-19 on SME Financing in Africa

The DCA Group hosted an engaging and insightful Executive Roundtable conversation, with Top Industry and Business Leaders and Representatives of SMEs operating in African countries, as businesses and individuals globally seek solutions for the COVID 19 crisis to innovative ways to achieve their goals. The panel of distinguished speakers exchanged expert insights, practical approaches and good practices on the topic: The real effects on the ground for SME’s; the plans that are being implemented to curb further negative effects on the market; future strategies that organizations can rely on to…

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Digital WhatsApp Payments for SMEs launched, Pilots in Brazil

Digital WhatsApp Payments for SMEs launched, Pilots in Brazil

Facebook has launched its WhatsApp payments service in Brazil, enabling people to send money and make purchases from within the chat app. You use it by linking up your WhatsApp account to your Visa or Mastercard credit or debit card. This now adds Facebook as one of the digital payments and mobile money providers like Mpesa WhatsApp began testing P2P payments in India in 2018 but Brazil, where the messaging service has 120 million users, becomes the first country to get a nationwide rollout. Brazil would be the first to…

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Rush to digitization during the COVID 19 Crisis Should perpetuate financial exclusion

Digitization

The economic effect of the current global COVID-19 lockdown will be severe. An essential focus for supporting the economic rebound is to invest in efforts to deepen economic integration and further lower trade costs. Digitization, and the creation of specialized ecosystems, will be the single most efficient approach to reduce trade cost on a global scale, which will benefit all countries currently impacted by COVID-19. A robust technical infrastructure and end-to-end digital processes (“paper-less”) are key elements to safeguard productivity during disastrous events. First-response actions such as implementing business continuity…

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DStv to add Netflix and Amazon Prime Video on its platforms in a strategic shift

DStv

DStv will add Netflix and Amazon Prime Video to its platforms, in a strategic shift that has seen its parent firm, MultiChoice, sign partnership deals with the giant movie streaming services. Netflix poses a growing competitive threat to MultiChoice and its own streaming service, Showmax, and the partnership move marks a shift in MultiChoice’s strategy from trying to compete with such players to working with them instead. The parent company of DStv and GOtv has been facing competition from movie streaming service and internet providers such as Zuku and Safaricom…

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COVID-19 crisis could accelerate African businesses toward innovation and digitization

Mali based insurtech startup OKO Finance helps rural farmers access crop insurance innovation

McKinsey recently released a report titled, “Reopening and reimagining Africa: How the COVID-19 crisis can catalyze change,” which recommends policies aimed to help Africa use the crisis as an opportunity to create a recovery that features a more inclusive economy, more competitive industries, and more resilient services The report recommends using the pandemic as an opportunity to accelerate digital transformation across the continent. Figure 1 highlights a number of industries poised for swift growth in digitization following the pandemic. Among these, some are already relatively digitized, such as information and…

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Uber Africa launches Uber Cash in partnership with Flutterwave

Uber Africa launches Uber Cash in partnership with Flutterwave

Uber will launch its Uber Cash digital wallet feature in Sub-Saharan Africa in partnership with San Francisco based — Nigerian founded — fintech firm Flutterwave. This will let riders to top up Uber wallets using the dozens of remittance partners active on Flutterwave’s Pan-African network. Flutterwave works as a B2B payments gateway network that allows clients to tap its APIs and customize payments applications. Uber Cash will go live this week and next for Uber’s ride-hail operations in South Africa, Kenya, Nigeria, Uganda and Ghana, Ivory Coast and Tanzania, according…

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Online retail sales see their highest growth on record in April

Amazon CloudFront Edge

Online retailers are seeing Black Friday-like sales due to the impact of the COVID-19 pandemic on their business. According to new data from Adobe’s Digital Economy Index, U.S. e-commerce jumped 49% in April, compared to the baseline period in early March before shelter-in-place restrictions went into effect. Online grocery helped drive the increase in sales, with a 110% boost in daily sales between March and April. Meanwhile, electronic sales were up 58% and book sales have doubled. The data comes from Adobe’s index of the digital economy, which analyzes more…

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