‘Global Daily e-Transactions Hit $1.3bn in 2018’
The mobile money industry processed transactions worth $1.3 billion per day in 2018, with digital transaction values growing at more than twice the rate of cash transactions, according to the recent GSMA’s eighth annual ‘State of the Industry Report on Mobile Money’.
The report showed that at the end of 2018, there were more than 866 million registered accounts in 90 countries, Nigeria inclusive, which is a 20 per cent increase from 2017. The report offered a current snapshot of the mobile money landscape and highlighting the impact that greater financial inclusion has on lives, economies and innovation, especially in emerging markets.
While analysing the report, the Director General, GSMA, Mats Granryd, said: “Our research shows that for the world’s most vulnerable, the benefits of mobile money are real and wide-ranging. Throughout 2018, the GSMA has continued to support operators in reaching customers that have traditionally been underserved by the financial system.
“The mobile money industry is fast-evolving against a backdrop of increasing internet access and smartphone adoption, and now more than ever, mobile’s unparalleled global scale provides a tremendous opportunity to reach the 1.7 billion people who remain financially excluded.”
This year’s State of the Industry Report looked at how providers are navigating this dynamic and shifting ecosystem, which was shaped by key trends in 2018 including: An enhanced customer experience owing to increased smartphone adoption and the expansion of mobile money interoperability; Diversification of the payments ecosystem; The introduction of increasingly complex regulation; and A shift towards a “payments as a platform” business model connecting consumers and businesses with a range of third-party services.
Impressed by the growth of mobile money and financial inclusion penetration in emerging markets like Nigeria, the GSMA is currently talking with the Nigerian Communications Commission (NCC), the telecoms industry regulator, on how best to collaborate to drive 5G network rollout in Nigeria by 2020, in order to boost connectivity that will further deepen financial inclusion in the country.
Speaking on connectivity at a collaborative meeting between NCC and GSMA in Abuja recently, Head, sub-Saharan Africa for GSMA, Mr. Akinwale Goodluck, had said: “Mobile connectivity has already improved the welfare of millions of Nigerians, opening the door to new digital possibilities and powering the country’s economic development.”
He had added that for Nigeria to take full advantage of the next phase of its digital transformation, it’s vital that collaboration between industry and government enables the right policy environment for millions more to benefit from ultra-fast mobile broadband.
According to Goodluck, “If policies don’t keep pace with the needs of society and technological innovation, there is a risk that citizens will be left behind and productivity and competitiveness will suffer.”
The Executive Vice Chairman of NCC, Pro. Umar Garba Danbatta, had said at the meeting that trial testing of the rollout plan had commenced in the country, beginning with the Eko Atlantic project, where broadband data would drive connectivity and allow humans to interact with connected devices to check their health status, and remotely control home appliances without physical contact.
Glo seals highest partnership with Africa CEO Forum to grow continents economy
In continuation of its desire to promote Africa’s economic development, digital transformation leader, Globacom, has announced its support for the 2019 Africa CEO Forum.
Globacom’s support for the continental initiative was made known by its Executive Vice Chairman, Mrs. Bella Disu, who has held consultations with the Forum organisers.
Mrs. Disu said that Globacom was pleased to partner with the organisers to provide a networking platform for decision makers to identify ways to improve intra-African trade and investments. Globacom is the 2019 apex Diamond Partner of the gathering.
She disclosed that Globacom was backing the forum as a testimony to its desire to support initiatives that nurture Africa’s economic potential.
“Africa is rich in business diversity and, when properly connected, African businesses can make greater contributions to economic expansion and human development,” Globacom’s EVC stated.
“Globacom is intentional about fostering an environment for African businesses to thrive,” she added.
The foremost annual international meeting for executives and investors in Africa brings together Chief Executive Officers (CEOs), international investors, experts and high-level policy makers, and features discussions that mobilise African businesses to champion private sector-led growth while building sustainable organisations.
The 2019 edition of the Forum is billed to hold in Kigali, Rwanda, from March 25 to 26. Themed ‘Open Africa: from continental treaties to business realities’, and will feature over 40 panels, private-public workshops, and case studies.
Mrs. Disu, who will participate in this year’s forum and chair the Women in Business Initiative, added that in today’s global world and with tech-enabled access to knowledge and opportunities, there has never been a better time for women to look around and see other women who influence them.
According to Media Group and Rainbow Unlimited, Jeune Afrique, the forum will “unite its 2000 participants around a transformation agenda… What priorities must be identified to boost the level of intra-African trade and investment? What must a united Africa do to better protect its interests and industries? How can we mobilise the private sector around cross-border infrastructure and logistical projects?”
The 2018 edition had 70 countries represented by heads of governments, 1500 participants, and 700 CEOs.
Guests included former Nigerian President, Chief Olusegun Obasanjo; President Alassane Ouattara of Côte d’Ivoire; President Nana Akufo-Addo of Ghana; Mr. Wale Tinubu, Group Chief Executive Officer of Oando PLC; Mrs. Folorunsho Alakija, Vice Chairman of Famfa Oil; and Nadia Fettah, Managing Director of Saham Finances.
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