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Payments service provider, Virtual Pay opens global headquarters In Mauritius

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Leading payments and technology service provider, Virtual Pay has opened its global headquarters in Mauritius, in a move that “marks a significant milestone in its commitment to enhancing its global presence and strengthening its position as a key player in the payments industry,” according to David Morema, Virtual Pay Group CEO.

In a statement on Thursday, Morema said the decision to establish its global headquarters in Mauritius was driven by the country’s “robust regulatory framework, skilled workforce and proactive approach to fostering innovation and economic growth.”

“Strategically located between Asia and Africa, Mauritius is a choice gateway for investment into Africa, and Virtual Pay aims to leverage this advantage to continue in its global growth strategy, entrenching itself as a key player in the global payment ecosystem,” Morema said.

“Mauritius presents a well-regulated and dynamic business landscape for financial technology innovation, and we are excited to establish our global headquarters in this vibrant market.

“Our primary goal is to empower businesses and their clients with seamless, secure, and efficient payment solutions”, he added.

The Chief Executive of the Mauritius Financial Services Commission (FSC), Dhanesswurnath Thakoor, while commenting on the development, said:

‘’We welcome Virtual Pay to Mauritius and commend their contribution to the growth and efficiency of the financial ecosystem.

‘’This strategic move is a testament to our country’s sound strategy when it comes to developing our financial services sector.

“We are more than ever committed to fostering technological advancements in this industry, whose growth potential is immense”.

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M-PESA partners IFC to increase financial inclusion for farmers in Mozambique

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Mobile money transfer and payment service provider, M-Pesa, has entered into a partnership with the International Finance Corporation (IFC) aimed at boosting financial inclusion for small-holder farmers in Mozambique.

The agreement will see IFC cooperating with Vodafone M-PESA Mozambique to support M-PESA in several key areas, including revamping and strengthening its existing agent network and conducting comprehensive countrywide training for M-PESA’s sales team and agents.

IFC will also assist M-PESA to review and expand its merchant acquisition and management strategy in Mozambique, and support M-PESA’s activities across different regions.

Sergio Gomes, Director of Vodafone M-PESA Mozambique, who announced the partnership, said the IFC and M-PESA Mozambique will “work together to explore and pilot new ways to expand mobile money services in rural areas, with the aim of increasing financial inclusion for smallholder farmers.”

“We have seen very positive results since M-PESA was launched in Mozambique in 2013 having paid about 9 billion Meticais ($142 million) in commissions to agents just in the last 5 years,” said Gomes.

“The new phase of M-PESA will focus on expanding our value proposition and use cases to limit the use of cash in the economy. One important vertical where we want to intervene is in agriculture where payments are dominated by cash.

“We believe that through this partnership with IFC, we can have an impact on farmers by digitizing their value chains beginning with payments received for their produce and moving out to developing more sophisticated products like insurance,” he added.

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Opera MiniPay wallet celebrates 1 million users in Africa

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Opera MiniPay wallet, a self-custodial dollar stablecoin wallet, has announced a significant achievement of surpassing one million users across Nigeria, Kenya, and Ghana.

Charles Hamel, Product Director at MiniPay, who made the announcement, said the stablecoin wallet had seamlessly integrated into the Opera Mini browser for Android users and built on the Celo blockchain.

“The MiniPay wallet has been designed to be intuitive for users of all experience levels to reap the benefits that decentralized finance can bring,” Hamel said.

“Via a familiar Web2 experience, MiniPay makes it easier and more affordable for individuals across Africa to acquire, send and receive Mento cUSD stablecoins – simply by using mobile phone numbers.

“The wallet enables users to save, send, and receive funds instantly on their mobile phones with very low transaction fees and with a mission to onboard millions of users to Web3 across Africa, Celo and Mento Labs aim to provide accessible financial tools through MiniPay embedded in Opera Mini,” he stated.

According to Hamel, MiniPay enables fast, easy, and affordable payments through its stablecoin wallet, offering sub-cent fees through the Celo network.

“MiniPay is currently live in Nigeria, Kenya, and Ghana, with plans for expansion into South Africa, and more,” Hamel added.

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