Tech

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

Published

8 months ago

February 21, 2024

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.

Related Topics:Featured IFC.M-Pesa. Mozambique Money Transfer

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Tech

South African fintech Peach Payments partners Kenya’s Sukhiba for conversational commerce

Published

24 hours ago

October 10, 2024

Isaac Dachen

South African payments service provider, Peach Payments, has announced a strategic partnership with Kenyan commerce and CRM platform, Sukhiba, to offer its South African merchants a new conversational sales channel, and facilitate WhatsApp-based sales.

Peach Payments, which was founded in 2012, provides a complete toolkit to help businesses accept, manage and disburse payments through web and mobile, and is the second largest online payment gateway in South Africa, and has also expanded to Kenya and Mauritius.

Ananth Raj Gudipati, the CEO of Sukhiba who spoke on the partnership, said the platform was built on top of WhatsApp, and was currently active in South Africa, Kenya, Tanzania, Rwanda, Uganda, Nigeria, Oman and India.

“Sukhiba is used by more than 35,000 SMEs dealing directly with manufacturers, wholesalers and distributors.

“Sukhiba’s technology lets merchants add their catalogues to WhatsApp and facilitates everything from product purchases to payments to scheduling deliveries.

“We are confident that the deep knowledge and network that Peach Payments brings to this partnership will accelerate WhatsApp commerce and payments in South Africa,” said Gudipati.

“This partnership effectively utilises Peach Payments’ platform on WhatsApp, which opens up a new sales channel for our merchants in the run-up to Black Friday and that gives their customers the flexibility of paying by card, EFT, buy-now pay-later and other alternative payment methods,” said Peach Payments CEO and founder Rahul Jain in a statement.

Tech

France’s VC firm Bpifrance launches in Egypt in bid to expand into Africa

Published

2 days ago

October 9, 2024

Isaac Dachen

France’s largest venture capital firm, Bpifrance, has partnered with Egyptian venture capital firm, Sawari Ventures, to launch a new base in Egypt in its strategic bid to expand into Africa.

In a statement by the VC firm, the move is to ease its entry into the North African region and enhance cross-continental collaboration.

It added that another key player in Egypt’s startup scene, Flat6Labs, will be actively involved in this new venture.

‘Together, we aim to support growth-stage companies and entrepreneurs by providing crucial access to funding, resources, and networks.
This partnership is consistent with Bpifrance’s desire to strengthen ties between Europe, Africa, and the Middle East,” the statement said.

“This partnership comes as African entrepreneurship continues to garner global attention. Startups across the continent are flourishing, and this collaboration will tap into this momentum by offering critical financial support and guidance to innovative businesses.

“This development provides better access to financing for French companies expanding into African markets and offers African startups opportunities to establish research and development (R&D) operations in France,” it added.