Tech

AfDB launches reports to give African country-specific dynamics and insights

Published

2 months ago

July 31, 2024

The African Development Bank Group (AfDB) has launched Africa-wide Focus Reports designed to deepen policy dialogue on the macroeconomic performance and outlook of individual countries and to act as an indispensable tool for policy makers, government and development partners.

The reports, released on Wednesday in line with the theme of the 2024 African Economic Outlook report titled, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” are to give deeper country-by-country specific dynamics and insights.

The African Economic Outlook report, which is issued annually, also provides timely evidence and analysis on the continent’s growth, empowering African policymakers to make informed decisions.

“Growth performance and outlook vary across the 54 African countries of the report, reflecting differences in economic structure, commodity dependence, and policies,” Prof. Kevin Chika Urama, Chief Economist & Vice President for Economic Governance and Knowledge Management the AfDB said while launching the report

“The 2024 reports assesses the experiences of individual countries in accessing finance necessary to fund their structural transformation and call for an overhaul of the global financial architecture to help turn around African economies.

“The reports make bold recommendations for financing structural transformation at country level through reforms of the global financial architecture to better respond to African countries’ growing development financing needs, exacerbated by recurrent global and domestic shocks.”

All 54 reports document funding needs and gaps as well as inadequacies of the current global financial system in supporting Africa’s structural transformation up to 2063. The reports make recommendations across five key areas:

“Leveraging Private Sector Financing, the private sector will remain a key partner in financing African economies. Countries need allow greater private sector participation in the economy to complement public investments, particularly in areas with high social returns such as climate action and human capital development.

“In summary, these reports contain pragmatic policies (short, medium and long-term) to accelerate African countries’ economic growth and structural transformation.

“They also provide governments and potential investors with up-to-date, accurate data to inform policy and investment decisions,” he added.

Related Topics:AFDB Africa Economy Featured Reports

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Tech

Nigerian fintech PalmPay launches USSD Service for users without internet connection

Published

2 hours ago

September 16, 2024

Isaac Dachen

Nigerian payment fintech startup, PalmPay, has announced the launch of its USSD code aimed at offering additional service to Nigerians even without internet connectivity.

The new service, according to the Managing Director of PalmPay, Chika Nwosu, the USSD Service is
an additional way for customers to manage their finances without the need for internet connectivity.

“With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones,” Nwosu said in a statement on Monday.

“At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission. Our platform ensures seamless connectivity for our users.” he said.

“In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances.”

Launched in 2019, PalmPay which has been operating under a Mobile Money Operator (MMO) license issued by the Central Bank of Nigeria (CBN), the fintech has pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’.

The MD added that customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents.

“The addition of a USSD access point is designed to further enhance the accessibility and convenience of the platform for consumers in a market where data network outages are common.

Nwosu, further emphasized the company’s commitment to financial inclusion

“PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchant.

“The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.”

Tech

Egyptian fintech Paymob extends Series B funding to $72m as It expands across MENA

Published

1 day ago

September 15, 2024

Isaac Dachen

Egypt-based payment fintech, Paymob, has announced successfully raising an additional $22 million in a Series B extension, bringing its total Series B funding to $72 million which will see it pursue its growth strategy at home and in the wider MENA region.

The extension round was led by EBRD Venture Capital with participation from Endeavor Catalyst while existing investors PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures also participated in the round.

Co-founder and CEO of the Paymob, Islam Shawky, who made the announcement, said the extension round follows Paymob’s continued profitability in its core market of Egypt, having recorded 6x revenue growth since the initial Series B funding in Q2 2022.

“We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there.

“This funding will help Paymob to fully capitalize on the momentum in our established markets, as we accelerate our GCC rollout. We remain committed to creating a cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact,” Shawky said.

The payment platform which was founded in 2015 by Shawky, Alain El Hajj and Mostafa Menessy, is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.

According to its profile on its website, the fintech’s omnichannel gateway offers more than 50 payment solutions and empowers close to 350,000 merchants with access to innovative financial services. It has expanded to the United Arab Emirates (UAE), Saudi Arabia and Oman.