Tech

Western Union partners with MFS Africa to enable Africans recieve money through mobile wallets

Published

2 years ago

March 3, 2023

Global leader in cross-border, cross-currency money movement and payments, Western Union, has partnered with MFS Africa to enable individuals and businesses across the continent to transfer and receive money from over 200 countries and territories through mobile money wallets.

The partnership, according to Kumar Shourav, the Managing Director, MTO’s, at MFS Africa, will “enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails.”

The service which will have its first launch in Madagascar, before moving to countries across the continent, is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run, according to Shourav.

“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse not just in terms of population, development levels, growth rates, and stability but with payment infrastructure and regulations as well,” he said.

”Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth,” Shourav added.

Also commenting on the partnership, Hassan Chatila, Global Head of Account Payout Network, Western Union, said:

“At Western Union, we aim to be the global leader in providing accessible financial services to the world’s populations and, in turn, increase global financial inclusion.”

“Through our partnership with MFS Africa, we are excited to come together and deliver on our joint commitment to bring innovative solutions for customers as they support their families and accelerate their momentum up the economic ladder.”

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Tech

Nigerian fintech Fincra secures licence to operate in South Africa

Published

2 days ago

October 3, 2024

Isaac Dachen

Nigeria-based pan-African payment infrastructure provider, Fincra, has been granted a Third Party Payment Provider (TPPP) licence to expand its services into South Africa.

The TPPP will enable the platform to extend its payment solutions to businesses in the country, while the new regulatory approval marks a significant step in Fincra’s mission to make sending and receiving value across Africa and beyond as seamless as sending a text message, according to the startup’s CEO and co-founder, Wole Ayodele.

Ayodele, who expressed the company’s enthusiasm about the development, noted that South Africa represented a prime market for the company’s growth as it represented the company’s vision to build a continent-wide payment infrastructure.

“We have long recognised South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions,” Ayodele said.

“The decision to enter South Africa is consistent with our overall strategy of expanding in key African markets.

“According to the International Monetary Fund (IMF), South Africa boasts the largest economy in Africa, with a gross domestic product (GDP) of $373 billion and with it’s diverse economy, supported by sectors such as manufacturing, mining, agriculture, and tourism, provides numerous opportunities for Fincra’s payment solutions to help businesses process transactions efficiently.

“Fincra’s entry into South Africa is part of the company’s vision to build a continent-wide payment infrastructure, ensuring full compliance with local regulations while enabling seamless, secure transactions for businesses.

“Fincra can now offer its services to South African businesses thanks to the TPPP licence, which allows them to access a wider range of payment methods and facilitates smoother cross-border transactions,” he added.

Tech

Starlink raises subscription prices in Nigeria after unveiling affordable plan in Kenya

Published

3 days ago

October 2, 2024

Isaac Dachen

Elon Musk’s Starlink has announced increasing its subscription prices in Nigeria with the excuse of excessive levels of inflation.

In an email from the SpaceX-powered satellite Internet service provider to its Nigerian customers, the standard residential plan with a 1TB fair usage policy will now cost $48, (₦75,000), up from $24, (₦38,000).

According to the notice, the price for Starlink kits remains unchanged at ₦440,000, while regional roaming customers will have to part with ₦167,000 per month, up from ₦49,000, which is the largest increment, just as international roaming will now cost a ₦717,000 per month.

“As a current customer, your monthly service price will increase in 1 month, beginning from 31 October 2024,” part of the email read.

The price increase for Nigerian customers is coming a few days after Starlink unveiled affordable plans for its Kenyan customers who will benefit from lower monthly subscription rates, such as $30.87 (KSh 4,000) for the mini plan and $50.43 (KSh 6,500) for the standard plan.

The lower incentives the eastern African country have been seen as Starlink’s response to growing competition from local Internet service providers (ISPs) in Kenya with leading service providers such as Safaricom and Jamii Telecommunications upgrading their services to retain customers.

Safaricom recently increased its Internet fibre speeds while maintaining prices, offering customers up to 500 Mbps on premium plans for $97 (KSh 12,500) monthly.

In August 2024, Starlink also introduced a $15 (KSh 1,950) monthly kit rental option, with an additional one-time activation fee of $21 (KSh 2,730), to the East African market to make its satellite Internet services more accessible.