Tech

Flutterwave plans regional settlement hub in Rwanda

Published

1 year ago

June 25, 2023

One of Africa’s leading tech payments platform, Flutterwave has concluded plans to establish a settlement hub for its regional payment operations in Rwanda, according to the company’s CEO, Olugbenga Agboola.

Agboola who made the disclosure during the Inclusive Fintech Forum held in Kigali on Saturday, said Flutterwave “plans to have a financial operations centre set up in Rwanda, where all our settlement across the region goes from here.”

“We’ve got plans to have a financial operations centre set up in Rwanda, where all our settlement across the region goes from here. Everyone has supported us to make that happen. So it makes sense to put something in this market and scale it from here,” Agboola said.

The Nigerian-owned fintech has been a major player in the African tech ecosystem and has made incursions into 30 other African countries.

Flutterwave has been operating in Rwanda since 2020, which made the country the second in Africa to give it the payment service provider license in 2019, after Nigeria.

In March 2023, the National Bank of Rwanda granted Flutterwave its new Electronic Money Issuer and Remittance licenses, which lays the groundwork for establishing a settlement hub in the country.

The Electronic Money Issuer license allows it to acquire all types of payment instruments in Rwanda while the company’s new remittance solution enables ‘Send by Flutterwave’ to process inbound and outbound cross-border transfers in the country.

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Tech

MTN launches 5G network in Benin Republic

Published

2 hours ago

November 25, 2024

Isaac Dachen

MTN Benin has officially launched its 5G network which will position the country as a technological leader in West Africa.

The company, in a statement, said the launch of Benin’s first commercial 5G network will not only position the country at the forefront of technological advancement in the West African region but also set the stage for a more competitive and dynamic telecommunications market.

“The advanced network promises faster speeds, ultra-low latency, and enhanced reliability, driving industry productivity and innovation,” the company said.

“This strategic investment aims to revolutionize Benin’s digital ecosystem, boosting business operations and reshaping user experiences. MTN’s 5G rollout underscores its commitment to advancing technology and supporting the nation’s digital transformation,” it said.

The launch of the MTN 5G will further intensify competition in Benin’s telecom industry and aligns with MTN’s broader strategy to expand 5G services in Africa and is expected to significantly influence the nation’s economy.

“Enhanced connectivity can lead to increased efficiency in industries such as agriculture, healthcare, and education. For instance, farmers could utilise real-time data to optimise crop yields, while healthcare providers can implement telemedicine solutions to reach remote areas,” it said.

“Educational institutions could also benefit from improved access to digital resources, facilitating e-learning opportunities. Moreover, the 5G network is expected to attract foreign investment by providing the necessary infrastructure for tech startups and multinational companies seeking to establish operations in Benin. This influx of investment could lead to job creation and contribute to the overall economic growth of the country.”

Tech

Fintech startup DigMo launched in Zambia to gamify financial planning

Published

1 day ago

November 24, 2024

Isaac Dachen

DigMo, a gamified fintech startup which helps users to build wealth tools from low to middle-income earners, has been launched in Zambia.

CEO of the DigMo Group, Sylvia Brune, who made the announcement, says the platform which is licensed by the Bank of Zambia to operate a wallet, offers a secure, free digital money account with a special account for users to play a financial planning game which incentivises customers to get started putting money away for the future.

“By giving customers the chance to win big rewards, DigMo is encouraging sustainable habits,” said Brune.

She stated that with an initial rollout in Zambia, DigMo wallet’s first offering, Save to Win, will make putting money away regularly, easy and rewarding with no fixed costs or fees.

“DigMo Save to Win allows users to start with small amounts – from just ZMW10 (US$0.37) – for the chance to win prizes of up to ZMW500,000 (US$19,000).

“We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact,” Brune said.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours.

“To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.