Interswitch Group’s Post

𝗡𝘃𝗮𝗹𝗮𝘆𝗲 𝗞𝗼𝘂𝗿𝗼𝘂𝗺𝗮 𝗼𝗻 𝗧𝗵𝗲 𝗦𝗲𝗰𝗿𝗲𝘁 𝘁𝗼 𝗮 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆. Nvalaye Kourouma, Group Chief Digital Officer at Ecobank Transnational Incorporated, emphasizes that a successful digital transformation strategy hinges on having the right infrastructure in place. He highlights the importance of developing use cases, applications, and elements that engage customers effectively. Kourouma notes that the current focus is on scaling digital capabilities to fully benefit from digital investments. He points out that approximately 90 to 92 percent of Ecobank's transactions occur on digital platforms, indicating a high level of digital interaction with customers. Kourouma challenges the notion that customers in some markets are not digitally inclined, explaining that urban youth and young professionals exhibit high levels of digitization. He acknowledges that while remote areas may face challenges, there is still digital activity, albeit not always in financial services. To address this, Ecobank provides intuitive and easy-to-use solutions tailored to different environments, such as USSD channels for feature phones and apps for smartphones. Kourouma also addresses the misconception that Francophone markets are resistant to digitization, noting that these markets are now experiencing rapid growth in mobile money services. He underscores the transformative potential of AI in banking, cautioning that while it can be challenging, it also offers significant opportunities for those who harness it effectively. #DigitalBanking #Banking #Fintech #Africa #Tech

🌍📱 Telcos and Fintech: Transforming Africa’s Financial Future! 📱🌍 Africa is leading a financial revolution driven by the powerful collaboration between telecom companies and fintech innovators. This partnership is reshaping how millions manage and access their finances. Leading telecom providers like Safaricom, MTN, and Airtel are revolutionising financial services through mobile money platforms such as M-Pesa, MoMo, and Airtel Money. The impact is undeniable—mobile money transactions are reaching unprecedented levels, fueling economic growth and creating new opportunities for both businesses and individuals. Experience the remarkable blend of telecom and fintech as they build a financially inclusive future for Africa. This revolution is transforming lives, one mobile transaction at a time! 🌟📱💰 #TelcoFintech #MobileMoney #FinancialInclusion #AfricaRising

Payment System in Ethiopia is not profitable as far as I know. It needs to be targeted and segmented and the business line feasibility need to be identified. Banks focus on Banking substance than forms and shows. My engagement with KPMG and found that the then Electronic Banking(now digital banking) was not profitable?! What about now? the huge infrastructure investment, softwires, maintenances, antivirus, security standard and risk management?????????????????? Courage's research needed and targeted business needed to make it profitable! Just my opinion!

According to a report by McKinsey, the African e-payments industry is expected to grow by approximately 20 percent annually, resulting in over $40 billion in revenues from domestic payments alone between 2020 and 2025. To take advantage of this opportunity and achieve the expected growth rate, it is crucial for all players in the fintech ecosystem to prioritize developing innovative and differentiated cutting-edge solutions to advance digital payments in Africa. Exploring other markets across Africa to unlock value is also an opportunity to consider. Let us work together to shape the future of payments in Africa! #DigitalPayments #Africa #Innovation #TSMS

Meet our CEO! Here is a video interview which will give you more insight into MoMo from MTN’s strategy and vision. #Visionary #Strategy #Fintech

Mastercard's recent acquisition of a minority stake in MTN Group's fintech segment marks a significant milestone for financial services in Africa. Valued at $200 million, this partnership elevates MTN Group Fintech's value to $5.2 billion, showcasing a substantial investment in advancing digital #financial solutions across the continent. With a robust 21.7% revenue growth in MTN's fintech business, this collaboration promises to enhance the accessibility of mobile money, insurance, and e-commerce services, contributing to greater financial inclusion and economic empowerment in Africa. This strategic alliance between MTN and Mastercard underscores a commitment to amplify the reach and effectiveness of #digital financial services, driving innovation and facilitating economic growth. As Africa's leading mobile operator, MTN's expertise combined with Mastercard's global network positions this partnership to catalyze transformative change, creating opportunities for individuals and businesses to thrive in an increasingly connected digital economy. #MTN #Mastercard #Fintech #FinancialInclusion #Africa #DigitalFinance #MobileMoney #ECommerce #Partnership #Empowerment Source: Fintech Association of Kenya

We're thrilled to unveil Tusenti® as the esteemed Launchpad Exhibitors for the upcoming 11th Edition of the Connected Banking Summit - Innovation & Excellence Awards 2024. Join us in Nairobi, Kenya, for this pivotal event on March 6th at the Radisson Blu, Upper Hill Nairobi, where banking leaders and visionaries will gather to forge the future of the sector. Tusenti®, a fintech, aims to boost affordability for low and middle-income consumers via micro-payments using wallet transaction charges. Unlike others, transactors currently miss out on earnings. This innovative approach allows customers to make flexible, interest-free payments over time, fostering self-financing. In the past 10 months, Tusenti® linked businesses with 432 low-income individuals, facilitating $10,151 in goods purchases through transaction charges. The vision is to empower the underserved population, enabling them to afford and purchase anything seamlessly using their transaction charges. For the freshest company news, visit https://tusenti.co.ke/   Mark the 6th of March 2024, on your calendars for a transformative day in Nairobi, Kenya, that promises to redefine banking innovation and leadership.   Seize your opportunity to be at the heart of banking evolution! Secure your spot by registering now at https://lnkd.in/du72UEtg — only a limited number of spaces remain. For any questions, please contact us directly at info@connected-banking.com   Don't miss your chance to be at the cutting edge of banking innovation.   #connectedbanking #connectedbankingsummit #eastafricabanking #connectedbankingeastafrica #cbeastafrica #cb2024 #cbea2024 #kenya #connected2024 #connectedsummit #icsa #icsaspeakers #icsasponsors #icsaconferences #icsatalks #icsaglobal #shareiteithicsa #trends2024 #cbmea2024 #fintechtrends #bankingtrends #connectedafrica

Mobile Money in 2024: Africa's Mobile Money on the Rise! Exciting developments are taking Africa's mobile money scene by storm! Here's a glimpse: Mastercard & MTN join forces: Expanding mobile money access across 13 African countries, this partnership empowers millions to make secure digital payments via their phones, fueling the continent's digital economy. West Africa's mobile money boom: Rising agent numbers are driving a surge in West Africa's mobile money market, with Nigeria leading the charge (GSMA 2024 report). This trend is creating income opportunities for many. Airtel Money goes public: Airtel Money's IPO in 2025 is a testament to its impressive growth, targeting a $4 billion valuation and eyeing expansion into new markets. These developments highlight the dynamism and rapid evolution of Africa's mobile money and fintech space. Growth, collaboration, and evolving regulations are shaping the future of this exciting sector. Stay tuned to see how these trends transform Africa's financial landscape! #AfricanFintechSolutions #Fintech #MobileMoney

Read this interesting report from the Fintech Times about the fintech landscapes in the Middle East and Africa region:

MTN Records High Demand for Fintech Services in 2023 ✴ MTN Group reported a resilient underlying operating #performance for 2023 in the face of tough macro headwinds, declaring a total #dividend of 330 cents per share and including elevated inflation and the sharp devaluation of the Nigerian #naira ✴ Amid sustained high demand for #data and #fintechservices, MTN Group increased the number of active data subscribers by more than 9% to 150 million.   ✴ Active Mobile Money (#MoMo) users by 5% to 72.5 million. ☑ Total subscribers increased to 295 million across the Group’s markets. Summary of Key Performance  ✅ Group service revenue up 13.5% in constant currency terms to R210bn  ✅ EBITDA up almost 10% in constant currency terms at R90bn  ✅ Expense efficiencies of R2.6bn  ✅ Capex (ex-leases) of R41bn  ✅ Total subscribers of 295m  ✅ Active data subscribers of 150m  ✅ Active MoMo users of 72.5m  ✅ Data traffic (ex-JVs) up by a third  ✅ Fintech transaction volumes up by a third  ✅ Fintech transaction value of US$272bn  ✅ Full-year dividend of 330 cps MTN #africa #fintechinnovation #activesubscribers #mobilemoney #revenue #keyperformance #data #fintechservices