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On the 2nd day of Ethiopia’s inaugural National Digital Payment Conference, private and public sector players continued to actively engage on how to advance the foundational work that has been undertaken to expand digital public infrastructure and other digital financial services across the country to all citizens. Discussions focused on interoperability; the role of instant payments in expanding #responsibledigitalpayments; powering financial equality for women; and ways and means to transform the public sector through digital financial services.   As the conference drew to a close, a vibrant fireside chat with National Bank of Ethiopia H.E. Governor Mihretu reflected on the country’s digital journey so far, and on Ethiopia’s #DFS ambitions for the future. His Excellency underscored the need to work collectively to expand access to credit, especially for those hardest-to-reach, women, the agricultural sector and SMEs. He also highlighted the initiatives taken to ensure consumer protection and urged all stakeholders to adhere to responsible digital financial services.   As a long-standing member of the Better Than Cash Alliance, we look forward to Ethiopia's 2nd instalment of the National Digital Payment Conference! National Bank of Ethiopia EthSwitch Oswell Kahonde

The digital drive towards alleviating poverty, promoting economic growth, and building opportunities through financial inclusion is slowly being won. But, for many Africans, ‘cash is still king,’ and financial institutions have much to do to build on the successes that saw 49% of Africans join the formal banking sector between 2011 and 2022. “For inclusive banking to break across the 50% barrier and soar further, several things must be achieved. Attention will have to be given to infrastructure development in regions where poor internet and mobile phone networks cause connectivity to continue to lag. Building financial literacy and trust in digital systems is still crucial in some regions.” shared Yinka Sanni, CE for Africa Regions at Standard Bank at the inaugural Business and Commercial Banking Conference. #GrowingAfrica Learn more: https://bit.ly/3AeDuOL

INCLUSIVE BANKING THE WAY TO GO FOR AFRICA The CEO Africa Region for Standard Bank, Yinka Sanni, brings up an Important discussion on Digital Financial Services at the inaugural Business and Banking Conference. Financial service providers totally rely on platforms provided by service providers in the telecommunications industry and the related industries. Surely, Africa needs to strategically invest in infrastructure development to achieve reliable internet connectivity. Countries should put emphasis on digital financial literacy targeting all. Having been part of the teams conducting mass Awareness Campaigns on the use of Digital Financial Services in Malawi, I am pleased to see that Malawi is on good tract in promoting 'cashless transactions,' under the theme 'Be Smart, Go Digital'. As the campaign goes on across Africa I dream of excellent customer services from the services providers, affordable high to low end digital gadgets and affordable internet charges. By all means, lets bring everyone else on board to 'digitise Africa'. Yinka Sanni Standard Bank Malawi The Reserve Bank of Malawi TNM always with you Airtel Malawi Plc NICO Group Malawi #GrowingAfrica #DigitalFinancialInclusion #FinancialLiterancy #DFS #SmartFinances #SupplyChainManagement #FinancialInsitutions

🌍 Africa's Mobile Money Boom: Stats Reveal Huge Potential Africa's mobile money revolution is in full swing, transforming lives and economies across the continent. Let's delve into some key statistics that illustrate its impact and hint at its exciting future potential. 📱 Accounts: Nearly 500 million registered accounts, representing almost half of all global mobile money accounts. 💸 Transactions: Over 44 billion transactions in 2022, a staggering 8 billion increase from the year before. 💰 Value: Transactions worth $2.3 billion daily, accounting for two-thirds of global mobile money transactions. 🤝 Reach: Eastern Africa leads the pack with 115 million active accounts, followed by West Africa's impressive growth of 33% in new accounts. Impact on Lives: 1. Financial Inclusion: Empowers previously unbanked populations, enabling access to essential financial services. 2. Economic Growth: Boosts small businesses, facilitates cross-border trade, and drives financial innovation. 3. Social Development: Supports remittances, healthcare payments, and government disbursements, reaching even remote areas. Future Potential: 💡Expansion: New use cases like savings, investments, and insurance are emerging, driving further adoption. 💡Integration: Seamless integration with traditional financial systems will unlock even greater potential. 💡 Innovation: Fintech startups are developing cutting-edge solutions, tailoring services to specific needs. Africa's mobile money journey is far from over. With continued investment, collaboration, and innovation, it has the potential to unlock even greater financial prosperity and social progress for the continent. 💭Feel free to share your thoughts on this exciting development in the comments below! Resource: The State of the Industry Report on Mobile Money 2022 by GSMA #africa #mobilemoney #infographics #potential #money #transactions #finance

Driving SME Growth: Mobile Money’s Impact in Africa! The latest GSMA report on Mobile Money illuminates a surge in adoption across Sub-Saharan Africa, signalling a profound shift towards economic empowerment. From 2013 to 2022, mobile money injected $150 billion into the region’s GDP, representing 3.7%—underscoring its transformative influence. What’s in it for SMEs? 🌍 - Integration into the Formal Economy: Mobile money seamlessly integrates SMEs, especially in remote and underserved areas, into the formal economy. This accessibility fosters inclusive participation, unlocking previously untapped opportunities. - Cost Savings: By slashing traditional banking transaction fees, mobile money empowers SMEs to conduct business more affordably. These savings translate into capital freed up for reinvestment in growth and expansion endeavours. - Broader Market Access: Beyond cost efficiency, mobile money adoption offers SMEs access to a broader customer base. In a landscape where consumers prioritise convenience and accessibility, SMEs can cater to tech-savvy demographics, nurturing growth and fostering customer loyalty. As Africa’s economic backbone, SMEs play a pivotal role, making initiatives that empower them indispensable. Dive deeper into the report to uncover insights driving SMEs towards prosperity. #MobileMoney #SMEEmpowerment #GSMAInsights 📊✨ https://lnkd.in/dHnSVBMA

💰 Mobile money services are transforming communities across Africa, providing banking access to even remote communities and offering crucial economic support in areas with limited banking infrastructure. While mobile money is booming in Africa, there is still a significant need to improve digital literacy to ensure everyone can fully access and utilize these services. Find out more in this insightful article on the impact of mobile money on Africa's economy and why boosting digital literacy is critical to unlocking its full potential! Read more here ➡ bit.ly/3JRZSyY.

Kenyan banks are stepping up as crucial stabilizers and educators in the financial sector. With only 38% of Kenya's adults deemed financially literate, banks are not just facilitating transactions but are actively strengthening economic resilience by offering innovative digital solutions, financial education, and tailored support to customers. Amidst rapid digitization and economic challenges, institutions like Absa Bank are leading the charge, enhancing financial literacy, and offering flexible, high-yield savings options to empower Kenyans to navigate these uncertain times with confidence and foresight. #KenyanBanksStability #FinancialLiteracy #EconomicResilience #DigitalBankingInnovation #AbsaBankKenya

The article "Financial Literacy in Africa" sheds light on the crucial role of #FinancialEducation in transforming lives and businesses across Africa. Access to traditional banking remains a hurdle, but microfinance institutions and tech solutions are stepping up. The key? Empowering borrowers with financial literacy! From informed decisions to budgeting and savings, these tools are changing the game for families and entrepreneurs. #FinancialEmpowerment #AfricaRising Center for Financial Literacy Education Africa

AfricaNenda we aim to accelerate the expansion of inclusive access to low-cost instant payment systems, so that everyone across the African continent can connect directly with the formal economy. Learn more about how we're doing that in our 2023 annual report! #financialinclusion #DPI #IPS #Africa

In the second of a two-part series from AfricaNenda, Director of Advocacy & Capacity Development Jacqueline Jumah discusses the key market, system, and end user trends shaping a more inclusive #instantpayment system landscape in Africa.   As revealed in AfricaNenda’s latest State of Inclusive Instant Payment Systems in Africa report, as of 2023 there are 32 live public or public-private instant payment systems in Africa, while 17 additional countries and three regions are currently in the process of developing domestic and regional instant payment systems. Within this context of increased payment system availability, remarks Jumah, “there is an opportunity to ensure that the new and existing systems also expand IPS inclusivity and accelerate #financialinclusion for all through policy reforms, investment, and technical assistance.” Read more in our latest issue, out now! https://lnkd.in/gMYWtQEK #inclusivepayments #Africa #instantpayments #payments