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CFI, Liquid Telecom Partner to Accelerate Digital & Financial Inclusion in Africa

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Cassava Fintech International (CFI) and the Liquid Telecom Group (LTG) have announced the launch of Sasai Wi-Fi Finder, a potential game-changer in driving digital and financial inclusion in Africa. The service, which will be offered across the continent, was announced today, and is set to be rolled at thousands of hotspots across Africa.

A 2019 report by the GSMA (the Global System for Mobile Communications) shows that affordability remains a significant barrier to Internet adoption in Africa, resulting in social, digital and financial exclusion. This partnership seeks to offer a low-cost solution for connectivity and to expand these services throughout the continent.

“We see this launch as a critical piece in the social digital inclusion agenda we are driving on the continent,” said Darlington Mandivenga, the Chief Executive Officer of the CFI Group. “Through Sasai Wi-Fi Finder, we plan to establish an expansive network of data access points across Africa and build ‘Africa’s Missing Network’ through partnering with broadband providers, Internet Service Providers and local community hubs,” Mandivenga said.

“We’re proud that our best-in-class broadband infrastructure network is the backbone of this service and is enabling more Africans to access the digital and financial benefits of the internet,” said Ahmad Mokhles, Group Chief Operating Officer of LTG.

“This partnership is providing consumers with affordable Wi-Fi access while local franchisees and partners are able to grow their businesses and the economies of their countries. This is a true example of the transformative power technology can have across the value chain,” said Mokhles.

The intuitive and easy to use Sasai Wi-Fi Finder will be an in-App feature on the Sasai super App that will allow users to identify hotspots at which they can access affordable data.

“We designed this service to be as easy-to-use as possible. A smartphone user will get free connectivity on-the-go through accessing the #SasaiWi-Fi Finder network to download the Sasai App and gain access to a wide range of in-app services,” said Tapera Mushoriwa, Chief Operating Officer of Sasai.

“When a new smartphone user has registered on the Sasai App, or when an existing Sasai App user opens the App, they receive automatic notification “pop-up” alerts showing available #SasaiWi-Fi Finder hotspots nearby. They also receive additional services, such as distinct indoor and outdoor Wi-Fi hotspot markers, directions to Wi-Fi hotspots, session usage, range and signal strength details – making it easier than ever before for African users to access the Internet,” Mushoriwa said.

The Sasai Wi-Fi Finder will allow greater connectivity in a variety of locations, including retail, health care, education, government and small business trade facilities. The App will also give millions of Africans access to social, entertainment and on-demand services offered on the Sasai super App, including Sasai Moments.

The partnership between CFI and LTG will see the roll-out of the Sasai Wi-Fi Finder in Zimbabwe, Kenya, Tanzania, Uganda, Rwanda, Democratic Republic of Congo and South Africa in phases over the coming months.

The Sasai Wi-Fi Finder is accessible and available by downloading the Sasai super App from the Google Play store or the Apple Appstore.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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