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East Africa Going Cashless: Lessons for Nigeria
Last month at the Open Africa Innovation summit in Nairobi which was hosted by Nokia and World Bank group, subject matter experts, innovators, technology providers ,policy / regulators and other stakeholders gathered at the Safari Park Hotel to evaluate the challenges of mobile innovation in Africa ,celebrate the success stories and work towards replicating the same across Africa.
Despite the good country delegate representations across many African nations, Europe and Asia, all the participants agreed that indeed mobile innovation has taken root in East Africa and most especially Kenya.
It is beyond doubt that mobile based programs and innovations are opening opportunities for cross selling opportunity for Kenya as a Nation.
Kenya is attracting tech investments, hubs, researchers and also MPESA tourist to the country on a consistent basis.
MPESA is indeed a phenomenal and worth taking a look at.
It is available everywhere and anywhere. There is even a joke that the policemen now receive their brides via mobile money in Nairobi.
I visited a midsized shopping complex about eight months ago in Kenya and it had only 2 agents that were transacting MPESA but on the recent visit, the service is now available in 38 stores in same shopping complex with only 2 stores left! That is contagion effect of mobile financial services in Nairobi.
While mobile money is Kenya’s wild child, use and adoption of card is also on the rise.
The Central Bank of Kenya data showed that the value of transactions made through plastic cards rose by 12 per cent last year, driven by rising consumer preference for cashless transactions with automated teller machine (ATM) cards accounted for transactions worth Sh577.9 billion last year, up from Sh517.3 billion between January and December 2010 while 2.5 million new cards were issued to Kenyans in 2011 to take the total in circulation to 10.1 million.
Incentive to go cashless
For customer to go with less cash, he must understand the value proposition, experience the convenience and be well educated about the services so that His attempt to go with less cash will not result to lost cash.
Merchants’ transactions may hold the key to unleashing the potentials of e-money in any economy but the merchants must see value in terms of turnaround time to get the physical cash to restock or ability to spend same e-money to stock inventory.
Transaction cycle time
The spread, use of service and ecosystem development will determine how successful e-money adoption will be in any country.
If a quick serve restaurant collects e-money at Point of sale but will require to wait for 2 -3 days for the amount to get to his account and withdraw cash to restock, then e-money adoption will be limited to merchants that are able to afford the 2- 3days transaction date cycle time.
These are underlying issues that were dealt with in the early days of less cash in East Africa.
Reporting customer adoption
East African mobile money providers consistently provided the primary data of customer base, frequency of use, adoption rate and other information to enable further study of the ecosystem.
While some Nigerian financial institutions and licensed mobile money providers are making strides in signing customers and improve transaction volumes in the early days of slow moving and low value mobile money services, almost all the providers are shy to declare customer base and frequency of use aside Pagatech that celebrated crossing the 100,000 customers some days ago.
According to The GSM Association (GSMA) 80 percent of global transactions originated from East African countries, Several factors can explain the success of mobile payment systems in East Africa, including a legal frame supporting innovation and a powerful distribution network.
This trend can be noticed in Kenya, Tanzania, Uganda and Rwanda. Moving into ‘Less Cash’ economy can only be a function of innovation and not legislation.
Promoting less cash in Nigeria and imposing penalties at certain transaction threshold will not deter people that do not understand other options that are available which are more secured than carrying cash.
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Bolt Hosts Second Edition of ‘Bolt Driver’s Football League’ to Foster Unity and Inclusion
Bolt, a leading ride-hailing platform, continues to strengthen its bond with driver-partners by hosting the second edition of its ‘Bolt Driver’s Football League’ in Lagos on Wednesday.
The second edition tournament, themed “Fostering Unity and Inclusion”, aimed to enhance the relationship between Bolt and its driver-partners. The event underscored the platform’s commitment to the well-being of its drivers, recognising the essential role they play in the ride-hailing ecosystem.
Organised in partnership with the Lagos State Ministry of Transportation, OneHealth by AXA, Oraimo, and Mycovergenius, the event was a resounding success.
Bolt driver-partners from various locations across Lagos participated enthusiastically in the mini football tournament. The event featured knockout matches between four teams formed by the drivers, showcasing their sporting skills in a spirit of camaraderie and healthy competition.
In addition to the football matches, the event offered a safe and enjoyable playground for the children and families of the drivers. They spent the Democracy Day holiday engaged in games, activities, and entertainment, making the event a memorable occasion for all attendees.
Giving the opening remarks, the Director of Public Transport and Commuter Services (PTCS), Engr. Olusoji Adebayo said, “I would like to thank Bolt for organising this brilliant initiative.
“It is indeed an opportunity for Bolt drivers to meet and relate with transport regulators in an atmosphere that encourages cohesion and exchange of ideas, challenges and solutions that is peculiar to Bolt drivers in Lagos State.
“I hereby express my sincere appreciation for the efforts of the Bolt team for organising this event which is important to portray and ensure an attitude of excellence and professionalism among the e-hailing operators in Lagos State.”
Speaking at the event, Yahaya Mohammed, Bolt’s Country Manager said, “We believe in fostering a strong sense of community and building meaningful relationships with our drivers. Through initiatives like this, we are not just a ride-hailing platform; we are a supportive and vibrant community that values the contributions of our drivers.
“Together, we are driving towards a future of excellence in service and driver empowerment. I am thrilled to witness the incredible comradeship and passion displayed by our drivers today. This event exemplifies Bolt’s unwavering commitment to driver engagement and satisfaction”
Weyinmi Aghadiuno, Acting Head of Regulatory & Policy Africa at Bolt, expressed enthusiasm about the event, saying, “We are thrilled to host this novelty football competition as a way to bring our driver community together in a spirit of unity and inclusion.
“Our drivers are the backbone of our service, and this event is our way of showing appreciation for their hard work and dedication. By creating opportunities for our drivers and their families to connect and engage in a fun, relaxed setting, we aim to strengthen the bonds within our community and celebrate the diversity that makes us stronger.”
The event concluded with the presentation of medals and trophies to the top three teams, along with outstanding prizes for participants. The winning team received a cash prize of N500,000 plus an additional N200,000 from the Lagos State Ministry of Transportation.
The runner-up team was awarded N350,000 plus an additional N150,000 from Oraimo, while the third-place team received N250,000. In total, the cash prizes amounted to 1.3 million naira. Additionally, exciting prizes were won by female drivers and other attendees during the raffle draw.
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UEFA EURO 2024: PalmPay Partners iLOT, BetWay, BetCorrect, AccessBet and BetKing, Unveils Bet and Win Big Promo
This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.
From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.
How to Play and Win
- Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
- Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
- Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.
The bigger your accumulated deposits, the bigger your share of the cash prizes..
For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.
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Ultimate Brand Faceoff as CVA 2024 Voting Closes 30th June
Consumers show their loyalty for their preferred Brands in the ongoing voting for brands based on market experiences that is scheduled to close on 30th September 2024. In over 40 categories listed based on consumers nomination, Brands are contending for the top spots based on consumer preference.
The ongoing voting process is transparent and can be seen by anyone as the data is available on the consumer value awards website. In the telecommunication category (MNOS), MTN takes the Top spot having 46% of consumers vote in the category, Spectranet leads the Internet Service Provider Category with 80% of votes.
In the Table Water Category CWay overtakes Eva water who was the leading brand in the last month with Cway now having 37% of the vote in the category. This shows how competitive the voting is.
Some other brands have also moved up to be in the top spot in their categories, brands like fearless with 55% of vote in the Energy Drink category, Reload Multivitamin with 64% of vote in Multivitamin Infant category, cowbell with 55% vote in the Milk Skimmed Powdered category among others.
Akonte Ekine, Chief Executive Officer BrandXchange and Convener Consumers Value awards said the consumers are validating brand promises and it is a reward for promise kept hence the badge of honour from the Consumers which shows brand appreciation and a call to brand to wake up to the challenges of the economy and innovate to attend to the rising cost of living.
He commended the consumers for participating in the vote and call on more consumers to vote for brands as the closing date of 30th June is fast drawing near.
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