This is the first of a three-part series on the importance of interoperability in the payments space. In this article we look at the early history of electronic payments and how interoperability played a key role in the success of credit cards and ATMs. In the next article we will take a closer look at
FNB is growing its contactless ecosystem by becoming the first bank in South Africa to offer consumers the convenience and safety of ‘Tap and PIN’ on ATM transactions. The innovation allows consumers to safely tap their contactless card on the contactless reader of an eligible FNB ATM and enter a PIN to complete the transaction
Two of Africa’s largest mobile operators and mobile money providers, Orange Group and MTN Group, have announced a joint venture, Mowali (mobile wallet interoperability), to enable interoperable payments across the continent. Mowali makes it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost. Mowali will
The European Investment Bank has released its new study: ‘Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability’. In its fourth edition, this economic report analyses recent development in the African banking sectors, including through a survey of African banking groups, addresses structural issues and investment opportunities for the continent and proposes policy options
Papersoft and Integrated Biometrics, in partnership with the Nigerian Interbank Settlement System (NIBSS), are now part of the Financial Inclusion Strategy in Nigeria. This program aims to enroll 70 million unbanked individuals into Nigeria’s formal financial services sector by 2020. Since 2012, Nigeria has been committed to ensuring that most of its population has access
Visa, the global payments technology company and Vivo Energy, the company that markets and distributes Shell-branded fuels and lubricants in Africa, have announced a Pan African agreement to provide digital payment services to consumers across 15 African countries, where both companies operate. The partnership is geared towards growing digital commerce and will offer more Visa
The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, and global payments technology company Mastercard have announced a landmark agreement to drive financial inclusion by extending formal financial products and services to underserved members of cooperatives. Under this agreement, NASCU will introduce a secure, efficient and
Financial services company, Discovery, has announced details of its new banking offering. Described as the world’s first behavioural bank, the fully digital bank leverages Discovery’s Shared-Value model, and can be joined from March 2019 by anyone with a smart phone. “Discovery Bank presents the latest manifestation of our core purpose of making people healthier and
Safaricom, Kenya’s leading mobile network operator and provider of M-PESA, a leading mobile wallet, and the Western Union Company, a leader in cross-border and cross-currency money movement, have joined forces again—this time to unlock global money transfers for more than 28 million mobile wallet holders, by leveraging the Western Union global money movement platform. In
ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, has announced that Commercial Bank of Ethiopia (CBE), the country’s largest commercial bank, is utilizing ACI’s UP Retail Payments solution to modernize its payments infrastructure. CBE is at the forefront of Ethiopia’s move toward becoming a cashless economy. As it undertakes this
