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Mercy Corps Partners YDFS to Deliver Cash Transfers to Vulnerable Households in Yobe State

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Mercy Corps’ ‘Building Resilience in Complex Crisis (BRICC)’programme funded bythe European Union,has signed a new partnership with Y’ello Digital Financial Services (owners of the MoMoAgent Network),a subsidiary of MTN Nigeria,to efficiently deliver automatedcash transfers and provide an avenue for programme participantswith or without bank accounts to receive funds.

This partnership will kick-start the use of MoMo Agent in the distribution of conditional and unconditional cash transfers to 14,270 households in Damaturu and Potiskum LGAs in Yobe state.

The European Union is funding Mercy Corps to implement an array of early recovery interventions across North-East Nigeria which involves cash assistance to vulnerable households and young people to help restore and improve livelihoods,making them more resilient to conflict and climate shock and stress.COVID-19 has aggravated the impact of the conflict in the state, affecting market opportunities and increasing unemployment. Of the participants that will be given cash transfers, 1,570 youths will receive funds to help them start a business after undergoing vocational training like automobile repairs, agribusiness, fashion designing, food business, and phone repairs, among others. 

Dez Byamukama, BRICC Programme Director, Mercy Corps said, “The major goal of the BRICC programme is to build the resilience of communities, by providing them with the capacity and resources to respond to shocks and stresses, which have been worsened by the COVID-19 pandemic. Cash supports beneficiairies to respond to their basic needs and survive economic hardship, Automated cash transfer also reduces the cost and security risks associated with the transfer and direct distribution of cash.”

The presence of MoMoagents in communities where BRICC is implemented, means faster and more efficient means of delivering cash transfers without participants having to wait in long queues.With an agent base of over 150,000 across the country, MoMo Agents provide safe, fast and easy access to financial services for customers through their widespread presence and reliable service.

This partnership with Mercy Corps provides a unique opportunity to extend these benefits to the most vulnerable families in Yobe State and other conflict-affected states in the North East.

Commenting on the collaboration, Usoro Usoro, Chief Executive Officer, Y’ello Digital Financial Services said his organisation is commitedto ensuring that every Nigerian is able to seamlessly access financial services for their personal and business needs. “To do this, we constantly seek partnerships to support the financial inclusion strategy of the federal government. We are truly excited about this arrangement with Mercy Corps and the possibilities. With over 150,000 agents spread across the country, we are poised to deliver easy and fast cash transfers to beneficiaries of the programme in Yobe State and other locations within the country where required,” he stated.

EU Head of Cooperation,Tassin-Pelzer Cecile, also commended the initiative, noting that cash transfers are often more efficient and effective than other forms of aid. She said: “Cash provides beneficiaries with the means and flexibility to decide and prioritise their recovery. In many contexts, cash assistance allows more aid to reach the beneficiaries directly. It also supports local markets and economy, laying the foundations for communities’ recovery and resilience. Cash transfers are effective in addressing negative-coping strategies such as poor diets or debts. It is very important that Mercy Corps continuous to work with the government to strengthen the State Social registry of the most vulnerable linking beneficiaries with the social protection programme.”

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Mobile Money

KongaPay and UK’s Bibimoney To Ink Mobile Money Deal To Promote Financial Inclusion

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KongaPay, a frontline mobile money platform and a member of the Konga Group, has signed a deal with Bibimoney, a UK-based industry leader to onbard 65 million Nigerians to access financial inclusion.

The partnership between both trusted platforms will promote person to person (P2P) transfers, bill payments with quality and trusted payment solutions to mobile money agents, merchants, businesses, donor agencies, government and individual consumers, among others.

KongaPay will leverage Bibimoney’s status as the world’s first interoperable mobile wallet to roll out an exciting solution for Nigerian users. The partnership will also raising standards in the fintech ecosystem in Nigeria and beyond.

The iconic partnership was signed at the prestigious House of Lords, London last week by Mr. Shiraz Jassa, CEO of Bibimoney and Dr. Leo Stan Ekeh, chairman of Konga Group and witnessed by Lord Anthony St. John of Bletso, chairman of Bibimoney, and many other distinguished guests.

In his pre-signing speech, Lord Anthony, said the world has so much confidence in Africa and the Middle East because of infinite possibilities that could emerge with companies like Konga with great credentials.

“We believe in the pedigree of ownership of such home-grown companies out of Africa and shall do our best to support KongaPay become a globally respected financial services company with the way technology is simplifying transactions borderlessly. Dr. Ekeh, we have many reasons to trust Konga,” he stated.

Also speaking, Mr. Shiraz, a highly respected fintech genius and CEO of Bibimoney, congratulated the chairman and management of the Konga Group for elevating governance and trust in the mobile money business.

‘‘I must tell you that a lot of companies had approached us for partnership, but your history and the profile of your investors distinguished you from the rest and that is why we are signing an exclusive partnership with KongaPay. I can assure you that a in few months, you will become a very exemplary company out of Africa in the Fintech world after we have implemented the tech backbone that shall drive your different platforms seamlessly,’’ he said.

On his part, chairman, Konga Group, Leo Stan Ekeh while appreciating Lord Anthony, the management of Bibimoney and other distinguished guests present, assured them that the vision of KongaPay remains very clear and that is to lead in Africa.

‘‘Our target is to onboard a minimum of 65m active Nigerians and Africans by the year 2025. As you are aware, we have complimentary benefits to extend to our customers unlike our competitors and that is, leveraging on our many verticals – Konga Marketplace, Konga Travel, Konga Health, Konga Food, Konga retail stores and many more to come. Most importantly, you can trust us. Thank you for the partnership,’’ he affirmed.    

Also, vice president, KongaPay, Isa Aliyushata, said, “This strategic alliance is coming at a time that technology is changing the way financial services are performed. In the next few months, users will be thrilled with a unique simple solution that is network-provider interoperable and accommodates any type of phone in the world.”

Continuing, he stated: ‘‘KongaPay will also be rolling out lots of payment solutions that will facilitate cross-border payments, promote branchless and borderless trading across the world.  This, of course, keys in with the Federal Government’s bid to promote the benefits of the African Continental Free Trade Area (AFCFTA).

“As we grow our customer base which currently stands at two million, we would be expanding the range of services we provide in the next few months with lots of product offerings and benefits that are too great to ignore. KongaPay will continue to promote payment with trust,’’ he concluded.

The epoch-making partnership places KongaPay in a stronger position to grow its market share, while offering its growing customer base more exciting options and changing the narrative of financial inclusivity in Nigeria.

Licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), KongaPay has, since inception, played a key role as a leading provider of digital payment services for e-commerce transactions and other mobile money services in Nigeria. Likewise, Bibimoney is an award-winning mobile money platform, with global recognition and partnerships in Botswana, Mozambique, Malawi and the Solomon Islands, among others.

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Mobile Money

IFC Invests €90 million in Wave to Boost Access to Digital Financial Services in West Africa

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To spur financial inclusion and support economic growth in Senegal and Côte d’Ivoire, IFC announced €90 million investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.

The investment from IFC and other lenders will help Wave substantially grow its operations in Côte d’Ivoire and Senegal, deepen its product offering, and expand its customer base for mobile money accounts and quality payment services.

IFC package comprise a €25 million loan from IFC’s own account, B Loans of a combined €41 million from SymbioticsBlue OrchardresponsAbility, and Lendable, as well as parallel loans of €24 million from Finnfund and Norfund.

IFC’s partnership with Wave will help meet the soaring growth in demand for digital payments and mobile money in West Africa in part spurred by the COVID-19 crisis. Access to digital financial services remains limited in the region with only 24 percent of active mobile money accounts compared to 34 percent in East Africa in 2020.

“Wave’s vision of making Africa the first cashless continent, by building affordable and user-centric solutions, matches IFC’s ambitions of universal financial inclusion,” said Coura Sene, Wave Mobile Money’s Regional Director for the West African Economic and Monetary Union (WAEMU). “This investment by IFC and other lenders helps us offer a diversity of financial products, encouraging users to stay within the formal financial sector, deepening financial inclusion in the region.”

“Supporting access to financial services for low-income, unbanked populations is a key priority for IFC,” said Aliou Maiga, IFC’s Regional Director for West and Central Africa. “Our investment in Wave will not only promote inclusive finance, but it will also significantly contribute to further advance digital economy solutions in West Africa.” 

In addition to helping to finance the companies’ operations, IFC’s support will help establish a mobile money environment where customers are able to transact more often thanks to a simple fee structure and lower transaction costs. This will foster higher frequency of transactions, new payment methods and growing overall value of payments processed by the users, particularly among lower income customers.

In September 2021, IFC invested $5 million as a co-investment with Partech Africa as part of the Series A funding round in Wave Mobile Money Holdings Inc.

IFC has invested or mobilized more than $1.25 billion in the African technology ecosystem over the past six years.

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Mobile Money

CBN Approves Mobile Money Licence for PocketApp in Nigeria

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The Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) to Abeg Technologies Limited, a product of Piggytech Global Limited, as a Mobile Money Operator (MMO) in Nigeria. With the platform becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license, the announcement marks a crucial development in the company’s bid to support seamless payments and online commerce throughout the country. 

Additionally, in a move to underline its evolution from a money transfer app to a social commerce platform, Abeg is rebranding completely to “Pocket by Piggyvest” (PocketApp). 

The platform’s new name references its added functionalities for users to buy and sell items via virtual pocket shops and reinforces its push into a social commerce market estimated to reach US$23.8 billion by 2028 in Nigeria alone. 

PocketApp received an AIP dated April 25, 2022, from the Central Bank of Nigeria (CBN) for a license application to operate as a Mobile Money company. For the Piggytech subsidiary, this is the first step towards final approval, subject to the fulfilment of certain conditions as stipulated by the CBN. 

Commenting on the approval, Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited, stated, “We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the full operating license, enabling us to continue growing and expanding the scope of our social payments, social commerce and other digital financial products to reach millions of Nigerian micro-entrepreneurs.”

PocketApp affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and will continue to make it easier for our teeming young population to seamlessly carry out their transactions, while saving them costs and giving them more access to get paid.

The Mobile Money Operator license will enable the company to carry out activities around: Wallet Creation and Management, E-money issuing, USSD, agent recruitment and management, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria, card acquiring, and any other activities that may be permitted by the CBN.

Speaking on the company’s evolution, Patricia Adoga, COO of PocketApp, states, “For the last 18 months, we have been focused on building the core infrastructure that will enable secure social commerce and payments at scale. We believe that social commerce will thrive better in a more trusted environment. So we added escrow to our payment infrastructure, protecting buyers and sellers and many other features, ensuring a smooth shopping experience on the app.”

The app was launched as Abeg App in 2021. New as PocketApp, the payments app has about 2 million users to date. The company initially started its journey as a payment platform for sending and receiving money. It has since ventured into a full social commerce app, connecting buyers and sellers across Nigeria and soon Africa.

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