The National Union of Mobile Money Point of Sale Owners (SYNAMCI) and the Association of Independent Mobile Money Merchants of Côte d’Ivoire (AMIMOCI) together hosted a news conference on December 28, 2021. The goal was to draw attention to the dangers they face and ask for assistance from the Ivorian government.
Prices have dropped dramatically with the introduction of innovative fintechs like Wave, which has benefited consumers significantly. However, not everyone was pleased, with the proprietors of mobile money point of sale being the most affected. They are concerned that the compensation model imposed by new entrants would become the industry standard. 2 million jobs are in jeopardy.
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“The jobs produced by our operation could be lost if traditional operators’ remuneration methods change, resulting in a drop in commissions (…) Some new operators have implemented a hazy commissioning system that prevents us from covering our costs. This, despite the fact that their services are among the most sought after by the general public. Our concern is that the conventional operators, who have kept commissions in check for the time being, are all moving toward the new remuneration model, which will only serve to kill our business,’’ said SYNAMCI’s Deputy Secretary General, Félix Coulibaly.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer