Nigeria’s Africa Stablecoin Consortium has released a statement apologizing for any confusion caused regarding their unofficial launch date which was originally planned to be February 27,2024. As of yet, there is no clear indication of a new launch date.
The ASC will instead be engaging with appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program until compliance with regulations and guidelines have been fulfilled. The new Stablecoin project aims to provide a practical solution for various financial challenges that present itself within the African economic context. In Africa remittances are quite popular and stablecoins can be an attractive cost-effective alternative way for people to access these funds, and it also offers to alleviate recipients from exorbitant fees of traditional remittance service.
cryptocurrency
Another way that stablecoins offer to aid Nigerians in their financial pursuits is by protecting their wealth from the devaluation of local currencies. Stablecoins provide a stable digital asset for savings and investments.
Additionally, the currency can offer benefits for Small and Medium-Sized Enterprises (SMEs) by simplifying cross-border trade for SMEs, making it easier to conduct international transactions without the complications of fluctuating exchange rates. Although the stablecoin promises be an aid to the Nigerian population, there are still questions about price volatility of cryptocurrencies tend to be unpredictable, fluctuating frequently. In view of this concern, the stablecoin has been designed to maintain a stable value, as opposed to the extreme volatility of cryptocurrencies like Bitcoin and Ethereum.
Owing its stability to being pegged with reserve assets like fiat currencies – the US Dollar, Euro, or Nigerian Naira, and even gold – it may prove to be a better alternative to cryptocurrencies as we know it.
As complex as it may seen, transacting with cNGN may be simpler than anticipated. Users will be able to withdraw their CNGN for Naira. cNGN will also mirror the value of the Naira, meaning that 1 cNGN will amount to 1 Naira – as to maintain the currencies stability.
ASC is yet to release the official launch date of the currency. Nonetheless, it has sparked debates on how it has the potential to Web3 adoption in Nigeria and overshadow existing cryptocurrencies like eNaira and CBDC.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
One of the leading players in Africa’s transport and logistics landscape AGL is partnering with the African branch of the International Sports Press Association to create the AIPS Africa 2023 award. The award aims to showcase journalistic activities highlighting the social and economic impacts of the African Cup of Nations (CAN), the continent’s biggest football competition. The AIPS Africa 2023 award also aims to promote sport, especially football, as an inclusion and social cohesion factor in Africa.
The prize includes four categories: print, television, radio and web. Applicants must submit works published or broadcast in a recognised and publicly accessible medium between 1 January 2023 and 20 January 2024. Contributions must be original, relevant and creative, and must respect professional ethics. A jury comprising media and sports personalities in Africa will select one winner per category, and special mentions if necessary. The winners will be announced at an official ceremony to be held on 25 January 2024 in Abidjan. They will receive trophies, certificates and cash prizes worth €1,500 per category, provided by AGL.
Asta-Rosa Cissé, AGL Regional Manager for the Côte d’Ivoire
“Our support for the CAF and this partnership with the AIPS Africa award reflect our commitment to promote and celebrate Africa’s rich sporting heritage. This mission is essential to inspire and unite young people across the continent,” stated Asta-Rosa Cissé, AGL Regional Manager for the Côte d’Ivoire – Burkina Faso region.
The presentation of the prize and rules for participation are attached to this press release. Those interested in the AIPS Africa 2023 award are urged to contact AIPS Africa at the AGL website.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
On Wednesday 10 January, just days before the 2023 Africa Cup of Nations football tournament opens, (2023 AFCON), the Ivorian Prime Minister, Robert Beugré Mambé, opened Abidjan’s fourth bridge, the “Y4” bypass, and the urban highways of Civil Prison and Dabou respectively, all built with funding from the African Development Bank Group – to traffic.
An enthusiastic crowd joined several members of the government, heads of institutions, Bank Group executives and representatives of participating private sector construction firms for the opening of the bridge and roads. The roadworks are expected to ease traffic congestion in Côte d’Ivoire’s six-million-strong financial capital, known for being among the most gridlocked cities in Africa.
“On behalf of the President of the Republic, we declare Abidjan’s fourth bridge open to traffic,” said Prime Minister Beugré Mambé, alongside the President of the National Assembly, Adama Bictogo, and the President of the Senate, Kandia Camara. “We ask just one thing of motorists, and that is caution, because the work is not yet complete.”
The prime minister stressed that the new infrastructure would give Abidjan the status of a modern city.
In the immediate term, the infrastructure will facilitate the movement of the tens of thousands of African football fans that have already begun arriving in Abidjan for AFCON2023 matches; Côte d’Ivoire is hosting the tournament from 13 January to 11 February. The bridges were built as part of the Abidjan Urban Transport Project (PTUA), which is, in turn, a component of the Master Plan for the Urban Transportation of Greater Abidjan.
Abidjan’s fourth bridge, src – google.com
Nearly 1.4 kilometres in length, the fourth bridge spans Banco Bay – an arm of the Ebrié Lagoon – to link Plateau and Adjamé municipalities and Yopougon via Attécoubé. With two million inhabitants, Yopougon is the country’s most densely populated municipality and a major industrial centre, while Adjamé and Plateau are the country’s main administrative and commercial hubs.
The fourth bridge will expedite the movement of goods between the south of the city, where the port and Vridi industrial estate are located, and the west and north, where new industrial estates have been springing up rapidly, according to the country’s Minister of Equipment and Road Maintenance, Amédé Koffi Kouakou. The bridge, which features 24 tollbooths, is also a preferred transit route between Abidjan’s port and international corridors serving the landlocked nations of Burkina Faso, Mali and Niger, which use the port to gain access to the ocean.
Close to 70,000 vehicles will use the bridge each day, the connected access roads for which will make daily travel easier for hundreds of thousands of Abidjan residents and help relieve congestion on existing roads. With a cost of €160 million, the bridge took 65 months, around five and a half years, to build.
“These roads will help to ease traffic congestion in Abidjan,” Minister Kouakou said. “It used to take residents of Yopougon two hours to travel from Plateau. Now it will take them five to 10 minutes to get home. The time saved will be invaluable!”
The African Development Bank provided around €600 million for the project and attracted other donors such as the Japan International Cooperation Agency (JICA) and the Global Environment Facility, which contributed €103 million and €6.4 million, respectively.
“This project involves infrastructure, the environment, social issues and a number of other aspects,” remarked Jean-Noël Ilboudo, division manager of the Bank’s transport infrastructure division for West Africa. “It is fully in line with the Bank’s five operational priorities.”
Pointing out that 3,000 women will benefit from income-generating activities, he added: “All of this infrastructure will make traffic flow more smoothly, improve living conditions for the residents of Abidjan and reduce traffic accidents.”
The Ivorian Prime Minister also inaugurated several trunk roads. They include the western exit, which provides access to the corridor leading to San-Pédro, the country’s second-largest port; the eastern exit, leading to Ghana and Burkina Faso; a roadway extending Boulevard Latrille, the main urban thoroughfare that links the city’s east and west; and the city’s northern bypass, known as “Y4”. Located on the eastern side of the city, the latter roads ease traffic toward the town of Bingerville. A tunnel was also opened in Abobo, a densely populated municipality north of Abidjan.
Koffi Emmanuel, a labourer working on the construction site of the fourth bridge, expressed pride in being able to help transform Abidjan’s image: “We’ve been building this bridge since 2018,” he said. “We’re content with this initial small ceremony, because we know that the grand official opening is not far off now. I’m really happy because I know that my friends, my children and my grandchildren will cross this bridge, which now connects all of Abidjan, and because it shows that Côte d’Ivoire is opening up to the entire world.”
Road user Lassina Demé, who lives in Yopougon, indicated satisfaction in being able to cross the new bridge. “Before, it was difficult to cross here; it was quite scary,” he said from astride his motorbike. “Now we can cross without any problem. It used to take 20 minutes to cross this bridge, and now it takes just two.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Odomna family of Ekumfi Otuam and Ekumfi Asaman, have launched yet another sharp inquest into the unclear circumstances that led to the mysterious death of the late former President, Professor John Evans Atta-Mills.
Speaking upon a visit to President Akufo-Addo at the Jubilee House today, Kyidomhemaa of Ekumfi Traditional Council and Queenmother of the Odomna Family of Ekumfi Otuam and Asaman, Nanahemaa Enyimfuaa III, in the company of the Head of the Odomna Family from which the late President hails, Abusuapanin Kobina Biney, said, it remains a key worry of the entire maternal family of the Late President that after 10years since the venerable Professor passed, no member of the family can mention what happened to him because none of them has sighted his autopsy report.
President Nana Akufo-Addo
According to her, “it is a constant headache, that no member of the family can confidently answer the simple question of how and why the late President died and indeed, what actually killed him.”
“Till date we as family are not able to tell if the doctor had said, he broke an arm, his neck or what specific medical defect and circumstances caused his death. I therefore plead with you Mr. President, on behalf of my stool and on behalf of the entire family to assist us get the autopsy report of President Mills, so that we can amply explain to the family and to our generations born and unborn, what killed President Mills and lay to rest the hazy circumstances surrounding his death.”
The family was grateful to President Akufo-Addo, for restoring the dignity of the Asomdwee Park, where the former President is buried.
“The extent of neglect by those who took over from Prof Mills was so bad that Asomdwee Park became the prime location for petty drug peddlers and lunatics”, the Head of Clan, Abusuapanin Kobina Biney, said.
They appealed for jobs for the youth of the area and the readiness of the traditional authorities of the area to make land available for an edifice at Ekumfi Otuam in honour of their departed relative and former President of the Republic.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
As the Dangote Petroleum Refinery starts production, President of Dangote Group, Alhaji Aliko Dangote, had thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of this project.
Dangote also thanked the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project.
Alhaji Aliko Dangote, president, Dangote group
“We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details. His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey. We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”
The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.
The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms. Employing state-of-the-art technology.
“I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times. In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved. I thank him immensely.”
“I also sincerely thank our host communities and their Traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed. Our staff have also contributed so immensely to the success of this project. I thank them profusely.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Africa’s leading merchant bank, the RMB has announced today a strategic partnership with climate technology leader KOKO, where it has acted as the lead mandated arranger and financier for a pioneering carbon financing solution, to further propel KOKO’s climate objectives.
In Africa, over 900 million people cook with polluting fuels like charcoal, directly driving millions of hectares of deforestation and over 600,000 deaths from household air pollution each year, and emitting greenhouse gases that are similar in scale to the global aviation industry. To solve this problem, a continent-wide energy transition to clean and modern fuels is required.
Greg Murray, CEO & Co-Founder of KOKO
KOKO is leading this transition, replacing demand for charcoal through supplying over 1.1 million homes with bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya. The resultant carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to switch.
Says Phil Norton, Carbon Finance Lead at RMB: “We are proud to partner with KOKO in supporting their continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa. As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients.”
According to Greg Murray, CEO & Co-Founder of KOKO, RMB has demonstrated strong conviction on the opportunity to harness carbon in a manner that transforms the lives of Africa’s citizens. “We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa.”
Nigel Beck, Head of Sustainable Finance and ESG Advisory at RMB, adds: “Partnering with KOKO will help develop the African carbon market and will align closely with the Nairobi Declaration, Africa’s recently communicated strategy on using carbon as a mechanism to help finance Africa’s Energy transition.”
The Nairobi Declaration was delivered at the close of the Africa Climate Summit in Kenya in September this year and forms a core part of Africa’s negotiating position at the COP28 climate summit currently underway.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The fintech sector has been one of Africa’s biggest technology success stories. According to one report, the continent’s 678 fintech startups raised more than US$2.7 billion between 2021 and August 2023. Additionally, almost all of the continent’s unicorns (startups valued at more than US$1 billion) are in the fintech sector.
The majority of that success has, however, come from the continent’s three biggest startup markets: South Africa, Kenya, and Nigeria. In fact, 68% of African fintech startups come from these “big three” markets. But things are steadily changing.
More and more countries are realising the benefits that come with an active fintech ecosystem, with a growing number of entrepreneurs in those countries also looking to enter the space.
One such country is Ethiopia. Home to more than 120 million people (making it the second most populous country in Africa), the country has many of the right ingredients to become Africa’s next big fintech giant. In addition to the country’s population size, it’s home to large numbers of unbanked people.
At the same time, the country continues to experience high economic growth and rapidly increasing connectivity levels.
With those and other enabling factors in place, could Ethiopia be Africa’s next big fintech giant?
A changing landscape
A few years ago, that’s not a question many would have dared to ask. More recently, however, several things have changed, which suggests that Ethiopia is waking up to, and embracing its fintech potential. Take telco licensing, for example. Ethiopia has previously been closed off, with only the state-owned Ethio telecom allowed to operate. But Ethiopian Prime Minister Abiy Ahmed sees the liberalisation of the country’s telecommunications sector as key to its economic future. As such, the country has opened up to other operators. In October 2022, Safaricom became Ethiopia’s second official operator.
Yohannes Tsehai – Country Manager Onafriq Ethiopia
In the ensuing months, it has built up a 4 million-strong customer base and added 1.2 million users to its M-Pesa mobile money platform. Over time, those numbers will continue to grow. And while the bidding process for a third telco license has had to be put on ice for the moment, Ethiopia’s strong economic growth means that it’s only a matter of time before one is granted.
Those telcos will play a critical role in establishing an Ethiopian fintech ecosystem too. Right now, the country has a 53.5% mobile penetration rate but mobile connections grew by nearly 18% between 2022 and 2023. With 75% of the country’s population reportedly unbanked, increasing connectivity levels is one of the most powerful ways of giving people access to financial products, both from telcos and third parties, as demonstrated by Ethio telecom’s mobile money app Telebirr having 39.3 million customers.
Another significant move is the establishment of an Ethiopian stock exchange. The exchange, which is set to open in 2024 or 2025, is designed to be a source of funding for the small and medium-sized companies that form the backbone of the country’s economy. For local fintechs looking to raise the capital they need to expand at scale, it could prove critical.
Developing supportive policies
The Ethiopian government has also made significant strides when it comes to developing policies that encourage the growth of a fintech ecosystem. One of the most significant of such policies is the National Financial Inclusion Strategy.
According to a research paper published by the GSMA, the aim is to increase financial inclusion from 46% to 70% of all adults by 2025.
One of the key avenues it’s identified for doing so is by scaling digital payments through mobile money services. The country additionally aims to increase the use of digital payments from 20% of all adults in 2020 to 49% by 2025.
These policies could be dramatically transformative for both the Ethiopian economy and its people. According to the GSMA, mobile money services “could lift 700,000 people out of poverty, add US$5.3 billion to Ethiopia’s GDP, increase tax revenue by US$300 million and provide a cushion for the economic shocks experienced by almost 40% of Ethiopian households.”
There is, admittedly, a long way to go before mobile money can drive those advancements. GSMA figures show that just 4.2% of adult women and 5.1% of adult men had mobile money accounts in 2022.
That said, those numbers are significantly higher than the 0.1% and 0.6% who had accounts in 2017. This suggests that, as much as there’s significant room for mobile money growth in Ethiopia, there’s a sizable and growing appetite too with increasingly accessible outlets.
Putting policy into practice
For policy to be effective, however, it has to be matched with practices that encourage the growth of fintech. Here, too, there are encouraging signs from Ethiopia.
The government has, for instance, used the mobile banking service HelloCash to digitise social protection payments under the flagship Productive Safety Net Programme (PNSP). Additionally, it’s increasingly accepting digital payments for public services such as utilities and has mandated digital-only payments for fuel purchases.
The Ministry of Trade, meanwhile, has adopted Ethio’s Telebirr services and now allows traders to pay for services like commercial registration, trade licences and trade name-related service fee payments.
In conjunction with the adoption of mobile money by government departments, its growing use by private sector players such as mid-sized brands like supermarkets, petrol stations, and SMEs should help further drive their adoption.
Growth beyond mobile money
Of course, there are still other things that need to be put in place before Ethiopia really starts to achieve its fintech potential. Reliable interoperability, for example, remains a challenge, as does a shortage of access points and a lack of high-quality agent networks.
None of those challenges are, however, insurmountable. And, given the success that’s already accompanied the adoption of mobile money, overcoming them will help unlock other services that enable digital financial inclusion which have commenced (such as insurance, micro-financing, and savings products).
As more and more of those solutions fall into place, Ethiopia will be well on its way to unlocking its potential and becoming Africa’s next fintech giant.
By Yohannes Tsehai – Country Manager Onafriq Ethiopia
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Google is laying off hundreds of people working on its voice-activated Google Assistant software and is eliminating a similar number of roles in the company’s Devices and Services team.
The layoffs at Google Assistant, first reported by news platform Semafor, are a part of organisational changes that have been in place since the second half of 2023, which included layoffs at the company’s mapping app Waze.
A few hundred roles are being eliminated in the company’s Devices and Services team, with the majority in the 1P AR hardware team, the company said, confirming a report by tech media website 9to5Google, which first reported the reorganisation.
As part of the move, the co-founders of Google-owned Fitbit, James Park and Eric Friedman, as well as other Fitbit leaders, are leaving Google, the 9to5Google report said.
Google CEO, Sundar Pichai
“Throughout the second half of 2023, a number of our teams made changes to become more efficient and work better, and to align their resources to their biggest product priorities. Some teams are continuing to make these kinds of organisational changes, which include some role eliminations globally”, a spokesman said in a statement.
The spokesman did not specify the number of roles being impacted. It is not immediately clear how many people are part of the Google Assistant software and Devices and Services teams. As of September 2023, Google had 182 381 employees across the world. Google and other tech companies have been racing to build some form of generative AI into new or existing products.
Last October, the company said it plans to add generative AI features from its Bard chatbot into Google’s version of a virtual assistant that aims to provide personalised help with reasoning and generative capabilities on mobile devices.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Microsoft is set once again to become the most valuable company in the world. This is as a result of a recent dip in Apple’s stock over worries about iPhone sales which have left the Silicon Valley tech heavyweight in danger of being overtaken by Microsoft. Fresh worries about smartphone demand have pushed Apple’s shares down 4% so far in 2024 after rallying 48% last year. Microsoft is up about 2% year to date after surging 57% in 2023.
Apple dipped 0.4% on Wednesday, while Microsoft added 1.6%, further eroding the iPhone maker’s lead. Apple’s stock market value is now at $2.866-trillion, compared to Microsoft’s $2.837-trillion value.
Apple’s market capitalisation peaked at $3.081-trillion on 14 December, while Microsoft’s value reached as much as $2.844-trillion on 28 November. iPhone sales in China dropped 30% in the first week of 2024, Jefferies analysts said in a client note this week, adding to signs of growing competitive pressures from Huawei and other domestic rivals.
Microsoft-CEO-Satya-Nadella
Sales of Apple’s Vision Pro mixed-reality headset start on 2 February in the US, marking Apple’s biggest product launch since the iPhone in 2007. However, UBS in a report on Monday estimated that Vision Pro sales would be “relatively immaterial” to Apple’s earnings per share in 2024.
A handful of times since 2018, Microsoft has briefly taken the lead over Apple as the most valuable company, most recently in 2021, when concerns about supply chain shortages related to the Covid-19 pandemic hit the iPhone maker’s stock price.
Both tech stocks look relatively expensive in terms of price to their expected earnings, a common method of valuing publicly listed companies. Apple is trading at a forward PE of 28, well above its average of 19 over the past 10 years, according to LSEG data. Microsoft is trading around 31 times forward earnings, above its 10-year average of 24.
In its most recent quarterly report in November, Apple gave a sales forecast for the holiday quarter that missed Wall Street expectations, hurt by weak demand for iPads and wearables.
Analysts on average see Apple posting revenue up 0.7% to $117.9-billion for the December quarter, according to LSEG. That would mark its first year-on-year revenue increase in four quarters. Apple reports its results on 1 February.
Analysts see Microsoft reporting a 16% increase in revenue to $61.1-billion, lifted by ongoing growth in its cloud business when it reports in the coming weeks.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
One of the world’s biggest makers of cellular network equipment is growing a fintech business that enables mobile payments across the developing world. Flying somewhat under the radar, the Swedish company’s software underpins more than one in five mobile transactions globally today, serving over 400 million mobile wallet accounts in 24 countries. That makes Ericsson’s one of the largest white-label platforms in the world.
Africa is a key market for the Mobile Financial Services unit’s newly appointed head, Michael Wallis-Brown.
Ericsson has extended a 10-year partnership with MTN, which already has 63 million subscribers on the platform
Group CEO of MTN, Rob Shutter
“We’re touching 10% of the market in Africa today, and we can get to 50%,” Wallis-Brown said in an interview. “That’s enormous growth for us.”
Ericsson has an “aggressive expansion plan” for the business while looking to grow into new markets potentially also into Europe and the US, he said. Wallis-Brown, who counts himself a fintech veteran with a long background at rival Nokia and the start-up world, declined to share revenue data for his unit or details on its business-to-business licensing model.
The platform allows ordinary people, including many who currently lack access to banking, to receive basic financial services such as withdrawing, transferring and storing money. There are also more advanced services such as various merchant and e-commerce payments, micro-lending and insurance.
On Tuesday, Ericsson said it had extended a 10-year partnership with MTN Group, which already has 63 million active subscribers on the platform. A transition to public cloud deployments means “they are now able to literally scale exponentially”, Wallis-Brown said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
