Payment Systems News

Zimbabwe: Electronic Money Hits 96pc of Transactions


 | Source: The Herald; All Africa

Monetary transactions in the Zimbabwean economy are now dominated by electronic payment systems with more than 96 percent of local transactions now being conducted through plastic, internet and mobile money.

Kenya: NSE Upgrade to Enable Kenyans Borrow and Lend Each Other Shares


 | Source: The EastAfrican; All Africa

Kenyan investors will be able to lend and borrow shares from each other from June, with the NSE set to roll out a system upgrade to accommodate the product within the next five months.

Nigeria: Banks Record Increased Default On Credit Card, Overdraft Loans


 | Source: Vanguard; All Africa

Banks recorded increased default on credit card and overdraft loans to households in the fourth quarter of 2017. The Central Bank of Nigeria (CBN) disclosed this in its Credit Conditions survey report for the fourth quarter of 2017.

Nigeria: Banks Spend N34.2 Billion On IT, E-Business Infrastructure


 | Source: The Guardian; All Africa

Given the drive to support the Central Bank of Nigeria (CBN) policy on cashless society and leverage on Information Technology, a total of eight deposit money banks have spent N34.2 billion on IT and electronic business infrastructure in nine months ended September 30, 2017, according to Leadership.

Kenyas' Mobile Money Deals Hit $16 Billion in Q3


 | Source: The EastAfrican; All Africa

Kenyans transacted Ksh1.7 trillion ($16,4 billion) over their phones in the quarter through September 2017, a 54.5 per cent increase from a similar period last year as subscribers increasingly used mobile money to pay for goods and services.

Uganda: Centenary Bank Signs Deal With Worldremit


 | Source: The Independent; All Africa

Ugandans living abroad can now send money home to their families and friends through Centenary Bank accounts countrywide following a partnership with the digital money transfer firm, WorldRemit.

Tanzania: ATMs Replace Mobile Phone Money Agents


 | Source: Tanzania Daily News; All Africa

MOBILE money customers can now withdraw cash through Automated Teller Machines (ATMs), thanks to technology advancement. The technology excludes mobile phone money agents and enable customers to make transactions twenty four hours a day, which is a big relief as most money agents open shops late and close earlier.

Kenya: KCB to Secure Accounts With Fingerprint, Voice Identity


 | Source: The Nation; All Africa

KCB Group #ticker:KCB is set to introduce a biometric access system that will allow customers to use their fingerprints and voice to securely log into their accounts, including getting services at ATMs.

Morocco forbids crypto currency


 | Source: Ecofin Agency

The Office national des changes du Maroc and the Central Bank prohibited all e-currency related transactions. The two institutions claim crypto-currencies are “opaque”.

Kenya: Six banks get approval to launch mobile money platform


The platform will interconnect all banks, cut transaction costs for the banks.