PODCAST | Connecting Africa’s mobile money to global finance
Mudiwa Gavaza is joined by Christian Bwakira, group chief commercial officer at Onafriq
23 July 2024 - 05:00
by Mudiwa Gavaza
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Christian Bwakira, group chief commercial officer at Onafriq. Picture: SUPPLIED
Increasing interoperability between mobile money and card systems as a means to broaden Africa’s access to the global financial system is the focus in this edition of the Business Day Spotlight.
Host Mudiwa Gavaza is joined by Christian Bwakira, group chief commercial officer at Onafriq.
Mobile money has become a mainstay in parts of Africa, but real financial inclusion continues to be hampered by a lack of access to certain mainstream services.
According to Bwakira, while many of the world’s largest digital merchants have started accepting mobile money payments, most international merchants still do not. This has meant that using mobile money in the global commercial space is cumbersome, resulting in a gap between financial inclusion on the African continent and access to the global financial system.
“Essentially, this means that individuals using mobile money can’t do things like make payments on an international airline’s website or pay for a Netflix account, small businesses can’t purchase ads on social media platforms like Facebook or search engines like Google, and content creators can’t get paid by the social media platforms they make content on,” he says.
Join the discussion:
According to GSMA’s 2024 State of the Industry Report on Mobile Money, registered mobile money accounts grew by 12% to 1.75-billion in 2023, while transaction values for international remittances via mobile money rose to almost $29bn and merchant payments by 14% to about $74bn.
As such, African businesses and consumers alike should be able to make payments to any destination easily and through whichever payment channel they prefer. Cross-border payments need to become faster, cheaper, more transparent and accessible, while also ensuring their safety and security.
The discussion highlights: Onafriq’s efforts to increase mobile money penetration in Africa; challenges faced by Africans using mobile money to transact online; opportunities for remittances; and increasing interest from global payments providers.
Business Day Spotlight is a MultimediaLIVE Production.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
BUSINESS DAY SPOTLIGHT
PODCAST | Connecting Africa’s mobile money to global finance
Mudiwa Gavaza is joined by Christian Bwakira, group chief commercial officer at Onafriq
Increasing interoperability between mobile money and card systems as a means to broaden Africa’s access to the global financial system is the focus in this edition of the Business Day Spotlight.
Host Mudiwa Gavaza is joined by Christian Bwakira, group chief commercial officer at Onafriq.
Mobile money has become a mainstay in parts of Africa, but real financial inclusion continues to be hampered by a lack of access to certain mainstream services.
According to Bwakira, while many of the world’s largest digital merchants have started accepting mobile money payments, most international merchants still do not. This has meant that using mobile money in the global commercial space is cumbersome, resulting in a gap between financial inclusion on the African continent and access to the global financial system.
“Essentially, this means that individuals using mobile money can’t do things like make payments on an international airline’s website or pay for a Netflix account, small businesses can’t purchase ads on social media platforms like Facebook or search engines like Google, and content creators can’t get paid by the social media platforms they make content on,” he says.
Join the discussion:
According to GSMA’s 2024 State of the Industry Report on Mobile Money, registered mobile money accounts grew by 12% to 1.75-billion in 2023, while transaction values for international remittances via mobile money rose to almost $29bn and merchant payments by 14% to about $74bn.
As such, African businesses and consumers alike should be able to make payments to any destination easily and through whichever payment channel they prefer. Cross-border payments need to become faster, cheaper, more transparent and accessible, while also ensuring their safety and security.
The discussion highlights: Onafriq’s efforts to increase mobile money penetration in Africa; challenges faced by Africans using mobile money to transact online; opportunities for remittances; and increasing interest from global payments providers.
Business Day Spotlight is a MultimediaLIVE Production.
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