Cashless Banking in Africa: How we’re creating payment solutions with technology and innovation
African economies are well positioned to benefit from rapidly accelerating technological change if they can harness the current open landscape for innovation. East Africa is already a global leader in mobile payments, while mobile money accounts in sub-Saharan Africa are on an upward charge. Apart from being able to leapfrog the limitations and costs of physical infrastructure, the continent stands to benefit from having the youngest, tech-savvy workforce in the world in the next decade. Africa’s working age population is expected to grow by 450 million people by 2035. According to the World Bank and the continent is projected to have the largest working population of 1.1 billion by 2034, notes the World Economic Forum on Africa. Recent GSMA data shows that mobile money accounts in sub-Saharan Africa are up 18.4% between 2016-17 to 33.8m registered accounts. [bctt tweet=”Banking in a cashless society will require African solutions for African problems – @nnamdi_oranye” username=”SheLeadsAfrica”] However, we cannot wait 12-15 years before adequate job creating initiatives and policies are unlocked. The answer lies in harnessing the power of the digital economy today to create African solutions for African problems. An important part of this will require promoting and partnering with African innovators to unlock sustainable growth. We are already witnessing the significant potential of digital innovation in the remittance and mobile wallet space. Penetration of smartphones is expected to hit at least the 50% mark in 2020 from only 2% in 2010, according to the World Economic Forum, offering the continent a clean canvas for tech-based innovation. It is an opportunity we must not miss. These are exciting times and are forcing us to think differently to come up with true Pan African innovation and development. MFS Africa is a good example of how carefully harnessed and supported technological innovation can have ripple effects through the continent. It now operates the largest digital payments network in Africa and connects over 170m mobile wallets through 100+ partners, including Airtel, Ecobank, MTN, Orange and Vodafone across 55 markets. It has about 15% of the African population connected to a platform. M-Pesa, launched in Kenya in 2007, is an often-touted example of African technology making waves even outside its own borders. After capturing the local market for cash transfers it has spread to three continents and 10 countries. MicroEnsure, meanwhile continues on the path of developing pioneering insurance solutions for low-income people like micro-health, crop, and mobile insurance. These are solutions directly aimed at emerging customers and it is little surprise the company continues new customers by cleverly partnering with telcos. Access.mobile is another major success story, testing and growing its health innovation offerings for seven years in East Africa. The company works with health systems to hone their communications with patients in lower-income but also in growing areas and it hopped the pond in the opposite direction from most smaller startups and landed one of its first American clients. [bctt tweet=”Standard Bank, as Africa’s largest bank by assets, hopes to support even more start-up and tech initiatives across the continent” username=”SheLeadsAfrica”] Adventist Health White Memorial Hospital, a Los Angeles facility that works largely with lower-income Hispanics, was looking for ways to use health data to achieve better outcomes within its population. These are examples of the role models that will inspire our next generation of innovators. We need more and tech-savvy banks to need to continue supporting them as they grasp future opportunities. Just consider that Findex data shows that sub-Saharan Africa is home to all eight economies where 20 percent or more of adults use only a mobile money account: Burkina Faso, Côte d’Ivoire, Gabon, Kenya, Senegal, Tanzania, Uganda, and Zimbabwe. Opportunities, therefore, abound to increase account ownership up to 95 million unbanked adults in the region receive cash payments for agricultural products, and roughly 65 million save using semiformal methods. Standard Bank, as Africa’s largest bank by assets, hopes to support even more start-up and tech initiatives across the continent to ensure these opportunities are not lost. [bctt tweet=”We are setting a new standard in digital payments with the launch of Africa’s first prepaid virtual cards ecosystem, among many other digital innovations – @nnamdi_oranye” username=”SheLeadsAfrica”] We are therefore innovating ourselves at a rapid pace to harness the benefits of the digital age to drive financial services inclusion. Mobile payment solutions like Snapscan is now available at over 25,000 merchants and a vast user network across South Africa. We are setting a new standard in digital payments with the launch of Africa’s first prepaid virtual cards ecosystem, among many other digital innovations. The future will be about solving genuine customer problems rather than putting a band aid on them. One area in urgent need of change, for instance, is remittances, where Africa is still one of the costliest places in the world to remit payments – fees as high as 10% to 20% are still endured. We need to harness technology to genuinely solve this problem. Sometimes when we talk about banking in cashless society we look too far out – but we don’t have the luxury of time. Knowing your customer (KYC) is about understanding what they need today based on their culture and context and then unlocking the already available data to provide the solution. Technology, for instance, can solve the unbanked problem on the continent. However, this does not mean you can “plug and play” by taking something that works in one country and expecting it to work in another. Success will increasingly be centered on having a Pan African view of the problem, but local implementation. The future is certainly bright for Africa as exponential innovation continues to drive change across the continent we call home, disrupts industries and replace legacy technology. It is now time to grasp this opportunity with both hands before the innovation wave passes us by. Article By Nnamdi Oranye, Fintech Author and International Remittances Lead at Standard Bank Group. October 2018 Sponsored Post.
Tech, Edu and Agro Events in Africa to be on the look out for this year
The success of any business is measured by many factors, growth is one of them. “There are only three ways to grow a business. You either get more clients, increase the cost of each transaction, or you service your clients with more products,” – Jay Abraham. One of the guaranteed ways and proven of increasing your client base is through networking. All mother mogul pencil your diaries and be on the look-out for the association opportunities that may accelerate your career. Here is a list of different events across different industries in Africa for you to look out for. Seamless East Africa 2018 For all our East African MotherlandMoguls interested in FinTech, this one’s for you. Seamless East Africa 2018 brings you anything you need to know about payments, banking, and financial technology. Meet participants from across 45 countries, including 58 different African banks. This event is happening from the 3rd – 5th September 2018 at the Radisson Blu. Nairobi. See more information here. EduTECH Africa 2018 EduTECH Africa 2018 is an exhibition where solution providers will be showcasing technologies aimed at helping African educators make education more relevant in the 21st century. This event is happening from the 9th – 10th of October 2018, at Sandton Convention Centre, Johannesburg South Africa. See more information here. Nigeria Mining Week 2018 Nigeria Mining Week 2018 exhibition is set to host Exhibitors from across the globe. This event brings networking opportunities for serious investors, mining operators, finance houses and multilateral investors. Technology solution providers who are seeking a new market and new clients for mineral exploration and extraction are also expected to attend this event. This event is set to take place from the 15th – 17th October 2018. For more information, click here EduBUILD Africa 2018 EduBUILD is Africa’s only education buildings and infrastructure conference and exhibition. The conference is mainly for education leaders and decision-makers involved in the design, construction, renovation, maintenance, operation, and management of buildings for schools and universities. This two-day event is co-located with Africa’s largest annual education meet-up EduTECH – and features a senior-level congress, peer-to-peer roundtables, 1-to-1 meetings and a large exhibition …. The EduBUILD conference is perfect for gathering information about the latest education building projects, discussing new tenders, forging partnerships and doing business. This event is set to take place from the 9th -10th of October 2018, at Sandton Convention Centre, Johannesburg. See more information here. 21st Food Agro Kenya 2018 The 21st Food Agro Kenya 2018 is a food, hospitality and agriculture expo happening from the 4th – 6th September, at the Kenyatta Int’l. Convention Center, Nairobi-Kenya. East Africa’s premier International Food, Hotel & Agriculture exhibition to host Exhibitors from over 20 countries. Showcasing top products, equipment, and machinery presented by exhibitors from over 20 countries. Get more information about this event here. If you’d like to get featured on our Facebook page, click here to share your story with us.
9 reasons you should (seriously) consider an internship
I started giving proper thought to my career during my second year at university. The buzz towards the end of that period was crazy, and getting an internship was all everyone seemed to talk about. The energy was amazing; everybody wanted to get into big firms, especially the investment banks. I would be having lunch, walking along the corridors, working in the computer labs and it was the same – Goldman Sachs this, JP Morgan that, Morgan Stanley, Credit Suisse, Merrill Lynch, Barclays Capital, Deutsche Bank, BNP Paribas…my head almost exploded at a point because that’s all I would hear about. I wasn’t particularly bothered about getting an internship because I had gained a considerable amount of part-time work experience up until that time, and I had a very well paying summer job coming up at Edexcel (now Pearson UK). I had really enjoyed doing the job the previous summer because of the large number of Nigerian students working there. It was serious fun and there must have been at least 100 of us young Nigerians working there at some point. Anyway, a great friend and classmate of mine, Chitra, asked me if I had applied to any of the investment banks. I said, “Nope, Edexcel pays very well and I enjoy the work.” She must have thought I was crazy, because she gave me an, ‘Are you ok? Can’t you see what your mates are doing?’ look. She managed to convince me to put in at least ONE application. I procrastinated for a few days before deciding to check the websites. Lo and behold, I was too late – I had missed all the application deadlines (or so I thought). I didn’t even feel bad, thinking ‘it wasn’t meant to be’. It must have been a few days later when she asked, “Did you check the Credit Suisse website?” I was like “Errr”…Anyway she told me it was still open and that the deadline was that day. I was like “Today? How am I supposed to get it done in a few hours?” Long story short, I dropped everything else, put in my application and forgot about it. I was convinced they wouldn’t call me because of how I rushed to get it done. Imagine my surprise when I got called for a telephone interview – I couldn’t believe it. I passed the phone interview, and was invited to attend a 9-hour assessment centre (story for another day). I somehow managed to make it through that successfully, and the rest, as they say, is history. It was an A M A Z I N G experience. I got to meet and learn from so many brilliant people and was especially fortunate to have a great boss who helped me gain clarity with regards to a decision I had been struggling with for a while, like whether or not to do a master’s degree – I ended up not doing it). Best of all, though, was the lunch. They had ALL sorts in there, Italian, Indian, Chinese – you name it. Even the dessert was nice. I always looked forward to lunch because of the many different options. Anyway, let me get down to the real reason I wrote this post. What competitive advantage did my 3 months at Credit Suisse give me? Why should YOU intern? Internships are one of the best ways to get your foot in the door in terms of getting a full time role. Work hard while you’re there, and there’s a good chance you’ll be asked back. I was made a full time offer for a graduate position immediately after my internship and this meant I didn’t have to worry about applying for jobs in my final year. Upgrade your CV Even if you’re not made an offer where you interned, the experience will seriously boost your CV and increase your chances of getting a job elsewhere. Test drive a career path you’re interested in I was bent on getting into the telecoms industry after graduation because I enjoyed all the telecoms modules I took as an undergrad. I’m glad I got a chance to intern because my experience at Credit Suisse was a key turning point in terms of helping me discover what I really enjoy doing. (I eventually did my NYSC at a telecoms company and I absolutely hated it). Develop key transferable skills An internship is a great opportunity to hone your existing skills and develop new ones, which employers are always looking out for when recruiting. Learn the importance of work ethic The workplace is very different from the school environment and the best way to learn work etiquette is in a real life work environment. Build your network You get to meet new people and build relationships you can leverage. ALL the jobs I’ve had since NYSC (and I mean ALL 5 jobs since 2009) have been through the network I’ve built over time. Get professional training I was ‘trained professionally’ for the first time during my internship. It was the Information Technology Infrastructure Library (ITIL) training and must have been worth around $150 at the time. Not only did I get it free, I learnt some concepts that I still use today. Earn a salary While some internships are unpaid, mine was very well paid and I remember thinking ‘WOW’. It gave me an idea of what I could possibly earn as a full time graduate trainee. Besides, who (especially as a student) doesn’t like some extra cash? 😀 Boost your confidence The experience seriously boosted my confidence because I had to hit the ground running in terms of the tasks I was assigned. I also had to learn and apply new concepts very quickly in a ‘real-life’ setting. This made me feel like I could achieve anything I set my mind to. So, what’s holding you back from an internship? I hear many young job seekers complaining about the lack of opportunities in terms of jobs