-
Demonetisation: How to Get Cash-Stuck Microfinance Institutions Digitally Ready in India
The overnight demonetisation of R500 and R1,000 currency notes shook the entire Indian economy, for good or bad is yet uncertain. An estimated 85% of the value of currency has ceased to be a legal tender and the release of the new currency has been rationed for the next few months. Such a move from the government will most likely put a check on black money circulation in medium- to long-term, however, it will also impact businesses in the short-run given the fact that more than 90% of the consumer payments in India still happen in cash. The move is also expected to be a boon for digital financial services ecosystem in India. While the penetration of digital payments infrastructure has rapidly increased in the last two years, the value of consumer payments that happen through cards or other digital means in India is still far behind some of the other comparable economies. The point-of-sale terminals per 100,000 debits cards are lower in India compared to other BRIC nations (India-2; Russia-6.1; China-12.5; Brazil-14.8).
- Categories
- Technology
- Region
- South Asia
-
Safaricom to Further Expand M-Pesa
Kenya-based mobile operator Safaricom entered discussions with five companies to increase the availability of M-Pesa services, according to a local press report.
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- fintech
-
Can Only Love for Our Postman Ensure Success for India Post Payments Bank?
People have been waiting eagerly for the launch of the India Post Payments Bank or IPPB, the largest among the eight that are likely to start operations over the next few months. Eleven entities received the Reserve Bank of India’s (RBI’s) in-principle approval for floating payments banks but three of them have left the field.
- Categories
- Technology
- Region
- South Asia
- Tags
- digital payments, fintech
-
Nigeria’s GDP Will Get $88 Billion Boost With Digital Financial Services
With improved and consistent adoption of digital financial services in the country's payment system, about $88 billion will be added to Nigeria's Gross Domestic Product (GDP) by 2025.
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- digital payments, fintech
-
Vodafone launches M-Pesa Pay feature to enable merchants in India to receive mobile money payments
With an eye on the spurt in cashless transactions which will come about after the Government's demonetisation move, second largest telco Vodafone today launched a special feature on its mobile wallet to enable merchants for receive payments.
- Categories
- Technology
- Region
- South Asia
-
3 Lessons to Guide Designing Better Financial Tech For The Developing World
On a recent development project in Pakistan, researchers and designers watched closely as a woman picked up a smartphone and opened an app. For someone with a low literacy level, and who had never used a mobile money app, she moved across the screens with surprising ease.
- Categories
- Technology
- Region
- North Africa & Near East
-
Kenya: Thousands of Kenyan Single Mothers, Widows Use Mobile Money to Escape Poverty
Almost 200,000 Kenyan households, many headed by poor, rural women, have lifted themselves out of poverty using mobile money services, experts said on Thursday, calling for the technology to be introduced in other developing countries.
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- fintech
-
Visa And Nest To Roll Out FinTech Bootcamp In Africa
Mobile service provider Safaricom has announced that it is in discussions with five companies to broaden the availability of M-Pesa services.
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- fintech, venture capital
Subscribe to Our 'Business in Global Development' Newsletter!
Our new weekly LinkedIn newsletter features NextBillion's latest original articles, along with curated news, jobs, bizdev opportunities and events from our recent coverage of impact-focused business in emerging markets.
We respect your privacy. Your information is safe and will never be shared.
Don't miss out. Subscribe today.