Technology
Innovative Digital Payment Solutions Will Deepen Cross-Border Trade—Interswitch
For several decades, the African continent has been bedevilled with low intra-trade volumes when compared to other parts of the world, and this has consequently hampered the growth of the African economy. To address this challenge, African countries came together to establish the African Continental Free Trade Area (AfCFTA) to increase, strengthen and deepen intra-trade among African countries.
The establishment of the AfCFTA created the opportunity for a single market for the trade of goods and services on the continent, thereby increasing the level of intra-trade. The enactment of AfCFTA is expected to birth the largest free trade area in the world, measured by the number of countries participating, potentially connecting 1.3 billion people across 55 countries.
Financial experts believe that the establishment of AfCFTA has created a window of opportunities for financial institutions to close the gap between financially excluded persons and design cross-border financial products that will avail customers of seamless and safe financial services.
Consistent with its aspirations to build a prosperous African economy and make payment one less thing to worry about in Africa, Africa’s leading integrated payments and digital commerce company, Interswitch, has introduced a plethora of innovative products and solutions designed to transform the African economy as well as boost the continent’s digital payment ecosystem.
The firm made this known during its first breakfast session in Sierra Leone, where it hosted stakeholders and customers to a robust and insightful session designed to help Sierra Leonean businesses thrive. The firm organized the event to discuss how African businesses can leverage digital payments to unlock endless opportunities and drive growth in the financial industry.
Speaking at the breakfast session, Olubunmi Aina, Group Head Sales, Payment Processing and Switching (Interswitch Purepay), said the firm is committed to building a prosperous African economy by designing innovative cross-border payment products and solutions that will enable the growth of businesses in Sierra Leone and beyond.
He said, “For the last two decades, we have consistently designed products that address financial issues within the payment ecosystem. We equally have been facilitating payment, building infrastructure, and providing world-class technologies and support that aid financial institution to deliver top-notch services to their customers.
He further said, “We are here in Sierra Leone to replicate the successes we have attained in other parts of Africa by providing the Sierra Leone market with secure and safe digital payments products to further drive growth and profitability for businesses.”
Reiterating experts’ opinion that without a functional and effective payment system, Africa will not be able to facilitate international and regional trade, Interswitch introduced five products to the august audience at the breakfast session. The products; Postilion Retail Payment, Interswitch Banking-as-a- Service; Interswitch Payment-as-a-Service; Agency Banking and Card Fusion are designed to address prevailing issues within the ecosystem and offer; protection against digital payment fraud, effective value financing tools for lenders, seamless integration to newer payment channels and enhance business development.
While the products are targeted at commercial banks, microfinance banks, fintechs, other financial institutions, and their customers, they will essentially improve the digital payment solutions that financial institutions offer to their customers.
To demonstrate the ease of onboarding, participants at the session were onboarded onto the company’s products, thereby enabling them to rapidly integrate newer payment channels with intuitive and flexible technologies.
Beyond the benefits the products avail customers, the firm organised the breakfast session in Sierra Leone to bring key players in the financial industry together with the ultimate goal of deepening the growth of digital payment in the country.
Aina noted that Interswitch is committed to the advancement of digital payments in Africa and will continue to drive cross-border payments, financial inclusion and payment interoperability through its innovative products and solutions.
If Africa is to actualize the expected domestic e-payments revenue growth of about approximately 20 per cent per year, reaching around $40 billion by 2025, it is imperative that the players within the ecosystem advance digital payment on the continent and lower the cost of cross-border payments.
Interswitch, as Africa’s leading digital payment company, has taken on the challenge and is ensuring that critical markets across Africa, such as Sierra Leone, are provided with alternative payment methods with the introduction of its products. The technology company on the strength of its technical capabilities is providing payment infrastructure to financial institutions to reduce friction and boost integration. Its innovative products are ensuring that the rapidly evolving consumer payment needs are consistently met and even surpassed.
Interswitch is not just a proponent of seamless and convenient payment solutions; the firm has for 20 years consistently been leveraging technology to drive growth and prosperity for Africans across Africa.
Technology
NCC, CBN Implement 30 Seconds Refunds for Failed Airtime, Data Purchases
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have introduced new rules that will ensure faster refunds for failed airtime and data purchases, following rising consumer complaints over debits without value.
Under the new rules, refunds are expected to be completed within 30 seconds, except where a transaction remains pending, in which case the resolution can take up to 24 hours.
The new framework, contained in a statement issued by NCC’s Head of Public Affairs, Ms Nnenna Ukoha, on Thursday, targets unsuccessful transactions linked to network downtime, system failures and human errors that affect subscribers nationwide.
According to the statement, the guideline was developed after months of joint engagements involving telecom operators, banks, value-added service providers and other industry stakeholders.
The NCC said the framework brings the financial and telecommunications sectors up to speed on how failed transactions are handled and resolved.
“These engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints.
“It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services,” she said.
Under the framework, Ms Ukoha said mobile network operators and banks are bound by a service level agreement that clearly defines their roles in transaction processing and refunds.
She emphasised that operators are also required to notify customers by SMS on the status of every airtime or data transaction.
The rules also address erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
On her part, the Director of Consumer Affairs at the NCC, Mrs Freda Bruce-Bennett, said the framework also introduces a central monitoring system to improve oversight.
She said the dashboard will be jointly managed by the NCC and the CBN to track failed transactions, refunds and breaches of service timelines in real time.
“We are grateful to all stakeholders, particularly the CBN and its leadership, for their tireless commitment to resolving this issue and arriving at this framework,” she said.
The official said failed top-ups are among the top three complaints received by the commission, adding that implementation of the framework is expected to begin on March 1, subject to final approvals and completion of technical integration by all operators and banks.
Technology
Nigeria, Google in Talks for New Undersea Cable
By Adedapo Adesanya
The Nigerian government is in advanced talks with Google for a new undersea cable to strengthen the country’s digital connectivity and resilience.
The country wants to augment existing undersea links with Europe, said the chief executive of National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa Abdullahi, as per Bloomberg on Tuesday.
Mr Inuwa said this was necessary at this time, calling Nigeria’s current reliance on cables that follow the same path “a single point of failure.”
Google earlier this year said it plans to expand its digital presence significantly in Africa with the development of four new strategic subsea cable connectivity hubs in the north, south, east, and west regions of the continent.
Already, Google is investing $2.1 million to accelerate Nigeria’s artificial intelligence (AI) growth, aiming to create one million digital jobs and bolster the country’s expanding technology economy.
This is aligned with Nigeria’s National AI Strategy, which is expected to play a meaningful role in the nation’s broader digital transformation. Projections indicate that AI could contribute up to $15 billion to Nigeria’s economy by 2030.
The fund will support partnerships with local organisations. To achieve these aims, the funding will support partnerships with local organisations working in digital skills development and cyber security.
The investment further signals global trust in Nigeria’s technology sector and underlines the nation’s role as a leader in Africa’s digital transformation. As new opportunities emerge, Google believes it support is set to help shape Nigeria’s economy and its place on the global technology stage.
Technology
Airtel Africa, SpaceX to Launch Starlink Direct-to-Cell Connectivity
By Modupe Gbadeyanka
An agreement for a satellite-to-mobile service that will benefit millions of people in Africa has been entered into between Airtel Africa Plc and SpaceX.
This service is through the introduction of Starlink Direct-to-Cell satellite connectivity across all the 14 markets of Airtel Africa that serve 174 million customers.
Through this partnership, Airtel Africa customers with compatible smartphones in regions without terrestrial coverage can have network connectivity through Starlink, which is the world’s largest 4G connectivity provider (by geographic reach).
The satellite-to-mobile service will begin in 2026 with data for select applications and text messaging.
This agreement also includes support for Starlink’s first broadband Direct-to-Cell system, with next-generation satellites that will be capable of providing high-speed connectivity to smartphones with 20x improved data speed. The rollout will proceed in line with country-specific regulatory approvals.
Airtel Africa is the first mobile network operator in Africa to offer Starlink Direct-to-Cell service, powered by 650 satellites to provide seamless connectivity to its customers in remote areas.
The partnership reinforces Airtel Africa’s commitment to bridge digital divide and offer seamless connectivity to its customers.
Airtel Africa and Starlink will continue to explore additional collaboration opportunities to further advance digital inclusion across the continent.
“Airtel Africa remains committed to delivering great experience to our customers by improving access to reliable and contiguous mobile connectivity solutions.
“Starlink’s Direct-to-Cell technology complements the terrestrial infrastructure and even reaches areas where deploying terrestrial network solutions are challenging.
“We are very excited about the collaboration with Starlink, which will establish a new standard for service availability across all our 14 markets,” the chief executive of Airtel Africa, Mr Sunil Taldar, said.
Also commenting, the Vice President of Sales for Starlink, Ms Stephanie Bednarek, said, “For the first time, people across Africa will stay connected in remote areas where terrestrial coverage cannot reach, and we’re so thrilled that Starlink Direct-to-Cell can power this life-changing service.
“Through this agreement with Airtel Africa, we’ll also deliver our next-generation technology to offer high-speed broadband connectivity, which will offer faster access to many essential services.”
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