Nigeria: The Central Bank of Nigeria set a tariff of 3% for deposits and 2% for withdrawals of more than Naira 500,000 (equivalent to ~$1,380) from individual accounts. They also set a tariff of 5% for withdrawals from corporate accounts, and 3% for deposits, over Naira 3 Million (equivalent to ~$8,280) from corporate accounts. This is in the states of Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory. This is to promote cashless transactions. (Source)
Uganda: The Bank of Uganda has banned merchants from imposing surcharges for the use of electronic card payments and also the setting of minimum and maxim amounts that can be transacted on cars. In addition, they have asked banks in Uganda to harmonize tariffs that they levy on customers of banks for when they use each other’s ATM’s.
Prohibition of Merchant surcharge and the fixing of minimum/maximum transaction amounts on electronic Payment Card pic.twitter.com/DjbDUEpr99
— Bank of Uganda (@BOU_Official) September 19, 2019
Kenya: Today is the deadline set by Kenya’s Central Bank after which the old series of the Kshs 1,000 (~$10 notes), bearing the image of the first President of Kenya, will cease to become legal tender for transacting in the country.
Tanzania: Mobile app lender Tala suspended issuing loans in Tanzania. The company which claims to have lent over $1 billion to 4 million individuals will continue in Kenya which they say, with 3 million customers, is a critical part of their global business, and where they are piloting new financial education services. California-headquartered Tala also has customers in The Philippines, Mexico and India, and is backed by investors like PayPal, IVP, and Revolution Growth.
-In Zimbabwe, $1 in cash is worth ~$1.50 in digital money
-This wedge is due to the government's bad monetary policies
-The government has blamed mobile money operator Ecocash, banning it from offering cash-ins/cash-outs
-Which only widens the wedge! https://t.co/lUVCFLLl4e https://t.co/AVrxnADghG— John Paul Koning (@jp_koning) October 2, 2019
Zimbabwe: The Cashless push has gone awry in Zimbabwe where the Government has now banned Ecocash agents from making cash deposits and withdrawals for customers as these are now happening at values that are at variance. This has resulted in a situation where $1 in cash is worth ~$1.50 in digital money.
Ecocash is the second largest mobile money company in Africa; we watched what Asia did and what M-Pesa did. We also drive savings (launched a mobile govt. bond after M-Akiba) and insurance (now are the largest digital micro -insurer in Africa) – @JabangwePNN #AfroAsiaFintechFest
— Bankelele (@bankelele) July 15, 2019
About the cashless, how is the growth now in Africa ? is the program effective ?
In South Africa (and even in the United States), real-time payments are relatively new, so their fraud defences are simply not as mature as they are in the credit card space. This rapid acceleration towards cashless consumers will stretch existing fraud defence across several dimensions. There’s a lot for us to look forward to when it comes to a convenient, cashless life – but also, lots of work to be done.