Category Archives: mobile banking

Cashless pushes around Africa

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.

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.

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.