News & Analysis: Mobile money

The Initial Policy Response to COVID-19 from African Central Banks

In response to COVID-19, African central banks have deployed a variety of monetary policy tools, including lowering policy rates, reducing capital requirements, providing various liquidity support measures to the banking sector, allowing loan deferrals and refinancing frameworks for distressed firms, and introducing new support measures mobile money and digital finance.

via COVID-19 Africa Watch

Ecocash defies Zimbabwe order to suspend mobile money transactions

“Zimbabwe’s Ecocash has defied a government order to suspend transactions, after President Emmerson Mnangagwa’s administration accused mobile-money platforms of a conspiracy to sabotage the collapsing Zimbabwe dollar.”

via Financial Times

Interview with Betty Wilkinson: Financial Stress and Pathways for COVID-19 Resilience in Zambia

Betty Wilkinson, CEO, Financial Sector Deepening Zambia, speaks to COVID-19 Africa Watch about the economic impacts of the pandemic in Zambia and the way her group and others are responding.

via COVID-19 Africa Watch

You’ve Got Money: Mobile Payments Help People During the Pandemic

“Mobile money is as an effective and physical-distancing-friendly option to deliver cash transfers in large scale, given that ownership and use of mobile phones in emerging and developing economies is very high.”

via IMF

Beyond Remittances: COVID-19 And The ‘Future’ Of African Diaspora-Homeland Relations

“Beyond the volume of remittances, COVID-19 raises questions and opens the possibility of transforming the mechanics of remittances; the change from cash-based transactions to technology-enabled formats such as mobile money.”

via African Leadership Centre

Togo digitizes social welfare with cash transfer program

“The economic impact—particularly on vulnerable informal economy workers who depend on daily income for survival—also became apparent, especially given the broad lack of social safety nets. For its part, Togo has looked to solve that problem with Novissi, a digital cash transfer program that sends funds to citizens through mobile money.”

via Quartz Africa

One of Africa’s smallest economies is plugging social welfare gaps with digital cash transfers

“For its part, Togo has looked to solve that problem with Novissi, a digital cash transfer program that sends funds to citizens through mobile money. Togo’s president Faure Gnassingbé has said the scheme targets informal workers whose incomes were ‘disrupted’ by lockdowns.”

via Quartz Africa

The impact of COVID-19 on digitisation in the insurance sector in sub-Saharan Africa

“The COVID-19 pandemic has exacerbated a number of existing challenges in the sub-Saharan African insurance industry and has placed further pressure on the need to address these challenges.”

via Cenfri

How COVID-19 has affected digital payments to merchants in Kenya

“Measures put in place by the Government of Kenya in mid-March 2020 to contain the spread of the pandemic seem to have slowed down the rate of infection. While the extent of the impact of the novel coronavirus on Kenya’s economy is still evolving, it is evident that the impact has been disproportionately severe on small business and low-income households.”

via FSD Kenya

The COVID-19 crisis is boosting mobile money

“In Rwanda the number of mobile-money transfers doubled in the week after a lockdown was imposed in March, according to data collected by the telecommunications regulator and analysed by Cenfri, a South African think-tank. By late April users were making 3m transactions a week, five times the pre-pandemic norm.”

via The Economist