ADD Wraps 3 : Ghana's Digital Ecosystem In 2024
Ghana's Digital Ecosystem Year In Review : DIGITAL FINANCE
Digital Digest No.#1011010
Date: January - December 2024
Dear Friends,
On the 27th day of Christmas,🎄 here is our true love to you! - a review of
the 2024 Ghanaian digital ecosystem in series.
23rd - DIGITAL GOVERNANCE
24th - DIGITAL INFRASTRUCTURE AND PLATFORMS
27th - DIGITAL FINANCE
30th - DIGITAL ENTREPRENEURSHIP
31st - DIGITAL TALENTS
Digital Finance
News updates
Paystack Launches Virtual Terminal In Ghana, Three Other Countries
Paystack, one of Africa’s leading payment platforms has introduced its virtual terminal in 4 African Countries including Ghana. The Paystack Virtual Terminal is a simple, hardware-free solution for businesses that accept in-person payments, such as retail stores, restaurants, or pay-on-delivery services by generating unique QR codes for any customer-facing staff, such as cashiers, delivery riders, or sales agents. When a customer scans the QR code, they can choose to pay via any of Paystack’s multiple payment channels—Mobile Money, Cards, Apple Pay, and more.
Ghana Launches Credit Score Platform
Vice President Dr. Mahamudu Bawumia has launched MyCredit Score, a credit scoring platform, designed to improve access to credit and support financial inclusion. MyCredit Score aggregates data like repayment history, loan inquiries, and account balances from financial institutions and other sources to create a credit profile for users and generate a score, to help lenders effectively assess applicants.
MTN MoMo Introduces XtraCash- A new microloan
Responding to feedback from users of it’s three existing loan offerings, MobileMoney Limited (MTN MoMo) has launched a new in-wallet loan scheme called XtraCash, which offers up to GHS5,000 microloans, with relatively flexible repayment terms
eGotickets Partners With Starlife Assurance To Insure Event Experience
eGotickets, a leading event ticketing platform, has partnered with StarLife Assurance to offer event attendees insurance coverage for accidental death, total permanent disability, and hospitalization. Customers purchasing tickets on eGotickets can now opt for this coverage, which is activated automatically upon ticket purchase and remains valid throughout the event.
Bank Of Ghana Announces Trial of Mobile Money Interoperability Between Ghana and Nigeria
There are Millions of mobile money users in Africa, however, the lack of interoperability across different currencies and borders has been a significant barrier. Bank of Ghana, to address the challenge has announced that Ghana would pioneer the testing of mobile money interoperability with U.S.-owned Brij Technologies Inc. to enable direct currency swaps between Ghanaian Cedis and Nigerian Naira without the need for traditional forex.
MTN Ghana to pay total dividend of GH¢2.31 billion
MTN Ghana recorded a profit of GH¢3.98 billion in 2023, about 39.4% growth over the previous year, according to its audited 2023 Financial Report and will pay a total dividend of GH¢2.316 billion to shareholders at GH¢0.175 per share for the financial year 2023.
ATMs In Ghana Increase Modestly As POS Terminals Decline – Report
The demand for digital banking solutions remains strong, according to the 2023 Payment Systems Oversight Annual Report, The total number of Automated Teller Machines (ATMs) deployed by banks across Ghana reached 2,287 by the end of 2023, reflecting a modest 1.4% increase compared to 2022.
In contrast, Point of Sale (POS) terminals experienced a significant decline, dropping by 6.91% to 12,491 by December 2023. There’s more.
Since its inception in 2009, MTN MoMo has transformed the financial services landscape in Ghana, providing millions with access to convenient, secure, and affordable mobile money services. The platform has millions of users and continues to be an essential tool for financial transactions. The platform has marked 15 years of its existence and impact honoring top-performing partners, agents, and merchants
Mobile Money transactions hit 728m – BoG
Data from the Bank of Ghana (BoG), shows a significant rise in mobile money transactions. Between September and October 2024, the total number of mobile money transactions surged from 705 million to 728 million which corresponded to a rise in transaction value from GH¢284.9 billion to GH¢298.6 billion. This suggests a growing acceptance of digital financial services across the nation. despite persistent economic and regulatory challenges, such as the E-levy.
MTN Recognises Ghipss CEO As Fintech Champion Of The Decade
MTN as part of MoMo @15 has honored Archie Hesse, the CEO of Ghana Interbank Payment and Settlement Systems (GhIPSS), as the Fintech Champion of the Decade. GhIPSS has made significant contributions to the mobile money ecosystem by introducing services such as mobile money
MTN Group Fintech and Mastercard Sign Agreement To Issue Payment Cards For MTN MoMo Users
Mastercard and MTN Group Fintech have signed an agreement to provide all MTN MoMo customers with payment card stating that a virtual and physical Mastercard companion card would be added to every MoMo wallet, allowing users access to over 100 million acceptance locations globally.
Binance Enables Crypto Purchases with Mobile Money in Ghana
Binance, a leading blockchain and cryptocurrency infrastructure provider, has announced the expansion of its services in Africa, With the introduction of Binance’s One Click Buy and Sell (OCBS) feature, where Users in Ghana, can now buy and sell crypto assets using mobile money directly.
Mastercard buys minority stake in MTN’s fintech business
Financial services firm Mastercard has concluded the acquisition of a minority stake in mobile operator MTN Group’s fintech business. MTN says it has signed definitive agreements with Mastercard for a minority investment of up to $200 million (R3.8 billion) into MTN Group Fintech at a valuation of $5.2 billion (R99 billion) on a cash and debt-free basis.
Fido Secures $30 Million Series B Round To Expand Its Credit Services To Individuals And MSMEs.
Fido, a digital lender operating in Ghana and Uganda, has raised $30 million in a Series B round to expand its financial services to individuals and small and medium-sized enterprises (MSMEs).- $20 million equity investment from BlueOrchard and the Dutch entrepreneurial development bank FMO, alongside $10 million in debt funding from Stanbic Bank Ghana and Global Infrastructure Partners.
Press Play! - Here’s a recording of our X (twitter) spaces discussing Ghana’s 2024 Digital Ecosystem. It was fun!
Thank you for spending your year with us!
We’ll see you on 30th! Merry Christmas🎄
Please share us with your friends, co-workers, and tech enthusiasts in your network.
Send us an email at info@nodeeight.org if you have any news update, op-eds or events you would want us to feature.
Cheers! 🍻