A survey has shown that 12% of adults in sub-Saharan Africa have mobile money accounts – compared to a mere 2% worldwide. MARIANA KRUGER, GM for Private Sector at MTN Business SA, says this is a clear indication that banks need to adopt to the new business models.
The World Bank’s Global Findex financial inclusion study shows that 12% of adults in sub-Saharan Africa have mobile money accounts – compared to just 2% worldwide – and of these 64 million adults, 45% of them have only a mobile money account.
This is a reflection that banks’ traditional models could be under threat unless they adapt and an opportunity exists in revolutionising trade finance and cross-border payments. The International Chamber of Commerce’s (ICC) Bank Payment Obligation (BPO) framework is a step toward enabling this revolution.
Past experiences have shown the continent has the ability to leapfrog more developed practices as new technology over-takes entrenched business practices. Widespread adoption of mobile money solutions points to the potential for systems such as the BPO proposal. Organisations, such as MTN Business – the Information and Communications Technology (ICT) partner of choice for geographic and market expansion, that operate across the continent have a deep understanding of Africa, its challenges and opportunities
MTN Business has proven, reliable and secure network infrastructure across the continent that financial institutions can leverage on. ICT providers such as MTN Business are well positioned to help banks make that shift.
ICT partnerships can help financial institutions overcome threats to their trade finance business posed by disruptive business models such as mobile money and other industries – including insurance companies moving into the banking space.
The hosting of the ICC Banking Commission Annual Meeting in Johannesburg marked a pivotal moment that could help unlock the potential for economic prosperity on the continent.
‘Potential’ is the operative word as many hurdles still exist to African countries realising their economic promise. For one, Africa may be seen as a single economic region, but conditions and the regulatory environment vary greatly between individual economies. Add to that the enormous infrastructure deficiencies, and it becomes clear that pursuing a view of Africa as a single market still requires considerable effort.
Rapid advances in technology and heavy investment in infrastructure have taken place across the continent, enabling the delivery of services to markets that not only have a need, but a demand to be able to interact and transact.
It is this desire to adopt new technologies – even for the most basic, personal services – that holds such great promise for enabling increased trade across the continent.
The ICC has clearly recognised the need to simplify trade and supply chain finance in order to facilitate economic growth. Its work to establish new standards through the Bank Payment Obligation (BPO) framework is evidence of that realisation.
With investment and footprint in the continent, MTN is ready to partner and set the world ablaze with innovative ICT solutions.
Win a Poster Heater with Gadget and Takealot.com
This winter Gadget and Takealot.com are giving away three Poster Heaters, which look like posters but become heaters when you plug them in.
Three Gadget readers will each win a unit, valued at R550 each. To enter, follow @GadgetZA and @Takealot on Twitter and tell us on the @GadgetZA account how many Watts the heater consumes.
What’s the big deal about these heaters? Many of us are struggling to keep the balance between soaring electricity costs and the need to keep warm this winter.
However, the recently launched Poster Heater by EasyHeat and distributed in South Africa by Takealot.com is not only one of the most cost effective electric heaters currently on the market, it is also easy to setup and use.
As the name indicates, it is a poster similar to one you would hang on a wall. But, plug it in and it turns into a 300 Watt heater. The Poster Heater isn’t designed to heat hallways or large rooms, but rather smaller ones like a bedroom or a baby’s nursery or a dressing room.
It uses radiant heating, which means that it heats up in a couple of minutes and the heat is directed at the objects or people around it, quickly taking the chill out of the air and providing a comfortable ambient temperature.
The other advantage of radiant heating is that it doesn’t dry out the air like infrared or gas heaters. Users also don’t have to worry about their children or pets getting too close to it because, even though it gets hot, it can be touched.
To enter the competition follow the steps below:
Competition entry details:
3. The competition closes on 31 July 2018.
4. Winners will be notified via Twitter on 1 August and Takealot.com will be in touch to organise delivery.
5. The competition is only open to South African residents.
Deezer to host Hotstix’s Mandela tribute playlist
Deezer is celebrating Nelson Mandela on the centenary of his birthday by hosting a tribute playlist created by music legend Sipho “Hotstix” Mabuse.
Mabuse, a legendary figure in African music, first rose to prominence in the 1970s with his band Harari and later developed a name for himself as a solo artist. One of his best known songs was the global hit BurnOut in the 1980s.
The playlist takes the listener on a captivating musical journey through the life of Nelson Mandela. It was compiled by Mabuse, who consulted with Mandela’s family and friends to ensure that the music would be relevant and accurate. The playlist also features commentary by Mabuse, which was recorded in his Soweto home.
“I have tried to tell the story of the music that Madiba loved,” says Mabuse. “The Playlist excludes the time in prison obviously, as Madiba would not have had exposure to music in that time. We have focused on the music we know he loved before and after that period. This recording was really an emotional journey for me, but an incredible opportunity to document these memories.”
The playlist features the music the young Mandela loved, such as The Manhattan Brothers, Solomon Linda, Brenda Fassie and Miriam Makeba. It includes struggle songs from Chicco, Johnny Clegg, Hugh Masekela and Yvonne Chaka Chaka. The playlist also includes Mandela by Zahara, one of the younger artists who caught Madiba’s ear.
Mabuse also offers stories of his own songs, such as Shikisha, a song greatly beloved by the former President.
“I was delighted to share my thoughts and hope the listeners enjoyed the musical journey,” says Mabuse. “Madiba did enjoy music immensely and we all have a purpose wherever we are in the world to celebrate culture and to learn from different cultures and music forms and styles.”
This playlist was inspired by the Nelson Mandela 100 campaign, calling on corporates and individuals to act as sources of inspiration and engage in conversation and action.