The Mastercard Foundation has announced that it will deploy $1.3 billion over the next three years in partnership with the Africa Centres for Disease Control and Prevention (Africa CDC) to save the lives and livelihoods of millions of people in Africa and hasten the economic recovery of the continent.
The Saving Lives and Livelihoods initiative will acquire vaccines for at least 50 million people, support the delivery of vaccinations to millions more across the continent, lay the groundwork for vaccine manufacturing in Africa through a focus on human capital development, and strengthen the Africa CDC.
“Ensuring equitable access and delivery of vaccines across Africa is urgent. This initiative is about valuing all lives and accelerating the economic recovery of the continent,” said Reeta Roy, President and CEO of the Mastercard Foundation. “In the process, this initiative will catalyze work opportunities in the health sector and beyond as part of our Young Africa Works strategy,” she added.
The African Union’s goal as set out in the African COVID-19 Vaccine Development and Access Strategy is to vaccinate at least 60 percent of its population – approximately 750 million people or the entire adult population of the continent – by the end of 2022. To date, less than two percent of Africans have received at least one vaccine dose.
The new partnership builds on the efforts of the COVID-19 Vaccines Global Access facility (COVAX), the COVID-19 African Vaccine Acquisition Task Team (AVATT), and the global community to expand access to vaccines across Africa. The number of vaccines available to Africa represents a small portion of the global supply and the financial costs to purchase, deliver, and administer vaccines remain significant. The Africa CDC is calling on governments, global funders, the private sector, and others to help meet this goal.
“Ensuring inclusivity in vaccine access, and building Africa’s capacity to manufacture its own vaccines, is not just good for the continent, it’s the only sustainable path out of the pandemic and into a health-secure future,” said Dr. John Nkengasong, Director of the Africa CDC. “This partnership with the Mastercard Foundation is a bold step towards establishing a New Public Health Order for Africa, and we welcome other actors to join this historic journey.”
In 2020, Africa faced its first economic recession in 25 years due to the pandemic. The African Development Bank has warned that COVID-19 could reverse hard-won gains in poverty reduction over the past two decades and drive 39 million people into extreme poverty in 2021. Widespread vaccination is recognized as being critical to the economic recovery of African countries.
The initiative builds on an earlier collaboration between the Mastercard Foundation and the Africa CDC to expand access to testing kits and enhance surveillance capacity in Africa. Through the Foundation’s support, the Africa CDC’s Partnership to Accelerate COVID-19 Testing (PACT) deployed nearly two million COVID-19 tests and more than 12,000 trained health care workers and rapid responders across Africa. In total, the PACT has enabled over 47 million COVID-19 tests across the continent.
TeamApt Transactions Hit N1.4T In May
Nigeria’s one of Nigeria’s leading fintech companies, Teamapt said it transacted N1.4 trillion ($3.5billion) value in 68 million transactions volume in May 2021 on its agency banking platform.
The data sourced from the monthly report of Shared Agent Network Expansion Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN) to promote agency banking and mobile money in the country, shows that Teamapt controls 74 percent of the total agency banking operations within the period.
The company which is currently leading Nigeria’s agency banking industry provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.
At a media briefing on Thursday in Lagos, officials of Teamapt revealing more of its transaction figures and financial performance for the past months said in less than two years, the company has grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.
In March 2021, it hit a milestone of transactions worth over N1trillion ($2.4bn) for the first time. In May, the value increased to N1.4 trillion ($3.5bn) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion.
Speaking on the company’s plans to transform financial services in Africa, CEO and founder of TeamApt, Mr. Tosin Eniolorunda said “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states.
“So far, Moniepoint has served over 25 percent of the 48 million banked Nigerians, previously underserved by the financial system. This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria but shared among Africans, we intend to scale into more regions of the continent.
“We remain focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes. We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals,’’ Eniolorunda added.
TeamApt reiterated its commitment to transform financial services in Africa, the company was founded in 2015 and started out by building infrastructure for tier-one financial institutions.
SEC Plans to Launch Regulatory Incubation Programme For Fintechs
The Securities and Exchange Commission (SEC) has announced plans to launch a regulatory incubation (RI) programme for fintech operating or seeking to operate in the Nigerian capital market.
According to a circular published on the commission’s website on Wednesday, June 16, it says that the initiative will be launched in the third quarter of 2021 and will operate by admitting identified fintech business models and processes in cohorts for a one-year period.
The RI program comprises two phases of participation – an initial assessment phase and the regulatory incubation phase.
The SEC said that the categories to be admitted into each cohort will be determined based on submissions received through the fintech assessment form and communicated ahead of each take-off date.
The circular read: “Review of completed Fintech Assessment Forms will continue on an ongoing basis. FinTechs who consider that there is no specific regulation governing their business models or who require clarity on the appropriate regulatory regime for seeking the authorization of the Commission, are encouraged to complete the Fintech Assessment Form.”
The commission maintained that it designed the RI program in order to address the needs of new business models and processes that require regulatory authorization to continue carrying out full or ancillary technology-driven capital market activities.
It will serve as an interim measure to aid the evolution of effective regulation which accommodates the innovation by fintech without compromising market integrity and within limits that ensure investor protection.
Finance Apps’ Deployment Rises by 160% in Nigeria – Report
AppsFlyer, a global marketing measurement firm has released the 2021 edition of its ‘State of Finance App Marketing,’ report, carried out across Nigeria and other selected countries in sub-Saharan Africa.
The report however showed that COVID-19 pandemic directly impacted how consumers interact with financial institutions and how the institutions themselves operate.
According to the report, Financial Technology (FinTech) apps were in high demand, experiencing a 132 per cent leap globally in downloads in the last two years, while sub-Saharan Africa saw impressive growth, with installs in Nigeria climbing 160 per cent, up 100 per cent in Kenya and rising by 52 per cent in South Africa.
Commenting on the growth of finance apps across Africa, the Regional Vice President for EMEA, in charge of Strategic Projects for AppsFlyer, Daniel Junowicz, said: “The COVID-19 pandemic rapidly accelerated the adoption of financial technology globally and in emerging markets especially, finance apps helped millions of consumers and businesses remain connected. This trend is likely to continue and understanding how to best market their apps will be key to African businesses standing out from the crowd and growing their customer base.”
Junowicz added, “With this year heading for a record with total spend globally, reaching no less than $1.2 billion in Q1 alone, we believe that combining different types of marketing activities in addition to improving the registration funnel by optimizing and shortening the time from install to registration will give marketers the edge to utilize their 2021 budget to the fullest.”
Giving details of the deployment of finance apps in Africa, Junowicz said demand for finance apps became all-time high, where downloads of finance apps shot up over the last year. With 56 per cent of the unbanked population in Nigeria many are turning to apps to access key financial solutions including, loans 43.3 per cent, financial services at 35.6 per cent, and investments at 20.3 per cent.
“Nigeria’s Cost Per Install is up 70 per cent since Q2, leading to a spike in spend, especially in Q1 2021 when budgets almost tripled. While each of the three key regions have experienced growth in marketing activity in the last year, Kenya’s overall growth in the last two years has fallen,” the report said.
Giving key global insights about the use of finance app, the report stated that digital banking installs up 45 per cent, while traditional banks gain 22 per cent in 2021. Finance app installs increased 20 per cent overall, but financial services and traditional banking app installs saw only a 15 per cent increase between Q1 2020 and Q1 2021. However, only in the first quarter of 2021, traditional banks picked up speed with a 22 per cent rise in installs.
It said there was 3.3 times growth in the number of re-marketing conversions between Q1 2020 and Q1 2021, adding that following a 32 per cent drop in spend in Q2 of 2020 in global market, efforts rebounded in Q3 and with rising user acquisition costs, marketers increased activity in remarketing, which soared 3 times by Q1 2021. Overall, the growth path of non-organic installs continued upward, hitting 172 per cent growth between 2019 and now.
The report added: “Demand for finance apps is rising across the globe, as 29 of the top 40 finance markets by app installs, enjoyed a growth of at least 20 per cent Year-on-Year (YoY), however it was the developing markets that dominated the number of installs. The average number of downloads in developing markets was 70 per cent higher than the average in developed markets, with India, Brazil and Indonesia making up almost half of the global number of downloads.”
Head of Content and Mobile Insight at AppsFlyer, Shani Rosenfelder, said: “FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt.
“Marketers should strive for efficiency with their spend by following the rising Cost Per Install trend and focusing on user acquisition to meet new demand. Marketers should also explore more affordable re-marketing campaigns to keep their brand top of mind amid rising market competition.”
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