Connect with us

Fintech

Mondia Digital and Mondia Pay join Vodacom’s VodaPay Super App offering

Published

on

Mondia Pay - Investors King

Mondia Digital, a consolidation of the Mondia Group‘s digital content distribution business, an end-to-end, product-centric and data-driven company with a focus on opportunities in the B2B segment, and its digital payments company, Mondia Pay, are proud to have contributed their expertise and innovative payment, content and B2B platforms to Vodacom’s VodaPay “Super App”, which launched in South Africa in August 2021.

The VodaPay Super App, designed in collaboration with Alibaba Group-owned fintech services platform Alipay, allows consumers to do everything from paying bills to sending money, playing games and ordering takeaways. The VodaPay Super App offers consumers a single point of entry and payment platform, with no additional download required.

Mondia Digital has integrated all of its technology, content and services into the easy-to-use VodaPay Super App environment. It is also responsible for connecting third-party content providers into this ecosystem.

Mondia Digital will make a selection of its custom content platforms available through the Super App, including: Mum and Baby – a free-of-charge mobile health intervention that provides maternal, neonatal and child health information designed to encourage good health practices; Vodacom’s vLive app – a lifestyle and entertainment mini-ecosystem within the Super App that uses gamified elements to manage subscriptions to Mondia’s 123 Kaboodle kids content service; Playinc., a comprehensive gaming portal; and My Muze, a 360º music portal.

Mondia Digital has also co-created many of Vodacom’s key branded services on the Super App platform.

In addition to content integration, Mondia Pay has rolled out the provision of its seamless, contactless Direct Carrier Billing (DCB) payment service to the VodaPay Super App. DCB allows customers to make payments conveniently and securely by charging them to their mobile phone bill. Mondia Pay’s DCB service is used by tens of millions of customers across the Middle East and Africa, and provides a highly scalable payment gateway that both customers and merchants can trust.

DCB is seamless, with no need to sign up for any additional accounts or fill out any forms. Payments are completed in a matter of seconds and provide the best checkout experience on mobile devices, where filling out forms is time consuming and cumbersome. Making payments with DCB is secure. No personal data is transmitted during the payment process so there is no need to worry about identity theft.

Paolo Rizzardini, CEO of Mondia Digital, said, “We are committed to the continuing digitalisation of Africa, and the VodaPay Super App B2B ecosystem is an exciting opportunity in this regard. The future of digital content consumption is going to be driven by innovative partnerships that offer compelling and convenient consumer solutions. Our growth across Africa has been driven by our ability to create consumer-centric products with outstanding digital content, and secure long-term, fruitful partnerships with some of the most innovative and dynamic companies on the continent. Our enduring relationship with Vodacom continues to deliver value for consumers and a growing ecosystem of third-party businesses alike.”

Simon Rahmann, CEO of Mondia Pay, said, “The VodaPay Super App is an exciting environment in which to implement our DCB platform. All-in-one environments offering seamless access and seamless payment are the future of customer and business ecosystems. By offering consumers a simple, fast and secure way to pay for services using their mobile phone, we not only encourage financial inclusion, but we make it easier for local and global developers to offer their services to millions more people.”

Vodacom Group CEO Shameel Joosub said, “Our partnership with Mondia Digital and Mondia Pay strengthens our access to world-class technology and expertise, and leverages their experience across the MEA regions in developing strong, valuable partnerships and delivering seamless payment and content platforms. We want to drive financial inclusion, enhance the business-to-business ecosystem and transform the fintech environment in South Africa, by offering the capabilities of the VodaPay mini programs to as many businesses, of all sizes, across multiple industries as possible.”

While the Super App will be accessible to customers on any mobile network, it will be zero-rated for Vodacom users. The VodaPay Super App is set to be rolled out in other international Vodacom markets.

Developers and businesses are invited to join the VodaPay ecosystem by building their own “mini programs” – third-party, downloadable sub-applications run within the super app.

Some 70 businesses have already signed up or have committed to building their own mini programs in the app, including Big Blue, FlightSite, Dollar, Thrifty, West Pack, Petzone, NetFlorist, Kitkat Cash & Carry, Droppa, Planet54, Jacaranda FM, KFC, and Booking.com.

Mini programs can accept both physical and online payments from customers with the in-app VodaPay digital wallet. Customers can choose to pay upfront, with rewards, or with payment terms such as buy-now-pay-later and nano-credit offerings.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

Published

on

Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

Continue Reading

Fintech

Nigeria Sees 31% Increase in POS Fraud Amid Rising Terminal Adoption

Published

on

Moniepoint

The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities.

According to the “Fraud and Forgeries Report in Nigerian Banks” for Q1 2024 by the Financial Institutions Training Centre (FITC), POS fraud cases surged by 31.12%.

In Q4 2023, there were 2,683 reported cases of fraud associated with POS terminals. However, this number escalated to 3,518 cases by Q1 2024.

POS fraud cases made up 30.67% of the total fraud cases (11,472) recorded in the quarter under review.

Financial Impact of POS Fraud

While there was a rise in fraud cases, the amount of money involved in POS fraud declined. In Q4 2023, the total amount involved in POS fraud was NGN604.91 million.

This amount decreased by 37.74% to NGN376.59 million by Q1 2024.

Also, the amount of money lost to POS fraud saw a significant decline, falling from NGN14.62 million by 68.34% to NGN4.63 million on a quarterly basis.

The decrease in financial losses may indicate improved detection and prevention measures, but the overall rise in fraud cases highlights the need for continued vigilance.

Adoption of POS Terminals

The rise in POS fraud cases is attributed to the widespread adoption of these terminals by merchants and consumers alike.

As a cash-driven Nigerian economy, the convenience and efficiency of POS transactions have made them a popular choice.

However, this widespread adoption has also made them a target for fraudsters seeking to exploit vulnerabilities in the system.

In Q1 2023, the number of registered POS terminals increased by 218,475, from 2,318,947 in January 2023 to 2,537,422 by March 2023.

By the same quarter in 2024, the number of registered POS terminals had increased by 289,154, from 3,441,287 in January 2024 to 3,730,441 by March 2024.

Overall, between the end of Q1 2023 and Q1 2024, Nigeria witnessed an additional 1,193,019 POS terminals, marking a 47.02% increase.

Despite this increase in the number of registered POS terminals, the first quarter of 2024 saw POS transaction volumes reach 314 million, which is a significant drop of 73.81 million, or 19.03%, from the 387.81 million transactions recorded in the first quarter of 2023.

Regulatory Measures and Industry Response

The Corporate Affairs Commission (CAC) recently stated that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, must have registered their businesses by July 7, 2024.

However, it extended the deadline by 60 days, giving operators until September 5, 2024. The CAC said the registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) condemned the mandated registration, describing it as an attempt to tax more Nigerians to generate revenue for the government.

Continue Reading

Fintech

PalmPay Issues July 7 Deadline for POS Operators to Submit CAC Certificates

Published

on

PalmPay

PalmPay has announced a firm deadline of July 7, 2024, for all Point of Sale (POS) operators using its platform to register with the Corporate Affairs Commission (CAC) or submit their CAC certificates.

This mandate aims to ensure compliance with Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 Central Bank of Nigeria (CBN) guidelines on Agent Banking.

In a statement released on Thursday, PalmPay emphasized the importance of adhering to these legal requirements.

“Following CAC’s directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its business users who have not yet complied with the directive to do so promptly,” the statement read.

This initiative comes in the wake of a two-month registration deadline issued by the Federal Government through the CAC, mandating POS companies to register their agents, merchants, and individuals.

The directive is part of broader efforts to bring regulatory compliance and transparency to Nigeria’s burgeoning fintech sector.

To facilitate the registration process, PalmPay has integrated the CAC registration portal into its Business App.

This integration allows operators to seamlessly register their businesses and submit the required documents, ensuring a smoother compliance process.

Umuteme Enakeno, Head of Marketing and Communication at PalmPay, reiterated the company’s support for the CAC directive.

“PalmPay fully supports the CAC’s directive. We provide 24/7 customer support and conduct weekly meetings to guide operators through the process,” Enakeno stated.

He also highlighted that operators can seek assistance through PalmPay’s customer support channels, including phone, email, or in-person visits to any of the 36 state offices across Nigeria.

PalmPay has urged all its business customers to submit or register their CAC details before the deadline.

“Register your business via the PalmPay Business App: Ensure that all necessary documents and information are provided accurately before submitting your application. Update your PalmPay account once you get the certificate to reflect your new corporate status,” Enakeno advised.

Failure to comply with the CAC registration requirement will result in the freezing of PalmPay accounts, the company warned.

This stringent measure underscores PalmPay’s commitment to aligning with national regulatory standards and fostering a compliant fintech ecosystem.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria, representing POS operators, has indicated plans to challenge the mandatory CAC registration in court, questioning its legality and potential impact on their operations.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending