A 2023 mobile money report which was compiled by GSM associations (GSMA), revealed that Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

The country also witnessed a 41% increase in registered agents for mobile money payments. These agents were reportedly responsible for digitizing $294 million in total cash-in transactions, representing 17 percent from 2021.

According to the director of GSMA Mats Granyrd, the key contributors to the growth of mobile money have been regulatory changes in large markets.

In Nigeria for instance, the CBN’s decision to relax its stance on the criteria for operating a financial services company has led to the rise of many new players in the industry.

Also, Telcos such as MTN and Airtel are pushing aggressively into the financial services sector through their various mobile money subsidiaries. The telco’s entry into mobile money according to the report was also responsible for the growth in mobile money account ownership from 16 percent to 22 percent in the last year.

On a positive note, the growth in registered banking agents in the country has no doubt created millions of jobs for people and has increased access to mobile money services for more people.

According to the report, on a global level, registered mobile money accounts grew by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. However much of this growth happened in Sub-Saharan Africa where there is a 17 percent increase in registered accounts taking its number of users to 763 million.

Investors King understands that Mobile money has recorded tremendous growth over the past two decades, cementing itself as a mainstream financial service. As it continues to grow, demonstrating incredible resilience over the pandemic and beyond, the industry is diversifying rapidly.

The industry is entering new markets and forging new industry partnerships and offering a range of innovative products and services that are helping millions of people send money locally and internationally, manage their savings, pay their bills, increase their income, and access social support.

Meanwhile, experts reveal that there is still a lot of work to be done as about 1.4 billion people remain unbanked and disconnected from formal financial services.

Africa’s leading entertainment company Multichoice has launched a fintech platform known as ‘Moment’ to offer expanded payment infrastructure for businesses across Africa.

The company disclosed that its fintech platform will consolidate the $3.5 billion in payments that it processes, and also help consumers to spend and save money wisely.

Speaking on the launch of its fintech platform ‘Moment’, the company said,

“Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Moment will also offer additional options for consumers to spend and save money more wisely. The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border, and global payments.

Also speaking Multichoice Group CEO Calvo Mawela said,

“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries. Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology”.

Moment aims to make digital transactions more accessible to the 350 million consumers that are under-banked or not banked at all. Eventually, it will offer payments across more than 40 countries and hundreds of payment methods to collect, disburse and manage risk.

Investors King understands that the long-term plan is to provide the infrastructure for pan-African payments for the 44 million small businesses operating on the continent and reduce the reliance on cash for payments”.

Some of the other long-term offerings include;

•Payments, Savings, and rewards for consumers

•Payment tools, deep inventory to sell, and financial services for micro-entrepreneurs and SMEs

•Drive adoption of PayShap, TCIB, NQR, and other real-time payment methods across all markets.

•Global-Africa trade for importers and exporters with virtual accounts in 40+ currencies and local payments in 130+ countries.

MultiChoice Group which was listed on the Main Board of the Johannesburg Stock Exchange (JSE) on 27 February 2019, is no doubt one of the fastest-growing video entertainment providers globally, delivering entertainment products and services to 22 million households across 50 countries on the African continent.

In 2020, MultiChoice had a total subscriber base of 20.1 million viewers throughout Africa, and reports asserted that it was one of the fastest-growing pay-TV operators globally.

Its track record of more than 35 years is reflective of a commitment to providing audiences with only the best local, sports, and international content.

Africa’s leading provider of compliance and digital security infrastructure, Prembly, has partnered with the Namibia Financial Institutions Supervisory Authority (NAMFISA), to strengthen innovation and inclusion in Africa.

Prembly partnership with NAMFISA will help drive collaboration, identify opportunities, and foster innovation towards building a digital identity framework for Namibia, thus advancing the country’s digital economy at large.

Also, by leveraging Prembly’s expertise in digital identity solutions, NAMFISA aims to create an inclusive and interoperable comprehensive system that supports innovation while meeting regulatory compliance needs.

Speaking on its collaboration with NAMFISA, Prembly’s co-founder and COO Niyi Adegboye disclosed that this partnership signifies the company’s effort to enable innovation and promote safe and digitally sound economies in Africa.

He said, “We are excited to partner with NAMFISA and contribute to developing a digital identity framework for Namibia. This partnership further demonstrates our vision to strengthen innovation and inclusion in Africa, and we are committed to leveraging our expertise and resources to drive this mission forward.

Also speaking on its partnership with Prembly, NAMFISA CEO Kenneth Matomola said, “This partnership with Prembly brings expertise in compliance and digital security to the table. We are most grateful to have received support from Prembly which aligns with NAMFISA’s mission to regulate and supervise Namibia’s financial sector in a manner that fosters innovation, financial inclusion, and stability”.

With Nambia offering strong potential for tech innovation and development, Investors King understands that Prembly’s partnership with NAMFISA is a significant indicator of the development of a large-scale digital security infrastructure that will strengthen the country’s ecosystem.

Having worked with governments and regulatory bodies in over 40 African countries, Prembly has established itself as a leading provider of identity verification, compliance, and online security solutions across emerging markets,

The startup offers the ultimate KYC and Compliance experience across Africa, helping businesses verify, gain deeper insights about customers, and detect and prevent fraud using data directly from authentic issued identifiers and AI-powered technology.

In 2022, Prembly won the Fastest Growing KYC & Verification Company Award during the 2022 NBLA Awards organized by BusinessDay.

With monthly identity verification rates in millions, 100s of digital businesses across emerging markets are being powered to greatness by Prembly’s base array of AI-powered software, which includes, Crypto, Gaming, FMCGs, financial institutions, public sectors, Insurance, Alcohol, and Tobacco.

In terms of unique products, the company has quite a number of them, and one major one with the highest coverage, is its document verification endpoint which allows businesses to verify over 6500 documents across hundreds of countries and regions.