Mobile payments

Digital EconomyOpinion

Africa’s mobile money platforms are failing their festive stress test

With mobile money transactions peaking in December, weak encryption and simple PINs provide opportunities for cybercriminals targeting Africa's digital payments
The exterior of a shop offering mobile money services in Kampala
Digital EconomyScience & Technology

Media often tout fintech as answer to Africa’s problems, overlooking its downsides

African headlines often praise fintech as solving the continent's economic problems, but some political economists and social theorists challenge this narrative
Three communications and politics researchers wondered whether African journalists were uncritically talking up fintech or were warning of its risks. They analysed news coverage and looked at journalism published between 2016 and 2021 by leading newspapers in Kenya, Uganda, and South Africa, as well as through the AllAfrica news aggregator. Based on their initial examination of 368 articles, they identified nine themes or frames that appeared frequently in news coverage of fintech.
Digital EconomyOpinion

PostBank’s mobile wallet worthy addition to financial inclusion arsenal, says BoU deputy governor

Central Bank deputy governor advised PostBank to ensure that its Wendi platform is efficient, reliable, user-friendly, and secure to protect user data
Michael Atingi-Ego, deputy governor Bank of Uganda, stands with other officials at the launch of PostBank's Wendi mobile platform, 1 November 2023
CompaniesPolitics & Policy

Government considers taxing PayWay, Ezeemoney and similar platforms

The government is mooting imposing taxes on "alternative" payment platforms like PayWay, Ezeemoney, and agent banking because the recently introduced mobile money tax does not apply to them, according to the state minister for finance
A mobile money kiosk in downtown Kampala. Credit: Edgar Batte/Uganda Business News
CompaniesDigital EconomyPolitics & Policy

Prime minister, finance minister and IMF resident representative to speak at bankers’ conference

One of the things to watch out for at the annual bankers conference is what bankers say about the new levies on mobile money transactions, especially, which have become a central feature in their digital offerings, and excise duty increases
UBA poster for the 2018 Annual Bankers' Conference
Digital EconomyPolitics & Policy

Museveni calls 1% mobile money tax a mistake, orders for refund of deductions

First, President Museveni reduced the mobile money tax from the initial 1% of all transactions to 0.5% on transactions other than deposits. Now, he's explained his directive - calling the 1% levy a "mistake" and ordering a refund for those taxed at that rate
A mobile money agent in Gulu, Northern Uganda
Digital EconomyEconomyPolitics & Policy

Mobile money dominates formal sector financial inclusion, limitations and all

Financial inclusion is low in Uganda because banks find it costly and unprofitable to extend services to rural areas. But even in urban areas, their services are expensive. Mobile money is the only financial service that has bucked those trends
Digital EconomyPolitics & Policy

Telecoms start collecting social media and mobile money taxes

The new measures, which went into effect on Sunday, include a 1% charge on every mobile money transaction and a Shs200 daily levy for the use of social media
Digital EconomyOpinion

The uneasy relationship between online betting and mobile money

Supporters of mobile-based sports betting in Africa will tell list off a number of gambling benefits including increased employment opportunities, easy money for low-income earners, tax revenue for government, and general economic growth.
Economy

Banks and Visa seek slice of maturing mobile money sector

Stanbic's platform is the second mobile banking product after MoKash, a partnership between MTN and Commercial Bank of Africa which launched in August. Kenya's Equity Bank is also exploring the possibility of extending its Equitel service to Uganda.
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