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Cashless economies – Fact or Fiction?

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Ebo Richardson Chief Enablement Information Officer Absa Bank Ghana 1
Ebo Richardson, Chief Enablement & Information Officer, Absa Bank Ghana

There is no doubt that Covid-19 has accelerated digital and technology adoption across the Continent, driving banks and other businesses to fast-track their digital transformation efforts and expedite creation of solid platforms for innovative solutions.  One obvious manifestation of this has been the growth of online transactions and ongoing embedment of 24/7 banking.  But the question remains: What lies ahead, as we approach what is expected to be a “better normal”?

 

Digital Banking in Africa

While cash is still predominantly used for payments across the African Continent, great strides have been made towards the realisation of the so-called “cashless society”.  Of course, Covid-19 has been a key catalyst, with lockdowns, health and safety protocols, and merchant / commercial restrictions significantly limiting physical interactions and thus reducing cash-based transactions.  The fact is, going cashless, or at least “cash-lite”, is possible and remains a likely future scenario, given the development and trends we are seeing.

Banks and other financial institutions, however, will need to provide incentives and demonstrate unparalleled convenience in order to encourage consumers to make the switch in a sustainable way.  Additionally, and perhaps more importantly, regulators will need to create the requisite policy frameworks that stimulate and support adoption, as well as safeguarding consumer interests.

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Indeed, Rwanda is one of the African countries leading the charge, with a goal of being a cashless society by 2024.  Significantly, in alignment with this goal, the Rwandan government recently provided free meters to all taxi drivers, ensuring that only digital payments could be made.  Kenya is following suit, with some fees on mobile money transactions being waived during the pandemic, coupled with a surge in online shopping.  As a result, experts estimate that Kenya could become a cashless economy by 2033.

Ghana is also making important and progressive strides, driven by the government’s digitization agenda, which has seen the introduction of Mobile Money Interoperability (MMI), the launch of National Universal QR Code, and other payment systems projects in partnership with Banks, Telecos and Fintechs.  Just like Kenya, the waiver of some fees on mobile money transactions during the height of Covid-19 and the sustained incentives from some organisations, including Absa Bank, continues to encourage and promote digital payments.  In addition to higher daily transaction limits, Absa offers customers transfers from mobile money wallets to bank account at highly competitive rates ad free contactless payments, which save customers time and hassle while assuring their safety and security.

Overall, sector players are acknowledging the benefits of digital payments, noting that they are more convenient and safer for customers, and that they will inevitably reduce crime and fraud while promoting the inclusion of more people into formal financial services.  In addition to further increase in mobile and online transactions, indications are that we will see a notable shift to contactless payments, QR codes payments, and eventually even wearables.

 

Customers will want personalised digital journeys

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Think a personalised Netflix profile, but for banking!  Of course, personalised customer experiences in banking are far more complex as there are multiple factors and important regulations to consider; but they are entirely achievable.  Logging in should be a breeze and user interfaces should be intuitive and easy to navigate, complemented by specific product insights and recommendations.  Round the clock, expert support, whether it be live-chat or a click-to-call option will be non-negotiables.  Consequently, banks will need to come to the fore with reliable, secure and integrated digital technology systems in order to meet ever-evolving customer expectations.

Furthermore, it is pivotal that financial institutions view technology as an essential enabler, and that artificial intelligence (AI) and machine learning (ML) are not only considered for internal processes, but also as an effective way to boost self-service options.  Chatbots are fast becoming the norm when it comes to automated client queries (such as Absa’s Abby on WhatsApp), while machine learning can deduce user intent and match digital products with specific needs.

 

Regulation and Resilience will be key

With new technology comes the requirement for appropriate regulation.  The EU’s General Data Protection Regulation (GDPR), for example, currently emphasises the ‘right to explanation’ if an AI algorithm deems a customer ineligible for a loan or financing.  Banks will need to understand legislative expectations around emerging innovations and be in a position to meet them.

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While there is still some regulatory ambiguity in some African countries, overall, policymakers have made noteworthy progress in implementing customer-centric frameworks that promote governance, support tighter lending requirements, and encourage financial inclusion and innovations.  Further to this, the rise in cyber-risk exposures as a result of increased digitisation, lends itself to an increased focus on building business resilience, as well as an increased need for specific cybersecurity legislation – particularly when it comes to data and privacy laws.  As this risk increases, policymakers are bound to take notice, with possible regional frameworks coming to the fore.

The banking sector as a whole is expected to be stable and healthy in order to kick-start economies and stimulate growth, especially post-pandemic.  To achieve this, banks will need to discard legacy infrastructure in favour of smarter, integrated and more resilient cloud-based platforms.  This will enable institutions to manage and access data quicker and bring products and solutions to market much faster.  Ultimately, digital banking should be viewed as a meaningful way to connect with customers across each stage of their life journeys.  What certainly won’t abate going forward, is customer centricity, and the desire to meet customers at their point of need.

 

By Ebo Richardson

Chief Enablement & Information Officer, Absa Bank Ghana

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Gavi and UNICEF welcome approval of new oral cholera vaccine

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Gavi, the Vaccine Alliance, and UNICEF welcome the news that a new oral cholera vaccine (OCV), Euvichol-S, has now received WHO prequalification and can be made available to countries around the world. The prequalification of this new product will help EuBiologics, the manufacturer, produce more volumes of vaccine, faster, and at a lower cost – a key step to expanding supply amidst the ongoing acute global upsurge of cholera outbreaks.

Today’s approval will help increase the overall supply of OCV available in 2024, with approximately 50 million doses now forecasted to be available to the global stockpile this year, compared to 38 million in 2023. Euvichol-S is an important product innovation: a simplified formulation of Euvichol-Plus that reduces the number of vaccine components – delivering a vaccine that studies have shown remains equally effective against key cholera serogroups while lowering production cost and complexity – thus allowing for larger volumes to be produced faster.

Cholera has been surging globally since 2021, with high case fatality rates despite availability of simple, effective and affordable treatment. The large number of outbreaks has led to unprecedented demand for vaccines from impacted countries. While global OCV supply has increased eighteen-fold between 2013 and 2023, the large and sustained spike in demand has put a strain on the global stockpile of OCV. Partners and countries are working urgently on cholera response, prevention and control measures in the face of this crisis, and have called on countries, manufacturers and others to support. Most recently, Gavi, UNICEF and partners announced the largest ever global deployment of cholera diagnostics to support surveillance and response.

“Prequalification of Euvichol-S represents a lifeline for vulnerable communities around the world,” said Dr Derrick Sim, Managing Director of Vaccine Markets & Health Security at Gavi. “Every vaccine dose delivered through Gavi programmes today represents years of planning and investment to shape the market so supply matches countries’ needs. The approval of this new product could not have come at a more important time given the acute upsurge of cholera outbreaks we are seeing worldwide. We commend EuBiologics for their role in ensuring countries around the world have access to cholera vaccine as part of their response toolkit.”

EuBiologics is currently the only supplier of OCV to the global stockpile, although other manufacturers are expected to have products available in the coming years. Gavi, the Vaccine Alliance works to shape the OCV market, and funds the global stockpile of OCV doses, along with transport and vaccination activities in lower-income countries. UNICEF leads on procurement and delivery of doses to countries. Use of the stockpile for emergency response is overseen by the International Coordinating Group for Vaccine Provision (ICG), led by WHO.

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“Despite cholera being preventable and easily treatable, children continue to suffer from this potentially fatal disease. UNICEF has already secured access to all the available doses of the just-approved vaccine and will deliver these to the countries at the highest possible speed,” said Leila Pakkala, Director of UNICEF Supply Division. “The approval means that UNICEF can increase the procurement and delivery of cholera vaccines by more than 25%, pushing back harder on deadly cholera outbreaks.”

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Isap Music Drops ‘Naomi’ As First Single of The Year

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Ghanaian Hip-Life/Hip-Hop artiste, Isap Music has today officially released his premiere single of the year, “Naomi” on all digital streaming platforms.

The new single is an Afrobeats record that boarders on the thin line between love and obsession.

Isap Music opens with a reassurance for that special someone as he plans to put a ring on her finger soon. His sweet-singing voice together with the charming lyrics not only wins the heart of “Naomi,” but the listener as well.

On the DCM Records produced track, Isap Music brings a different energy to his first single of 2024, building a strong anticipation for subsequent releases as the year progresses.

However, until then, “Naomi” is simply one of the best Ghanaian Afrobeats songs released so far this year.

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Isap Music’s spectacular performance on the two minutes 27 seconds track has everything; vocals, lyrics, storytelling and ad-libs, all on point.

It’s hard to believe such a good song was produced from another person’s experience but that is exactly how the song came to life.

In an online interview with Amplify Ghana, Isap Music disclosed that “Naomi” was inspired by a friend.

“The love song was actually inspired by a friend who was so much into his girl that he couldn’t stay a day without hearing her voice,” he said.

The latest single comes after his collaboration with 2022 VGMA Best Rap Performance award winner Lyrical Joe, Suuparstar TZ and Siicie on “Yesu Frɛwo” released last year.

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Isap Music is one of the exciting new voices in the music scene. This new release, “Naomi” continues his streak of superb releases. Gaining recognition as one of the few street preachers, Isap Music’s versatility as an artist is of no doubt. He continues to share different messages and produce bangers in many genres.

“Naomi” by Isap Music is currently available on all digital streaming platforms.

Listen to “Naomi”

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Immediate Nexus: Your Gateway to Free Investment Education in 2024

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Immediate Nexus

Within the ever-changing financial environment, it’s an issue of immense importance that an investor remains at the forefront. Immediate Nexus is a beacon that avails the indispensable resources and insight to navigate an investor through manning the complexities in investment come 2024 and thereafter. Let’s delve into why immediate-nexus-ai.com is your ultimate gateway to free investment education in 2024.

Understanding Immediate Nexus: Your Gateway to Free Investment Education in 2024

It is nothing less than a whole ecosystem to be built with the idea of allowing investors at different levels of experience to obtain the knowledge and tools needed to gain a foothold in this business. Whether you are a seasoned investor or one learning the ropes of how to dabble in the finance world, the Immediate Nexus has got your back.

The Evolution of Investment Education

Traditional teachings of investment have a very short shelf life due to the fast pace with which technology and the trend of the global markets move. Immediate Nexus fills that need by providing modern investors with current, readily accessible, practical information.

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Free Resources for All

But what really strikes the most is the kind of free education toward all people without having any expense of seminars or the elite high-cost memberships. Truly, Immediate Nexus advocates that financial literacy should be made available to all, no matter where you come from or belong in terms of background or current financial status.

Expert Insights and Analysis

Investment can be cumbersome to wade through, especially for beginners. Immediate Nexus makes it easier with an expert insight and analysis curated from none but the best sources. Be it market trends or effective investment strategies, everything is there to make your decision wise.

Harnessing the Power of Community

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It doesn’t need to be a lonely journey. Immediate Nexus is a dynamic, live community where investors network, share ideas, and draw wisdom from one another. That interactive approach makes it conducive to learning at the same time, availing valuable networking opportunities.

Why Choose Immediate Nexus?

While Immediate Nexus may be a new kind of educational platform, in many ways, it is poised to soon become the go-to solution for those seeking to grow and succeed in the world of investing. Here are ten great reasons why you need to make it your go-to resource this year.

  • Holistic Content: From the guidelines of a beginner investor to the strategies which are to be followed at an advanced level, Immediate Nexus encompasses and provides information relevant to every single stage an investor might be in.
  • User-Friendly Interface: The platform friendliness comes with ease of navigating through the site, intuitive design, and a friendly interface.
  • Timely Updates:** Actual happenings in the capital and financial markets, economic development, and investment opportunities.
  • Interactive Learning: Engjson Quizzes, Interactive Tutorials, and Live Webinars assist learners in polishing skills and strengthening their learning.
  • Community of Trust: Be a part of an elite community of like-minded investors, share knowledge and support each other in growth.

Conclusion

Your Gateway to Free Investment Education in 2024 is not a platform—it’s a revolution, an immediate nexus revolutionizing ways people think about investment education. Equip your financial future with all the expert insights and resources that you would have needed, including a lively community. Join the movement today and take your first steps toward financial freedom.

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Mastering Bitcoin Trading: The BitLQ Matrix Advantage: A Path to Financial Freedom

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The financial opportunities, though, in mastering the trading Bitcoin are huge in this dynamic world of cryptocurrency. BitLQ Matrix strategy stands like a beacon of assurance and profitability among the myriad strategies available. This paper, therefore, seeks to detail the encapsulated greater benefits within the bitlq.app Matrix and illustrate how one could optimize his trading to achieve financial freedom.

Understanding Bitcoin Trading

Bitcoins are the first and leading cryptocurrency ever to evolve, and it altered the thinking of how the world used to look at finances. Bitcoin trading is a process through which one can speculate on the price movements of them and, in turn, takes home profits by analyzing the markets and makes a deciding move. Trading in bitcoins is very demanding in nature since it is very unpredictable. Good knowledge and strategic acumen are expected to surge through the market fluctuations victoriously.

Embracing the BitLQ Matrix Advantage

Mastering Bitcoin Trading: The BitLQ Matrix Advantage

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The BitLQ Matrix is not some trading strategy but a whole, complete framework aiming to trade optimal results while controlling risks most efficiently. This revolutionarily uses LQ to guide traders through informed considerations in making decisions for the best possible profits with the least possible vulnerability to market volatility.

Liquidity: The Backbone of Trading Success

Liquidity is the base that underlies any trading pursuit to support transactional ease and participation in the market. Priority to the BitLQ Matrix trade is given, executed seamlessly without slippage, or at least at the most minimal level, for the efficient trade execution at the best entry and exit levels.

Quantity: Balancing Risk and Reward

In this respect, good risk management becomes highly imperative while trading in Bitcoins, and with the BitLQ Matrix, there is a good balance since traders can put in the emphasis on the importance of trade quantity. By doing so, the traders will accurately calibrate the position sizes to market conditions and the risk-taker’s risk-bearing ability to ensure they make a better risk-reward ratio and protect the capital from likely losses.

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Quality: Elevating Trading Standards

Quality, in this case, regards the level of trades executed within BitLQ Matrix. This gives traders the opportunity to spike up their trading standards further, promoting the desired consistency and profitability from their undertakings.

Unveiling the Benefits

The BitLQ Matrix offers a plethora of benefits to traders seeking to master Bitcoin trading:

  • Increased Precision: With these details of liquidity, quantity, and quality at disposal, traders can be able to execute their trades with pinpoint accuracy, zero error tolerance, and hence reap all the profitability possible in their trades.
  • Risk Mitigation: The strategy of risk management integrated into BitLQ Matrix enables traders to be in a position where they could avert their possible losses and preserve capital in times of market downturn.
  • Consistent Profjson: The BitLQ Matrix principles will assure that you profit on a consistent basis, fostering sustainability for long-time success in trade.

Conclusion

This exciting journey into Bitcoin trading within the BitLQ Matrix soon turns into an adventure of financial independence and prosperity in one of the most lively and fast-changing cryptocurrency markets. You apply liquidity, quantity, and quality principles toward revealing limitless opportunities for profit multiplication and growth sustainability. Seize the advantage today and embark on your path to financial freedom with the BitLQ Matrix.

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Nana Quasi-Wusu Celebrates 10 Years In Broadcasting

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Renowned multiple Award winning Ghanaian media personality and a Humanitarian, Nana Quasi-Wusu, popularly known as PM, commemorates a decade in media as a broadcast journalist filled with exceptional stories and excellence. (more…)

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BLISS GVS PHARMA GHANA DONATES MEDICINES AGAIN TO CAPE COAST TEACHING HOSPITAL

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Spearheading the initiative for the fourth consecutive year, Bliss GVS Pharma’s campaign, “Act for Africa: A Malaria-Free Continent,” aims to provide crucial medical support to combat malaria, particularly in vulnerable communities.

In a significant stride towards eradicating malaria from the African continent, Bliss GVS Pharma Ghana reaffirms its commitment to corporate social responsibility by donating over GHC 250,000 worth of medicines to Cape Coast Teaching Hospital and Winneba Trauma Hospital to commemorate approaching World Malaria Day 2024.

The gesture underscores Bliss GVS Pharma’s dedication to ensuring that every individual gets access to high-quality medicines, particularly in regions heavily burdened by malaria. The donation encompasses anti-malarial and other essential medicines like LONART, GSUNATE, Fricks, Gacet and many more.

The driving force behind this noble vision is the Managing Director of Bliss GVS Pharma, Mr. Gagan Sharma. His unwavering belief in the fundamental right to healthcare motivates the company’s endeavours to make a tangible difference in the fight against malaria.

Pharm Rosemary, the representative of Bliss GVS Pharma, underscored the company’s steadfast commitment to malaria eradication, she said it is our social duty to contribute towards ensuring that no one is deprived of essential healthcare, especially in the battle against diseases like malaria. Through our ‘Act for Africa’ campaign, we aim to play our part in making Africa a malaria-free continent.”
Dr. Eric Kofi Nyedu, Chief Executive Officer of Cape Coast Teaching Hospital, who lead a delegation to receive the items expressed profound gratitude for Bliss GVS Pharma’s benevolent gesture, stating, ” We’re grateful for Bliss GVS Pharma’s generous antimalarial and other essential medicines donation, which strengthens our ability to treat patients, especially during peak malaria season and health outreaches in villages around the Cape Coast enclave. We have identified that Bliss GVS is dedication to improving community health through our partnership and we will always recommend them”
The donation of GHC 276,000 worth of medicine symbolizes Bliss GVS Pharma’s commitment to corporate social responsibility and its belief in the transformative power of collective action. By partnering with healthcare institutions such as the Cape Coast Teaching Hospital and Winneba Trauma Hospital, the company endeavours to strengthen healthcare delivery and improve access to malaria treatments.

In addition, the students of the Cape Coast Nursing and Midwifery College were engaged in a health talk where resource persons equipped them with topics on personal and vaginal hygiene, malaria prevention, and spread.
On World Malaria Day 2024, as the global community unites to amplify efforts against malaria, Bliss GVS Pharma Ghana stands as a beacon of hope, illuminating the path towards a healthier, malaria-free future for Africa.

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