People & Lifestyle
Fintech: An Access Route to Unbanked Populations in Africa
With a rapidly growing population, and a younger generation of tech savy workers n, Africa is poised to become the next global market leader. Today the continent’s population is over 1.4 billion . The advancement in technology, propelled by the urgent need to reconcile demand and supply has led Africa to work towards being increasingly competitive on the international scene. Despite tremendous advancements in trade and improved financial accessibility and communication technologies, a huge part of the continent is still unbanked.
The circuit of internet accessibility and reliability is growing exponentially on the continent, but nevertheless, the majority of consumers still don’t have access to bank services. The reality is even worse when it is gender compared. The UN Women data shows that approximately 1.3 billion women in the world are unbanked, of which ¾ of that population have never owned a bank account. There is no doubt that, to ensure traceability for micro economic aggregates, it is important to be able to account for the population which constitutes that economic projection through their financial flows. This has also been a huge impediment to ecommerce.
Despite their willingness to operate on every corner of a given territory or continent at large, our population, especially women are still held back by this challenge. Africa’s large unbanked population is mainly caused by poor infrastructures (transportation networks, communication networks), low literacy rate (that is the ability to understand and use certain services and technologies), government red tapes and myriads of technological barriers. Companies like Jumia, the leading e-commerce platform in Africa, however, have learned how to bypass this setback with services such as JumiaPay.
Fig1: Graph showing unbanked population worldwide. Africa houses the highest of them all.[1]
Data from penser, a specialist consulting firm focused on the payments and Fintech industry, outline that sub-Saharan Africa alone has the tremendous potential to house Fintech and ecommerce, as well as ensure their survival and continuity over time. This explains why the ecommerce leader in Africa, Jumia, founded mechanisms to overcome bottleneck challenges, as well as geographical and technological means to satisfy its ever-growing market in Africa. With its presence in 12 African countries and the advent of the COVID -19, the market for ecommerce and Fintech was both challenged and faced significant changes. It was both a time to re- think and , re-invent the new normal of ecommerce for our unbanked population with limited resources, which is o also faced with geographical and sanitary barriers.
Fig 2: Macro Economic Factors driving Fintech in Africa[2]
Generally, ecommerce greatly prosper in territories where the greater part of the consuming population has access to first; national IDs or any official document which will permit them to obtain or have access to banking systems (bank accounts, access to credits, bank cards etc); but also, most especially in areas where the population is ready to embrace new technologies and where the government has made available the necessary infrastructures and policies to welcome such companies. The particularity with Africa at large is that ecommerce or Fintechs don’t only have to face government barriers, but internet penetration, geographical possibilities, education and also limited financial resources (of populations) to subscribe to these services. In recent years, a more effective approach was developed by Jumia, that of mobile payments to replace payment on delivery. This did not only revolutionise the ecommerce sector, but also how Fintech could better apprehend the problem of accessibility to unbanked population. As more people are beginning to use smart phones on the continent, it becomes easier for them to profit from online banking services without necessarily vising a bank. With JumiaPay, the main Fintech incorporated technology of Jumia, customers can now recharge their phone, pay utility bills, make hotel reservations, book a ride, order food from their favourite restaurants and more.
Fig 3: Master card unbanked populations[3] Fig 4: JumiaPay[4]
Forging innovation yet challenging future ahead
This innovation comes at an important time as cash on delivery becomes more challenging and difficult to monitor. Also, it has created unprecedented access to unbanked populations in Africa, which reached its climax during the Covid-19 era as government barriers didn’t permit people to continue trading using the traditional methods (physical exchanges, supermarkets purchasing just to name a few). The service gives users a high secured mode of payment, which puts them at the centre of every operation. Once on the app, users can access it via their fingerprint or pattern lock. Also, no payment is completed on the app without sending an OTP (One Time Password) via a registered phone number or email. That way, the customer can be assured no unwanted transactions can be performed. Furtherance, customers get an email for every transaction performed on the app, ensuring traceability, trust and accountability for all. These features have permitted more unbanked population to embrace Fintech services, but also to permit those who never wanted to let go of physical money to trust mobile money services. In this way, customers can follow their money online while reducing the stress for former banking systems.
Fig 5: Google.com
Creating regulations that work for all
Over the past decade, Africa has gradually become the global leader in mobile financial services. This has been proven within the start-up ecosystem, which was largely driven by Fintechs, accounting for about 25% of funding attracted by start-ups in 2020[5]. Although this success is unevenly distributed on the continent with major markets in Nigeria, Egypt, South Africa and Kenya, regulators (governments and non-governmental) in emerging markets (Ivory Coast, Ghana, Senegal, Cameroon) are showing a strong commitment to the growing sector. Fintechs have helped to boost financial inclusion on a continent where there are only five bank branches per 100.000 people, compared to 13 in other parts of the world. The Africa Financial industry summit for example has since called for an enabling environment and harmonised financial regulations to create sustainable innovation culture which will help Fintech firms expand their footprint in Africa. Moreover, financial institutions such as commercial banks are now embracing Fintechs and partnerships with them, as the relationship is mutually beneficial: Fintechs need banks to scale and banks benefit from their innovation and service offerings as the case of Jumia Pay.
Regulators are beginning to engage earlier with them, enabling the right environment to test their products and systems and offering support in risk management. They oversee consumer protection and protect depositors and financial stability by ensuring that they’re truly beneficial to consumers. This has been the case with countries like Morocco and Tunisia which are trying to catch up the trend of Fintechs as an element of development.
A promising Africa for a sustainable and equitable development
Conclusively, Financial technology has never been this important and crucial during an era of sanitary challenges (that is Covid 19), as it has considerably helped in eliminating the need for cash and allowed customers to maintain physical distance from cashiers to reduce the risk of spreading the virus. It has also helped SMEs that provide at home services to stay in operation, as their customer base could pay for goods and services remotely as the case of Jumia pay. It is thus important that regulators (governmental and non-governmental), and the population in general be able to quickly embrace Fintechs. Fintech is transforming the banking world and traditional business models and there is a clear growth potential for it in Africa, overwhelming regulatory hurdles remains a challenge which can be overcome, but it remains an essential part of all our futures, thus the need for governments, regulators, investors and entrepreneurs to work in symbiosis.
Fig 6: The potential of mobile payment in Africa[6]
Siyanda Makhubo is the Group Public Relations and Communications Manager for Jumia since December 2021. He holds a Bachelor’s Degree in Economics, Law and Sociology, an Honours Degree in Marketing and Communications, a Post Graduate Diploma in Business Administration and is currently studying for an MBA with the University of the Witswatersrand.
He has more than seven years of professional experience in Communication, Risk and Reputation, Crisis Communication and PR Advocacy both in the Public and Private sectors. His interests lie in the subject of utilizing the PR and Communications system for social justice.
Fintech
[1] The Financial Brand: https://thefinancialbrand.com/47238/redefining-financial-inclusion/
[2] Penser: https://www.penser.co.uk/article/why-africa-is-a-budding-global-fintech-hub/
[3] Master Card: https://twitter.com/CNTR4growth/status/1113875878570799104?s=20&t=iddfjFI8ByXWFJPPdiKKwQ
[4] Jumia Pay: https://techuncode.com/jumiapay-everything-you-need-to-know/
[6] Statista: https://www.statista.com/chart/27017/mobile-payment-in-africa/
People & Lifestyle
Hollard Life is the Chartered Institute of Marketing Ghana’s (CIMG) Marketing-Oriented Insurance Company of the Year
Hollard Life, the youngest of the insurance group, Hollard Ghana, has snagged the Chartered Institute of Marketing Ghana’s (CIMG) Marketing-Oriented Insurance Company (Life Category) of the year, 2022 at the just ended 34th CIMG Annual National Marketing Performance Awards held at the Labadi Beach Hotel.
According to the citation, Hollard Life was recognised for its dedication to customer-centric strategies and marketing excellence.
“The year under review saw you introducing some wonderfully crafted and customer-resonating products that sat well with your target market. The introduction of the internal mechanism to ensure the building of a well-motivated staff, grilled to handle customer pain points seamlessly, together with your CSR initiatives, which remain peerless and matchless, and more are the strong pillars that identified you as the CIMG Marketing- Oriented Company of the Year”, the citation read.
Commenting on the win, the Managing Director of Hollard Life, Nashiru Iddrisu, expressed his gratitude to all stakeholders, particularly our customers and partners, for believing in us to insure everybody they love.
“Receiving the CIMG Marketing Oriented Insurance Company of the Year Award is a testament to our steadfast dedication to client satisfaction and our ongoing efforts to change the insurance landscape in Ghana. At Hollard, we are committed to enabling more people to create and secure a better future by treating everyone with care and dignity. Although we are barely five years old, we are glad to be making strides in the insurance industry while contributing to the increase of insurance penetration in the country”, he said.
“We are thrilled to have received this award from CIMG for our marketing-focused strategy. At Hollard, we are intentional about our purpose, which drives our actions. We ensure all our products and services reach the target audience using the best marketing practices. We are keen about putting customers first in everything we do and will keep aiming for excellence in customer satisfaction,” the Group Head of Marketing and Corporate Affairs, Cynthia Ofori-Dwumfuo, added.
People & Lifestyle
EXIT 2024 brings an additional festival day and a new name for its Main Stage in honor of Nikola Tesla!
EXIT Festival has just announced the theme of its upcoming edition called STARSEEDS. Exit’s Star Children from over 120 countries around the globe will gather for a summer pilgrimage at Petrovaradin Fortress next year! The upcoming festival edition will be an invitation to awaken and unleash the potential of every individual, where each of us will have the opportunity to reach our unique purpose, under the motto – Let’s awaken our superpowers together!
Under this slogan, the 24th edition of EXIT festival will take place, during which, in honor of our and the world’s most famous inventor, futurist, and visionary, the main stage will be given a new name – Tesla Universe! The next edition of the EXIT festival will be held from July 11th to 14th, 2024, whist the day zero, July 10th, will celebrate Nikola Tesla’s birthday with a special Starseeds Takeover performance at the previously mentioned Tesla Universe stage – honoring the most significant inventor who has left an indelible mark on the world we live in today.
For centuries, human history has produced unique souls, visionaries, and revolutionaries with a mission to change the world for the better with the spark of their inner light. Figures like Leonardo Da Vinci, Martin Luther King, Frida Kahlo, Michelangelo, Clara Zetkin, and many others embody the essence of creation, they carry the wisdom of ages within them and the seed of inspiration that ignites the imagination of dreamers who come after them. They remind us that we are all interconnected, part of a cosmic symphony resonating throughout the universe.
We live in a time when each of us has the potential and the opportunity to achieve greatness and, gathered with like-minded individuals, raise the consciousness of humanity as a whole, creating unity, peace, and love among people. With this goal in mind, we will once again gather at the Fortress to, through the power of unity, awaken our hidden strengths and our own superpowers.
People & Lifestyle
Zohra Opoku pioneering sustainability at the unveiling of a new exhibition in Ghana
A major exhibition of work by German-Ghanaian artist Zohra Opoku, in collaboration with a Ghana based community-led sustainable design initiative, The Revival (founded by Kwamena Boison & Yayra Agbofah), has officially been unveiled at the Red Clay Studio in Tamale, Ghana.
The public exhibition known as TRANSFER(S) is organised by Osnabrück Kunsthalle and opened in Germany earlier in July 2023, with a monumental installation of Ibrahim Mahama’s montaged tapestry of strip-woven textiles, decommissioned jute sacks and batakaris (traditional garments cumulated from the northern region of Ghana). Now in its second phase, TRANSFER(S) will showcase the collaborative body of work led by renowned artists Zohra Opoku with The Revival (Founded by Kwamena Boison & Yayra Agbofah), For Zohra Opoku, this exhibition represents a continuation and an extension of her ‘WHO IS WEARING MY T-SHIRT’ series, which highlighted the interconnected work and intersection sustainability, trade and textile.
Kwamena Boison & Yayra Agbofah, founders and respectively Head of Design and Creative Director at The Revival, commented, “Through TRANSFER(S), we want to harness the arts and creativity to address all the difficulties that we noticed in our society, especially tackling the issues of climate change and climate action. We believe that it is crucial for artists and arts to further raise awareness. The installation goes beyond simple information sharing to deliberately using the aesthetic experience to empower the audience to imagine plural sustainable futures.”
“Identity and the sense of self in relation to different aspects of society, it is an important concept underpinning this exhibition. This is done by referencing the myriad ways individual styles and dress are closely linked to cultural displays of pride, social and economic status. The usage of secondhand garments and imported fabrics, such as table cloth and bed sheets, aim to address broader questions on the role of custom dress across communities, governance and commerce” added Opoku.
Yayra also added “collaborating with Zohra Opoku on TRANSFER(S) is a bold endeavour to use art and creativity as a powerful force for change. This exhibition goes beyond aesthetics, delving into societal challenges, climate action, and the interconnectedness of identity. This project transcends mere information sharing, inviting the audience to imagine a world where identity and self intertwine with cultural pride, social status, and the transformative power of upcycling”.
Zohra Opoku’ TRANSFER(S)’s exhibition explores the relation between the second-hand clothing industry and imports in Sub-Saharan Africa, the modern African textile industry and traditional African attire and creating awareness about the upcycled global textile waste. The project will bring together other artists, weavers, cultural icons to discuss the exhibition and it coincides with a jubilee year for Osnabrück: 2023 marks 375 years after the Westphalian Peace Treaty.
Ms. Opoku is a champion of creativity and her work examines the politics of personal identity, sustainability and climate action through historical, cultural, and socio-economic influences. She repeatedly integrates family heirlooms and her own self-image into her visual observations of Ghana’s cultural memory, embracing and celebrating the complexity, opacity, and tensions that characterise contemporary Ghana.
People & Lifestyle
From Controversy to Grace: Scott Evans Radiates Resilience Amidst Industry Backlash on Sammy Flex Show
In a recent edition of Sammy Flex’s renowned entertainment show, “Class Showbiz,” a segment took a regrettable turn as one of the pundits, Chairmo, made distasteful remarks regarding urban Gospel frontliner, Scott Evans.
The comments, coupled with affirming laughter from the host and other pundits, sparked an internet backlash, leading to a subsequent apology. Stream/Download Scott Evans’ Grace Is Luxury EP on preferred platform here.
This incident serves as a poignant reminder of the responsibility industry players bear in uplifting Ghanaian talents rather than undermining their hard work.
The crux of Chairmo’s disparaging comments centered on Scott Evans’ achievements and success in the music industry, implying that accolades and views don’t translate to genuine success.
Such remarks not only belittle the artist’s efforts but also reflect a concerning trend of tearing down fellow musicians instead of supporting and promoting their craft.
In response to the viral backlash, Sammy Flex and his team issued an apology, recognizing the inappropriateness of the comments made on the show.
While apologies are a step in the right direction, this incident underscores a broader issue within the industry—the need for a collective commitment to promoting unity, respect, and constructive criticism.
The Ghanaian music scene is a thriving hub of diverse talents, each contributing uniquely to the country’s cultural and artistic richness.
Instead of fostering an environment of healthy competition and collaboration, instances like these highlight a damaging tendency to diminish the efforts of fellow artists.
It is crucial for industry players, especially influential figures like Sammy Flex and his team, to use their platforms responsibly.
Their words carry weight and can significantly impact the perception of artists within and outside the industry. Disparaging comments not only tarnish the reputation of individual artists but also contribute to a divisive atmosphere that inhibits the industry’s growth.
As fans and stakeholders in the Ghanaian music scene, we must demand better from our industry leaders. Constructive criticism can pave the way for improvement, but demeaning language only serves to erode the foundations of unity and mutual respect that are essential for collective progress.
In view of this Scott Evans’ management has issued a press statement as seen below;
The world can only help but see the hardwork and dedication that the Gospel Amapiano genre creator has invested into his music and the level of excellence he has since introduced into the Ghanaian Gospel music scene as evidenced by his latest project Grace is Luxury EP.
Fans and naysayers alike can rightly judge via the quality of music videos, promotional strategies and Christian lyrical contents contained in his released songs such as Map3k3, 100 Percent, Best Side and his most recent Holy Father single which has earned him several deserving nominations across several awards schemes from the Vodafone Ghana Music Awards to the Praise Achievement Awards.
Let this incident serve as a cautionary tale for all industry players, urging them to prioritize collaboration, encouragement, and constructive dialogue.
As fans, let’s rally behind Scott Evans, celebrating his achievements and fostering an environment where he can flourish without fear of unwarranted criticism.
In conclusion, let us hold our industry players accountable, reminding them of the pivotal role they play in shaping the narrative of Ghanaian music.
Together, we can build a supportive and thriving ecosystem that propels our artists onto the global stage, showcasing the richness of our musical heritage. Stream/Download Scott Evans’ Grace Is Luxury EP on preferred platform here.
kindly insert this tiktok embed of the Sammy Flex show embed:
@ghanamusic #ghanatiktok🇬🇭 #Ghanamusic #fyp #scottevans #graceisluxury #sammyflextv ♬ original sound – Ghana Music
People & Lifestyle
GTA awards TOUGHA for contribution to tourism development in Ghana
In June, TOUGHA which is an association of experienced professionals in the tourism and travel industry in Ghana that offers both inbound and outbound tours was adjudged the “Best Association in Tourism” at the Business Executive Excellence Awards.
The association has over the years contributed immensely to tourism development ensuring high standards in the industry.
People & Lifestyle
1xBet recommends: don’t miss 2023 CAF Women’s Champions League main intrigue
Who will challenge the favorite duo? Reliable bookmaker 1xBet is talking about the third CAF Women’s Champions League, which will occur from November 5 to 19 in Abidjan, Ivory Coast.
Women’s football development
Women’s football is growing in popularity and winning new fans in Africa and worldwide. In the summer of 2022, the Women’s African Cup of Nations took place in Morocco which was broadcast by channels from more than 60 countries. The tournament attracted much attention, and the continent’s four best teams – South Africa (CAN winner), Morocco, Zambia and Nigeria – played in the 2023 World Cup.
At the World Cup, the only African team that failed to make it to the playoffs was Zambia. The South African national team lost 1/8 to the Netherlands (0-2), Morocco could not find arguments against France (0-4), and Nigeria only missed out on England, the future finalist of the tournament, in a penalty shootout.
The standard of women’s football on the continent grows yearly, and the prestigious CAF WCL tournament provides great opportunities for African footballers to progress and perform at the highest level.
Participants and format
Eight teams will take part in the CAF WCL finals. Athletico Abidjan received a quota as the tournament host, and Moroccan AS FAR – thanks to their victory in the last edition. SC Casablanca (Morocco), JKT Queens (Tanzania), Mamelodi Sundowns (South Africa), Ampem Darkoa (Ghana), Huracanes FC (Equatorial Guinea) and AS Mande (Mali) proved their strength in the qualifying round of the tournament, finishing top in their respective qualifying zones.
As a result of the draw, the participants were divided into two groups. Quartet A included Athletico Abidjan, SC Casablanca, JKT Queens and Mamelodi Sundowns, while Group B included AS FAR, Ampem Darkoa, Huracanes FC and AS Mande. In the group stage, each team will play one match with each of the opponents, and then the two best representatives of each quartet will play in the semi-finals. Africa’s top team will be crowned in the final match on November 19, with the losers battling it out for third place the day before.
CAF Women’s Champions League Favorites
AS FAR and Mamelodi Sundowns are considered the tournament favorites. Both teams have already won the CAF WCL and are the only ones among all participants playing in the final part of the tournament for the third time in a row.
Morocco has positioned itself as a leader in continental women’s football and is investing heavily in its development. AS FAR won its tenth domestic trophy in April and is now preparing to defend its African title.
Mamelodi Sundowns have reached the previous two tournament finals. In 2021, the team confidently beat Hasaacas Ladies 2-0 in the final, but last season, it lost to AS FAR 0-4 and is probably dreaming of revenge. South Africa’s women’s players easily qualified in their qualifying zone, scoring 21 goals in 5 matches and heading into the group stage in excellent form.
Will the main favorites be able to confirm their ambitions, or will new stars write a new page in Africa’s most prestigious club tournament? Follow the exciting women’s tournament and bet on your favorites with 1xBet!
“I Was Being Paid Gh400-Gh600 Monthly – Kuami Eugene’s Ex-Househelp, Mary
Kuami Eugene sacked me because I returned late from an errand- Mary
Lil Durk cosigns O’Kenneth and Xlimkid’s ‘Lonely Road’
Kuami Eugene shares popular phrase, “Nipa bi y3 cobra” following allegations by former househelp, Mary
Hilda Baci says Ghanaian women will pick Nigerian men over Ghanaian men because they’re the best
Kweku Flick teams up with Rocky Dawuni for ‘Praise’
Hollard Life is the Chartered Institute of Marketing Ghana’s (CIMG) Marketing-Oriented Insurance Company of the Year
Listen UP: DopeNation – Tupac
Apple Music’s Africa Now Radio with Nandi Madida This Friday with Grammy Award Nominee Musa Keys
EXIT 2024 brings an additional festival day and a new name for its Main Stage in honor of Nikola Tesla!
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