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⭕ Yes! it's happening. #Remittance surpasses #FDI in low and middle-income countries (#LMICs). Thanks to Fintechs, it is easier to send money inter-regions ✴ #Remittances overtook foreign direct investment #fdi in low- and middle-income countries for the first time in 2022. ✴ International remittances have recovered from the dip in 2020 due to the #COVID19 pandemic. Migrants sent an estimated USD 831 billion in international remittances #globally in 2022, an increase from USD 791 billion in 2021 and significantly more than USD 717 billion in 2020. ✴ Low- and middle-income countries continued to receive vast sums of remittance #inflows, which increased by 8% between 2021 and 2022 from USD 599 billion to USD 647 billion. ✳ Since the mid-1990s, remittance has also greatly surpassed Official Development Assistance, i.e., government #aid designed to "promote developing countries' economic development and welfare. ✳ The combination of factors such as diaspora support, global migration trends, improved remittance infrastructure, economic conditions abroad, exchange rate fluctuations, government policies, and financial inclusion efforts all contribute to the increased flow of remittances into Africa. ⭕ Importantly, #Fintechs are making it easier and faster to remit money. ♻ How are African policies prioritizing remittances over FDI? ♻ We need a diaspora investment fund to support mega projects, do you believe so? #remittance #foreigndirectinvestment #aid #inflows #Africa #llc #policy #fintechs #global #covid19 ATLMoney RemitAll Software Regis Romero Alfredo Muñoz García Cecilia Ihrivbogbe Sam Aidoo saher sidhom Sam Moncur LLB Sam Kimangu Nkosi Moyo Nkosana Roda Eugenia Addai Nkrumah Teresa Nkonge Munene N. Adetutu Fafore Fafore Olusegun Michael CHRISTINE MWENDWA NKONGE

Why African Central Banks Not Prioritizing Multi-CBDCs Projects  ✴ Africa represents 8.5% of central banks that have announced issuing retail central bank digital currencies (#rCBDCs) in different stages. ✴ Also, 32.7% of the central banks have publicly announced their intention to issue #CBDC, whereas 67.3% of central banks have not shown interest. ✴ Nigeria is the first and only country to launch its #eNaira in Africa, whereas Ghana’s #eCedi is in the piloting stage. Nigeria partnered with Bitt Inc. and Ghana contracted Giesecke+Devrient (G+D) as the technology service provider. ✴ Yet, research into multi-rCBDCs projects which has the potential to bridge payment deficiencies has not been prioritized. Unlike the Europe and Asia countries, central banks in Africa need to interlink rCBDCs to achieve significant financial interoperability and bilateral trade. ⭕ This report establishes a #framework for interlinking rCBDCs in the continent’s financial ecosystem that includes; 🔹 Agreement and setting strategic goals 🔹 Developing technical infrastructure 🔹 Features considerations and settlement mechanism 🔹Deployment and management ⭕ It promises to revolutionize how individuals, businesses, and governments transact, offering numerous benefits such as increased financial inclusion, enhanced efficiency, and reduced transaction costs. #Africa #digitalcurrencies #centralbanks #retail #wholesale #CBDCs #interlinking #interoperability #multiCBDCs #projects #financialinclusion #crossborderpayments #eNaira #eCedi #Nigeria #Ghana #SouthAfrica #Kenya #Zambia Cosmos Obeng Panagiotis Kriaris Cyril Okoroigwe CISA, CISM, CRISC, PMP Dr Ligia Catherine Arias-Barrera

Nigeria's cybersecurity levy: What are the exempted 16 transactions? Nigeria's central bank introduces cybersecurity levy on e-transactions among #banks, #PSPs and other #financialinstitutions. ⭕ Cybersecurity levy collection process 1️⃣ 0.5% be deducted from consumers' original transactions. 2️⃣ The account holder institutions (banks, PSPs, NBFIs) will remit the levy. 3️⃣ The institutions will deposit the remitted levies in the National Cybersecurity Fund on the 5th business day of every month 🔶 Following the enactment of the Cybercrime Act 2024, a levy of 0.5% is to be remitted to the National Cybersecurity Fund (#NCF). CBN mandates all banks, other financial institutions and #PSPs to implement the provision of the Act 2 weeks from the date of the #circular. ✴ The #levy is applicable at the point of electronic transfer origination, then deducted and remitted by the financial institutions. This means consumers or account holders are burdened with this levy which will increase transaction #cost ✴ However, the CBN exempts loans, salary, interbank and intrabank transfers, letters of credit, savings, deposits, NGOs and educational institution transactions. Here are the exempted banking transactions: 🔸 Loan disbursements and repayments 🔸 Salary payments 🔸 Intra-account transfers within the same bank or between different banks for the same customer 🔸 Intra-bank transfers between customers of the same bank 🔸 Other Financial Institutions instructions to their correspondent banks 🔸 Interbank placements 🔹 Banks’ transfers to CBN and vice-versa 🔹 Inter-branch transfers within a bank 🔹 Cheque clearing and settlements 🔹 Letters of Credits 🔹 Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts ⏩ Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers. ⏩ Government Social Welfare Programmes transactions e.g. Pension payments ⏩ Non-profit and charitable transactions, including donations to registered non-profit organisations or charities ⏩ Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions ⏩ Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

Wondering which international countries can now access UPI? 🌍 India's Unified Payments Interface (#UPI) is gaining international accessibility, opening new avenues for seamless transactions beyond borders. 🚀 ✴ UPI, the revolutionary payments system that has transformed India's digital economy, is now extending its reach to international users. This development marks a significant step towards fostering global financial inclusion and enhancing #crossborder transactions. ✴ UPI is now in Africa (#Mauritius) and will soon be available in #Ghana and #Nigeria ✴ UPI transactions initiated on Fintech’s app are also gaining momentum. For example, #PhonePe's share of UPI payments has risen to 48.3% from 37% in April 2020, while #GooglePay's share has declined to 37.4% from 44%, according to NPCI data. The two processed a combined 11.5 billion transactions in April, 2024. 〰 Will UPI be a global payment system by 2030 ❓ 💼💳 #UPI #GlobalPayments #FintechInnovation #DigitalEconomy #FinancialInclusion #apps #fintech #npci #digitalwallet

Historic! Mastercard processes first domestic transaction in China 📢 The financial systems are connecting regions more than ever. From Fintech joint ventures, cross-border #CBDC projects, and mobile money interoperability to card network #partnerships. Mastercard is finally in China fully. ⭕ Mastercard NetsUnion, started processing its very first transactions in #China. Now you can use a #Mastercard issued in China to make payments in the country or while traveling internationally. ✴ In February 2020, the People's Bank of China (#PBOC) granted principal approval for Mastercard NetsUnion to begin formal preparations for a domestic bank card clearing institution in China. ✴ In November 2023, Mastercard NetsUnion received formal approval from the #PBOC and the National Administration of Financial Regulation (#NAFR) to commence #domestic bankcard clearing activity. ✴ By linking internationally-issued Mastercard cards to Chinese digital wallets, the program gave travelers access to the popular #QRcode payments while shopping at tens of millions of acceptance locations nationwide. This complements the nearly 100 million #cards issued to Chinese consumers for use when traveling outside the country. ✴ For decades, Mastercard has provided international visitors to the Chinese Mainland with easy and convenient ways to pay. Will #Mastercard withstand China UnionPay in the market share? #china #mastercard #cardnetwork #digitalwallet #QRcode #integration #domesticpayments #processing #unionpay Caio Mastrodomenico David Caleb, (FCA, ACCA) Joel Litman Dan Littman Alfredo Muñoz García CardX Thailand QiCard Fred Ruhiu Yaglin Naidu Peter Churchill Gift Chinaza Nnabuihe Arjun Vir Singh Keri Smith Herve Tourpe Hervé Hervé Hoint-lecoq 🇫🇷 Hermann T. Robinta Aluyi

How Nigeria's cybersecurity levy would be implemented Nigeria's central bank introduces cybersecurity levy on e-transactions among #banks, #PSPs and other #financialinstitutions. ⭕ Cybersecurity levy collection process 1️⃣ 0.5% be deducted from consumers' original transactions. 2️⃣ The account holder institutions (banks, PSPs, NBFIs) will remit the levy. 3️⃣ The institutions will deposit the remitted levies in the National Cybersecurity Fund on the 5th business day of every month 🔶 Following the enactment of the Cybercrime Act 2024, a levy of 0.5% is to be remitted to the National Cybersecurity Fund (#NCF). CBN mandates all banks, other financial institutions and #PSPs to implement the provision of the Act 2 weeks from the date of the #circular. ✴ The #levy is applicable at the point of electronic transfer origination, then deducted and remitted by the financial institutions. This means consumers or account holders are burdened with this levy which will increase transaction #cost ✴ However, the CBN exempts loans, salary, interbank and intrabank transfers, letters of credit, savings, deposits, NGOs and educational institution transactions. ⭕ Cost of transaction in Africa In 2021, Tanzania and Nigeria were the countries in Africa with the highest costs incurred on remittances sent. On average, charges for a money transfer of 200 U.S. dollars from these countries amounted to 27% and 19% of the sum sent. How would a cybersecurity levy affect mobile transfers in Nigeria?

Google Wallet Launches in India, Partners Key E-commerce Firms ▶ There are over 67 million active users of Google Pay in India ▶ Google Pay owns 36.10% of the mobile application market in India. ▶ Millennials are 30% of active users of Google Pay. ▶ Over 100,000 retailers and businesses in India accept Google Pay as a payment method for in-store and online purchases. ✴ Tech giant Google has launched the Google Wallet app for Android users in India, partnering with a slew of e-commerce and ticketing partners. ✴ Google Wallet allows users to store tickets, boarding passes, loyalty or membership cards and more for easy access. At launch, Google claims to have 20 brands as partners, including cinema chains PVR Limited & INOX, national carriers Air India Limited and Indigo, as well as e-commerce and fintech players such as Flipkart and Pine Labs. ✴ Besides this, commuters and passengers on Kochi Metro, Hyderabad Metro, VRL Travels, and Abhibus can also store their passes and #tickets on the #app. Google has also partnered with system integrators such as Wavelynx and Alert Enterprise to bring corporate identity #badges to the Wallet app. #GoogleWallet is a separate product from Google Pay in India, whereas it’s offered with payment features in other markets. ✳ Google Wallet vs. Google Pay #GoogleWallet is a 'secure and private digital wallet' that allows users quick access to loyalty cards, pass tickets, keys or IDs that they share on the app. #GooglePay, on the other hand, is a way for users to manage their money and finances https://lnkd.in/g4Pur9R6 #googlewallet #mobilepayment #googlepay #fintech #ecommerce ATLMoney RemitAll Software #ticket #metro #india

Nigeria introduces cybersecurity levy on e-transactions: How would this affect financial institutions? ⭕ Businesses must institute resilient #cybersecurity measures to protect their #customers or users. 💠 But who pays for instituting cybersecurity technologies and compliances in such a situation? 💠 This takes us to Nigeria as the Central Bank (#CBN) introduces Cybersecurity Levy- a burden on consumers. The cost of e-transactions seemed not to be reducing in most African countries. 🔶 CBN has ordered #banks and other #financialinstitutions operating in #Nigeria to start charging a cybersecurity levy on #transactions. 🔶 Following the enactment of the Cybercrime Act 2024, a levy of 0.5% is to be remitted to the National Cybersecurity Fund (#NCF). #CBN mandates all banks, other financial institutions and #PSPs to implement the provision of the Act #twoweeks from the date of the #circular. ✴ The #levy is applicable at the point of electronic transfer origination, then deducted and remitted by the financial institutions. This means consumers or account holders are burdened with this levy which will increase transaction #cost ✴ However, the CBN exempts loans, salary, interbank and intrabank transfers, letters of credit, savings, deposits, NGOs and educational institution transactions. ⭕ Cost of transaction in Africa In 2021, Tanzania and Nigeria were the countries in Africa with the highest costs incurred on remittances sent. On average, charges for a money transfer of 200 U.S. dollars from these countries amounted to 27% and 19% of the sum sent. How would a cybersecurity levy affect mobile transfers in Nigeria? #cbn #nigeria #levy #cybersecuritylevy #banks #financialinstitutions #psp #fintech #consumers #electronictransactions Kenneth Ikenwa Cyril Okoroigwe CISA, CISM, CRISC, PMP Cynthia Minifi/AdjoahCee Cecilia Ihrivbogbe Blessing Ogbonna Fintech Association Of Nigeria Fintech Association Of Kenya Maria Fearon CAMS, DCP, CRCMP, MSc Dr. Babatunde Oghenobruche Obrimah - FNIM, PMP Ogechukwu Christabel Okenegbu Chidozie Oguaghamba Austin Okpagu, Ph.D Abimbola Ogunti, MBA, MMIE, RSM David O. Ogunsola

India is set to link UPI with Ghana's GhIPSS 📍 India’s UPI is becoming a global asset, linking national payment systems and streamlining bilateral trade by minimizing dependency on third-party #currencies. 📍 UPI is now available in countries such as France, Singapore, the United Arab Emirates, Sri Lanka, Nepal, etc. ✴ Recently in Africa (Mauritius), Ghana may be the second country to tap UPI technology with GhIPSS (Ghana Interbank Payment & Settlement Systems) ✴ According to the India News Network and Times of India (#TOI) India and Ghana are collaborating to enhance money transfers by international money by integrating #UPI and #GhIPSS. The two countries are exploring digital solutions aimed at UPI operation in GhIPSS in the next 6 months. ❇ Detailed discussions on this issue were held at the Joint Trade Committee (JTC) meeting between senior Indian officials and with their Ghanaian counterparts in Accra on May 2-3, 2024” ✳ This includes a potential agreement on a system for settling trades in local currencies, which is a way to leverage the African Continental Free Trade Agreement (#AfCFTA) ✴ When achieved, integration will allow both countries to transfer funds instantly and at a lower cost. Boosting trade 🔸 In January 2024, India #exported $115M and imported $94M from Ghana, resulting in a positive trade balance of $21.1M. Between January 2023 and January 2024 the exports of India have increased by $35.1M (43.9%) from $80M to $115M, while #imports increased by $83M (754%) from $11M to $94M. Remittance 🔸 The number of #Indians living in #Ghana is about 15,000. Some of the PIOs have been in Ghana for over 70 years (High Commission of India, 2023). Integrating UPI and GhIPSS will improve remittance services for families and persons from each country. Opportunity for Fintech 🔸 There are hundreds of #Fintechs and #Startups in Ghana and India. The integration will possibly promote fintech and startup activities by being indirect participants and enhancing collaboration with fintech firms in both countries. Read similar research reports from https://lnkd.in/eP__5e93 PAPSS and UPI Integration Integrating India’s UPI to Payment Systems in Africa Cedric N'guessan Alfredo Muñoz García Arjun Vir Singh Africa Finance Corporation Jayaprakash J Juliana Kamala Jay Matwani Jay Donovan Yasmina GHIAR Juliet Yayra Dzasi Yusuf Shonibare Abubakar Yuriy Chayka Hugo Mira Hua Li Hubert Ansiri-Asafoakaa BSc, MFin HUJI VC Club

Payments-focused fintechs now number more than 5,000 globally Boston Consulting Group (BCG) has published the global payment report 2023 with interesting facts. Key Highlights: ☑ Total payments #revenues grew at an annual rate of 8.3% from 2017 to 2022, taking the revenue pool to $1.6 trillion at the end of 2022. Revenue growth is likely to slow to 6.2% annually through 2027, with the revenue pool reaching $2.2 trillion by then. Of this amount, transaction revenue from #card and account-to-account payments rails is on track to grow by 7.1%. B ☑ Slowing revenue growth comes from an expected shift in the retail payments mix from cards to account-to-account transactions, along with compressed card margins in some markets. ☑ Total #shareholder returns have plummeted. The top 20 largest payment companies saw their #TSR drop by an average of 20% over the past two years. #Acquiring and payment processing witnessed the sharpest declines, with TSR falling by roughly 40%. Payments-focused #fintechs now number more than 5,000 globally and account for about $100 billion of total industry revenues. ☑ Digital currencies are moving from concept to reality, as more than 90% of central banks actively experiment with them as a complement to cash. At current rates of development, retail and wholesale central bank digital currencies could be operational in some countries in every region in five to ten years. ☑ Tech modernization is intensifying, and GenAI is exploding onto the payments scene. Both could transform payments. In product development alone, GenAI-enabled software coding could boost productivity by 20%. ☑ Regulatory authorities are increasing their scrutiny of payments, expanding the rule set, and stepping up enforcement. This will put the risk management and compliance practices of both established and nontraditional players to the test. ☑ Although M&A continues to be an important lever, it is shifting from megadeals to capability-led moves, with a particular emphasis on alternative payment methods, integrated software vendors, value-added services, and loyalty Link: https://lnkd.in/e-cMMmxx Aditya Kumar Cedric N'guessan Efi Pylarinou Eméric Tokoudagba Edmond Themba Matimela Dr Ligia Catherine Arias-Barrera Gacheri Mwongera BCG X Gabrielle Bugat Caio Mastrodomenico Carina Appiah Panagiotis Kriaris Paulus Jimmy (陈天上), FMVA, CBCA, CFP, AWP Maria Fearon CAMS, DCP, CRCMP, MSc Maria Santa Maria Mariam Sanusi