Kenya and Senegal are leading the continent’s “Internet GDP”, according to a report by McKinsey & Company called “Lions go digital: The Internet’s transformative potential in Africa”. This is despite the two countries not being Africa’s largest economies. According to the report, the countries achieved this through their respective governments’ efforts to encourage Internet demand, which has driven private consumption that now accounts for more than 85% of GDP in each country. Source: Daily Nation
Money transfers for traders in Uganda
A new initiative that interlinks Uganda’s regional banks will allow traders to transfer money across borders in the East Africa region within days. The initiative forms part of the East African Community to grow capital markets in Uganda, Kenya and Tanzania, with Rwanda and Burundi expected to join later. Settlements using the East African Cross Border Payment System are made immediately, unlike the two or three days it took in the past. The previous system made use of a third-party commercial bank, while the new method allows traders to go to any commercial bank in the region. Source: DailyMonitor
Kenya’s ECB bank launches app
Kenya’s Equatorial Commercial Bank has released a mobile app for customers to access banking services on their smartphones. Customers will be able to access mini and full financial statements, loan requests, airtime top-ups, M-Pesa and Airtel money transfers, and ATM and branch locators. The app can be downloaded for Android, iOS and BlackBerry smartphones with a basic Web-based version for Wap-enabled feature phones. A USSD code, *286#, serves as a platform to offer the same services on basic devices. Source: ITWeb Africa
Safaricom launches e-commerce payment system
Safaricom has launched an online payment system in Kenya called Lipa Na M-Pesa that lets local traders accept online payments for its sales of goods and services. Safaricom CEO Bob Collymore says the ability to conduct financial transactions using mobile phones is a vital part of life for millions of Kenyans. “The entry of M-Pesa into the online space is a game changer that is bound to transform the conduct and uptake of online trade in Kenya.” More than 18m M-Pesa customers now have access to the new service either as entrepreneurs or customers. Source: Niaje.com
