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The Bank of Ghana recently issued draft guidelines on digital asset regulation, focusing on balancing innovation with essential financial oversight and consumer protection. Check out the brief essentials of the guidelines in the attached postcard for your information. #SustineriAttorneys #BankofGhana #DigitalAssetRegulationInGhana #FinancialInnovation

Cross-border digital payment has been an issue in West Africa due to multiple currencies. Unfortunately, businesses have to rely on dollars for transactions; a development that experts agreed is not good for our economic growth. Similarly, people grapple with high processing fees as well as prolonged processing time to get their transactions done. Amidst these struggles, came Pan-African Payment & Settlement System - PAPSS, with an intent to ease business activities in the region and revolutionise the payment system. In this report, I write to deep awareness about this digital payment system and the inherent benefits. The report is produced under the DPI fellowship of the Media Foundation for West Africa(MFWA) & Co-Develop. https://lnkd.in/ddgt_Jnd

In this blog published by Making Finance Work for Africa (MFW4A), my colleague Maty Konte (Dr.) and I share interesting insights of our recent study which shows that mobile money enhances the effect of traditional financial services on labour productivity in Africa. We express our views on how the benefits of mobile money can be boosted to facilitate private sector development in Africa.  We highlight that countries in Sub-Saharan Africa can leverage their experiences with mobile money interoperability to deliver open banking services. Full blog can be accessed via the link below. https://lnkd.in/g2WiQK9f

𝐆𝐮𝐲𝐚𝐧𝐚'𝐬 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫: 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐓𝐚𝐤𝐞𝐨𝐟𝐟! 🚀 𝘎𝘶𝘺𝘢𝘯𝘢 𝘪𝘴 𝘰𝘯 𝘵𝘩𝘦 𝘤𝘶𝘴𝘱 𝘰𝘧 𝘢 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘳𝘦𝘷𝘰𝘭𝘶𝘵𝘪𝘰𝘯! As the country exits the celebration its 58th year of independence and the booming oil sector, its banking system is poised for a massive transformation. Remember my previous posts about the need for banks to better serve MSMEs? Well, good news is on the horizon! Since 2018, the Bank of Guyana has been diligently working to modernize the banking landscape. They've implemented a comprehensive roadmap to address the outdated, paper-based systems that have slowed down progress for too long. Key initiatives include: The National Payments System (NPS) Act 2018: This legislation established a robust framework for regulation, supervision, and oversight of the payments system, ensuring efficiency, competitiveness, and soundness. - Six supporting regulations: These regulations cover everything from electronic funds transfer and electronic money to the dematerialization of government and bank securities. - The launch of the Guyana Real Time Gross Settlement (G-RTGS), Guyana Central Securities Depository (G-CSD), and Guyana Automated Clearing House (G-ACH) systems: This modern, unified payments system infrastructure is fully integrated and operational, meeting international standards and paving the way for a seamless financial experience for all Guyanese. What does this mean for the future? It's simple: Guyana is ready for the next level of commercial banking! Similar reforms have driven modernization in Asia and Africa, and now Guyana is poised to reap the benefits. This is a golden opportunity for Neobanks!Guyana is open for business, and its burgeoning economy presents a unique opportunity for expansion. If you're looking to make your mark in a dynamic and growing market, let's talk! #Guyana #Banking #FinancialInnovation #IAmTheon a member of #LBFAlumni and #SkyHighTower

There are multiple factors contributing to the decline in South Africa’s cash-to-GDP ratio: 1. Crime and Cash-Related Risks: High crime rates in South Africa encourage individuals and businesses to minimize their cash handling. Carrying large amounts of cash can expose people to theft, robberies, and fraud. This encourages the use of digital payments. 2. Convenience of Digital Transactions: The rise of digital payment systems and online banking has made cash less necessary for daily transactions. Snapscan often used to settle parking tickets and restaurant bills. 3. Growth of E-commerce: The growth of e-commerce and online retail, cash is becoming less relevant. Consumers are increasingly using electronic means for purchases, even for smaller, everyday transactions (Takealot; Checkers Sixty60; Bash Shein; Temu). 4. Government and Banking Policies: Governments and central banks encourage digital payments to improve transparency, combat tax evasion, and enhance financial inclusion (I wouldn’t be surprised if mandatory digital invoices were implemented to curb VAT fraud). 5. COVID-19 Pandemic: The South African Reserve Bank (SARB), introduced QE and stimulus packages to inject liquidity into the economy to support businesses and individuals during lockdowns. The South African government implemented various financial support programs like grants and relief packages during the pandemic. Some of these were disbursed in cash which could explain the jump in the ratio during 2020. 6. Technological Advances: Fintech innovations and the rise of mobile wallets, peer-to-peer payment platforms, and cryptocurrencies are all alternatives to cash. These technologies provide added convenience, speed, and security compared to physical money. The general trend is a global shift towards a cashless economy, which is clearly reflected in South Africa’s data as well.

Without the option of international payments, breaking into emerging markets is a struggle. For instance, did you know that only 3% of the Nigerian population owns a credit card, but they have over 60 million mobile money users? Expand your reach in emerging markets like Nigeria by offering a wide variety of alternative payment methods - overcoming the international payment restrictions that stand in the way of your success. Discover more how dLocal can help you make cross-border payments possible > https://hubs.ly/Q02jkBtP0

When it comes to #MobileMoney, Africa punches its weight. According to the latest GSMA report on the State of the Mobile Money Industry Report, Sub-Saharan Africa’s share of registered mobile money accounts increased for two consecutive years to 48% in 2023, the highest since 2019. In 2023, more than 70% of the growth in registered accounts was in Sub-Saharan Africa and a fifth in South Asia. Within Sub-Saharan Africa, West Africa’s share of registered accounts doubled between 2013 and 2023, while East Africa’s was almost halved. These two subregions, together with South Asia, East Asia, and the Pacific, account for more than 85% of all currently registered mobile money accounts. Rhetorical question: Is it a wonder that some of the biggest payment ecosystem players in the world are scrambling for a piece of the African pie in #mobilemoney and #FinTech? Ali bin Mohamed, Jacob Ngare, Harry Hare, Nitin Nowjee, Kamau Kunyiha, Mulinge Sylvia M.B.S

Our Managing Partner Richard Nunekpeku has expressed his views on the use of regulations and the role of regulators in enabling innovations in the financial technology (fintech) sector in Ghana in this article published in the Business & Financial Times Newspaper and republished in the link below. Take a read. #SustineriAttorneys #Fintech #Ghana #Regulations #RegulatoryCompliance #Innovations https://lnkd.in/dmTetCXH

Excerpts from Ayodeji Aina, one of our speakers in the ongoing session. What do you think? Is Nigeria's digital payment industry matured or still growing? Join the conversation and share your thoughts! 💬 Register here:https://bit.ly/tclivemay31 #DigitalPaymentsinNigeria #NigeriaFinteh #TechTalk #tcinsights

What would have seemed like only a dream a few years ago—interconnected, inclusive instant payment systems across every country in Africa—is now within reach. Discover how transparent data can leapfrog IIPS and drive financial inclusion in Africa. Read our blog🔗 https://lnkd.in/dTeY6DyG #IIPS #Africa #DigitalPayments #Blog