{"id":575132,"date":"2020-10-04T04:02:27","date_gmt":"2020-10-04T04:02:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/"},"modified":"2020-10-04T04:02:27","modified_gmt":"2020-10-04T04:02:27","slug":"mobile-operators-are-bidding-to-become-africas-bankers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/","title":{"rendered":"Mobile operators are bidding to become Africa\u2019s bankers"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Africa\u2019s mobile network operators are using the pandemic as a chance to (literally)<\/strong><strong> bank on the continent\u2019s huge growth potential.<\/strong> Despite mobile operators\u2019 revenues shrinking since the onset of the coronavirus, companies are looking to a new source of income as mobile payments increase: banking. Mobile operators are perfectly positioned to be bankers as mobile phone penetration is much higher than access to traditional banks. They have a wealth of data and are able to reach customers at a low cost, says <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-africa-telecoms-fo\/pandemic-spurs-africas-mobile-telcos-to-ramp-up-banking-bid-idUSKBN26K0RS?il=0\">Reuters<\/a>. \u201cWe are ... using the opportunity that the crisis is offering us to really accelerate,\u201d said Serigne Dioum, who heads the mobile financial services division of MTN, Africa\u2019s largest operator.<\/p>\n<p><strong>MNOs want to lend: <\/strong>Orange, which has operations in at least 18 African countries, recently launched a full-scale digital bank, <a href=\"https:\/\/orangebank.ci\/#\">Orange Bank<\/a>. The launch came after the French giant added 5 mn customers from Africa to its mobile money platforms. Orange\u2019s new bank went live <a href=\"https:\/\/www.thefastmode.com\/technology-solutions\/17663-orange-bank-africa-goes-live-with-the-aim-to-provide-greater-access-to-financial-services\">last month<\/a> in Abidjan, with plans to launch in Mali, Burkina Faso, and Senegal. MTN and Telkom, meanwhile, are getting ready to launch micro-lending programs in South Africa, while Vodacom is venturing out of the continent\u2019s largest economy with expanded lending, insurance, and payment solutions.<\/p>\n<p><strong>Egypt\u2019s population is similarly unbanked and relies heavily on cash transactions.<\/strong> The government used the pandemic to give an extra push for its bid to encourage digital payments, with the central bank and commercial banks <a href=\"https:\/\/bit.ly\/33hoVqV\">recently launching<\/a> a nationwide awareness initiative on the benefits of e-payments. The initiative allows vendors to obtain PoS machines and QR code payment systems at no charge through local banks. Two of Egypt\u2019s largest banks \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81bc11b1-602f-4daa-8921-19bd0ff333ce\">CIB<\/a> and NBE \u2014 have also been reporting large upticks or interest in internet and mobile banking transactions and the use of fintech services. There\u2019s also now more room for non-traditional players to penetrate the sector under the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba363fe6-92d7-4584-a95d-ee5c9f124acb\">recently enacted<\/a> Banking Act, which governs licensing for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de231516-4157-411f-912e-4c3ff02bfdd6\">smaller lenders and digital banks<\/a> that can launch with lower capital requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa\u2019s mobile network operators are using the pandemic as a chance to (literally) bank on the continent\u2019s huge growth potential. Despite mobile operators\u2019 revenues shrinking since the onset of the coronavirus, companies are looking to a new source of income as mobile payments increase: banking. Mobile operators are perfectly positioned to be bankers as mobile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575133,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[7098,204,5066,271,214,72,7087,290,183,343,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-africa","tag-banking","tag-banking-and-central-bank-act","tag-central-bank-of-egypt","tag-cit","tag-enterpriseam","tag-finance","tag-financial-inclusion","tag-fintech","tag-regulation","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"82881fdf-3411-48a1-8e97-15bcaf0fc718","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/33.jpg","photo_position":"above","related_issue":[575111],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mobile operators are bidding to become Africa\u2019s bankers - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mobile operators are bidding to become Africa\u2019s bankers\" \/>\n<meta property=\"og:description\" content=\"Africa\u2019s mobile network operators are using the pandemic as a chance to (literally) bank on the continent\u2019s huge growth potential. Despite mobile operators\u2019 revenues shrinking since the onset of the coronavirus, companies are looking to a new source of income as mobile payments increase: banking. Mobile operators are perfectly positioned to be bankers as mobile [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-04T04:02:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/33.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Mobile operators are bidding to become Africa\u2019s bankers\",\"datePublished\":\"2020-10-04T04:02:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\"},\"wordCount\":344,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/33.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Africa\",\"banking\",\"Banking and Central Bank Act\",\"Central Bank of Egypt\",\"CIT\",\"EnterpriseAM\",\"Finance\",\"financial inclusion\",\"Fintech\",\"regulation\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/\",\"name\":\"Mobile operators are bidding to become Africa\u2019s bankers - 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The project has the potential to turn a lot of wheels and could spur further economic growth, especially for energy-starved Sub-Saharan\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604935,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/17\/central-bank-of-egypt-could-raise-ceiling-for-mobile-lending\/","url_meta":{"origin":575132,"position":3},"title":"Central Bank of Egypt could raise ceiling for mobile lending","author":"enterpriseam admin","date":"17 December 2018","format":false,"excerpt":"The CBE is studying raising the credit ceiling for mobile nano-lending to EGP 1000-1500, up from EGP 500 currently, banking sources familiar with the matter told Al Mal. The bank is now working to set the interest rate banks will charge for mobile lending services, which are set to be\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595378,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","url_meta":{"origin":575132,"position":4},"title":"USD dominance under threat as digital currencies look to transform global financial system","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/cbe-issues-framework-for-instant-digital-payments\/","url_meta":{"origin":575132,"position":5},"title":"CBE issues framework for instant digital payments","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"The Central Bank of Egypt has released the regulations(pdf) for its instant payment network (IPN), part of its strategy to improve access to financial services and bring more people into the formal economy. The regulations lay out the rules and responsibilities for issuing banks, payment service providers and acquiring banks,\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/364.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575132"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575132\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575133"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575132"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575132"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}