REGIONAL ASSESSMENT EXERCISE INFORMS THE COMESA RETAIL PAYMENTS PLATFORM’S OVERALL INFRASTRUCTURE DESIGN AND MARKET ACQUISITION ROADMAP
CBC has been carrying out ongoing field missions with the objective of assessing the status of the regional, and national payment infrastructure in the eight pilot countries (Zambia, Malawi, Kenya, Uganda, Rwanda, Egypt, Ethiopia and Mauritius) of the Digital Financial Inclusion (DFI) for MSMEs Program; this exercise will inform the COMESA Retail Payments Platform’s overall infrastructure design; technical, functional, legal and regulatory requirements; estimated cost of equipment; and implementation mechanism.
CBC DIGITAL FINANCIAL INCLUSION ADVISORY COMMITTEE
We're pleased to welcome GSMA, represented by Ms. Mary Gichuki; EthSwitch S.C., represented by Mr. Yilebes Addis; and FDH Financial Holdings Ltd, represented by Mr. William Mpinganjira, to our Digital Financial Inclusion Advisory Committee.
The Advisory Committee's purpose is to strengthen inter-participatory approach on the activities and outputs of the Digital Financial Inclusion Program. It comprises high-level stakeholders from the public and private sectors, who provide guidance on key aspects of the Program, now in the vital phase - implementation and operation of the Regional Digital Retail Payments Scheme.
CBC PARTICIPATES IN 5TH EAST AFRICAN BANKING & MICROFINANCE FORUM
The Forum organized by the Trade and Development Bank Group (TDB Group) and the European Investment Bank (EIB) had the participation of over 500 industry professionals from leading African and international banks, financial institutions and banking associations.
Organized under the theme “Financing for Sustainable Development: a Response to the Challenges of Climate Change,” CBC had the honour of participating in a panel discussion on the macroeconomic and financial challenges in uncertain times.
There was consensus that the region’s prosperity would require high-quality policies that would not only build resilience, but also create an enabling environment for the reduction of countries' vulnerabilities to future shocks.
CENTRAL BANK OF EGYPT HOSTS 26TH MEETING OF COMESA CENTRAL BANK GOVERNORS COMMITTEE
The meeting was attended by a number of governors and representatives of the central banks of the COMESA countries, including Egypt, Djibouti, Sudan, Zimbabwe, Burundi, Uganda, Malawi, Zambia, and Eswatini, and witnessed the adoption of a number of reports by COMESA institutions.
It followed a series of preliminary meetings that lasted for five days, starting with the technical committees meeting of experts, and the meetings at the level of the Governors Committee office.
Governor of the Reserve Bank of Zimbabwe was announced as chairperson of the Office of the COMESA Committee of Central Bank Governors for 2023.
New initiative on Digital Transformation with Africa (DTA) announced at U.S.-Africa Business Forum At the U.S.-Africa Business Forum on December 14 in Washington, DC, as part of the U.S.-Africa Leaders Summit, President Biden announced the launch of a new Digital Transformation with Africa (DTA) initiative. A signature initiative of the Biden-Harris Administration, DTA will expand digital access and literacy and strengthen digital enabling environments across the continent. Read More. Read More.
Classera partners with Fawry to drive e-payment services in Egypt Through this partnership, Fawry will provide all its solutions and digital payments services to Classera customers, through channels of its 300k POS machines, myfawry app, and FawryPlus branches located in all governorates, to facilitate the payment of tuition fees for students, and automation of payment systems to reduce cash financial transactions. Read More.
Identity issues: four challenges for digital IDs in Africa’s tax systems Besides health and agriculture, digital IDs have the potential to optimise service delivery in areas such as education, financial services, social security, gender and equality. Unlike tax identification numbers (TINs) which are often disconnected from other government databases, foundational ID systems can more nimbly facilitate access to third-party data and have interoperability with other government databases. This could help with audit selection and fraud detection and bolster broader administrative functions to increase revenue. Read More.
How Africa can and is utilising FinTech to support financial inclusion and economic growth The adoption of FinTech in Africa has been widespread - in 2021 FinTechs in Africa overshadowed all other startups in funding gained and mobile money transactions across Sub Saharan Africa were greater than the GDP of Nigeria. Increasing mobile phone and internet penetration will see further increases in FinTech activity, facilitating financial inclusion and a move away from cash payments. Listen to the podcast here.
Visa and Mastercard invest USD 1B in Africa’s financial future The pledge comes in a bid to bring the continent in line with more established markets. Visa estimates 500m people in Africa don’t have access to formal financial services, less than 50% of the adult population make or receive digital payments, and more than 40m merchants do not accept digital payments. Read More.
McKinsey’s global banking annual review 2022 Harnessing the new powers of data-driven marketing, a digital workbench for sellers, robotic process automation, the cloud, application programming interfaces and apps, and all the other tools now available is an essential step for banks. If the integrated economy begins to emerge in a bank’s market, it could be an opportunity for banks that have built these digital skills and rapid reflexes. Banks that successfully orchestrate a basic ecosystem strategy, by building partnerships and monetizing data, could raise their ROE to about 9 to 10 percent. Read More.
About COMESA Business Council: CBC is a business member organization bringing together a diverse group of businesses and associations in the region from 34 sectors in 21 countries of COMESA. CBC is the recognized regional apex body of the private sector in the region. CBC as the key advocacy driver for business, provides a link between the private sector and organs of the Common market. We seek to improve the competitiveness and deepen the participation of the private sector in regional and global trade, through advocacy, business facilitation and enterprise development. This includes prioritizing and taking specific advocacy strategies to address key business impediments and measures that affect our industries and have a direct bearing on the participation of our businesses in trading in the COMESA region.
COMESA Business Council, COMESA Center Ben Bella Road, P.O. Box 30051, Lusaka, Zambia