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Given where I work, I’ll focus on fintech in Africa.Mobile money was a boon for fintech in Africa. Since the launch of MPESA in 2007, mobile money has been the main fintech driver in Sub Saharan Africa.That’s not to say fintech didn’t exist in Africa before 2007. Direct carrier billing, reverse SMS billing, airtime billing, mobile banking and other forms of consumer focused “fintech” have existed for a while. My first company helped businesses implement carrier-enabled billing, among other things.But all these services felt like workarounds, bolt-ons that weren’t easy to understand or explain. Try explaining reverse carrier billing to a farmer trying to sell two cows in Western Uganda.They also didn’t work for transferring value. Mobile money reduced this cognitive friction for consumers. It was money. On your phone. Plain and simple.With that, here are a few of my opinions on the trends in the payment space which will drive what happens to fintech:Mobile money agents were the first gig economy & are here to stay.Mobile money agents are human ATMs. It’s on their backs that mobile money was built. It’s because of them that you trusted mobile money. They enable liquidity — the basic requirement of any currency. You could cash out when you needed to, using their own money.Mobile money agent networks are expensive to set up and maintain. And they’re here to stay, for the time being. They’re how money gets into/out-of the system and until there’s a replacement as extensive as these networks of agents, they will still be the kings of the last mile. Because of these 500M-odd agents sprinkled across Africa, mobile money will continue to play an important role in fintech for the next few years. And fintech companies that build and maintain agent networks will continue to be important in the near term. (Zoona and Pagatech come to mind.)E-payments will become a key target for disruption.The top activity on mobile wallets is peer-to-peer transfers. The second is cash-out by a large margin. E-payments are a distant third. We will see less cash-out activity over time. As mobile money and other forms of electronic cash become more widely accepted by merchants, and as people become more comfortable with cash that they cannot see, touch, feel and count with their hands, then they will be less likely to cash out and more likely to keep e-value. This may diminish the value of agent networks over time, and give rise to other forms of e-value (block-chain based, closed wallet eco-systems, etc). Peer to peer payments will still be the top activity on these e-value systems, but at some point in the future, e-payments will overtake cash-out as the number 2 activity. Interestingly, everyone wants this to happen sooner rather than later because cash-out is expensive (agent networks are expensive to setup and run).Non telecom-led wallets will continue to riseand with them, a new breed of fintech companies that aren’t tethered to telecom companies. Telecom companies have a head start, but two things will reduce this lead over time: e-payments overtaking cash-out (already mentioned) and the rise of smart-phones. The increase in smartphone penetration (already at critical mass) means that you don’t need a sim-card to transact. You don’t need to use your telecom provider’s mobile money wallet. It will be possible for third party, non telecom-led wallets to flourish. Fintech companies are already popping up that provide various forms of non telecom-led wallets. I think the most likely candidates are the chat apps (Whatsapp, WeChat, etc) that will turn on payments in Africa at some point in the future.Banking will go digitalAlready, there are some companies working on digital banks in Africa. We’ll see these rise. And at some point, the difference between a bank account and a mobile money wallet shall disappear. A mobile money wallet will be an extension of someone’s bank account or vice versa. Interestingly, mobile banking existed long before mobile money did as an extension of a user’s bank account (my first company provided such technology for banks) - we’ll see a return to this: where your bank account and mobile wallet are indistinguishable, unless you choose a different provider for each service.Centralized credit scoring databases will emerge.Micro-loans and micro-credit have boomed over the past 5 years, on the backs of some of the trends above - for example: using smartphone data to generate credit scores and reduce risk. However, the siloed nature of these companies means that people literally borrow from one to pay the other (or to pay mobile gambling debts). This is unsustainable and will be the primary driver behind creation of centralized credit reference bureaus. In fact, more than one government and many private fintech companies are working to develop these databases.A lot else will happen:Decentralized payments: We’ll figure out in 5 years whether blockchain plays a bigger role in fintech on the continent, and whether that’s a backend infrastructure role or a e-currency role. Players like Facebook entering the game are certainly interesting.On the opposite side of the spectrum: We’ll also figure out whether Mojaloop is the platform of choice for centralizing payment service provider interconnectivity. The powers behind it are driving serious adoption, so it may well emerge as the de-facto standard for low cost interoperability. Only time will tell.All in all, fintech in Africa is a dynamic and exciting space. Lots of opportunity, lots of change, lots of sleeping giants. This is what I love about working in this space - certainly not boring!

Understanding Mobile money in Africa — what Businesses need to knowThe world is made up of countless payment systems that range from those involving tangible money(fiat money) handling to those that move your money without you even laying a sight on the hard cash(digital money). Regardless of how its done, there is always one goal which is ensuring that money reaches the final destination as quickly and conveniently as possible.Technologically advanced continents such as Europe have card payments that are a popular phenomenon, a plastic card that one can carry wherever they go to make payments in restaurants, gas stations, malls; name it. - Africa on the other hand has mobile money as its popular way of sending, receiving funds and making payments within the respective economies.Businesses from across the world have attempted to extend to Africa - many in vain because of the failure to understand and adapt with Africa’s ways. They instead force the locals to pay through cards which is a battle global businesses won’t win.Much as these cards have attained a portion of the populace that actually love to use them, the majority are still putting their weight behind the mobile device induced payment system.What is Mobile moneyA mobile payments system based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. This is done through converting cash into electronic value (and vice versa) which happens through the mobile agents endorsed by the respective telecommunication companies within the given country.All the transactions are authorized and recorded in real-time using SMS to confirm whether money has been sent and money received as the primary roles played by mobile money although the systems have been upgraded to have the ability to pay bills, bank through your mobile phone and purchase airtime as some of the new things that mobile wallets are able to do in Africa.African countries that use mobile money - Find out hereHow mobile money worksMobile money keeps the owner’s funds in a secure electronic account linked to a mobile phone number. It is essential to check with your recipient to determine the right number before sending money.For more information on the services available via mobile money in your country of interest, please check with the network service provider’s website or visit one of their client help branches.Can businesses rely on Mobile money? - how secure is itMoney kept in a mobile money account is protected by local financial regulations, making it super reliable for businesses to move their funds through these platforms because of the credibility of the stakeholders involved i.e recognised networks and the authorities of the country.It is advisable however that if your business is dealing with a third party in moving money through mobile money, make sure you assess the authenticity of the third party to avoid fraudsters and criminals.Mobile money services store a record of every transaction and account balance, so even if the phone or SIM card is lost or stolen, the user’s money is kept safe.Additionally, every transaction requires identification in the form of a secret PIN that you have to enter to access the funds therefore it is advisable that this PIN is known by one individual or a few trusted people to avoid inconveniences.The impact of mobile money on business in AfricaBusinesses have been the biggest group that has welcomed the mobile money concept in Africa with various success stories from several African countries showing just how much of an impact mobile wallets (mobile money accounts) have become.Ghana is a very good case study of a market that has become increasingly dominated by mobile money. 61% of e-commerce sales in Ghana are now carried out with mobile money with MTN mobile money being the largest operator in the country. The presence of Airtel and Tigo ensure that there is no mobile money monopoly therefore the networks in the country are always thinking of how to make their systems better for the end user (people and businesses).Shading more light on the matter can be done through comparison with the next most popular payment method in Ghana which is the “locally issued cards” - these cards capture only 15% of the market and largely suit the upper class yet the middle and lower classes are the majority.Ghana is just a sample of the success story that mobile money has become all around Africa - the safe and easy electronic payments make Mobile money a popular alternative to bank accounts and cards. It can be used on both smartphones and basic feature phones.How your business can work with mobile money across the entire African continentAfrica loves mobile money but the issue with it is how distinctly diverse it is across every border in Africa. Kenya has Mpesa, Tanzania has Tigo and Vodacom Mpesa, Rwanda has MTN mobile money, Ghana has Tigo and Airtel, Cameroon has Orange money.Moving money across borders can be quite the challenge for businesses and individuals alike - the difference in networks can cause a lag in money transfer if one is not aware of how best to go about this in multiple countries.DusuPayAfrica’s mobile money has been simplified by DusuPay; an online platform that enables businesses accept funds and make payments across Africa regardless of the country or type of mobile money in use. DusuPay bridges the gap that originally gave businesses headache by allowing them to accept payments from clients in various countries from mobile money to a different mobile wallet or their banks depending on one’s preference on how to receive. Life made a lot easier.How DusuPay connects the various mobile wallets across the continent to suit businesses working in multiple countriesIn order for one to be able to use these services across the different countries where DusuPay is available, one needs to have a merchant account with DusuPay.How to be become a merchant with DusuPaySign up through clicking here : Sign Up hereCreate a merchant account : Here is how to create a merchant accountAfter all these processes have been cleared by our legal Department, you will go into your merchant account and create what is called Mobile Money “SUB ACCOUNTS” for each of the countries one would like to process funds to and from.Moving funds from the main merchant account to sub accounts will enable you make payouts to the clientele in these multiple countries.We can help you set up your account, all you have to do is CLICK HERE