Central African digital payments ecosystem gets a boost
AfricaNenda, headquartered in Kenya, has partnered with the Interbank Electronic Banking Group of Central Africa (GIMAC) to advance digital payments innovation.
According to the MoU signed on 19 September in Cameroon's capital Yaounde, AfricaNenda will give technical expertise and support in capacity building to enhance digital payments, intra-regional digital transfers, interoperability, and financial inclusion.
AfricaNenda is an independent, African-led organisation whose mission is to expedite the development of rapid and inclusive payment systems that will benefit Africans, including the poorest and most financially disenfranchised.
Officials say AfricaNenda and GIMAC would collaborate to develop the use cases for merchant payments and integrate QR codes into merchant networks to improve transaction security while also supporting economic growth and digital financial inclusion.
The agreement is expected to have a significant impact on the development of digital payments in the region, benefiting those who are already part of the GIMAC ecosystem, including over 33 million electronic wallet users, 2.8 million GIMAC card holders, and 3,207 PoS locations in Cameroon, Chad, Central African Republic, Congo, Gabon, and Equatorial Guinea.
The partnership, according to Valentin Mbozo'o, director general of GIMAC, marks the beginning of a promising collaboration for the future of finance in the region, as it will allow the group to scale up its impact.
Akinwale Goodluck, Deputy Managing Director of AfricaNenda, said: “This is our first project in the region, and we expect great results that can help increase financial inclusion in the region, where nearly 20 million people are still excluded from financial services. AfricaNenda is committed to making a significant impact in this regard, and our partnership with GIMAC is an important step in the right direction.”