In The Spotlight
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc. (Image source: Network International)
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc, has highlighted Rwanda’s journey towards financial inclusion through digital payments, mobile wallets, and strategic partnerships, aiming for full inclusion by 2024
In the heart of Africa, Rwanda’s financial inclusion efforts are gaining traction as the nation’s institutions, businesses, and consumers increasingly adopt digital payment methods. These technological advancements are essential in extending financial services to a broader audience, offering the convenience of cashless transactions, and facilitating swift and secure exchanges.
Rwanda: Pioneering digital finance hub in Africa
Rwanda stands out as a fertile ground for digital finance, with a youthful demographic—69% under the age of 30—and one of the highest population densities on the continent. The country boasts an impressive 87% mobile penetration rate, and the mobile payment sector saw a staggering 450% growth during the pandemic. In 2022 alone, mobile payment channels processed 310 million transactions, with a significant 41% increase in transaction value reported in November, from RWF 4.7 trillion (US$3.6bn) to RWF 6.6 trillion (US$5bn). Rwanda is ambitiously working towards complete financial inclusion by 2024.
The nation’s strategic plans, Vision 2050 and the National Strategy for Transformation 2017–2024, aim to position Rwanda as a central hub for financial services within Africa. The burgeoning fintech industry is key to this vision, promoting the shift towards digital payments and aiding in the quest for financial inclusion.
A recent study by Access to Finance Rwanda revealed a critical challenge: despite the financial sector’s rich data production, only a select few are leveraging this data effectively. This lack of a data-centric approach is a significant obstacle, as it prevents a deeper understanding of customer profiles and needs, optimisation of business operations, and the ability to forecast outcomes.
In Rwanda’s dynamic market, contactless payments and mobile wallets are becoming increasingly important. They offer consumers numerous advantages, including speed, convenience, and enhanced security.
The strategic alliance between Network International and I&M Bank is set to strengthen the bank’s digital-first strategy and its leadership in Rwanda’s market. This partnership will introduce an array of payment products and services, such as card hosting and processing, backed by strong security measures and an advanced API gateway. These offerings will enrich customer experiences with data and analytics, finely-tuned loyalty programs, and tokenisation, among other innovations.
As the global trend shifts towards contactless payments and digital wallets, Rwanda is witnessing the transformative impact of services like tokenisation and data analytics on commerce and payment systems. These innovations are integrating more citizens into the formal financial framework, paving the way for Rwanda to emerge as a significant financial services hub in the region, with banking standards that match international benchmarks.
Embracing cutting-edge technology in digital banking is crucial for realising genuine financial inclusion. The World Bank’s Rwanda Economic Update underscores the potential for financial services to enhance financial inclusion through innovation. While challenges such as the digital divide, infrastructural shortcomings, and financial literacy gaps remain, the report advises policymakers to strengthen regulatory frameworks, upgrade financial and digital infrastructure, and increase government support to nurture a digital-friendly ecosystem.
As Rwanda strides towards its 2024 financial inclusion goal, the dissemination of knowledge will be instrumental in establishing a digital payment culture that is inclusive and robust.
PAIX Data Centres partners with Djibouti Sovereign Fund to build a cutting-edge, neutral cloud and carrier data centre, enhancing East Africa's digital infrastructure. (Image source: Adobe Stock)
PAIX Data Centres, renowned for its data center solutions, is thrilled to form a pivotal joint venture with the Djibouti Sovereign Fund for the creation of a cutting-edge, neutral cloud and carrier data center in Djibouti
This venture marks a crucial step in the advancement of Africa’s digital framework, highlighting the dedication of both entities to drive innovation and development within the area.
Uniting PAIX Data Centres’ industry acumen with the Djibouti Sovereign Fund’s regional insight, this collaboration aims to provide premier data centre services, specifically designed for the distinct demands of Djibouti and the wider East African territory. The upcoming facility is poised to become a vital nexus for ISPs, cloud services, financial bodies, and corporations in need of dependable, expandable infrastructure to bolster their digital ventures.
PAIX Data Centres: Horn of Africa's hub
Djibouti’s strategic location, linked by ten submarine cables with additional ones being laid, positions the data centre as a crucial gateway for PAIX and its clientele to tap into the burgeoning markets of the region.
PAIX is set to acquire the property, structures, and data center apparatus. The center will boast approximately 50,000 square feet of usable area and a critical power capacity of up to 5MW. The initial phase is slated for launch in 2026.
The PAIX Djibouti facility will feature top-tier infrastructure, inclusive of sophisticated cooling technologies, fail-safe power supplies, and stringent security protocols, ensuring peak operation and dependability for essential applications and services. With its multi-megawatt capacity, the data center will address the varied requirements of clients from multiple sectors, equipping them with the tools and support necessary to spur innovation and propel business growth.
PAIX Data Centres, alongside the Djibouti Sovereign Fund, is steadfast in its commitment to furnish unparalleled data center solutions that cater to the dynamic needs of its customers, thereby fostering the economic expansion and well-being of Djibouti and the greater Horn of Africa region. PAIX Data Centres has established operations in Accra, Ghana, and Nairobi, Kenya.
U.S. Embassy in Tanzania closes on May 14-15 due to a submarine cable cut affecting network services. (Image source: Adobe Stock)
The U.S. Embassy in Tanzania has announced a temporary shutdown on the 14 and 15 of May due to widespread network issues within the nation
The embassy’s official communication indicated that operations would cease on these dates because of deteriorating network conditions stemming from a severed undersea cable that has impacted Tanzania, Kenya, and other countries in the East and Southern African region
"Due to nationwide network degradation, the embassy will be closed to the public on 14 and 15 May. Consular appointments scheduled for these days will be cancelled and rescheduled. However, the consular section will remain open for visa pickups and emergency cases involving American citizens," the embassy conveyed.
The incident of the submarine cable being cut has resulted in internet connectivity challenges for several African nations, including Kenya.
Consequently, internet speeds have diminished, leading companies such as Safaricom to alert their clientele about the ongoing service interruptions.
East African internet outage due to SEACOM and EASSy cable faults, affecting Mayotte and Tanzania. (Image source: Adobe Stock)
On 12 May, several nations in East Africa experienced significant internet outages
According to Netblocks, an internet observatory, these disruptions were due to malfunctions in the SEACOM and EASSy underwater cable systems.
The island of Mayotte, a French territory, and Tanzania were particularly affected, with substantial disruptions in internet services. Mozambique and Malawi also faced moderate levels of disruption, as reported by Netblocks.
Cloudflare, an internet service company, noted on one of its monitoring accounts that the faults in the EASSy and SEACOM cables were causing ongoing internet interruptions in countries including Tanzania, Malawi, Mozambique, and Madagascar.
Tanzania’s minister of information, communication, and information technology, Nape Nnauye, acknowledged, “The government had been informed by EASSy and SEACOM of disruption to the internet caused by a fault on the cables between Mozambique and South Africa.”
“There are ongoing efforts to solve the problem,” Nnauye stated. “As they continue to solve the problem, we will have very low access to internet and international voice calls,” concluded Nnauye.
Airtel Africa reports US$89mn loss due to tax bill, despite customer growth and data usage increase. (Image source: Airtel Africa)
Despite an increase in its customer numbers, Airtel Africa faced a US$89mn deficit, attributed to a substantial tax obligation stemming from “exceptional derivative and foreign exchange loss”
If these extraordinary items were not considered, the company’s profit for the fiscal year ending 31 March, would have reached US$460mn.
The operator saw a 9% surge in its total subscribers, reaching 152.7 million, alongside a 17.8% rise in data users totaling 64.4 million, and a 20.8% hike in data consumption per user.
Investments in capital expenditures remained steady at US$737mn, falling short of projections due to postponed data center investments. The firm allocated US$152mn for renewing licenses and acquiring spectrum, with US$127mn dedicated to renewing its Nigerian 3G license.
Revenues saw a 5.3% decrease, dropping from US$5.2 billion to US$4.9bn, largely impacted by the devaluation of the Nigerian naira.
Olusegun Ogunsanya, CEO of Airtel Africa, stated that efforts to “de-risk our balance sheet and our capital allocation priorities has materially reduced the risks that the currency devaluation has had on our business.” He further mentioned that the company has taken steps to lessen US dollar debt and is concentrating on “reducing our exposure to currency volatility.”
Similarly, MTN reported a decline in profits due to the naira’s devaluation and has unveiled a plan to restore profitability to its local division.
Avanti and Q-KON partner to launch LEO satellite services in South Africa, enhancing connectivity and business resilience. (Image source: Avant Communications)
Avanti Communications, a global provider of satellite technology across various orbits, has launched Low-Earth-Orbit (LEO) satellite connectivity services in South Africa
In collaboration with Q-KON, a prominent satellite engineering firm in southern Africa, Avanti aims to provide seamless LEO connectivity through Eutelsat OneWeb. This partnership addresses the unique connectivity challenges in the region and is poised to enhance business operations nationwide.
Strategic satellite connectivity expansion
The collaboration between Avanti and Q-KON responds to the growing demand for LEO connectivity in South Africa. By integrating LEO services into its existing offerings, Avanti expands its multi-orbit solution, enabling the provision of both LEO and GEO services to customers immediately.
By adopting a customer-centric approach, Avanti is strategically positioned to understand and fulfill the diverse needs of enterprise customers. This partnership underscores Avanti's commitment to offering a wider range of solutions, providing customers with increased choice, flexibility, and resilience in their connectivity options.
Kyle Whitehill, CEO, Avanti Communications, commented, “We are delighted to be partnering with Q-KON to provide LEO services to our customers across South Africa. This is a strategically significant move for us in multi-orbit and we hope that this is the first of many LEO partnerships globally.
“This hybrid model gives our customers in South Africa the assurance that all their unique problems can be solved through our services. This is particularly important for our enterprise customers in South Africa where the need for resilience is key.”
Dr Dawie de Wet, CEO of Q-KON, remarked, “We are pleased to support Avanti with our Eutelsat OneWeb customer-centric services, made possible by our proven Smart Satellite Service technologies developed for our Twoobii GEO portfolio. We also look forward to supporting Avanti with our end-to-end and turn-key project supply, delivery and support capabilities.”
Avanti has established a robust operational base in South Africa, boasting advanced infrastructure located in Johannesburg. With over a fifth of its workforce dedicated to operations in Africa, Avanti demonstrates a steadfast commitment to solidifying its foothold in the region. Avanti aims to elevate Africa to become its primary revenue driver within the next two to three years, showcasing its ambitious growth objectives within the continent.
Angola Cables & Camtel unite for enhanced digital services across West Africa, bolstering connectivity & business prospects. (Image source: Adobe Stock)
Angola Cables and Camtel have joined forces to enhance digital and connectivity services across Cameroon and the broader West African region
Their collaborative efforts, aimed at cultivating business prospects in the area, are geared towards enhancing redundancy, network resilience, and the quality of service (QoS) on both national and international scales.
By leveraging Angola Cables' extensive backhaul network, which includes connections with key subsea cable systems such as WACS, SACS, and Monet, alongside Camtel's access to SAIL (South Atlantic Inter Link), the partnership will facilitate an expanded range of capacity offerings for enterprise clients, thereby improving traffic accessibility to both local and regional networks.
Camtel CEO Judith Yah Sunday Epse Achidi said, “Our strategic intent is to build on the robust backhaul connectivity of the Angola Cables network, and the existing interconnections we have in place with other submarine cables connecting the region and the world, to provide flexible and secure value added services for our clients and businesses.”
“For users, the partnership will help to secure connectivity, trade, boost economies, and help expand as well as grow businesses across the region,” said Fernando Fernandes, country manager of Angola Cables subsidiary TelCables Nigeria.
PAIX Data Centres partners with Djibouti Sovereign Fund to build a cutting-edge, neutral cloud and carrier data centre, enhancing East Africa's digital infrastructure. (Image source: Adobe Stock)
PAIX Data Centres, renowned for its data center solutions, is thrilled to form a pivotal joint venture with the Djibouti Sovereign Fund for the creation of a cutting-edge, neutral cloud and carrier data center in Djibouti
This venture marks a crucial step in the advancement of Africa’s digital framework, highlighting the dedication of both entities to drive innovation and development within the area.
Uniting PAIX Data Centres’ industry acumen with the Djibouti Sovereign Fund’s regional insight, this collaboration aims to provide premier data centre services, specifically designed for the distinct demands of Djibouti and the wider East African territory. The upcoming facility is poised to become a vital nexus for ISPs, cloud services, financial bodies, and corporations in need of dependable, expandable infrastructure to bolster their digital ventures.
PAIX Data Centres: Horn of Africa's hub
Djibouti’s strategic location, linked by ten submarine cables with additional ones being laid, positions the data centre as a crucial gateway for PAIX and its clientele to tap into the burgeoning markets of the region.
PAIX is set to acquire the property, structures, and data center apparatus. The center will boast approximately 50,000 square feet of usable area and a critical power capacity of up to 5MW. The initial phase is slated for launch in 2026.
The PAIX Djibouti facility will feature top-tier infrastructure, inclusive of sophisticated cooling technologies, fail-safe power supplies, and stringent security protocols, ensuring peak operation and dependability for essential applications and services. With its multi-megawatt capacity, the data center will address the varied requirements of clients from multiple sectors, equipping them with the tools and support necessary to spur innovation and propel business growth.
PAIX Data Centres, alongside the Djibouti Sovereign Fund, is steadfast in its commitment to furnish unparalleled data center solutions that cater to the dynamic needs of its customers, thereby fostering the economic expansion and well-being of Djibouti and the greater Horn of Africa region. PAIX Data Centres has established operations in Accra, Ghana, and Nairobi, Kenya.
U.S. Embassy in Tanzania closes on May 14-15 due to a submarine cable cut affecting network services. (Image source: Adobe Stock)
East African internet outage due to SEACOM and EASSy cable faults, affecting Mayotte and Tanzania. (Image source: Adobe Stock)
GSMA report lauds PalmPay for driving mobile money adoption in Nigeria, emphasising its role in financial inclusion. (Image source: Palmpay)
In the recently released 'The State of the Industry Report on Mobile Money 2024' by the GSMA, PalmPay, a prominent pan-African fintech, was highlighted as a key driver of mobile money adoption in Nigeria
MTN leads South Africa's mobile networks with exceptional speeds, while Vodacom excels in 5G. (Image source: Adobe Stock)
MTN & Airtel create APEP to boost mobile money in Congo. (Image source: Adobe Stock)
SES to acquire Intelsat in compelling transaction focused on the future. (Image source: SES)
SES S.A. and Intelsat S.A. have entered into an agreement for SES to acquire Intelsat by purchasing 100% of the equity of Intelsat Holdings S.a.r.l. for a cash consideration of US$3.1bn (€2.8 billion) and certain contingent value rights
The Middle East Satellite Communications Market is projected to grow with a CAGR of 7.40% from 2024 to 2029. (Image source: CABSAT)
AMN activates first base station with Starlink LEO backhaul, expanding rural connectivity in Nigeria and beyond. (Image source: AMN)
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc. (Image source: Network International)
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc, has highlighted Rwanda’s journey towards financial inclusion through digital payments, mobile wallets, and strategic partnerships, aiming for full inclusion by 2024
In the heart of Africa, Rwanda’s financial inclusion efforts are gaining traction as the nation’s institutions, businesses, and consumers increasingly adopt digital payment methods. These technological advancements are essential in extending financial services to a broader audience, offering the convenience of cashless transactions, and facilitating swift and secure exchanges.
Rwanda: Pioneering digital finance hub in Africa
Rwanda stands out as a fertile ground for digital finance, with a youthful demographic—69% under the age of 30—and one of the highest population densities on the continent. The country boasts an impressive 87% mobile penetration rate, and the mobile payment sector saw a staggering 450% growth during the pandemic. In 2022 alone, mobile payment channels processed 310 million transactions, with a significant 41% increase in transaction value reported in November, from RWF 4.7 trillion (US$3.6bn) to RWF 6.6 trillion (US$5bn). Rwanda is ambitiously working towards complete financial inclusion by 2024.
The nation’s strategic plans, Vision 2050 and the National Strategy for Transformation 2017–2024, aim to position Rwanda as a central hub for financial services within Africa. The burgeoning fintech industry is key to this vision, promoting the shift towards digital payments and aiding in the quest for financial inclusion.
A recent study by Access to Finance Rwanda revealed a critical challenge: despite the financial sector’s rich data production, only a select few are leveraging this data effectively. This lack of a data-centric approach is a significant obstacle, as it prevents a deeper understanding of customer profiles and needs, optimisation of business operations, and the ability to forecast outcomes.
In Rwanda’s dynamic market, contactless payments and mobile wallets are becoming increasingly important. They offer consumers numerous advantages, including speed, convenience, and enhanced security.
The strategic alliance between Network International and I&M Bank is set to strengthen the bank’s digital-first strategy and its leadership in Rwanda’s market. This partnership will introduce an array of payment products and services, such as card hosting and processing, backed by strong security measures and an advanced API gateway. These offerings will enrich customer experiences with data and analytics, finely-tuned loyalty programs, and tokenisation, among other innovations.
As the global trend shifts towards contactless payments and digital wallets, Rwanda is witnessing the transformative impact of services like tokenisation and data analytics on commerce and payment systems. These innovations are integrating more citizens into the formal financial framework, paving the way for Rwanda to emerge as a significant financial services hub in the region, with banking standards that match international benchmarks.
Embracing cutting-edge technology in digital banking is crucial for realising genuine financial inclusion. The World Bank’s Rwanda Economic Update underscores the potential for financial services to enhance financial inclusion through innovation. While challenges such as the digital divide, infrastructural shortcomings, and financial literacy gaps remain, the report advises policymakers to strengthen regulatory frameworks, upgrade financial and digital infrastructure, and increase government support to nurture a digital-friendly ecosystem.
As Rwanda strides towards its 2024 financial inclusion goal, the dissemination of knowledge will be instrumental in establishing a digital payment culture that is inclusive and robust.
Airtel Africa reports US$89mn loss due to tax bill, despite customer growth and data usage increase. (Image source: Airtel Africa)
Kaduna State seals telecom masts over $5.8bn tax debt, enforcing compliance amidst revenue targets. (Image source: Adobe Stock)
Africa Data Centres & DPA SA pioneer solar farm for sustainable data solutions in South Africa. (Image source: African Data Centres)
Africa Data Centres, a division of the Cassava Technologies group, has announced the commencement of construction for a solar farm in the Free State in partnership with DPA Southern Africa
Airtel Africa launches Nxtra Data Center in Lagos, advancing data sovereignty and connectivity for businesses, governments, and large corporations across Africa. (Image source: Airtel Africa)
Nigeria to levy 0.5% on e-money transfers for cybersecurity. (Image source: Adobe Stock)
Nigeria's central bank has announced its intention to implement a levy on domestic electronic money transfers aimed at funding cybersecurity initiatives
Anna Collard, senior vice-president of content strategy & evangelist for KnowBe4 Africa. (Image source: KnowBe4 Africa)
Kaspersky MDR Report 2023 urges robust cybersecurity solutions & expert management. (Image source: Adobe Stock)
Most Read
In the MENA region, cybersecurity is crucial amidst rising digitalisation and state-sponsored cyber threats, met by BBS Technology's comprehensive solutions. (Image source: Adobe Stock)
(L-R): Dr Diane Karusisi, CEO, Bank of Kigali and Dr Reda Helal, group managing director – processing, Africa and co-head group processing, Network International. (Image source: Network International)
AMN activates first base station with Starlink LEO backhaul, expanding rural connectivity in Nigeria and beyond. (Image source: AMN)
Paratus Group pioneers fastest fiber express route linking Johannesburg to Europe, revolutionising telecommunications with low latency and high-speed connectivity. (Image source: Adobe Stock)
Latest news
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc. (Image source: Network International)
PAIX Data Centres partners with Djibouti Sovereign Fund to build a cutting-edge, neutral cloud and carrier data centre, enhancing East Africa's digital infrastructure. (Image source: Adobe Stock)
U.S. Embassy in Tanzania closes on May 14-15 due to a submarine cable cut affecting network services. (Image source: Adobe Stock)
East African internet outage due to SEACOM and EASSy cable faults, affecting Mayotte and Tanzania. (Image source: Adobe Stock)
Airtel Africa reports US$89mn loss due to tax bill, despite customer growth and data usage increase. (Image source: Airtel Africa)
Avanti and Q-KON partner to launch LEO satellite services in South Africa, enhancing connectivity and business resilience. (Image source: Avant Communications)
Angola Cables & Camtel unite for enhanced digital services across West Africa, bolstering connectivity & business prospects. (Image source: Adobe Stock)
Kaduna State seals telecom masts over $5.8bn tax debt, enforcing compliance amidst revenue targets. (Image source: Adobe Stock)
Demica, Afreximbank, Sterling Bank join forces to revolutionise supply chain finance in Nigeria. (Image source: Adobe Stock)
SES to acquire Intelsat in compelling transaction focused on the future. (Image source: SES)
Mauritian telco in talks for new undersea cable with Reliance Jio and Orange to link Africa, Indian Ocean, Asia. (Image source: Adobe Stock)
Nigeria to levy 0.5% on e-money transfers for cybersecurity. (Image source: Adobe Stock)
South African customers now have access to a diverse range of local and international brands, offering competitive prices and speedy same-day or next-day delivery options. (Image source: Amazon)
Anna Collard, senior vice-president of content strategy & evangelist for KnowBe4 Africa. (Image source: KnowBe4 Africa)
MTN SA achieves 98.33% network availability in Limpopo with resilience plan. (Image source: Adobe Stock)
More Articles
Dr Reda Helal and group managing director – Processing, Africa and co-head group processing, Network International, and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc. (Image source: Network International)
PAIX Data Centres partners with Djibouti Sovereign Fund to build a cutting-edge, neutral cloud and carrier data centre, enhancing East Africa's digital infrastructure. (Image source: Adobe Stock)
U.S. Embassy in Tanzania closes on May 14-15 due to a submarine cable cut affecting network services. (Image source: Adobe Stock)
East African internet outage due to SEACOM and EASSy cable faults, affecting Mayotte and Tanzania. (Image source: Adobe Stock)
Airtel Africa reports US$89mn loss due to tax bill, despite customer growth and data usage increase. (Image source: Airtel Africa)
Avanti and Q-KON partner to launch LEO satellite services in South Africa, enhancing connectivity and business resilience. (Image source: Avant Communications)
Angola Cables & Camtel unite for enhanced digital services across West Africa, bolstering connectivity & business prospects. (Image source: Adobe Stock)
Kaduna State seals telecom masts over $5.8bn tax debt, enforcing compliance amidst revenue targets. (Image source: Adobe Stock)
Demica, Afreximbank, Sterling Bank join forces to revolutionise supply chain finance in Nigeria. (Image source: Adobe Stock)
SES to acquire Intelsat in compelling transaction focused on the future. (Image source: SES)
Mauritian telco in talks for new undersea cable with Reliance Jio and Orange to link Africa, Indian Ocean, Asia. (Image source: Adobe Stock)
Nigeria to levy 0.5% on e-money transfers for cybersecurity. (Image source: Adobe Stock)