AfricaNenda has just announced publicly that it has partnered with the Interbank Electronic Banking Group of Central Africa (GIMAC) to advance the development of digital payment methods.
In accordance with the Memorandum of Understanding that was signed on 19 September in Yaoundé, the capital of Cameroon, AfricaNenda will provide help in the form of technical assistance as well as support in the creation of capacity to increase digital payments, intra-regional digital transfers, interoperability, and financial inclusion.
One of the places in the globe with one of the greatest growth rates is Africa. This is due to the continent’s tremendous economic growth and fast-expanding middle class. In addition, the region is anticipated to gain from African governments and international organisations placing a more significant priority on infrastructure construction.
AfricaNenda has taken the initiative to overcome this infrastructure gap, despite concerns that more than 350 million people living in Africa may be left behind due to their lack of access to formal financial services.
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AfricaNenda is an autonomous organisation that is directed by Africans with the purpose of accelerating the construction of rapid and inclusive payment systems that will be to benefit all people living in Africa, especially those who are economically and socially disadvantaged.
Representatives have stated that GIMAC and AfricaNenda will collaborate on developing use cases for merchant payments and incorporating QR codes into merchant networks to improve the safety of financial transactions, foster economic expansion, and broaden access to digital financial services.
According to Valentin Mbozo’o, the director general of GIMAC, the agreement, which will allow the organisation to extend its influence, is the first step in a promising relationship for the future of finance in the area. The deal will enable the organisation to increase its influence.
Remarks from the Deputy Managing Director of AfricaNenda
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.”
The agreement between the two organisations will allow for the generation of ideas, as well as the design of solutions and projects, that will increase the number of digital payments in the region. This will be to the benefit of those who are already a part of the GIMAC ecosystem, which includes over 33 million users of electronic wallets, 2.8 million holders of GIMAC cards, and 3,207 points of sale locations in Cameroon, Chad, the Central African Republic, Congo, Gabon, and Equatorial Guinea.
About AfricaNenda
AfricaNenda is an autonomous organisation that is governed by Africans and was established to accelerate the creation of instant and inclusive payment systems that will benefit all people living in Africa, incredibly the most impoverished and those who are now excluded from the financial system.
AfricaNenda will address critical bottlenecks that are currently inhibiting the scale-up of quick and inclusive payment systems. These bottlenecks are centred around pre-project support and the building of institutional capacity.
It provides advisory services to African governments, regional economic communities, business sector organisations, and other stakeholders.
AfricaNenda believes that instant and inclusive payment systems have the potential to play a crucial role in the creation of universal access to financial services for many individuals who are financially excluded, and that these systems are essential to the achievement of universal financial inclusion in Africa by the year 2030.