Latest news with #MTNFintech
Zawya
09-07-2025
- Business
- Zawya
Pay on wire: Juba entices civil servants to open bank accounts
The Bank of South Sudan (BoSS) has introduced special tariffs for processing civil servants' salaries in bank accounts, in an effort to promote digital payments in an economy crippled by insecurity. The tariffs, which vary from 500 SSP ($0.11) to 2,000 SSP ($0.44) depending on the bank, are the outcome of a committee constituted by the banking regulator in June to determine an 'affordable' salary processing tariff for civil servants. These preferential tariffs are intended to encourage civil servants to open bank accounts, as part of the banking regulator's efforts to accelerate the transition from cash to digital payments. The processing fees to be charged by banks and financial technology (fintech) firms were announced by BoSS in a circular dated July 4, 2025. Phoenix Commercial Bank will charge civil servants a salary processing fee of 2,000 SSP ($0.44), Eden Commercial Bank 1,500 SSP ($0.33), Nile Commercial Bank and African National Bank 1,000 SSP ($0.22), and Horizon Bank and Equity Bank South Sudan 500 SSP ($0.11). Afriland First Bank and Commercial Bank of Ethiopia will charge fees equivalent to 0.5 percent and 0.3 percent of the processed amount, respectively. Fintech companies such as MTN Fintech Service (Momo) will charge a salary processing fee equivalent to two percent of the amount, while Digitel Digicash Service will charge 1,000 SSP ($0.22). Juba is actively working towards a cashless economy by initially limiting cash withdrawals and promoting electronic payment platforms such as mobile money and bank transfers. The policy shift aims to reduce reliance on physical cash, lower the cost of printing and managing banknotes and potentially tame corruption. Digital transactions can be more easily tracked, which could reduce opportunities for corruption and illicit financial flows. South Sudan's over-reliance on oil has left Juba with huge debts and a budget hole. Since 2015, the country has faced accusations both locally and abroad of withholding civil servant salaries. This followed a meeting held on June 12, attended by BoSS Governor Addis Ababa Othow, his first deputy Samuel Yanga Mikaya, telecommunications operators and the National Communication Authority to determine viable ways of accelerating the shift from cash to digital payments.'The meeting focused on integrating mobile money platforms with commercial banks, creating affordable salary withdrawal tariffs for civil servants, enhancing transparency and restoring public trust in the banking system,' BOSS said. Last September, the central bank restricted the maximum cash withdrawal limit for individuals and public and private sector entities to SSP 10 million, in an effort to promote a cashless economy and subsequently reduce the cost of printing money to replace worn-out notes and coins. The regulator said that cash withdrawals exceeding SSP 10 million (US$2,206.29) should be deposited via a bank account or transferred within the banking industry, including through mobile money operators.'The public is encouraged to embrace electronic payment platforms, including mobile money, credit and debit cards, which incur low charges on transactions while offering convenience and establishing individual credit history," said BOSS. However, in December 2024, the central bank lifted the cash withdrawal limit, encouraging lenders to offer interest on savings in order to stem hoarding of money by the public and avert a deepening liquidity crisis that has taken a heavy toll on Juba's limping economy. BoSS said that growing public mistrust of commercial banks has discouraged deposits and allowed the public to hoard cash instead. According to the International Monetary Fund (IMF), the South Sudanese economy is expected to recover as oil production has resumed following the damage to the oil pipeline in February 2024 caused by the war in Sudan.'This disruption had halted oil exports, fiscal revenues, and foreign exchange proceeds for over a year, leading to liquidity and financing constraints,' says IMF.'The recovery is expected to be gradual and hinges on continued improvement in the security environment and political stability. The resumption of oil exports through the main pipeline since April 2025 is promising. While real GDP growth is projected to have contracted during financial year 2024/25 due to the lower oil production, it is expected to recover in financial year 2025/2026 as oil exports gradually strengthen.' © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-02-2025
- Business
- Zawya
Network International appointed as Payment Processing Partner by MTN Group Fintech
Network International (Network) ( a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa's leading mobile financial services provider. This partnership marks a significant extension of Network's portfolio of issuer processing collaborations throughout the African continent. With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech's cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa. The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration. Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions. Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: 'Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech's growth strategy, and its business development plans across the continent.' Cedric N'guessan, Executive for Payment and E-commerce at MTN Group Fintech added, "This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent." Read More ( MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets. Distributed by APO Group on behalf of Network International. For more information, please contact: MTN Group Press Office MTN Group Fintech (Proprietary) Limited: Head Office: 216-14th Avenue Fairland 2195, Private Bag 9955 Cresta 2118 South Africa Tel +2711 912 3000 Fax +2711 912 4093 Website Corporate Communications: Network International Dubai, UAE Tel: +971 4 303 2431 Follow us: X: Linkedin: About MTN Group Fintech: MTN Fintech, the platform business of MTN Group, is dedicated to revolutionising global financial services through innovative digital technology solutions. Leveraging MTN's extensive reach and expertise in telecommunications, MTN Fintech is committed to advancing financial inclusion for all and empowering communities in Africa. With a primary focus on pioneering mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities, MTN Fintech strives to establish seamless, accessible, and secure financial ecosystems that shape the future of digital finance. About Network International: Network International is the Middle East and Africa's largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants.
