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Home Economy

AfricaNenda Partners GIMAC to Expand Digital Payments Infrastructure in Africa

by Joel Nwankwo
September 20, 2023
in Economy
1
AfricaNenda
UBA
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AfricaNenda has announced it partnered with the Interbank Electronic Banking Group of Central Africa (GIMAC) to enhance the innovation of digital payments.

AfricaNenda will offer technical assistance and support in capacity building to improve digital payments, intra-regional digital transfers, interoperability, and financial inclusion, per the MoU signed on September 19 in Yaoundé, the capital of Cameroon.

With robust economic growth and a rapidly developing middle class, Africa is one of the regions with the highest growth rates in the world. A greater emphasis on infrastructure development by African governments and international organizations is also expected to benefit the region.

While there are worries that more than 350 million Africans will be left behind because they lack access to formal financial services, AfricaNenda has stepped up to close this infrastructural gap.

The goal of the independent, African-led organization AfricaNenda is to accelerate the creation of swift and inclusive payment systems that will benefit all Africans, especially the most economically and socially disadvantaged.

According to representatives, GIMAC and AfricaNenda will work together to create use cases for merchant payments and include QR codes in merchant networks in order to enhance transaction security and promote economic growth and digital financial inclusion.

The agreement, which will enable the organization to increase its influence, is the first step in a promising partnership for the future of finance in the region, according to Valentin Mbozo’o, director general of GIMAC.

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.”

Through the agreement, both organisations will generate ideas and design solutions and projects to increase 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, the Central African Republic, Congo, Gabon, and Equatorial Guinea.

 

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Author

  • Joel Nwankwo
    Joel Nwankwo

    Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

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Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

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