The key to growing African economies in Africa lies in partnerships forged between public and private sector players says Cellulant Group CEO Ken Njoroge.
According to Njoroge, such partnerships will accelerate firms providing infrastructure to various sectors by using platforms such as mobile payments to transform countries, communities, societies, businesses and everyday consumers.
“The goal is to scale transformation of African economies with payment experiences that evolve the way consumers make their payments on various digital channels, “ stated Njoroge during the launch of the LSE report in London. “Scaling services in more than 23 markets in Africa will enable Cellulant to fix Africa’s payments problems by working to connect more than 700m mobile users with millions of businesses and capture the latent demand for payments for services that power their daily lives – providing the glue that connects everyone to everything everyday”
Njoroge was speaking at the launch of a report by the London Stock Exchange (LSE)dubbed “Companies to Inspire Africa”with roughly 50% of the companies featured in the report in the telecoms and fintech sector.
According to the report, in almost 10 years, there has been a 344% growth of mobile phone usage in African from 2007-2016. This is complimented by the rise of mobile consumers across Africa who increasingly rely on their mobile phones to send/receive money and to make payments. In countries such as Kenya more than 58% of the adult population have a mobile account. This presents a great opportunity for companies to develop mobile payment solutions that are relevant to the customers’ needs.
Cellulant was featured for being a top payments and transfer service provider in Africa. With 13 years in the firm currently services 33 markets in Africa. Recently it launched Mula, a payments experience empowering consumers across Africa to pay their bills; and send and receive money.
Technology, according to Cellulant highlights key progress on food security and financial inclusion for farmers across 30 states in Nigeria and the impact of expanding the same services to Liberia. With the eWallet technology that is powering more than 15M farmers in Africa, private sectors and financial partners will be able to give out loans to smallholder famers with ease. In Nigeria, Cellulant, has already arranged the consortium of financial sector actors who have agreed to deploy a loan book portfolio of $ 100 million into smallholder farmers’ micro loans.