E-Business
Verve, Zap, OthersTop 10 African Fin. Service Tech Products in 2009
The task of selecting top 10 technology driven products/services in financial service industry in Africa in 2009 is not an enviable one. In spite of the global financial recession, financial services industries in Africa have turned out several technology-driven innovative products/services. These products cut across all the financial sectors such as banking, insurance, capital markets and even pension schemes.
Top on the list of the criteria employed by the financialtechnology editorial team include innovations and transformational power. The products/services selected have proven to be innovative both in design and implementation. They also have transformational power to revolutionise the financial service sector in the continent. Having applied these criteria as vigorous as possible, the following products/services were selected: M-Pesa, Zap, Mobile Money, Verve, Kenyan Bourse Complaints SMS Service, Instant Life, Capitec Bank Paperless System, Mbao Pension Scheme, Trustco Life and Uganda Financial Sector Identification (FSI) system.
1. M-Pesa
Safaricom’s powered M-Pesa, the most successful M-Payment system in the world, has continued to go from strength to strength. Having survived Kenya’s government inquisition in January 2009, M-Pesa went international and opened a new platform for its 7.5 million subscribers to connect to the United Kingdom.
Safaricom also integrated the platform to ATM systems. As such, its customers can retrieve money through PesaPoint ATMs. More than 75 organisations, including manufacturers of retail goods are already hooked up to M-Pesa, allowing their customers to pay using what was initially launched as a money transfer platform targeting the unbanked. The roll call of M-pesa corporate users include educational, financial, health, hospitality, utility, insurance, airlines, NGOs, and media institutions.
Renaissance Capital, a Nairobi based investment bank, estimates that M-pesa service earned Safaricom Sh2.9 billion in the last financial year. In terms of access for both merchants and consumers, the mobile platform offers significant low costs and unrivalled convenience.
2. Zap
With the launch of Zain’s Zap into the M-Payment sector in Kenya and East Africa, competition took a new twist characterised by revolutionary products. Zain introduced a new concept, allowing its users to send and receive money via their bank accounts.
Zain launched Zap Distro, a web portal tool that enables dealers and large chains, which have other agents under their flagships, to manage their accounts. It also unveiled Zap Master to its transactional menu. The Zap Master eases cash administration process especially for SMEs. With these new offerings, Zain has deepened the M-Payment scheme in Africa.
3. Kenyan Bourse Complaints SMS Service
In 2009, investors at the Nairobi Stock Exchange (NSE) were able to lodge their complaints and queries on shares and transactions at their convenience. This follows the launch of the NSE Complaints Handling Unit (CHU) SMS service. This is an enhancement of the CHU website.
Peter Mwangi, NSE Chief Executive, says the new service will make the stock market more approachable for investors where they will get information on how the bourse operates or even raise issues they may have. Prior to CHU launch, investors shuttled between the NSE and market regulator, Capital Market Authority & Central Depository Settlement Corporation (CDSC) to raise concerns.
The new service is seen as an alternative to the web-based portal, bringing convenience to especially those in the rural areas without access to internet.
4. Instant Life
Instant Life is South Africa’s first direct insurer to function without the expense of an interactive call centre, using an automated administrative system.
The company claims to represent a sea of change in the way insurers do business. 100 years ago saw the emergence of the broker-driven insurance business; about 50 years later call centre technology changed the industry, while the online, low-cost system of Instant Life represents the kind of do-it-yourself change similar to that of buying airline tickets.
“The new generation of insurers will shift the focus from the old model of push-selling by a commissioned intermediary to life products that internet savvy and informed clients will want to buy,” says Jan Kotze, CEO of Instant Life. He says life cover could become more affordable including the 50% of South Africans who were underinsured by the life industry engaging directly with clients online and by shedding “its top-heavy layers”.
Instant Life started in August 2009, but was officially launched only in December 2009 because it needed time to refine its business models and technology. Nonetheless, according to Kotze, it had already received about 8000 applications from 40,000 hits.
5. Trustco Life
Trustco Mobile, a subsidiary of Namibia-based Trustco Group Holdings provides life cover for mobile phone users when they purchase airtime. It has set a target of signing up five million people on the continent in the next 10 months. Presently, the deal is exclusive to Cell One customers, in Namibia.
Trustco Life covers users lives for a maximum of R100 000, for as long as they buy airtime monthly from the mobile company. Quinton van Rooyen, group MD of the Trustco Group, says the system works through the cellular company’s network and, as long as consumers keep buying airtime, they are insured. Reminders are sent out via SMS when customers need to recharge.
He says the concept was tested for a year before being launched, and uptake was good. Namibia has 1.4 million cellphone users, of which 95% are on prepaid packages. The company will expand the offering beyond Namibia and is targeting five million users by financial year-end. Cell One has 250 000 prepaid customers, Van Rooyen says.
6. Mbao, Informal Pension Scheme
An informal pension scheme powered by M-Payment services, M-Pesa and Zap was launched in Kenya in the last quarter of 2009. It will require savings of at least Sh20 a day for informal sector players to earn a pension after their retirement.
With the individual contribution pension scheme called Mbao Pension Scheme, the informal sector player will be able to save and enjoy comfort at old age, like those in formal employment. The pension scheme, established by Kenya National Jua Kali Co-operative Society Limited, is targeting 8.5 million people involved in small and medium enterprises in the country.
This pension scheme will leverage on technology to attend to the expected volumes of small denominations in contribution. In this, members will contribute through money transfer services like Safaricom’s M-pesa and Zain’s Zap, and receive account updates through their handsets.
The national identification card number will be the member’s account number. Retirement Benefits Authority MD, Edward Odundo, says the company expects the scheme to be the largest in the country in a few years.
7. Capitec Paperless Banking System
Opening a bank account at any of the over 370 branches of Capitec Bank in South Africa is a piece of cake. They take customer’s fingerprints with a scanner and the contract states that Capitec uses this ID to authorise transactions. Within 45 minutes the customer is done. The account is opened and ready for transactions
Capitec Bank, the fastest growing retail bank in South Africa in 2009 pioneered a new biometric ID system to provide increased security for client transactions and lower banking fees. Riaan Stassen, Capitec Bank CEO says, “The sophisticated yet simple biometric device that we are implementing in our branches is an example of how we strive to use innovative technology to drive down costs while enhancing security and offering clients greater peace of mind. The biometric devices allow immediate verification and instant account access, in real-time, assuring clients that only they can transact on their account.”
The introduction of biometric ID by Capitec Bank is a local industry first. Using fingerprint and photographic recognition, the system is used in-branch when a client opens an account and any time they need to liaise with a consultant thereafter.
8. Financial Sector Identification (FSI)
To address the challenges of the absence of unique identifier in the implementation of its financial credit system, the Central Bank of Uganda (CBU) set up a Financial Sector Identification (FSI) system powered by Compuscan Limited.
CBU makes Compuscan the country sole credit bureau provider and makes it a regulatory requirement that all banks must supply loan applications and performance data; perform credit search at the point of facility review or new loan agreement. It also mandated all banks to issue financial cards to their borrowers to enable proper ID on credit bureau.
In 2009, all bank branches in Uganda have the software and hardware set up and enrollment also commenced. The financial cards are created for individuals, companies and authorised agents representing companies. To forestall possible impersonation, 10-finger digits are registered and four images of each digit are taken. The solution was developed to work both online and offline with direct hook up to the finger print database.
9. Verve
In 2009, Interswitch, Nigeria’s premier transactions switching and electronic payment company delivered the first locally branded EMV payment card in Africa. Christened Verve, the payment card generated a lot interest across the world because of its strategic impact on local e-payment transactions in Nigeria and its potential to become a leading regional payment card.
The security and EMV features in Verve chip & PIN card guarantees a higher level of security for payment transactions than magnetic stripe cards. Interswitch has also initiated eight other security initiatives. These are: MoneyGuard, which allows cardholders to send SMS from their phones to block their cards in case of an unusual, fraudulent activities; Fraud Watch, a portal and email for fraud reporting and information management; Fraud Guard, a fraud management and transaction security system; Fraud Insure, card fraud insurance; Fraud Team risk management team; Identity Guard, a token based strong authentication and Fraud Aware, cardholder awareness campaign.
10. Mobile Money
The MTN Group successful launched its Mobile Money Transfer (MMT) in Uganda and Ghana in 2009. It marked the beginning of a series of planned launches across its operations in Africa and Middle East.
MTN Mobile Money is a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone. Whether users have an existing bank account or not, they can register for MTN MobileMoney as long as they are MTN subscribers. Those without MTN SIM cards or even a phone can still receive money from MTN MobileMoney users and send money through a network of agents in their country.
MTN has been piloting at the Group’s West and Central Africa (WECA) region operations (Cameroon, Ghana, Cote d’Ivoire and Nigeria) since October 2008. Five additional pilots were launched in Benin, Congo Brazzaville, Guinea Bissau, Guinea Conakry and Liberia in 2009. The pilots are aimed at waterproofing the systems and operational processes in preparation for the commercial launch. In each market, MTN has partnered with local banks to ensure that its MMT services are fully compliant with financial services regulations.
Discussions are currently on-going with relevant authorities in various countries to ensure that all regulatory requirements are met. MTN Mobile Money has the potential to become the largest banking services in Africa by the time the operations take off in all countries of its operations. MTN Mobile Money charges a smaller percentage compared to what other conventional service providers charge.
Data workers in Africa often have a hard time, according to a report published in theconversation.com, a nonprofit, independent news organization dedicated to unlocking the knowledge of experts for the public good.
The article by Mohammad Amir Anwar, senior lecturer in African Studies and International Development, University of Edinburgh, found that data workers in Africa face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks.
The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.
Data work includes text prediction, image and video annotation, speech to text validation and content moderation.
The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.
Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela.
The result is complex production networks that are generally opaque and shrouded in secrecy.
Workers and researchers have issued many warnings about data workers’ health.
Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.
Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock.
While the circumstances of her death are still unclear, it has renewed calls for wider systemic change.
Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.
Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”.
Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.
In this article, we outline key steps needed to protect these data workers in Africa.
They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.
Data work needs tighter regulation.
Regulation
Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors.
Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).
This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.
But there is more to the story.
Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa.
African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.
Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector.
Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.
Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage.
Firms found violating labour standards should be penalised.
In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.
It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.
Quality, not quantity
African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.
Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.
Another option for African governments is to enhance social protection among data workers.
Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.
Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.
Worker movements
African data workers have taken risks in openly speaking about their experiences.
But these kinds of approaches work well when combined with collective bargaining.
Workers have historically won their labour and civil rights after long and hard-fought struggles.
There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.
While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.
It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.
Some firms are hostile to workers’ organising activities.
But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article.
Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.
These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.
Several high-profile court cases are currently being pursued by African data workers against Meta and Sama.
There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.
AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.
Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.
National Identity Management Commission (NIMC) said the National Identification Number (NIN) is a mandatory requirement for securing government loans.
NIMC said on its social media platform that the identity number has become compulsory for Bank of Industry (BOI) loans.
NIMC said, “Enroll for your NIN today to access business aid and other opportunities from the Bank of Industry.
“To access the services of the Bank of Industry (BOI), enroll for the NIN.”
Recall that the federal government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), established three funds totaling N200bn to support businesses across Nigeria.
The fund will be accessed at nine per cent interest, to be disbursed by the Bank of Industry (BOI).
The funds established by the government were the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
The government appointed BOI as the executing agency for the funds and is empowered with the responsibility for their day-to-day administration.
“The Presidential Conditional Grant Scheme (PCGS) is a N50bn grant scheme to support eligible Nano Business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT.
“The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others,” said Dr. Olasupo Olusi, managing director/chief executive officer, BOI.
SystemSpecs Holdings Ltd unveiled at the weekend the rebranding of its subsidiary Deelaa to Whatadeal, launching an ambitious digital commerce platform poised to transform travel, events, and e-commerce across Africa.
John Obaro, group managing director, SystemSpecs, and Fela Bank-Olemoh, managing director of Whatadeal
The announcement comes amid a surging demand for integrated digital services in Nigeria and beyond, as the continent’s e-commerce and travel sector stand on the cusp of exponential growth.
The launch event, held in Lagos, demonstrated SystemSpecs’ vision for a seamless, value-centric consumer experience.
This strategic rebrand follows the company’s acquisition of Knit Technologies, amalgamating cutting-edge innovation and industry expertise into Whatadeal—one of four subsidiaries under the SystemSpecs umbrella.
John Obaro, group managing director, SystemSpecs, emphasized that the transformation reflects an unwavering commitment to technological advancement and customer empowerment.
“Whatadeal transcends a mere rebranding—it embodies a dynamic ecosystem designed to deliver unparalleled value and memorable experiences,” Obaro told reporters.
He elaborated, “Our ambition is to ensure that whether you’re organizing an event, procuring tickets, or seeking the finest deals, Whatadeal is your definitive destination. We are also in advanced discussions with leading travel industry players to curate exceptional travel experiences across Nigeria.”
Originally introduced in 2022 as an e-ticketing and marketplace platform, Deelaa catered to both businesses and consumers.
Its evolution into Whatadeal responds to shifting market dynamics, offering an integrated solution for booking flights, securing event tickets, and shopping online.
The platform will be powered by Remita, SystemSpecs’ acclaimed electronic payment and collection system, which underpinned Nigeria’s Treasury Single Account initiative—one of the most extensive implementations of its kind in Africa.
Steering this venture is Fela Bank-Olemoh, managing director of Whatadeal and a SystemSpecs stalwart since 1998.
With over two decades of expertise spanning technology, marketing, and public service, Bank-Olemoh brings a formidable pedigree to the role.
He founded MediaVision Limited, a preeminent sports marketing firm in Nigeria, before serving as Special Adviser on Education to the Lagos State Governor from 2015 to 2019 and later as Senior Special Assistant on Education Interventions to Nigeria’s President from 2019 to 2023.
Bank-Olemoh articulated the platform’s ethos: “At Whatadeal, we hold that exceptional experiences and valuable offers should be effortless, not convoluted. Our mission extends beyond merely facilitating deals—we are cultivating an ecosystem that nurtures engagement, trust, and enduring value for our customers.”
He added, “Whether you’re arranging travel, acquiring event tickets, or purchasing essentials, you deserve an intuitive, rewarding experience that consistently delivers excellence. Whatadeal is dedicated to realizing that vision.”
SystemSpecs aims to establish Whatadeal as the preeminent one-stop platform for African consumers, blending convenience with competitive offerings.
With its fusion of Knit Technologies’ innovations and Remita’s robust infrastructure, Whatadeal is poised to redefine digital commerce on the continent.
Africa’s Data Workers are Being Exploited by Foreign Tech Firms – Report
NIMC Says NIN Mandatory to Government Loans
Fidelity Bank Reports N385.2Bn Pre-Tax Profit for 2024
FG to Create 1m Technology Jobs – Minister
Ponzi Operators Risk 10-Year Jail Term, N20m Fine – SEC
Telecom3 days agoMTN, Lynk Global Make Africa’s First Satellite-to-Mobile Call
E-Business3 days agoSystemSpecs’s Subsidiary Deelaa Becomes Whatadeal
E-Financial3 days agoNigeria Gets Fresh $500m World Bank Loan for Economic Stimulus Programme
General News3 days agoSERAP Asks National Assembly to Drop Bill to Jail Nigerians who Fail to Vote
E-Financial3 days agoUninsured Depositors of Heritage Bank to Receive Liquidation Dividends In April – NDIC
Telecom3 days agoSmart Treasure Investment Team’s Initiatives Eradicate Poverty, Says Aminu
Telecom3 days ago15-Year-Old Autistic Artist, Kanye, to Unveil World’s Largest Art Canvas on Autism Awareness Day
E-Business3 days agoCybersecurity Firm Says It’s Time to Back it Up, As the World Marks World Backup Day