In a groundbreaking survey conducted across the continent, RegTech Africa (www.RegTechAfrica.com) and Agpaytech have revealed a seismic shift in consumer preferences towards digital payment methods. With 2,591 respondents from diverse regions, the findings underscore a resounding vote of confidence in electronic transactions, with a staggering 91% of participants expressing a clear preference for digital payment approaches over traditional cash methods.

The research, titled “African Digital Payment Systems and Consumers’ Experience in 2023,” sheds light on pivotal insights driving Africa’s rapidly evolving payment ecosystem. A resounding 76% of respondents voiced concerns over the absence of a unified payment platform, advocating for accessible application platforms to consolidate their myriad of payment accounts seamlessly.

Mobile banking emerges as a cornerstone of Africa’s digital financial landscape, with 73.5% of respondents leveraging banking apps for various transactions. Remarkably, 85.5% utilize these apps for fund transfers and other payments, significantly reducing reliance on physical bank branches, with many users eschewing branch visits entirely.

While the survey reflects a burgeoning appetite for digital solutions, it also illuminates significant gaps in consumer awareness regarding Central Bank Digital Currencies (CBDCs). Despite their potential to transform financial infrastructure, a staggering 69% of participants admitted to lacking any knowledge of CBDCs, highlighting the imperative for widespread education initiatives.

Interestingly, when presented with the concept of CBDCs, sentiments were divided, with only 19.8% expressing agreement with their issuance, while 47.9% opposed the idea, and 32.3% remained uncertain. These findings underscore the necessity for comprehensive dialogue and education surrounding CBDCs to foster informed decision-making.

Moreover, the report uncovers persistent challenges hindering the widespread adoption of digital payment systems, with 45.3% of consumers expressing dissatisfaction. High transaction charges, fraud concerns, and perceived security vulnerabilities were cited as primary deterrents, signaling a pressing need for enhanced safeguards and regulatory frameworks.

Looking ahead, the research identifies a burgeoning interest in innovative payment trends, including personalized services such as ‘buy now pay later,’ ‘save now buy later,’ WhatsApp banking, CBDCs, and open banking. As consumers gravitate towards tailored solutions, financial institutions are poised to capitalize on emerging opportunities to meet evolving demands effectively.

“As Africa embraces the digital revolution, it’s imperative for stakeholders to prioritize interoperability and user-centric design in crafting next-generation payment solutions,” emphasized Cyril Okoroigwe, CEO of RegTech Africa. “By addressing consumer concerns and fostering collaboration across the financial ecosystem, we can unlock the full potential of digital payments to drive inclusive economic growth.”

“These findings mark a pivotal moment in Africa’s journey towards a digital-first economy,” remarked Richard Amoah, CEO of AGPAYTECH Ltd. “The overwhelming preference for digital payment solutions underscores the transformative potential of fintech innovation in driving financial inclusion and economic empowerment across the continent.”

Distributed by APO Group on behalf of RegTech Africa.

Contact:
Email: info@regtechafrica.com

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Website: www.RegTechAfrica.com 
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Website: https://www.Agpaytech.co.uk
LinkedIn: https://apo-opa.co/3PNpfVU

About RegTech Africa:
RegTech Africa Insights is a leading research and advisory platform specializing in financial technology and regulatory compliance across Africa. With a dedicated focus on advancing digital financial solutions, we empower stakeholders with actionable insights to navigate the evolving landscape of financial innovation.

Our ecosystem insights provide organizations with comprehensive data, expert insights, and management tools that enable them to discover, analyze and make informed decisions.

About Agpaytech Ltd.:   
Agpaytech Ltd. is a company pioneering in the Fintech Space with a focused approach to building robust technologies for e-commerce Card Processing Solutions for Payment Service Providers (PSPs). Additionally, we provide Compliance and Regulatory Umbrella, Remittance-as-a-Service, Banking-as-a-service, Foreign Exchange, Cross Border Payments, and digital currency technology. Our services expand from research projects, state-of-industry reports, project assessment, data collection, and consulting services in the FinTech space. https://www.Agpaytech.co.uk

Report available for download here: https://apo-opa.co/3vETho3

Program to provide STEM and problem-solving skills to students across continent; Students to compete for chance to attend major regional industry conference; Aims to develop the next generation of African thinkers and workforce.

The ExxonMobil Foundation and JA Africa have launched the “ExxonMobil STEM Africa” initiative, a $300,000 program to promote science, technology, engineering and mathematics (STEM) for approximately 3,000 African students across Nigeria, Namibia, Angola and Mozambique.

The program will prepare middle and high school students for future STEM careers through immersive quizzes and hands-on experiences at Innovation Camps. The camps, delivered by JA Africa, will teach new approaches to addressing STEM-related challenges.

“Growing students’ STEM skills is key in developing the next generation of problem solvers across Africa,” ExxonMobil Foundation President Alvin Abraham said. “We’re excited to see how these young minds apply what they’ve learned through our program.”

Teams who present the best STEM solutions will represent their countries at a major regional industry conference in Cape Town, South Africa. Students will gain cross-cultural exposure, learn about energy from a global perspective and showcase their ideas while connecting with industry leaders.

“In an era where technology and innovation propel the global economy forward, Africa’s position at the forefront of technological advancements is crucial for maintaining competitiveness and sustainable development,” said JA Africa President and CEO Simi Nwogugu. “We are grateful to the ExxonMobil Foundation for this partnership to nurture STEM competencies to shape Africa’s future.”

To learn more about the program, visit https://ExxonMobilSTEMsAfrica.org/

Distributed by APO Group on behalf of JA Africa.

About ExxonMobil Foundation:
The ExxonMobil Foundation is the primary philanthropic arm of Exxon Mobil Corporation in the United States. The Foundation engages in a range of philanthropic initiatives in areas where the company operates around the world, with a strategic focus on science, technology, engineering, and math (STEM) education.

About JA Africa:
As one of Africa’s largest and most impactful youth-serving NGOs, JA Africa delivers hands-on, immersive learning in work readiness, financial health, entrepreneurship, sustainability, STEM, economics, citizenship, ethics, and more. JA Africa has a presence in 16 countries in Sub-Saharan Africa and collectively we reach more than 900,000 youth in more than 3,000 schools each year. JA Africa Works in Burkina Faso, Côte d’Ivoire, DRC, Eswatini, Ghana, Kenya, Madagascar, Mauritius, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe. Learn more at www.JA-Africa.org.

Since last year, intercommunal conflict between the Pakam and Luanyjang communities from Rumbek North in Lakes state and Tonj East in Warrap state respectively, have led to killings, abductions, cattle raids, and displacement.

To enhance civilian security and protection, the United Nations Mission in South Sudan (UNMISS) established a temporary base in Maper last month, a strategic location in Lakes, some 16 kilometers from shared borders with neighbouring Unity and Warrap.

“This temporary base is necessary because it helps our peacekeepers engage with communities and deter violence through regular patrols,” revealed Lieutenant-General Mohan Subramanian, the UN Peacekeeping mission’s Force Commander, who visited the site last week.

While on the ground, Force Commander Subramanian interacted with local authorities, South Sudanese uniformed personnel and 120 Nepalese peacekeepers currently stationed here. 

“We had been actively conducting short- and long-distance patrols in and around Maper since border conflicts began to rise, but given longstanding communal grievances, we felt that our protection efforts would be more impactful if we established a temporary presence here,” stated the Lieutenant-General.

“We will also be able to help create conditions conducive for the safe delivery of humanitarian assistance to people who need it the most,” he added, while calling on authorities and communities in the area to build synergies with Blue Helmets.

“As a peacekeeping mission, we are committed to keeping civilians caught in such cyclical violence safe, but there must be collective efforts to address the root causes of conflict between neighbouring states, particularly as South Sudan approaches elections,” he averred.

Peacebuilding is another key aspect that local authorities are hoping will be boosted through this temporary presence. 

“We are optimistic that this base will help our government to facilitate peace activities and enable peace partners to move freely,” said Samuel Mabor Deng, County Commissioner of Rumbek North.

Community members too are relieved thanks to the presence of UNMISS peacekeepers.

“Our main concern is that all routes are very insecure at night. So, I hope as our peacekeeping friends from UNMISS get used to the terrain in and around Maper, their daily patrols will slowly make roads safe for all of us at all times,” stated Chol Achiek, a Maper resident.

For Major Kumar Gurung, the Commanding Officer of the UNMISS temporary base, it has been a warm welcome from communities living here.

“We were quick to begin town patrols and have extended our reach to numerous payams [administrative divisions] across Rumbek North county. Road conditions continue to make movement difficult but we are determined to protect everybody to the best of our ability. Local communities have been very supportive in our first two weeks here,” he said.

The Maper temporary operating base became operational on 15 March 2024 upon request by the Government of South Sudan.

Distributed by APO Group on behalf of United Nations Mission in South Sudan (UNMISS).

On March 25, Ambassador Dr. John Nkengasong – U.S. Global AIDS Coordinator and Senior Bureau Official for Global Health Security and Diplomacy, overseeing the Department’s Bureau of Global Health Security and Diplomacy –  launched the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) Nursing Leadership Initiative to sustain gains and accelerate progress toward ending HIV/AIDS as a public health threat by 2030. Under the initiative, PEPFAR is providing $8 million in 2024 to support nurses at the forefront of the HIV/AIDS response in Botswana, Côte d’Ivoire, Eswatini, Malawi, Nigeria, South Africa, and Zambia.

In these seven partner countries, the initiative invests in activities that will:

Enhance nurses’ skillsets to lead planning and delivery of HIV/AIDS services to curb disruptions in access to essential HIV services;
Help nurses to identify, advocate for, and leverage innovative digital solutions to enhance quality HIV service delivery;
Protect nurses by enhancing their infection prevention and control skills, providing supportive work environments, and supporting mental health needs;
Invest in the development, retention, and equitable distribution of the nursing workforce, aligned with each country’s national priorities, to ensure long-term sustainability of HIV service delivery; and
Enhance nurses’ communication and leadership skillsets.

PEPFAR implementing partners will also support partner nursing organizations in the seven initiative countries to undertake a needs assessment to guide initiative activities.

Distributed by APO Group on behalf of U.S. Embassy in Côte d’Ivoire.