Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash. It’s an option facilitated by the boom in fintech that’s occurred in Africa over the last decade.
The measures include a moratorium of one year on all principal repayments as well as interest rate reduction on all applicable CBN intervention facilities from nine to five percent per annum for one year effective 1 March, 2020.
Bank of Ghana Issues Directive to All Financial Institutions to Take Steps to Prevent the Spread of COVID-19
The BoG will continue to assess the possible impact of the pandemic on the domestic economy and is taking the necessary steps to mitigate its impact, to ensure financial and economic stability.
Safaricom announced that all person-to-person (P2P) transactions under KSH 1,000 (≈ $10) would be free starting Tuesday for the next 90 days.
VisionFund plans to bring financial services to the refugees at scale and will open three more branches in 2020 with the second branch planned in Yumbe district to serve both Yumbe town as well as the Bidibidi settlement, one of the largest refugee settlements in the world.