NEWS FROM EAST AFRICA Pay the cost reduces to below 3% and same day payout. Sub-Saharan Africa remains the most expensive region to send money to and out, according to the World Bank, with the average cost of sending $200 being 8.02% of the principal amount compared with 4.64% for South Asia, the lowest cost globally.
MoU signed to provide an e-Commerce platform for SMEs and Cooperatives A Memorandum of Understanding
the solutions. The incentives
(MoU) was signed, in Port Louis,
and assistance provided by the
between the Small and Medium
MIDSC and the preferential tariffs
Enterprises (SMEs) Division
provided to registered SMEs/
of the Ministry of Industrial
Cooperatives would attract more
“Wapi Pay bypasses traditional
Development, SMEs and
SMEs/Cooperatives to register with
payment networks, optimising
Cooperatives (MIDSC) and the
the MIDSC while boosting their
efficiency and cost for our
Mauritius Post Ltd (MPL) so as to
businesses.
customers. Users choose the
provide an e-Commerce Platform
delivery channels they want such
for SMEs and Cooperatives
as Bank to Bank, Wallet to Wallet,
registered with the SME
Bank to Wallet and Wallet to Bank
Registration Unit.
Seamless payment platforms such as Wapi Pay can greatly ease trade and investments, according to Ndichu.
options to transfer funds as well
In his keynote address, Minister Bholah recalled that the vision of MIDSC is to foster a transformative and pioneering SME Sector crafted
The signature ceremony was held
on innovation, opportunities and
in the presence of the Minister of
inclusiveness whilst its mission is
Industrial Development, SMEs
to provide technical, professional
Wapi Pay is in China, Singapore,
and Cooperatives, Mr Soomilduth
and managerial support to
Indonesia, Japan, Thailand,
Bholah, and the Minister of
SMEs through the creation of
Philippines, Malaysia, India,
Technology, Communication
an appropriate framework for
Taiwan and Vietnam — working
and Innovation, Mr Darsanand
business development and growth.
with local banks and platforms.
Balgobin.
Wapi Pay targets to process
Through this MoU, the MPL will
economic activity, COVID-19 has
$500 million in remittances by
be able to offer efficient business
led to a surge in e-commerce and
the end of 2022, grow the number
solutions comprising e-commerce
accelerated digital transformation.
of registered suppliers and
solutions and marketing facilities
Digitalisation and innovation are
beneficiaries in Asia to 100,000;
including delivery services to
key for the survival of the SME and
and sign up at least 500,000
registered SMEs and cooperatives.
cooperative sectors, he added, and
merchants, traders and
The MIDSC will be responsible for
appealed to enterprises to rethink
businesses in Africa.
engaging with SMEs/Cooperatives
about their economic models since
to adopt and use the solutions
businesses and consumers that
offered by the MPL.
were able to ‘go digital’ during the
as make merchant payments, with settlement done within 24 hours.”
The objective is to give more visibility to the e-commerce
He recalled that amid slowing
COVID-19 pandemic have helped mitigate the economic downturn.
solutions offered by the MPL and
Minister Bholah underlined that
to the SMEs/Cooperatives using
in a bid to create an appropriate 65