Digital Banker Africa Summer 2021

Page 65

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


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