The Chief Executive O cer of MobileMoney Limited (MML), Shaibu Haruna, has emphasized the need for collaboration between nancial institutions and ntech companies to develop a more robust nancial ecosystem. He made this statement during a panel discussion on "Banking and Fintech interactions: Balancing Innovation Risks and Inclusion" at the 3i Africa Summit held in Accra.
Mr Shaibu Haruna spoke alongside Valen-
tine Obi, the Founder and CEO of e-Transact Group, Corine Mbiaketcha Nana, Member of PAPSS Management Board, Afreximbank and Romeo Bugyei, CEO of IT Consortium Ghana. The session was moderated Djiba Diallo, Senior Fintech Advisor, Ecobank Transactional Incorporated and was titled “Banking and ntech Intersection: Balancing Innovation, Risks, Inclusion Banking”.
Mr. Haruna urged stakeholders in the nancial sector to col-
laborate rather than compete to build trust and work together to serve clients' needs better. He said, “Mobile Money has been around for 15 years. When we began there was some resistance, but it has moved to acceptance. At the core of our success are the banks. There is an interplay between the bank and the other parties. We have built a good business from a transactional point of view but there is still an opportunity to do more. We are exploring innovative ways to
provide clients with credit.”
He noted that as key players in the nTech space, “we need to view each other as collaborators with the common goal of providing better services to our clients”. He said, “this can only be achieved through trust, which is nurtured and built on understanding the objectives. We should let go of the competitive mindset and explore innovative ways to partner and collaborate to deliver value to our clients”.
He stated that to accomplish this, there must be a shared understanding of the purpose of making a positive impact on individuals, communities, and businesses.
Mr. Haruna emphasized MobileMoney Limited’s commitment to collaborating with nTechs to create a smooth customer experience. He noted that, “I am grateful to the organisers of this program for bringing all stakeholders together to have the necessary discussions. At MobileMoney Limited we are very open to collaboration. We invite all ntechs to come on board and work with us to build the nancial ecosystem we are working towards achieving. The goal is to see our customers have a seamless experience across all our platforms”.
The 3i Africa Summit is a global event focused on transforming Africa’s economic landscape through sustainable, long-term capital allocation. It addresses the critical need for a sustainable growth framework in Africa, emphasizing inclusion and sustainability.
The Chief Executive O cer of MTN Ghana, Stephen Blewett has emphasized the relevance of Africa’s FinTech ecosystem in driving digital revolution across the African continent. He made the statement at the opening of the 3i Africa Summit ongoing at the Accra International Conference Center.
The summit is being organized under the theme ‘Unleashing Africa's FinTech and Digital Economic Potential,’ and provides an opportunity to foster collaboration among diverse stakeholders to drive innovation across Africa.
The 3i Africa Summit is a collaborative initiative by the Bank of Ghana, Development Bank of Ghana, and the Monetary Authority of Singapore to showcase and stimulate Africa’s FinTech and digital potential. It is a groundbreaking global event focused on transforming Africa’s economic landscape through sustainable, long-term capital allocation.
In his address, Mr. Stephen Blewett highlighted the importance of the African ntech ecosystem as a driving force towards a digital revolution. He said, “Africa’s ntech ecosystem is the engine
that will drive its digital revolution and economic development in the coming years. Fintech can stimulate local economies and drive progress across the continent in several ways – nancial inclusion, innovation and entrepreneurship, job creation, cross-border transactions and payments, digital identity and security, agriculture and rural development, government services, investment, and funding, as well as digital and nancial literacy. The success of services like MTN’s Mobile Money and Vodafone and Safaricom’s M-pesa provide
su cient evidence of the ability of ntech to revolutionize business on the continent and provide millions of people with access to essential nancial services.”
He added, “Despite these gains, Africa lags far behind the world in mobile adoption and innovation. Constraints such as low infrastructure coverage, a ordability of data and smartphones, and lack of digital skills training continue to inhibit access to the Internet among vulnerable groups, especially women. We must therefore make every e ort to remove these bottlenecks and close the usage gap by improving data coverage and lowering the cost of data and data-enabled devices especially in rural and low-income areas and enhance digital literacy.”
Stephen Blewett also spoke on the issue of sustainability and urged business leaders and policymakers to contribute to ensuring that the right ESG practices remain key in their commercial activities.
“We must not lose
sight of the impact that our actions have on our environment and society and strive towards creating shared value in business outcomes. We must progressively reduce our carbon footprints by investing in renewable energy, and other energy-ecient tools and technologies that lead to e ciency. We must take up the challenge of placing Environment, Social, and Governance (ESG) at the heart of our commercial activities and support the achievement of the UN’s Sustainable Development Goals. I believe that together, we can shape an Africa that not only thrives in the digital age but also serves as a shining example of inclusive and sustainable development.”
Other speakers from MTN are Shaibu Haruna, CEO of Mobile Money Limited Ghana and Eli Hini, CEO MoMo PSB, Nigeria. The rest are Cedric Nguessan, MTN Group Finco Payments and ECommerce, Angela Mensah-Poku, Chief Enterprise Business O cer MTN Ghana, and Dario Bianchi, Chief Digital O cer, MTN Ghana.
Small and Medium Enterprises (SMEs) often grapple with accessing credit due to the challenge of establishing trust and a solid track record, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana has highlighted.
He emphasized that SMEs represent the pivotal constraint to economic growth, and by addressing this constraint through collaborative e orts across stakeholders, including innovators
and policymakers, the potential for broad-based, inclusive, and shared growth becomes tangible.
Dr. Opoku-Afari underscored the pivotal role of digitalization in overcoming this challenge, citing the collaboration between the central banks of Ghana and Singapore in establishing the Financial Trust Corridor (FTC). This initiative aims to compile and verify data between the two central banks, creat-
ing a comprehensive database of SMEs that meet speci c criteria, thereby fostering trust and facilitating nancial transactions.
Speaking at the 3i Africa Summit on 'Africa’s Digital Trade Highway: Unlocking SME Growth through Technology,' Dr. Opoku-Afari outlined plans to leverage digitalization further through the introduction of the Universal Trusted Credential (UTC). This innovative approach utilizes
digital footprints to assess the willingness and capability of SMEs to meet nancial obligations, addressing the core issue of trust and enabling access to credit without the need for tangible collateral.
Highlighting the signi cance of establishing a credible track record for SMEs, Dr. Opoku-Afari emphasized the issuance of well-dened, universally accepted credentials as a means to over-
Eugene Davis
come this obstacle. Ghana stands as a pioneering example, having tested the UTC within a sandbox environment under the central bank's supervision. Initial outcomes have been encouraging, with minimal non-performing loans (NPLs) and heightened con dence from SMEs and nancial institutions alike.
Furthermore, Dr. Opoku-Afari introduced the Digital Enforcement of Funds Transfer (DEFT) initiative, aimed at enhancing accountability in resource allocation. By integrating purpose-bound money with the e-cedi platform, funds allocated to a rm are only accessible for their designated purpose, ensuring e cient resource utilization and fostering trust in the nancial system.
This initiative, currently undergoing sandbox testing, holds the promise of revolutionizing business practices, reinforcing trust, and providing SMEs with the necessary access to credit. Given the substantial contribution of SMEs to economic activity, unlocking their potential is pivotal in driving inclusive and sustainable growth, concluded Dr. Opoku-Afari.
The Year-on-year in ation rate at ex-factory prices for all goods and services was 16.8% in April 2024, the Ghana Statistical Service has reported.
This is higher than the 15.3% recorded in March 2024.
The month-on-month Producer Price In ation (PPI) or ex-factory prices was 4.1% in April 2024, higher than the 3.2% record-
ed in March 2024.
The producer price in ation in the industry sector excluding the construction sector increased to 20.2% in April 2024 from 18.8% in March 2024.
The rate in the construction sector decreased to 50.0% in April 2024.
In the Services sector, the rate increased from 7.6%in March 2024 to 9.4% in April 2024.
For the Manufacturing Sub-Sector In April 2024, 10 of the 23 major groups in the manufacturing sub-sector recorded in ation rates higher than the sector average of 7.6%.
The Manufacture of beverages recorded the highest in ation rate of 38.2%, followed by the Manufacture of wearing apparel at 37.7%.
The Construction (50.0%), Mining and Quarrying (26.4%), Electricity and Gas (23.8%), and Accommodation and Food Services Activities (23.5%) recorded in ation rates above the national average (16.8%), while Water Supply, Sewerage and Waste Management activity recorded the lowest rate of 7.5% in April 2024.
The inaugural Djibouti Forum brought together nearly 400 delegates, including international institutional investors collectively overseeing a staggering $2.5 trillion in assets. Describing the forum as a “resounding success”, Dr. Slim Feriani, CEO of Fonds Souverain de Djibouti (Djibouti’s sovereign wealth fund), noted that it was evident that there “is great and growing interest in Djibouti.”
During the closing ceremony of the two-day event, Feriani signed a
memorandum of understanding with Tamini Insurance, part of the in uential Salaam Group, a leading nancial conglomerate in Djibouti.
Tamini Insurance’s CEO, Mohamed Bahdon, announced that under the agreement, their clients—numbering over 4,000—will now have access to Djibouti’s rst crowdfunding platform, Inclu n. Through this platform, Tamini Insurance clients can invest in socially impactful
entrepreneurial ventures in the country while earning returns on their savings. “It’s an opportunity for our clients to invest in
promising businesses, including startups and SMEs, and contribute to the country’s entrepreneurial future,” he said.
The Djibouti Forum also witnessed the signing of an agreement between PAIX Data Centres, a prominent data center solu-
tions provider, and Djibouti’s sovereign wealth fund to establish a cutting-edge, cloud-and-carrier-neutral data centre in the country.
This deal introduces a new player to Djibouti’s data centre sector, which currently hosts only Wingu, and is expected to deliver bene ts to customers in terms of innovation, pricing and reliability. The soon-to-be-constructed facility, named JIB1, will encompass approximately 50,000 square feet of net usable space and o er up to 5 megawatts of critical power. The rst phase is slated to launch in 2026.
Having both Wingu and PAIX in Djibouti will create critical
mass in data centres in the country and fast track its ambitions to become a digital economy hub.
“PAIX’s investment in JIB1 positions it at the crossroads of connectivity between Africa, Europe, the Middle East, and Asia" PAIX CEO Wouter van Hulten said. "The strong network hub that is created by the aggregation of multiple undersea cable landing points connecting to terrestrial cables makes Djibouti a highly attractive gateway.”
Feriani expressed condence that the rst Djibouti Forum had laid the groundwork for future deals in additional sectors. He invited international partners in atten-
dance to join forces with the country’s sovereign wealth fund to unlock the country’s promising economic potential. “To achieve our goal of doubling the economy in ten years, consistent 7% growth is essential. This can be achieved through mutually bene cial partnerships and economic diversi cation.”
The two-day forum included panels on various topics such as ports, logistics, technology, connectivity, energy, tourism, nancial services, and agro-processing. Additionally, it facilitated lively discussions among leading economists, policymakers, and investors about the macroeconomic landscape in Djibouti and Africa.
Speaking on the macroeconomic outlook for Africa and Djibouti, Dr. Sampawende Tapsoba, Deputy Chief Economist & Director, Data Management & Model Development, Afreximbank, acknowledged that the country of 1.12 million people was punching above its weight. “Djibouti is growing faster than many African economies and has comparatively lower levels of debt-to-GDP,” he said, emphasizing that low levels of debt meant that Djibouti has the scal room to meaningfully invest in transformative sectors of the economy.
Charlie Robertson, Head of Macro Strategy, FIM Partners UK,
delivered the closing remarks at the forum. “The three things that stood out for me in this forum are ambition, opportunity and safety,” he said. “The leadership’s ambition in Djibouti is palpable,” he observed, saying that Djibouti is a safe country that remains a beacon of stability in a volatile neighborhood.
The Djibouti Forum was hosted by the Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti), a fund created in March 2020. It is today under the stewardship of CEO, Dr. Slim Feriani, a former Tunisian Minister with over 30 years of experience in international capital markets.
Forget the days of instant co ee and budget spirits. A new wave is washing over Ghana's consumer landscape, and it's raising a toast to luxury. The nation's
burgeoning whisky market serves as a prime example, highlighting a shift in preferences driven by economic growth, rising disposable incomes, and a growing appreci-
ation for quality.
This trend coincides with a broader African luxury market surge. A KPMG report predicts a substantial rise of 10% annually over the
next ve years. Ghana, a microcosm of this continental phenomenon, is experiencing its own economic boom. A ourishing middle class with more money to spend is fueling this change.
Statistics paint a clear picture. According to Statista and other sources, Ghana's luxury goods market is expected to reach a value of US$86.7 million in 2024. Notably, most of this revenue (US$82.5 million) will come from at-home consumption, signifying a growing desire for quality spirits enjoyed in the comfort of one's own space.
The overall volume is projected to be modest, but the at-home segment is forecast for steady growth in value (9.83% annually) despite a slight dip in volume. This indicates a shift towards savouring exceptional single malts over simply imbibing generic spirits.
The Macallan, a revered single malt Scotch whisky brand, appears to be taking notice. Their recent brand refresh, unveiled during their 200th-anniversary celebration, exempli es this recognition. While retaining the essence
of their iconic logo, the brand incorporated bold red accents and intricate patterns inspired by their Six Pillars – the core elements that de ne The Macallan's character. This fusion of heritage and innovation resonates with Ghana's
sophisticated consumers, who themselves are on a path of building their own legacies.
"Africa is a fundamental market for us," says Miguel Ángel Soto, Head of Commercial for The Macallan's parent company,
Edrington. "We want to capitalise on the opportunity that young a uent consumers present for our brand." This strategic approach re ects a broader industry acknowledgement of the discerning new market emerging in
Ghana.
Ghana's rise as a whisky powerhouse is a testament to the evolving tastes of its consumers. It's a story not just about luxury spirits, but about a nation's growing condence and its citizens'
desire to indulge in the ner things in life. As disposable incomes continue to rise, this trend is likely to solidify Ghana's position as a key player in the global luxury whisky market, raising a toast to a future lled with re ned tastes and discerning choices.
Tarsicius Edem Dorpenyo is the founder and CEO of Dorpenyo Digital, a full-service digital marketing rm that helps brands elevate their online presence. For inquiries, you can contact him via email at dorpedem@gmail.com or by phone at (+233) 248 426 235. You can also visit dorpenyo.com to learn more about their digital marketing services.
Makola Market Chronicles.
Episode 1: Personal Brand Masterclass Makola Market, a thriving commercial and cultural centre in Accra, Ghana, is located in the heart of the city. Amidst the turmoil of this dynamic marketplace, one can discover a rich trove of marketing principles re ected by the hardworking men and women who trade there. Despite hurdles such as poor education, these traders demonstrate endurance, innovation, and entrepreneurial spirit, providing signi cant insights for marketers around the world. I've decided to focus my attention on the women who make up
the bulk of traders in Makola.
The most striking takeaway from the women of Makola Market is the importance of personal branding. Without traditional marketing degrees or sophisticated advertising e orts, these traders have mastered the art of creating distinctive identities for their businesses. They build strong relationships with their customers by using colourful displays, memorable slogans, and personalised customer encounters, creating loyalty and trust. They demonstrate the transforming potential of personal branding through a variety of strategies that highlight their resourcefulness and creativity in creating distinct identities for their enterprises.
Colourful Displays: Walking through Makola Market, one cannot help but be attracted by the colourful and eye-catching decorations that adorn the stalls of the female vendors. For example, a textile vendor, Doyo, arranged her materials in a visually appealing rainbow spectrum, whereas a fruit vendor,
Comfort, methodically arranged her produce to create an alluring display of colours and textures. These vibrant displays not only draw attention, but also express a sense of freshness, quality, and quantity, inviting shoppers to explore more.
Memorable Slogans:
Many female traders I met at Makola Market use unique slogans or catchphrases to di erentiate their enterprises and make an impression on clients. For example, a spice seller, Akumaa, utilises a creative slogan: "Spice wo life," which translates to "spice up your life," while a jewellery seller, Efe, continued chanting: "Shine bright, ooo ei!"
A , a bead salesperson, pulled in young women with her cry, "Keep your husband at home, wear modern, sexy beads." These slogans not only describe each vendor's unique value o er, but they also elicit pleasant emotions and connections, such as humour, thereby increasing brand recall and loyalty.
Personalised Customer Interactions:
In Makola Market, forging personal ties
with clients is critical to business success. Women traders frequently go above and beyond to engage with customers on a personal level, making personalised recommendations, sharing anecdotes about their items, and even remembering individual preferences. For example, a clothes shop owner, Adisa takes the time to learn about her customers' style preferences and size requirements before curating a selection of materials to suit their interests. Such personalised interactions not only improve the purchasing experience but also foster trust and loyalty, transforming casual customers into loyal patrons.
Unique Product O erings:
Another aspect of personal branding at Makola Market is the emphasis on o ering unique and distinctive products that set businesses apart from their competitors. For example, A , the beading craft woman, creates exquisite designs and patterns in uenced by traditional Ghanaian motifs for each customer. By creating bespoke designs
not available anywhere else, she creates a sense of exclusivity and desirability, luring clientele looking for something special and distinctive.
Consistent Brand Identity:
Despite the diversity of businesses in Makola Market, successful women traders maintain a consistent brand identity across all touchpoints, from their stall displays to their packaging and signage. This consistency helps to reinforce brand recall and build trust with customers, ensuring that they can easily identify and connect with the business wherever they encounter it.
In essence, the women of Makola Market demonstrate that personal branding is not limited to glossy advertising campaigns or expensive marketing initiatives. Instead, it is about leveraging creativity, authenticity, and personal connections to create memorable and meaningful experiences for customers. Through colourful displays, memorable slogans, personalised interactions, unique product o erings, and consis-
tent brand identity, these enterprising women have mastered the art of personal branding, forging strong connections with their clientele and carving out successful businesses in the bustling marketplace of Makola.
The marketing lessons gleaned from the enterprising women of Makola Market o er valuable insights for entrepreneurs across industries and regions:
Creativity over Resources:
These women demonstrate that creativity and resourcefulness are more important than having abundant resources or formal education. Entrepreneurs can leverage their creativity to craft unique solutions, products, and brand identities that resonate with their target audience.
Authenticity Builds Trust:
By embracing their authenticity and showcasing their unique
personalities in their businesses, these women build trust and loyalty with their customers. Entrepreneurs can similarly focus on being genuine and transparent in their interactions, fostering stronger connections with their audience.
Understanding Customer Needs:
The women of Makola Market excel at understanding and anticipating the needs of their customers. Entrepreneurs should prioritise market research and customer feedback to identify pain points and preferences, enabling them to tailor their products and services to better meet customer needs.
Community Collaboration:
Despite being competitors, the women traders often collaborate and support each other, recognising the power of community in driving collective success. Entrepreneurs can seek out opportunities for collaboration and part-
nerships within their industry or local community, leveraging collective resources and expertise for mutual bene t.
Persistence and Resilience:
Many of these women have overcome signicant obstacles to establish successful businesses, demonstrating the importance of persistence and resilience in entrepreneurship. Entrepreneurs should be prepared to face challenges and setbacks along their journey, maintaining a positive mindset and persevering in pursuit of their goals.
Establishing a consistent brand identity across all touchpoints is crucial for building recognition and trust with customers. Entrepreneurs should invest time and e ort in developing a cohesive brand identity that re ects their values, vision, and unique selling proposition, ensuring consistency
in messaging, visuals, and customer experience.
Adaptability in a Changing Market:
Operating in a dynamic marketplace like Makola Market requires adaptability and agility. Entrepreneurs should stay attuned to market trends, consumer preferences, and industry developments, and be willing to pivot their strategies and o erings as needed to stay relevant and competitive.
The lessons learned from the women of Makola Market serve as a powerful reminder that successful entrepreneurship is not de ned by resources or formal education alone, but by creativity, authenticity, understanding of customer needs, collaboration, resilience, consistency in branding, and adaptability. By embracing these principles, entrepreneurs can navigate the challenges of business ownership and unlock their full potential for success
The Ghana Stock Exchange took a marginal dip this week as it saw price declines by 2 counters. The GSE Composite Index (GSE-CI) lost 0.09 points (-0.003%) for the week to close at 3,504.25 points, reflecting a year-to-date (YTD) gain of 11.95%
The GSE Financial Stocks Index (GSE-FI) also lost 0.16 points (-0.01%) for the week to close at 2,044.36 points, reflecting a year-to-date (YTD) gain of 7.51%.
Market capitalization decreased by 0.03% to close the week at GH¢78,327.80 million, from GH¢78,351.54 million at the close of the previous week. This reflects a YTD gain of 6.00%.
The week recorded a total of 4,140,350 shares valued at GH¢16,600,575.39, compared with 23,782,545 shares, valued at GH¢38,422,657.25 traded in the preceding week.
MTNGH dominated volume of trades for the week whiles NewGold Exchange Traded Fund dominated value of trades for the week, accounting for 71.94% and 56.37% of volume and value of shares traded respectively . The market ended the week with 1 grower and 2 decliners as indicated in the table below.
Trend in Market Indices - 2024 GSE CI GSE FSI
YTD Performance of GSE Market Indices GSE CI GSE FSI
Volume and Value of Trades for Week Ending 26/04/2024
1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000
Best & 5 Worst Performing Stocks YTD Return
Best 5 Traded Equities by Volume for the Week Ending 26/04/2024
The Cedi continued its depreciation run against the USD for the week It traded at GH¢13.1994/$, compared with GH¢13.0537/$ at week open, reflecting w/w and YTD depreciations of 1.10% and 10.00% respectively This compares with a loss of 21.69% a year ago.
The Cedi also declined against the GBP for the week. It traded at GH¢16.4550/£, compared with GH¢16.1651/£ at week open, reflecting w/ w and YTD losses of 1.76% and 8.03% respectively. This compares with a depreciation of 25.07% a year ago.
The Cedi again retreated against the Euro for the week. It traded at GH¢14.1069/€, compared with GH¢13.8983/€ at week open, reflecting w/w and YTD depreciations of 1.48% and 6.95% respectively. This compares with a depreciation of 24.34% a year ago
The Cedi lost against the Canadian Dollar for the week. It opened at GH¢9.4888/C$ but closed at GH¢9.6449/C$, reflecting w/w and YTD depreciations of 1.62% and 6.57% respectively This compares with a depreciation of 21.72% a year ago.
Government raised a sum of GH¢3,110.79 million for the week across the 91-Day, 182-Day and 364Day Treasury Bills. This compared with GH¢3,341.45 million raised in the previous week.
The 91-Day Bill settled at 25.55% p.a. from 25.65% p.a. last week whilst the 182 -Day Bill settled at 27.65% p.a. from 27.90% p.a. last week. The 364Day Bill settled at 28.25% p.a. from 28.50% p.a. last week.
The tables below highlight primary market activity at close of the week
Source: Bank of Ghana
Source: Bank of Ghana
COMMODITY MARKET
Oil prices settled higher, snapping a two-week losing streak after shrugging off dollar strength following in-line inflation data at a time when geopolitical tensions persist Brent futures traded at US$89.50 a barrel, compared to US$87.29 at week open, reflecting w/w and YTD appreciations of 2.53% and 16.17% respectively
Gold prices fell and were close to breaking below key levels as waning safe haven demand and the prospect of higher-for-longer U.S. interest rates battered the yellow metal.. Gold settled at US$2,335.00, from US$2,401.40 last week, reflecting w/w depreciation and YTD gain of 2.77% and 12.70% respectively.
The price of Cocoa declined for the week. Cocoa traded at US$10,729.00 per tonne on Friday, from US$11,878.00 last week, reflecting w/w loss and YTD gain of 9.67% and 155.70% respectively International Commodity Prices
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Yield Curve: is a line that plots yields, or interest rates, of bonds that have equal credit quality but differing maturity dates. The slope of the yield curve can predict future interest rate changes and economic activity
Source: https://www.investopedia.com/terms/y/yieldcurve.asp
TBD, part of Block, which is focused on creating open and decentralized technologies to connect the nancial world, has announced that leading African ntech Chipper Cash has integrated with the tbDEX protocol to power cross border payments and decentralized identity use cases for individuals and businesses on the African continent.
“Across Africa, the challenges of currency liquidity and access to global nancial systems are palpable,” said Mike Brock, CEO of TBD. “For these reasons, we are laser focused on building out the tbDEX ecosystem in Africa, which already includes Yellowcard, the largest and only licensed stablecoin on/o ramp on the African continent. Fast on the heels of our tbDEX SDK 1.0 release, adding Chipper Cash to our growing network will help to accelerate our work on global cross border payments and decentralized identity.”
Chipper Cash extends the power of tbDEX across Africa
As one of the largest ntechs in Africa, Chipper Cash already allows 5 million consumers to move money eciently to over 21 African countries. And with over 1.2 million cards issued, Chipper’s integration represents the onboarding of one of the largest virtual card issuers in Africa.
“At Chipper Cash, we're excited about the potential of tbDEX to revolutionize remittance ows into Africa,” said Maijid Moujaled, President and Co-Founder of Chipper Cash. “Remittances are a lifeline for many African families, but the costs of sending money to the continent remain among the highest globally. By plugging into an open protocol like tbDEX with numerous network participants, we believe we can, collectively as an industry, drive down these high costs and facilitate remittances in a more e cient, transparent, and compliant manner.”
Accelerating the path to nancial inclusion for small businesses
While the initial collaboration will focus on enabling faster and less expensive consumer remittances, the two companies will also explore ways to empower small businesses. Chipper’s o erings for businesses already enable local and cross-border digital payments for underbanked SMEs across 40 di erent African countries, powering disbursements and collections from bank
accounts, mobile money wallets and Chipper wallets.
Leveraging veriable credentials and decentralized identi ers to enable trust
Chipper Cash will also leverage tbDEX to unlock trusted, compliant transactions with veri able credentials (VCs) and decentralized identi ers (DIDs) in order to accelerate the onboarding and identity veri cation of consumers and
small businesses.
“Chipper is also excited to collaborate with TBD on the trust frameworks and innovative credential designs that underpin every nancial transaction on tbDEX,” Moujaled said. “The idea that we can have a standardized and streamlined way to verify our identity on the internet can help make the world feel a bit more inclusive.”
Following its transition, the Corporate Social Responsibility arm of Telecel Ghana, Telecel Ghana Foundation in a remarkable display of social responsibility, has launched community outreaches through its Healthfest initiative, providing free medical screening and medical consultation to about 2000 beneciaries in Takoradi, Kumasi, and Koforidua. The outreach forms part of the organization's rebranding e orts, highlighting Telecel Ghana Foundation’s commitment to improving the health and well-being of bene ciaries and bringing healthcare access closer to communities.
Under the new banner of Telecel Ghana Foundation, the team embarked on multiple outreaches across three regions – Western, Ashanti and Eastern, reinforcing its commitment to improving health outcomes in communities.
At the rst stop of the tour in Takoradi, the Healthfest team visited the Takoradi Market Circle, providing over 400 residents with comprehensive health screenings,
medical consultations, and essential medications, covering common but serious conditions like malaria, Hepatitis B, hypertension, among others at no cost.
The journey continued to Kumasi, where the Healthfest coincided with the o cial launch of the Telecel Ghana brand at Adum. Over 1000 bene ciaries were o ered free health screenings for ailments such as hypertension, blood sugar levels, malaria, Hepatitis B, etc.
During the nal tour in Koforidua, over 500 people bene ted from free screening, medical consultation, and free medication.
Augusta Andrews, the
Acting Director for Legal and External A airs at Telecel Ghana expressed her enthusiasm about the impact of the Healthfest, stating, "Seeing such a strong turnout and positive response from the communities truly underscores the value of our Healthfest initiative. Our commitment to Ghana isn’t just about providing telecommunications; it is about creating tangible, positive changes in the everyday lives of our people. Seeing a child smile after getting the all-clear, or an elder relieved after a consultation, is what drive us. It is a testament to how businesses can and should play
a role in the health and prosperity of the communities they serve”, she added.
Rita Agyeiwaa Rockson, Foundation, Sustainability and External Communications Manager, highlighted the importance of such initiatives: she said, "In many communities, access to healthcare can be limited. By bringing these vital services directly to the people, we are not just treating illnesses but also empowering the community with knowledge and tools to take charge of their health."
Nana Kwame, a beneciary from AdumKumasi noted “We are grateful for the sup-
port of Telecel Ghana Foundation, which has not only provided immediate medical relief but has also empowered our community by making healthcare accessible.”
As Telecel Ghana Foundation continues to establish its new identity in Ghana, the success of the Healthfest provides a strong foundation for future community-centred initiatives. The Foundation remains committed to leveraging its resources to improve health and education outcomes for Ghana’s underserved populations, reinforcing its role as a responsible corporate citizen.
