June 20, 2024

Digital Banking and payments arena empowerment in Africa

The famous Marrakesh square Djemaa el Fna, center of the old town and tourism highlight. UNESCO World Heritage. Morocco.

CR2 has been at the forefront of pioneering digital banking, payments innovation player for over two decades in the vast and diversified Africa that has a presence of a population of in excess of 1.2 billion across 54 nations, each possessing its own cultural, economic diversities.

African continent leads the way for being the home to the core percentage of the global unbanked population comprising of bridging the local requirements offering a varied range of tailor-made constituents— from small merchants to unbanked and underbanked individuals.

CR2’s vast expertise comes in handy to cater to the requirements and their overall knowledge-sharing paves out the perfect path for the custom-built Banking-Payment solutions offering their financial partners, local populace, the SMEs as well as entrepreneurs ease of having superior financial inclusion.

CR2 operates with around 60 banks amongst 35 nations-catering to a huge clientele base of over 100 million in the African continent alone, thus empowering the financial institutions to connect Africans in both urban and remote places offering out innovative digital banking solutions that boost diverse prospects and progress everyday life, producing significant positive societal impact and unearthing better economic potential.

A few of the illustrations of how CR2 is empowering the Banking-Financial operations across Africa is listed as shown: –

Everyday Convenience and Swift Financial Transfer in Ethiopia

  • CR2 had been a forte to boost Amole Digital Wallet in Ethiopia-the home for Africa’s seventh core economy and holding base as second largest population. This was the major project in the Ethiopian territory powering the Ethiopia’s Dashen Bank-Addis Ababa backed Fintech Moneta Technologies since 2018.
  • The Amole Digital Wallet is all in all driving the Ethiopian market towards a cashless society with ease offering plethora of operations comprising from procurement of Ethiopian airlines travel ticket or concert tickets, retail as well as the government payments, e-commerce access, education fees for the children and many more other such vital schemes.
  • The Amole Digital Wallet is also aiding in boosting out the payment, financial transfer options that also comprise person-to-person (P2P), QR Code scanning as well as the card payments (in form of gifts, prepaid). It has also been at the driving seat for creating a convenient paying channel for over 50% DSTV payments in nation.
  • Seamless Digital Finance power had nurtured out Amole to positively create thrust amongst millions in Ethiopia by offering easy and convenient payment platform via online or on demand, without the requisite to travel out huge distances for the withdrawal or depositing currency or individual to individual currency transfers.
  • Thereby, the alliance between CR2 and Dashen Bank along with FinTech player Moneta Technologies have given the convenience and making life easier for millions of Ethiopians, also comprising off the unbanked and greater financial inclusion within the nation, as in Ethiopian territory only 24% of the populace is banked.

Aiding Out African Robust Remittance Marketplace

The estimate by The Global Findex Database Report also highlighted CR2’s robust financial transfer solution that has aided in the African subcontinent to have a robust remittance market, self-service banking strategies for facilitating branch transformation to address customers’ needs during the COVID-19 pandemic via the optimal utilization of advanced-capability ATMs wherein, the sender simply sends the recipient a PIN that can be utilized to redeem currency at any nearby ATM.

CR2’s innovative digital banking solutions are enabling banks to ensure people can stay connected wherever they reside so they can continue to contribute financially in their home community.

This valuable service is growing in importance, with economists predicting a steep rise in African remittances, as more Africans seek opportunities in neighboring countries or further from home within the continent.  

Powering the Financial Inclusion across African Continent

Fostering greater financial inclusion is at the heart of CR2’s engagement with banks in emerging and developing countries. Increasing access to banking services for the unbanked and underbanked is a proven enabler to reducing poverty and boosting prosperity across the continent.

Illustration: – One example of the positive impact CR2’s offerings are having on financial inclusion can be seen through our partnership with Botswana Savings Bank (BSB). The bank is using CR2’s digital solutions to manage government payments, including social welfare payments to citizens in need. This enables thousands of Botswanans to receive government payments into bank accounts every week, saving them the inconvenience (and cost) of frequently traveling vast distances to receive these payments. BSB also uses CR2’s solution for enabling anonymous cash deposits.

As a state-owned bank, Botswana Savings Bank has been mandated to mobilize the nation to save, as well as provide inclusive financial services. BSB’s customer reach has been significantly increased through a partnership agreement with Botswana Post, which allows BSB to offer its banking services through the nationwide network of 120 postal outlets.

These new digital channels have allowed Botswana Savings Bank to attract a wider client base and tap into the underbanked population in Botswana, a key driver for financial inclusion across the country.

Aiding Financial Empowerment amongst the Female Entrepreneurs

Fostering financial inclusion is at the heart of CR2’s engagement with banks in emerging and developing countries, and the report highlights various examples of this, including the creation of female-centric financial products and solutions to empower women entrepreneurs.

African Continent and CR2’s Commitment and banking service for SMEs

Small and Medium-sized Enterprises (SMEs) are key to Africa’s growth potential, accounting for around 90% of the continent’s businesses. Through CR2’s various digital banking partnerships, these SMEs now have easier access to credit and other banking services via digital channels, giving them the ability to grow and develop their businesses on a secure, managed platform.

For almost 30 years, CR2 has been truly invested in Africa. Looking ahead, CR2 will continually be aided by CR2’s merchandizes offering to innovate solutions and seek out new partnerships across the continent to empower banks to drive financial growth and inclusion. Increasing access to banking services unlocks economic potential while delivering more financial empowerment and convenience to millions of African consumers, entrepreneurs, and SMEs.

Contributed By CR2



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