Mauritius to launch fully interoperable digital ID wallet

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May 30, 2024
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4 min read
ID card
Source: PSM news

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Bonjour,

Victoria from Techpoint here,

Here's what I've got for you today:

  • Mauritius to launch fully interoperable digital ID wallet
  • Flutterwave enters Mozambique
  • Nigerian regulators approve 18 loan companies

Mauritius to launch fully interoperable digital ID wallet

ID card
Source: PSM news

A consortium led by Thales, a French IT company, has snagged a 10-year deal to upgrade Mauritius’ national ID system with cutting-edge digital identity tech.

Thales will roll out a modular identity management system, complete with digital ID cards that feature a high-res photo, barcode, electronic chip, and a digital ID wallet for secure document storage and sharing.

This digital ID wallet will be a first in Africa, designed to be interoperable based on ISO standards. Initially, it'll store digital versions of ID cards, with plans to add marriage and birth certificates later on.

The new ID system aims to simplify interactions with public entities and service providers like banks and retailers, making identity verification easier. The wallet will also support digital signatures.

Thales assures that strong data privacy and consent mechanisms are in place, giving individuals control over their info. Mauritius' Prime Minister, Pravind Jugnauth, announced that the country is committed to independent security audits to meet Data Protection Act standards.

Additionally, self-service kiosks will be set up for users to update their digital ID info and manage PIN codes. This project, in partnership with local IT firm Harel Mallac Technologies, positions Mauritius as a leader in advanced identity solutions, blending traditional ID cards with digital identity.

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Flutterwave enters Mozambique

Flutterwave

Flutterwave has got the green light from the Bank of Mozambique to operate as a payment aggregator. This means Flutterwave can now offer its payment services in Mozambique and expand further into southern Africa.

With this preliminary approval, businesses can benefit greatly. Companies eyeing expansion into Mozambique or Mozambican businesses looking to go continental can leverage Flutterwave's extensive reach.

The expansion is timely, as Mozambique is set to see over $15 billion in digital transactions in the next four years, hitting a total of $15.28 billion by 2028. Flutterwave's CEO, Olugbenga "GB" Agboola, emphasised their goal to empower local businesses and welcome global enterprises with a payment solution that fosters inclusive growth.

Flutterwave is already making waves in southern Africa, having secured an International Money Transfer Operator (IMTO) licence from the Reserve Bank of Malawi in November 2023. This allows smooth international fund transfers via their Send App, helping Malawians and Africans send money home easily.

The company isn't stopping there. During a recent US visit by Kenyan President William Ruto, Flutterwave's CEO reaffirmed their commitment to investing in Kenya, building on a previous $50 million investment announced in September 2023.

Flutterwave's reach even extends to the United States. In December 2023, they obtained money transfer licences in 13 states, including major ones like Arizona, Maryland, and Georgia, showcasing their growing global footprint.


Nigerian regulators approve 18 loan companies

fintech

The number of licenced loan app companies in Nigeria has jumped to 284 as of May 2024, thanks to approvals from the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN). 

In March 2024, there were 266 approved loan companies, so we’ve got 18 new ones now. 

The updated list breaks down into three categories: 232 companies with full approval, 41 with conditional approval, and 11 licenced by the CBN. All in all, that's 284 approved loan app companies now operating in Nigeria.

However, as the number of approved lenders grows, so does the number of loan apps offering instant loans. Many approved companies operate multiple loan apps to reach more customers.

Take Acetech Finance Limited, for example. They run eight different loan apps, like Kashout, Flashcredit, and Swiftcredit. Similarly, Newedge Finance Limited, licensed by the CBN, operates through Palm Credit, New Credit, and a few others.

There are rising concerns about the FCCPC approving more digital lenders while struggling to manage the existing ones. Experts think the commission is overwhelmed by the sheer number of digital lenders out there.

To tackle this, the FCCPC is relying on a new consumer credit scheme introduced by the Federal Government. Adamu Abdullahi, the Acting Executive Vice Chairman of the FCCPC, mentioned that this scheme would help reduce the use of unregistered loan apps. 


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Have a superb Thursday!

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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