Allen Qu has led the growth of companies to unicorn status, first with Beijing-based Proptech ke.com (NASDAQ:BEKE) and later with African Fintech company OPay, a financial services subsidiary of Opera Software AS (NASDAQ: OPRA).

Ridwan Olalere, CEO & Co-Founder of LemFi, said, “We are excited to have Allen lead our expansion into China. Following his previous successes, we are confident in his contribution. His addition to the LemFi team is a significant step toward fulfilling our promise of international payments for everyone.”

Allen will utilize his professional experience to secure key partnerships, expand LemFi’s customer base in the Chinese market, and continue to innovate the product to meet the needs of this new audience.

“There are over 60 million Chinese diaspora over the world, and many of them are underserved by those traditional financial companies. As a fintech company with deep understanding of immigrants, LemFi is in a unique position to combine its know-how and state of the art technology, to bring a real change into the market” Allen said.

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It is widely known that Sub-Saharan Africa is the only region in the world where almost 10% of the Gross Domestic Product (GDP) transactions occur through mobile money. This percentage is incidentally 10% in Asia and less than 2% in other regions.

It’s worth noting that Africa stands out for its extensive use of mobile applications in financial services. This has led to high market penetration for mobile financial services, second only to China.

Number trivia

It’s also notable that Ghana’s mobile money success results from a successful marriage between consumer-driven practices and appropriate regulations, all built upon a strong foundation of early infrastructure investments.

Mobile money payments represent a significant share of Africa’s vast digital payment potential, although the opportunity that will drive the growth is B2B payments. 

Although digital payment solutions have helped overcome many challenges, several issues still need to be addressed to facilitate the smooth flow of money between businesses in Africa. Digital payments in Africa are also crucial in bringing the masses under the financial umbrella, especially those excluded from formal banking. This encourages a cashless ecosystem.

By transitioning to a cashless system, an ecosystem can encourage digital payments and make it easier and more affordable for financial service providers to reach a wider audience. While financial inclusion holds more significance, a cashless economy can hasten the process of financial inclusion.

The business-to-business (B2B) payment sector is a significant but largely unexplored opportunity within the African digital payment universe. The gap in potential and realisation in this B2B payments opportunity is partly because these involve larger transaction volumes and are more complicated. According to the World Bank, Africa’s share of global B2B payments was USD 1.5 T in 2015.

Digital payments in Africa are expected to reach USD 195.50 B by 2024, creating opportunities for disruption. Around 80 to 90 million SMEs and small businesses remain to be onboarded on digital payment platforms. 

For digital payments to reach its potential in Africa, more cross-border transactions need to happen. But the limitation to this is that different countries across Africa adopt different payment channels. So, there’s a need for solutions that bridge this gap.

A fintech company in Nigeria, Kora, is creating world-class solutions for businesses to bridge the cross-border payment gap and boost digital payments. The company, which was founded in 2017,  has witnessed transaction volumes in Kenya and Ghana grow by over 200% in the past 2 years. At the same time, its transaction volume in Nigeria has reached over 1000% since inception, with an average WoW growth of ~10%.

Kora makes digital payments easy for business owners by prioritising convenience, flexibility and affordability.

For example, by leveraging its presence in multiple jurisdictions, Kora is able to hack multicurrency support for its merchants. For example, due to its presence in Kenya and Ghana, Kora can enable a business owner in Kenya to receive payments in Kenyan Shillings from customers in Ghana through a local payment channel like mobile money while simultaneously providing the same payment collection service to a Ghanaian business owner who has Kenyan customers.

What distinguishes the company is the deep knowledge of businesses’ varying levels of technological sophistication. For instance, businesses have the flexibility to collect payments using Kora’s API integrations, explore the Checkout feature tailored for those with limited coding experience, or opt for Payment Links, which need no coding at all.

As a payment solutions company, Kora has thoughtfully devised its product around the growing needs of small businesses, helping them increase successful transactions in the short term and expand their potential in the medium to long term.  

Growth path

Per a report published last year, South Africa led the way in electronic bank transfers, with 49% choosing it as their preferred way to pay vendors, followed by Nigeria (48.5%), Ghana (34%) and Kenya (32%). Kenya led the way in payment automation, with 83% of Kenyans stating that their payment system was either semi-automated or fully automated, compared to Nigeria (80%), South Africa (72% ) and Ghana (67%).

The adoption rates are believed to grow as more and more small businesses enter the market to solve real consumer challenges. The growth in the number of startups will create fertile grounds for digital payment solutions to enable commerce and trade between companies as well as consumers.

Policies

However, the main challenge around the growth of digital payment companies in Africa is posed by regulating policies. African countries are facing a concerning trend that threatens to reverse the progress achieved in the adoption of digital payments due to the increasing costs and tax burden. Governments are raising taxes on mobile digital payment channels, such as money services, to boost their revenue. This move is adversely affecting both consumers and businesses, and experts warn that it could harm the financial sector’s advancement, hamper financial inclusion, and pose challenges to economic growth.

Digital financial services have been essential in shaping Africa’s financial landscape. These services have enabled billions of dollars in transactions with millions of users, contributing significantly to the economy. They offer transparency, traceability, and a convenient tax payment and collection method. However, the imposition of high taxes threatens these advantages, jeopardizing the essence of digital payments.

While governments have the legitimate need to increase revenue, industry activists argue that excessive taxation on e-payment services risks undermining the progress made in financial inclusion and economic development.

Finding innovative solutions to boost revenue without stifling the digital economy is crucial; otherwise, the unintended consequence might be a regression from digital progress to cash-based economies, reversing the strides made in the past decade.

The post Why B2B Payments Will Drive the African Growth Story appeared first on WeeTracker.

RightCard (LemFi) has announced the resumption of its money transfer services in Ghana following a temporary suspension in November 2023.

BigPay and ExpressPay have been approved by the Bank of Ghana to allow RightCard Payment Services Limited (LemFi) to offer its services in Ghana.

RightCard (LemFi) offers innovative services and products through the LemFi app in various markets. LemFi is already licenced as an Electronic Money Institution with the Financial Conduct Authority in the United Kingdom.

“We are grateful to stakeholders at the Bank of Ghana as well as our partners for their role in ensuring service restoration”, says Precious Ama Kwartemaa Oduro, LemFi’s Country Manager. “We resume our operations with a better understanding, and we are now better positioned to address the evolving needs of the Ghanaian market.”

LemFi has returned to Ghana with a renewed focus on enhancing customer satisfaction, building stronger partnerships with key stakeholders, and promoting financial inclusion. Existing and potential customers can now benefit from LemFi’s competitive exchange rates, zero transaction fees, and instant transfer delivery by downloading the app from the iOS or Google Play Store.

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A VPN: What is it?

A Virtual Private Network (VPN) is a technology that establishes a secure and encrypted connection between a user’s device and the Internet. Acting as a mediator between the Internet and the device, a VPN safeguards the privacy and security of the user’s online activity.

How Virtual Private Networks Operate

When users connect to the Internet through a virtual private network (VPN), their data is encrypted, which helps to prevent unauthorised access to sensitive information. The VPN server acts as a mediator and conceals the user’s IP address, providing an extra layer of anonymity. This process is particularly important in countries where internet censorship and surveillance are prevalent. Click here to learn more.

Advantages for Users

1. Getting Around Censorship

African countries may restrict specific websites or online content like many other regions of the world. VPN services allow users to bypass online restrictions and access content from around the world by hiding their IP addresses. However, users must use their prudence in accessing the restricted content.

2. Safe Use of Public Wi-Fi

Virtual private networks (VPNs) protect users against security threats on public Wi-Fi networks by encrypting data in transit, preventing data theft and unauthorised access. 

3. Improved Secrecy

VPNs offer improved privacy to internet users worried about their online activities being tracked. VPNs significantly reduce the difficulty of ISPs and other entities tracking and analysing user behaviour by encrypting internet traffic.

4. Content Access with Geo-restrictions

There may be regional restrictions on some streaming services and online services. With the help of VPNs, users in Kenya can virtually move to a different area and access content that might not be available where they are.

Things VPN Users Should Know

Although VPNs have many benefits, users should be cautious and take the following into account:

1. Consequences for Law

Users should be aware of laws surrounding the usage of VPNs in their countries. For example, although it is legal to use a VPN in Kenya, users should be aware that using a VPN to carry out illegal activities is still unlawful and subject to legal consequences.

2. Selecting a Trusted VPN Service Provider

VPN services are not made equally. Customers ought to pick a trustworthy VPN service that values privacy, adheres to a rigorous no-logs policy, and provides robust encryption.

3. Speeds of the Internet

Because of the encryption process, using a VPN may cause your internet speed to decrease slightly. Users should carefully choose VPN servers to reduce any adverse effects on their browsing experience.

To sum up, VPNs are now valuable resources for internet users who want to improve their online security and privacy. By comprehending the advantages and factors related to VPN utilisation, people can make knowledgeable choices to safeguard themselves in the digital domain.

VPN Subscription Price in Kenya

Feature Photo by Petter Lagson on Unsplash

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The article below will focus specifically on cryptocurrency and how your crypto business should outsource so that you can focus on the bigger picture. If you work in trading, blogging, or creating and want to know how you could effectively expand, then be sure to continue reading. 

Research 

Different types of cryptocurrencies are prone to both rise and fall in value. You are going to need to act to try to prevent sufficient drops by keeping up to date on everything that is happening within the world of crypto. Of course, if you spend all day researching the different ways that types of crypto are being affected, you aren’t going to have time to do anything else. As such, it is a good idea to outsource the research side of your business.

If you have someone whose sole responsibility it is to focus on looking up different websites, such as okx.com, and then report back to you what the market currently looks like, you are still going to be able to make informed decisions but then won’t need to worry about doing the research yourself and losing precious hours in the day because of this. 

Accountancy 

When you work with crypto, you are going to be buying and selling different currencies for losses and gains on quite a frequent basis. This means that there is going to be a lot of money going in and out of your business account. Not only this, but if you are paying for software and outsourcing services, your business is also going to incur overheads.

You need to consider these aspects, and doing so can take a great deal of time. Plus, if you get it wrong, you could incur some tax penalties too. For these reasons, you should consider outsourcing your services to an accountancy firm, which will be able to consider your income and deal with it in a way that is effective and correct.

Marketing 

It’s one thing creating a crypto company or your form of crypto, but it is another thing entirely, actually selling it. The most effective way that you are going to be able to generate sales is by marketing yourself effectively. This can take a lot of time and requires a good knowledge of the market, so getting experts in to help with such marketing is a good idea.

In doing so, you will be saving time, but you will also guarantee better results by having people who already understand your business and your market take care of things.

Cover photo by Cytonn Photography on Unsplash

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Take Some Online Courses in Forex

A good way to prepare to become a forex trader is by enrolling in some online courses geared towards beginners interested in trading currency pairs. You can find a variety of these courses, and they cover a wide range of topics for traders of all levels. And the nice thing is that you can efficiently learn about various aspects of forex trading. For instance, you might find courses that discuss topics like margin, methods for assessing risk, and tools to help track currencies over time.  

Follow Forex Experts on Social Media

Another strategy you can employ to learn more about forex is simple, as it involves following top forex experts on social media. You are probably already on social media. In fact, you might even have more than one account on multiple platforms, such as Facebook, Instagram, and TikTok. Well, why not use those accounts to follow forex experts who can give you greater insight into what is necessary to trade successfully? 

This does require doing some research to discover the experts that are available to follow. Assessing their skills and knowledge to determine if they are trustworthy sources of information is also necessary – that way, you can confidently apply what they say to your own trading strategy. And, once you have found several experts that you can trust, you might be surprised by how much you can learn. 

Talk to People You Know Who Already Trade Forex

Yet another step you can take is also straightforward, as you can consult with people you know who are already trading forex. Because this is such a popular way to grow your savings, you might know family, friends, or work colleagues who are in the market, and you can go to them for advice and guidance. These are people you already trust, and you will likely feel comfortable talking to them and asking them whatever questions are on your mind, so it is definitely worth considering taking some time to chat with them.  

Get Hands-on Practice with a Demo Account

Finally, a demo account can be a way to get some much-needed hands-on practice before placing your first trade in the forex market. You can find online brokers who will gladly provide you with access to a free demo account that you can use to place trades with virtual currency. This means you can practice without any risk of financial losses. You can take your time, try out different methods and tools for trading smarter, and see what results you get. Then, when you are ready, you can move on to trading in the real world. Overall, this can be the perfect way to take everything you learned and apply it to see how it works and what you need to do to improve. 

Ultimately, it is up to you to take the steps necessary to become a forex trader. You can spend as much or as little time as you’d like preparing, but it is wise to learn as much as you can.

Cover photo by Wance Paleri on Unsplash

The post What You Can Do to Prepare to Be a Forex Trader appeared first on WeeTracker.

If you are running events such as those for sales and merchandising, you naturally want to ensure a good turnout. However, if you have no experience of promoting the events that you are running, you may struggle to do this. This is where using brand activation specialists can prove invaluable, as they can use their expertise and skill to promote your events and help ensure a great turnout. In this article, we will look at how you can find the right professionals to do this.

Choosing the Right Professionals

There are a few key things that can help you to identify the right professionals to promote your festive business events. Some of these are:

Experience with Brand Activation

One of the key things that you need to look at is how much experience the provider has when it comes to brand activation. This will help to ensure you find someone with the relevant experience and knowledge to help you to achieve your goal. Look at their past projects and results to get an idea of their track record and see what other business owners say in online reviews. You can then get a better idea of what to expect when it comes to results, and you can make a more informed decision.

The Methods Used

Another thing to look at is the methods used by the provider in order to raise awareness, as there are various brand activation solutions that can be combined. By looking at how they plan to achieve the desired result and raise awareness of your festive events, you can get a better idea of suitability. Arrange an information consultation to find out more about the methods used and see what other services they can provide to help your business to enjoy greater success.

Cost of the Service

Of course, finances are important to all businesses, and you also need to keep your budget in mind when it comes to choosing a provider for your business. Make sure you consider the cost of the services, but also be sure to look at other factors such as the experience levels and reputation of the provider. You can then make up your mind with greater ease and ensure you find a provider that is affordable.

A Great Way to Achieve Results

Using these specialists means that you can benefit from a great way to achieve results when it comes to your festive events. The experts will have the know-how and resources to ensure you get the most from your events, and this can make a huge positive difference to your business.

Feature image by Samuel Pereira on Unsplash

The post Top SA Experts Helping You Promote Your Business Events This Festive Season appeared first on WeeTracker.

Operations Management In A Nutshell 

To put it simply, operations management has to do with planning, organising and supervising in the contexts of production, manufacturing or the provision of services and goods. The operations manager will oversee the above tasks on a day to day basis. Since operations managers work closely with supply chain as well as logistics personnel, they are never entirely alone in carrying the workload. A harmonious business runs on the shoulders of operations management, supply chain and logistics. These are communicated to management regularly so that they are aware of what is happening in the business. 

You Can Become An Operations Manager

If you’ve read this far, then you might be thinking of starting your operations management career or investing in learning operations management so you can run your business better. Luckily, there are multiple ways you can gain an education and the skills to become a better manager. Try an online operations management course that will help

you with the basic skills of the field, highlight the most important parts, and equip you with the right set of skills to help run your business better. You may also form a network of like-minded people, which will be your source of inspiration, answer some if not all your questions, and help you become a better manager. The digital world has put connectivity at our fingertips, so use it to your advantage and get in touch with people who have been in the operations management field for some time so that you can learn from them and prepare yourself for this wonderful and demanding industry. 

What To Expect When You’re Operating 

To compete in an ever-changing market, operations managers must maximise efficiency, productivity, and profit, which have always been vital to any company’s survival. When you’re an operations manager, you pretty much have to help run the company by acquiring some skills. Those skills will be needed in: 

• Customer service
• Product or service quality
• Correctly-functioning processes
• Market competitiveness
• Profitability

You will be needed to regularly report on the above as you will most probably oversee the implementation and execution of some or all of these elements. A sound educational background, good work experience and a constant passion for upskilling will enable you to succeed in a role that covers such vast responsibilities as an operations manager. So ensure you are always ready and eager to learn. 

Final Words 

If you like keeping things organised, if you enjoy helping others by showing them how they can improve their efficiency, and if you enjoy talking to customers to reassure them and manage expectations, then an operations management course might be the thing you need to set the foundation of your career as the “showrunner”. Consider the shift to operations management today.

Cover photo by CDC on Unsplash

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