The solution enables companies to receive and make real time payments throughout Africa and is experiencing significant month-on-month growth in the number of transactions processed across the regions supported.
In addition to reporting 15 million payments processed per month, Tola Mobile is seeing continued growth across West and East Africa with new offices in Uganda, Ghana and Tanzania. The firm has already launched integrations with two sports brands in Tanzania – Mkekabet and Sokabet, as well as online gambling platforms in both Uganda, Ghana and Mozambique.
In August, Tola Mobile announced a range of updates to its Tola.wallet offering, designed to give customers a seamless mobile payments experience. Tola Mobile can now reconcile transactions that would previously have been delayed or even potentially lost when outages and downtime occur within the region’s Mobile Network Operators.
Africa has seen a significant rise in the growth of its mobile money ecosystem. There are now 30 million mPesa subscribers in Kenya, processing at least 1.1 trillion Kenyan shillings ($10.6 billion) a quarter, a significant percentage of the country’s GDP.
Shane Leahy, CEO of Tola Mobile, comments: “The mobile payment ecosystem has grown significantly within the African market as consumers and merchants look for faster and more resilient ways to make and receive payments. Given the exponential growth of the marketplace, we anticipate that Tola Mobile will be processing one million daily transactions in the region within the next 12 months.”
The advantages of Tola.wallet being able to reconcile lost transactions are numerous, not least of which for the gambling industry, as it ensures there is minimum delay for gamblers to receive payouts into their betting accounts despite unfortunate network outages and downtime.