Tola, a payments integration solutions leader, has announced the addition of Mobile Money coverage for Botswana, hence registering yet another key achievement in its penetration across Sub-Saharan Africa. This breakthrough expands Tola’s areas of operation to 23 jurisdictions in the region, solidifying its position as a key enabler in ensuring smooth digital payments.
A significant achievement
Tola Mobile Chief Product Officer Simon Pepper called out this accomplishment as a company milestone. He pointed out, “Another milestone for Tola. 23 Sub-Saharan African regions now covered with over 60 direct integrations with payment processors, delivering frictionless payment with real-time direct settlement.” Such a comprehensive set of integrations guarantees merchants and customers alike quick, safe, and dependable transactions, and is at the very core of Tola’s mandate.
Transaction volumes and platform stability
Tola’s platform uses enterprise-class technology and is proficient in handling high volumes of transactions efficiently. To date, the company has safely handled over 2 billion transactions, thanks to its exceptional customer service. Such robust architecture enables Tola to deliver regular, high-grade services in various markets, including Botswana, where mobile money is experiencing rapid growth.
Botswana’s growing mobile money market
Botswana’s mobile money sector is experiencing very high growth rates, including a year-on-year growth in subscriptions and transactional volumes. Tola is assisting local merchants in Botswana with the use of mobile money to reach a larger pool of consumers and tap into the convenience of the consumer payment experience. It not only facilitates businesses but also offers more convenient and widely available payment solutions to consumers, thereby stimulating financial inclusion in the region.
Mobile money’s impact in Sub-Saharan Africa
Throughout Sub-Saharan Africa, mobile money currently facilitates 1.1 billion account holders with a convenient and inclusive payment system. Tola’s advocacy for mobile money is a main sustainer and promoter of such a payment system, in such a way that e-payment continues to remain easy and reliable.
Real-time payments and industry impact
During the SiGMA Africa event, Simon Pepper elaborated on the functionality of Tola’s system in facilitating real-time payments between players and operators. “With our model, when a player makes a deposit, the funds are instantly transferred to the operator, eliminating friction and ensuring that the money is immediately available for use in the game,” he explained. This direct settlement model enables operators to gain immediate access to cleared funds, thereby eliminating the delays that are usually linked with card payments and minimising the occurrence of chargebacks and disputes.
Development of mobile-first solutions for banking
Simon also highlighted the rapid growth of mobile-first payments in the Sub-Saharan African region, where he noted that mobile money is the most common channel for electronic payments in the region. “In markets such as Sub-Saharan Africa, mobile money is the de facto way of payment, and in gaming, it’s playing an increasingly vital role day-in and day-out,” he told SiGMA. Here, the importance of businesses such as Tola in promoting and optimising innovative payment methods stands out.
Africa’s mobile money future
With its increased focus on mobile money in Botswana, Tola is steadily firming up its presence across Africa. It continues to adhere to ensuring seamless and real-time settlements, as well as reliable transaction settlement, hence allowing both merchants and consumers to enjoy the benefits of the digital economy. As mobile money continues to gain mainstream adoption in daily financial transactions, Tola’s solutions are ideally in a position to play a major role in the growth of digital payments in Africa.
