Kenya's economy is experiencing a shift back to cash, posing a significant challenge to mobile money services like M-PESA. Despite the rise of digital payments, cash remains king in Kenya, and the recent increase in excise duty on money transfers has led to a behavioral shift back to cash transactions.

The high charges on mobile transactions have resulted in traders resuming cash operations, fearing higher charges. This shift could be detrimental to businesses like Safaricom's M-PESA and Airtel Money, which have seen significant growth in recent years. In fact, the combined transaction value of Safaricom and Airtel Money from January to October 2024 closely matched the total value of POS and ATM withdrawal transactions, amounting to $355.8 million during the same period.

M-PESA, which has been quite successful and led its parent company to its first growth in three years, now faces fierce competition from Airtel Money and must adapt to the changing user behavior. The service has to contend with increased scrutiny from authorities like the Kenyan Revenue Authority (KRA), which has led to a rise in cash transactions.

In other news, MTN Group has announced major leadership changes, including the departure of Frédéric Schepens, CEO of Bayobab, its infrastructure business. Schepens will be succeeded by Mazen Mroue, the company's Chief Technology and Information Officer (CTIO), who will concurrently lead MTN Group's infrastructure business alongside his CTIO responsibilities.

In Nigeria, POS operators are set to raise withdrawal fees in response to the Central Bank of Nigeria's (CBN) new rules. The CBN has set a daily limit of ₦1.2 million ($771) per POS agent and capped withdrawals at ₦100,000 ($64) per customer. While the directive aims to regulate the agent banking business and curb fraud, it will likely impact POS operators' earnings, leading them to pass on the cost to customers by increasing their withdrawal fees.

Meanwhile, the Dutch Data Protection Authority (DPA) has fined Netflix $4.98 million for not adequately informing customers about its use of their data between 2018 and 2020. The investigation exposed notable shortcomings during the relevant time frame, including failures to clearly disclose which personal data were shared with third parties and why, as well as inadequate guidance on retention periods for user data.

Finally, the World Wide Web3 cryptocurrency tracker shows Bitcoin's current value at $101,335, with a 2.62% decrease in the past day and a 10.59% increase in the past month. Ether's current value stands at $3,672, with a 4.72% decrease in the past day and a 17.35% increase in the past month.

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