EMEA Daily: Bank of Ghana Introduces GhanaPay Mobile Wallet

In today’s top stories from Europe, the Middle East and Africa (EMEA), the Bank of Ghana has introduced a brand new mobile wallet, GhanaPay. Plus, United Kingdom clothing brand Boohoo looks into charging fees for online returns, Qualcomm wins its appeal of a recent $1 billion antitrust fine for payments to Apple, and AnaCap Financial Services has acquired the digital invoice distribution subsidiary of Nexi Group’s Nets.

Bank of Ghana Unveils GhanaPay Mobile Wallet

Ghana’s central bank has launched GhanaPay, a mobile wallet for savings and loans companies and banks, including rural and community banks. Speaking at the launch of the program Wednesday (June 15), Bank of Ghana Governor Dr. Ernest Addison called GhanaPay a milestone in the digitization of the country’s financial system. “Banks in Ghana are re-inventing themselves and have continued to respond positively to the competitive nature of the payment systems, characterized by increased consumer preferences for convenience and frictionless payment options,” he said in a speech.

Boohoo Could Join Other Brands Charging for Online Returns

As returns eat into more of its profits, U.K. retailer Boohoo is weighing charging customers a fee when they send back unwanted merchandise. While the company charges for international returns, it’s now considering charging for returns across all markets, Boohoo Group Plc CEO John Lyttle told the news outlet. Boohoo’s consideration of charging return fees comes after Inditex-owned Zara started tacking a fee onto online returns. No fees are charged for returns at a physical store.

Qualcomm Wins Appeal of EU $1B Antitrust Fine for Apple Payments

Qualcomm has won its appeal of a €997 million (about $1.04 billion) fine from European Union regulators over payments made to Apple to use Qualcomm chips after Europe’s General Court ruled in its favor regarding the 2018 penalty. The EU fine stemmed from the belief that payments Qualcomm had made to Apple between 2011 and 2016 to exclusively use its chips were illegal under EU antitrust rules, the report said.

AnaCap Acquires EDIGard Invoice Arm From Nexi’s Nets

AnaCap Financial Partners is acquiring EDIGard AS, the digital invoice distribution subsidiary of Nexi Group’s digital payments firm Nets, for undisclosed terms. Headquartered in Kristiansand, Norway, EDIGard is a standalone subsidiary of Nets Issuer & eSecurity Services. EDIGard’s EdiEX is an end-to-end invoicing platform that’s integrated with users’ enterprise resource planning (ERPs) and accounting software. EDIGard was expected to generate €5.4 million in EBITDA and the decision to sell on Nexi’s part was purely strategic, according to the release.

Revolut Releases Simplified App Version in Five Countries

Digital banking platform Revolut is introducing a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman, which will give users the ability to transfer money to 50-plus countries in more than 30 currencies, according to multiple reports. Headquartered in London and founded in 2015 by CEO Nikolay Storonsky and Chief Technology Officer Vlad Yatsenko, Revolut’s digital banking platform has expanded its product suite to include payments services, crypto trading, savings and stock trading. The FinTech offers no-fee money transfers from one Revolut customer to another and a 1% fee with a $1 minimum for sending money to non-Revolut accounts.

Meta Touts Its Social Commerce System at EMEA Event

As consumer behaviors and expectations continue changing, online shopping is morphing from an everyday task into a social experience. The adoption of eCommerce and digital payments—hastened during the pandemic—have brought about myriad ways of enabling people to interact with brands. The Meta Discovery Commerce system is intended to show consumers merchandise that fits their style and desires but that they likely wouldn’t have come across on their own.