Decode Fintech Logo
Issue 127
Mar 28 - Apr 10, 2022

Hi there,

A few weeks ago Paystack announced Digital Products, which helps merchants sell digital products like ebooks, music, and digital art with Storefronts and Product Links. Click here to read the full announcement.

Paystack is still hiring! We are looking for remote Engineers and a Legal Lead in South Africa. If you’re interested or know anyone who is, kindly check out our careers page.

Folu Otubanjo
Product Specialist, Paystack
EthiopiaEthiopia launches online payments for government services The Ministry of Innovation and Technology (MINT), Commercial Bank of Ethiopia (CBE) and Mastercard have partnered to enable online payments on Ethiopia’s government e-service portal. The partnership will allow Ethiopians access and pay for government services (e.g. licenses) digitally for the first time Ventures Africa

Ethiopia has a population of ~120 million people, and according to the World Bank, only 35% of Ethiopians have bank accounts. This initiative is part of a larger strategy to develop digital payments and reduce reliance on cash in the country.  
KenyaSafaricom set to open up Lipa Na M-Pesa to other mobile networks Kenyan operator, Safaricom, is set to open its Lipa Na M-Pesa service to subscribers of Airtel and Telkom, allowing their subscribers pay through Safaricom’s Business Till and PayBill products in Kenya Business Daily
NigeriaMTN plans separation of its mobile money business MTN has consulted investment banking multinational, JP Morgan Chase & Co, to begin the process of separating its mobile money business from its telecom business. The telco plans on completing the separation ahead of raising funds later in the year. News 24

MTN’s business model is based on delivering services in telecommunications (data and voice) and digital services (mobile money). The telco first announced its intention to separate its mobile money business early last year. According to MTN’s 2021 financial report, mobile money earned N69.1m in revenue and was its second fastest-growing business with 48% revenue growth compared to 55% and 7% growth in its voice and data segments respectively.
NigeriaFCCPC provides conditions for digital lending businesses The Federal Competition and Consumer Protection Commission (FCCPC) has provided conditions for digital money lending businesses to operate in Nigeria. The conditions state that lending operators should stop contacting people on the contact lists of borrowers and defaulters, stop inappropriate language when communicating with borrowers and provide a transparent process for loan repayment fees, late payment charges and interest calculation to the FCCPC The Guardian

These conditions are enforceable under the FCCPC Cooperation Assistance Rules Procedures
NigeriaZiroopay raises $11.4m Series A Ziroopay provides POS payment systems designed to facilitate mobile payments. The Nigerian and Finland based startup has raised funds to expand its product suite, provide additional payment channels and grow its team. This round of funding was led by Zrosk Investment Management and other investors such as Nordic Venture Fund, Fedha Capital and Exotix Advisory. Nairametrics
NigeriaImaliPay raises $3m in debt and equity funding ImaliPay provides financial products such as savings and credit facilities for African gig workers (e.g entrepreneurs, freelancers and independent workers). The Nigerian fintech has raised funds to expand its team, develop its technology and explore new markets. Investors in this round include MyAsia VC, Jedar Capital, Logos Ventures and others TechCrunch
WamdaPayMint raises undisclosed seven figure Seed round to fund expansion Wamda
NigeriaSycamore raises undisclosed round to expand its operations TechBuild
EgyptRobo advisory startup, Xpovi raises $300K pre-seed Disrupt Africa
EgyptSouth African payment startup, Sticitt raises $250K seed round Disrupt Africa
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