|Nigeria||NetPOS receives approval from NIBSS for contactless payments. NetPOS, a Payment Terminal Service Provider (PTSP) has obtained approval from Nigeria Inter-Bank Settlement System (NIBSS) to launch contactless payments in Nigeria. The application will convert NFC-enabled android phones to POS terminals, allowing customers to pay for goods and services by just tapping on a mobile phone. The Guardian|
|EDITOR'S NOTE||In issue 130, we wrote about how Tap-On-Phone payments could significantly impact in-person card payments in Africa. POS terminals represent a significant and inconvenient cost to banks, processors, and merchants. Due to their relatively large upfront expense, payment providers have to either give out terminals for free to select high-volume merchants or allow merchants to pay for the device in installments. With phones, which are cheaper and readily available, this headache will likely to go away.|
As more providers roll out solutions, we’re eager to see how this changes merchant and customer behavior.
|Nigeria||NIP payments cross N100t in 2022 According to the Nigeria Inter-Bank Settlements System (NIBSS), the value of NIP transfers processed from January to April 2022 was N149.8t (~$3.6b). This represented a 50% increase from a similar period in 2021. NIBSS|
|EDITOR'S NOTE||In addition, NIBSS-operated channels like mobile payments and Point-of-Sale (POS) have seen continued growth in 2022. Despite cash dominance in payments, these metrics act as a strong index in the shift to digital payments.|
|Global||Reducing the time to money. In this article, Ayo Omojola (@ay_o) explores the many advantages and potential opportunities in reducing the time it takes to make funds available for a participant in a payments network. Blog|
|Global||What are the sources of funds for DeFi? Shiv Sakhuja (@shivsakhuja) outlines the sustainable ways in which Decentralised Finance (DeFi) projects can earn revenue. in this Twitter thread|
|Africa||Untapped Global raises $10.3m in funding. The investment platform, which allows accredited investors globally to finance assets in emerging markets, has raised $10.3m in combined equity and debt funding. With this new round of funding, Untapped Global will be extending access to its platform to the general public. Disrupt Africa|
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