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Issue 145
Aug 22 - Aug 28, 2022

Hi there,

Join us this evening for an hour-long virtual chat where industry experts will discuss the role of NIP in enabling Nigeria’s digital economy. Book your free seat here and invite your friends. I look forward to meeting you.

Also, if you’ll be in Accra in September, we’re inviting you to Africa Tech Summit, West Africa where you’ll be able to connect with 400+ industry leaders, ventures, investors and innovators from across the African Fintech & Crypto ecosystem. Book your seat here and use discount code DECODE for 20% off tickets.

Enjoy the rest of the week! 

Tochukwu Ironsi
Market Intelligence Specialist, Paystack
Payments
South AfricaGoogle Wallet launches in South Africa. Google Wallet, formerly Google Pay, has launched in South Africa, its first African market. Customers will be able to save their payment cards on Google Wallet and make mobile payments through the service. Google Wallet is currently available through six banks including Nedbank and ABSA. IT News Africa
EDITOR'S NOTE

In Issue 84 of the newsletter, when Apple Pay launched in South Africa, we highlighted the fact that Android holds a lion's share of operating systems in mobile phones in the country. This dominance extends to the rest of the continent and presents an opportunity for Google to compete for payments in Africa.

We also noted that despite the obvious opportunities, payments are still a two-sided network, involving both customers and merchants. We wrote: “Adoption of this new payment method will rely just as much on customer preference as it will on retailers enabling Apple Pay functionality at the points of sale."

Success for Google Pay will go beyond just pre-loading the app on existing software but also demonstrating clear benefits to consumers and merchants.
EgyptvalU acquires Paynas for an undisclosed sum. Egypt's valU, which allows merchants to offer their customers instalment payment options, has acquired Paynas, an HR and Payroll startup. This follows a $12.4 million investment into valU by the Saudi-based Alhokair Family in June 2022. Techpoint
EDITOR'S NOTE

There is obvious potential for product cross-selling between both companies. Merchant acquisition and growth is a key lever to scaling a BNPL business and this acquisition allows valU to achieve this while also diversifying into other value-added services.
Conversations
AfricaThe state of KYC in Africa. In this extensive report, Smile Identity shares key stats on Know-Your-Customer (KYC) practices in the African countries they operate in. Smile Identity
Fundraising
EgyptSubsbase raises $2.4 million in seed funding Egypt's Subsbase, a recurring revenue management platform, has raised $2.4 million in seed funding. The round was led by Global Ventures and will be used to ramp up sales and marketing efforts as well as hire for key roles. TechCrunch
Other Fundraising News
NigeriaAjo Money raises $500k in funding from Tekedia Capital. Tekedia
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