Decode Fintech

Issue 161

Feb 06 - Feb 12, 2023

Hi there,

The Paystack team is at the Africa Tech Summit in Nairobi today and tomorrow (Feb 16). Come join us!

Betre Gizaw, Paystack General Counsel, will share how Fintechs and Regulators can work together, drawing insights from how we got our PSP License in Kenya.

COO, Amandine Lobelle, will share insights on “The Business of Payments” and the latest trends in the industry.

And if you're a startup operator or interested in experiencing how investors make funding decisions, join Nubi Kay and other panelists at the "Pitch Live" session.

We’d also love to meet you, so come say hi at our booth. You just might walk away with some cool swag!

Tochukwu Ironsi

Market Intelligence, Paystack

Banking & Finance

Kenya

Umba launches in Kenya. Umba, a Nigerian-based digital bank for consumers has launched operations in Kenya. The launch follows their acquisition of a majority in Daraja, a Kenyan Microfinance Bank, last year. Disrupt Africa

EDITOR'S NOTE

In earlier issues, we wrote about Umba’s acquisition of Daraja MFB and the strategic motivations for digital banks and lenders acquiring MFBs.

South Africa

Lulalend partners with Access Bank to launch Lula. Lulalend, a South African-based digital lender for SMEs, has launched Lula, in partnership with Access Bank SA. Through this partnership, Lula customers will be able to obtain bank accounts, manage cash flow and obtain loans. This comes after Lulalend’s completion of a $35 million Series B funding round. Ventureburn

Regulation

Tunisia

Central Bank of Tunisia (BCT) relaunches regulatory sandbox. The BCT has announced plans to relaunch its financial regulatory sandbox. The sandbox, which was initially launched in 2020 will now target local banks looking to test digital payment solutions. Afrikan Heroes

Nigeria

Bamboo obtains a digital sub-broker license in Nigeria. The Nigerian Securities and Exchange Commission (SEC) has granted a digital sub-broker license to Bamboo, a digital stock trading platform. This new license allows Bamboo to operate in Nigeria’s capital markets, trade Nigerian securities, and provide regulatory oversight for its brokerage partner, Lambeth Capital. Technext

Egypt

Flutterwave secures two payment licenses in Egypt. Pan-African payments processor, Flutterwave, has obtained approval from the Central Bank of Egypt (CBE) for Payment Services Provider and Payments Facilitator licenses. The new licenses will allow Flutterwave to provide payment services in Egypt and marks the company’s entry into North Africa. The Guardian

Cryptocurrency

Nigeria

Pick N Pay expands in-store bitcoin payments to all stores. Leading South African retailer, Pick N Pay has announced the adoption of bitcoin payments for goods sold at all its South African stores. The solution which was developed in partnership with CryptoConvert follows a closed pilot in select stores last year. Coin Telegraph

Fundraising

Morocco

Gwala raises undisclosed pre-seed funding. Gwala, a Moroccan fintech that offers early salary access to employees, has raised an undisclosed sum. The new round will be applied towards product development, deepening market penetration, and hiring new talent. Disrupt Africa

Share a tip

Do you have an announcement, event, or job posting you'd like to share, or have you come across an interesting bit of African fintech news recently? Hit reply and let me know! I might be able to include it in next week's newsletter.