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Issue 177
Jul 24 - Aug 06, 2023

Hi there,

A new season of the English Premier League (EPL) resumed this weekend. As a Manchester United fan, I’m quite antsy about this new season after watching our rivals and then watching our first game against Wolves. Man U displayed a lack of cohesion and sharpness (despite one million pre-season games) that I hope we correct as the season progresses.

This issue of the newsletter was written to Berlioz’s sometimes soothing, sometimes electric jazz is for ordinary people.

Have a great week ahead.

Tochukwu Ironsi
Market Intelligence Specialist
Grow your business with Paystack Catalyst

GlobalRapyd to acquire parts of PayU business for $610m. Rapyd, a European fintech providing payments and banking services, has acquired PayU's Global Payments Organisation from global investment group, Prosus, for $610m. With this acquisition, Rapyd will deepen its penetration in markets like Africa, Latin America, and Europe. Prosus will still retain operations in key markets like India, Turkey and Southeast Asia. Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform | TechCrunch

Rapyd entered into an agreement with Multichoice, another Prosus-linked company, to build Moment, Multichoice’s new payment solution in Africa. PayU is currently Multichoice's payment provider in Africa, so it’s very likely that the partnership was a precursor to the acquisition, signalling a deeper integration between Rapyd and PayU.
Banking & Finance
NigeriaNGX partners with CSCS on a dollar settlement platform. The Nigerian stock exchange, NGX, has disclosed plans to build a dollar settlement solution for fintechs. The new platform, created in partnership with Central Securities Clearing System (CSCS) and Belgium-based clearinghouse, Euroclear, will allow tech companies to raise capital from domestic and foreign investors.  Business Post
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KenyaThe history of Kenya's banking sector. Money Academy (@moneyacademyKE) outlines the history and evolution of the banking sector in Kenya, from the pre-colonial banks to modern financial institutions. Twitter
GlobalPayPal launches stablecoin for crypto payments. Global payments giant PayPal has launched PayPal USD, a dollar-backed stablecoin. The new stablecoin which was released in partnership with Paxos Trust, will allow PayPal US customers to send money, pay merchants, and swap with other cryptocurrencies. PayPal

Stablecoins are digital currencies with a stable price usually pegged to a fiat currency like the dollar, or other cryptocurrencies. Stablecoins have gained some adoption for quick and cheap cross-border payments and hedging against local currency fluctuations. While PayPal USD is still limited to US customers, expanding access to its global base of merchants and consumers could help drive even more adoption of stablecoins, especially in emerging markets like Africa. 
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