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| | EDITOR'S NOTE | 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. |
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| Nigeria | NGX 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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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. |
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| Kenya | The 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 |
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| Global | PayPal 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 |
| | EDITOR'S NOTE | 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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