| Ghana | MTN and Ericsson launch mobile money open API platform in Ghana. MTN and Ericsson have extended their mobile money partnership by launching an open API platform in Ghana to give entrepreneurs an opportunity to develop revenue generating applications. Mobile Money Africa |
|
|
| Ethiopia | Ethiopian Airlines expands digital payment methods. Ethiopian Airlines announced that it plans to expand its payment method offerings by partnering with digital commerce and payment solutions platform, CellPoint. IT News Africa |
|
|
| Nigeria | Central Bank of Nigeria (CBN) issues Approval In Principle to 3 payment service banks. The 3 institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB, and 9PSB. The apex bank explained that the action was in line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services. Nigeria Communications Week |
|
|
| Zimbabwe | ZACC investigates EcoCash agents for selling cash. The Zimbabwe Anti-Corruption Commission (ZACC) Monday announced it had opened investigations into Econet’s mobile money transfer subsidiary, Ecocash. This follows an outcry by the public over the fees charged by Ecocash agents when withdrawing money through the mobile wallet. New Zimbabwe |
|
|
| Zimbabwe | EcoCash suspends 4,000 agents. The agents were suspended on allegations of participating in charging excessive premiums from customers intending to cash out on their mobile money. A survey carried out shows that EcoCash agents are charging a premium of up to 55% to customers in need of cash. The Herald |
|
|
| Rwanda | BBOXX unveils BBOXX ePay in Rwanda. BBOXX provides remotely monitored solar home systems to urban and rural areas in Rwanda. The new ePay service allows family and friends in diaspora buy solar home appliances for their loved ones in Rwanda. Techmoran |
|
|
| Kenya | Carbon is launching in Kenya with micro health insurance & a digital wallet. The financial services firm is looking to venture into mobile health insurance in Kenya and Nigeria and is set to launch a virtual Visa card for its customers. Techmoran |
|
|
| Africa | KiwiPay, a Laos based payment firm set to launch in 7 African countries. KiwiPay has signed an agreement with Laos Central Bank, Laos Ministry of Finance and the Laos Development Bank to provide an easy cashless solution for visa processing in Laos borders. The firm is also working with governments in several other frontier markets in South-East Asia and up to 7 countries in Africa to launch the service there. Techmoran |
|
|
| Global | Stripe raises $250M at $35B valuation. The fintech company is raising $250 million in its latest funding round and has reached a pre-money valuation of $35 billion. Stripe said it’s going to use the funding to continue growing its product suite, extend its enterprise capabilities, and grow internationally. PYMNTS |
|
|
|
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. |
|
Know someone who'd enjoy Decode Fintech? |
|
|
| Twitter | Nigerians to pay large fines for cash deposit or withdrawal above N500k (~$1,400) for individuals or N3m (~$8,300) for corporates. Taiwo Oyedele shares more information on this twitter thread. |
|
|
| Twitter | 61st anniversary of the credit card, the most valuable network effect of all time Alex Rampell shares an interesting history of the credit card in this Twitter thread |
|
|
|
| Nigeria | United Bank for Africa (UBA) chatbot now available on Apple Business Chat. UBA announced that its chatbot, named Leo, is now available for customers on Apple Business Chat, where users can communicate directly with businesses using the messages app on iPhone and iPad. The Sun |
|
|
|
| Nigeria | Nigeria's GTBank launches QuickCredit, offers low interest rate. One of Nigeria’s major banks, GTBank, has introduced QuickCredit, a service that allows salary earners and self employed individuals borrow up to N 5 million and pay back over 6 to 12 months. At a monthly interest rate of 1.75%, GTBank claims QuickCredit offers the lowest interest rate in Nigeria. Techcity |
|
|
| Tanzania | Tala halts mobile lending operations in Tanzania. The mobile lending startup, Tala has halted lending operations in Tanzania. Techpoint |
|
|
|
| Global | TransferWise reports profits third year in a row. The international money transfer company reported a 53% jump in revenue for the third consecutive year. Annual revenue was $222 million with a net profit after tax of $12.7 million. Tearsheet |
|
|
|
| South Africa | South Africa fintech startup My-iMali launches a $1.6m Uprise Africa crowdfunding campaign. The startup is looking to expand by raising ZAR 25 million ($1.6m) in return for a 20% stake in the company through an equity crowdfunding campaign on Uprise Africa. Disrupt Africa |
|
|
|
| Nigeria | Nigeria's Ministry of Finance and Public Credit publishes new cybersecurity rules for banks. The ministry published a resolution modifying the general regulations that apply to banks. The resolution responds to the need to strengthen the regulatory framework applicable to banks, particularly with regard to cybersecurity and technological infrastructure. Proshare |
|
|
| Nigeria | New Central Bank of Nigeria (CBN) circular targets payment channels, fintechs. CBN issued a new circular on Tuesday reviewing the process for merchant collection on electronic transactions. Each payment received on their behalf may attract stamp duty taxes and will have to remit same to the government. Nairametrics |
| | EDITOR'S NOTE | See the Central Bank of Nigeria circular here. |
|
|
|
| Global | Marcus says Facebook’s Libra will move forward. David Marcus, the Facebook executive in charge of proposed cryptocurrency Libra, says the project was moving forward and would be released in 2020 despite the global regulatory skepticism. Marcus said Libra wouldn’t change or interfere with existing monetary policy because it would not be creating a new currency, and therefore wouldn't have any effect on yields or interest rates. PYMNTS |
|
|
| Global | Facebook has acquired Servicefriend, which builds hybrid chatbots, for Calibra customer service. As Facebook prepares to launch its new cryptocurrency Libra in 2020, it’s putting the pieces in place to help it run. In one of the latest developments, it has acquired Servicefriend, a startup that builds bots and artificial intelligence-powered chat clients to help customer service teams. Techcrunch |
|
|
|
|
|
