| Tanzania | Vodacom Tanzania extends payment system to other networks. Vodacom has extended its M-Pesa payment system (Lipa Kwa M-Pesa) to enable subscribers of other networks in the country directly remit payment through the platform. This move will allow merchants and business owners using Lipa Kwa M-Pesa receive payments from all networks and banks. startup’s growth strategy of doubling its merchant base over the next 12 months. The Citizen |
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| Kenya | Kenyan mobile money transactions hit Sh2.87 trillion. Kenyans moved Sh2.87 trillion in the first eight months of the year, representing a 10.3% rise over 2018 transactions worth Sh2.6 trillion in a similar period. Business Daily |
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| Global | Visa powers Revolut’s global expansion into 24 new markets. Visa has disclosed that it is partnering with the London-based Revolut to help bring Revolut’s total global footprint to 56 markets. Visa Chief Product Officer Jack Forestell says Visa is taking an active role in working with fintechs and emerging players who are entering the payments ecosystem. PYMNTS |
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| Nigeria | Nigeria's Central Bank increases loan deposit ratio to 65%. A month after the Central Bank of Nigeria issued a directive to all commercial banks that their loan book should be 60% of total deposit, the apex bank has increased the ratio to 65%. The ratio will be subject to quarterly review by the CBN, in order to encourage SME, retail, mortgage, and consumer lending. Sahara Reporters |
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| Botswana | Standard Chartered Bank Botswana introduces digital banking. According to Kunda Neill, Acting Head for Corporate Affairs and Brand Marketing during a briefing, the initiative enables customers to open an account within 15 minutes from their mobile phones. Biztech Africa |
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| Nigeria | Nigerian banks recover NGN 496b (~$1.3b) from debtors in Q2 2019. According to the latest report released by the National Bureau of Statistics (NBS), deposit money banks recovered over NGN496b (~$1.3b) at the end of the second quarter. Specifically, banks' debt dropped to a 4-year low of NGN 1.44 trillion (~$3.9b) in Q2 2019 from NGN 1.93 trillion(~$5.3b). Nigeria Communications Week |
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| Madagascar | AccèsBanque Madagascar launches first UnionPay card in Madagascar. The AccèsBanque UnionPay card allows users withdraw money through UnionPay's global network of 2.9 million ATMs. Payments Afrika |
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| Nigeria | Nigerian banks to pay N499b (~$1.3b) fine to the Central Bank of Nigeria for loan policy breach. The apex bank directed banks to maintain a minimum Loan Deposit Ratio (LDR) of 60% by September 30, 2019. For breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria has fined 12 major banks NGN 499.1billion (~$1.3b). Proshare |
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| Zimbabwe | Zimbabwe's Central Bank restores mobile money cash payouts with new cap. The Reserve Bank of Zimbabwe earlier stopped operators of mobile-money services from paying out cash. However, the policy has now been reversed with a new 100 Zimbabwean dollar cap (~USD 6).The moves comes as Zimbabwean telecoms company Econet filed an urgent application with the High Court to stop the Reserve Bank’s ban. Ventureburn |
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| Nigeria | Central Bank of Nigeria (CBN) grants banks' approval to debit loan defaulters. The CBN has given approval to the banks to debit any defaulting debtor across all the banks where the debtor has funds. The CBN also approved that the clause permitting the banks to apply this measure should be part of loan agreements to all customers. Proshare |
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| Egypt | Egyptian cabinet approves draft bill regulating Central Bank of Egypt, banking system. According to the draft law, the Central Bank of Egypt is an independent oversight body that shall report to the President of the Republic. It shall also enjoy technical, financial and administrative independence. African Markets |
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| South Africa | Credit scoring fintech CredoLab launches in South Africa. CredoLab aims to drive financial inclusion by providing credit scores for more people, especially those who're new to banking or credit. IT News Africa |
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| Tanzania | The Central Bank of Tanzania holds a public forum on cryptocurrencies and forex. The goal of the public forum was to assess the impact of cryptocurrencies in the Tanzanian economy. Bitcoin KE |
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| Global | PayPal pulls out of Facebook-led Libra Association. PayPal pulled out of the Libra Association, Facebook's major effort to develop a digital currency. Bloomberg |
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