Decode Fintech Logo
Issue 27
Oct 14 - Oct 20, 2019

Hi there,

Games night on Fridays is slowly becoming tradition at Paystack and I love it! My team won the game pictured here :D (Shout out to Ope for sponsoring us with ice cream and drinks!)

Bolaji + Simi
Product Specialists, Paystack
Payments
South AfricaMTN to relaunch mobile money service in South Africa. MTN will launch a new mobile money service before the end of the quarter says MTN South Africa CEO, Godfrey Motsa. MTN initially launched a mobile money platform in 2012, attracting over 2 million customers. However, the company shut the service down in 2016 citing high operating costs. Business Tech
AfricaSADC develops regional mobile money platform. The Southern African Development Community (SADC) region is working to introduce a mobile money transfer system for the bloc. According to Zimbabwean banker and chairman of the SADC Payments Scheme Management Body, Andrew Mugaria, the platform will enable customers to transfer funds to any SADC country using mobile phones The Herald
AfricaMojaloop launches in Uganda. Mojaloop, a financial inclusion platform developed by ModusBox with funding from the Bill and Melinda Gates Foundation, has entered the Ugandan market with developers optimistic that it will solve financial interoperability challenges. MTN and Orange Group are using Mojaloop for a joint mobile money wallet product code-named MOWALI, and the company supports the software for Tanzania's Instant Payments System (TIPS) New Vision
AfricaMTN launches MoMo in South West, Nigeria. Y’ello Digital Financial Services(YDFS) Limited, a subsidiary of MTN Nigeria, has launched its mobile money transfer services in Ibadan, Oyo state. Officials of the company are also expected to move to other states in the region to set up MoMo agents. Financial Technology Africa
GlobalMastercard partners with 4 retailers for Pay By Bank app. Mastercard is collaborating with four eCommerce retailers - WHSmithFunky, Pigeon, Cult Pens, and The Card Gallery - to offer the Pay by Bank app to online shoppers. Pay by Bank app (PbBa) was created by Vocalink, a Mastercard company, and it leverages the United Kingdom’s Faster Payments service to give users the option of paying for goods with their bank account. PYMNTS
GlobalPayPal launches Venmo credit card. Online payments giant PayPal is teaming up with Synchrony Financial to roll out a Venmo co-branded credit card next year, marking a first for the peer-to-peer (P2P) money transfer platform. Venmo started with P2P payments and launched a debit card last year. It also offers a Pay with Venmo option with partners like Uber. 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?
Conversations
TwitterWho will bear the cost of USSD banking services in Nigeria? @IAtalkspace recently shared news that MTN Nigeria will start charging for access to financial services provided via USSD in this tweet. Meanwhile Wale Adetona (@iSlimfit) shares his thoughts on why the USSD service cannot be free in this conversation. Following all of this, Nigeria's Federal Ministry of Communications released a statement saying that the charges imposed by MTN will be discontinued
Banking & Finance
KenyaBank cards use in Kenya grew 25% in 8 months. Bank debit and credit card transactions hit Sh399 billion(~$4.8 billion) between January and August 2019, representing a 25% increase. This is the highest growth rate in more than a decade since the launch of mobile money in Kenya. Mobile Money Africa
NigeriaCentral Bank of Nigeria (CBN) says 7 banks failed stress test. The CBN has revealed that 7 commercial banks out of 22 in the country failed the stress test for adequate funding at the end of 2018. In the financial stability report published on the CBN website, it stated that in less than 30-day period analysis, 7 banks were not adequately funded, while in the 31-90 day bucket, 9 banks had funding gaps Nigeria Communications Week
NigeriaCentral Bank of Nigeria (CBN) begins refund of Loan Deposit Ratio (LDR) penalties to banks. CBN has started refunding the Deposit Money Banks part of the N500 billion (~$1.3 billion) imposed for breaching the regulator’s directive on lending to the real sector of the economy. Most of the banks recently fined by the CBN were refunded after meeting the 60% Loan to Deposit (LDR) requirement. Nairametrics
NigeriaBanks’ online transactions in Nigeria rise by N 12.8 trillion (~$35 billion). The value of banks' online transactions made in Nigeria has increased from N36.49 trillion (~$101 billion) to N49.35 trillion (~$136 billion) between January and June 2018 as compared to the same period in 2019. This data represents an increase of 33.8% and was obtained from the Nigerian Inter-Bank Settlement Scheme (NIBSS). Nairametrics
Lending
NigeriaLenders increase unsecured loans to households in Q3 2019. The latest Credit Conditions Survey Report released by the Central Bank of Nigeria (CBN) disclosed that unsecured lending to households increased in the third quarter of 2019. However, while unsecured lending surged in the period under review, the CBN stated it expects a decrease in Q4 2019. Nairametrics
GlobalGoogle cracks down on predatory loan apps with misleading interest rates on Play Store. In August, Google published a set of new rules in a move to keep users safe from predatory loan apps. These loan apps offered high interest rates and short-term loans. Google has implemented rules prohibiting apps with an Annual Percentage Rate (APR) of 36% or higher in the US. Technext.ng
Regulation
NigeriaThe Central Bank of Nigeria (CBN) exempts federation accounts, microfinance banks, ministries, others from new cashless policy. CBN has exempted all revenue-generating accounts of government agencies, ministries, microfinance banks and several others from charges on cash withdrawal and deposits as imposed by the new cashless policy. According to the new circular addressed to all Deposit Money Banks (DMBs), the CBN disclosed that exemption is given until March 30, 2020 when it would be reviewed. Nairametrics
Fundraising
AfricaCatalyst Fund secures ~$12.9 million from UK Aid. The fintech-focused Catalyst Fund has secured GBP10 million (~$12.9 million) in UK aid support to invest in 30 fintech startups across Kenya, Nigeria, South Africa, Mexico, and India. Disrupt Africa
Cryptocurrency
GlobalFacebook officially forms Libra Association. Over the last five months, several original members including Visa, Mastercard, Stripe, eBay and PayPal pulled out of the Libra project. However on Monday, 14 October 2019, the remaining founding members officially formed the Libra Association, the governing body that will control the new global cryptocurrency. IT News Africa
Events
Nigerian Fintech Week 2019
Oct 28 - Nov 01, Lagos, Nigeria
Fintech World Forum
Nov 18 - Nov 19, London, UK
Jobs
JumiaPay
Head of AccountingNew
Kampala, Uganda
Finance Business PartnerNew
Lagos, Nigeria
Peach Payments
Senior Software Engineer
Cape Town, South Africa
Operations Specialist
Cape Town, South Africa
BitPesa
Head of People OperationsNew
Lagos, Nigeria
EngineerNew
Nairobi, Kenya
Senior Engineer
Nairobi, Kenya
Carbon (formerly Paylater)
QA Engineer - AutomationNew
Lagos, Nigeria
Other positions
Lagos, Nigeria
Fidelity Bank Ghana
Branch Manager
Accra, Ghana
Other positions
Accra, Ghana
Facebook
Client Partner
Johannesburg, South Africa
Public Policy Manager, SADC
Johannesburg, South Africa
Visa
Marketing Manager
Lagos, Nigeria
Solutions Delivery Manager
Johannesburg, South Africa
Cellulant
Android Developer
Nairobi, Kenya
Yoco
Inbound Sales Consultant
Cape Town, South Africa
BI Engineer
Cape Town, South Africa
Senior Paid Media Manager
Cape Town, South Africa
Branch International
Operations Director
Lagos, Nigeria
Compliance Manager
Lagos, Nigeria
Decode Fintech is powered by Paystack
Want to control the emails you receive from us? .
Want out of the loop? Unsubscribe.

We’re at 126 Joel Ogunnaike, Ikeja GRA, Lagos, Nigeria.paystack.com