| Ghana | Verve partners with GhIPSS to launch Verve cards in Ghana. Verve International, an African payment technology and card business, has partnered with the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) to launch in Ghana. This launch extends Verve card availability to a total of 22 Africa countries, including Kenya, Uganda, Tanzania, Nigeria, Gabon, and Gambia. Tech Nova |
| | EDITOR'S NOTE | For those who might not know Verve International, it's a payment card brand owned by Interswitch Group, which is headquartered in Lagos. |
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| Africa | Airtel Africa and Ecobank partner to extend financial services offering across Africa. The partnership — which is subject to regulatory approval in each market — allows Airtel Money customers make online deposits and withdrawals through Ecobank’s digital financial services ecosystem. Additionally, Ecobank will be able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers. IT News Africa |
| | EDITOR'S NOTE | This bit about Ecobank issuing Airtel Money Money debit cards is fascinating, considering how fiercely telcos and banks compete withe each other in certain markets. Has anyone seen anything like this before? Are there any other examples of bank-issued debit cards for mobile money? Please send any references my way. |
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| Africa | Airtel Africa and Finablr announce global partnership to facilitate inward and outbound cross-border payments. The partnership will allow customers to leverage Finablr's global network to send money from over 100 countries into Airtel Money mobile wallets across Africa. Additionally, Airtel Africa will leverage Finablr's technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets. Proshare |
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| Zimbabwe | Senditoo partners with Banc ABC to launch digital money transfer service in Zimbabwe. Senditoo is a service that allows migrants to send instant mobile phone credit to over 140 countries across the world. The company has now signed a partnership with Banc ABC Zimbabwe that will allow customers perform cash pick-ups in all Banc ABC branches across Zimbabwe. Zimbabwe Situation |
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| Tanzania | NMB Bank Plc partners with Mastercard to allow digital payments for commercial motorcycles. National Microfinance Bank Plc has partnered with Mastercard to provide commercial motorcycle riders (boda-boda riders) with a digital payment solution in Tanzania. The cashless mobile technology, via Masterpass QR, allows riders receive payments from customers directly into their NMB bank accounts. Ventures Africa |
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| Global | Amex, Discover, Mastercard , and Visa Implement Click to Pay payment platform. American Express, Discover, Mastercard and Visa have announced the arrival of faster, more secure online checkout based on the new EMV Secure Remote Commerce (SRC) industry standard. The networks have tested the SRC technology in the market with issuers and merchants. Fintech Africa |
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| Global | WeChat Pay rolls out feature that allows funds transfer between smartphones. Tencent’s WeChat Pay is launching a new payment feature that lets people transfer funds using a mobile phone number. WeChat users can unlock the new feature from the messaging app and transfer money to the receiver’s WeChat wallet by entering a phone number. PYMNTS |
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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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| Twitter | Sufficient Balance Osarumen Osamuy () - founder of The Subtext () - has partnered with early stage fintech investor DFS Lab () to launch , a new 5-part newsletter series about the opportunities in African fintech. Osarumen shares why in . this Twitter thread |
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| Nigeria | Nigeria's Access Bank to acquire Kenyan bank seven months after merger with Diamond Bank. Financial services provider, Access Bank is set to acquire Transnational Bank Limited, a Kenya-based lender, after getting approval from the relevant authority in the East African nation. The acquisition will see Access Bank takeover 93.57% of Transnational Bank Limited. Nairametrics |
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| Nigeria | Nigeria's Central Bank Governor advises banks to engage telcos who can provide USSD service at low cost. The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has advised Deposit Money Banks (DMBs) to engage telecommunications firms who can provide USSD services at the lowest practical cost. Responding to recent events that have led to the proposed USSD charges by telcos, the CBN Governor assured Nigerians that as a banking regulator it would ensure that financial services will not create additional burden on citizens. Proshare |
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| Kenya | Kenya’s BitPesa announces rebrand, secures $15m in debt finance. Nairobi-based fintech BitPesa has rebranded to become AZA Group and secured $15 million in debt financing from Development Bank of Southern Africa (DBSA). AZA Group is now the parent company of brands BitPesa, TransferZero, and BFX. Ventureburn |
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| Global | UAE's Mubadala to invest $250 million in technology in Middle East, North Africa. Abu Dhabi’s state fund Mubadala Investment Company plans to invest $250 million through two funds in technology firms in the Middle East and North Africa. The latest investments include a $150 million fund that will invest in other technology funds and $100 million targeted directly at early-stage companies, Ibrahim Ajami, head of Ventures at Mubadala Capital said. Reuters |
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| South Africa | SA insurtech startup DentX raises $68,000 angel funding. South African startup DentX has raised ZAR1 million (US$68,000) in angel funding to introduce a new vehicle repair pricing platform that changes the way vehicle owners and insurance partners source quotes for repairs. DentX helps users fix their cars at competitive rates. Disrupt Africa |
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