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Issue 32
Nov 18 - Nov 24, 2019

Hi there,

I'm thrilled to share that one of our teammates had a baby girl a few minutes to the time of writing this week's edition! We're all super excited and we wish K and her new family the very best!

Bolaji + Simi
Product Specialists, Paystack
Payments
GhanaGhanaian government to launch a universal QR code payment system. The Ghanaian government plans to launch a Universal QR code next month as part of its plan to make Ghana a cashless society. Tech Nova
EDITOR'S NOTE

For context, different QR payment options currently exist in Ghana. Last year, Visa launched their Visa-on-Mobile payment option and Mastercard worked with Ecobank to introduce Masterpass QR. However, cash payments are still king with mobile money use steadily on the rise.
GlobalVerve expands to United Arab Emirates. Verve, a pan-African payment card scheme, held a first transaction event in Dubai, United Arab Emirates. Verve Global cardholders can now use their cards to transact in more than 185 countries and territories, including Dubai, United Arab Emirates. Financial Technology Africa
GlobalRemitly and Xpress Money partner to expand international money transfer services. Remitly, an American online remittance service, and London-based Xpress Money have come together to increase cross-border payout options for customers in Africa. The alliance allows Remitly to pay out using Xpress Money's network of cash pick-up locations. Mobile Money Africa
GlobalEuro Payment Group (EPG) announces payment solutions for the African market. EPG, a German payments company, has secured global partnerships that allow payments processed in Africa to be paid out to European bank accounts. EPG can now process payments from South Africa, Nigeria, Kenya, Uganda, Rwanda, and Ghana. Fintech Africa
GlobalMastercard bans automatic billing after free trials. The credit card company this week announced a new policy requiring merchants to get a cardholder's approval at the end of a trial before they start billing. Companies must send the cardholder an email or text that includes the transaction amount, payment date, and instructions on how to cancel. PCMag
Conversations
TwitterThe history of M-Pesa Michael Kimani (@pesa_africa) broke down the history and evolution of M-Pesa, the popular Kenyan mobile money service.
TwitterFinancial Technology Partners releases report on fintech in Africa. Steve McLaughlin, CEO of Financial Technology Partners (@FTPartners) announced the launch of a detailed report on the African fintech landscape in this tweet.
Banking & Finance
NigeriaNigerian merchants automatically pass N50 stamp duty charge to customers. Merchants in some Nigerian retail outlets have started automatically including a N50 stamp duty at the point of checkout. This follows the widespread enforcement of the stamp duty charge on POS transactions by the Central Bank of Nigeria (CBN). Nairametrics
NigeriaMerchants in Nigeria abandon POS terminals as inactive terminals hit 131,201. Statistics obtained from the Nigeria Inter-Bank Settlement Scheme (NIBSS) showed that the number of inactive POS terminals in the country increased from 43,320 in January, to 131,201 terminals in October. Some merchants have stopped using POS terminals as customers have increasingly refused using the terminals to avoid paying a newly introduced N50 stamp duty charge. Punch
NigeriaCentral Bank of Nigeria (CBN) grants approval for banks to debit accounts of loan defaulters. CBN has granted Deposit Money Banks the approval to directly debit bank accounts belonging to loan defaulters across all banks in the country. According to the CBN, the approval became necessary as a new measure to mitigate the rising number of non-performing loans. Nairametrics
Regulation
NigeriaNigerian federal court orders Mastercard to stop issuing Nigerian National Identity Cards. The Federal High Court in Lagos has ordered Mastercard and its agents to stop the production of the National Identity Cards issued by the National Identity Management Commission. This order was made following a motion filed by Chams Plc and Chams Consortium Limited (CCL) on August 28, 2019 against Mastercard. Financial Technology Africa
EDITOR'S NOTE

For context, Chams Plc. was invited by the Nigerian Federal Government in 2006 to bid for the National Identity Card (NIC) project. The company competed and won the bid. Upon the execution of a concession agreement with the National Identity Management Commission (NIMC), Chams started the implementation of the project by establishing a subsidiary, Chams Consortium Limited (CCL) to handle the project. Chams also invited Mastercard to work with the Chams Consortium as one of its technical partners on the project. According to Chams and other stakeholders, Mastercard went on to work with other companies using technical information and design shared with them by Chams.
Fundraising
KenyaKenyan fintech startup Asilimia raises $350,000 funding. Kenyan payments company Asilimia has raised $350,000 in funding to power expansion. Disrupt Africa
GlobalPaytm raises $1 billion in a fresh round of funding. Indian eCommerce firm, Paytm has raised $1 billion in a Series G financing round from Ant Financial, SoftBank Vision Fund, and Discovery Capital. TechCrunch
Funding Opportunity
LABS by ARM 2.0
Asset and Resource Management (ARM) and Ventures Platform have launched Labs by ARM 2.0, a fintech-focused accelerator program designed to support the best early-stage companies solving the hardest problems in the financial industry.
Events
Tech Summit
December 13 - 14, Ghana
Jobs
Yoco
Head of ProductNew
Cape Town, South Africa
Growth Creative LeadNew
Cape Town, South Africa
VP, Software EngineeringNew
Cape Town, South Africa
Mastercard
Senior Business AssistantNew
Nairobi, Kenya
Vice President, Government Engagement
Johannesburg, South Africa
Strategic Merchant RM
Johannesburg, South Africa
Carbon (formerly Paylater)
Senior Scrum Master New
Lagos, Nigeria
Data Scientist
Lagos, Nigeria
Kuda Bank
QA EngineerNew
Lagos, Nigeria
Fidelity Bank Ghana
Branch Manager
Kumasi, Ghana
Aza Finance
Chief Revenue Officer
Lagos, Nigeria
Senior Engineer
Nairobi, Kenya
Facebook
Client Partner
Johannesburg, South Africa
Branch International
Data Analyst
Nairobi, Kenya
Operations Director
Lagos, Nigeria
Compliance Manager
Lagos, Nigeria
Peach Payments
Senior Software Engineer
Cape Town, South Africa
Operations Specialist
Cape Town, South Africa
Product Designer
Cape Town, South Africa
Visa
Marketing Manager
Lagos, Nigeria
Solutions Delivery Manager
Johannesburg, South Africa
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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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