Decode Fintech Logo
Issue 33
Nov 25 - Dec 1, 2019

Hi there,

It's been a whirlwind last 7 days closing out on projects before the end of the year. I'll be taking some time off starting next week to recharge before the year runs out, but my colleagues Simi and Tochukwu will be stepping in for next week's issue!

Also, shout out to long-time Decode Fintech reader @wizaj who swung by the Paystack office last week!

Bolaji + Simi
Product Specialists, Paystack
Payments
NigeriaNigeria to license more payment providers to meet financial inclusion target. Nigeria’s Central Bank plans to license more payment providers in an effort to improve the country’s financial-inclusion rate from around 60%, to 80% by the end of next year. PYMNTS
EDITOR'S NOTE

In 2012, the Central Bank of Nigeria set a financial inclusion target: the goal was to have 4 in 5 Nigerians (80%) included in the formal financial system by the year 2020.
GhanaBank of Ghana directs fintechs and mobile money operators to acquire a license by June 2020. The Bank of Ghana has directed companies engaged in online or digital transactions, including mobile money operators and fintechs, to acquire their licenses by June 2020. According to the 2019 Payment Systems and Services Act, all fintech companies in Ghana now require a license to operate. Citi Newsroom
EDITOR'S NOTE

Here's a link to the 2019 Payment Systems and Services Act and here's a detailed breakdown of the various licenses fintechs can acquire.
UgandaAirtel Uganda launches international money transfer service. Airtel Uganda has launched a new service that will enable users of Airtel Money to send and receive money from their loved ones living in another country. The product is being offered in partnership with Stanbic Bank and has also been endorsed by Bank of Uganda. Mobile Money Africa
ZambiaZambia’s Zazu launches Mastercard prepaid cards. Zambian fintech startup Zazu has partnered with Mastercard to issue prepaid cards linked to its mobile wallet. This partnership means customers can carry out mobile money transactions, withdraw cash from ATMs, and transact with merchants offline. Financial Technology Africa
RwandaAltron and Pascal Technology launch new cashless payment solution in Rwanda. Altron, a South African technology company, has partnered with Rwandan-based Pascal Technology. The companies have created a payment system for motorcycle public transport services in Rwanda. IT Web Africa
GlobalMTN introduces mobile money service for diaspora customers. MTN, an African telecoms company, has launched a mobile remittance service for diaspora customers called Homeland. With the cost of digital remittances being the highest in Africa, MTN aims to reduce the price of international transfers to under 3% of the transaction value. Homeland is in partnership with MFS Africa, a Johannesburg-based startup with over 180 million mobile wallets in Africa. Kenyan Wall Street
EDITOR'S NOTE

Shout out to Wiza J. (@wizaj) for spotting this news and tweeting about it in July!
Conversations
TwitterBank of Ghana introduces new currency notes. Serwaa Amihere (@Serwaa_Amihere) sparked a conversation about the introduction of the new GHS 100 and GHS 200 notes and GHS 2 coin with this tweet. Check out the thread for a broad range of views from Ghanaians on the likely impact of the new notes and coin.
TwitterWorld Bank report on the Nigerian digital economy. Aubrey Hruby (@AubreyHruby) highlighted the key take-aways from the report in this twitter thread.
EDITOR'S NOTE

Here's the full text of the World Bank's Digital Economy Diagnostic Report for Nigeria.
Banking & Finance
NigeriaNigerian telcos threaten to shut down bank USSD platform. Telecommunications companies in Nigeria have threatened to shut down the USSD platform which banks use for mobile money transfer due to lack of payment by the banks. A group of regulatory bodies covering both telecommunications and banking industry had previously agreed that Nigerian banks will remit part of the money made from using the USSD platform to the telcos, however this has not been the case. Mobile Money Africa
NigeriaNigerian government reviews stamp duty charges and raises the threshold to NGN 10,000. The Federal Government of Nigeria has reviewed the NGN 50 stamp duty charges on electronic payments in the country after pushback from its citizen and industry stakeholders. A financial bill currently before the National Assembly states that the NGN 50 charge would be imposed on transactions above NGN 10,000 as against being applied to transactions above NGN 1,000 as earlier effected in September. Punch
GlobalEuropean Central Bank (ECB) offers support to a bank-backed alternative to Visa and Mastercard. ECB has welcomed an initiative by some of Europe's top banks to explore the development of a rival payment system to challenge the dominance of Visa and Mastercard. Backed by twenty French and German banks, the proposed Pan European Payment System Initiative (PEPSI) seeks to handle all forms of cashless transactions. Finextra
Regulation
UgandaUgandan government to regulate the fintech industry. The Ugandan government is in the process of drafting the 2019 National Payment Systems Bill to regulate the fintech industry. Financial Technology Africa
SenegalSenegal Startup Act set to be passed into law next month. The Startup Act has been approved by the country’s cabinet and will now go before the National Assembly next month in order to be passed into law. The Act covers areas such as tax policies, startup financing, and the promotion of data sharing so that entrepreneurs can develop better business plans. Disrupt Africa
Lending
KenyaKMYDAWA and Umba partner to allow patients access cash advance for medication. MYDAWA, a Kenyan eCommerce platform, has partnered with Nairobi-based Umba. The partnership will allow users on the MYDAWA platform to get a cash advance to purchase medication online. This partnership aims to reduce the out-of-pocket health expenses brought about by the increasing cost of healthcare in Kenya. Techmoran
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
Full-Stack Senior Software EngineerNew
Cape Town, South Africa
Payments Operations ManagerNew
Cape Town, South Africa
Senior RecruiterNew
Cape Town, South Africa
Carbon (formerly Paylater)
Customer Success Associate New
Nairobi, Kenya
Senior Scrum Master
Lagos, Nigeria
Data Scientist
Lagos, Nigeria
Branch International
Data Analyst
Nairobi, Kenya
Operations Director
Lagos, Nigeria
Aza Finance
Head of West African Sales New
Lagos, Nigeria
Chief Revenue Officer
Lagos, Nigeria
Senior Engineer
Nairobi, Kenya
Mastercard
Vice President, Government Engagement
Johannesburg, South Africa
Strategic Merchant RM
Johannesburg, South Africa
Kuda Bank
QA Engineer
Lagos, Nigeria
Fidelity Bank Ghana
Branch Manager
Kumasi, Ghana
Facebook
Client Partner
Johannesburg, South Africa
Visa
Marketing Manager
Lagos, Nigeria
Solutions Delivery Manager
Johannesburg, South Africa
Peach Payments
Senior Software Engineer
Cape Town, South Africa
Operations Specialist
Cape Town, South Africa
Product Designer
Cape Town, South Africa
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?
Decode Fintech is powered by Paystack
Want to control the emails you receive from us? Update your preferences.
Want out of the loop? Unsubscribe.

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