| Africa | Jumia's apparent pivot to fintech could be something to keep an eye on. Wall Street wasn't quite happy with the e-commerce company's first year results and sent JMIA stock down 28 percent on the NYSE after the numbers were posted. But what appears to be a pivot to fintech, according to Quartz Africa, is a bet that Jumia is increasingly doubling down on. Quartz Africa |
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| Nigeria | Guess who else's fintech fortunes are growing? MTN Nigeria's. This is according to numbers MTN Nigeria released in its audited results for 2019, in which it states that its fintech revenues grew 23 percent on the back of airtime lending. It plans to roll out cash deposit and withdrawal services, as well as bill payments. Nairametrics |
| | EDITOR'S NOTE | Here's the 8-page report -- we reference page 3: Direct PDF link |
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| Nigeria | Systemspecs launches Paylink. At Social Media Week Lagos, one of Nigeria's oldest and most influential software companies announced a product that allows people to get paid...via a link...into their bank accounts. Essentially, Paylink users can generate a link that triggers a payment transaction. Tech Economy |
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| Nigeria | Flutterwave has integrated Paga's wallet into its payment gateway. Paga's wallet, which has more than 14 million users, joins Flutterwave's existing payment methods (card, bank, USSD, et al). Paga Blog |
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| Nigeria | Zenith Bank's CEO talks to CNBC about its perspective on fintech. Ebenezer Onyeagwu, while discussing Zenith Bank's 2019 earnings and profits, remarked that they are seeing a "significant drop in business being done through conventional cash and cheques", and that electronic platforms are taking their place. The fintech part starts at 2:15, but we recommend watching the whole thing (8 minutes). CNBC Africa |
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| Nigeria | 80 percent financial inclusion in Nigeria by 2020 is unlikely. EFinA (Enhancing Financial Innovation and Access), a financial sector development organisation, doesn't think the Central Bank of Nigeria's financial inclusion target of 80 percent will happen in 2020. If anything, the gap is apparently increasing. Tech Economy |
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| Nigeria | Less than 42 percent of MTN Nigeria's users have a smartphone. More insight from MTN Nigeria's 2019 audit that mobile app startups should be paying attention to? Maxime Bayen on Twitter |
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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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