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Issue 44
Feb 24 - Mar 01, 2020

Hi there,

While we certainly don't want to jinx it, it is remarkable that coronavirus pandemic rates in Africa are so low that experts are puzzled. Apart from a sudden surge in demand for face masks and hand sanitisers, most business seems to be proceeding as usual.

Have a great rest of the week, and remember to wash your hands.
Simi + Tochukwu
Product Specialists, Paystack
AfricaJumia'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

Some context: This "pivot" has been in the making a while. Jumia has begun advertising a "quick loans" service that it offers via a partnership with QuickCheck that was announced in December 2019, as well as a money market fund.
NigeriaGuess 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

Here's the 8-page report -- we reference page 3: Direct PDF link
NigeriaSystemspecs 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
NigeriaFlutterwave 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

Learn more about Paga's ten year journey to mobile wallet dominance on this Decode Fintech podcast episode with Paga CEO, Tayo Oviosu
NigeriaZenith 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
Nigeria80 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
NigeriaLess 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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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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