Decode Fintech Logo
Issue 61
Jun 22 - Jun 28, 2020

Hi there,

In case you missed it, the Paystack commerce team had a busy week last week. Following the announcement of Paystack Commerce, there was news on our direct integration with Wix and also Craft Commerce. Check them out if you use any of these platforms.

Welcome to the second half of the year!

Bolaji Akande
CSM - Key Accounts, Paystack
EthiopiaOrange, MTN, Safaricom among 12 operators vying for Ethiopian mobile licence. Ethiopia Communications Authority (ECA) confirmed 12 applications at the initial stage prospective bidders for a mobile license. The operators are competing for one of two telecommunications licences being offered by the ECA, who intends to open up the country’s mobile market. The only player in this space is currently state-owned Ethio Telecom. Mobile World Live
AfricaMFS Africa acquires East African payments management startup, Beyonic. The Johannesburg-based payments company, MFS Africa, says the acquisition will allow entrepreneurs of MFS Africa Hub to access the digital payment network that Beyonic provides. Techpoint Africa
Twitter Check out this interesting overview of the African fintech wallet ecosystem as depicted by Michael Kioneki (@pesa_africa) in this Twitter thread
Banking & Finance
KenyaSafaricom to lose more money as Central Bank of Kenya extends period for free mobile money transfers. The Central Bank of Kenya (CBK) has said that the free mobile money transfers announced on March 16th, 2020 will remain in place till December 2020. Safaricom's M-Pesa who owns majority of the mobile money cash transfer market has lost an average of Sh1.8 billion (~$16m) monthly since mid-March. However this is not a source of concern for the company with CEO, Peter Ndegwa, saying they are in a good place to weather the storm. Business Daily
NigeriaNigeria's president sees threat to West African currency plan. Muhammadu Buhari, the Nigerian president said that West Africa's plan to adopt a common currency was being put at risk by some countries' attempts to progress more quickly than the agreed timetable. This was said in reference to francophone countries deciding to replace their currencies with the Eco, ahead of others countries in the region. Reuters
ZimbabweZimbabwe Government suspends use of mobile money platforms. The government said the suspension was necessary, accusing mobile money platforms of generating phantom exchange rates that sabotage the economy. However, Ecocash, the country’s dominant mobile money group, is choosing to follow the guidelines set by The Reserve Bank of Zimbabwe instead. While mobile money agents would not be allowed to process mobile financial transactions, The Reserve Bank says merchants can receive payments for goods, services, and utilities, with a daily limit of ZWD5,000 ($13.82) being enforced on all accounts. Financial Times
NigeriaCentral Bank of Nigeria (CBN) issues draft framework for regulatory sandbox operations. The Central Bank says that the regulatory sandbox will serve as a formal process for firms to conduct live tests of new, innovative products and services, with regulatory oversight. The Sandbox application process is open to both existing CBN licensees and other local companies. Business Day Nigeria

Full details of the draft framework available here.
GlobalPayPal, Venmo to roll out buying and selling of cryptocurrency. PayPal is reportedly looking to offer the buying and selling of crypto directly on their platform within the next three months. Currently, PayPal can be used as an alternative means of withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto. CoinDesk
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,