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Issue 63
Jul 06 - Jul 12, 2020

Hi there,

I hope your weekend was as good as mine. We had our quarterly company retreat on Friday via Zoom and I had an amazing time bonding with the entire team. I also had a Netflix Party and watched Old Guard with some of my colleagues. The movie was AMAZING! Go watch it on Netflix if you haven't. If you have seen it and like me enjoyed the soundtrack, then you can find the Spotify playlist here.

Simileoluwa Afolabi-Jombo
Product Specialist, Paystack
KenyaSafaricom loses petition to limit free mobile money transactions. In March 2020, the Central bank of Kenya(CBK) removed charges between mobile money wallets for amounts below Ksh1000(~$9) in an effort to promote electronic transactions during the pandemic. Safaricom filed and lost the petition to cap free peer-to-peer transactions at five. This was in a bid to limit incidences where individuals split high-value transactions to avoid transaction charges. Safaricom also asked the Central Bank of Kenya to lower the limit for free mobile money transactions from Ksh1000(~$9) to Ksh500(~$5) and the request was denied. Kenyan WallStreet
AfricaGSMA launches Mobile Money Interoperability test platform. Developed by GSMA’s Inclusive Technology Lab, the platform was designed to provide an open, secure environment for operators, financial providers and other stakeholders to test mobile money systems before deployment. Finextra
GlobalAmex, Discover, Mastercard, and Visa take Click to Pay global. The four major card schemes have agreed on the global expansion of Click to Pay, a single virtual terminal for all card brands, having signed up 10,000 merchants in the US since its launch in 2019. PYMNTS
Banking & Finance
ZambiaAccess Bank to acquire 100% stake in Cavmont Bank. Access Bank Plc has announced plans to acquire Cavmont Bank Limited, a Zambia-based financial institution through its Zambian subsidiary, Access Bank Zambia Limited. Pointblank News
ZambiaMicrofinance startup, Lupiya raises $1million funding round. The Zambian fintech has raised a $1million funding round to help scale and expand its operations. The funding came from Enygma Ventures, a ZAR100million (~$6.8million) fund launched last year with a focus on investing in women entrepreneurs in the Southern African Development Community (SADC) region. Disrupt Africa
South AfricaFranc raises $300,000 seed investment. South African fintech startup, Franc raised the funds as part of an ongoing seed funding round. The company plans on using the funds to grow its business operations. Disrupt Africa
MoroccoMoroccan fintech, OnePay raises over $400,000. The Casablanca-based fintech has raised over $400,000 (MAD 4 million) from MITC Capital’s Maroc Numeric Fund II. OnePay plans to use the investment to expand its team in Morocco and acquire more users. Disrupt Africa
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