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Issue 7
May 27 - June 2, 2019

Hi there,

Last week I mentioned that I was recruiting for a number of roles, and I've been completely floored by the response! Thank you to everyone who replied, or who forwarded the opportunity to friends and colleagues!

Heads-up that we're recruiting for other roles as well, including Content Marketer, Media Associate, Technical Product Specialists & Customer Service Representative.

And if you're a French-speaker, we're specifically hiring for that language skill as well: Customer Support Representative (French) & Technical Product Specialist (French)

Bolaji Akande
Product Specialist, Paystack
Payments
GhanaCheque usage declines in Ghana as mobile money use grows. Data from the Payment Systems Department of the Bank of Ghana shows that the total number of cheques cleared in Q1 2019 went down by 6.7% compared to the same period last year. Mobile money, on the other hand, has emerged as one of the most used payment means, with transactions for Q1 2019 showing a growth of over 39% compared to the same period last year. Citi News Room
KenyaSafaricom has announced a new partnership with BuuPass, an online service that allows you to buy bus tickets from your phone. With this new partnership, BuuPass payments will now be accepted through M-PESA. Using the app, customers can select a bus operator, preferred travel date and time, and reserve specific seat numbers. TechTrendsKE
AfricaInterswitch partners with KuBitX to build blockchain services. Nigeria's Interswitch has partnered with Pan African blockchain solutions company KuBitX in a bid to accelerate its Blockchain as a Service (BAAS) platform project. The project was a result of Interswitch’s partnership with Microsoft to create a blockchain based supply chain financing platform. IBS Intelligence
GlobalAfrican fintech holding company Crossfin Technology and Apis Growth Fund, a private equity fund, have acquired card payment solutions firm Sureswipe. The acquisition will see the three financial services providers collaborate to form Crossfin Transactional Solutions (CTS). Although the three brands have been consolidated under one entity, they will continue to operate independently within their distinctive markets. By layering a common shared services platform across the three businesses, Sureswipe MD, Paul Kent believes that CTS will provide merchants a ‘one-stop shop’ to help them grow their business. IT Web
GlobalGlobal Payments to buy TSYS for $21.5 billion in latest fintech deal. With talks said to be ongoing last week, payment technology company Global Payments Inc has confirmed it would buy peer, Total System Services Inc (TSYS), for about $21.5 billion in stock. The deal, Global Payments’ biggest ever, comes as payment technology companies consolidate to battle competition from banks making inroads into digital payments, and fintech start-ups such as Adyen and Stripe chipping away market share. Reuters
Conversations
TwitterPayment networks are incredible businesses. Allen Miller (@MrAllenMiller) breaks down why payment networks like Mastercard, Visa, and PayPal are doing so well. See conversation here
Savings
ZambiaMTN, Barclays Bank, JUMO set to launch mobile savings product in Zambia. Barclays Zambia, MTN Zambia, and JUMO - an inclusive mobile financial services marketplace - have partnered for the launch of short term mobile savings product KASAKA. KASAKA aims to provide the unserved and underserved segments of the Zambian market with access to a real-time savings product. Fintech Africa
TanzaniaVodacom Tanzania partners with Amana Bank to launch a new mobile money service, Halal Pesa. Halal-Pesa is a mode of saving that ensures Muslims and other customers have access to a formal micro-savings and investment solution which adheres to Islamic laws. The launch of Halal Pesa plays a key role in Vodacom’s strategy to become a key contributor in the rapidly growing Islamic Finance sector. Global Ethical Banking
Banking & Finance
GhanaBank of Ghana (BoG) revokes licenses of 347 micro-finance and 39 micro-credit institutions. Bank of Ghana says the licences of the affected institutions were revoked to protect the stability of the financial system and depositors. The institutions affected were regarded as insolvent and dormant institutions that have no reasonable prospects of rehabilitation. Following this, the government has made funds available to enable the receiving institutions to pay affected depositors. Citi News Room
EDITOR'S NOTE

The Bank of Ghana issued a press release PDF with a detailed background of the situation, as well as the complete list of the companies whose licenses were revoked.
NigeriaNigerian banking sector records 557 million transactions through electronic payment channels in Q1 2019. NIBSS (Nigerian Interbank Settlement System) Instant Payment transactions dominated the volume of transactions recorded with 232 million transactions valued at valued at NGN 24.17 trillion (~ $67 billion). Proshare
GhanaGhana Interbank Payment and Settlement Systems (GhIPSS) to migrate e-payment transactions to new server. According to GhIPSS, all electronic payment transactions in Ghana will be migrated onto new servers by next month. The new servers will help address some current challenges associated with electronic transactions including mobile money and interoperability payments. Citi Business News
South AfricaMTN South Africa to open marketplace in step towards goal of being Africa's biggest bank. MTN South Africa has revealed plans to build a marketplace app where customers will be able to buy everything from insurance to washing machines as it seeks to build its mobile money platform, MoMo, into Africa’s biggest bank. MTN plans to first enable payments to merchants and companies via MoMo, then build the app into a financial services marketplace selling MTN and third party products. Reuters
GlobalMonzo, U.K challenger bank, hits 2 million customer milestone. The digital-only bank Monzo, founded in 2015, has hit 2 million current account customers, signing up more than 35,000 new people every week. The impressive growth means that 3 in every 100 people in the UK now use the digital bank. The Fintech Times
GlobalFintech startup, Plaid, gives digital banks and fintech a new tool to bypass traditional finance. Plaid recently announced Plaid Direct a tool which lets users more easily connect to newer digital banks like Chime. Baker Shogry, Head of Product at Plaid, says Plaid Direct helps customers interact with their money and their data in a fintech just like it's currently possible with a credit union or a bank. CNBC
Lending
GlobalPayPal hits $10 billion milestone lending to small & medium sized businesses (SMB). In a little over five years after giving its first loan, Paypal hit $10 billion in loans disbursed to small and medium sized businesses. PayPal provides two main SMB lending options: Business Loans and Working Capital. Although PayPal lends to a variety of SMB businesses, construction and restaurants stand as the biggest loan recipients for its Business Loan offering. PYMNTS
GlobalU.S. smartphone financing tech startup PayJoy raises $20 million. PayJoy, a startup that enables consumers with no bank accounts or formal credit history to purchase smartphones on instalment payments, has raised $20 million from venture capital firm Greylock Partners. The company operates by turning the smartphone into collateral through software that locks the phone when payments have not been made. PayJoy currently operates in more than 10 countries including Mexico, India, Indonesia, Nigeria, Kenya, and Guatemala. Reuters
Regulation
KenyaKenyan senators call for regulation of mobile phone-based lenders. Senators in Kenya accused mobile phone-based lenders of offering loans at rates above the cap provided in the law and are calling for regulation. The lending cap was introduced in 2016 to stop traditional banks from charging high-interest rates. Business Daily
South AfricaSouth African authorities are working behind the scenes to ensure that regulation and oversight of fintech keeps up with the pace of innovation. The South African Reserve Bank (SARB) and the Financial Services Conduct Authority (FSCA) will establish an innovation hub for the regulation of fintech in the first half of 2020. SARB senior fintech specialist, Anrich Daseman, says a consultant has been contracted to assist with the practical implementation and development of the hub. Moneyweb
Cryptocurrency
GlobalAT&T customers can now pay bills with cryptocurrency using BitPay. AT&T has partnered with BitPay, a crypto payment service, to allow customers pay with cryptocurrency. Customers can pay either on AT&T’s website or app. PYMNTS
GlobalU.K based bitcoin exchange, Coinfloor, is collaborating with Enumis to provide current account services to businesses that handle cryptocurrencies. Obi Nwosu, founder of Coinfloor, hopes that this offering will help the community of crypto businesses overcome their financial limitations of reliable banking facilities, and drive the crypto economy forward. Enumis, the electronic money institution will pay Coinfloor a referral fee for crypto businesses that open current accounts with the company. PYMNTS
Competition
GlobalFinTech Showcase 2019. Are you a fintech innovator looking to expand your product across emerging and developing markets? If so, then the Alliance for Financial Inclusion (AFI) encourages you to apply for its first-ever FinTech showcase. Register Here
Jobs
Paystack
Product Specialist
Lagos, Nigeria
Media Associate New
Lagos, Nigeria
Other Positions
Lagos, Nigeria
BitPesa
Head of East & Southern Africa Sales New
Nairobi Kenya, Johannesburg South Africa
Sales Consultant New
Dakar, Senegal
Visa
Transit & Contactless Manager New
Johannesburg, South Africa
Solutions Delivery Manager New
Johannesburg, South Africa
Jumo
Country Manager New
Abidjan, Cote d'Ivoire
Business Intelligence Analyst New
Cape Town, South Africa
Senior Fullstack Software Engineer New
Cape Town, South Africa
Other Positions
Nairobi Kenya, Cape Town South Africa
Yoco
UI Designer
Cape Town, South Africa
Copywriter
Cape Town, South Africa
Other Positions
South Africa
Carbon (formerly Paylater)
Jumia Pay
Java Developer
Lagos, Nigeria
Cellulant
Pre-Sales Engineer New
Morrocco
Data Engineer
Nairobi, Kenya
Sales Manager
Accra, Ghana
Events
Africa Tech Summit
June 11, London
Future of Fintech
June 11 - June 13, New York
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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