Payments News

On The Web

nbsp;

Global

Nigeria’s Cryptocurrency Problem has Central Bank Scrambling

“When early in April the Central Bank of Nigeria (CBN) penalised six top banks a total of N1.3bn ($3.1m) for violating its directive against facilitating transactions in cryptocurrencies, it was the latest sign that the country’s crypto problem won’t easily go away. Access Bank got the biggest fine of N500m, followed by FCMB with N400m […]
nbsp;

Global

Ethiopia Changes Law for M-Pesa Expansion

“Ethiopia has started changing its national payments law to clear the way for Safaricom to introduce its popular M-Pesa in the market of 110 million people. Ethiopia’s central bank has drafted a Bill that will allow foreign investors to offer mobile money services, boosting firms such as Safaricom that are seeking to start operations in […]
nbsp;

Domains

Buna (The Arab Regional Payments Clearing and Settlement Organization)

“The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced today the signing of a Memorandum of Understanding (MoU) that sets the foundation for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment & Settlement System – PAPSS owned by Afreximbank.   Under the […]
nbsp;

Global

Music Streamers Turn to Telcos to Make Africa Pay

“Africa, with its internationally recognised musical talent – and growing mobile phone use – is central to Swedish music streamer Spotify’s (SPOT.N) plans to extend its reach to a billion customers. As African artists such as Nigeria’s Burna Boy and South Africa’s Black Coffee are streamed across the world, the continent was seen as an […]
nbsp;

Companies

Google to Invest $1 Billion in Africa Over the Next 5 Years | TechCabal

“At the first virtual Google for Africa event today, Sundar Pichai, CEO of Google and Alphabet, announced a plan to invest $1billion over 5 years to support digital transformation in Africa. The investment focuses on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business; and helping nonprofits to […]
nbsp;

Global

CBN Postpones ENaira Launch

“The Central Bank of Nigeria has announced the postponement of the launch of the country’s digital currency, eNaira. The bank had earlier said it would launch the currency today, October 1. It announced a postponement Thursday citing lined up events for the country’s 61st independence anniversary. The postponement came a day after a firm (ENaira […]
nbsp; nbsp;

Deals

PawaPay Raises $9M Seed Backed by MSA, 88mph and Mr Eazi’s Zagadat Capital

“When companies create digital payments-facing solutions for African countries outside Nigeria and South Africa, building around mobile money is key. It’s literally a no-brainer. The concept is ubiquitous in East Africa, but since mobile money is a telecom operators-led initiative, there are technical complexities in creating a unified infrastructure for businesses that need it. PawaPay , a […]
nbsp;

Global

War-Ridden Somalia Starts Payments System as It Rebuilds Nation

“Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world’s most fragile states, following decades of political and economic instability. The 13 lenders in the Horn of Africa nation can now “become inter-operable, connected to the clearing and settlement system of the central […]

On The Wires

nbsp;

Companies

Western Union Joins Forces With Major Financial Institutions in Africa

“Western Union, a global leader in cross-border, cross-currency money movement and payments, is collaborating with major financial institutions in Africa, to enable millions of consumers to send and receive cross-border payments, quickly and reliably, 24/7. Customers of KCB Bank Kenya, the Diamond Trust Bank (DTB) and the Kenya Post Office Savings Bank (Postbank), can now enjoy […]