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Read now to understand how Payment Terminal Service Aggregators (PTSAs) are revolutionizing Nigeria's payment landscape. From facilitating instant settlements to driving cashless initiatives, delve into this week's #TMTThursdaybyDOA article to understand their indispensable role in simplifying electronic payments in Nigeria. #DOALaw #TMTThursday #BusinessLaw #Fintech #NigeriaPayments #CashlessEconomy #Entrepreneurship #PaymentTerminals #DigitalPayment

Dear Fintech Founders!!! Seek to know the licensing requirements and regulatory framework surrounding your proposed fintech app before you go ahead to build! We see a trend where some founders begin to build fintech startups before realizing the licensing required and regulatory framework surrounding the proposed solution their product will provide. Not all Fintechs hold the same license to operate. In Nigeria for example, the operations of OPay, Palmpay, E-Tranzact, and KongaPay, among others, are non-bank-led. They have been duly licensed by the CBN as Mobile Money Operators. Payment processors and payment gateways providers such as Flutterwave, Paystack, SaanaPay, Qrios, among others, are licensed as Payment Solution Service Providers (PSSP). Opay, PalmPay, Paga, Pocket by Piggyvest, KongaPay, are some of the licensed Mobile Money Operators licensed by the CBN. Most of the popular digital banks delivering financial services in Nigeria through mobile apps are licensed as microfinance banks. Sofri, Sparkle, Kuda, FairMoney, MoniePoint, and VFD, among others. According to the Federal Competition & Consumer Protection Commission (FCCP) in Nigeria, there are currently 234 money lending apps with full approval, 41 having conditional approval, and 11 microfinance banks offering digital lending issued waivers due to their CBN license. It is interesting to note that several other fintech companies partner and rely on payment infrastructure of licensed deposit money banks (DMBs), and Non-Bank Financial Institutions (NBFIs) to create solutions that users that use. #fintech #founders #app #finance #technology #nigeria #africa #license

London-based Fintech Company Unlimit Expands Operations to Tanzania After Securing License From The Bank of Tanzania London-based fintech firm Unlimit is expanding its operations into Tanzania after securing a license from the Bank of Tanzania (BOT). This move, occurring less than a year after the company’s expansion into Nigeria and Kenya, solidifies its position as a leading provider of payment solutions in the region. With the BOT’s approval, Unlimit aims to introduce a range of services in Tanzania, including business payments, merchant services, and outbound payments. Read More👇🏼 #payments #unlimit #fintech #tanzania Trevor Goott Dimitri Archatow Jack Jia

Top #Africa's #Fintech Engagements 1. PalmPay users can now enjoy the convenience of fee-free transactions on the fintech app, marking a significant leap towards a more accessible and cost-effective financial experience for its users: https://shorturl.at/fAIY1 2. Unlimit, a leading global provider of fintech solutions, continues to strengthen its footprint in Africa with the recent acquisition of a payments license in Tanzania: https://shorturl.at/moDRZ 3. Flutterwave, often hailed as Africa's Fintech Giant, has recently closed its consumer-focused platform, Barter to prioritize enterprise solutions and remittance services: https://shorturl.at/rBGK7 4. In a significant milestone for the #Moroccan fintech landscape, Tookeez, a promising startup, has successfully secured a substantial $1.5 million investment: https://shorturl.at/eDGO5 5. Stanbic Bank Kenya, a prominent financial institution, has decided to hold its plans for the establishment of a fintech subsidiary despite having received approval for the venture just months ago: https://shorturl.at/dgPW7

Fintech, Telcos Discuss Cross-Border Payment Solutions in Africa. The Kenyan Wall Street team recently hosted an invite-only event in Kampala, Uganda, in collaboration with AZA Finance at The Innovation Village. The event focused on the state of cross-border payments in Uganda and Africa, bringing together startup entrepreneurs, telecommunications companies, investors, and corporates. A panel moderated by Andrew Barden included speakers Fatimah Gana-Mahmoud from AZA Finance, Fatumah Shamim Kavuma from MTN Uganda, and LUISE KARAMAGI from Airtel Uganda. The discussions featured the advancements and ongoing challenges in achieving efficient and seamless cross-border transactions. Key points highlighted the pivotal progress made over the past decade and the crucial role of collaboration among regulators, banks, fintechs, and telcos. Additionally, mobile technology was recognized as a major driver of efficiency in transactions throughout Uganda and Africa. The Kenyan Wallstreet announced that it would release a series of videos and interviews from the event in the coming days. #CrossBorderPayments #FintechAfrica #UgandaInnovation #MobileTechnology #FinancialInclusion #StartupAfrica #Telecoms #InvestInAfrica

Central Bank of Kenya (CBK) to Issue Payment License To Fintech Startups The Central Bank of Kenya (CBK) is set to issue payment license to fintech startups operating in the country soon. This move marks a significant shift from the regulator’s earlier stance and will open up East Africa’s largest payments market to these innovative firms. Two prominent fintech companies, Flutterwave and Chipper Cash, are among those […] More The post Central Bank of Kenya (CBK) to Issue Payment License To Fintech Startups appeared first on Tech In Africa. https://lnkd.in/giGSganH

Fintech Sector Awaits Regulatory Green Light from CBK 🟢 The Central Bank of Kenya has unveiled plans to issue payment licenses to fintech #startups, marking a significant regulatory shift. Became known, notable fintech companies such as Flutterwave and Chipper Cash are among those anticipating the granting of these licenses. The introduction of a clear legal framework for fintech startups is likely to address this legal grey area, ease friction between fintech firms and #regulators, and provide an opportunity to align the positions of a traditional #bank and fintech startups in the market. How do you think this regulatory change will impact the future of the fintech sector? Share your thoughts👇 #Fintech #Regulations #LegalFramework #Startups #Law #Business

Zeepay Company Limited, a Ghanaian mobile money and remittance company, has raised $3 million in equity funding from Verdant Capital Hybrid Fund. This brings the total investment secured by the 10-year-old company since it launched to $23 million. “Zeepay is a non-telco mobile money operator in Africa, with licences in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. It specialises in remittance termination into mobile wallets and is open to all networks and partners. “After MTN MoMo, Zeepay had the second-highest revenue in mobile finance services in 2022. Compared to its peers, the mobile money business reportedly reached profitability earlier in its lifecycle. It has since maintained strong profitability even as it expands and diversifies its footprint and revenue base.” Via Techpoint Africa. https://lnkd.in/dqyPjFfH #fintech #financialservices #mobilemoney #remittance #funding #fundingnews #africa

Nigerian Fintech Company Kuda Expands Global Footprint With The Acquisition of New Licenses Kuda, a Nigeria fintech company that offers seamless transfer of cash for customers, has obtained payment licenses in Tanzania and Canada, marking a significant step in its expansion strategy across Africa and the global market. With these licenses, Kuda will be able to offer remittance and multi-currency wallet services to Africans residing in Canada, as well as similar services to its customers in Tanzania through the Tanzanian Payment Service Provider (PSSP) license. Read more👇 #payments #remittance #kuda #tanzania #canada Babs Ogundeyi Dmitry Filippov Pavel Khristolubov Nosakhare Oyegun