FINASA Newsletter - Late August 2023 Edition

Hello FINASA Community,

As August comes to a close, it's time to reflect on the significant developments in the FinTech industry across Africa. From groundbreaking payment solutions to pivotal regulatory changes, there's a lot to discuss. So, let's get right into it!

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Industry News

The Future of Loyalty Rewards: Scan-to-Pay Vouchers

Ukheshe has introduced Scan-to-Pay vouchers, a groundbreaking innovation in the loyalty rewards space. This new approach aims to redefine customer engagement by offering instant rewards through a seamless scan-to-pay system.

Regulatory Milestone: SARB Grants PayCorp Direct Clearing System Participation

The [South African Reserve Bank has granted PayCorp the status of a Direct Clearing System Participant. This is a significant regulatory milestone that could pave the way for a more inclusive financial ecosystem in South Africa.

Adumo's Push for SME Growth Through Digital Payments

Adumo is focusing on SME growth by offering tailored digital payment solutions. This initiative is expected to energize the SME sector, which is crucial for economic development across Africa.

TymeBank and Payshap Make Transactions Free

TymeBank and Payshap have eliminated fees for certain transactions, making digital banking more accessible to a broader audience.

PayJustNow Wins Global Payments Award

South African BNPL pioneer PayJustNow has clinched a Global Payments Award, reinforcing its leadership in the buy-now-pay-later market.

Ozow's Wallet and Payments App Launch

Ozow has rolled out a new wallet and payments app, featuring a Las Vegas trip giveaway as part of its launch campaign.

#AI in Regulatory Compliance

RelyComply is leveraging AI to streamline compliance, a development that could revolutionize the RegTech sector.

Mastercard's Investment in MTN's FinTech Unit

Mastercard is acquiring a minority stake in MTN's FinTech unit, following a $100 million investment in Airtel's FinTech arm.

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Special Mention: RelyComply & FINASA Event

We’re teaming up with RelyComply and looking to host a special forum to bring together the best in the business across fintech, compliance, regulation, and innovation. It’s the perfect time to learn from industry leaders about all the moving parts that can champion the country's financial well-being,

We strongly encourage all members to participate in this essential event: https://www.surveymonkey.com/r/relycomply_finasa

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Podcast Corner

Banking the Future with Coen Jonker

Don't miss the latest episode of the Talking Success podcast, where we explore Banking the Future with visionary Coen Jonker.

Mastering the Future of FinTech Beyond Cards with Mastercard's Mark Elliot

In another compelling episode, we discuss the future of FinTech beyond cards with Mastercard's Mark Elliot. This is a must-listen for anyone interested in the evolving landscape of digital payments.

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That's all for our late August roundup. Stay tuned for more updates, and let's continue to shape the future of FinTech in Africa together.

Best regards,

The FINASA Team

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Disclaimer: The views and opinions expressed in the articles and podcasts are those of the authors and do not necessarily reflect the official policy or position of FINASA.

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