A downpour of Fintech Prophecies, plus an insightful analysis into 2022 Nigerian Payments Stats.

Hello Fintech Fans, Happy official start of the work year.

Most companies are officially opening today. Another way we know it's the start of the Work year is when the Fintech Prophets come out and boy! did they show up. The streets of the media were filled with Predictions, trends, and foretelling of the Fintech future.

We collated some interesting ones here: https://rb.gy/uhca9i

Regardless of the prophecy channel you are tuned to, remember to contextualize your information. Markets, macro indicators and consumer behavior change.

These are some things we think are worthy of tracking on the continent.

• Money movements between African Businesses and their partners. This will be facilitated by the uptake of Embedded finance or consumer fintechs looking for a change of scene to survive the winter.

• Also, African Fintechs will vote with their wallets for domestic infrastructure. The reasons are obvious, the prolonged FX concerns in the largest Fintech market in Africa give a clear CBA to avoid dollar payments. Early-stage fintech will explore those as a way of stretching out the scarce funds until the funding winter expires.

Talking about Funding winter, the predictions are still awry. This means job cuts or atleast salary cuts are expected in early start-ups with shaky( or non-existent unit economics).

The fate of CBDC and Open Banking on the continent still lies in the balance, we'll see if a few Apex Banks make moves to change this.

In the final analysis, it's going to be quite an adventure. Load up on your vitamins, coffee or whatever brew keeps you awake so you don't miss a thing. If you like what you have read so far, please subscribe and share and read on. We have a lot in store for you.

For our deep dive this week , we focus on a report that was released sometime in 2022 in Nigeria. The Financial Stability Report highlights developments in the financial system in Nigeria.

It is a meticulously prepared report full of updates and analysis on different aspects of the financial sector. Since we are focused on Fintech, we bring you our analysis on an excerpt – H1 report on Electronic banking.. We hope this helps with your product strategy for 2023.

By Volume Mobile App transactions are the fastest growing followed by Online/Web transactions and POS transactions.

On the other hand, NEFT transactions experienced the highest decline followed by Mobile Money, ATMs and USSD in that order.

We need to call out the 32% decrease in mobile Money transactions compared to the July to Dec of ‘’21. It makes you wonder if the impact of the newly minted PSBs are hitting home.

Any hoo…. Looking at the figures by value tells a different story.

Mobile money is up by 41 % almost doubling its figures from the last half year. If volumes are decreasing and value is increasing, it tells us one thing: A different market segment ( a richer one) has found mobile money payments more useful. Dear Fintechs watch that cheese, it’s moving.

By Value every other thing seems fine till you look at USSD payments. It just seems to be going down , down, and down with each report. What could be the cause? The tussle between the banks and the telcos? The concerns with security of the Tech?

Well it just proves one thing, data doesn’t seem to deter the masses from transacting, perhaps they prefer to take their cards to the closest SANEF agent .

More importantly - If your product Strategy is based on something related to feature phone-based transactions, we advise that you look again.

From the Agency Banking filled cities of Nigeria, to the Mobile Money provinces of Kenya and the e-commerce savvy governorates of Egypt, we bring you the African Fintech News Highlights of the week ending on the 8th of Jan.

An Interesting one is the news from Kenya on the government-led digitization of services.  Read more about it here 

Our School of Fintech has opened up for the year. At the PaymentLogue, we are building a Fintech Learning machinery, and the school of Fintech is one of the expressions.

Our course calendar for the quarter is available below. For more information please mail to [email protected] or DM the coordinator on our slack community. 

Let us be part of your Fintech learning journey in 2023.

Why? Our courses are packed with industry-relevant, practical information. And also Because you deserve the best!

Want to catch up on the latest news in the ecosystem, this is your spot. Check out some of our other work at The PaymentLogue. 

At The PaymentLogue, we are enabling a skilled Fintech ecosystem. If you'd like to make enquiries on our courses and events, reach out to us at [email protected]

You want your Fintech Products and platforms to have an audience with African Fintech Executives? Let us Partner. Reach out to us at [email protected] or chat with us on Whatsapp- 07025254596

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