In this episode

• Nigeria's Banking Crackdown Catches Fintechs Using Microfinance Licenses for Growth — The Central Bank of Nigeria revoked 46 microfinance bank (MFB) licences on Wednesday, impacting several fintechs including Sycamore, Now Now, and OurPass, which had acquired these licences to enter deposit-taking and lending. The CBN emphasized that a licence requires active financial intermediation and continuous regulatory compliance, not just acquisition. The NDIC has already begun the liquidation process, warning customers to cease transactions.
• SARS' New Mandatory Online Traveller Declaration System Faces Launch-Day Glitches — Effective Wednesday, the South African Revenue Service (SARS) made it mandatory for all travellers to complete an online declaration form within 24 hours of entering or leaving the country. The new system aims to modernize customs and improve compliance. However, on the day after the rule became mandatory, the online portal and mobile app were reportedly inaccessible, creating confusion and potential delays for travellers.
• Kenya Imposes 16% VAT on Digital Payment Processing Fees — Effective Wednesday, Kenya's Finance Act 2026 has imposed a 16% VAT on digital payment processing fees for over 40 licensed providers, including M-Pesa, Airtel Money, and Pesapal. The legislation also introduces a 16% withholding tax on interchange, merchant service, and network fees for digital platforms. This new tax compounds existing excise duties on digital transactions.
• Visa, M-Pesa, and Onafriq Pilot Stablecoin Settlements in DRC — Visa, M-Pesa, and pan-African payments company Onafriq have launched a pilot in the Democratic Republic of Congo (DRC) to test using stablecoins for settling cross-border mobile money transactions. The initiative aims to make international payments faster and cheaper by bridging local mobile money systems with global payment networks.
• Visa Rolls Out AI Tools to Automate Credit Card Dispute Resolution — Visa has introduced six new AI-powered tools aimed at making the credit card charge dispute process more efficient and transparent for merchants, issuers, and acquirers. The tools offer capabilities like preemptive dispute management, AI-generated responses, predictive models, and document summarization, all accessible through a centralized platform.
• CBN Mandates Data Localization and Stricter Governance in H1 2026 Directives — A review of the Central Bank of Nigeria's directives in the first half of 2026 reveals a major push for tighter control over the financial system. Key mandates include the requirement for all locally generated payment data to be stored within Nigeria by January 1, 2027, mandatory device binding for digital services, and enhanced Ultimate Beneficial Ownership (UBO) disclosure rules.
• Kenyan Treasury and Crypto Firms Clash Over Stablecoin Reserve Rules — Virtual asset providers in Kenya are challenging a proposed National Treasury regulation that would require 30% of stablecoin issuance funds to be held in local commercial banks. Firms argue this rule should not apply to foreign-issued stablecoins like USDC or USDT to avoid deterring international operators and creating duplicative regulatory burdens.
• Vodacom Finalizes Acquisition, Takes Majority Control of Safaricom — Vodacom Group has completed its acquisition of an additional 20% effective stake in Safaricom, raising its total shareholding to approximately 55%. The move, which included buying the Kenyan government's 15% stake, gives Vodacom majority control over the operator of the dominant M-Pesa mobile money platform.
• Report: Friendly Fraud Drives Up Merchant Costs and Consumer Prices — According to the 2026 Chargeback Field Report from Chargebacks911, 83% of enterprise merchants have seen a rise in 'friendly fraud' over the last three years. A separate report indicates 38% of merchants are now passing these costs on to consumers via higher prices. Friendly fraud, where customers dispute legitimate charges, reportedly accounts for 75% of all chargebacks.
• Nairobi-Based Daya Raises $2.4M Pre-Seed for Stablecoin Payment Infrastructure — Nairobi-based startup Daya has raised a $2.4 million pre-seed round led by Hivemind Capital to build infrastructure for cheaper and faster cross-border payments using stablecoins. The company plans to use the funding for team expansion, ensuring compliance, and entering new markets across Africa.
• South Africa's Constitutional Court Allows Forex-Rigging Case Against Six Global Banks to Proceed — South Africa's Constitutional Court ruled this week that the Competition Commission can move forward with its long-standing forex-rigging case against six global banks, including BNP Paribas and JPMorgan Chase. The case alleges the banks colluded to manipulate the rand-dollar exchange rate between 2007 and 2013.
• AfCFTA Digital Trade Protocol Pushed for Faster Ratification — Wamkele Mene, Secretary-General of the AfCFTA Secretariat, is calling for accelerated ratification of the AfCFTA Protocol on Digital Trade. He highlighted that the protocol is designed to facilitate integrated digital payments and harmonize regulations, reducing dependence on foreign currencies through systems like the Pan-African Payment and Settlement System (PAPSS). Nigeria has reportedly secured parliamentary approval for ratification.

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