Your Curated Weekly Tech News Across Africa, 03 October 2023

Kenya's Office of the Data Protection Commissioner has fined three entities for using personal contact information from third parties to shame borrowers into paying their loans. @Mulla Pride Ltd, which operates two online credit platforms, KeCredit and Faircash, received a KES 2.9 million ($20,000) penalty. It has also come to light that Mulla Pride Ltd. has not received a license to operate as a digital credit provider and does not appear in the Central Bank of Kenya's approved list of registered digital lenders. 

The Data Protection Act, 2019 requires data processors to inform data subjects about processing activities, but Mulla Pride Ltd. did not comply.

More on this story: Kenya's Data Commissioner Begins to Bite

South African mobile operator MTN is expanding into the country's fintech space by launching services that allow users to send cash abroad and businesses to accept payments via an app. With 9 million registered mobile money subscribers in South Africa, the company focuses on 15% of the unbanked population. MTN has also launched a virtual wallet for business owners, allowing them to accept payments via the app or QR code. The spaza industry, valued at $9 billion, is also being boosted by cheaper point-of-sale (POS) devices.

MTN is by and large neck to neck with M-PESA Africa and in some quarters can now be considered to be the largest #MobileMoney Player in Africa.

More on this story: MTN Doubles up on Fintech

Interswitch Group , an African-integrated payments, and digital commerce company, has partnered with Google Pay to enhance its payment gateway in Nigeria. The partnership combines Interswitch's extensive merchant network with Google Pay's user-friendly digital wallet platform. Users can now enjoy the convenience and security of Google Pay's features, such as tokenization and biometric authentication. This partnership aligns with Interswitch's mission to promote financial inclusion in Nigeria and beyond, reducing reliance on physical cash. 

Interswitch's Payment Gateway has gained recognition as one of the few Sub-Saharan African platforms acknowledged by Google Pay. The partnership aims to transform the online payment ecosystem in Nigeria, creating an environment where businesses and consumers can thrive in a digital world. 

More on this story: Google Pay expands its sphere of influence into Africa

The Stock Exchange of Mauritius Ltd. (SEM) has opened a window for Kenyan investment banks and stock brokers to trade on its market platform, potentially opening up new offshore investment options in the Indian Ocean island State. The move comes as African exchanges aim to boost cross-border trading to improve liquidity and trade activity in their markets. The Mauritian exchange aims to compete with European platforms as a host for African capital-raising ventures, including the issuance of sovereign bonds. 

The exchange currently offers a multi-currency platform and fiscal incentives to investors, including no withholding tax on dividends, capital gains taxes, free repatriation of profits, capital and interest, and double taxation avoidance treaties. The exchange has about 100,000 account holders, holding 17.2 billion shares with a market capitalization of Sh1.09 trillion.

In a nutshell, this is how you build a Regional Financial Services Centre.

More on this story: Mauritius Stock Exchange invites Kenyan entities to trade

Mastercard has partnered with Lipa Later Group , a Kenyan fintech, to expand Buy Now, Pay Later (#BNPL) payment services in Africa. The partnership aims to provide tailored solutions and enhanced payment capabilities, empowering individuals and businesses with greater access to essential products and services. The partnership aims to promote financial inclusion in Kenya, where 84% of the adult population accesses formal financial services. Mastercard 's mission is to unlock new opportunities for consumers and merchants to access digital payment solutions previously unavailable to them. 

The #BNPL solution will provide flexible financing options at checkout, ensuring an omnichannel experience both online and in-store. The partnership will also enable merchants to increase their average basket size and cater to a wider customer base.

More on this story: Mastercard partners with Lipa Later

The summarises some of the more interesting tech stories across Africa. Be sure to look out for this weekly curated tech stories across Africa every Tuesday morning, East Africa Time.