🏦 Moniepoint acquires 78% of Sumac Microfinance bank in Kenya

Today’s Menu ☕️

🏦 Moniepoint acquires 78% of Sumac Microfinance bank in Kenya
🤖 Nigeria Partners with Gates Foundation to Launch $7.5M AI Scaling Hub
📱 Banks Start Charging USSD Fees from Mobile Airtime, Not Bank Accounts
🎰 Kenya Bans Celebrities and Influencers from Promoting Gambling in New Ad Guidelines
💼 dLocal to Acquire AZA Finance, Strengthening Cross-Border Payments in Africa
📱TikTok launches TikTok for Artists to empower Artists’ Growth and fan engagement

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🏦 BANKING

Moniepoint acquires 78% of Sumac Microfinance bank in Kenya

Nigerian-born fintech Moniepoint Inc. has received clearance from the Competition Authority of Kenya (CAK) to acquire a 78% stake in Sumac Microfinance Bank, marking a significant move into East Africa’s highly regulated financial services space. The acquisition, however, remains subject to final approval by the Central Bank of Kenya (CBK).

This development comes just months after Moniepoint’s earlier attempt to purchase Kenyan fintech KopoKopo fell through, despite regulatory backing. The failed deal was a rare misstep for the fast-growing fintech, which has earned a reputation for aggressive expansion across Africa.

If approved by the CBK, the Sumac acquisition will provide Moniepoint with an immediate foothold in Kenya’s US$67.3 billion mobile payments market, one of the most vibrant and mature in Africa. It also represents a broader trend of fintech firms acquiring licensed local institutions to bypass the often lengthy and uncertain process of securing regulatory clearance for new entrants.....……continue reading

🤖 ARTIFICIAL INTELLIGENCE

Nigeria Partners with Gates Foundation to Launch $7.5M AI Scaling Hub

Artificial Intelligence is set to play a bigger role in Nigeria’s development journey as the Federal Government of Nigeria has signed a strategic agreement with the Bill & Melinda Gates Foundation to establish the Nigerian AI Scaling Hub, backed by $7.5 million in funding and technical expertise. The initiative is set to position Nigeria at the forefront of AI innovation in Africa, with a strong focus on practical solutions in healthcare, agriculture, and education.

The announcement was made by Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, following a high-level meeting with Microsoft founder Bill Gates and the Gates Foundation team in Abuja. This agreement marks a significant milestone in Nigeria’s digital journey and reflects growing confidence in the country’s ability to lead globally in tech-driven development.

“This moment means a lot — personally and nationally,” Dr. Tijani said. “We’re not just adopting technology; we’re shaping it to solve real problems. With this Hub, we can leverage AI to improve the quality of life for millions of Nigerians in the sectors that matter most.”.........…continue reading

📱 TELECOMS

Banks Start Charging USSD Fees from Mobile Airtime, Not Bank Accounts

Deposit money banks (DMBs) are about to start the implementation of a new billing model for Unstructured Supplementary Service Data (USSD) transactions. According to notifications sent to customers by banks like UBA and FCMB, charges for USSD services will no longer be deducted from customer bank accounts. Instead, they will now be drawn directly from mobile airtime balances, in line with what the banks describe as a directive from the Nigerian Communications Commission (NCC).

Effective June 3, 2025, this change introduces the End-User Billing (EUB) model, which places the responsibility for payment directly on users via their telecom service. While the NCC itself has not issued a public announcement, several banks have communicated the policy to their customers, attributing the update to NCC guidance.

Under the new system, each USSD session will attract a charge of ₦6.98 per 120 seconds, deducted from the user’s mobile airtime by their mobile network operator. Before each session begins, users will receive a prompt to approve the charge. Airtime will only be deducted if the user consents and the bank is available to complete the transaction.......…continue reading

🎰 GAMBLING ADS

Kenya Bans Celebrities and Influencers from Promoting Gambling in New Ad Guidelines

Kenya’s Betting Control and Licensing Board (BCLB) has introduced sweeping new regulations targeting how gambling is advertised across the country. Among the most notable changes is the ban on celebrities, influencers, and content creators from endorsing or promoting gambling services—a move that significantly alters the marketing landscape for betting operators.

The announcement comes as the BCLB lifted a 30-day suspension it had placed on all gambling advertisements, pending a regulatory review. The Board, which operates under the Office of the President, stated that the revised rules aim to curb rising rates of gambling addiction and protect vulnerable populations, particularly minors.

Under the updated framework, gambling ads must now go through a two-stage approval process. First, they must be submitted to the BCLB to verify licensing status, and then forwarded to the Kenya Film Classification Board (KFCB) for content classification. Only after both approvals are secured can any advertisement be aired or published.

The new rules further stipulate that gambling promotions must not glamorize betting or depict it as a pathway to wealth or social success. The use of well-known personalities in advertising—previously a common strategy—is now entirely prohibited...….…continue reading

💼 FINTECH

dLocal to Acquire AZA Finance, Strengthening Cross-Border Payments in Africa

dLocal, the Latin American fintech powerhouse, has announced its intent to acquire AZA Finance, a pioneer in cross-border payments and FX solutions across Africa. While the deal is still subject to regulatory approval, it signals a major strategic move to expand dLocal’s footprint across the continent’s fast-growing financial landscape. In February this year, both companies announced they entered into a strategic partnership designed to expand both companies’ service offerings through mutual cross-selling.

Founded in Uruguay and recently valued at over $5 billion, dLocal has been on an aggressive global expansion path. Having conquered much of Latin America and ventured into parts of Asia, the company is now setting its sights firmly on Africa—one of the world’s most dynamic fintech frontiers.

AZA Finance, launched in 2013 as BitPesa, was one of the earliest African startups to leverage blockchain technology for remittances. Over the past decade, it evolved into a comprehensive B2B digital FX and payments platform, rebranding as AZA Finance in 2019. With operations in 17 African countries—including markets like Botswana, Guinea, and Mozambique where dLocal previously lacked a presence—AZA brings to the table unmatched local expertise, regulatory licenses, and deep-rooted networks.....….…continue reading

📱 SOCIAL MEDIA

TikTok launches TikTok for Artists to empower Artists’ Growth and fan engagement

TikTok announced that it has officially launched TikTok for Artists, a comprehensive music insights platform designed to give musicians, their teams, and labels powerful tools to understand and grow their presence on the short-form video platform. This move reinforces TikTok’s ambition to be the leading driver of music discovery and artist development globally.

The launch follows a testing phase in select countries and introduces a data-rich dashboard that provides real-time insights into how songs and content are performing across TikTok. Artists can now track metrics such as the number of views per track, user-generated posts using their music, and engagement data like likes, shares, and completion rates for videos featuring their songs.

But it doesn’t stop at numbers. TikTok for Artists goes further by offering detailed audience analytics — including demographics like age, language, and gender — and guides for optimizing content using TikTok’s creative tools. These insights aim to support artists in refining their promotional strategies, improving content creation, and ultimately building stronger, long-term relationships with fans....….…continue reading

OTHER STORIES

• What Happens After the Hit? Why Nigeria’s Music Scene Struggles with Longevity……continue reading

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