Annyeonghaseyo,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Visa, M-Pesa test stablecoin payments in DRC
- Zain expands into Syria after MTN exit
- CBN revokes licences of NowNow, Sycamore, OurPass banks
Visa, M-Pesa test stablecoin payments in DRC
The Democratic Republic of Congo has become the latest testing ground for what could be the next big shift in African payments, with Visa, M-Pesa, and pan-African payments company Onafriq launching a pilot that uses stablecoins to settle cross-border mobile money transactions. Instead of relying entirely on traditional banking rails, the partners are testing whether blockchain-powered stablecoins can make international payments faster, cheaper and more efficient for businesses and consumers moving money across borders.
If the pilot succeeds, it could significantly improve how money moves across Africa, where cross-border payments are often slow, expensive and dependent on multiple intermediaries. Stablecoins are digital currencies whose value is pegged to assets like the US dollar, making them less volatile than cryptocurrencies such as Bitcoin. For M-Pesa users, the technology could eventually mean quicker wallet top-ups, cheaper remittances and smoother international transactions without changing the familiar mobile money experience.
The initiative also reflects Visa’s growing interest in stablecoins and blockchain-based payments. In June 2025, the payments giant partnered with African fintech Yellow Card to explore stablecoin use cases across the continent, particularly for treasury operations and cross-border settlements. Earlier this year, M-Pesa also entered the stablecoin space through a partnership with a UAE-based firm, marking its first major move into blockchain-powered financial services as it looks to expand beyond traditional mobile money.
The choice of the DRC is no coincidence. Mobile money adoption in the country has been growing rapidly, while millions of people still lack access to traditional banking services. Visa recently launched Visa Pay in the country, linking bank cards with mobile money wallets, and the new stablecoin pilot builds on that foundation by testing a more efficient way to move funds between countries. Onafriq, which connects hundreds of millions of bank accounts and mobile wallets across Africa, is providing the payment infrastructure behind the project.
For Safaricom and Vodacom, the pilot is another step in turning M-Pesa into a regional financial platform rather than just a mobile wallet. As the service expands into new markets, including Ethiopia, the company has been investing in technologies that make international payments faster and more affordable. If the DRC trial proves successful, stablecoin settlements could eventually be rolled out across more African markets, potentially reshaping how businesses, families and traders send money across the continent.
Zain expands into Syria after MTN exit
Kuwaiti telecom giant Zain is set to become Syria’s newest mobile network operator after securing a licence to run a mobile network in the country, marking one of the biggest foreign investments in Syria’s telecom sector since the country’s political transition. Under the deal, Zain will own 75% of the new operation while Syria’s sovereign wealth fund will hold the remaining 25%. The company is also expected to acquire the infrastructure, equipment and facilities previously used by MTN Syria, giving it an immediate footprint rather than building a network from scratch.
Victoria Fakiya – Senior Writer
Techpoint Digest
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The deal signals that Syria’s new authorities are actively trying to attract Gulf investors back into sectors that were devastated by years of conflict and international isolation. Telecoms is seen as one of the quickest industries to revive because better connectivity supports businesses, banking, education and government services. Zain’s investment also follows another major agreement signed earlier this year with Saudi Arabia’s STC to develop Syria’s SilkLink fibre-optic network, suggesting momentum is building around rebuilding the country’s digital infrastructure.
MTN entered Syria in 2002 but gradually scaled back its operations after regulatory disputes, sanctions and an increasingly difficult operating environment. In 2021, the South African telecom group effectively abandoned the business, and in March 2026 it reached an agreement with the Syrian government to formally complete its exit. The Syrian government subsequently launched an international tender for a replacement 20-year mobile licence, paving the way for companies like Zain to bid.
MTN Syria originally operated under a licence linked to businessman Rami Makhlouf, cousin of former president Bashar al-Assad. After Makhlouf’s public fallout with Assad in 2019, control of the business shifted to companies aligned with the presidential palace. Following Assad’s overthrow in 2025, ownership of the assets was transferred to Syria’s newly created sovereign wealth fund, which is now partnering with Zain under the new arrangement. Engineers from Zain have already inspected MTN’s cell towers, backup generators, solar facilities and telecom equipment across the country as preparations for the takeover gather pace.
For Zain, the move expands its footprint across the Middle East at a time when Syria is reopening to regional investment. Founded in 1983, the Kuwaiti telecom operator already serves customers across eight markets in the Middle East and Africa, including Sudan. For Syria, the agreement represents more than a change of network operator; it is another sign that the country is attempting to reconnect with regional capital after years of war, with telecoms emerging as one of the first sectors attracting significant foreign investment.
CBN revokes licences of NowNow, Sycamore, OurPass banks
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, with fintech-linked lenders like NOW NOW Digital Microfinance Bank, Sycamore Microfinance Bank, and OurPass Microfinance Bank among those affected. The decision, which took effect on July 1, 2026, means the affected institutions are no longer authorised to operate as licensed microfinance banks after failing to meet the regulator’s requirements.
The move is significant because several of the affected lenders were tied to well-known fintech brands that offered digital banking, lending and payment services. While the revocation does not automatically mean the parent fintech companies have shut down, it raises fresh questions about how they will continue offering regulated financial products that rely on a microfinance banking licence. Customers will also be watching closely for updates on existing accounts, loans and deposits.
According to the CBN, the licences were withdrawn after the institutions failed to comply with one or more regulatory requirements under the Banks and Other Financial Institutions Act (BOFIA) 2020. The regulator cited issues including inadequate capital, insufficient assets to cover liabilities, prolonged inactivity, unauthorised closure of operations, failure to commence business after receiving approval, and the cessation of financial intermediation. The apex bank said the action is part of its ongoing effort to strengthen Nigeria’s financial system, protect depositors and ensure only compliant institutions remain in operation.
The development did not come out of nowhere. Over the past few years, the CBN has intensified its clean-up of Nigeria’s financial sector, tightening supervision across banks, mortgage institutions and fintechs. In December 2025, it revoked the licences of two primary mortgage banks over regulatory breaches, while similar actions have been taken against payment service providers in previous years. Since assuming office in 2023, CBN Governor Olayemi Cardoso has repeatedly stressed stronger regulatory enforcement and financial system stability as key priorities.
For Nigeria’s fast-growing fintech ecosystem, the latest action serves as another reminder that innovation alone is no substitute for regulatory compliance. As digital financial services continue to expand, the CBN appears determined to enforce capital, governance and operational standards regardless of a company’s profile or popularity. The next focus will likely be on how the affected firms respond, whether they challenge the decision, seek fresh licences or restructure their businesses to continue serving customers.
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Have a superb Thursday!
Victoria Fakiya for Techpoint Africa
