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Payments

Lipa Payments, a South African-based fintech start-up, is bringing “tap to pay” transactions to Africa’s informal sectors with a software solution that enables merchants to accept contactless payments directly from a mobile phone. Lipa partners with banks and fintechs to enable affordable, accessible, and fast payments for merchants, even if they have low-end mobile phones.

It’s also safer and more hygienic than dealing in cash. Developed in 2019 by Thando Hlongwane and Roger Bukuru, Lipa Payments has secured a R10 million investment from Empowerment Capital’s Imvelo Ventures, which is backed by Capitec Bank. Lipa was one of the finalists in Capitec Bank’s Life 2.0 Hackathon in 2020.

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R2 million on Pioneer FX and Quintin Moorcroft jointly. The FSCA has also debarred Moorcroft for a period of 10 years. Pioneer FX and Moorcroft contravened section 7(1) of the Financial Advisory and Intermediary Services Act by rendering financial services without authorisation. The FSCA conducted an investigation and found that Pioneer FX and Moorcroft traded in contracts for difference (CFDs) on behalf of 276 clients between 11 March 11 and July 5 2019 through an account at IFX Brokers Holdings. The FSCA concluded that Pioneer and Moorcroft had acted as a discretionary financial services provider without having the required authorisation to do so.