Weekly Edition: Revolut dominates EU, SARB launches National Payment Utility

For leaders bridging innovation across emerging and mature markets
July 30, 2025 | 5-minute read

🔥 Golden Nuggets

• 🇿🇦 SARB launches national payments utility to cut costs and boost inclusion.

• 🇬🇧 Wise shifts primary listing to NYSE after 60% shareholder vote.

• 🇳🇬 Nigeria’s cNGN stablecoin hits $2.5M monthly volume.

• 🤖 SMBC launches $300M fund for US fintech AI startups.

• 📱 Revolut dominates EU/UK app downloads with 45M users.

🌍 South Africa: SARB Overhauls Payments for Financial Inclusion

Why it matters: South Africa’s Reserve Bank (SARB) is building a national payments utility (NPU) to slash transaction costs and integrate digital ID – mirroring Brazil’s Pix success.

Key details:

• Targets real-time settlements and interoperability across banks/mobile money.

• Digital payments now exceed cash/card usage in SA – driven by mobile wallets.

• Lesson: Central bank governance + open rails = mass adoption catalyst.
  Be smart: Embed NPU compatibility into fintech apps to capture SME banking demand.

🌍 2. Africa: Nigeria’s cNGN Stablecoin Hits $2.5M Volume

The milestone: Africa’s first regulated stablecoin, cNGN (backed by Nigerian banks), surpassed $2.5M monthly volume – signaling maturing digital asset infrastructure .
Context:

• Used for cross-border trade and remittances, dodging naira volatility.

• Contrasts with SEC Nigeria’s crackdown on unlicensed crypto exchanges.
  

🌍 3. Africa: Airtel Kenya Hits 24M Subscribers, Threatens M-Pesa

Why it matters: Airtel Kenya grew its market share to 32% (from 14% in 2017), leveraging aggressive network expansion to challenge Safaricom’s dominance .
Impact:

• Airtel Money’s growth reduces switching costs for M-Pesa users.

• Digital lending products face margin pressure as competition intensifies.
  Be smart: Partner with Airtel to tap Kenya’s underbanked youth – 70% of its users are <35.

🌐 1. Global: Wise Shifts Primary Listing to NYSE

Why it matters: 60% of shareholders approved Wise’s move from London to NYSE – seeking deeper capital pools and US index inclusion 1.
Fallout:

• London’s fintech credibility erodes amid liquidity drought.

• Dual listing strategy preserves UK investor access but prioritizes US growth.

🌐 2. Global: SMBC Bets $300M on US Fintech AI

The move: Sumitomo Mitsui Banking Corp. (SMBC) launched a $300M fund for AI startups in credit scoring, fraud detection, and wealth management. SMBC is a Japanese multinational banking and financial services institution and is the core unit of Sumitomo Mitsui Financial Group (SMFG). It is one of the three largest banking groups in Japan, often referred to as "megabanks".

Focus areas:

• Algorithmic underwriting and real-time compliance tools.

• Strategic pivot: Traditional banks backing tech vs. building in-house.
  

🌐 3. Global: Revolut Tops EU/UK App Rankings

Dominance confirmed: Revolut ( a British multinational neobank and fintech company) is now the #1 downloaded finance app in 11 countries (top 3 in 21 others), with 45M users and $2.2B revenue (+95% YoY).
Growth drivers:

• Launches in New Zealand and Brazil – now live in 38 markets.

• Profit surge: $428M net income (vs. $7M in 2022).
  Be smart: For Fintechs on the cutting edge, think about replicating Revolut’s "ecosystem" model – blend banking, crypto, and remittances in one super-app.

⚖️ Policy Watch

🚀 The Scoop

AFRICA:

• MTN & J.P. Morgan complete Africa’s first eBill of Exchange for trade finance .

• Fidelity Bank Ghana and JUMO launch BoseaLoan for micro-enterprises .

• Carbon unveils "Nexus" payment infra for Nigerian businesses .
  GLOBAL:

• Mastercard partners Pay4You to digitize "tail-end" corporate spend 5.

• Cube acquires Acin for AI-powered compliance – backed by JPMorgan/Citi 5.

• SoFi’s Q2 loss widens to $25M despite 28% revenue growth.

🌟 Startup Spotlight: Apollo Agriculture (Kenya)

• Who: AI-driven agri-lender for smallholder farmers.

• Edge: Uses satellite imagery + M-Pesa history for credit scoring (92% repayment rate).

• This week: Secured $150M debt facility from Saudi-backed fund .
  Scale: 200K+ farmers funded; defaults 31% below industry avg.

👀 What to Watch

1. SARB’s NPU rollout – Will SA replicate Brazil’s Pix adoption (80% in 2 years)?

2. Wise’s NYSE debut – Catalyst for European fintech exodus?

3. Nigeria’s crypto clampdown – Will cNGN absorb $25B P2P volume?

🧰 Toolkit

1. SARB NPU Framework

2. Stablecoin Liquidity Guide

3. EU AI Act Compliance Calculator

That’s 5 minutes! See you in the next one!