diff --git a/data/assets/default.config b/data/assets/default.config
index 27784008..a6c89c52 100644
--- a/data/assets/default.config
+++ b/data/assets/default.config
@@ -14,7 +14,7 @@ db = postgres
 attribute_encryption_key = "deadbeef"
 port = 3434
 bind_to = localhost
-master_public_key = "SJ0NYND22VQP3MP7FM754RDX8HCKVWAXTHY9SQNBTPRJZ2SPM2S0===="
+master_public_key = "SJ0NYND22VQP3MP7FM754RDX8HCKVWAXTHY9SQNBTPRJZ2SPM2S0"
 stefan_abs = EUR:0.00
 stefan_log = EUR:0.00
 stefan_lin = 0.00
diff --git a/data/auditor_public_key b/data/auditor_public_key
index 2824b9ce..4b97fccf 100644
--- a/data/auditor_public_key
+++ b/data/auditor_public_key
@@ -1 +1 @@
-A17JXR3E6J4CXDPYT7S1H25PGJ3ABS26TQ38654QCX0TB59RPMF0====
+A17JXR3E6J4CXDPYT7S1H25PGJ3ABS26TQ38654QCX0TB59RPMF0
diff --git a/src/b32.ml b/src/b32.ml
index 29e73239..6bd06400 100644
--- a/src/b32.ml
+++ b/src/b32.ml
@@ -1,4 +1,3 @@
-(* TODO test *)
 (* Crockford's variant of Base32
    http://www.crockford.com/wrmg/base32.html
    except that:
@@ -6,11 +5,18 @@
      - '-' is not allowed
      - checksum is not allowed *)
 
-(* 'I' 'L' 'O' 'U' excluded *)
+(* 'I' 'L' 'O' 'U' excluded
+   no '=' padding in encoded string *)
 type t = string
 
 let alphabet = Base32.make_alphabet "0123456789ABCDEFGHJKMNPQRSTVWXYZ"
-let encode s = Base32.encode_string ~alphabet s
+
+let encode s =
+  let s = Base32.encode_string ~alphabet s in
+  (* remove '=' padding *)
+  match String.index_opt s '=' with
+  | None -> s
+  | Some i -> String.sub s 0 i
 
 let decode s =
   let s =
@@ -23,6 +29,10 @@ let decode s =
         | c -> c)
       s
   in
+  (* restore padding for base32 lib *)
+  let n = 8 - (String.length s mod 8) in
+  let pad = String.make n '=' in
+  let s = s ^ pad in
   match Base32.decode ~alphabet ~off:0 ~len:(String.length s) s with
   | Error (`Msg e) -> Error e
   | Ok v -> Ok v
diff --git a/test/test.ml b/test/test.ml
index 03831efc..079280c9 100644
--- a/test/test.ml
+++ b/test/test.ml
@@ -106,5 +106,23 @@ let () =
   Printf.printf "%s" raw_str;
   *)
   ()
-
   *)
+
+let () =
+  let v =
+    "04000274VF2F65WWABKGZYHREQWAFTVPMWEK9EQYMCPP1E6CMC224XDDDBVM7NRMNDX3TETHTK5G7GPPPYGN08FEMSY6B7NGBE8AYMG5HWT2BXRSAHAWDWW5Y16YVGXJG0BCKW3X17EWEF8MNGFGJBKVWQV5WPT0R2QK82QXFHFVGP3HR1D8HF69JXBC22B62M4SFETRJNXRG2GXX03BETSNQW0X7BYTMFJX5JQH4B2KJMABB02RFSNNMND7CT7MSAX5SCZY5ZB9XS4ZDKA9AVTS11V790KXXBSFZSD3NNEHKB6RS99RJD3MDJE04G1Q83HR50N5NVBDW3HPJZKQS5SSG7R2R2F7K8P06HJ4YSQFF52GF3RZW22N4FRQ28KQ2JZMZ1GJS1KBNHNNMS1RW9DZQ3882Z5V0000000004002"
+  in
+  let decode s = B32.decode s |> get_ok in
+  let v' = B32.encode (decode v) in
+  let v'' = B32.encode (decode v') in
+  (*
+  Fmt.pr "v  : %s@." v;
+  Fmt.pr "v' : %s@." v';
+  Fmt.pr "v'': %s@." v'';
+  Fmt.pr "len v  : %d@." (String.length v);
+  Fmt.pr "len v' : %d@." (String.length v');
+  Fmt.pr "len v'': %d@." (String.length v'');
+  *)
+  assert (v = v');
+  assert (v' = v'');
+  ()