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Absa Bank Kenya will spend up to KES 3 billion ($23.2 million) a year on technology to deepen its digital strategy, according to a Business Daily report, as the lender seeks to move more customer activity to mobile and other self-service channels. The bank said the recurring investment will make transactions easier and support its push into digital banking, even as competition intensifies and customer expectations shift away from branches. The change reflects a broader migration across Kenya’s banking sector towards mobile and self-service channels, a trend accelerated by the country’s entrenched mobile money ecosystem and rising expectations for instant, always-on financial services. “Typically, we now do KES 2 billion ($15.4 million) to KES 3 billion ($23.2 million) of investments per year [in technology], and 2025 was no different in ensuring we are migrating transactions to digital platforms. We are making it easier for our customers to transact with us,” Absa Kenya chief executive Abdi Mohamed told Business Daily. The bank spent KES 2.16 billion ($16.7 million) on technology in 2025, underscoring how quickly digital investment has become a fixed cost in its operations. About 94% of all transactions in 2025 took place outside branches, compared with roughly 40–50% a decade ago, according to the lender. The technology push comes as Absa continues to reshape parts of its consumer banking leadership around digital banking. In February, the bank appointed former M-Pesa Africa chief executive Sitoyo Lopokoiyit to head its personal and private banking division, a move widely read as a signal of where it expects retail growth to come from. Lopokoiyit, who built his reputation overseeing the expansion of M-Pesa, is expected to bring mobile banking experience to retail and affluent banking at a time when the boundaries between banks and fintechs are becoming blurred. Efficiency gains The efficiency gains are already visible in the bank’s cost base. Other operating expenses fell 21% to KES 7.35 billion ($56.9 million) in the year to December 2025, with management attributing much of the decline to digitisation and automation. The impact of the technology push has also been reflected in performance metrics. Absa’s cost-to-income ratio—a measure of banking efficiency—improved to 36.5% in 2025 from 46% a year earlier, helped by lower costs and improved revenue generation. Net profit rose 10% to KES 22.9 billion ($177.3 million) over the period, suggesting that efficiency gains from digitisation are beginning to support bottom-line growth, even as investment spending remains elevated.
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M-TIBA, a mobile health platform run by Kenya-based healthtech startup CarePay, is shutting down its My Health Funds (MHF) wallet that lets customers set aside money specifically for healthcare. On April 8, users began receiving refunds directly into their M-PESA wallets without initiating withdrawals, indicating payouts are already underway. Five M-TIBA users confirmed to TechCabal that they had received the funds. The decision marks a shift in M-TIBA’s model, from a consumer health savings wallet to an insurance management platform. The move, however, leaves users who depended on the service to set aside small amounts for care without a clear alternative for planning or paying for treatment. CarePay declined to comment for this story. M-TIBA first informed users on March 3 via SMS and its website that the MHF wallet would be discontinued, stating that access to insurance benefits on the platform would remain unchanged. An SMS from M-TIBA notifying users about the discontinuation of the MHF wallet. Source: Screenshot from an M-TIBA user Users were asked via SMS to withdraw their balances via USSD or receive M-PESA refunds by March 8, 2026. M-TIBA also said it would process refunds using verified details, with any unresolved balances sent to the Unclaimed Financial Assets Authority, the government agency that holds unclaimed funds until owners come forward. Refunds began on April 8, and users who had not withdrawn their balances by the March 8 deadline received their wallet savings automatically. On its website, CarePay said withdrawals would be free, and funds would remain safe, but did not fully explain why the savings product is being retired. “M-TIBA has some exciting updates on how we’re evolving to better serve you and millions of others,” the company said on its website, without providing further detail. Launched in 2015, M-TIBA built its early momentum on the idea of ringfencing healthcare funds so they cannot be spent elsewhere. The MHF wallet allowed individuals, employers, and donors to allocate money strictly for medical use across a network of providers. It provided an option for users who could not afford insurance but wanted a structured way to save for care. CarePay said on its website it will focus on “improving health insurance management,” pointing to a model where insurers and partners drive usage rather than individual savings. “Since we launched the M-TIBA wallet, we’ve helped many people save and access healthcare, and thanks to your trust, we’re growing into something even bigger and better,” CarePay said on its website. “That’s why we aim to focus on improving health insurance management to ensure more people get access to more affordable healthcare and a better experience.” CarePay has not disclosed how many users are affected, the total value of refunds, or how many accounts may be transferred to the Unclaimed Financial Assets Authority due to failed verification. It has not outlined clear alternatives for users who cannot transition to insurance products. The shutdown follows scrutiny in 2025 after a cyber attack exposed user data, as reported by TechCabal. M-TIBA said it will delete personal data once MHF accounts are closed, in line with its privacy policy. It has yet to disclose whether the decision is linked to security, compliance, or cost pressures.
Read MoreNigeria’s Web3 startups, including crypto, blockchain, and stablecoin-based fintechs, raised $43 million in 2025, doubling the previous year’s figure, according to a report by Hashed Emergent, an India-based venture capital firm that backs early-stage African startups. The report, Nigeria Web3 Landscape Report 2025, shows that while capital is returning, it is heavily concentrated: 89% of funding—about $38 million—went to finance products tied to stablecoin use cases, such as payments and fiat-crypto exchanges. Early-stage deals accounted for $13 million, with most activity clustered around pre-seed and seed rounds, underscoring the limited depth of growth capital. Series A funding returned modestly in 2025 after a slowdown the previous year, with its first deal in two years, according to the report. The rebound masks an ecosystem still dominated by early-stage bets and a narrow focus on stablecoin-driven payments. That imbalance points to a market still in its formative phase, where startup formation is accelerating faster than scale capital. “A wave of stablecoin-focused startups is driving increased investment activity across the ecosystem,” said Tak Lee, chief executive officer and managing partner at Hashed Emergent. “This momentum led finance to dominate. Consumer adoption has also surged, further cementing Nigeria’s position as a global stablecoin hub.” The funding concentration mirrors a wider shift in Nigeria’s crypto market away from speculation toward utility. Stablecoin adoption is driving much of the activity, with deposits growing more than 9,000% between 2018 and 2025, while on-chain transaction value rose 56% year-on-year to $92 billion, according to the report. Despite the rebound, the deal volume still tilts to traditional funding avenues, signalling that global venture capital attention has yet to fully return to Nigeria’s Web3 sector. Nigerian Web3 startups recorded 82 deals in 2025, up from 72 in 2024, according to the report. Yet, 73 of those deals were grants, with just one Series A round recorded in 2025. The remaining deals were spread across seed, pre-seed, and token sales, highlighting the early-stage skew and reliance on crypto-based funding rounds. Sector performance also fell short in 2025. While the finance sector dominated, infrastructure-first startups, including those building stablecoin rails, developer, and payment interoperability tools, raised only $4 million in 2025, down from $11 million recorded in 2024, their peak in the last five years, the report noted. Nigeria’s Web3 entertainment sector, including gaming and social apps, declined to $1 million, down by 50% from 2024. Investor interest remained concentrated around stablecoin infrastructure, cross-border payments, and crypto-fiat withdrawal services, with limited appetite for emerging categories like gaming, creator platforms, or AI-driven infrastructure. The shift to utility as trading cools Crypto usage patterns are also changing. Withdrawal and deposit volumes for both fiat and crypto declined in 2025, signalling a cooling in speculative trading activity, according to the report. More Nigerians are using digital currencies, especially stablecoins, for remittance payments. According to the report, remittance flows between Nigeria and other countries expanded rapidly across intra-African and global corridors, recording transfers to and from Ghana, Kenya, the UK, Canada, China, and parts of Europe. Stablecoins are functioning as a payment rail rather than a store of value. The report shows that Nigerians recorded an 83% withdrawal-to-deposit ratio on exchanges; out of every $100 received in wallets, about $83 is quickly withdrawn, signalling that stablecoins are becoming money in transit, as users treat them as payment and transactional means, rather than savings. Get The Best African Tech Newsletters In Your Inbox Select your country Nigeria Ghana Kenya South Africa Egypt Morocco Tunisia Algeria Libya Sudan Ethiopia Somalia Djibouti Eritrea Uganda Tanzania Rwanda Burundi Democratic Republic of the Congo Republic of the Congo Central African Republic Chad Cameroon Gabon Equatorial Guinea São Tomé and Príncipe Angola Zambia Zimbabwe Botswana Namibia Lesotho Eswatini Mozambique Madagascar Mauritius Seychelles Comoros Cape Verde Guinea-Bissau Senegal The Gambia Guinea Sierra Leone Liberia Côte d’Ivoire Burkina Faso Mali Niger Benin Togo Other Select your gender Male Female Others TC Daily TC Events Next wave Entering Tech Subscribe Regulation advances, but clarity lags Across Africa, regulators in countries like Kenya, Ghana, and Rwanda are moving toward formal oversight of digital assets. Nigeria has also shifted toward regulation after years of sidelining crypto firms from accessing the formal financial system. Yet, clarity remains uneven. Nigeria’s Investment and Securities Act, passed in March 2025, formally recognised digital assets as securities under the oversight of the Securities and Exchange Commission (SEC). However, a February Virtual Asset Regulatory Authority (VARA) white paper introduced a broader approach for crypto oversight. Nigeria created the Virtual Asset Regulatory Council (VARC), a multi-agency coordinating body for non-security virtual assets not under the SEC’s purview, including payment tokens, exchange tokens, stablecoins, utility tokens, and other digital representations of value. The country designated the Central Bank of Nigeria (CBN) Governor and the Executive Chairman of the Nigeria Revenue Service (NRS), the country’s tax authority, as co-chairs of the agency, overseeing payment-linked activities in the digital asset sector. On March 31, the CBN launched a supervisory pilot programme to monitor activities of stablecoin issuers, exchanges, and stablecoin-based payment processors—including Flutterwave and Paystack—for compliance with anti-money laundering (AML) and counter-terrorism financing standards. According to both the Investments and Securities Act (2025) and the VARA white paper, the SEC retains authority over tokenised securities. Yet, the capital markets regulator has also raised minimum capital requirements for Digital Asset exchanges (DAXs), which operate businesses tied to fiat-crypto withdrawals and payments, and now have to meet a ₦2 billion ($1.4 million) capital threshold. Digital Asset Custodians responsible for safeguarding users’ crypto assets are also subject to the same ₦2 billion ($1.4 million) capital requirement, raising entry barriers and deepening uncertainty around fragmented policies and the scope of regulatory oversight. “While progress on regulation has been slower than expected, the foundation of the ecosystem remains strong, driven by resilient founders and builders who continue to create, adapt, and push the space forward,” said Lee. “There are clear signs of progress, with increased engagement between stakeholders and regulators. One thing is clear: Nigeria remains an anchor for Web3 and
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