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Capitec, South Africa’s largest digital bank, is about to get a second venue for investors to trade its shares, but the bigger story is what the company has become since it started as a lender 25 years ago. On Monday, September 7, Capitec’s shares will begin trading on A2X Markets, a tech-driven alternative stock exchange, after the company received approval for a secondary listing on the trading platform. Capitec says it will keep its primary listing on the Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange. The move, the bank believes, gives investors another venue to trade the bank’s share. It also comes as Capitec evolves beyond traditional banking into a digital platform spanning payments, connectivity, devices, insurance and financial services. That expansion may help explain how the lender has grown into a R540 billion ($33.8 billion) business serving more than 26 million active clients. Capitec joins rival lenders Absa, Nedbank, Standard Bank and Investec, which already have secondary listings on A2X. The alternative trading venue has grown from three listings at launch in 2017 to more than 175 securities using technology and lower-cost market infrastructure. The secondary listing is expected to broaden investor access to Capitec’s ordinary shares by providing an additional regulated trading venue, enhancing shareholder choice and supporting liquidity. Grant Hardy, Chief Financial Officer (CEO) of Capitec, said the bank’s issued share capital will remain unchanged. “Our secondary listing on A2X supports our commitment to creating value for shareholders by providing access to an additional trading venue and enhanced liquidity,” he stated. Kevin Brady, A2X CEO, said the exchange’s technology is central to why a company like Capitec would add another listing. “A2X runs on the latest matching technology and passes the resulting efficiency gains on as lower fees,” Brady told TechCabal in an interview. “A2X’s fees are roughly 50% below the primary exchange.” Lower costs, he maintains, can attract more trading activity. Brady also points to trading tools such as Auction on Demand, which allows investors to initiate auctions when they need to trade, and Market at Close, which facilitates trading at the end of the session. But the listing comes at a more interesting point in Capitec’s evolution. Value-added services and Capitec Connect grew 38% to R6.1 billion ($377 million) in the year ended February 2026, while fintech contributed 26% of group headline earnings, according to the company’s latest results Capitec Connect, its mobile virtual network operator (MVNO), has grown to 1.5 million active clients. The company also gave customers 3 petabytes of free data worth R78 million ($4.8 million) and began selling smartphones through its app, including Samsung and Apple devices. That digital scale matters because it gives Capitec something many technology companies spend years trying to build: a large, active user base that can be introduced to new products without starting customer acquisition from scratch. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
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Bolt, the Estonian ride-hailing company, says it will stay in Nigeria and continue investing after rival Uber’s suprising exit. In a statement shared with TechCabal on Wednesday night, Bolt described Nigeria as an important market for its growth. Uber’s departure leaves Bolt as the other major international ride-hailing platform serving Nigeria, putting the company in a position to potentially capture drivers and riders who previously relied on its rival. The statement came hours after Uber told its riders and drivers on Wednesday afternoon that it would wind down operations in Nigeria following a review of its business priorities and investment focus. Uber also exited Uganda, part of a global restructuring of its operations with plans to cut over 3,000 jobs globally. “Nigeria remains an important market for Bolt, and we remain firmly committed to the country,” said Teddy Appa-Dankyi, senior general manager, Bolt West Africa. “We have built a strong community of riders and driver partners over the years, and our focus is on continuing to serve them while strengthening our operations and creating more opportunities across the market.” Bolt, which entered Nigeria in 2016, has faced pressure from rising fuel prices and currency volatility, all of which have raised operating costs for drivers and ride-hailing platforms. Those pressures have fuelled tensions between the platforms and their drivers over fares and commissions. In March, ride-hailing drivers began a three-day strike in Lagos, protesting what they described as unsustainable fares, high commissions and rising fuel and vehicle maintenance costs. Like Uber and other ride-hailing companies, its operations at local airports were also disrupted by the Federal Airports Authority of Nigeria’s (FAAN) efforts to introduce a new framework for airport pickups. Bolt later reached an agreement with the agency and was cleared to resume operations at FAAN-managed airports in August. Bolt is now one of the largest remaining players in Nigeria’s ride-hailing market, alongside inDrive, LagRide and other operators, and across 33 cities in the country, including Lagos, Abuja, Ibadan, Kaduna, and Owerri. “We recognise that there is understandably some uncertainty following recent developments in the industry,” Teddy Appa-Dankyi said. “However, our focus remains firmly on the long term. We will continue working closely with our drivers, riders, regulators and other partners to contribute to a reliable, accessible and sustainable mobility ecosystem in Nigeria.” In July, Bolt integrated its ride-hailing service with ChatGPT, allowing users to search for rides, see fare estimates and driver arrival times before completing their booking in the Bolt app. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
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In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF. Final call to get your Moonshot 2026 ticket at 20% off. This October, Moonshot brings founders, investors, operators, creators and talent together at the National Theatre in Lagos for two days of conversations, connections and opportunities. The Early Bird offer allows you and your network to get 20% off Moonshot tickets. Prices return to normal after it closes. Get your Moonshot ticket at 20% off → Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. Read previous editions here first and subscribe below. Subscribe Uber ends operations in Nigeria and Uganda Win for Uber and Bolt in Kenya Pick n Pay’s grocery app had a bad delivery day FNB experiences outages World Wide Web 3 Opportunities mobility Uber, the ride-hailing giant, ends operations in Nigeria and Uganda Image Source: Tenor If you opened your Uber app in Nigeria or Uganda on Wednesday, hoping to get a ride somewhere, you may have been greeted by a “No trips available” message. For some users, the breakup message arrived straight in their inbox. What happened? The ride-hailing giant has wound down operations in Nigeria and Uganda. Nigerian drivers were told they would no longer receive rider requests through the app, but it would provide a one-off goodwill payment to help them through the transition. The exits arrived the same day Uber announced plans to cut about 3,300 jobs, roughly 10% of its global workforce, to focus on ride-sharing, delivery and autonomous vehicles. Explain like I’m new here: Uber arrived in Lagos in 2014 and launched in Kampala in 2016, as part of its African expansion. However, growing a ride-hailing market and making money from one are two different things. In Nigeria, Uber faced tension over fares and commissions. Drivers protested in March 2026, complaining about earnings and the economics of working on the platform. Rising fuel prices, vehicle maintenance costs, competition, and regulation have also made the balancing act harder. In August, the Federal Airports Authority of Nigeria (FAAN) tightened control over commercial ride-hailing operations at airports, restricting operators from picking up passengers. What is Uber saying? Uber has not pointed to competition, driver disputes or FAAN’s restrictions as its reason for leaving. It said the decision followed a review of its business priorities and investment focus across Africa. Is Uber low-key telling Africa goodbye? Uber left Côte d’Ivoire in September 2025, exited Tanzania in January, and has now left Nigeria and Uganda. This week, it also discontinued its budget UberX service in South Africa. Uber still operates in several African markets, including Kenya, South Africa, Ghana, and Egypt. Even though the whole of Africa has not received a “it’s not you, it’s me” email from Uber yet, four market exits in roughly a year suggest Uber is becoming much more selective about which African rides it wants to keep taking. Every business owner needs to watch this. The business questions you Google, answered by experts. Watch for free. mobility Kenya blocks 18% ride-hailing commission cap in win for Uber and Bolt Image Source: Tenor Uber may be packing its bags in Nigeria and Uganda and cutting jobs along the way, but Kenya’s ride-hailing companies have something to celebrate. What happened? The High Court has declared parts of Kenya’s National Transport and Safety Authority (NTSA) Regulations, 2022, unconstitutional. One of the rules capped the commission ride-hailing platforms could charge at 18% of a trip’s earnings. The court also blocked the NTSA from requiring platforms to keep detailed passenger and driver records, including trip locations, times, and payment details, for three years and hand them over to the authority when requested. Explain like I’m new here: In 2022, Kenya decided the ride-hailing market needed some adult supervision. Drivers had complained that platforms were taking commissions of 25% to 30%, leaving them with less money after fuel, vehicle costs, and other expenses. If a passenger paid $2 for a ride, the platform would take its agreed percentage as commission before the rest goes to the driver. So, the government responded with regulations covering licensing, vehicle standards, driver verification, and passenger safety. The new rules said commissions could not exceed 18%. Ride-hailing platforms, like Bolt (which filed a petition in 2025), were not so happy about that. Now the court is on their side: The court ruled that the government failed to follow the proper constitutional and regulatory process when creating some of those rules. For the commission cap, the court said the government had not shown enough evidence to justify restricting how platforms price their services. For the data rules, it found that forcing platforms to store and surrender detailed information about riders and drivers created an overly intrusive surveillance system. What happens now? The court has given the government 12 months to go back, do the required public participation and impact assessment, and fix the regulations. Until then, the disputed provisions cannot be enforced. That means the 18% legal ceiling is off the road for now, giving platforms more freedom to set commissions with drivers. Could rates eventually creep back towards the 25%–30% that triggered the regulations in the first place? Possibly, but that is left to be seen. A survey for Nigeria’s health logistics buyers. If you’re a Health Logistics Buyer in Nigeria, participate in our report by filling out the survey by 4 September. It takes less than 10 minutes. companies Pick n Pay’s grocery app had a bad delivery day Image Source: Tenor Pick n Pay’s asap! grocery-delivery service suffered a technical glitch on Tuesday that prevented stores from assigning orders to drivers. Some morning orders were still undelivered by the end of the day, while other customers were pushed into delivery slots the next morning. Pick n Pay said the issue affected its logistics partner, which it did not name, and advised customers to use Mr D, an alternate food and grocery delivery platform, in the meantime. It later said the problem
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