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Angola is not a market that often comes up in African venture capital conversations. It does not appear in the funding trackers or the ecosystem rankings, nor is it typically represented on the conference panels. BFA Asset Management is trying to change that. The Luanda-based firm, a spin-off from Banco de Fomento Angola (BFA)—the country’s second-largest private bank by assets—manages $600 million across public and private markets. Last year, BFA’s parent completed a $239 million IPO on the local stock exchange, the largest in Angolan history, drawing demand five times the shares available. In 2024, Angola’s sovereign wealth fund, FSDEA, anchored the firm’s Kimbo Fund with a $5 million commitment, making it Angola’s first private credit vehicle focused on small and mid-market companies. The fund’s first deployment went into FoodCare, an agri-food processor exporting to Europe and North America. Its second, announced this month, is a $1.2 million investment in Anda, a mobility startup that has raised $3.4 million from Breega, Speedinvest, and 4DX Ventures to formalise Angola’s motorcycle taxi market through a drive-to-own financing model. Rui Oliveira, the firm’s chief executive officer (CEO) and co-chief investment officer, does not call Kimbo a venture fund, despite seeking venture-scale returns. Its due diligence on Anda took three years as it went through bank statements transaction by transaction, interviewed suppliers and employees, and then cross-referenced its findings with Anda’s international investors. Some of them, Oliveira says, had not looked at the things his team had, an advantage of local context. In our conversation, Oliveira and Pascoa Faria, the fund’s alternative investment analyst, lay out why they believe Angola’s information asymmetry is an opportunity rather than an obstacle, why they track companies for years before writing a cheque, and why international investors who want to deploy capital in Angola cannot do it alone. This interview has been edited for length and clarity. How does a bank invest in startups? We are not your traditional private equity or venture capital firm. We play in both public and private markets. Kimbo Fund is just part of our alternative strategies. We have been in business since 2016. We have raised over $600 million since then. Our investor base ranges from institutional clients to high-net-worth individuals. Since last year, we have expanded to include wealth management services and other capital solutions strategies. Kimbo Fund is our private equity vehicle. We are not the first private equity fund manager in Angola, but we are the first to deploy, at least the way we are doing it. Nobody has done it before. Anda is our second deal. Our first was last year with Foodcare, a mid-size food processing company. For us, this fund is more out of love because we truly believe in what we are trying to achieve here: supporting where the actual growth is locally in the mid-market and growth-market segments. Angola barely receives any startup funding, and $1.28 million is a meaningful cheque in Angola, but outside of that, in larger ecosystems like Nairobi, it’s not that much. Is this a function of where Angolan startups are in their lifecycle, or a reflection of how much risk Kimbo is willing to take? This is a reflection of a market that is just appearing. We are opening up a new pathway, and this is unprecedented for the country. We were the first to actually deploy. Then, last year, another private equity firm deployed. We are the first to deploy at this level, with the way that we are structuring the deals. The short answer is it’s a function of the market and the stage of the market, not a function of our limitations as a fund. You describe Kimbo as a “private impact fund.” When many hear the word “impact,” they automatically think lower return expectations. What type of return profile are you targeting? We are not looking at lower returns. The reason we call it impact is that we are not just writing cheques for these companies. We are supporting them all along the way. As soon as we write a cheque, we put them in touch with the different networks we have. With Anda specifically, we are going to provide support in building their impact strategy and impact measurements, including impact accounting standards. With our first deal last year, we are doing a lot more. We are recruiting people for them, reviewing their accounts, improving how they report their numbers, and helping them expand their business. There is a lot that goes into the work we do beyond writing cheques. The sole reason we call it impact is that we are not just providing capital—we are directly impacting the business, not just with money. In terms of returns, for a deal like this, we are looking at the 20s. Not even the mid-teens. These are high returns, not lower returns. What other types of support do you give startups apart from what you just mentioned? One of the things we are working on now is helping startups get ready for investment. We partner with local accelerators (not in an official sense) and participate in workshop sessions where we interact with startups and the ecosystem to give them a sense of what is necessary to be ready to receive investment, whether it’s local, regional, or international. We try to clarify that our investment is not pre-seed or seed. It is for the next stage, which I would say is growth. A big focus for us is market development and preparing startups in our ecosystem to attract the right investment for their stage. The Angolan tech ecosystem is really young. How do you think about helping these startups move from the early stage to the growth stage? When we were building the strategy for this fund, we realised our commitment should not be passive. When we are writing a cheque, we want a company that has a lot of intrinsic value but has not yet realised that value. And then, is that company neglected, not just
Read MoreNiger State, in Nigeria’s north-central region, has introduced a major shift in its tech governance structure, replacing its Ministry of Communications Technology and Digital Economy with a new agency tasked with driving digital initiatives more efficiently. The move signals a push by Nigeria’s largest state by land mass to cut through entrenched civil service bottlenecks and accelerate the execution of its technology and digital economy agenda. The overhaul means the state has replaced the position of the ministry’s commissioner with a director-general of the newly minted Niger State Information Technology and Digital Economy Agency (NSITDEA). Sulaiman Isah, the former commissioner of the ministry, will lead the agency as Director–General. “We decided not to go the ministry route because it wasn’t working for tech, given the bureaucracy and bottlenecks,” Isah told TechCabal in a telephone conversation on Friday, March 27, 2026. The move reflects a broader shift among governments toward more agile structures for driving digital transformation. Several states have already adopted this approach. Anambra State Information Communication Technology (ICT) Agency, established in 2019, leads Anambra’s “Everything Technology, Technology Everywhere” vision, while Kaduna State Information Technology Development Agency focuses primarily on expanding digital literacy in Kaduna State. Niger State’s own journey with ICT governance dates back to 2006, according to additional information shared by Isah, when it operated under the Planning, Research, and Statistics Department within the Ministry of Science and Technology. At the time, its role was largely administrative, limited to basic data processing, record-keeping, and minimal automation, positioning technology as a support function rather than a strategic driver. Today, those responsibilities remain fragmented across multiple ministries, including tertiary education and science and technology. The creation of the Ministry of Communications Technology and Digital Economy in August 2023 marked a turning point, signalling that ICT had grown too significant to remain embedded as a sub-unit within a broader ministry. Now, by transitioning from a ministry-led model to an agency structure, Niger State is betting on a more agile system, one designed to move faster, operate with greater flexibility, and better respond to the demands of an evolving digital landscape. Isah noted that at the core of the new agency’s mandate is the responsibility to shape and execute the state’s digital agenda. It will develop policies, strategies, and standards across information technology, innovation, and the broader digital economy, while also overseeing their implementation—positioning it as both policymaker and executor. Its enabling law, the Niger State Information Technology and Digital Economy Agency Law (2025), establishes it as an independent statutory body with a governing board and a director general appointed by the governor for a renewable four-year term. The law also creates a dedicated funding structure that draws on a levy on internally generated revenue, as well as donations and loans, ensuring the agency operates with a degree of financial autonomy. Beyond policy, Isah also noted that the agency will take on regulatory functions, including licensing and monitoring digital service providers and ICT operators within the state, in line with federal laws. This gives it significant oversight over the local tech ecosystem, from startups to established service providers, and signals a more structured approach to managing digital growth. He also highlighted infrastructure development as another key focus. The agency is expected to promote the deployment of secure, inclusive digital infrastructure across Niger State and lead efforts to improve digital literacy and skills. This includes coordinating training programs for citizens, public servants, and businesses, a move aimed at ensuring that the benefits of digital transformation are widely distributed. To support innovation, the agency will facilitate the creation of hubs, technology parks, and incubation centres, and maintain a startup and innovation registry aligned with the Nigeria Start-up Act. This could help position Niger State as a more attractive destination for tech entrepreneurs and improve the ease of doing business for ICT-related ventures, according to Isah. The agency will also play a central role in modernising public service delivery. It is tasked with developing e-government platforms, digital service portals, and interoperable systems that can streamline how citizens interact with the government. In parallel, it will provide technical support to ministries, departments, and agencies, helping them adopt digital tools and improve internal processes. Cybersecurity and data governance are also part of the agency’s mandate, according to Isah. The agency will promote awareness around cyber risks and encourage best practices across both public and private sectors, while advising the state government on investment priorities and potential partnerships. Importantly, the new structure gives the agency powers that go beyond coordination. It can issue regulations and guidelines, enter into partnerships, and enforce compliance through administrative sanctions where necessary. This combination of operational and regulatory authority is designed to give it the tools needed to deliver on its objectives. For Niger State, the shift represents more than an administrative change. It is an attempt to rethink how the government engages with technology, moving from a slower, policy-heavy ministry model to a more execution-focused institution. Isah said the state legislature is working on a legal framework to formally establish the agency as a statutory body backed by law.
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Being a digital nomad, not simply in name only, can feel like a dream. Barring the cost and effort it takes to plan, prepare, and travel on short notice, frequent trips offer plenty of chance encounters, but they also test your tolerance for misadventures. Shelter is where fantasy usually collides with reality. According to three digital nomads and frequent travellers I spoke to, accommodation regularly eats between 40 to 50% of a travel budget. Beyond the cost, Yinka Oke, a Nigerian nomad, said the hardest part of planning for housing in a country where you know nobody is how unpredictable it is. Unlike flights, there is no single accommodation fare you can lock in and forget. Amaka Amaku, a nomad who has now travelled to 30 countries, said when she goes somewhere she has friends, accommodation might take up to 20% of her travelling budget. When she lands in a city where she knows no one, that share can quickly climb to 50%. “I don’t think about accommodation as a percentage of the budget,” said Oghenerukevwe Odjugo, an equity analyst at Schroders Australia and a nomadic traveller. “I think about what is a reasonable dollar amount I can pay for the quality of accommodation I am comfortable with. The cost of shelter is a major factor when travelling, so I rent whatever makes the most sense.” For most nomads, that decision often narrows to three options: a hotel room, a short‑term rental on platforms like Airbnb, or a third path, coliving hubs. Many long‑term travellers I spoke with preferred Airbnbs or coliving for multi‑week stays and kept hotels for quick stopovers. This piece is about that third option. What are coliving hubs in Africa actually selling, how do they work as a business, and are they really worth swapping for a one‑bed in Nairobi or Cape Town? 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 What coliving hubs are, and how they make money Coliving, at its simplest, is shared housing with services built around people who work remotely. Instead of renting an entire flat, you take a room in a larger home or compound and pay for a package that usually combines accommodation, utilities, cleaning, internet, and a measure of community programming. Globally, the coliving market was worth nearly $8 billion in 2024, according to Grand View Research, a research firm, and is projected to at least double over the coming decade, helped by rising urban housing costs and the growth of remote work. In South Africa’s advanced coliving market, that figure sits around $79 million. In Africa, coliving is still young but spreading. Nairobi, Kenya, appears in many guides as one of the continent’s emerging hubs for remote workers, with neighbourhoods like Kilimani, Lavington, Karen, and Kileleshwa now home to a mix of coworking spaces, serviced apartments, and shared houses that market themselves directly to nomads. Cape Town, Windhoek, and parts of Morocco host similar experiments, from beachside houses for surfers in Blouberg to retreat‑style compounds in Namibia’s capital. Alejandra Wolf, co‑founder of AfricaNomads, a community-based coliving hub for digital nomads, has spent the past few years building coliving stays across East and Southern Africa. She describes coliving as “the difference between just having a place to stay and having a place to belong.” For guests, the idea is that you land in a home that is already ready for work, with a built‑in community and a curated experience of the destination. Planning, discovery, and the trial‑and‑error of figuring out where to live, who to trust, and what is worth your time are outsourced to the operator. Structurally, many African coliving outfits run a hybrid model. Wolf says her company both operates its own homes and partners with local hosts, boutique properties, and families, but keeps tight control over the experience. That control covers how the space is set up, the daily rhythm of the stay, the rules of the house, and the programming that brings people together. In some locations, the founders actually live in the houses alongside guests. Rather than acting as an open marketplace like Airbnb, they see themselves as curators and hosts. The non‑negotiables are predictable but demanding: reliable Internet with backups, comfortable workspaces, power solutions where public supply is unstable, and locations that feel plugged into daily life rather than sealed off in high‑rise blocks. Many operators avoid anonymous tower blocks and look instead for compounds or houses with greenery, shared kitchens, and layouts that make it easy to bump into people to truly lean into the philosophy of experiencing a new place. How the numbers compare in Nairobi The cost picture between short-term rentals, like Airbnb, and coliving arrangements is less obvious than it looks at the booking stage. Take Nairobi, which has become one of the most comfortable cities in sub‑Saharan Africa for expatriates and remote workers, thanks to solid infrastructure, strong schools and hospitals, and a growing startup ecosystem around what many call the Silicon Savannah. In upscale residential areas such as Lavington, a one‑bedroom Airbnb for a single guest typically ranges between $34 and $72 per night, depending on the season. In Karen, another lush city in Nairobi, prices start from $23 and climb to around $131. Kileleshwa tends to sit between $37 and $58, while Kilimani often ranges from $37 to $50 a night. In Kitsuru, where United Nations (UN) staff and other international officials often prefer to live because of its security, greenery, and easy access
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