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Damilola Jerugba describes his interest in building things as a fascination with how things work and come together. He said he taught himself how to code through Udemy courses and YouTube tutorials, and then went on to work as a software engineer at companies like Reddit, Moniepoint, and Busha. At Reddit, he worked on the advertising team, helping build the infrastructure companies use to run campaigns. At Moniepoint, he worked on customer support tools as a senior frontend engineer, and at Busha, he worked as a backend engineer. These experiences, he said, shaped how he thought about performance, reliability, and building systems that worked at scale. “These weren’t just jobs; they were an education I brought back into Jetron Ticket every single time.” The idea for Jetron Ticket came when his close friend, Jemedafe Caleb, who organised events and parties, needed coordination and a more reliable way to manage attendees. Jerugba saw it as a problem to solve and an opportunity to sharpen his coding skills. He co-founded with Akinkunmi Solomon in 2022. In its earliest version, Jetron Ticket was an online ticketing platform where event organisers could create events, sell tickets, and manage check-ins through a dashboard. Operated by a 10-person team, the platform gradually grew from a side project to one that supports events across multiple Nigerian cities, including Lagos, Kaduna, Plateau, and Rivers. Nigeria’s events scene has expanded rapidly in recent years, driven by music, nightlife, and cultural moments like Detty December, the festive period from mid-December through the New Year. defined by partying, concerts, and festivities. In 2025, Lagos recorded nearly ₦400 billion ($290 million) in consumer spending during the period, with over ₦129 billion ($93 million) going to entertainment and nightlife alone, according to a report by YC-backed fintech, Cowrywise. What pushed Jerugba into ticketing was what he described as a gap between demand and infrastructure. “When Jetron Ticket started, there wasn’t much out there to help organisers run professional events,” he said. “The infrastructure serving that market still hasn’t caught up with the demand.” Day 1: The missing emails and the founder who did almost everything Jetron’s first day was at a Y2K-themed party organised by the same friend whose problem led Jerugba to build the product. He had spent two months building the platform’s first version: users could create events, attendees could buy tickets, receive QR codes, and get scanned in at the venue. It worked, mostly. But the gaps became obvious quickly. The platform had no system to store customer emails, which meant that there was no way to build a user base or follow up on attendees after the event. To improvise, Jerugba and his team asked attendees for their names and email addresses at check-in and then typed them into an Excel spreadsheet, one by one It was slow and made check-in more tedious than it needed to be, but it was the only workaround the team had. There were other problems. Some attendees completed payments but didn’t immediately receive their QR codes. Because the team was still small, Jerugba handled most of those issues himself. “I was handling everything during that time,” he said. “I handled the entire software development life cycle, customer support, and check-ins, meaning I went to the events to help them with scanning to make sure everything went well.” The missing email system was one of the first things the company fixed after that debut event. Payment confirmation was overhauled so tickets could be delivered reliably. With each new event, Jerugba said, the rough edges from that first night were addressed one by one. Day 500: Growth came, and so did the bills By Jetron’s 100-day mark, something had started to click. The platform had grown beyond the initial circle of friends and was showing up across different cities, without a marketing strategy in place, according to Jerugba. “Once someone uses our platform for an event… attendees who also organise events will look at our platform and use it,” he said. For what started as a side project, he didn’t hide his surprise at the traction it was getting, particularly when he received a customer support request for an event in Kaduna, one of the most populous cities in Northern Nigeria. As usage grew, so did the demands of running the business behind it. From its inception, Jetron was sustained by Jerugba and his co-founder’s salaries, channelled directly into the company. According to Jerugba, the team was spending over ₦1.6 million ($1,160) monthly on salaries alone, with labour accounting for the bulk of its costs, followed by infrastructure and third-party tools required to keep the platform running. It worked for a while until Jerugba lost his job at Reddit in 2023 when his contract role ended. While Jetron was generating revenue, it wasn’t enough to cover costs, and letting employees go wasn’t something he was willing to consider. For about three months, Jetron ran entirely on his personal savings. “It was a tight window, but because our infrastructure costs were lean, the platform stayed live throughout.” His understanding of the industry itself was also deepening. Working closely with event organisers, especially during peak periods like Detty December, exposed Jerugba to the mechanics of the market. He began studying global players in the ticketing space like Ticketmaster and StubHub, learning how they handled growth, their unique features, how their systems were structured, and how they supported large events. That research shaped Jetron’s direction. In 2023, Jetron introduced new features, like seat mapping, to give attendees more control over where they would sit at an event, believing it would bring a level of structure that mirrored more mature ticketing systems. Over time, the product expanded to include tools like group tickets, promo codes, and curated guest lists—features designed to reflect how people actually attend events in Nigeria, often in groups or through coordinated access. Eventually, revenue began to reflect Jetron’s growth and match its costs. According to Jerugba, Jetron processed over ₦60 million ($43,000) in ticket
Read MoreTelkom Kenya has fallen to the country’s fifth-largest mobile operator, down from third place just two years ago. Its subscriber base shrank to roughly 744,500 by December 2025, down from 1.34 million in December 2023, according to Communications Authority (CA) data. The decline marks one of the sharpest contractions among Kenyan operators over that period, as Equitel and Jamii Telecommunications both overtook it. The decline came even as the broader market expanded. Over the same period, Safaricom grew to 52.3 million subscriptions and Airtel to 22.3 million, widening their lead, while Equitel and Jamii Telecommunications held or expanded within specific segments. The shift points to a market that is no longer just led by a dominant incumbent but increasingly defined by scale at the top and clear positioning among smaller players. Telkom has lost ground in absolute terms and slipped between these two ends of the market without a clear base to defend. Part of the decline is tied to network performance. The CA’s quality-of-service data shows Telkom trailing competitors on call stability and availability, a gap that weighs more in a prepaid market where most users can switch providers at little cost. In that environment, even small differences in reliability tend to translate quickly into churn, particularly among price-sensitive users, a segment Airtel targets aggressively. Infrastructure constraints compound the problem. Telkom’s long-running dispute with American Tower Corporation (ATC) over tower access and outstanding fees has threatened site shutdowns and limited the operator’s ability to maintain consistent coverage. That tension has made it harder to sustain network quality or expand capacity at a time when rivals have continued to invest, reinforcing a cycle in which weaker service feeds subscriber losses, which in turn constrain further investment. At the same time, Telkom’s market position has become harder to define. Safaricom continues to anchor its dominance in network reach and its mobile money ecosystem, while Airtel has combined lower pricing with improving coverage to add millions of users since 2023. Smaller operators have avoided direct competition by focusing on narrower use cases, with Equitel operating as the telecom arm of Equity Bank and Jamii Telecommunications targeting data-driven segments. Telkom’s slide suggests that operators without either advantage face growing difficulty holding on to users as competition sharpens.
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Africa’s fintech giants are already regional, but regulation isn’t When Nigerian fintech companies expand across Africa, the technology often travels easily. Payments APIs integrate quickly, merchants understand the products, customers adopt digital wallets and online checkout tools without much friction. Regulation, however, does not travel as easily. A fintech that is licensed in Nigeria must often repeat the entire licensing process when entering another African market, navigating new capital requirements, compliance rules, reporting standards, and supervisory expectations. The result is a fragmented regulatory landscape that many fintech founders say slows expansion across the continent. This challenge sits at the centre of the Central Bank of Nigeria’s Fintech Policy Insight Report, which explores the potential role of regulatory passporting in reducing duplication across jurisdictions. According to the CBN survey, 62.5% of fintech stakeholders already operate in or plan to expand into other African markets, and the same share supports the development of a regulatory passporting framework. The message from the ecosystem is clear: African fintech companies want to scale regionally. The question is whether the regulatory architecture of the continent is ready. Infrastructure matters as much as regulation Nigeria hosts one of Africa’s largest fintech ecosystems. Startups such as Flutterwave, Paystack, and Fincra now power payment infrastructure, merchant acquiring tools, cross-border settlement networks, and financial APIs used by businesses across multiple African markets. Yet each new market often introduces a different regulatory environment. Fintech operators expanding regionally must secure local licences, meet jurisdiction-specific capital requirements, and build relationships with local banking partners and regulators. These processes can take months and sometimes years. Passporting, Fincra argues, would also fundamentally reshape partnership models: by shifting relationships away from local intermediaries engaged purely for regulatory access toward partners focused on payment system connectivity, liquidity management, and settlement efficiency. But reducing licensing duplication, while necessary, may not be sufficient. Even operators who have cleared the regulatory hurdle find that the practical mechanics of cross-border payments introduce a separate layer of complexity. Expansion ambitions meet regulatory fragmentation Even when regulatory approval is secured, fintech companies must still navigate the practical mechanics of cross-border payments. These include foreign exchange constraints, liquidity management, settlement timing, and interoperability between payment systems. Nigeria’s domestic payments system offers an example of what coordinated infrastructure can achieve. The country’s instant payments network processed nearly 11 billion transactions in 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS). Nigeria’s scale is significant in global terms and has shown how large domestic payment rails can become foundational infrastructure for digital financial ecosystems. Yet, scaling such systems across borders introduces new coordination challenges: from fraud monitoring and dispute resolution to identity verification and settlement oversight. Transaction volume alone, however, does not define interoperability. In Paystack’s assessment, the gap between infrastructure progress and commercial reliability is where the most consequential work remains, particularly around data sharing, identity verification, and what merchants actually experience at the point of settlement. Passporting may start with bilateral corridors While passporting is often discussed as a continent-wide framework, the CBN report suggests that implementation may begin with smaller regulatory pilots. Survey participants proposed exploring bilateral cooperation between Nigeria and several peer regulators, including those in Ghana, Kenya, South Africa, Uganda, and Senegal. Such pilots could test mutual recognition of licences while regulators coordinate supervisory standards and consumer protection frameworks. They could also allow countries to experiment with payments system interoperability, particularly between markets with strong digital financial ecosystems. One example mentioned in the report is the possibility of testing interoperability between Nigeria’s and Ghana’s payments systems to support real-time cross-border settlement. These experiments could complement continental infrastructure initiatives such as the Pan-African Payment and Settlement System (PAPSS), which aims to enable instant cross-border payments in local currencies across participating African markets. For operators who have navigated Africa’s licensing landscape firsthand, passporting is less a destination than a foundation. Flutterwave, which has expanded across multiple African markets without a passporting framework in place, sees the bilateral corridor model as the right sequencing. How passporting works in other financial markets The idea of regulatory passporting is not unique to Africa. In the European Union, financial institutions licensed in one member state can operate across the bloc under passporting frameworks embedded in regulations such as MiFID II. This system allows banks, investment firms, and fintech companies to provide services across 27 EU countries without having to secure a licence in every country. The European Union’s Undertakings for Collective Investment in Transferable Securities (UCITS) framework, for example, allows investment funds authorized in one member state to be marketed across the entire bloc, while Singapore’s Monetary Authority has pursued cross-border regulatory cooperation agreements to support fintech innovation. These precedents matter for Africa, but they do not translate directly. The EU’s passporting architecture was built on decades of regulatory convergence across economies with comparable institutional maturity. African regulators are now exploring whether similar coordination models can work across a continent with far more diverse regulatory environments, deeper infrastructure gaps, and a much shorter history of cross-border supervisory cooperation. The operators and investors who have engaged most closely with this question are clear that the concept is sound, but that the conditions which made it work elsewhere will need to be deliberately constructed here, not assumed. Why regulatory alignment matters for Fintech capital Beyond operators and regulators, passporting also matters for capital. African fintech startups attracted $1.38 billion in venture investment in 2025 alone, yet investors continue to weigh regulatory complexity when assessing cross-border expansion strategies. Growth investors often evaluate markets not only on demand and revenue potential, but also on regulatory predictability and the cost of expansion. However, regulatory alignment alone does not determine fintech success.Market depth, customer adoption, and strong product execution remain decisive factors. In that sense, passporting may reduce friction in scaling across markets, but it does not replace the fundamentals that ultimately drive company performance. As Lexi Novitske, partner at Norrsken22, noted in response to the CBN report, the practical implementation of new regulatory frameworks will matter as much as the concept
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