Adora Nwodo refuses to rest on her laurels
On March 15, 2024—a year ago from today—cars and pedestrians bustled beneath the NASDAQ digital billboard in Times Square, where Adora Nwodo’s image glowed. Below her picture read the text: Adora Nwodo, Top Software Engineer of the Year, International Association of Top Professionals (IAOTP). The publicity was an award perk from IAOTP, a community that spotlights professionals with significant accomplishments. Nwodo, at the time, boasted several: she had been a fast-rising member of Microsoft’s Mesh team in Africa, which developed Global Village—a platform allowing world leaders at the World Economic Forum to virtually visualise problems and solutions, test strategies, and interact with a simulated world. Additionally, she ran NexaScale, an ed-tech nonprofit that has since provided simulated work experience for about 11,000 software engineers, designers, and product managers. As a truck and cars rolled by, Nwodo stood across from the towering billboard and later posed for a picture in front of it, smiling like she always knew such a moment would come. On our virtual call, she, in many words, tells me that she did. Nwodo fell in love with computer technology when she first saw a computer at age six in the early 2000s. As the youngest and only girl in a family of boys, she grew up roughhousing with her brothers, the youngest, six years older, until they swapped football for a new interest: a computer her father brought back from a work trip. Though now retired, her father worked offshore for an oil company at the time, a job that kept him away from home two weeks at a time. “I am not sure what he and his colleagues discussed while they were out there, but he came back convinced that the world is moving toward computers,” Nwodo said in our Google Meet call. Around that time, Nigeria’s tech scene was quietly bubbling, riding the telecom boom; NITEL’s monopoly had ended. Companies like Globacom, MTN, and Econet made mobile phones more common and SIM cards cheaper, boosting internet use. Cybercafés popped up in cities, and more Nigerians were creating and scaling startups and native technology. Most notable from that time are payment companies Interswitch and social platform Nairaland. Lagos was blossoming into a tech hub, later nicknamed ‘Silicon Lagoon.’” He wanted his children to engage with this new digital world—just not Nwodo, not yet. He told her to stay away from the computer, promising she could use it once she started secondary school. “My dad was a disciplinarian,” she recalls. “He didn’t think I was old enough for a computer back then. Same reason he wouldn’t let me have a phone until after my WAEC exams. I didn’t start driving or get my own car until my final day at university, either.” He simply didn’t see these things as priorities for her as a young child. But Nwodo was stubborn, a trait she inherited from both parents, who, she says, rarely backed down when they wanted something. When her father left for his next shift, she turned to her brothers, who had already abandoned their outdoor games for the glowing screen. As their darling, she convinced them to let her use it—a gateway to a digital world that felt infinite. Nwodo fell in love, tumbling into a rabbit hole of learning new things every day. Adora Nwodo as a child She recalls using Microsoft Encarta Kids, a now-discontinued digital multimedia encyclopedia and search engine. Nwodo, who sometimes moonlights as a disc jockey, remembers downloading songs on LimeWire, a peer-to-peer file-sharing program that allowed users to share music with each other. “I became a music dictionary growing up, just because I had access to the internet,” she recalled, smiling. “Ask me any old song, and I’ll tell you the year it was released. If I’m wrong, I’ll probably be only two years off.” In her self-guided exploration of the computer and the internet, she also stumbled onto Visual Basic, a family of programming languages from Microsoft, which was then used for creating Windows-native products. Nwodo recalls coding a calculator to double-check her math homework in Primary school. Her curiosity and self-study continued into secondary school at Corona, a private school where each student had access to a laptop for ICT classes. When classmates had coding or ICT assignments, they came to her for help, and they sometimes sought her assistance when their PCs needed troubleshooting. Despite her clear talent and passion, Nwodo’s father strongly opposed her decision to study computer science. He wanted her to pursue law, a profession that was considered more prestigious at the time. Her biggest family support came from her brother, who introduced her to a family friend studying computer science at the Massachusetts Institute of Technology. Defying her father’s wishes, she accepted an admission offer from the University of Lagos. This caused a temporary rift with her dad, who worried she wouldn’t amount to much in that field. But Nwodo says it only fueled her determination—a resolve that persists today. After a few months of silence, they reconciled and are now on great terms. “Somewhere in the back of my mind, I’ve always thought, “This can’t fail—I don’t want to give him a chance [to gloat,]”‘ she says with a laugh. By then, Nigeria’s tech ecosystem was buzzing with startup energy. Early players were boosted by venture capital, with hyped ventures like Sim Shagaya’s DealDey leading in e-commerce. Tech hubs were sprouting across the country, catalyzing programmers building apps in fintech, edtech, and other sectors. This attracted interest from foreign investors, and the growing pool of talent attracted interest from big tech companies like Google. Nwodo holding three of her books The University of Lagos (Unilag) campus in the early 2010s was a reflection of Lagos itself—bustling, competitive, and alive with ambition and opportunity. Students built apps on their own or for class projects. In her third year, Nwodo developed her first mobile app, ‘Third Eye,’ a plagiarism detection tool designed for Nigerian universities, as part of her coursework. She also wrote
Read MoreCBN fines Paystack ₦250 Million over Zap operations, citing licencing breach
Nigeria’s Central Bank has fined Paystack, one of the country’s most prominent fintech companies, ₦250 million ($190,000) for allegedly operating its newly launched consumer product, Zap by Paystack, as a wallet in violation of its regulatory licence, according to one person with direct knowledge of the matter. The apex bank claims that Zap—a peer-to-peer money transfer app launched in March—functions as a deposit-taking product, which is reserved for financial institutions with a microfinance or banking licence. Paystack holds a switching and processing licence, which permits it to route financial transactions between banks and other institutions, but not to hold customer funds. That limitation is central to the CBN’s sanction, the person said. “Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a Paystack spokesperson told TechCabal. In Nigeria’s tightly regulated financial services space, a wallet typically refers to a digital account that stores customer funds, allows payments, transfers, and often provides financial management tools. Operating a wallet without the right licence raises red flags with the CBN, which has grown increasingly vigilant about regulating the boundaries between licensed activities. TechCabal learned Zap does not store user funds directly, but instead operates in partnership with Titan Trust Bank, which is licensed to hold deposits. The fine marks Paystack’s largest publicly known regulatory penalty since it received CBN approval in 2016. It also underscores the risks fintechs face as they expand beyond business-to-business payments into consumer-facing products. Zap’s launch was seen as a bold move by the Stripe-owned firm to compete in the fast-growing consumer payments market. However, it was quickly entangled in controversy: Nigerian crypto startup Zap Africa accused Paystack of trademark infringement, triggering a legal dispute that is still unresolved. The CBN fine comes during heightened regulatory scrutiny for Nigerian fintechs. In the past year, several fintechs have faced increased oversight around customer onboarding and KYC compliance as regulators respond to growing concerns about fraud and financial stability in the financial sector. Two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024 over compliance issues.
Read More
Over 25 million Nigerians hold crypto assets, yet Web3 startups are underfunded. Why?
In Nigeria, digital currencies are more than a novelty. Over 25 million Nigerians are turning to crypto, with stablecoins, in particular, leading a shift in how people send, store, and spend money. From peer-to-peer remittances to cross-border business payments, stablecoins like USDT are becoming staples of everyday transactions. Yet, despite this adoption, venture capital (VC) funding is drying up. According to a report by Hashed Emergent, an India-based Web3 VC firm, surveying the Nigerian Web3 landscape, startups in the sector—ventures founded, owned, and operated by local founders—raised just $20 million in 2024, down slightly from $22 million in the previous year. Across other sectors, there was a funding decline; African startups raised $2.2 billion in 2024, declining by 25% from 2023. Still, the decline seen for Nigerian Web3 startups regressed to a level not seen since 2021. The dip comes even as activity in the market grows, highlighting a disconnect between local demand and global investor confidence. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Infrastructure takes the lead Not all parts of the Web3 space are cooling off. Blockchain infrastructure projects are still attracting investor interest, claiming more than half of 2024’s total funding. In 2024, Zone, a blockchain-based payment processor, closed an $8.5 million round, making it the standout deal of the year. Similarly, Hyperbridge, a cross-chain interoperability project, gained traction in 2025 after raising $5.3 million in seed funding. On the other hand, Web3 finance startups—once the darlings of African crypto—are no longer enjoying the same level of backing. Web3 finance platforms, such as crypto exchanges, decentralised finance (DeFi) applications, and real-world asset (RWA) platforms saw muted activity in 2024, down significantly from their 2021 and 2022 highs. With higher deal counts, Web3 infrastructure startups dethroned crypto and decentralised finance (DeFi) apps in 2024/Source: Hashed Emergent Investors are cautious The retreat from financial apps suggests a shift in investor priorities. Crypto Valley VC (CV VC), one of the active VCs in Africa, has increasingly provided funding to early-stage Web3 startups through ecosystem-led grants. These are small-scale investments that help startups contribute to and grow within larger blockchain communities. In the last two years, CV VC funded Nigerian Web startups Ivorypay and Jamit with $135,000 through its CV Labs accelerator. In 2024, Jamit, a decentralised podcasting startup, was also part of CV Labs’ Lisk blockchain incubation hub, which gives established Web2 startups and early-stage Web3 startups a chance to get up to $120,000 in funding. CV VC’s last-funded startup in Nigeria was HouseAfrica. In 2023, it backed the RWA startup with $400,000. With the ecosystem grants, investors like CV VC can provide a more direct, hands-on approach to help startups grow and scale their operations through mentorships and opening them up to market access. While this suggests a change in strategy, CV VC insists it is not shifting its focus in Africa. “There has been no change in strategy,” Jarryd Kennedy, CV VC’s head of investments in Africa, told TechCabal. “We are very excited by the quality and the level of activity that we see in the blockchain and Web3 ecosystem in Africa. Our pipeline is full of incredibly compelling investment opportunities across the continent.” Yet, providing ecosystem-backed funding, through accelerator programmes and direct support, is likely a way to manage risk. Adaverse, another blockchain-focused VC firm which has previously backed 16 Nigerian startups—including Afriex, BitSport, and Bitmama—kept a low profile in
Read MoreNCC to revise 22-year-old telecoms law to address AI, 5G, and cybersecurity
The Nigerian Communications Commission (NCC) has announced plans to revise the Nigerian Communications Act (NCA) of 2003 in a move to modernise the country’s legal framework for innovation and telecommunications. The revision is intended to align the Act with current realities and anticipate future needs as Nigeria accelerates its push towards becoming a leading digital economy. Speaking at a stakeholder colloquium on Tuesday, the NCC’s Executive Vice Chairman, Aminu Maida, described the meeting as an opportunity to evaluate the effectiveness of the Nigerian Communications Act, address its key shortcomings—including its failure to cover emerging technologies like AI, 5G, and IoT, its lack of strong cybersecurity and rural connectivity provisions—and redefine the Act’s role in driving Nigeria’s digital transformation in a rapidly evolving economy. “We envision a revised Nigerian Communications Act that not only addresses today’s challenges but anticipates tomorrow’s opportunities—a framework that positions Nigeria as a leader in the global digital economy,” he said. Enacted in 2003, the NCA was a landmark policy that liberalised Nigeria’s telecommunications sector, dismantled the defunct Nigerian Telecommunications Limited’s (NITEL) monopoly, and established the NCC as an independent regulator. It paved the way for widespread mobile phone adoption, internet penetration, and growth across industries like e-commerce, mobile banking, telemedicine, and fintech. However, the digital economy has evolved dramatically over the past two decades, and the law has struggled to keep pace. The absence of provisions for emerging technologies is another critical gap. When the Act was written, technologies such as 5G, artificial intelligence, blockchain, and the Internet of Things were either in their infancy or nonexistent. Today, they form the backbone of the digital economy. The NCC is advocating for the inclusion of regulatory sandboxes, innovation hubs, and adaptive licensing frameworks that allow for innovation while maintaining oversight. A major driver of the revision is the growing convergence of telecommunications, broadcasting, and information technology. While these sectors were once separate, services like streaming, Voice over Internet Protocol (VoIP), and digital broadcasting now span multiple regulatory domains. The current Act, which remains telecom-specific, fails to address this overlap and leads to inefficiencies, regulatory conflicts, and stifled innovation. Updating the Act to become technology-neutral and facilitate inter-agency coordination with bodies like the Nigeria Broadcasting Corporation (NBC) and National Information Technology Development Agency (NITDA) is essential. “The new Act has to encourage measures for promoting innovation, including research and development initiatives, innovation hubs, and partnerships with international organisations,” said Peter Ohiozojeh Akpatason, chairman, House of Representatives Committee on Communications. Cybersecurity and data protection are also key focus areas. With the rise of digital platforms has come a surge in cyber threats. The current Act contains limited guidance on protecting consumer data or dealing with cyber incidents. The NCC aims to strengthen these areas by harmonising the NCA with other relevant laws, such as the Cybercrimes Act and the Nigerian Data Protection Act, while clarifying its enforcement role. While the original Act significantly improved telecom access, a large digital divide remains. Millions of Nigerians, particularly in rural areas, still lack affordable and reliable internet access. A revision of the Act must support infrastructure development, mandate infrastructure sharing, reduce Right of Way (RoW) costs, and incentivise investment in underserved areas to bridge this gap. Consumers are also expected to benefit from stronger protection under the revised Act. Although the NCC holds broad regulatory powers, enforcement has been inconsistent. Many subscribers continue to report poor service delivery, unresolved complaints, and a lack of compensation for disruptions. The proposed amendments aim to increase penalties for non-compliance, establish more accessible grievance channels, and enforce regular publication of service quality metrics to hold operators accountable. Despite its liberalising intent, the NCA 2003 has not eliminated systemic hurdles such as multiple taxation, overlapping regulations, and bureaucratic delays. These factors continue to discourage investment and undermine service quality. According to the NCC, the revised Act will aim to streamline regulatory and fiscal processes across all tiers of government to encourage healthy competition and private sector participation. It will also focus on empowering digital entrepreneurs and technology startups. New provisions are expected to include tax incentives, access to funding, and digital skills development to strengthen Nigeria’s growing tech ecosystem and position it as a regional hub for innovation. The revision will strengthen NCC’s enforcement capabilities, update its internal systems, and mandate regular stakeholder engagement. These steps aim to improve the Commission’s responsiveness and ensure that the regulatory environment keeps pace with rapid technological change. “This is a moment to reassess, recalibrate, and realign Nigeria’s digital future with global best practices,” said Maida. With the proposed reforms, the NCC hopes to deliver a forward-looking, inclusive, and innovation-friendly legal framework to support Nigeria’s global digital economy ambitions.
Read MoreBolt launches ₦3.2M electric tricycles in Lagos with 15% driver commission
Ride-hailing giant Bolt is rolling out electric tricycles in Lagos as it pushes to expand its electric vehicle (EV) footprint across West Africa. Starting in May, the company will deploy 25 tricycles developed in partnership with SGX Mobility, a Lagos-based electric mobility company. The launch builds on Bolt’s existing tricycle business in Nigeria, where it already offers keke rides in cities like Jos and Uyo. But this is its first electric version in the country. Riders in Lagos can now choose electric tricycles as a ride option directly in the Bolt app. Each electric tricycle will cost ₦3.2 million ($1,996), with drivers required to make a ₦208,000 ($130) down payment and spread the rest over 18 to 24 months. Lease payments come in at ₦32,000 ($20) weekly or ₦156,000 ($97) monthly. Daily battery swaps cost around ₦6,500 ($4.06)—roughly half the daily fuel cost of a petrol-powered keke. “This launch is about building an ecosystem, not just introducing vehicles,” Caroline Wanjihla, Bolt Africa’s spokesperson, told TechCabal at the launch event on Wednesday. “We’re betting on driver economics. EV tricycles have lower running costs. And with our lease model, drivers can own their vehicles in two years, while saving on fuel and maintenance from day one.” Bolt is also operating a lease-to-own financing model that has recently come under scrutiny. Drivers on platforms like Moove and LagRide have long complained of inflexible repayment terms, mounting defaults, and vehicle repossessions. Many ended up working long hours just to break even. Bolt says its lease-to-own model is built differently with lower entry costs, predictable weekly payments, and a lower commission rate. “With Lagride and Moove, we are looking at more expensive vehicles. The tricycles are much cheaper, and the payment is flexible. We are also tweaking the model to allow for 15% commission as opposed to 25% charged on vehicles,” Zankyang Duniya, Operations Manager at Bolt, said during the press briefing. The tricycles can hit top speeds of 80km/h and run for up to 12 hours on a full charge, according to Ayo Mustapha, Corporate Finance Manager at SGX. The tricycles also operate on a battery swap model. Drivers will be able to quickly exchange batteries at a swap station located in Eagle Square, Surulere, a system designed to minimise downtime and make daily earnings more predictable. Bolt EV tricycle launch also comes at a time when local cycle workers are exploring alternatives to gasoline-powered tricycles due to increased fuel prices. Some have turned to compressed natural gas (CNG), converting their vehicles to run on the cheaper fuel as a stopgap. But access to reliable refueling infrastructure remains patchy, and the cost of conversion is still a barrier for most low-income drivers. Bolt’s EV push now enters that same conversation, with the added promise of ownership and zero greenhouse gas emissions. In the short term, Bolt is taking a cautious approach, watching how drivers and riders adapt to the new vehicles. If demand falls short, the company says it’s prepared to tweak the lease structure, redeploy assets, or slow down expansion. But if the rollout sticks, Bolt plans to extend the model to other Nigerian cities and into additional African markets, including Ghana, Uganda, Tanzania, and Tunisia. The bet is that Lagos, for all its gridlock, is ready for electric vehicles if the economics and infrastructure are built right. Bolt thinks it can do both.
Read MoreKofa raises $8.1 million to expand battery-swapping energy network
Kofa, a Ghana-based clean energy startup that offers battery-swapping infrastructure, has raised $8.1 million in pre-Series A funding. Kofa will use the new funding, a mix of equity and debt, to expand its battery-swapping infrastructure across Ghana and Kenya. It will also support the deployment of new swap stations, the purchase of battery inventory, and the scaling of its AI-driven energy management platform. E3 Capital, one of Africa’s largest early-stage climate-tech venture capital funds and Injaro Investment Advisors, a Ghanaian private capital fund manager, co-led the round with participation from Shell Foundation and other high-profile European angel investors in the battery industry. Launched in 2021, Kofa operates as an energy company that focuses exclusively on delivering and managing energy through its swappable batteries. At the core of Kofa’s model is a battery-swapping network: users—gig workers, motorbike riders, or microbusiness owners—pay about $1 per swap to replace a depleted battery with a fully charged one in under two minutes. Kofa is among startups building clean energy alternatives on a continent still crippled by unreliable electricity. Investors are paying attention—clean energy startups raised over $180 million in Q1 2025 alone. However, Kofa stands out in its focus on being a core energy company, unlike other African clean energy startups —Rwanda’s Ampersand and Kenya’s BasiGo—which offer vertically integrated solutions that bundle vehicle manufacturing, leasing, and energy provision. Kofa’s unbundled approach avoids manufacturing and retail entirely. The startup partners with large-scale vehicle distributors and lets them handle sales and logistics. Its energy-as-a-service model makes Kofa the clean-energy backbone, much like Shell or MTN in their respective sectors. “We think trying to capture the whole value chain is the wrong play here,” Erik Nygard, CEO and co-founder of Kofa, told TechCabal in an interview. “It ignores the reality on the ground. In Africa, scale happens through partnerships, not vertical integration.” Kofa’s batteries are manufactured in China and integrated into vehicles built by partners like Chinese OEM TailG. Kofa itself does not own the batteries; they are financed by asset investors. This asset-light model allows Kofa to focus solely on delivering reliable energy and managing logistics with its AI optimization software, Nygard says. “Our investment in Kofa is about more than just backing a promising energy company; it’s about supporting a solution that delivers tangible economic benefits for local communities,” said Jerry Parkes, Managing Director of Injaro Investment Advisors. “We are also excited to deploy Ghanaian capital in support of a visionary and experienced founder driving sustainable energy innovation in Africa.” A $30 billion market opportunity Sub-Saharan Africa spends approximately $30 billion annually on petrol for motorcycles and small generators. Kofa’s battery swapping model can deliver power at 20–30% lower cost than petrol, presenting an enormous savings opportunity for consumers and businesses. “Even 10% of that market is $3 billion in revenue,” Nygard noted. “And that’s while saving people money. That’s the win-win.” Kofa currently operates 10 swap stations in Accra, with plans to build out 40 stations across Accra and Kumasi in the next few months. It has also started expanding into Kenya. Kofa facilitates about 200 swaps per day today, a figure the company expects to grow sharply as its partner network and customer base scale. The startup is not yet profitable, but Nygard is clear-eyed about the path forward. “Profitability at this stage isn’t the goal — scale is,” he said. “This is a capital deployment
Read More
TechCabal Daily – Nigeria just opened banking
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! MTN Nigeria just turned a profit in Q1 2025; investors, how’s your victory dance going? There are two universally accepted truths: one, water is essential for survival; two, TechCabal throws the best mixers. Yesterday’s event was proof. We gathered investors and operators poolside for a night of laughter, banter, and good vibes. I hopped across a couple of mixers last night, but TechCabal’s stood out. Great conversations. Great wine. And yes, the snacks were slapped. It’s past midnight as I’m editing this, but I’m still riding the high. In other news: A startup out of southeastern Nigeria wants to become the “Netflix of documentaries.” Based in Aba, Igwe Praise and his small crew of engineers and content junkies are building a dedicated documentary streaming platform—betting there’s room in the crowded market for deep storytelling. Know a startup we should be writing about? Nominate them here. Let’s get into today’s dispatch. Nigeria finally approves open banking Jeff Bezos’ Kuiper finally launches 27 satellites to space Mastercard partners with OKX, Nuvei, and Circle to launch stablecoin payments World Wide Web 3 Opportunities Fintech Nigeria finally approves open banking Image Source: Google *pans camera to fintechs doing their victory dance Following a series of decisions and walkbacks, Nigeria’s Central Bank (CBN) has finally given open banking—a system that enables third-party sharing of customer data by banks—a nod. It has taken eight long hard years but it’s finally here. Why it matters: This approval lets you consent to allowing regulated financial institutions to access your data, such as account balance (don’t be shy), transaction history, and spending patterns, and in some cases, initiate transactions on your behalf. This data will be shared through a standardised API that all banks and participating institutions can connect to, enabling secure and consistent access. For you (customers), it means better and more personalised financial products. For banks, it means a new wave of competition from fintechs. Why it’s a big deal: Nigeria has struggled with credit access—despite the troves of consumer transaction data sitting idle. Today, up to 70% of account holders still can’t access credit. With open banking in play, fintechs and banks can securely share user data, better assess creditworthiness, and unlock more inclusive lending. This is a game-changer for startups like Mono, OnePipe, and others whose core business depends on seamless access to banking data. Banks must now begin open banking implementation by August 1, 2025. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Internet Delay is not denial; Jeff Bezos’ Kuiper finally launches 27 satellites to space Amazon’s Kuiper satellites finally go to space/Image Source: The New York Times It sucks to be Elon Musk (don’t take that literally). Only weeks ago, he was basking in multiple wins: Starlink launched in crisis-torn Somalia and Lesotho under serendipitous circumstances. To add to his wins, fellow billionaire Jeff Bezos, who owns Amazon’s Kuiper—a low-earth orbit (LEO) satellite internet company—seemed to be having a problem launching his rockets. Bad weather torpedoed them from lifting. It was pretty good going for Musk until April 28, at 7.01 PM Eastern Time
Read MoreMTN Nigeria posts ₦133.7 billion Q1 profit in second straight positive quarter
MTN Nigeria reported a profit after tax of ₦133.7 billion( $102.85 million) in Q1 2025. This marks the telecom giant’s second consecutive profitable quarter, a significant rebound from the ₦392.7 billion ($302.08 million) loss recorded in Q1 2024, largely driven by foreign exchange losses and inflation. The unaudited Q1 2025 results, released on Tuesday, reflect a strengthening financial outlook. Service revenue rose 32.5% year-on-year to ₦752.98 billion ($579.22 million), fueled by recent price hikes, broader adoption of 4G and 5G networks, and solid growth in MTN’s digital and fintech verticals. It’s also the company’s first Q1 profit since the 2023 naira devaluation triggered a cascade of FX-related losses. MTN’s return to financial stability has tangible benefits for its over 84 million subscribers. A profitable MTN can invest more aggressively in network upgrades, improve service quality, expand rural connectivity, and enhance the overall digital experience. Faster internet speeds, fewer call dropouts, and better access to services in underserved areas are among the expected gains. “We are encouraged by the improvements in Nigeria’s macroeconomic conditions, marked by increased forex liquidity, a relatively stable naira, and easing inflation,” said Karl Toriola, MTN Nigeria CEO. “However, the recent escalation in global geopolitical and trade tensions presents risks to the broader outlook.” Profitability has also strengthened MTN’s operational efficiency. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin rose to 38.5%. Key contributors include MTN’s expense efficiency program and successful renegotiation of tower leases, which have already saved the company ₦3.8 billion ($2.92 million) annually. MTN’s stock has responded positively. Trading volumes soared to 11 million units on April 15—its highest single-day activity this year—while the share price surged 55% from a 2024 low of ₦170 to ₦264.20 ($0.20) by the end of April. Analysts have taken notice, with Chapel Hill Denham calling the stock “extremely cheap” despite its recent rally, citing stronger earnings expectations and improved investor sentiment. This momentum also sets the stage for a new public offering. MTN Nigeria plans to reduce MTN Group’s stake from 76% to 65% via a share sale expected to raise between ₦500 billion and ₦700 billion ($436.6 million). Proceeds will fund network expansion and reduce debt. The company’s last offering in 2021 drew over 126,000 local investors, and this new issuance aligns with government efforts to boost indigenous ownership in the telecom sector. A central pillar of MTN’s recovery strategy is diversification. In Q1, the company rebranded its fibre-to-the-home business to FibreX, supporting Nigeria’s ambition for 90% broadband penetration by 2025. This complements fintech growth, where MoMo wallet transactions rose 21% year-on-year, processing $16.8 billion in merchant payments. Digital services now contribute over 25% of fintech revenue. The company also made progress operationally. Active data users increased by 12% year-on-year, and the negative effects of the NIN-SIM linkage enforcement, which caused subscriber losses in 2024, have largely tapered off. Despite these wins, challenges remain. Retained earnings still stand at a negative ₦607 billion ($466.9 million), which may delay dividend resumption. Inflation remains stubbornly high at 28.3%, squeezing margins, and a pending class-action lawsuit on data mismanagement could pose reputational risks. Analysts forecast a sharp recovery for MTN Nigeria, powered by strategic tariff increases, network expansion, and operational discipline. The company aims for mid-40% growth in service revenue and EBITDA margins through the remainder of 2025. Key to this ambition will be the continued rollout of 5G infrastructure, improved forex liquidity, and the execution of the public offering. MTN Nigeria’s Annual General Meeting, set for April 30, will address potential dividend policy revisions and corporate governance updates—two topics sure to be closely watched by investors.
Read MoreNigeria’s open banking to launch in August after four-year wait
Nigeria’s central bank (CBN) has approved the launch of open banking, mandating that banks begin sharing customer data with other financial institutions starting in August 2025, according to one person with direct knowledge of the meeting. Nigeria becomes the first African country to implement open banking, four years after the Central Bank of Nigeria first released its regulatory framework for the initiative. With the CBN’s approval, customers can now consent to allow regulated financial institutions to access their data, such as account balances, transaction histories, and spending patterns, and, in some cases, even initiate transactions on their behalf. The data will be shared through a standardised API that all banks and participating institutions can connect to, enabling secure and consistent access. A central registry will identify and authenticate all participants, while a consent management framework tied to customers’ Bank Verification Numbers (BVNs) will ensure that customers remain in full control of who can access their data and for what purpose. Open banking is ready for Nigeria, but CBN’s approval stands in the way The CBN revised its approach after pushback from the banking industry against centralising control under the Nigerian Interbank Settlement System (NIBSS). It has now established independent committees to oversee open banking, led by bankers and employees of financial institutions without direct CBN control over any of the committees. The importance of open banking cannot be overstated. By accessing years of data on Nigeria’s 120 million bank customers, financial institutions can use this data to offer new services to Nigerians. The most likely service to improve with access to data is lending. So far, bank-led lending has resulted in low credit penetration, with as much as 70% of bank account holders locked out from accessible credit. FIntechs have entered the credit market to fix this despite having limited data, leading to a mixed bag of subprime loans and predatory collection methods. With open banking, lending fintechs would receive data (transaction history, consumption patterns) from banks to assess creditworthiness and also help create a much-needed credit score for Nigerians. Financial institutions can also create new types of personalised financial products backed by data. *This is a developing story. Open banking can change Nigeria’s financial industry. Why is the CBN stalling on it?
Read More9mobile claims SIM porting is active, but users say otherwise
9mobile subscribers are encountering a new and frustrating challenge: they cannot port their numbers to other networks due to persistent network outages in several parts of the country. Despite these disruptions, 9mobile maintains that porting services remain active. “Our customers can still port out of our network if they choose to, and we comply fully with regulatory guidelines to ensure a smooth process,” said Chineze Amanfo, 9mobile’s Public Relations Lead. “We encourage any customer experiencing issues to contact our support team for assistance.” The discrepancy between the company’s assurances and user experiences has raised concerns about transparency and access, especially as network reliability continues to decline. For users dealing with frequent call disruptions, slow internet, or total network outages, porting offers a vital solution. In April 2013, the Nigerian Communications Commission (NCC) introduced Mobile Number Portability (MNP) to give consumers more control and encourage competition. The policy allows telecom users in Nigeria to switch to a different network without losing their existing phone number. Porting requires both the donor (current) and recipient (new) networks to be online and responsive in real time. Any outage, glitch, or downtime on either end halts the porting process entirely. And that’s exactly what many 9mobile users are now facing. Until January, 9mobile users could port out without issue. In January 2025, the operator recorded 4,528 outgoing ports, making up nearly 79% of all 5,710 ported numbers across the industry. MTN Nigeria followed with 952 port-outs, Airtel had 130, and Globacom recorded just 100. Porting involves the subscriber sending “PORT” via SMS to a short code to initiate the transfer, after which the request is processed by a central Number Portability Clearing House. But if 9mobile’s systems are down or unresponsive, the request can’t go through, and subscribers can’t generate the code. For some subscribers, the frustration has reached a breaking point. Oloruntoba Yusuf, a broadcaster and former 9mobile user, told TechCabal that after enduring two months of poor service, he tried and failed to port. “I gave up,” he said. “ I changed my BVN number and threw the SIM card away. My sister-in-law still uses 9mobile and says the network hasn’t been restored.” A TechCabal reporter attempted to port from the network after 9mobile’s response to comments and received the following message: “Your message has been received. If you have not done so already, please proceed to the nearest shop of the network you want to port to.” Rotimi Babs, an energy consultant and current 9mobile subscriber, said the problems go beyond unreliable service. Although network coverage has been inconsistent, purchasing airtime and data bundles has been even more frustrating: banks debit his account, but 9mobile fails to credit the data. Even trying to buy data using existing airtime doesn’t work. “I’ve migrated most of my communication away from the line,” Babs said. “At the first opportunity to port, I won’t hesitate.” Some industry insiders claim the timing of the disruption in porting is not coincidental. 9mobile is in the final stages of negotiating a national roaming agreement with MTN Nigeria. The deal would allow 9mobile to use MTN’s infrastructure to improve its reach and service quality, especially in underserved areas. According to two sources familiar with the matter, the partnership could be announced within a few months. “To secure more favourable terms in the deal, 9mobile likely wants to retain as many subscribers as possible,” said one telecom executive who wanted to remain anonymous to speak freely. “Blocking porting—even indirectly—helps keep those numbers stable.” But Amanfo told TechCabal that the possibility of switching off its network is zero. “We work under strict regulatory guidelines,” she said. “We cannot just switch off our network without the express permission of the NCC. You can confirm this from the regulator as well.” In December, 9mobile blamed ongoing technical glitches caused by fibre cuts in multiple locations for the difficulty in supplying quality service. It denied intentionally blocking users from leaving the network. However, the operator’s sharp decline tells its own story. Formerly known as Etisalat Nigeria, 9mobile held 15.7% market share in 2015. As of January 2025, it had dropped to 1.9%, with just 3.2 million active subscribers, and that number hasn’t changed for three months straight. In several regions, including many parts of Lagos, even remaining subscribers report complete service blackouts. Whether the MTN roaming deal can revive 9mobile remains to be seen. But for now, many of its customers feel trapped, with no signal and no way out.
Read More