How Moniepoint is going after remittances with Monieworld
Moniepoint, the Nigerian fintech unicorn, has launched Monieworld, its remittance product that allows UK residents to send money directly from a Monieworld account, cards, a British bank account or via Apple Pay and Google Pay to any Nigerian bank account. In a live demo seen by TechCabal, it took just 17 seconds to send £1 to a Moniepoint account, which received ₦2,172—₦53 more than on other remittance platforms like Grey and ₦30 more than Lemfi. Monieworld makes money through FX conversion fees, with plans to diversify revenue as it expands its offerings. For now, it can only send money to Nigeria, which received £2.7 billion in remittances from the UK in 2021 through formal channels, making the corridor one of Nigeria’s largest sources of remittances. “We used to say we are creating financial happiness for Africans, but that has evolved to Africans everywhere,” Moniepoint’s CEO, Tosin Eniolorunda, told TechCabal. “Our goal is not just remittance but a full-fledged diaspora financial services platform to serve the African diaspora.” Moniepoint is best known for its blue POS devices used by thousands of agents scattered across Nigeria to dispense cash. After expanding into personal and corporate banking in the past two years, Monieworld is its latest attempt to diversify beyond agency banking and build a financial services ecosystem. Recently backed by $120 million from investors like Google and Visa, Moniepoint enters the remittance space with a familiar playbook: offer the best deal upfront. It currently offers the highest conversion rate in the market, a strategy it used during its agent onboarding phase when it gave out thousands of POS terminals for free to agents across Nigeria. That strategy paid off. Moniepoint now processes over 1 billion transactions monthly, worth $22 billion, according to the company. Beyond offering a higher conversion rate for now, Moniepoint is also banking on Monieworld’s speed and reliability to retain users, as it has end-to-end control over transactions. “We are using pricing as a pull factor. We want people to try the product because it’s affordable and stay because it works,” Eniolorunda said. 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 Monieworld processes remittances through a Nigerian international money transfer operator (IMTO) license under a Moniepoint subsidiary called Global Wire and a partnership between Moniepoint’s UK subsidiary and PayrNet, a licensed electronic money institution (EMI) in the UK. It is also “deep” into acquiring its EMI license from the UK regulators—a move that will remove external influence in processing remittances, which might increase its speed and reliability by keeping the money within its ecosystem. Only UK residents can use the app after undergoing checks to verify residency, creditworthiness, and identity. Monieworld is creating its customers Moniepoint is no stranger to competition. In agency banking, it competes with OPay and PalmPay, while in personal banking, it competes for market share with Kuda. Its newest competitors, like Lemfi, Grey, and global players like Wise, have the advantage of focus, building products dedicated solely to cross-border payments. However, Moniepoint does not consider these companies as its immediate competitors. “Our biggest competitor in remittance is peer-to-peer transactions (people sending money back home through friends and family),” Eniolorunda said. “Our approach isn’t necessarily to go head-to-head with Lemfi or Grey, it’s to go after the huge, untapped market—people still sending money manually.” Over 290,000 Nigerians live in the UK, according to a 2021 census, forming the third-largest nationality.
Read MoreOpera Mini rolls out AI-powered upgrade to take on Google and Microsoft browsers
Opera Mini, Opera’s lightweight mobile browser that’s become a digital lifeline across Africa—especially for users on affordable, low-spec smartphones—is stepping into the AI race with a significant upgrade, the company told TechCabal. The company is integrating its browser AI, Aria, into Opera Mini, bringing advanced AI-powered capabilities to more than 100 million users worldwide—many in data-conscious markets like Kenya, Nigeria, and South Africa. This move marks Opera’s most ambitious attempt yet to challenge tech giants Google and Microsoft in the AI-enabled mobile browser space. As of Q1 2025, Opera ranks as the sixth-largest browser globally with a 2.2% market share, and serves 380 million monthly active users (MAUs), trailing Chrome, Safari, Edge, Firefox, and Samsung Internet, according to StatCounter. Africa remains a stronghold for Opera Mini, with Kenya emerging as its biggest market—boasting 13 million users, or 12% of the mobile browser’s 100 million global base. With the introduction of Aria, Opera Mini is promising an AI experience that doesn’t demand high bandwidth or large device storage Aria enhances the web experience by offering real-time information retrieval, article summarization, text and code generation, image creation, and intelligent assistance for learning and research—all within a lightweight chat-based interface. Importantly for Opera Mini’s core user base, these features do not increase the app’s size or data usage. “AI is rapidly becoming an integral part of the daily internet experience,” said Jørgen Arnesen, EVP Mobile at Opera. “Bringing Aria to Opera Mini is a natural next step for our most-downloaded browser. We’re excited to explore how AI can further enhance the feature set our users rely on every day.” Aria is powered by Opera’s proprietary Composer AI engine, which combines models from OpenAI and Google to generate fast and contextually relevant responses. It also includes support for image generation via Google’s latest Imagen3 model. With this rollout, Aria is now available across Opera’s entire lineup of browsers on both desktop and mobile. The Aria integration is designed to fit seamlessly into the Opera Mini environment. Users can access it from the main menu or directly from the start page. Once activated, they can chat with Aria to ask questions, generate content, search the web, and perform AI-assisted tasks without leaving the browser. This frictionless experience aligns with Opera Mini’s longstanding mission to make the internet more accessible, faster, and cheaper for users in emerging markets. In regions where mobile data remains prohibitively expensive, Opera Mini has long offered a data-conscious alternative. Its data-compression technology has helped level the playing field in markets where internet affordability is a barrier. In Nigeria, for example, 59% of users in a yet-to-be-published Opera survey conducted in March 2025 said that mobile data is too costly, and more than half reported running out of data before the end of the month. Opera Mini addresses this by compressing content and offering promotional data bundles through local telecom partnerships, with some users receiving up to 1.5GB of free data per month. The company told TechCabal it has saved Nigerians an equivalent of $27 million in data through its data compression technology. While companies like Google and Microsoft dominate the AI narrative with tools like Gemini and Copilot, Opera’s Aria could make AI more accessible to low-end smartphone users in parts of the world where access is limited. Opera Mini already includes features that cater to local interests, such as live football scores and MiniPay, its built-in digital wallet. Now, with Aria embedded into its platform, Opera wants to be the AI for everyone. Whether users are creating school projects, seeking information, or generating digital content, Opera Mini’s Aria puts advanced AI tools in their pockets without breaking their data budgets.
Read MoreSouth Africa suspends new SASSA payment cards, placing 28 million at risk
The South African Reserve Bank (SARB) has suspended the rollout of Postbank’s new black South African Social Security Agency (SASSA payment card), throwing the distribution of monthly social grants to over 28 million beneficiaries into uncertainty. The new cards were meant to replace the ageing gold cards used by SASSA grant recipients, one of Africa’s largest social welfare programmes. The transition to black cards, issued by state-owned Postbank, was part of the government’s plans to enhance security and modernise the payment system. On Tuesday, SASSA confirmed that the issuance of Postbank’s black card has been suspended, urging beneficiaries who have not yet received their cards to consider opening accounts with other banks of their choice to continue receiving payments. “The Sarb instructed Postbank, with the guidance of Sassa, to ensure that beneficiaries who have not yet migrated to the black cards can use their gold cards and receive their grants and that there is minimal disruption while they are moving to alternative sources, such as their bank of choice,” said Bridget Masango, chairperson of the Portfolio Committee on Social Development. Administrative inefficiencies, fraud, and infrastructure challenges have dogged South Africa’s grant system. Previous attempts to digitise services and reduce reliance on physical service points have not yielded much, with many beneficiaries expressing distrust in digital platforms and preferring in-person assistance. The card transition programme was a key part of Sassa’s modernisation efforts. The SARB’s directive has not been detailed, and the central bank and Postbank have failed to provide a clear timeline for when card issuance will resume. “SASSA remains hopeful that all beneficiaries will continue to receive their funds. We also want to emphasise that beneficiaries have the right to choose any bank of their preference. They can visit their nearest SASSA local office for assistance if needed,” said Paseka Letsatsi, Sassa spokesperson. Despite Sassa’s assurance, many beneficiaries, particularly in rural areas, could be affected by long queues, limited access to bank branches, and inconsistent communication from officials.
Read MoreSouth Africa’s payments startup Stitch raises $55 million Series B funding
Stitch, a South Africa-based payments infrastructure startup founded in 2021, has raised $55 million in a Series B round, bringing its total funding to $107 million within just four years of operation. The funding is aimed at expanding its in-person payment offerings, improving its online payment suite, and facilitating its entry into card acquiring. The $55 million funding round was led by QED Investors, with participation from Norrsken22, Flourish Ventures and Glynn Capital, as well as angels including comedian Trevor Noah. Existing backers like Ribbit Capital, PayPal Ventures, Firstminute Capital and The Raba Partnership also contributed. “This funding round is focused on our next phase of growth to expand our in-person payments launched with acquisition of ExiPay earlier this year, and also (to) bolster our online payments suite to better serve enterprise merchants across all payments needs,” said a company representative. The funds will also support Stitch’s expansion into accepting card payments from customers, whether in-store or online. The company representative noted that “becoming a direct acquirer allows us to process card transactions directly, without relying on banks. We will be able to offer our clients an end-to-end card product with full control over the whole product lifecycle while reducing the number of intermediaries and lowering costs.” The funding will help Stitch invest in infrastructure that enable the flow of money including payment processing networks, as well as infrastructure to improve payment processing, methods, and service levels. “The key is seamless switching between these sources. We need to automatically detect failures and switch to backups, ensuring uninterrupted service. This requires maintaining all these alternatives and having the systems and teams to manage the transitions quickly,” said the company representative. The company noted that its ability to attract such substantial capital in a challenging macroeconomic climate hinges on building a business with demonstrable fundamentals. First, startups must demonstrate a sound business model that addresses a real market need, showing evidence of market share growth, strong client adoption, and positive feedback. Stitch’s growth is fueled by factors like increasing e-commerce penetration, the rise of digital wallets, and the popularity of buy-now-pay-later (BNPL) solutions. South Africa’s e-commerce penetration is experiencing significant growth, with estimates suggesting a rise from 49% in 2023 to 60% by 2028. “Investors primarily focus on the fundamentals of building something people genuinely want and demonstrating strong financial performance. You need to clearly illustrate your growth trajectory and sound financial fundamentals. Then, the ‘nice-to-haves’ like investor networks and brand storytelling become relevant,” the company representative said. Stitch serves some of the leading enterprise businesses in South Africa including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, The Courier Guy and many more. This funding will help them serve their clients better. “Businesses like Takealot operate 24/7/365. We need to provide consistent, uninterrupted service. However, South Africa’s financial infrastructure is not designed for round-the-clock operation,” the company representative said. Stitch bridges this gap by providing a comprehensive suite of payment solutions for enterprise businesses. It also launched Express, a simple checkout solution designed for online businesses of all sizes that use e-commerce platforms such as Shopify and Woo, in early 2025. Beyond access to all local online payment methods and in-person payments, Stitch is also known for its fraud prevention capabilities with its Shield product which uses AI to detect fraud across all transactions, providing merchants with tools to manage fraud incidents, and handling both prevention and response. The startup notes that South Africa’s payment infrastructure market is constantly innovating. Merchants are demanding higher service levels, faster product delivery, and new payment methods to cater to diverse customer segments. They are also seeking seamless omnichannel experiences, merging online and in-person payments. “Value-added services are becoming crucial. They want detailed payment insights, AI-driven fraud prevention, and streamlined reconciliation and reporting. Enterprises are looking for comprehensive solutions, not just basic payment processing,” the company representative said.
Read More
Inside Verto’s intercontinental B2B money movement engine
For large organisations operating in Africa, accessing foreign exchange (FX) liquidity when they need it is often a painful experience. Banks rarely provide the full amount required in one go, and when they do, the process is slow, opaque, and fragmented. That challenge—moving money efficiently across borders and accessing FX at competitive rates—is what Verto, a London-headquartered fintech, set out to solve. Founded in 2019 by Ola Oyetayo and Anthony Oduwole, Verto has built a B2B cross-border payments and FX platform that helps businesses send, receive, and exchange money across over 190 countries. The company’s origin was modest: a currency exchange marketplace to help businesses swap illiquid African currencies like the naira or franc for more globally traded ones. But it quickly evolved. “Sometimes these corporations can’t get all the FX they need at once from the bank,” Oduwole, Verto’s CTO, told TechCabal. “We offer competitive rates because we can do wholesale pricing—2x or 3x better than banks in some cases.” By adding payment infrastructure to its FX engine, Verto positioned itself as a one-stop platform for businesses with international operations. Its clients range from consumer internet companies like MTN and Yoco to B2C remittance firms like Flutterwave and D.local, who rely on Verto’s infrastructure and liquidity to serve their own end users. B2B, not B2C—for a reason When Verto launched, Africa’s B2C remittance space was already crowded with big players: Western Union, MoneyGram, and a growing cohort of fintechs. Oduwole said that entering the B2C space would’ve required a marketing war chest and deep operational expertise. Instead, Verto made a bet on business payments—what the founders saw as an underserved and largely “unsexy” part of the market. The logic was simple: while remittances dominate the headlines, B2B cross-border transactions dwarf B2C in volume. As of 2024, the global B2B cross-border payments market was worth $31.6 trillion, compared to just $1.9 trillion for B2C. “B2B was the bigger pie,” Oduwole said. “If you get even 1% of that, you’re good.” Building infrastructure from scratch Beneath the glossy interface, Verto has built a dense backend stack: compliance engine, FX pricing engine, payments infrastructure, and reconciliation tools. Much of it was created from scratch. “There was simply no plug-and-play,” Oduwole said. “We had to build our own stack—from payment and compliance to reconciliation.” The infrastructure gives Verto a powerful edge. It not only powers its own products, it also allows other businesses to build on top of it. Some remittance companies, for example, use Verto’s rails to move money behind the scenes. To overcome friction with legacy African banks—many of which struggle to integrate with global banking systems—Verto secured a Payment Services Provider (PSP) license from the UK’s Financial Conduct Authority. This allows the startup to connect directly with tier-1 global banks and manage treasury services more efficiently. Compliance as product For a startup that moves large sums of money across continents, compliance is not just a checkbox—it’s a product in itself. “If you mistakenly send $1,000, no one will panic,” Oduwole said. “But if you move $10 million non-compliantly, your company could be shut down.” Verto has built a smart compliance engine that tracks payment patterns and flags anomalies. If a business usually does quarterly transactions worth $1 million and suddenly spikes to $2 million, the system checks in. “Not because we don’t want you to succeed,” Oduwole said. “We just need to know it’s compliant.” Verto also conducts due diligence on beneficiary accounts and taps into international fraud databases. The system is reinforced with AI to flag risks and reduce false positives. Making money Verto earns from FX transactions, transfer fees, and a 1% commission on its price discovery marketplace. The company claims profitability and processes over $15 billion in FX volumes annually. Its FX management product is the biggest revenue driver, followed by treasury services. But Oduwole believes its card product, which launched in 2024, may soon overtake them. Verto operates in a crowded space. It competes with players like Kora, Fincra, and older financial institutions like banks. But it sees banks—not startups—as the biggest threat. “Banks don’t just do FX. They give credit, manage payroll, and do a lot of the heavy lifting for businesses,” Oduwole said. Still, Verto believes banks are too slow and rigid to match the flexibility digital platforms offer. New products and bets Verto’s corporate cards allow businesses to issue expense management cards for international use. The company extended the product to freelancers and smaller businesses to unlock new demand. Oduwole said the difference lies in the vertical integration: “We leverage Verto FX infrastructure, Verto collections, and pair it with our partner’s card technology. That gives us deeper services than other providers.” It also rolled out a no-code invoice tool—businesses can now send a payment link to international clients to get paid faster. Behind these launches is a broader product strategy: bundling treasury, FX, and payment tools under one roof to keep B2B users in its ecosystem. Verto wants to become the default financial backend for African businesses with international operations. To get there, it’s betting on infrastructure, compliance, and a B2B-first lens. “If you truly want to build a global business, you have to make compliance your core,” said Oduwole. “You might not scale fast, but you’ll build a real business—and sleep better at night.” The technology and innovation shaping cross-border payments in Africa
Read MoreNigeria’s inflation accelerates to 24.4% in March
Nigeria’s inflation accelerated in March, reversing the temporary relief seen in February, as festive spending during Eid al-Fitr, and renewed currency depreciation lifted prices across the board. Headline inflation rose to 24.2%, according to the National Bureau of Statistics (NBS), up from 23.18% in February. Food inflation declined to 21.79% compared to last month, while core inflation—excluding food and energy—stood at 24.43%, reflecting the broad-based impact of import cost pass-through and utility price adjustments. Analysts say inflationary pressures in March were fueled primarily by seasonal food demand, FX volatility, and higher telecom and logistics expenses. “Seasonal farming constraints during Ramadan, heightened demand over Eid, and the depreciation of the naira all contributed to elevated prices,” said analysts at Meristem, a Nigerian financial services company that provides wealth management, stockbroking, asset management, and trustee services. The naira weakened sharply in late February and early March, trading above ₦1,400/$ in parallel markets and eroding earlier gains seen after the CBN’s FX reforms in Q1. Importers and manufacturers passed rising input costs onto consumers, particularly in urban centers. Samuel Oyekanmi, an analyst at Norrenberger, said March’s figures reflect “a balance between rebasing-related base effects and persistent cost pressures from the naira and fuel.” Analysts expect inflation to remain sticky in the near term, with potential upside risks from electricity tariff adjustments and geopolitical disruptions to global supply chains. “Trade tensions, especially between the U.S. and China, could disrupt input supply and escalate imported inflation,” said Olajide Oyadeyi, an economist at Econoday Inc. “This could worsen price stability for Nigerian producers heavily reliant on foreign goods.” Meristem projects inflation to stay within the 20–24% band through mid-year, citing expected stability in energy prices and a slower pace of naira depreciation. However, the firm warns that “further FX volatility and commodity shocks could challenge this outlook.” The Monetary Policy Committee (MPC) is expected to meet next month. With inflation now rising again and the naira under renewed pressure, markets anticipate the CBN may resume tightening or introduce liquidity management measures to support the currency and contain inflation expectations.
Read More‘CBEX’ promised to double Nigerians’ money. Now over ₦1 trillion could be gone
This is a developing story. In April 2025, CBEX, a digital asset trading platform, collapsed, leaving thousands of Nigerians unable to access their funds. The platform had promised investors a 100% return on investment within 30 days, a textbook red flag for Ponzi schemes. How CBEX worked CBEX sustained its illusion of profitability by using funds from new investors to pay earlier ones. To accelerate growth, it aggressively incentivised its users to refer others, offering tiered bonuses and rewards based on the size of their referral network. Some users reported being required to recruit at least 12 people before being allowed to withdraw profits. CBEX, which stands for China Beijing Equity Exchange, was a digital asset trading platform that gained prominence in Nigeria in 2024. Despite its name suggesting ties to a legitimate Chinese entity, the platform had no connection to the actual China Beijing Equity Exchange and began operations in Nigeria only recently, contradicting its claims of existence since 2017. The platform claimed to use artificial intelligence for trading, but experts and victims revealed that the trading activity and profits displayed were fake. Users faced a 40–45 day lock-in period before withdrawals, with penalties for early withdrawal. In April 2025, withdrawals were suspended entirely, and many users saw their account balances drop to zero. Like most Ponzi schemes, CBEX enticed users with high returns, engineered proof of physical offices, and local officers who claimed they worked with the company’s head office in China, only that this was false, and this was a shell venture with no real backing whatsoever. In one of the Telegram groups that TechCab al had access to, one of these admins claimed they lost $81,430 to the scam. During an X Space hosted by Trending X, cryptocurrency expert Taiwo Owolabi revealed that the USDT address ‘TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf’ was linked to the CBEX platform. Upon verification by TechCabal, it was found that the address linked to held over $773,505,567 USDT at 13:02 WAT. We could not independently verify whether it is connected to CBEX. After the crash, CBEX offered a supposed “lifeline”—users could pay $100 or $200 in verification fees to unlock $1,000 or $2,000, respectively, a tactic to extract even more money from desperate victims. 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 How CBEX unravelled CBEX began operations in Nigeria in July 2024. By April 10, 2025, reports of withdrawal issues surfaced. By April 15, the platform’s collapse became widely acknowledged. Social media was flooded with complaints, and videos showed angry investors ransacking CBEX offices in Ibadan and Lagos. CBEX locked its Telegram channels and attempted to reassure users on social media, but most experts and regulators confirmed the platform had collapsed. The collapse triggered intense emotional responses across Nigeria. Videos surfaced online showing angry youths looting buildings believed to be linked to CBEX in protest over their lost money. In Ibadan, one CBEX office was reportedly ransacked by furious investors. Social media became a battleground of accusations, with some users expressing “zero remorse” for victims, arguing that warnings had been ignored due to greed. In contrast, others pointed to economic desperation as the driving factor behind participation. In a virtual session on April 14, 2025, with fintech stakeholders, Nigeria’s Securities and Exchange Commission (SEC) issued a firm warning to Nigerians regarding Ponzi schemes, without explicitly naming CBEX. SEC Director General Emomotimi Agama warned that: “Recently, a particular platform
Read More
Morocco is betting big on tech, and GITEX Africa is its global stage
Marrakech smells like jasmine, spice, and ambition. That’s the best way I can describe the energy at GITEX Africa 2025, which kicked off on Monday with over 1,450 exhibitors, 350 global investors, and 650 speakers from 130 countries. Now in its third edition, GITEX Africa—now solidified as the continent’s biggest tech and startup show—has positioned Morocco as a continental tech hub, thanks to serious government backing and a growing appetite for innovation. Thousands of people swarm around the sprawling Place Bab Jdid, Bd Al Yarmouk, a venue so massive you could easily miss your way (full disclosure: I got lost thrice). Booths buzzed with product demos and investor pitches, while the stages hosted deep conversations on everything from renewable energy, the future of finance to telecom infrastructure. Notably, Flutterwave CEO Gbenga Agboola spoke to TechCrunch’s Tage Kene-Okafor about the company’s growth from local disruptor to a global fintech powerhouse. Image Source: TechCabal. “GITEX is no longer just an occasion to showcase the latest innovations, but has become a strategic place to strengthen digital inclusion between African countries, to build bridges of cooperation with our international partners, and to accelerate the pace of sustainable digital transformation,” said Mohammed Drissi Melyani, Director General of the Digital Development Agency. That ambition is visible on the ground. Morocco has attracted foreign direct investment into tech and innovation. In 2024, the Northern African country ranked fifth on the continent after raising $70 million, according to funding tracker Africa: The Big Deal. At the opening ceremony, Amal El Fallah Seghrouchni, Morocco’s Minister of Digital Transition and Administration Reform, reminded us that the digital economy now contributes 15% of global GDP. “Aware of the challenges of this digital revolution, the Kingdom of Morocco is actively committed to building a future where digitalization, and through it AI, constitutes a lever for progress, for the benefit of all,” she said. This year’s GITEX isn’t just bigger, but broader. New country pavilions popped up from Gabon, Uzbekistan, Belgium, and Niger. Beyond the typical focus on AI and cybersecurity, the agenda now covers sports tech, energy transition, and edtech. I spotted the Nigerian pavilion, where the National Information Technology Development Agency (NITDA) brought 12 promising startups to showcase innovations from fintech to agritech. One of these startups, Flowdiary, is teaching digital skills such as digital marketing, graphic design, and cybersecurity in Hausa. Ibrahim Auwal, the company’s senior technology officer, told me that the platform has grown to 13,000 users since its inception in 2022. Image Source: NITDA. At the 10X stage, I moderated a fireside chat titled “The Future of Education, Technology, and Investment: Driving Innovation and Entrepreneurship in Africa.” My panelists, Melvyn Lubega, Founding Executive at Go1 and Partner at Breega, and Yassine Laghzioui, CEO of UM6P Ventures, did not hold back. Both panelists stressed the need for more local capital and more collaboration between government and startups, especially in the light of the changing geopolitical landscape with USAID funding cuts and U.S. President Donald Trump’s trade war. “I see a great opportunity for Africa in the current market conditions,” an optimistic Laghzioui told our audience. “This is the best time for investors to come to Africa.” I will be speaking with three investors later on Wednesday on how African startups can continue to unlock venture capital from the U.S in the current market conditions. I hope to find more answers. Walking through the exhibitor booths, I stopped by Visa’s setup, right opposite the Future of Finance stage, and yes, I couldn’t resist taking a picture with the AFCON trophy on display. I hope the Super Eagles bring it home this time. Moments like that remind you that this isn’t just about tech, it’s about culture, pride, and continental ambition. Image Source: TechCabal. Trixie LohMirmand, CEO of KAOUN International, the show’s organiser, summed it up best: “This event has evolved into a powerful platform driving Africa’s digital future… connecting African innovators and talent with global markets, and empowering the next generation to build, revolutionise, and lead the AI economy.” If you ask me, I’d say GITEX Africa is Morocco’s diplomatic and economic bet on technology and innovation. The North African nation is making a bold bid to become the continent’s innovation capital, and it’s doing so with scale and purpose.
Read MoreNMG shareholders miss out on dividends after record $1.9 million loss
Nation Media Group (NMG), Kenya’s largest independent media outlet, has reported a record $1.9 million (KES254.4 million) loss for 2024, hit by falling advertising revenues and a costly restructuring process. The loss is a 27% increase from 2023’s $1.5 million (KES 205.7 million) loss despite an 11% growth in online subscriptions. The company’s board has opted not to declare a dividend for 2024 because of the loss. “Considering the prevailing economic environment and the Group’s investment plans, the Board of Directors does not recommend payment of a dividend for the year 2024,” NMG said in a statement. The company’s revenues dropped by 12.5% to $48 million (KES 6.229 billion), which it attributed to a “challenging macroeconomic environment” marked by high inflation, reduced consumer spending, and a general slowdown in business activity. The drop represents the steepest annual decline in over a decade for the NSE-listed media group, whose flagship brands include Daily Nation, Business Daily, and NTV. Reduced consumer spending cut revenue streams for media houses relying on consumer-facing brands like newspapers and discretionary advertising budgets. In the last quarter of 2024, Kenya’s inflation averaged 7.9%, which saw prices of key consumer staples such as maize flour and electricity increase by over 20%. Despite the difficulties, NMG’s digital business posted an 11% year-on-year revenue growth on the back of an increase in online users to 62.4 million, up from 60.2 million in 2023. The company’s pivot to digital has accelerated in recent years, with the group rolling out revamped online platforms, paywall experiments, and data-driven content strategies. “We are repositioning technology as an enabler to accelerate the transformation of the business into a digital-first media house, serving relevant and impactful content to our audiences,” NMG said. “The group will continue to invest in the delivery of its content through increased customer touchpoints to increase our audience reach while maintaining a strong presence in commercially viable print.” The growth partially offset sharp declines in traditional print and broadcast revenue segments, which have been under pressure from shifting consumer habits and shrinking advertiser budgets. Kenya’s most prominent media outlets, like NMG and Standard Group, face shrinking newspaper circulation as audiences move online, declining ad spending by major brands, and increasing newsprint and distribution costs. This has been made worse by the country’s ongoing cost-of-living crisis.
Read More
👨🏿🚀TechCabal Daily – Access granted
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! So that didn’t take long. In yesterday’s TechCabal Daily, we asked if Lesotho would cave under the one-two punch of Elon Musk’s Starlink and US trade pressure. Today, the answer arrived faster than we imagined. Lesotho’s government has granted Starlink a licence to operate, essentially sidestepping the proud Basotho rule (the law that demands 30% local ownership in any foreign company). The decision came much sooner than anyone expected. Sometimes, holding out makes you look strong. Other times, it just makes you look like you’re waiting for Elon to sweeten the deal. Let’s dive into today’s edition. Access Bank close to finalising NBK buyout Elon Musk’s Starlink enters Somalia and Lesotho South Africans turn to energy trading Equinix’s $140 million solution to Nigeria’s internet problems World Wide Web 3 Opportunities Banking Access Bank close to finalising NBK buyout Image Source: Zikoko Memes/TechCabal If you were Access Bank, and you’d been chasing a buyout deal for the National Bank of Kenya (NBK) for as long as it has, even the tiniest steps in the regulatory approval process would send tingles down your spine. This must be the feeling at Access Bank, Nigeria’s largest commercial bank by assets, which has now received approval from both the Central Bank of Kenya (CBK) and the country’s Treasury to acquire the struggling Kenyan lender. The deal’s not yet inked—Nigerian regulators still have to sign off—but this is the closest Access has been to sealing the deal since it first whispered sweet acquisition nothings in KCB’s ear to acquire its NBK subsidiary over a year ago. So why the clingy courtship? NBK might be struggling, but it comes with prime real estate: a wide branch network (85 branches), name recognition, and a seat at the table in East Africa’s biggest economy. This would be Access Bank’s second Kenyan swoop, after acquiring Transnational Bank in 2020. Clearly, Access Bank is focused on building serious muscle in East Africa, especially after its 2022 attempt to buy Sidian Bank fell through due to unmet waiver conditions that were never made public. Despite what promised land the NBK looks like for Access Bank, the smaller bank has been struggling with high loan defaults and consistent revenue losses. As of 2024, NBK’s non-performing loans (NPLs) were as high as 18.6%, above the banking industry’s 16.4%—which means that for every $100 the bank gave out as loan, $18.60 was at risk of not being repaid on time or at all. This was primarily driven by defaults in corporate and manufacturing sectors, which together accounted for a significant share of the bank’s bad loans. While NBK staged a recovery in 2024 after posting a profit after tax of KES 1.06 billion ($8.2 million), the bank’s profitability has historically struggled; in 2023, it lost KES 3.3 billion ($25.5 million), driven by its high loan defaults and macro challenges. Yet, buying NBK could give the Nigerian bank a solid springboard to achieve its five-year plan and take on big local Kenyan players like KCB and Equity to establish a market stronghold, especially if it injects fresh capital from its group company to stabilise the NBK brand. 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
Read More