Jumia predicts profitability in 2027 as Q1 results reflect consumer gains
Jumia, Africa’s leading e-commerce platform, expects to generate enough revenue to cover all operating expenses by 2027. This is not equivalent to net profitability, as taxes could still impact the projected bottom line, but it is a significant milestone for a public company that has historically reported losses. “Driven by strong underlying growth in our core consumer business and decisive actions to improve efficiency, we are updating our financial outlook,” Dufay shared in the SEC filing. He projects that 2025’s loss before income tax is expected to be $50–55 million and will shrink further to $25–$30 million in 2026. Jumia’s bold ambition to hit profitability by 2027 comes despite a rocky first quarter in 2025. Revenue slid to $36.3 million, a 26% year-on-year decline, which the company attributes to a slump in Egypt’s corporate sales, while total platform sales dipped 11%. Yet, the e-commerce giant is gaining ground with consumers, with orders increasing by 21%—the strongest growth in two years—fueled by a pivot away from unprofitable markets and a push into rural regions, where consumer sales climbed 10%. Fewer high-margin corporate deals dented gross profit, but easing currency pressures in Nigeria and Egypt slashed the pre-tax loss by more than half. Smarter logistics kept delivery costs and a leaner marketing strategy cut advertising expenses by 17%. A 61% boom in products from international sellers enriched Jumia’s catalogue, while 45% of new customers from late 2024 returned for more, up from 40%. JumiaPay’s payment volume held steady, covering 28% of sales, up from 25% last year. “We anticipate physical goods orders to grow between 20% and 25%, up from the previous range of 15-20%,” Dufay said in the report. “GMV is projected to be between $795 million and $830 million in 2025, a year-over-year increase of 10% and 15%, respectively, excluding foreign exchange impact.” Despite the company’s raised guidance and positive operational highlights, Jumia’s share price has experienced a decline. As of the time of publishing, the stock price is $2.40, down about 4.76% (a drop of $0.12) from the previous close of $2.52. Investors may be weighing its long-term potential against Africa’s economic uncertainties.
Read MorePalmPay to expand to 4 African markets after processing 1.35 bn transactions in Q1
Nigerian fintech PalmPay will expand into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025, building on momentum from processing over 15 million daily transactions in its home market during the first quarter, Managing Director Chika Nwosu said at a press conference on Wednesday. He declined to disclose the value of the transactions. The expansion will bring PalmPay’s footprint to six African countries, following earlier launches in Ghana and Kenya. If successful, the broader presence could scale the company’s growth and position it for a future public offering. In Tanzania, the company will offer business-to-business services, but did not specify its product offerings for other new markets. PalmPay, which says it has more than 35 million users in Nigeria, will face stiff competition in its new markets. In South Africa, it will compete with MTN’s MoMo platform, which has 11 million registered users, and TymeBank, which has 9 million. In Côte d’Ivoire, fintech unicorn Wave dominates with over 20 million accounts and roughly 70% of the market. Uganda’s mobile money space is largely controlled by telecom heavyweights MTN and Airtel. Nwosu also shared that customers now perform an average of 50 transactions—including bank transfers and airtime purchases—monthly with a 99.5% success rate. “Mobile money wasn’t always perceived as viable, but we identified a core problem: system reliability, especially for simple things like free and seamless transfers,” he said. “So we invested in technology that’s efficient and reliable.” PalmPay also paid out over ₦4 billion ($2.4 million) in 2024 to 9 million users with its wealth product, which allows users to earn daily interest fees. Given that PalmPay offers users up to 22% annual interest on deposits in its wealth product, a ₦4 billion interest payout in 2024 means the fintech held over ₦18 billion ($11 million) in customer deposits on its wealth wallet alone. Customers also hold deposits outside of the fintech’s wealth wallet. Despite the limitations of its mobile money license, PalmPay users can earn interest and purchase treasury bills through its partnerships with insurance companies like Leadway Assurance and investment houses like ARM. “We have effectively built a super app that integrates banking, investment, insurance, and payments,” Nwosu said. “Think of it like a one-stop financial marketplace that is fully compliant through layered partnerships.” The fintech will also deepen its reach in Nigeria’s underserved regions despite being present in all of Nigeria’s 774 local governments and open an office in the six geopolitical zones, Nwosu said. After launching its first debit card in partnership with Verve in March, Nwosu told reporters that the company is on course to distribute over 5 million cards before the end of 2025. Palmpay will distribute the cards through its network of over one million agents nationwide, who serve over 13 million customers monthly. PalmPay will not rest on its Q1 numbers, as it is investing in technology, listening to customers, and continuously improving security, reliability, and product depth to attract more customers, Nwosu said. According to the Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators like PalmPay and OPay processed ₦71.5 trillion in transactions in 2024, a 53.4% increase from 2023’s ₦46.6 trillion.
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8 things African VC firms are looking for in a startup
If you’ve ever wondered what African VC firms are looking for when investing in startups, you’re not alone. There’s a lot of talk out there, but few resources break it down backed by data. This piece is based on a deep analysis of the Investor Guide, a working document created by TechCabal in partnership with investors across Africa to help founders and operators better understand how venture capital works on the continent. We pulled out eight key insights that show what really matters when African VCs decide to bet on a startup. 8 things African VC firms are looking for in an investment 1. Solve a real, local problem VCs want startups that solve problems in their communities, not just copy-pasting a global trend. Products that deeply understand the local market and show traction in their environment are much more attractive to investors. So, before considering raising money, ask yourself: Is this a real pain point, or just a nice-to-have? 2. Build in sectors that matter If you’re deciding what industry to build in, pay attention to where the capital is going. According to the Africa Investor Guide, the sectors with the most significant investment opportunities are those attracting the highest volumes of venture capital over the past five years. These “Big Six” sectors are: Fintech Logistics & Transport E-commerce & Retail Healthcare Agriculture & Food Energy & Water The selection isn’t arbitrary. It’s based on disclosed venture funding data from 2019 to Q1 2025. For instance, fintech alone secured over $7.6 billion, nearly half of all funding during that period. Energy & Water followed with $2.8 billion, while Logistics & Transport drew in $1.8 billion. These numbers reflect where investor confidence and opportunity are most substantial. These sectors don’t just raise capital, they solve foundational problems, which means they’re more likely to attract long-term investor backing. 3. Think beyond borders VCs aren’t just funding ideas, they’re funding growth. African investors want to see that your business has the potential to grow across countries or even go global. Having a clear expansion plan can significantly increase your appeal. 4. Be ready for the long game Unicorns don’t happen overnight, especially in Africa. It takes time, grit, and consistent growth. Investors are open to waiting but want a clear plan for long-term success. So don’t just pitch short-term wins, show that you’re thinking about how to build something that lasts. 5. Show a clear path to returns At the end of the day, investors want to know how they’ll make their money back. Whether it’s an acquisition, IPO, or a secondary sale, having an exit strategy is key. Don’t wait till due diligence to figure this out; weave it into your story early. 6. Be smart with your spending Several startups shut down recently due to weak operations and poor financial discipline. VCs are now placing a premium on founders who can manage resources well and make decisions based on data, not vibes. Lean teams. Clear budgets. Realistic projections. That’s what wins trust now. 7. Get your governance right It’s not just about the product. VCs also examine how you run your company, especially around governance, transparency, and leadership. Clean cap tables, resolved co-founder disputes, and defined roles all give investors peace of mind. Start acting like a board-ready company from day one, even if you’re still early. 8. Choose the right partners It’s not just about who gives you money but who builds with you. African investors want alignment. They’re not only putting in capital, but also their time, networks, and support. Make sure you’re choosing VCs who understand your market and your mission. The right investor isn’t just a bank; they’re also a builder. Related posts: Pros and cons of VC funding in 2025 Telecom Salaries in Africa: A Comprehensive Guide for 2025 Final thoughts Raising capital in Africa is tough, but not impossible. It requires more than a good idea; it takes clear execution, deep market knowledge, and the ability to build trust. The investor guide gives a clear picture of what African VC firms are looking for right now, and hopefully, this piece has helped you understand those expectations more practically. If you’re currently raising or just preparing, revisit these eight points and ask yourself honestly: Am I building what investors are looking for? And more importantly, am I building something people genuinely need?
Read MoreAirtel plans 2026 IPO for mobile money unit in push against M-Pesa, MoMo
Airtel Africa plans to list its mobile money unit, Airtel Money, in the first half of 2026 as the telecoms giant seeks to capitalise on the growing demand for digital payment services across the continent. On Thursday, Airtel confirmed the listing plan amid growing investor appetite for Africa’s fintech sector, particularly mobile payment platforms that offer millions of unbanked users access to transactions, credit, and remittances. Airtel Africa, listed in London and operating in 14 African countries, told Reuters the IPO would give Airtel Money the independence and visibility to scale its operations. The planned IPO signals Airtel Money’s move to close the gap with rivals like Safaricom’s M-Pesa and MTN’s MoMo in the booming digital payments market. By getting autonomy and raising capital from the IPO, Airtel Money hopes to compete with heavyweights that enjoy large user bases and deep market penetration. While the company did not disclose the exchange or fundraising target, it reaffirmed its intention to go public, first announced in 2024 when it began exploring a potential spin-off of the fast-growing unit. The company had initially set a target of July 2025. “We are committed to the IPO timeline of July. We still have six months to figure out the details for it,” Sunil Taldar, Airtel Africa CEO, said in January. “Our overall priority remains to invest in the strong growth of the business.” Airtel Money has emerged as a key engine of growth for the group, with revenues from the service rising 20.7% in 2024. The platform processed $112 billion in transaction value last year, driven by growing adoption in key markets. Airtel is betting that a standalone listing will accelerate Airtel Money’s expansion in countries like Nigeria, Tanzania, Uganda, and the Democratic Republic of Congo — markets where mobile money usage continues to climb but remains far from saturation. With over 30 million active users across 14 markets and partnerships with banks, Airtel Money wants to take on regional competitors like Kenya’s Safaricom and South Africa’s. Despite its rapid growth in recent years, Airtel Money has ground to make up. Safaricom’s M-Pesa continues to dominate in Kenya and neighbouring Tanzania, processing more than $300 billion a year and remaining the preferred option for mobile transactions in many households and businesses. MTN’s MoMo enjoys a larger footprint across West and Central Africa. M-Pesa has an estimated 66.2 million active users, while MoMo has 65 million.
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👨🏿🚀TechCabal Daily – Delete our data
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF. Remember thinking your 20s were the peak of happiness? Turns out, you’ve been selling your future self short. New research shows that aging, happiness, and well-being don’t just bounce back after midlife; they keep climbing well into your 70s. Your 30s will probably feel better than your 20s, your 40s even better than that, and so on. Forget the midlife crisis myth; life satisfaction is more of a steady uphill climb than a U-shaped rollercoaster. So next time you dread another birthday, remember: you’re not just getting older, you’re leveling up in happiness. – Faith African startups raised $343 million in April Kenyan high court orders WorldCoin to delete biometric data of Kenyans inDrive to share user data with South African government Ghana’s inflation eases in April World Wide Web 3 Events Funding African startups raised $343 million in April, driven by exits and mega deals Image Source: Zikoko Memes Africa’s startup ecosystem saw a strong rebound in April 2025, with 39 startups raising a total of $343 million across equity deals above $100,000, including debt and grants, according to data from Africa: The Big Deal. This marks a sharp recovery from March’s funding dip and makes it the second-highest April on record for tech funding on the continent, trailing only the April 2022 surge. The surge was fueled by a few standout mega deals. The big hitters: South African healthtech startup hearX led the charge, securing $100 million through a merger with US-based Eargo. Egypt’s Islamic fintech Bokra raised approximately $59 million via a sukuk issuance, one of the largest Sharia-compliant fundraising rounds in the region. Meanwhile, South African payments infrastructure startup Stitch pulled in $55 million from existing investors as it ramps up efforts to offer end-to-end payment solutions across Africa. April’s surge brings total funding for African startups to $803 million across 163 ventures in the first four months of 2025—up 43% from the $563 million raised by 147 startups during the same period in 2024. After a sluggish January, this rebound signals renewed investor confidence and a strengthening appetite for African innovation. In April, over four exits were recorded, mostly involving fintechs. These exits underscore a maturing African tech ecosystem that not only builds strategic value but also attracts cross-border investor interest, reassuring stakeholders about the continent’s return potential. Egypt’s ADVA was acquired by UAE-based Maseera; Nigeria’s Bankly was bought by C-One Ventures; and South Africa’s Peach Payments snapped up Senegalese fintech PayDunya to enter Francophone West Africa. These exits, spread across North, West, and Southern Africa, not only signal pan-African consolidation but also validate investor confidence in strategic acquisitions as a pathway to scale. Together, these exits complement April’s $343 million funding surge, reinforcing investor confidence in Africa’s tech ecosystem. They reflect a growing appetite for sustainable growth, strategic expansion, and ultimately, the return potential that has long underpinned the continent’s innovation story. 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. 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Read MoreHow Nigerian banks’ market cap tripled to ₦10.5 Trillion in six years
This article was originally published on TechCabal Insights. In just six years, the total market capitalisation of Nigerian commercial banks has more than tripled from ₦3.2 trillion in 2020 to ₦10.5 trillion in 2025. This reflects a combination of digital transformation, monetary policy shifts, and strategic banking reforms that have reshaped Nigeria’s financial sector. The Central Bank of Nigeria’s (CBN) aggressive monetary policies are a key driver behind this growth. As of February 2025, the Monetary Policy Rate (MPR) stands at 27.5%, following a series of hikes to stabilise the naira and curb inflation. While high interest rates have made borrowing costlier for businesses, they have also boosted banks’ profitability by increasing lending margins. At the same time, Nigeria has witnessed a boom in digital payments. The Nigeria Inter-Bank Settlement System (NIBSS) reported that in 2024 alone, the total value of electronic transactions hit ₦1.07 quadrillion, a 79.6% increase from ₦600 trillion in 2023. This surge in cashless transactions has significantly boosted banks’ revenues through transaction fees, fintech partnerships, and digital banking services. The role of commercial banks in Nigeria’s digital economy Nigerian banks have been at the heart of the country’s transition to a cashless economy. Investments in digital payment infrastructure, mobile banking apps, and fintech collaborations have driven financial inclusion and enhanced transaction efficiency. One of the biggest indicators of this shift is the growth of Point-of-Sale (PoS) transactions, which reached ₦19.4 trillion in 2024—an 81% jump from ₦10.73 trillion in 2023. This increase not only reflects changing consumer behavior but has also strengthened banks’ revenue streams through transaction fees and partnerships with fintech startups like Flutterwave, OPay, and Moniepoint. By capitalising on the digital boom, Nigerian banks have positioned themselves as key players in Africa’s evolving financial ecosystem. Market capitalisation shifts over the last six years Between 2020 and 2025, the market capitalisation of Nigerian commercial banks has seen significant shifts. The years before President Bola Ahmed Tinubu’s administration were marked by steady growth with occasional market corrections. However, post-2023, the sector witnessed accelerated growth, reflecting increased investor confidence and supportive policies to strengthen financial institutions. For example, in 2020, Zenith Bank and GTCO led the market with valuations around ₦740 to ₦780 billion. By 2023, these figures had surged, with Zenith Bank crossing the ₦1 trillion mark. The Tinubu administration’s emphasis on relative macroeconomic stability, fiscal reforms, and support for digital finance created an environment where banks thrived. Post-2023, commercial banks experienced robust growth as investors responded positively to economic reforms and increased digital payment adoption. The 2025 market capitalisation of Nigerian commercial banks As of March 22, 2025, the combined market capitalisation of Nigeria’s top commercial banks reached a historic ₦10.5 trillion. GTCO leads the sector with a valuation of ₦1.99 trillion, followed closely by Zenith Bank at ₦1.87 trillion. UBA commands a market cap of ₦1.26 trillion, while Access Bank stands at ₦1.15 trillion. FirstHoldCo follows at ₦969.2 billion, with Fidelity Bank reaching ₦898.7 billion and Stanbic IBTC at ₦796.9 billion. Among these, Fidelity Bank has been one of the most impressive climbers, skyrocketing from a market cap of just ₦73 billion in 2021 to ₦898.7 billion in 2025—an astonishing 1,100% increase. These gains reflect a mix of sound financial management, increased adoption of digital banking, and regulatory policies that have strengthened the financial sector. Key challenges exist Despite this impressive growth, Nigerian banks face challenges such as failed transactions, settlement delays, and high transaction fees. Other critical issues include a high Non-Performing Loans (NPL) ratio, limited access to finance for SMEs, weak regulatory environments, cybersecurity threats, and infrastructure gaps. These pain points highlight the need for reforms and technological upgrades to sustain growth. Amid these challenges, Nigerian commercial banks are expanding across other African countries, increasing their footprints and regional influence. Strategic collaborations with fintech platforms have further eased transactions and enhanced customer experience, positioning Nigerian banks as key players in Africa’s financial future. Want deeper insights or a custom report on this topic? Fill out our quick form, and the TechCabal Insights team will get in touch with you.
Read MoreFood delivery startup OyaNow is targeting the 1% to break even by Q1 2026
OyaNow, a seven-year-old Nigerian food delivery startup, projects it will break even by Q1 2026, according to founder Abbas Dayekh. This is a big win for the bootstraped startup, which has seen deep-pocketed competitors like Jumia Food, Bolt Food, and Uber Eats exit or shut down due to unsustainable unit economics. Its strategy? Abandoning the mass market to bet on the rich. Nigeria’s food delivery market, valued at over $1 million in 2024, faces intense pressure for profitability. Although startups like Chowdeck, HeyFood, and FoodCourt claim to make a profit on each delivery, these profits do not cover broader operating expenses; they do not equal breaking even. OyaNow, one of the country’s oldest food delivery platforms, is projecting that its new focus will cause it to break even by 2026. Dayekh says this goal is feasible because the business is moving away from price wars for mass-market appeal to focus instead on less price-sensitive consumers. The former approach would have driven the bootstrapped start-up into debt, as promotion-driven customers are often disloyal, switching platforms before businesses can recoup acquisition costs. In contrast, high-earning customers are less price-sensitive and remain loyal when offered convenient, high-quality service. “I had to make a forceful choice to tailor to the rich,” he told TechCabal. He clarified that while OyaNow’s mobile app remains generally accessible, its strategy and marketing now target a more affluent consumer base. With experience in providing tracking solutions and insights about Nigeria’s e-commerce space, Versa Research’s team lead, Busola Akin-Olawore, argues that the ideal customers of food delivery platforms will not be swayed by low prices and expressed wariness about businesses that rely on price wars to turn a profit. Food delivery startups that share and have adopted unique strategies to tackle this. Heyfood, a Y Combinator-backed startup based in Ibadan, is taking a similar approach to OyaNow by allocating less than 5% of its marketing budget to discounts and targeting young urban professionals with disposable income to outsource domestic tasks, according to its CEO and co-founder, Taiwo Akinropo. OyaNow has expanded revenue streams from solely offering food delivery to providing diverse services, including logistics, laundry, car rentals, and errands via its upcoming “Oya Concierge,” which will be launched via WhatsApp, offering vetted handymen and service providers to users. Dayekh acknowledged that this focus results in a smaller market share than competitors like Glovo and Chowdeck. OyaNow has over 50,000 users, a fraction of Chowdeck’s 500,000 users, Glovo’s estimated 500,000 –700,000 users, FoodCourt’s 100,000 users, and Heyfood’s 50,000 users in Nigeria. However, Dayekh claims OyaNow’s market share among affluent consumers surpasses its competitors’. He noted that with his consumer base being higher spenders, OyaNow holds more significance, with the 1% of the market, than its competitors – citing partnerships with high-end vendors like RSVP, Aldo’s, Cilantro, and an average basket value of ₦25,000, ($15.56) compared to competitors’ ₦5,000 ($3.11) – ₦8,000 ($4.98). For deliveries, the app charges ₦1800 ($1.12) for the first 3km and an additional ₦200 for every extra km, compared with competitors’ ₦500 ($0.31) – ₦1,000 ($0.62) cost for short-mile deliveries. OyaNow has outlasted most of its popular rivals. Dayekh launched the company in 2017 after a poor experience with Jumia Food, the dominant food delivery platform at the time, alongside smaller players like Eden Life. Identifying a gap in Nigeria’s delivery market, he started OyaNow despite lacking logistics or tech experience. Without institutional funding, he relied on personal savings and his network, limiting scale but allowing flexibility in a sector he was new to. The 2020 lockdowns provided a significant opportunity; with cities shut down and roads empty, demand for delivery apps surged. OyaNow achieved 202% annual growth and $344,000 in revenue by 2020, Dayekh told TechCabal. This success attracted acquisition interest from a prominent African payments technology company – name kept off record – in 2021, but the deal collapsed due to market conditions, including Nigeria’s currency devaluation, rising inflation, and investor caution following the global tech stock downturn, which reduced appetite for high-risk acquisitions. Dayekh faced significant burnout. He left Nigeria for a year, stepping back from active management. During this period, OyaNow experienced a “year of dullness,” with slowed growth as shareholders, primarily friends and personal contacts, sought to exit. Dayekh personally reinvested in OyaNow, buying back equity from departing shareholders. He described this as a blessing, freeing him from pressure to chase unsustainable growth metrics. The logistics business was capital-intensive, and competing with deep-pocketed start-ups would have driven OyaNow into debt. Dayekh returned to restructure the company. Deciding that the unit economics of mass-market food delivery in Nigeria were unsustainable, OyaNow abandoned heavy subsidies and free delivery. “By changing the way I did it, I went from an extremely loss-making operation to almost breaking even,” Dayekh noted. OyaNow maintains a lean operation with about 80 employees, including in-house riders, but collaborates with third-party riders during peak seasons, scaling to 120 – 140 riders, Dayekh noted. The company prioritises organic channels over costly traditional marketing, such as billboards. In November 2024, OyaNow launched a podcast, OyaGistme, to cross-promote the brand and discuss the country’s business ecosystem. Dayekh believes this suits its strategy to attract high-value customers. Ultimately, OyaNow is playing the long game: localising its operations and patiently waiting for market dynamics to shift in its favour. As Dayekh puts it, “The only reason I’m betting on it is because I know that eventually dynamics will adjust and an opportunity will arise.”
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MIVA, Nigeria’s first private open university, targets 100,000 students with new Lagos study centre
It was 4 PM on a rainy Tuesday afternoon, April 29th, 2025, when scores of people trooped into the premises of a four-story building at the heart of Nigeria’s startup capital, Yaba, skittering to get shade from the unrelenting rain, which had been falling all afternoon. Those people hurrying inside were not simply seeking shelter. They were attending the launch of the newly built study centre of Nigeria’s first fully accredited private open university, MIVA. Launched in 2023 by edtech pioneer uLesson, MIVA offers undergraduate and postgraduate degrees in computing and management courses such as computer science, software engineering, accounting, economics, business management, public policy & administration, data science, and cybersecurity. Two years and over 9,000 learners later, MIVA is bringing learning closer to its students. “There are many things more important than just studying. Having a community is one of them,” Sim Shagaya, chancellor of the university, said as he welcomed the crowd to the opening ceremony of the study centre launch. “The university is not just a place to study; it is a community where you connect with like-minded people,” the renowned entrepreneur continued, delivering his remarks in a manner reminiscent of distinguished, Ivy League addresses. The crowd, mostly MIVA students, journalists, and would-be learners who came to explore the newly opened space, cheered in applause after his speech. From a modest 500 students in 2023, MIVA is on track to surpass 10,000 by May, with plans to reach 20,000 by year’s end and a bold target of 100,000 students by 2027. Rolling out more study centres like this one will be key to achieving that vision. 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 MIVA Open University is one of the open universities solving the capacity problem in Nigeria’s tertiary education system. Of the 1.8 million students who sat for the Joint Matriculation Board (JAMB) exams, an entry exam into Nigerian tertiary institutions in 2022, only 600,000 were admitted. Nigeria’s 170 universities can only hold 1.8 million students, and there are not enough places for even those who pass college entry exams. The study centre—one of many that the university plans to launch—sits in a four-story high-spec space housing study rooms, co-working spaces, a gym (although not yet equipped at the time of this report), a CBT centre, and a rooftop for events. MIVA is required by Nigerian universities’ law to have one of these centres to conduct examinations for undergraduate students. However, the physical centres are an acquisition play for the university to attract new learners. MIVA uses its physical hubs to mimic the “micro-campus” strategy pioneered by U.S.-based National University, which operates over 250 centres and serves half a million students. “We’re inspired by how physical presence can correlate with user growth,” Iheanyi Akwitti, MIVA’s registrar and chief academic officer, told TechCabal, citing data that showed a direct relationship between campus footprint and enrollment spikes. Akwitti says the launch of the study centre is not motivated by profits, although it will make money by leasing out some of the facilities for external use. The registrar added that MIVA will launch similar study centres in underserved rural locations across the country, areas without access to the internet and electricity. While tuition remains Miva’s core revenue stream, the study centres open new income verticals. The centres will double as public co-working spaces and event venues during non-exam periods. Gym memberships and other
Read MoreGoogle-backed Platos Health raises $1.4 million pre-seed to roll out preventive health device across Nigeria
Platos Health, a Lagos-based health-tech startup that allows people to monitor their body fat and other health metrics from the comfort of their homes, has raised a $1.4 million pre-seed round to scale its AI-driven metabolic health platform, Platos Monitor. Google for Startups led the round, with participation from Invest International and a group of angel investors from Google, Tesla, and Unicredit. The company will use the funding to roll out its hardware medical-grade device, Platos Body Monitor, in Nigeria. Launched in 2020 by Joseph Fakayode, Platos Health is a preventive health platform that allows users to monitor their metabolic health from the comfort of their homes using a medical-grade device, Platos Body Monitor. The device provides personalized health insights by measuring key metrics such as heart rate, weight, body mass index (BMI), fat levels (including both visceral and subcutaneous fat), and hydration status. Users can track up to 49 quantifiable indicators that comprehensively show their overall health status. The Platos platform comes with Platos Monitor Software and is available on Android, iOS, and the web. The software also integrates well with popular health ecosystems like Apple Health and Google Health Connect, allowing users to consolidate all their health data in one place. Platos Body Monitor, which is distributed through 300 pharmacies—including Medplus, Justrite, and Alpha Pharmacy—across Nigeria, is priced between ₦80,000 ($50) and ₦120,000 ($80). Platos is among the Nigerian healthcare startups helping to address the country’s rising burden of chronic diseases like diabetes, hypertension, and metabolic syndrome. With about 30% of Nigerian adults now living with at least one chronic condition and more than 8 million diagnosed with diabetes, the need for innovative, accessible solutions has never been more important. Nigeria’s severe shortage of medical professionals—just 500 cardiologists for over 200 million people—and the ongoing exodus of doctors further strain the health system. By leveraging technology to empower individuals to monitor and manage their health, startups like Platos are filling critical gaps in care, making preventive and chronic disease management more accessible and effective for millions. The company believes this is a $30 million market opportunity. However, it will have to fend off established competitors like Omron, whose medical devices have decades of clinical validation and are widely recommended by healthcare professionals globally. However, Platos has scored some early wins. The platform, which makes money primarily from the sale of its devices, claims 33% of its users achieved clinically significant weight loss within three months, and 59.4% of users in a recent survey said they’d be disappointed without Platos. Unlike competitors—Omron, Withings, Fitbit, and Qardio—which focus on measuring health data primarily for people already diagnosed with illnesses such as cardiovascular risk or hypertension, Platos targets both the visibly ill and the millions of Africans living with hidden fat and undiagnosed metabolic risk. Platos helps users to identify and address silent threats before they escalate, shifting the focus from reactive care to proactive prevention. When asked about its choice to launch in Nigeria, the startup points to these gaps in care and prevention. “We saw a gap. Health isn’t just clinical; it’s personal,” Fakayode said. “Platos Monitor brings that power to Nigerians first.” Platos also uses Google’s Gemini to provide users with personalized insights and health summaries, such as distinguishing between ‘good’ and ‘bad’ fat. Fakayode says these tools help users manage weight, improve metabolic health, prevent disease, and address age-related muscle loss. The Platos software is designed for urban women and health-conscious men, groups often affected by poor diet and inactivity. With the fresh funding, Platos is ramping up research and expansion efforts. The company works with scientific advisors, including Professor Hanno Pijl, an expert in metabolic health and lifestyle medicine, and Dr. Jimoh Itopa, to study how diet affects body fat and metabolism. These initiatives draw on research by Dr. William Li, whose work focuses on the body’s natural defense systems, as Platos seeks to build a more evidence-based approach to preventive health. Although its devices currently cost more than Nigeria’s minimum wage ( ₦70,000 or $43.56), Platos is betting that it can capture the majority of Nigeria’s high-income-earning households. But if history is any guide, today’s luxury could become tomorrow’s necessity. For Platos, the real test will be whether it can turn a premium product into a mass-market prescription for better health before the next silent epidemic hits.
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👨🏿🚀TechCabal Daily – Safaricom’s $309 million bet
In partnership with Lire en Français اقرأ هذا باللغة العربية Howdy. Yesterday, millions of Nigerians woke up to a digital blackout: MTN, the country’s largest telecom operator, went dark, leaving subscribers stranded. The disruption, which started Monday night and stretched into Tuesday, didn’t just kill memes and doomscrolling; it froze businesses, banking, and the daily hustle for millions. As for me? I got a taste of fleeting internet fame when my tweet quoting a Nigerian singer’s raunchiest lyrics hit nearly a million eyeballs. So if you spot me today, feel free to call me “one-time banger boy,” but don’t ask me to retweet your complaints. Want the inside scoop on how outages like this ripple through Nigeria’s digital economy? Or just want to vent about your own MTN horror story? Ask away. – Faith 80,000 online platforms get flushed in Tanzania Five Kenyan banks refuse to cut their loan rates Why Safaricom is spending $309 million annually on M-Pesa World Wide Web 3 Opportunities Government Tanzania’s big digital detox: 80,000 online platforms get flushed Image Source: Google Around Tanzania, parents clutch their pearls at the amount of unethical content their children may have been exposed to. Over 80,000 online platforms, including blogs, websites, and social media accounts, have been shut down in Tanzania after its communications regulatory authority—Tanzania Communications Regulatory Authority (TCRA)—identified their content as a risk to children’s mental health. Not its first rodeo: Before now, Tanzania has always stood on business in matters concerning published online content. In 2017, the country’s parliament passed the Electronic and Postal Communications Regulations (amended in 2020) that criminalised indecent, hateful, and disruptive content. This policy also mandated that content creators had to obtain a licence in order to publish content or face consequences including prison time, a fine, or both. Last year, Tanzania suspended the digital unit of its biggest media house, Mwananchi Communications, over an animated video that depicted a woman—who is ostensibly the nation’s president—flipping through television channels of family members searching for missing loved ones. Critics say that the government is hiding behind child protection for a wider crackdown on dissent and freedom of speech. This crackdown raises more questions than it did answers: What qualifies as harmful content, and who makes the call? How were these websites flagged? How was this decision reviewed? Were shutdown creators warned? Why did the parliament ignore the penal measures stated in its online content regulatory policy? Can licenced platforms appeal this takedown? How did the regulatory authority grant licences to so many questionable platforms? Answers, when they come, will come from Tanzania’s parliament. Until then, it’s anyone’s guess. 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 Banking Five Kenyan banks refuse to cut their loan rates as disagreement with CBK escalates Central Bank of Kenya/Image Source: Google The Central Bank of Kenya (CBK) is still not having a great time getting commercial banks in the country to cooperate. Since August 2024, the CBK has been pleading with banks to reduce their lending interest rates so Kenyans can get cheaper loans. To show commitment, the regulator has even cut its own benchmark rate (CBR) five times in
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