Crypto as a growth enabler for innovation and development in Nigeria—But first, regulation
In a small shop tucked away in Onitsha’s bustling market district, a trader unlocks her smartphone, checks the day’s crypto rates, and sends USDT to her supplier in Guangzhou, China – no delays, no middlemen, and near-instant delivery. It’s a transaction that once took three days or more with hefty foreign exchange fees. Now, it takes less than three minutes. This is the quiet revolution cryptocurrency is powering across Nigeria. Between July 2023 and June 2024, Nigerians traded over $59 billion in crypto, making the country the second-largest market in the world. And while there’s still some speculative activity, more people are turning to crypto as a functional tool, one that solves real problems in everyday life. It’s meeting financial needs that the traditional system can’t always reach, or can’t reach fast enough. It’s not replacing banks, but it is expanding what’s possible. With a smartphone, individuals, including the financially excluded, can access digital wallets, save in stablecoins, send money across borders, and get paid in real time. In a country where financial needs are shifting rapidly, crypto is giving people accelerated options, and that flexibility matters. Similar to how many SMEs now rely on USDT to pay overseas suppliers, high-net-worth individuals are also using USD equivalents to preserve value in an inflationary economy, access liquidity, and keep their businesses running smoothly. Beyond individual convenience, the functional utility of crypto extends to businesses, creating significant ripple effects across key sectors. In fintech, for instance, it’s powering the growth of decentralised finance (DeFi), offering instant remittance options and novel investment tools. Similarly, e-commerce and retail are gaining efficiency through borderless payments and reduced fees. In the creative economy, freelancers are bypassing payment delays and gatekeepers. Perhaps most significantly, in cross-border trade, stablecoins are providing a vital lifeline for Nigerian businesses grappling with dollar scarcity and currency volatility, simplifying international sourcing and settlements within Africa and beyond. From our vantage point at Luno, we’ve seen users increasingly turn to stablecoins like USDT to address these pain points: facilitating swift payments to global partners, securing stable dollar access, and shielding capital from inflation. The popularity of stablecoins among SMEs and high-volume traders points to their reliability in cross-border dealings, while freelancers and importers depend on their speed and stability to participate in the global economy. Despite this growth, the conversation around cryptocurrency regulation in Nigeria remains complex. Yet from our experience, working closely with regulators can be a win-win for users, government, and industry players alike. Nigerians are already active crypto participants, and ensuring their security is paramount. While many platforms maintain high security standards, regulatory oversight provides an added layer of protection. It can help users access crypto safely while reducing exposure to scams and Ponzi schemes. Beyond safeguarding users, regulation presents tangible benefits for the government. With an estimated 80% of crypto transactions occurring informally, often peer-to-peer, much of the activity remains outside the tax and legal framework, leaving considerable revenue untapped. This is especially relevant as the market is projected to reach $1.6 billion in revenue by 2025. Clear, forward-looking regulation could also help stem the outflow of Nigerian talent. Many developers, fintech founders, and startups are incorporating in jurisdictions like the UAE and the UK, where crypto policies are more clearly defined. Regulatory clarity at home could keep this innovation local, strengthening Nigeria’s ecosystem rather than dispersing it. Moreover, regulation can help build trust and confidence in the crypto space. South Africa offers a compelling example: its introduction of a crypto licensing regime in 2023 coincided with a marked decline in scam-related complaints, demonstrating that smart regulation can create a safer and more resilient sector. Nigeria can follow suit, protecting users while fostering responsible innovation. Globally, countries like Singapore, the UAE, and South Africa are moving decisively on crypto regulation, attracting investment and innovation in the process. Nigeria, with one of the most engaged crypto user bases in the world, has every reason to lead. We have a chance not only to regulate, but to enable. The Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Programme (ARIP) is a promising first step toward building a more structured, secure, and innovation-friendly digital finance ecosystem. By offering startups regulatory clarity and a path to compliance, ARIP is laying the groundwork for a stronger, safer crypto sector. With two local exchanges already accepted into the sandbox, expanding the program to include more players could create a richer, more competitive ecosystem and unlock the full potential of crypto as a growth driver for Nigeria. Nigeria has the talent, the tech-savvy population, and the appetite for innovation. With the right regulatory support, we can harness crypto not just as a financial tool but as a catalyst for broader economic transformation. It’s not about choosing between innovation and oversight; it’s about designing a framework that allows both to thrive. If we get it right, crypto can be more than a workaround. It can be a cornerstone of Nigeria’s digital future. _________ Ayotunde Alabi is the CEO of Luno Nigeria with over a decade of experience in finance and technology. He has previously held leadership positions at Spektra, ARM HoldCo, FBNQuest, and Heritage Bank Limited. He is a SEC-sponsored professional with certifications from Nigeria’s Chartered Institute of Stockbrokers and the UK’s Chartered Institute for Securities & Investment. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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In rural Kenya, donkeys are now microchipped, insured, and protected
In May, World Donkey Day came and went quietly in much of Kenya. But in a small corner of Kisumu County, western Kenya, 30 small-scale farmers in Agoro East chose to mark the day differently – by actually celebrating their donkeys. On top of resting all 86 animals they collectively had, members of the community, part of the Agoro East Tunza Punda Self Help Group, checked donkeys for signs of illness, refreshed their feed and water, and, in what one farmer called an “intentional gesture of gratitude and care,” gave them a day of rest. For many, it was a moment to reflect on the vital role donkeys play in sustaining the nation’s agricultural backbone. Across Kenya, over 1.8 million donkeys transport goods, fetch water, and sustain entire households. But for decades, these animals have borne the brunt of neglect, suffering from malnutrition, lameness, and work-related injuries. In fact, recent statistics show that a third of Kenya’s working donkey population is in poor condition, largely due to a lack of veterinary care, harmful traditional practices, and widespread ignorance about animal welfare. Now, a new model of care is taking root in western Kenya that is showing the very people who depend on donkeys the most a different way to handle these animals. A new model of care Tunza Punda, or “take care of the donkey,” in Swahili, is both a guiding ethos and the name of a group founded in 2018 to improve the welfare of donkeys and the lives of their owners. The group is one of many in rural Kenya supported by the Kisumu-based NGO, Support for Tropical Initiatives in Poverty Alleviation (STIPA) and the animal welfare organisation Brooke East Africa. Together, they founded the Community Donkey Insurance for Protection (CDIP) scheme, offering a novel safety net for donkey owners. For an annual fee of just $5.40 (700 Kenyan shillings), farmers can enroll their first three donkeys into a health plan under CDIP that provides expert veterinary treatment and regular check-ups. Each additional donkey costs $1.55 (200 shillings) to insure per year. Additionally, all participating donkeys are microchipped for easy identification, especially useful when they stray during grazing. In just five months, 312 rural farmers have joined, microchipping 517 donkeys. The program aims to include 5,000 donkeys in the next three years. The microchips, just 14 millimeters in length, are inserted under the mane or neck of each donkey, at a location chosen by the farmers themselves. “The chips carry vital data, such as the donkey’s medical history, the owner’s identity, and even the animal’s name,” said Kevin Wekesa, an IT officer with STIPA. With each animal uniquely identified, veterinarians no longer rely on vague descriptions or paper logs. “When a farmer calls about a sick donkey, a veterinary officer arrives, scans the chip, and instantly accesses a full profile,” Wekesa explained. “From diagnosis to dosage, everything is recorded in a regional database.” In places like KAMARA Self Help Group in Rarieda sub-county, where the system has been fully implemented, the technology is already bearing fruit. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Cases of donkey mix-ups, common in a community where animals often graze together and, as Wekesa noted, “donkeys look alike,” have dropped. “We’ve even recovered stolen donkeys in markets as far away as Nyakach,” he added. The system operates on a frequency of 134.2 kHz and
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Moove eyes unicorn status with planned $300 million raise
Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, is seeking to raise $300 million in a fresh funding round that could push its valuation past $1 billion, according to The Information. The planned raise comes at a time of rapid expansion for Moove. Last year, the company announced a partnership with Waymo, Alphabet’s self-driving vehicle division, to manage and operate fleets of autonomous vehicles in Phoenix, Arizona, and Miami, Florida. Moove’s responsibilities include cleaning, charging, and storing Waymo’s electric robotaxis, as the self-driving service rolls out commercial operations in new U.S. markets. Moove has raised $750 million in debt and equity to date, with backers including Uber and Mubadala Investment Company. In 2024, Moove raised $100 million, at a valuation of $750 million, from investors including Uber—which has a stake of more than 10% in the company—and Mubadala Investment Co. Moove’s growth trajectory has also been fueled by strategic acquisitions. In January, the company acquired Kovi, a Brazilian urban mobility provider that finances ride-hailing drivers, which significantly boosted Moove’s revenue. The company’s annualized revenue has reportedly climbed to $360 million, up from $115 million just over a year ago, largely driven by its core business of extending loans to Uber drivers and its growing fleet management operations in the U.S. The new revenue pace suggests Moove is generating $30 million a month in revenue. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Founded by Ladi Delano and Jide Odunsi, the mobility fintech buys cars with bank loans and offers them to Uber drivers through a drive-to-own model. Drivers in Africa, India, and the UK pay for the cars out of their earnings and can eventually own them. Moove also recently expanded into robotaxi management, handling cleaning, charging, and storage when the cars aren’t in use. The company employs over 2,100 people worldwide and has recently hired at least 90 staff in the U.S. to support its expanding operations. This latest funding effort underscores Moove’s ambition to become a key player in the autonomous mobility ecosystem, not only as a fleet operator for Waymo but also by potentially leasing mini-fleets of robotaxis to entrepreneurs and businesses in the future. Moove’s current agreement with Waymo is confined to fleet management, according to co-founder Ladi Delano. The company is eyeing a broader role in the autonomous vehicle ecosystem, with plans to purchase AV-enabled cars directly from manufacturers and lease mini-fleets of robotaxis to individuals—potentially former ride-hailing drivers—or businesses looking to operate at scale. Moove would continue to oversee depot operations, handling charging, storage, and cleaning for the vehicles. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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👨🏿🚀TechCabal Daily – SuperSport to fly solo
In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup! Much of the internet went down yesterday due to a Google cloud outage. Although much of social media was still active, services like Spotify, Discord, and Google went down. How did those minutes feel for you? Did you crash out? Go out to touch grass or did you rediscover just how quiet—and maybe even peaceful—the offline world can be? MultiChoice to spin off SuperSport from DStv Europe places Kenya on a Greylist Ex-Moniepoint staff sues over stock options BYD increases EV dealership in South Africa World Wide Web 3 Job Openings Streaming MultiChoice is thinking of splitting SuperSport from DStv Image Source: MultiChoice Hold up, before you panic: no, MultiChoice is not removing SuperSport from DStv. Here’s what’s actually happening: MultiChoice is thinking about letting people subscribe to DStv without SuperSport, and then choose to add only the sports they want. So, if you’re not into tennis or football, you don’t have to pay for them. Want only tennis channels? They will allow that. Want all the sports? Just bolt them on! This model is used by global pay-TV operators, including Sky in the UK. Why the sudden decision? MultiChoice is bleeding subscribers. The group lost 1.2 million subscribers—an 8% decline—in the recently concluded financial year. This is a result of people ditching traditional TV for streaming rivals like Netflix and YouTube Premium or pirated sites (no names mentioned). Multichoice also recognises the tough economic situation, and it knows people will choose food over football. What’s in it for MultiChoice? They want to make money. Your revenue doesn’t fall by 9%, and you’d do nothing about it. By making DSTV cheaper and more flexible for customers, they believe it will increase their subscriber base. However, they hope that this model will not harm their business. Zoom out: Multichoice is changing its stripes. First, it’s giving you the power to drop SuperSport if you want. Then it’s testing weekly bundles in Uganda. What’s next? A “build-your-DStv” menu? It’s giving survival, but it’s also giving reinvention. Join Fincra for an Exclusive Networking Mixer at iFX Expo, Cyprus. Fincra is co-hosting “AI-Powered Fintech and Blockchain” at iFX Expo, Cyprus, with Quidax. Join the brightest minds in fintech and blockchain for insightful panels & networking. Limited spots – RSVP here. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Economy European Commission has placed Kenya on a Greylist Image Source: Google Kenya’s financial reputation just took another hit. The European Commission has added Kenya to its high-risk list for money laundering and terrorism financing, following the country’s 2024 greylisting by the Financial Action Task Force (FATF). The EU move, which mirrors FATF’s, means European institutions must now apply stricter checks on transactions involving Kenyan entities. Here’s why it matters to Kenya’s financial ecosystem. Banks, businesses, and startups will likely face slower cross-border payments, higher compliance costs, and more red tape. It also risks making foreign investors nervous, potentially raising borrowing costs for the government and private sector. There’s more at stake. EU development funding could shrink, and with Europe as a top export destination for Kenya, tighter transaction scrutiny could dampen trade flows. Remittances could also become more expensive or delayed due to the added checks from financial institutions. This is a huge blow because the UK-Kenya corridor is one of the fastest-growing sources of diasporan
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15 student-led startups solving real-world problems
What do you get when ambition and youthful exuberance meet challenges with actionable solutions? No longer waiting till graduation to make a mark in the world, student innovators are developing a myriad of solutions to tackle real-world challenges. Some of these student owned startups focus on accelerating emergency medical response and others, on digitising the voting process. The student-led startups profiled below tackle problems across many sectors, showing how technology continues to address systemic challenges Nigerians grapple with daily. Precision Health: Accurate diagnosis, made easy (Healthtech, University of Lagos) Eniola Alex, a student of the College of Medicine, University of Lagos, is behind Precision Health, a platform that seeks to combine AI technology with medical expertise to help healthcare providers triage faster. The product is inspired by his personal experience. Alex spent eight months in the ICU battling Guillain-Barré Syndrome (GBS), a rare disorder where the immune system attacks nerves, causing weakness or paralysis. His gruelling four-year recovery exposed the pitfalls of trial-and-error healthcare, inspiring a mission to take away the guesswork from medicine. Currently, Precision Health is offering its triage tools to Nigeria’s skincare market, allowing users to connect with a slew of dermatologists who consult and recommend treatment virtually. The platform merges dermatologists’ expertise with AI tools analysing skin type, climate, and user data to deliver personalised, medical-grade recommendations. Precision Health trains its AI model with an archive of over 1500 data sources of African skin type. Following its launch in January 2025, the platform has since garnered up to 300 users on its waitlist and partnered with Lagos-based Aesthetic Medical Central. Precision Health earns money through consultation commissions and personalised product kits. Carrely: Learning made fun (Edtech, University of Lagos) Carrely, a social, gamified, and AI-powered learning platform, is the brainchild of Lawrence Eniola, a 200-level computer engineering student. Carrely was born out of a frustration with traditional online learning platforms, which he found more like a necessary inconvenience rather than fulfilling. Drawing inspiration from more engaging learning platforms like Duolingo, Eniola developed Carrely to make learning more fun than a chore. With Carrely, students can engage in discussions, challenge each other in quizzes, and earn badges as they progress through levels. This platform incorporates AI models to give explanations and smart recommendations that help users learn at their own pace, and cloud storage services for ease in sharing PDFs. Carrely intends to be the go-to platform for social learning, helping students retain knowledge better by tying learning to more social kinds of interaction. Although Carrely is still in its pre-launch stage, the platform is on the lookout for early-stage investors as it is currently bootstrapped, according to the founder. It intends to generate revenue through a mix of in-app targeted advertising and premium subscriptions that unlock additional features for users. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Smooth Ballot: Elections, digitised (Services, University of Ibadan) University student Prince Ogbonna came upon the idea for an e-voting platform after participating in a campus election and collating paper ballots manually. This election software, available as a web app, includes features that enable individuals to create elections and allow voters to cast their ballots. Ideated in 2023 and launched in September of the following year, Smooth Ballot has partnered with 12 associations, including the Cinema Exhibitors Association of Nigeria (CEAN) and, more recently, Silverbird Group for their upcoming beauty pageant
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Kenya wants crypto taxes fast, but offers few answers in return
Kenya’s tax authority collected KES 10 billion ($77 million) in taxes from crypto traders in the financial year ending June 2024. On the surface, that figure suggests that digital assets, long outside formal systems, are finally being pulled into the state’s revenue net. But scratch beneath that number, and a more complex story emerges, one that speaks to regulatory uncertainty, technical blind spots, and the looming risks of designing a tax regime for an industry still in its early stages. At a closed-door media roundtable hosted by Binance and attended by TechCabal, legal and policy voices across the crypto ecosystem unpacked the future of digital finance in Africa. And if one thing was clear, it’s that Kenya’s current approach risks stalling a sector that could be more than just a source of tax revenue. In November 2024, Kenya Revenue Authority (KRA) ex-chairman, Anthony Mwaura, announced the KES 10 billion ($77 million) figure during 2024’s Taxpayers’ Day. Mwaura also hinted at bigger ambitions: a joint technical committee with the Central Bank of Kenya (CBK), potential new frameworks, and a target to collect as much as KES 60 billion ($464 million) annually from the crypto sector. That kind of projection only makes sense if the government expects the ecosystem to grow and believes it can tax that growth effectively. Yet, the tools for encouraging crypto firms to set up bases in Kenya and tax their users are still blunt. One of them is the 1.5% digital asset tax proposed under the Finance Act 2023. Industry players at the roundtable said the structure of that tax risks doing more harm than good. For instance, the law doesn’t define taxable events clearly, as it treats speculative tokens and stablecoins the same. It doesn’t account for wallet-to-wallet transfers, and creates collection and remittance burdens that even large exchanges will struggle to comply with, let alone local startups. And it tries to squeeze tax out of an asset class whose value swings daily, sometimes hourly. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Crypto is taxable. But what, how, and when? The crux of the conversation wasn’t about whether crypto should be taxed. Almost everyone at the Binance roundtable agreed that taxation is inevitable. The tension lies in the design, where in some cases, platforms are now tasked with collecting, converting, and remitting this tax, in five working days. For global exchanges serving Kenyan users, that’s a hard sell. Larry Cooke, Binance’s Legal Counsel for Africa, argued that blanket taxes applied to every movement or transaction of digital assets are deeply impractical. “If you take that responsibility and put it on the corporation, you kill the corporation,” Cooke said. Allan Kakai, legal chief at Steakhouse Financial and director at the Virtual Assets Chamber of Commerce, expanded on the point, outlining three pillars—the asset, the event, and the taxpayer—that continue to confuse crypto users. “Taxable asset, taxable event, and who is the taxpayer—that’s what’s creating confusion,” Kakai said. Without clear distinctions, exchanges will either overreport and overcharge, or retreat entirely from jurisdictions where they can’t comply without bleeding money. What does compliance look like? Kenyan regulators have issued compliance directives to crypto platforms, including demands for detailed disclosures, audit trails, and proof of tax remittance. But no operational licences have been granted to date. One Binance rep at the roundtable said they had responded to every inquiry, filed tax
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Rwanda hits 38% internet penetration, but cost still keeps millions offline
Rwanda now has 38% of its population online as of mid-2025, matching Africa’s average internet penetration rate, according to new data from the International Telecommunication Union (ITU). The figure, up from 34% in 2024, is a symbolic benchmark for a country aiming for universal internet access by 2030. With 5.5 million active internet users out of an estimated population of 14.4 million, Rwanda is betting on digital inclusion. The country’s Vision 2050 agenda and, more recently, the ICT Sector Strategic Plan (2024–2029) envisage a future where citizens, businesses, and government systems are fully integrated into a digital economy. But the road ahead remains steep. Despite solid infrastructure growth and a surge in mobile access, millions are still locked out, not because the network is missing, but because they simply cannot afford to connect. In June 2025, MTN Rwanda launched 5G services, adding another layer to the country’s expanding digital infrastructure. The ultra-fast, low-latency network is expected to power everything from smart city projects to improved healthcare delivery. Rwanda now has 1,760 connectivity towers covering 96% of inhabited areas, with 840 more planned by 2028. Yet infrastructure alone has not been enough to close the gap. “Our internet penetration infrastructure has grown to 62%,” said Esther Kunda, Director General of Innovation and Emerging Technologies at the Ministry of ICT and Innovation, in an interview with New Times Rwanda on June 9. “But infrastructure alone isn’t inclusion. Access and affordability, especially in rural communities, remain our primary challenges.” Her point is underscored by stark usage disparities. In urban areas, internet usage stands at 57%, but in rural areas, it drops to just 19%, according to the Integrated Household Living Conditions Survey (EICV7). Conducted by the National Institute of Statistics of Rwanda, the survey tracks key development indicators such as poverty levels, access to public services, and digital adoption across the country. Only 20% of Rwandans currently use mobile internet, and just 34% of households own a smartphone. In 2025, the typical smartphone in Rwanda costs $160, a price that remains out of reach for many, particularly in rural communities. Though data prices are amongst the lowest on the continent, $0.81 per GB on MTN and $0.41 on Airtel, for low-income households, even that is steep. For the poorest of Rwandans, buying a basic smartphone and 1GB of data can consume up to 60% of their monthly income. “People in Rwanda still find it difficult to buy essential items, and you’re talking about data?” said Magnus Mazimpaka, a Kigali-based investigative journalist. “Essential household items are more important than smartphones or data. People would rather use money to feed themselves than buy a phone.” Recent tax policy shifts could deepen the challenge. A GSMA report warns that increasing excise duties from 10% to 12.5%, alongside the reintroduction of an 18% VAT on imported handsets, will likely raise device costs, hurting rural and low-income users the most. Still, efforts to bridge the gap are ongoing. The government’s Connect Rwanda initiative, launched in partnership with MTN, is expanding access to smartphones through donations and flexible payment plans. Meanwhile, over 2,000 digital ambassadors are working across Rwanda’s 30 districts to teach citizens how to navigate digital tools, with 855 more expected to be deployed by early 2025. These efforts are paying off. Digital literacy has risen sharply, now at 75%—far above the previous 60% target set for 2024. That means more Rwandans are ready and willing to use digital tools, if they can afford the devices and data to do so. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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Uber no longer wants old cars; Kenya’s new tax rules will make adoption expensive for drivers
When Uber Kenya announced plans to lower the maximum age of vehicles allowed on its platform—capping Uber ChapChap cars at 10 years and Uber Comfort cars at eight—it seemed like a routine update. In a market where customer experience is a differentiator, ensuring newer, more reliable vehicles makes commercial sense. But timing, as it turns out, is everything. Starting July 1, Kenya Revenue Authority (KRA) will begin taxing imported vehicles using a revised valuation formula that has stunned importers and motorists. The tax on popular ride-hailing models like the Suzuki Swift, Mazda Demio, and Toyota Vitz is set to more than double. For instance, a 1.2-litre petrol-powered Swift manufactured in 2018 will attract a total tax of $4,825 (KES 623,503), up from $1,962 (KES 253,574)—a nearly 146% jump, pushing retail prices above $15,479 (KES 2 million). In theory, KRA’s move to increase taxes on imported used cars and Uber’s push to upgrade its fleet should be aligned. Both aim to improve road safety, reduce emissions, and offer better experiences to passengers. In practice, they may be about to break the country’s ride-hailing business. “Where your vehicle will operate on the platform for the first time on Uber Comfort, only vehicles that are 8 years old or newer will be eligible to join the Uber platform,” a notice sent to Uber drivers reads. “Please note that this means: From Jan 2025 only 2017 and newer vehicles will be eligible to join. From Jan 2026 only 2018 and newer vehicles will be eligible to join.” Nairobi’s ride-hailing apps are flooded with ageing, second-hand cars—most imported from Japan and already near the end of their useful lives by the time they arrive. Uber’s case for modernising the fleet is strong. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Harsh reality Uber says the new age caps are designed to improve quality. The policy is part of a global push to standardise ride quality and safety benchmarks across its markets. Nairobi, where Uber launched in 2015, remains one of the app’s most active cities in Africa. But Uber’s decision comes when the government has made upgrading expensive for most drivers. Car imports already carry six different levies—from import duty to excise to the controversial Railway Development Levy. The new valuation formula means that even the smallest, most fuel-efficient models—favoured by gig drivers—will now face tax bills that wipe out their affordability. For drivers, the economics are brutal. Earnings from ride-hailing have mainly remained stagnant, even as fuel prices rise to historic highs of $1.36 (KES 176) per litre and spare parts become more expensive. Few drivers have access to financing from banks, and most rely on savings, informal loans, or second-hand purchases. “Uber is asking us to spend $15,479 (KES 2 million) to buy a car that will be making $15.48 (KES 2,000) per day. There’s no way you can stay in business with such earnings, no way,” says George Kiambi, an Uber driver in Nairobi. Ride-hailing drivers, like most informal workers, have no access to formal credit. They operate in a legal and financial grey zone, treated as independent contractors for tax purposes, but with no protections, incentives, or targeted support. Other countries have tried to bridge that gap. In Egypt, Uber has partnered with local banks to offer vehicle financing. In South Africa, ride-hailing drivers can access credit through selected lenders. In India, government
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👨🏿🚀TechCabal Daily – MultiChoice, max exodus
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Democracy Day. Have you tried out Open AI’s new reasoning model—03 pro—yet? Right after Apple’s flashy WWDC AI announcements, OpenAI casually dropped a brand-new model that, unlike your average chatbot, actually thinks through stuff. Step by step. It’s especially good with tricky tasks—math, physics, code, writing help, education, even businessy things. If o1-pro was the brainy intern, o3-pro is the PhD-level consultant replacing it. When you use it, let me know what you think. Let’s get into today’s dispatch. – Faith MultiChoice loses 1.2 million subscribers as pressure mounts MTN Uganda to spin off MoMo as standalone fintech South Africa’s PIC would have made $34.2 million from keeping its Telkom shares Special Envoy launches EV-only courier company in South Africa World Wide Web 3 Events Companies MultiChoice loses 1.2 million subscribers as pressure mounts Image Source: MultiChoice MultiChoice, South African pay-TV giant, has reported a tough year with a loss of 1.2 million traditional TV subscribers. Its customer base has dropped to 14.5 million. That is an 8% decline over twelve months. Revenue also fell 9% to R50.8 billion ($2.9 million). The company posted a headline loss of R800 million ($45 million) after earning a R1.3 billion ($73.3 million) profit the year before. The pay-TV giant will not pay a dividend this year. Multichoice biggest hits came from currency troubles. Weak African currencies, especially the Naira and Cedi, wiped R5.2 billion ($293.1 million) from the group’s revenue in the reported year. Over the past two years, the company has lost R10.2 billion ($575 million) to currency devaluations across its markets. Despite the losses, digital services showed strong growth. Showmax saw a 44% jump in subscribers. DStv Internet and DStv Stream also performed well. Cost savings reached R3.7 billion ($209 million) nearly double the previous year, helping the company stabilise its position. Zoom out: Traditional pay-TV is under pressure. Many viewers are cutting back or switching to cheaper online services. MultiChoice is focusing more on streaming and cutting costs to keep the business afloat. The company is also in the process of being sold to Canal+, which has made a cash offer of R125 ($7.05) per share. The numbers show a company facing hard choices. MultiChoice is losing ground in its old pay-TV business while trying to grow the new one (its streaming business) fast enough to keep up. Join Fincra for an Exclusive Networking Mixer at iFX Expo, Cyprus. Fincra is co-hosting “AI-Powered Fintech and Blockchain” at iFX Expo, Cyprus, with Quidax. Join the brightest minds in fintech and blockchain for insightful panels & networking. Limited spots – RSVP here. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Fintech MTN Uganda to spin off MoMo as standalone fintech Image Source: SDG Investor Platform MTN Uganda will spin off its mobile money service, MTN MoMo, into a standalone fintech company. Translation: MTN MoMo is moving out of the family compound to build its own complex. It’s not a small shift. MTN Mobile Money Uganda will be transferred to a new entity owned by the group’s fintech division, MTN Group Fintech Holdings B.V., and a trust acting on behalf of the minority shareholders of MTN. This is still subject to regulatory approval and shareholders’ votes on July 2. However, MTN Uganda will still be listed on the Uganda Securities Exchange. Why are they
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MultiChoice loses 1.2 million subscribers as South Africans cancel DStv amid cost pressures
MultiChoice Group has reported its financial results for the year ending 31 March 2025, revealing a loss of 1.2 million subscribers, with half of these losses coming from South Africa, an 8% decline compared to the previous year. The group now has 14.5 million active subscribers, with customer losses evenly split between South Africa and the rest of Africa. MultiChoice noted that “the negative trend was evident across all three market segments.” In South Africa, particularly MultiChoice attributed this decline to “the ongoing cost-of-living crisis which has meant that households are struggling to make ends meet and many had no choice but to give up their DStv subscription for the time being.” Despite these challenges, MultiChoice saw strong growth in its streaming services. DStv Stream subscribers increased by 38%, with revenues rising 48%. Extra Stream users grew by 25%, and revenues for this add-on service nearly tripled in its first full year. The company also expanded its DStv Internet service, leading to a 45% increase in subscribers and an 85% jump in revenue. While MultiChoice raised prices by an average of 5.7% to counter inflation, subscription revenues still declined by 3% year-on-year. However, decoder sales rose by 17%, driven by price adjustments to manage subsidy costs. Overall, South African segment revenues fell by 1% on an organic basis. MultiChoice reported a 44% year-on-year increase in active paying Showmax subscribers given the price adjustments in March 2025, which MultiChoice justified as necessary due to rising operational costs, including inflation, higher content licensing fees (especially for sports), and technology upgrades. Amid these shifts, MultiChoice is in the process of selling its business to Groupe Canal+, with the French broadcaster offering R125 per share to acquire the company. Despite subscriber losses, MultiChoice returned to profitability, reporting a net profit of R1.8 billion (over $100 million) for the year. This turnaround was largely due to cost-saving measures and the sale of its insurance business to Sanlam, which contributed significantly to its financial recovery. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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