BAS Group targets Nigeria’s $236 billion credit gap with Zuvy acquisition
BAS Group, a Nigerian investment company that controls businesses in healthcare, micro-insurance, and finance, has acquired a majority stake in Zuvy Technologies, a Lagos-based startup that provides short-term financing to small businesses through invoice discounting. The value of the all-cash deal was not disclosed, but BAS now owns more than 50% of the company and has assumed operational control. As part of the transaction, all institutional investors in Zuvy have been bought out. The startup’s co-founders, Angel Onuoha and Ahmad Shehu, will retain minority stakes but are stepping back from day-to-day operations. The deal signals BAS Group’s growing ambitions in Nigeria’s underserved SME finance market, where a $236 billion credit gap leaves many businesses struggling to access working capital. With the acquisition, the company adds invoice-backed credit to its offerings, allowing vendors that supply large companies—especially fast-moving consumer goods (FMCG) manufacturers—to access early payment on their invoices without needing traditional collateral. “Think of the Zuvy platform as another add-on under our finance arm,” BAS Group CEO and founder Abdulateef Hussein told TechCabal in an interview. “It’s going to be very seamless for us because it’s just a new product added to our lending offerings.” Zuvy provided short-term credit (60–90 days) after vendors submitted invoices verified with the large companies they supplied. BAS found Zuvy’s broad vendor list attractive as it seeks to diversify its SME lending portfolio. The company saw invoice discounting as a way to extend credit with greater confidence, using verified invoices from vendors that supply goods and services to heavyweight customers such as Dangote, Eat n’ Go’s fast-food outlets, and Rite Foods. That buyer-side credibility, Hussein believes, reduces risk and speeds up lending decisions. 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 BAS Group, which also owns a micro-insurance (ALLY Microinsurance) business and holds a stake in a microfinance bank (ALLYCare), will layer Zuvy’s lending platform with services it already offers, such as banking products, health-maintenance cover, and credit-life insurance, to give small businesses a broader suite of financial options. “We are excited about this acquisition,” Hussein said. “A lot of the infrastructure is ready. It is just for us to scale it with our capital and institutional relationships in the market. A lot of the repayments we will be receiving will now be channeled through the Zuvy platform.” Founded in 2021, Zuvy began as a direct lender before pivoting to a loan origination model, helping over 1,500 businesses secure financing with support from partners like TLG Capital and Advancly. In 2023, the startup raised $4.5 million in a debt and equity round, with participation from TLG Capital, Dunbar Capital, Next Chymia Consulting HK, and angel investors David Mussafer, Khalil Osman, and several others. Zuvy has fully repaid the $4 million debt it raised in that round, according to Onuoha. Despite spending years building infrastructure for invoice-based financing and filling a short-term credit gap in Nigeria, Zuvy struggled to grow its loan book and scale rapidly, partly because its direct lending model depended on continuous fundraising. In search of a model that could support long-term growth, the startup shifted from direct lending to a loan origination model, weighing the trade-offs between control and scalability. “When you’re doing direct lending, you have full control over the exact types of loans you want to disburse, but it relies on constant fundraising to actually scale your loan book,” said Onuoha. “With loan
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I asked Computer Village merchants what laptops are worth buying in 2025. Here’s what they said
If you’ve ever been to Computer Village, Lagos’ largest ICT market, you know the rules: hold your bag tight, your phone tighter, and ask the right questions, or you risk walking out with a purchase you’ll regret. When buying a laptop, for instance, the options are endless. Specs? Confusing. With so many brands available and choices to make, sometimes you just need someone who knows the streets to tell you what to buy. So I did the asking for you. You’re welcome. When it comes to buying a laptop, especially if you’re not loyal to a brand, it’s hard to know where to start. Should you go with HP, Dell, ASUS, Lenovo or a Mac? And about the processor? Should you get an i3, i5, or i7? How much RAM is enough? The questions never end. So I spoke to the people who actually know: retailers, repair guys, and behind-the-counter specialists at Computer Village. I wanted to find out: for tech bros, students, office and remote workers, gamers, and everyone in between, what laptops are worth your money in 2025? ‘Light work’ If your day-to-day involves Zoom calls, Google Docs, Notion, Excel, or several open Figma tabs, you need a laptop that won’t freeze or start overheating in the middle of an important meeting. When asked what really mattered when getting a laptop for users in this category, most merchants started with the same checklist: a Core i5 processor, with at least 4GB of RAM for speed and fewer problems a Core i3 processor if you’re mostly on Docs and web browsers HP, Dell, and Lenovo were the top recommended brands cited for their speed, availability, and quick repair. Among HP laptops, the EliteBook and ProBook series were strong recommendations. Most merchants recommend sticking to 6th-generation processors and above, especially if you want better speed and fewer Basic Input/Output System (BIOS) issues. What should you budget? For fairly used (UK/US-used) models, these merchants say their recommendations fall between ₦250,000 and ₦400,000, depending on the generation and condition. If you’re going for something new, Judith Asomugha of BeeLogic Communications says you should budget from ₦600,000. Heavy-duty laptops If you’re working with design tools like Adobe Premiere or AutoCAD, or you write code, game on weekends, or generally run multiple heavy apps at once, the laptops listed above won’t cut it. You’ll need a laptop built for performance with strong processing power, high RAM, and efficient cooling systems. When I asked about laptops like these, merchants reeled off a list of models from HP Omen and Dell Precision to MSI and Dragonfly. However, according to Adebayo Ibrahim of GoodLand Technologies, “the best gaming laptop right now is from ASUS.” Overall, the checklist included: Higher processors, from Core i7, at least 4GB RAM, and a large storage space. Laptops with dedicated graphics cards (NVIDIA cards). Nze, who has been selling at Computer Village since 2019, says that “NVIDIA cards help them [gaming systems] run smoothly, especially if you have gaming applications.” What should you budget? Fairly used (UK/US-used) gaming laptops typically start from ₦600,000 according to Ibrahim, depending on the brand and condition. For new gaming systems, the budget typically starts from ₦1,000,000. Popular doesn’t always mean powerful A particular laptop brand was consistently left out of the merchants’ list of sturdy laptops. One thing all the merchants I spoke to agreed on is that HP is the most asked-for laptop brand in Computer Village. It’s their go-to recommendation when someone walks in and asks for a good laptop. Ibrahim points out that this may be because of the laptop’s low maintenance. According to him, changing the battery of an HP laptop would cost from ₦25,000, compared to changing a Dell laptop’s battery, which costs from ₦40,000. But when I asked these same merchants which brands are actually more durable, many pointed to Dell and Lenovo. “HP is fashion[able] because of its structure and physical appearance. They are not rugged like Lenovo and Dell,” Emmanuel David, another merchant, says. Merchants say that Dell and Lenovo tend to last longer under heavy use: their bodies are more compact, and the hinges hold better. But they tend to be more expensive to buy and maintain compared with other brands. Merchants also sing the praises of ASUS laptops, though it is largely less popular due to their price among other reasons. Buying a laptop is not just about a brand or how sleek a device looks. It’s about knowing what your computing needs are and what your budget can get you. Whether you’re gaming, coding, typing, or Netflix-ing, the right laptop is out there. You just need to know what you’re looking for. 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 – Access Bank acquires Standard Chartered Tanzania
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. Bonjour from Cotonou! Day one of the Cyber African Forum finished yesterday and I saw more people in suits than I have ever seen at a tech conference. Apparently, Beninise (and people across Francophone Africa) dress the part. Panelists covered a range of topics, from the need for patient and blended capital on the continent, to the role of AI in driving Africa’s economic growth, and even how humans (yes, all of us!) remain the weakest link in cybersecurity. Thankfully, my translation device and Google Translate saved the day, allowing me to enjoy insights from every session—what would we do without technology? You can find my detailed recap in the third blurb of today’s newsletter. PS: Big shoutout to our readers who said hi—especially Quetin who showed me that he had just finished reading yesterday’s edition. – Faith. Starlink lands in Lesotho amid US tariff threat Access Bank acquires Standard Chartered Tanzania Cyber Africa Forum Day 1 Recap Lagos State wants to give every house a digital address World Wide Web 3 Opportunities Internet Starlink lands in Lesotho amid US tariff threat Starlink in Lesotho/Image Source: Google Elon Musk has planted Starlink’s flag in Lesotho, a country “nobody has heard of,” according to Donald Trump. On Monday, Starlink went live in the country, and resellers have started legally selling kits. Lesotho is under pressure after USAID cuts and a 50% hike in import tariffs—the highest tariff levied on any country. Since then, job losses have piled up in healthcare and the once-thriving textile sector. Lesotho’s garment sector employs 30,000 people and contributes heavily to the country’s $2 billion gross domestic product (GDP). At the heart of Starlink’s operations in Lesotho is T‑Connect, which has been licenced to resell Starlink kits. Backed by a 10-year licence and fresh to the market, the company promises to build AI-powered data centres and bring high-speed, low-cost internet to even the most remote schools. The decision to grant Starlink a licence wasn’t without controversy. Local telecoms like Vodacom Lesotho and advocacy group Section Two pushed back on Starlink’s licence application, insisting that foreign players should include local ownership like other global internet providers have. Yet, the country’s Prime Minister defended the approval, framing it as part of a broader plan to attract US investment and negotiate trade relief. But Lesotho’s economy is still reeling from the funding cuts and tariff hikes. Other internet providers, including Econet Telecom Lesotho and Vodacom Lesotho, still struggle under high costs and the challenging terrain. Starlink may offer Lesotho a lifeline, but its sustainability is unproven amid shaky macroeconomic foundations, political pushback over foreign dominance, and affordability hurdles. Save more on every NGN transaction with Fincra Stop overpaying for NGN payments. Fincra’s fees are more affordable than other payment platforms for collections & payouts. The bigger the transaction, the more you save. Create a free account in 3 minutes and start saving today. M&A Access Bank acquires Standard Chartered Tanzania operations despite CBN forbearance restrictions Image Source: Access Bank Access Bank is still under regulatory forbearance, a measure imposed by Nigeria’s Central Bank (CBN), that restricts certain financial actions like paying dividends, awarding bonuses to senior executives, or investing in foreign subsidiaries. This directive, issued in June 2025, is part of efforts to strengthen capital generation within the banking sector. But on Monday, Access Bank, Nigeria’s largest lender by assets, quietly announced on one of its Instagram accounts that it has completed the acquisition of Standard Chartered Tanzania’s consumer, private, and business banking division. This acquisition is key for Access Bank’s expansion across Africa, strengthening its earnings and fueling its ambition to become a pan-African heavyweight. So, how does a bank under CBN’s restriction close an offshore deal? The answer: timing. Although it comes just weeks before Access is expected to exit forbearance on June 30, the deal itself predates the CBN directive. Access and Standard Chartered first announced this divestment back in 2022. Standard Chartered, with its headquarters in the United Kingdom, has been gradually exiting select African markets to refocus its global wealth management and improve its profit. Since 2022, Access Bank has been the buyer. Starting with the acquisition of the international bank’s Angolan and Sierra Leonean subsidiaries. Then a few days after CBN’s June directive, the bank assumed ownership of Standard Chartered’s Gambian operations, ending its 130-year presence in The Gambia. And now, it has taken over the international bank’s Tanzanian division. Yet, the timing raises the question: will the CBN consider this a violation, or let it pass since the groundwork was laid years ago? Drive your business forward with Doroki Whether you are a retail store, restaurant, pharmacy, supermarket, salon or spa, Doroki helps simplify your operations so you can focus on what matters most: your customers and your growth. Manage your business smarter, start here. Features Cyber Africa Forum Day 1 Recap: Capital, AI, and Cybersecurity Realities An image taken from CAF 2024/Image Source: CAF Bonjour! Benin feels reminiscent of Lagos to me. Afterall, Lagos is just 2 hours 35 minutes away. Yesterday, the Cyber Africa Forum opened in style, as everyone turned up looking their best. Panelists talked about everything from the need for patient and blended capital on the continent, to how AI is driving growth in Africa’s economy, and how you and I might be the weakest link for Cybersecurity. During a panel discussion, investors argued that the continent needed more patient capital. However, over 80% of the funds on the continent are from foreign investors and the continent might need to turn to local investors to find patient capital. However, local investors are yet to catch on with the concept of VC investing. Panellists also agreed that getting local investors acclimatised with the concept of VC investing could close the gap for patient capital on the continent. One of my favourite conversations at the event was Irene Auma, Visa’s Head of Risk in Africa session on
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Are AI assistants active on your smartphone without real consent?
Nyambura Kogi, Chairperson of the Association of Women Commercial Drivers of Kenya, sits on the edge of her couch, taps her two phones Redmi 12 Pro and Sumsung Galaxy A56 impatiently with a sigh. “I hate Gemini, especially because it makes both my phones really hang and there seems to be no way to disable it.” Kogi does not recall opting into Artificial Intelligence (AI) assistants. It was simply there—bundled in a phone update, learning from her daily habits. Across Africa, millions are in the same boat. From AI-suggested playlists to personalised news alerts and autocorrect that adapts to their slangs, AI assistants including voice, text, and search assistants, are now embedded in the apps and devices Africans rely on daily. But what feels like convenience masks a more troubling truth: users are rarely asked, explicitly, if they consent to this invisible data exchange. And for most, opting out can be unclear or nearly impossible. Consent without choice The promise of AI is personalisation. But it’s powered by data—your data. Every tap, scroll, and voice command potentially becomes a training input. And in many of the world’s most popular apps, this data is collected under vague terms or behind dense privacy policies most users don’t read nor fully understand when they “agree”. “As consumers we find ourselves in a situation where we are not in control of AI introduced in our gadgets because those who design the gadgets are the ones who decide whether to put AI tools or not,” said Zenzele Ndebele, a director of the Centre for Innovation and Technology (CITE). Even when tech companies disclose that their AI tools are collecting data, the process often remains opaque. Meta, for example, states that messages sent to its AI assistants “may be used to improve AI.” But what does that mean in practice? How long is data stored? Can it be deleted? Can it be sold? “These are questions users have a right to ask,” says Ndebele. 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 The invisible cost of “free” products and services Jean-Pierre Murray-Kline, a business technologist based in South Africa, puts it plainly: “If the product is free, you are the product.” He describes AI as a digital mirror—one that reflects our behaviours back to us, but amplified. “It’s watching how we speak, what we type, what we search. Then it gives us more of the same—reinforcing habits, biases, even political leanings.” And yet, users often do not know what happens behind the scenes. Many apps do not just gather data—they harvest it continuously, sometimes even when the app is not open. Candice Grobler, community marketing strategist and a founder of Candid Collab, noted that “It’s really difficult as a user to really know what these AI assistants in apps are doing with our data. They have terms of service but they update automatically without always being clear on the real impact.” “Some developers design their apps specifically to avoid triggering permission requests,” says Murray-Kline. “If an app does not ask for any permissions at all, that should be a red flag—not a relief.” At the core, AI remains a business-driven tool. While everyone will eventually use it, companies prioritise profitability—optimising AI systems to extract data with little focus on empowering users with control. Ndebele cautions that while businesses invest heavily in AI, “users must be vigilant about what
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Clunky investment apps push retail investors into riskier territory – Report
For the first time, everyday Nigerian investors surpassed institutional investors in Q1 2024, capturing 1.1% more of capital markets investments than the latter. It is an indication of a growing appetite for wealth creation among everyday consumers. Yet, despite this momentum, the market’s growth remains constrained by investment platforms that aren’t user-friendly, according to a new report from product research firm Check. The report found that 80% of retail investment platforms in Nigeria fall below global usability standards, citing slow, clunky, and confusing user experiences. This poor design pushes first-time investors away from credible platforms and into riskier alternatives like Ponzi schemes and crypto scams. According to the report, Nigerians have lost ₦90 billion to Ponzi schemes in the last two years, and more than ₦1 trillion in the past 25 years, underscoring the cost of weak investor education and poor digital experiences that fail to retain retail users on legitimate platforms. “The next wave of market leaders will be those who build seamless, mobile-first experiences that empower emerging investors through speed, simplicity, and education,” said Lanre Wright, Head of Innovation and Growth at Check, in the report. 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 The report shows that Nigeria’s retail trading volume jumped from ₦618.79 billion in 2020 to ₦2.31 trillion in 2024, driven by macroeconomic pressures, improved mobile access, rising financial literacy, attractive interest offerings, and stronger market performance. This marks a 106.3% year-on-year increase from 2023. Still, active participation remains low: fewer than 500,000 Nigerians out of 3 million registered capital market investors actively trade. That figure lags behind platforms like PiggyVest and crypto apps, which have 5 million and 3 million users, respectively, highlighting how capital market platforms continue to lose ground in the battle for retail investor attention. Check’s usability audit of 10 do-it-yourself (DIY) investment platforms found that only two met the global usability benchmark score of 68. The rest suffered from clunky Know-Your-Customer (KYC) processes, confusing navigation, cluttered interfaces, and a lack of embedded user guidance, issues that erode trust and push users toward informal or riskier alternatives. For Nigeria’s capital investment market to be more accessible, the report concludes, investment platforms need to invest in user trust by building out seamless user experiences in their digital backends. 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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Which transfer app gives South Africa’s migrant workers the best deal on their next $200 home?
Johannesburg is a magnet for Africa’s workforce. Migrants from Zimbabwe, Nigeria, the Democratic Republic of Congo (DRC), Uganda, and beyond flock to the city’s bustling economic corridors. Many work long hours in retail trade, salons or as gig economy workers. Their earnings power South Africa’s billion-dollar remittance economy. Over $1 billion flows each year to Southern African Development Community (SADC) countries alone; the actual figure may be even higher, with informal channels often bypassing traditional reporting. Zimbabwe alone receives almost half of these remittances. “In Zimbabwe, in any bank branch, 80% of customers in the banking hall are there for remittances,” said David Adlam, a fintech expert. For migrant workers in South Africa, several apps have launched to make it easier to send money back home. With a plethora of apps to choose from, migrants have to consider other factors when making remittances including which app will take the smallest cut of their next family support home. I recently took a quick street and online survey of 30 migrants from Zimbabwe, Nigeria, DRC, and Uganda living in the north of Johannesburg to find out what apps are popular. Zimbabweans, for example, tend to favour Mukuru and Hello Paisa, while Nigerians, Ugandans, and Congolese rely on Mama Money. Regardless of country-based differences, choices are driven by cost, convenience, trust, infrastructure to collect the money, and the specific needs of their families back home. 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 Among Zimbabweans, Mukuru and Hello Paisa are popular choices due to their wide network of cash pickup points, integration with mobile money platforms, and long-standing trust. Mukuru, in particular, has operated in South Africa since 2004 and is well-established in the remittance industry, making it a trusted option for many. In contrast, Nigerians, Ugandans, and Congolese often prefer Mama Money for its convenience, especially in terms of where recipients can collect funds, as well as its competitive fees and digital-first experience. Other platforms—WorldRemit, Sasai Remit, Clicksend Now, Taghill—and a range of informal channels round out the mix as users try to find the best deals. Efficiency and convenience are what users like Tony Manyangadze, a Zimbabwean communications professional, look for. “I use Hello Paisa because it’s all in one, short queues where my family stays and I can send mobile money and shop for groceries through the app.” For others, cost is king. “Mama Money is the cheapest for me,” said John Duru, a Nigerian trader. “I can send money either through my bank or at a shop and it is the closest to where my family stays.” On an average, most migrants send between $100 and $200 monthly, primarily to support families with food, school fees, and bills. Transfer fees vary widely across providers and corridors. Zimbabweans pay up to 9% in fees through Hello Paisa or Mukuru, while Mama Money charges 5%. In Nigeria, Mukuru’s fee drops to 0.81%, far below the World Bank’s 3% target. WorldRemit offers as low as R50 ($2.80) fee for $200, but Congolese refugees are locked out of these services due to asylum policies. Several remittance platforms require national ID or passports, locking out refugees, asylum seekers, and migrants in legal limbo. “I had to stop using WorldRemit after I applied for asylum,” said Emmanuel Bauma, a DRC national and e-hailing driver. “Now I use Mama Money — or I use informal sources when there is an
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Kenyan bank CEOs warn of cybersecurity talent shortage as attacks surge
Kenya’s top bank executives have warned of an acute shortage of cybersecurity experts, saying the talent gap has exposed lenders at a time when cyber threats are rising sharply. Bank chiefs said in the recent Chief Executive Officers Survey by the Central Bank of Kenya (CBK) that the crisis has been compounded by reliance on manual monitoring systems. The survey found that limited access to real-time security tech has left most financial institutions vulnerable to rising cyber threats. “Among the challenges that respondents noted concerning their endeavours to implement the cybersecurity guidelines included the high cost of attracting, retaining and motivating cybersecurity experts due to the shortage of cybersecurity experts,” CBK said. The survey is part of the Central Bank’s effort to assess how well the financial sector manages cyber risks seven years after it issued cybersecurity guidelines to banks in August 2017. The guidelines require annual IT audits and board-level reporting. According to the survey, implementation has been patchy as most banks still struggle to meet the baseline compliance requirements, mainly due to staffing constraints and ballooning costs for technology and training. 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 Despite Kenyan banks increasing their cybersecurity budgets, they’ve been unable to attract skilled staff and procure advanced monitoring technologies to mitigate cyber risks. The country has an estimated 1,700-2,000 cybersecurity professionals, far short of the 40,000–50,000 needed to secure the digital economy. “Commercial banks indicated that they have budgeted between Sh19 million ($147,000) and Sh600 million ($4.6 million) towards cybersecurity, indicating a growing awareness of the risks posed by sophisticated cyberattacks and a commitment to enhancing the security posture,” CBK said. The warning comes as Kenya records the highest spike in cyberattacks in its history. Data from the Communications Authority of Kenya (CA) shows that cyber threats more than tripled to 2.5 billion in the first quarter of 2025, a 202% increase from the previous quarter. Interpol has also flagged Kenya as a top target for cybercriminals in East Africa, citing increased smartphone penetration and rapid adoption of mobile and internet banking. Nairobi’s growing profile as a regional tech hub has made Kenya a magnet for international cloud, payments, and digital commerce firms. While it’s great for economic diversification, it has created a new battleground for cybersecurity hiring. Fintechs flush with VC dollars, and Big Tech players setting up regional bases, have upped the stakes, offering packages most Kenyan banks struggle to match. The sluggish talent pipeline has worsened the shortage. Universities and training institutions have struggled to produce job-ready cybersecurity experts. Despite a surge in funding and skills-building programmes, few graduates meet the specialised requirements banks now demand. Certifications like Certified Information Systems Security Professional (CISSP), Certified Ethical Hacker (CEH), and ISO standards remain costly. 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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What’s next for African tech: A Moonshot 2025 agenda
Just a few years ago, Africa’s tech ecosystem was booming. In 2021, startups across the continent raised over $4 billion across 355 funding deals, buoyed by a global investment wave and the promise of leapfrog innovation. But the wave has since receded. By 2023, funding had dropped by over 40%. The funding winter began as global VC pullback, economic headwinds, and local currency instability created a tougher, leaner environment. The fallout was swift and painful — startup shutdowns, brain drain, layoffs, and widespread uncertainty. In 2024, it became evident that the world was moving fast, and Africa must move with it. To find the growth and total addressable markets that make for viable and VC-pleasing exits, African startups could no longer afford to think only locally. They had to think bigger and go further afield to truly thrive. That urgency informed the theme of Moonshot 2024 — Building for the World. And yet, despite the headwinds, the ecosystem didn’t collapse. Slowly, it began building momentum. The funding frenzy cooled, but in its place came a stronger focus on business fundamentals. Resilient startups adapted, restructured, and survived the downturn. Many emerged with leaner operations, sharper product-market fit, and clearer growth paths. By early 2025, green shoots began to appear. The market seemed to have corrected itself and turned a corner. Investor sentiment started shifting. Most notably, the emergence of two new unicorns in Q4 2024 and the strong funding kickoff in Q1 2025 signaled that the tide was rising again, albeit more cautiously and deliberately. The ecosystem is moving again, and this time, it’s moving smarter. That’s what Moonshot 2025 is all about. We aim to create a platform that examines the past, learns from it, and boldly co-creates the future together. Moonshot will be an experiential event that reflects a maturing ecosystem capitalising on existing gains to leap into the future, and unveiling Africa’s next great stories. A theme rooted in reality “Building Momentum” isn’t just a catchy phrase. It’s a pattern we observed across dozens of conversations with founders, investors, and policymakers on the continent and the globe, as we prepared for this year’s conference. “The ecosystem is bullish, as it is standing with little reliance on foreign capital,” said Wiza Jalakasi, Director of Africa Market Expansion at EBANX, capturing the prevailing sentiment during a pre-Moonshot conversation. The theme acknowledges the hard-won gains of the ecosystem while emphasising the urgent need to shift from survival to structured, scalable growth. It seeks to answer the question: What does scale look like for African startups? All through our research, expert insights, and conversations, it became clear that while the ecosystem is regaining steam, it is also important to learn from past cycles and prepare for its next leap forward. At Moonshot 2025, we’re assembling the operators and leaders moving the continent forward to address the key question of what scale looks like for African startups. What momentum looks like in Africa’s tech ecosystem Let’s be clear, the numbers aren’t yet explosive, but they are telling: Over $800 million in equity funding was raised in Q1 2025 alone, signaling cautious investor confidence returning. Sectors like climate tech and AI saw double-digit growth in startup creation and partnerships. More local capital is being mobilised through angel networks and sovereign funds, slowly replacing foreign VC dominance. And hubs within and beyond the “big four” continue to deepen their startup ecosystems with policy reforms, accelerators, and infrastructure investments. There’s no single breakout moment, but there is clear forward motion, and there needs to be sustained momentum as a collective. That’s why we’re centering Moonshot 2025 on the builders, believers, and institutions laying down the rails for Africa’s next leap. What to expect at Moonshot 2025 This year, Moonshot expands beyond a conference; it becomes a curated, living museum of Africa’s innovation journey. We get to tell the stories of what got us here and spotlight the people and ideas that will carry us forward. 9 Bold Content Tracks from the Creative Economy to the Future of Commerce, this year’s programming is laser-focused on sectors and ideas with real potential to shape Africa’s digital future. Each track is designed to answer with honest reflections and hopeful forecasts: What is the next concrete step forward for this sector? 100+ speakers from within and outside Africa, including policymakers, big tech leaders, early-stage founders, innovators, and investors making the boldest bet on Africa. Action-focused Conversations. Think less talk, more traction. We’re crafting deep-dive workshops, policy roundtables & pledges, and live showcases designed to move conversations into outcomes. TC Battlefield, Africa’s leading early-stage pitch competition, returns with stronger value and matchmaking sessions designed to connect the most promising startups with top African and international investors. Apply here Workshops & Roundtables, practical deep dives, live use-case walkthroughs, and policymaker-operator roundtables focused on solutions, not soundbites. Join the momentum Whether you’re a founder looking for your next investor, a policymaker charting digital growth strategy, or an operator building the next category-defining product, Moonshot 2025 is where momentum builds. We’ve just launched Early Bird Tickets, which are available now for a limited time. Secure your spot for Moonshot 2025 at a discounted rate and be part of Africa’s most purposeful tech gathering. Get your ticket here
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The fintech replacing banks in cross-border payments, one stablecoin at a time
Especially for businesses in the global south, cross-border transactions are still defined by slow wires, hidden fees, and clunky banking infrastructure. Conduit, a four-year-old fintech based in the US, has been attempting to rebuild the plumbing of international money movement using blockchain and stablecoins. And after a quiet pivot away from decentralised finance (DeFi), the company says it’s found product-market fit in the real economy. Conduit recently raised a $36 million Series A round led by Dragonfly Capital, bringing its total funding to $53 million. It claims to be processing over $10 billion in annual transaction volume for 5,000+ merchants globally, with an embedded presence in over 100 fintech platforms. But the backstory of how it got here, and how it plans to scale, reveals more than just another crypto-adjacent payments play. From DeFi dreams to TradFi trenches Founded in 2021, Conduit initially focused on providing DeFi tools to institutions by offering APIs for fintechs and neobanks to integrate yield-generating crypto products. The collapse of firms like Terra and FTX in 2022 didn’t directly cause Conduit’s pivot, but it pushed startups with similar models to rethink their approach. “We moved from focusing on building integrated decentralised finance tools, to enabling cross-border payments for businesses using stablecoins and harnessing the power of blockchain,” Kirill Gertman, Conduit CEO, told TechCabal in an email. The company’s shift was not just about distancing itself from a broken DeFi ecosystem, but finding a clearer, more pressing problem to solve. “When we shifted to a cross-border payments product, it was about realising we needed a more differentiated and defensible offering,” Gertman said, adding that “cross-border payments in emerging markets was a much more clear and urgent problem to solve.” How does Conduit earn revenue? Conduit’s model rests on stablecoins, which are crypto tokens pegged to fiat currencies like the U.S. dollar. These stablecoins are what the company uses to settle payments across borders. This model gives Conduit an edge in terms of speed, but the real trick lies in how it handles conversions and compliance across border lines. Unlike traditional providers that may charge separately for currency exchange and payment processing, Conduit says it keeps costs consolidated. “Our platform is built to move money across borders,” Gertman said. “FX is one of the pieces that makes that possible, but our customers aren’t being double-charged, they are charged for moving money from point A to point B.” In other words, Conduit bakes the FX and transaction costs into a single rate, rather than layering fees. This approach, it claims, helps reduce friction for customers and maintain price clarity. The firm earns revenue in two ways: it charges a fee each time a customer sends money, and it also earns from the difference between the rate it gets when converting currencies and the rate it offers to customers. This difference is known as the FX spread. So if Conduit converts stablecoins into local currency, say USDC to Kenyan shillings, it might get one rate from its bank partners but charge customers a slightly higher rate. That small margin becomes part of its revenue. But Conduit says its use of blockchain helps keep overall costs lower. It claims to offer better pricing and faster delivery than traditional systems by settling payments faster and cutting out some of the middlemen, like correspondent banks. 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 Growth
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At the 2025 Africa Technology Expo, stakeholders look to the future of African tech
Stakeholders, including C-suite executives, innovators, and tech entrepreneurs, gathered for the 2025 Africa Technology Expo (ATE) with the future of Africa’s tech industry at the centre of conversations. Held at the Landmark Event Centre in Lagos on Saturday, June 21, over 2,000 attendees and 50 — exhibiting companies spotlighted bold hardware, telecoms, and software innovation with real-world business outcomes. “We’re here to share the future together, and through this platform, we’re saying conversations are already on the way to export—to Kigali, Nairobi, and even Barbados,” said Clinton Nnaemeka, CEO of ATE, at the opening ceremony.“Africa’s story must be told everywhere. It’s not just what we do, but who does it with us.” Nnaemeka firmly positioned ATE not as a generic tech event, but as a high-stakes business platform built for enterprises ready to scale and solve big challenges on the continent. Africa’s next billion-dollar tech: Olumide Balogun’s roadmap to 2030 The keynote address was delivered by Olumide Balogun, Director at Google West Africa, who laid out a compelling framework for how Africa can build its next billion-dollar tech companies. His talk revolved around questions, predictions, and stakeholder groups that’ll move the continent toward efficiency, inclusion, and scalability. According to Balogun, key 2024 happenings in the ecosystem include: Unicorn Surge: In 2024, two new African unicorns—Moniepoint joined a growing list that includes Chipper Cash and Interswitch, signaling a maturing tech ecosystem. Venture Capital Shifts: While overall VC funding declined from 2023 to 2024, equity funding remained steady, with an increasing focus on profitability over growth at all costs. Talent Boom: Africa’s digital skills market is projected to grow significantly, thanks to 1,000+ firms ramping up upskilling programs across five key countries. Policy Push: Regional digital trade protocols and national startup acts in countries like Senegal and Nigeria are aligning legal frameworks to stimulate tech entrepreneurship. To build Africa’s next unicorns, Balogun advices: Solving fundamental, large-scale problems (healthcare, education, energy). Building mobile-first products that reach users via smartphones and feature phones. Prioritising accessibility and value for price-sensitive markets. Digitising the informal economy, especially retail and logistics sectors. Understanding policy & funding shifts in Africa’s evolving ecosystem. Predictions for 2030: What’s next? In his address, Balogun gave the following predictions for the next 6 years: Fintech 2.0: The next generation of fintech will go beyond payments to tackle comprehensive financial inclusion, especially for Africa’s underserved informal sector. AI-driven credit scoring, alternative data use, and mobile-based financial tools are the future. The rise of green tech: Solar infrastructure, investment in renewables, and the energy demands of data centers and AI will drive growth and policy. E-commerce + logistics: E-commerce is booming, but logistics is the enabler. AI-powered solutions in supply chain management, inventory prediction, and last-mile delivery are unlocking potential in informal retail and urban logistics. Stakeholder call to action: Balogun addressed three categories of people, giving directives of what needs to be done. Investors: Look beyond fintech, and explore climate tech, agritech, and AI-led solutions that solve core African problems. Entrepreneurs: Solve real problems. Prioritise accessibility, affordability, and impact, especially for the growing urban youth population. Governments: Accelerate infrastructure, harmonise regulations, and invest in human capital to reduce brain drain and build local capacity. Balogun closed with a quote by Peter Drucker: “The only way to predict the future is to create it.” Buy African or Bye Africa? Another highlight of the day was a fireside chat titled “Buy African or Bye Africa?”, hosted by Daniel Adeyemi, Editor-in-Chief at Condia. He was joined by Iyinoluwa Aboyeji, Co-Founder of Andela and Managing Partner at Accelerate Africa, and Bayo Adedeji, Group CEO, Wakanow. The session explored how protectionist trade policies and shifting global alliances are compelling Africa to redefine its production power and global competitiveness. The session emphasised that Africa has talent, and resources to build capital environment for African businesses to thrive The future starts now ATE 2025 made one thing clear: Africa is no longer just a market; it’s a builder of markets. From unicorn births to green energy pivots, AI-driven platforms to trade recalibration, the continent is writing its own tech story—with scale, ambition, and grit.
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