I used a crypto card for the first time; “spending crypto like cash” may no longer be an empty hype
On one random Wednesday morning recently, a dispatch rider called to confirm my availability. He had a parcel for me, which surprised me; I wasn’t expecting a delivery from anywhere that week. Unfortunately, I was unavailable to pick up this mystery package, and we rescheduled the delivery for the following week. A week dragged into a month, and after periods of scheduling misfires, I finally managed to pick up the package. It was a crypto debit card. That’s when I remembered. Back in May, I had replied, on the spur of the moment, to a video post asking to demo the product. The video simply shows someone withdrawing cash from an automated teller machine (ATM) with a crypto card. A few DMs later, Damilare Aregbesola, West Africa Lead for Base, reached out. He oversaw the region’s Base Batches Build-a-thon, a mentorship and product development programme for Web3 builders. The crypto debit card project demoed in the video was part of its portfolio. It claims to be the first crypto card built for Africans. Aregbesola made the arrangements, and the card was delivered to me at no cost. When I glanced at the delivery receipt, the total cost of the card and delivery was a little over ₦11,000 ($7.2). It came in a matte-black sleeve. Inside was a black card—minimalistic but rough around some edges. The packaging was peppered with the confident crypto marketing lingo that many startups seem to have borrowed recklessly: “Spend crypto like cash.” My Zerocard crypto debit card came in a matte-black sleeve, with spirit-lifting quotes about building hard things/Image Source: TechCabal The product was Zerocard’s, a startup still in beta that issues crypto debit cards, allowing users to spend stablecoins (USDC) directly from their wallet. It runs on Base, a blockchain network developed by Coinbase, with traditional payment infrastructure handling the backend. I had never seen or used a crypto debit card before this one, so I wasn’t sure what to expect. It sounded slick. But I wasn’t sold yet. I slotted the card into my wallet, making a mental note to test it afterward. 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Aregbesola introduced me to Temidayo Folajin, a product designer and CEO of Zerocard, who patiently guided me through the setup. It took about two weeks due to issues navigating the app. First, I was added to an exclusive group of beta testers. Then, after Folajin granted me access to the Android Package Kit (APK) version of the app, I installed it on my phone (iOS users could join the test via TestFlight). I completed a Know Your Customer (KYC) check using my full name, date of birth, Bank Verification Number (BVN), and uploaded a valid means of national identification. In a few minutes, my account was verified and ready. Then came the first real bump: activating the card. Since I already had the physical card in hand, I needed to tie it to my account. It felt a bit like putting the cart before the horse, because I received my card before ordering it on the app. On the app, I clicked “Order Card”, filled in details printed on the physical card I already owned, and linked it to my account. After that, I
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Safaricom CEO Peter Ndegwa increases stake to $1.73 million
Safaricom CEO Peter Ndegwa has increased his stake in the telecom giant by 40% to 8.7 million shares in the year ended March 2025, according to the company’s latest disclosures. Ndegwa, appointed Safaricom CEO in April 2022, has significantly increased his stake in the company over the past two years, from 895,000 shares in 2021, a holding that had remained unchanged since he first acquired it. At the Monday closing price of $0.2 (KES 25.70) per share, Ndegwa’s 8.7 million‑share stake in Safaricom is valued at approximately $1.73 million (KES 223.59 million), highlighting the growing value of his stake as he deepens his investment in the company. The rise in the value of Ndegwa’s stake suggests he purchased additional shares and benefited from Safaricom’s Employee Performance Share Award Plan (EPSAP), which was awarded as part of his performance-based compensation. In the year ended March 2025, he received $349,955 (KES 45 million) worth of shares as part of his total pay package of $2.2 million (KES 294.2 million), cementing his position as the highest-paid chief executive among companies listed on the Nairobi Securities Exchange (NSE). Under Safaricom’s employee performance share award plan, the company purchases its shares from the open market and allocates them at no cost to selected employees. These shares vest after three years, after which employees can sell or retain them in their accounts. Listed companies and startups widely use share-based compensation as an extra incentive to align employee interests with those of shareholders and the company. It also helps companies retain high-performing staff. Safaricom CFO Dilip Pal also increased his shareholding by 65% to 2.2 million shares, up from 1.3 million the previous year. His holding is valued at approximately $436,787 (KES 56.54 million). The surge in executive rewards, including EPSAP, follows a recovery in Safaricom’s earnings. For the year ending March 2025, the telco reported an 11% increase in net profit to KES 69.8 billion ($540 million), driven by strong growth in mobile money and data services, as well as reduced losses in Ethiopia. The performance signals a return to growth after two years of flat profits, weighed down by the high costs of entering the Ethiopian market. Still, Safaricom is betting on East Africa’s most populous country, which sees long-term potential despite a slow start. 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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Imo State wants to become Nigeria’s AI capital. Can it bank on its local talent?
When Sullivan Emerald began his secondary education in Nekede, a quiet rural community near Owerri, his future ambitions were framed by stories his father read aloud from local newspapers—tales of brilliant Nigerian engineers who had made it big in the oil and gas industry. Inspired, Emerald aspired to study petroleum engineering. But after multiple failed attempts to secure admission into his desired course at the Federal Polytechnic Nekede, he reluctantly opted for computer science. That reluctant detour, however, turned out to be a revelation. It sparked an interest in programming and a passion for software development that would align him with a bigger vision: positioning Imo State at the forefront of Nigeria’s artificial intelligence (AI) push. Now a budding software engineer at Adminting, an ad-tech startup operating from the Imo Digital City, Emerald is part of a generation of young Imolites riding a new wave: AI. For these young people, Imo’s ambition to become Nigeria’s AI capital is a chance to compete globally without ever leaving home. A digital uprising in the heart of the southeast Geographically, Imo State is compact but vibrant, tucked in Nigeria’s southeast and surrounded by Anambra, Abia, Rivers, and Delta states. It boasts lush greenery, rich red soil, and an interwoven network of rivers and streams that sustain its largely agricultural communities. Imo State’s literacy rate has shown a steady upward trend, rising from 80.8% in 2010 to 92.1% in 2023, and is projected to hit 96.43% by 2025, making it the leading state in general and youth literacy in Nigeria. This progress is largely credited to a comprehensive free education policy introduced in May 2011 by former Governor Rochas Okorocha. “Governor Okorocha reawakened the minds of Imo people through his free education policy,” said Kelechi Ugo, a journalist based in the state. “His initiative, which covered education from basic through tertiary levels, was a game-changer.” However, the foundation for this policy was laid by Okorocha’s predecessor, Governor Ikedi Ohakim, who had earlier ordered the implementation of free education across all levels. Ohakim also spearheaded the return of some schools to missionary organisations to enhance management and improve educational outcomes. That strong educational foundation now forms the bedrock of the state’s tech renaissance. At the centre of this digital evolution is the Ministry of Digital Economy and E-Government, created in 2022 under Governor Hope Uzodinma. The ministry’s flagship agenda, known as IDEA 2022–2026, aims to train 300,000 Imo youth in high-demand skills, including AI, data analytics, machine learning, and cloud computing. Dr. Chimezie Amadi (Right), Commissioner for Digital Economy and E-government, Imo State, inside the Imo Digital City. Image Credit: Brandnew Emmanuel. “In Imo, the idea of literacy has changed,” said Chimezie Amadi, the state’s Commissioner for Digital Economy and E-Government. “It’s no longer about reading and writing, it’s about using digital tools to solve real problems.” The Imo State government says it has trained over 40,000 people through its Skillup Imo program, equipping them with digital and AI skills. The program has already produced two cohorts—5,000 graduates in the first and 15,000 in the second. About 150 of these graduates have gone on to secure remote freelance jobs, launch their startups, or actively contribute to the expanding tech ecosystem within the state, according to Primus Amaefule, the project manager of Imo Digital City. Training activities are centered at the Imo Digital City in Owerri, which serves as a dynamic hub for boot camps, coding workshops, and AI education, including programs for primary and secondary school students. The state has partnered with international tech firms, including Cisco, Huawei, and Zinox, to provide technical expertise. Meanwhile, local companies like Frankbotics and other tech hubs, primarily located in Owerri, help identify and train participants from schools within the communities. One of the classrooms in the Imo Digital City facility. The state’s AI drive extends beyond students: farmers are learning how to use generative AI to boost yields; health workers are being onboarded onto new electronic medical record systems powered by AI; and state databases are being overhauled to support data-driven governance. Perhaps most ambitious is the effort to build Nigeria’s first sub-national AI research centre in Imo’s Digital City. “We’re collecting biometric data of all our farmers,” Amadi explains, “so we can train AI models to recommend the best crops per region, detect pest patterns, and guide support policies.” The state is also collecting land data to automate land services end-to-end across the state through the Land Information Services Centre, according to Primus Amefule. “They had special GIS training so that they could do land administration in Imo State. So if you want to register your land, it is already digitised,” said Amaefule. “We also have a mandate to develop websites for all the ministries in the state International partners—including Ericsson, UNDP, and the EU’s Digital SME Alliance are already providing technical support to the program. Some have even signed talent exchange programs and startup accelerator deals. But for all the momentum, a pressing question looms: Can this digital vision survive the turbulence of insecurity gripping the state? A crown under siege While the Imo State government aspires to brand the state as Nigeria’s innovation hub, the reality on the ground often paints a far more troubling picture. Between 2020 and 2025, insecurity in Imo State has resulted in significant loss of lives and widespread fear. Over 650 people were killed due to criminal violence, including attacks by separatist groups, criminal gangs, and gunmen from January 2020 to May 2024. Notable incidents include the killing of at least 30 travelers in a single attack along the Okigwe-Owerri highway in May 2025. The violence has also targeted clergy and religious personnel, with more than 50 victims recorded between 2015 and 2025. Mass graves have been discovered in areas like Orsu LGA, where over 200 human remains were found, highlighting the scale of killings and the profound impact on local communities. The financial burden of insecurity is equally severe, particularly in terms of ransom payments for kidnappings. From
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As card fraud surges, what payment methods remain for South Africa’s online grocery shoppers?
When I saw an unfamiliar Uber charge on my account, I quickly blocked my bank card. After that, it no longer felt secure to use my card to shop online. But, the online grocery delivery apps I use often—Checkers Sixty60 and Pick n Pay asap!—only accept card payments leaving shoppers like me locked out of convenient access. In South Africa, online grocery shoppers who experience card fraud often become hesitant to use cards for payments again. For those who have grown accustomed to the ease of buying with a tap or click, returning to long queues and bulky trolleys at physical stores feels like a frustrating step backward. “While I was at work, I noticed two unexpected payments to Shein on my card, plus some boat-related charges—all adding up to R2800. I blocked the card immediately. Ever since, I have stopped using my card details for online shopping. It feels safer, but it’s also a pain because I really do not enjoy going to stores,” said Thembi Zulu, a restaurant manager in Johannesburg. In South Africa, 68% of total card fraud losses is due to card-not-present fraud, which is primarily associated with online transactions, placing South Africa among the world’s most affected regions. 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 This raises a question: if fraud makes card use riskier online, why have many online grocery retailers not responded with safer, more flexible options? Both Checkers Sixty60 and Pick n Pay asap! have built their digital checkout experiences around card payments—accepting Visa, Mastercard, and select debit cards. This approach has served them well, supporting rapid growth and high customer retention. As of July 2025, Checkers Sixty60 had surpassed 5.2 million app downloads, expanded to over 600 locations, and posted a 47.1% surge in sales during the second half of 2024. Pick n Pay’s asap! app followed close behind, reaching 500 locations and growing 42.5% over the same period. In-store, retailers offer payment options from QR codes and crypto to Buy Now Pay Later (BNPL) and mobile pay options. However, these services are not extended to online grocery shoppers. The State of Consumer Payment in South Africa report by Stitch in partnership with a global research firm, Censuswide, shows that consumers are quickly moving away from using cash and cards, and are choosing other digital payments alternatives instead. Speaking to TechCabal, Pick n Pay said the company was actively working to expand its digital payment capabilities. “We continue to enhance our full online shopping experience as seen with the integration of PnP asap! and Smart Shopper into a single app. Broadening our range of flexible and secure payment options remains a key priority,” a spokesperson said. What alternatives do shoppers have? In case shoppers find themselves in a similar situation as mine, I have done the homework for alternatives that exist. Mr D, for instance, offers groceries from Pick n Pay with both card and EFT options, and the delivery fee remains a modest R35. For shoppers who pick and choose from multiple stores, OneCart offers that flexibility with access to Woolworths, Makro, and Pick n Pay. It supports a broader range of payment methods including credit or debit cards and Ozow, though the delivery fee is slightly higher at R70. Takealot does grocery deliveries too, charging R75 for next-day groceries, while offering a wide suite of payment choices. And Makro and Game promise
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Luno co-founder’s MoneyBadger raises $400,000 pre-seed
MoneyBadger, a South African crypto payments startup founded by Luno co-founder Carel van Wyk, has raised a $400,000 (R7 million) pre-seed round to scale adoption of its Bitcoin payment infrastructure. The raise, led by P1 Ventures and backed by crypto-native angel investors—with a portion of the investment made in Bitcoin—marks the company’s first external funding round since emerging from stealth. Co-founded with Carl Kritzinger, MoneyBadger is now integrated into over 1,600 retail outlets, including supermarkets, fashion stores, and convenience chains. The company was launched in 2022 after Pick n Pay, one of South Africa’s largest grocery chains, sought a way to embed Bitcoin payments at checkout. Pick n Pay debuted crypto payments in February 2023. “Thanks to advances in Bitcoin payments technology, especially the Lightning Network, we delivered a working prototype that was faster and cheaper than tap-to-pay with credit cards,” Van Wyk said. MoneyBadger’s platform allows customers to pay for everyday items using Bitcoin via QR codes or integrated POS terminals. The startup claims to be processing over R1.4 million ($83,000) in monthly crypto transactions, with Pick n Pay alone contributing more than R1 million ($59,000), according to the retailer’s head of financial services, Deven Moodley. “Crypto payments fit into our Ways2Pay strategy of giving more customers mechanisms to pay in our stores,” said Moodley, highlighting Pick n Pay’s plan to provide diverse payment options to shoppers. MoneyBadger integrates with Binance, Luno, VALR, and AltCoinTrader wallets, while Luno, VALR, Blink, and Aqua have adopted its proprietary QR scanning technology. MoneyBadger plans to use the new capital to expand its merchant footprint through partnerships with Tier 1 payment providers, ecommerce platforms, and national QR code networks. The move reflects growing demand for retail crypto utilities in South Africa, where customers are increasingly using digital assets to pay for groceries, bills, and travel. Its rival, Luno Pay—a payments spinoff from crypto exchange Luno—reported over R20 million ($1.1 million) in Bitcoin purchases across its network since its November 2024 launch, with current monthly volumes near R2 million ($112,000). “Bitcoin has grown about 3x in the last couple of years. We don’t see that growth slowing,” said Van Wyk. “That makes Bitcoin adoption attractive for retailers.” P1 Ventures’ Managing Partner, Hisham Halbouny, described the investment as a bet on crypto’s practical use case in frontier markets. “While the West debates regulation, Africa is where the future of crypto utility is being written,” he said. 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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7 Buhari-era policies that shaped Nigeria’s tech ecosystem
From launching Africa’s first central bank digital currency to a Twitter ban that disrupted digital livelihoods, Muhammadu Buhari’s presidential administration (2015–2023) left an indelible mark on Nigeria’s tech ecosystem. A former military head of state who became an elected president, Buhari served for eight years, during which Nigeria’s tech ecosystem experienced a whirlwind of growth, regulation, and stifling disruptions. Policy decisions defined much of the technology terrain. A cash redesign caused scarcity, which in turn deepened fintech penetration. Cryptocurrency crackdown caused the movement to go underground and, in turn, soar in transaction volumes. Between 2015 and 2023, the Nigerian tech sector saw a rapid expansion and contended with abrupt regulations. As the nation mourns his passing over the weekend, here are 7 of the most consequential policies from Buhari’s administration that shaped what Nigeria tech became. The Twitter ban of 2021 In June 2021, the Nigerian government indefinitely suspended Twitter’s operations, hours after the platform deleted a tweet from Buhari that referenced the country’s civil war. Overnight, the platform went dark. This move shocked many users, especially given Twitter’s role in amplifying Buhari’s political messaging during his campaign years. The ban lasted seven months, forcing many Nigerians to turn to VPNs to access the platform. The impact of this ban was immediate. Small businesses lost visibility, digital creators were cut off from their audiences, and political dialogues were pushed underground. An ECOWAS court later ruled this ban illegal, and the platform was restored. However, the damage, particularly to investor confidence, had been done. The cryptocurrency ban of 2021 While Nigeria’s Central Bank had first issued a cautionary note on crypto in 2017, the regulator prohibited banks from facilitating crypto-related transactions in February 2021. It instructed these banks to find and shut down any accounts linked to digital asset trading. Yet, instead of killing interest in crypto, the ban pushed activity to peer-to-peer (P2P) networks, which made it harder to control and regulate. According to a KPMG and Chainanalysis report, between July 2023 and June 2024, Nigeria accounted for $59 billion in crypto transactions, nearly half of Sub-Saharan Africa’s $125 billion. This policy may have slowed participation from formal institutions, but it accelerated crypto adoption. The ban was later lifted in December 2024 by the CBN. The NIN-SIM linkage of 2020 In December 2020, the Nigerian Communications Commission (NCC) mandated that all SIM cards be linked to a National Identification Number (NIN). This policy was to curb insecurity and improve digital identity trust, as it was revealed that some individuals had tens of thousands of SIMs. By 2023, telecom operators were instructed to block lines not linked to an NIN. This resulted in a sweeping disconnection exercise. Nigeria’s mobile subscriber base dropped by 30%. MTN Nigeria reported losing 8.6 million subscribers in Q1 2024 after barring their lines. Airtel Africa warned that the process of NIN verification could cost up to $4 million monthly. The policy disrupted user access and drove mobile subscriber counts down. 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 Startup Act of 2022 At the dusk of his administration in October 2022, Buhari signed the Nigeria Startup Act into law. This framework is designed to provide support and clarity for the tech ecosystem. This act was a direct response to previous regulatory missteps like the sudden bike bans in Lagos that led to the closure of some companies
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Engage Capital bids $24.5 million to acquire struggling Lipa Later
Engage Capital, a Kenyan-focused venture capital firm, has made a $24.5 million offer to acquire Lipa Later, a Kenyan buy-now-pay-later startup that went into administration in March 2025 after failing to raise new capital, according to three people familiar with the matter. Engage Capital sent a letter of intent (LOI) to LipaLater in mid-May, proposing to acquire LipaLater’s technology platform, customer base, intellectual property, and operating licences. The deal, still subject to due diligence, would also see the firm pay some of Lipa Later’s liabilities, excluding bad loans. “Total Consideration: $24,500,000. Proposed Structure: Acquisition of Target’s fintech platform, customer base, intellectual property, license acquisition, clearance of company liabilities, loan book and associated operations,” Engage Capital LOI seen by TechCabal read. If the deal goes through, it could mark a rare turnaround for a Kenyan startup under administration. A successful sale could break that pattern in a market where insolvency often spells the end, dragged by legal battles, mounting debts, and administrators’ lack of urgency. Founded in 2018 by Eric Muli and Michael Maina, Lipa Later had strong investor backing, raising $16.6 million across 10 rounds, including $12 million in seed funding in January 2022 from Cauris and Lateral Frontiers. Earlier rounds saw pre-seed investments from Orbit Startups in 2021 and Founders Factory Africa in 2019. Despite early investor confidence, the company’s business model faltered. It failed to raise new funding in 2024, leaving it unable to meet payroll or settle mounting supplier debts. A former executive familiar with the process told TechCabal that takeover talks began before Lipa Later was placed under administration in March 2025. Since then, the court-appointed administrator, Moore JVB Consulting, has also actively engaged potential investors. Lipa Later co-founder Eric Muli confirmed to TechCabal that acquisition talks are ongoing, but declined to provide further details, citing the pending court process. A deal with Engage Capital, if concluded, could salvage what remains of Lipa Later’s once-hyped model, which allowed consumers to buy electronics and other goods on instalment while the startup paid retailers upfront. At its peak, Lipa Later operated in Kenya, Uganda, and Rwanda, and had plans to expand into Nigeria and Ghana. 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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Next Wave: Failed startups leave us richer in some ways
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 13 July, 2025 Image: Pixbay Okra, a Base10-backed African open banking startup, is scaling back after five years, returning an undisclosed portion of its $16.5 million funding to investors. This news sparked the predictable social media chorus: “Another startup bites the dust.” This outrage, as usual, missed the mark. Globally, 90% of startups fail, a reality venture capitalists are clear-eyed about, banking on a few big wins to offset losses. However, in Africa, where a single dollar stretches far ($1 ≈ ₦1,500), startups that manage to raise millions of dollars and later shut down are stigmatised, and founders are accused of setting investor funds on fire. However, when an ambitious startup fails, the impact of venture capital doesn’t vanish without a trace—these companies leave talent, infrastructure, and market maturity that fuel future innovation. VC-backed startups are talent incubators Startups often immerse employees—from novices to seasoned hires—in fast-paced, failure-tolerant environments that accelerate skill development. Early-stage professionals gain work experience and skills. Seasoned hires upskill, tackling novel technologies or business models. Many employees become founders—think Paystack, Interswitch, or Opay Mafias—while others become seasoned operators, invaluable to other organisations. Next Wave continues after this ad. It’s Upskill with Cardtonic season again. Applications for Upskill 3.0 are open Now is your chance to win one of the 20 units of 2024 M4 MacBook Pro Laptops we are giving away. If you’re a techie in software engineering, design, data science, product management, and content creation, this is for you! Find out more here! Let’s look at Okra. Its engineers, growth strategists, salespeople, and designers tackled a massive challenge: building secure, scalable technology for sharing banking data with fintech apps. They built, sold and created the continent’s first open banking API, without a blueprint. The people who worked there gained invaluable experience. Take Richard Famoroti, for example, who transitioned from a forklift operator at AWS to a junior software engineer at Okra. Or Lanre Ibrahim, a founding engineer at Okra, who went on to co-found Tunnel (a credit data-sharing startup later acquired by Prembly) and now leads an engineering team at Deel. Failed startups leave behind experienced talent who go on to use their hard-won expertise to solve problems in other companies. Professionals from these ventures are prized for understanding what can go wrong, albeit through an expensive education. Next Wave continues after this ad. Join Africa’s builders at Termii Elevate 4.0 on August 2 – where AI, APIs, and digital infrastructure take center stage. With Iyin Aboyeji, Wetech, and other top voices. Free to attend: Get your ticker here! Beyond upskilling employees, venture-funded startups leave African markets more sophisticated, priming them for the next wave of tech adoption. These startups don’t just build products—they teach markets to embrace them, driving new behaviours. Unlike traditional firms that play it safe, startups take bold risks to create demand from nothing. This market maturity is now fueling emerging sectors like blockchain, embedded finance and e-commerce, where new players can build on these foundations to scale faster and smarter. The market education is permanent Startups don’t just build products; they teach markets to embrace them. In Nigeria, with low digital literacy and a dominant informal economy, startups drive behaviours like online shopping and digital payments. Unlike risk-averse traditional firms, startups spend a lot of money to generate demand for their technology. Next Wave continues after this ad. All Talentz has launched Nigeria’s first nationwide tech hackathon, with TechCabal as media partner. Interested teams should register by July 4, 2025. The event runs from July 14 to August 23 in Lagos, and winners get ₦10M, a TechCrunch Disrupt trip, and opportuninty fr jobs. All applicants will join a global tech talent pool. Register here! Jumia Food’s closure in 2023 was labelled a bust, yet its millions in subsidies trained consumers to trust online food platforms, easing user acquisition for new entrants. A co-founder of eTranzit, one of Nigeria’s earliest ride-hailing startups that has now shut down, noted that ₦100 million was spent on driver education and marketing primed the market for new entrants. The same can be said about Okra’s work in open banking and other ambitious startups that later threw in the towel. We are richer despite these failures In Africa, venture capital is reshaping economies grappling with unemployment and infrastructure gaps. They build sophisticated markets by creating talent pools with deep expertise, fostering networks of investors and innovators, and driving demand for new technologies. Without their bold risks, these markets would lag. Startup failures aren’t final losses as they leave behind the foundations of Africa’s next tech wave. By taking this more optimistic stance, we can encourage founders to take more risks, knowing that so much is gained even if they fail. Accountability matters, but stigmatising failure can stifle innovation. We are richer despite these failures. Next Wave ends after this ad. Africa’s tech ecosystem is alive with ambition, and Moonshot 2025 is catalysing it into unstoppable momentum. Our theme, “Building Momentum,” honours past builders and calls for doubling down on systems, capital, policies, and partnerships. Expect new formats, deeper conversations, and broader voices. This is where vision becomes action. If you’re building, funding, or enabling Africa’s innovation economy, join us October 15–16 in Lagos. Early Bird tickets are 20% off! Let’s build the future, faster, smarter, together. Reserver your spot! Ngozi Chukwu Associate Reporter Thank you for reading this far. Feel free to email ngozi[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone
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Buhari, Nigeria’s former president who courted Big Tech while battling online dissent, dies at 82
Muhammadu Buhari died in London on July 13, 2025, aged 82. He had ruled Nigeria as a military leader in the 1980s before returning as an elected president three decades later. The family and his longtime spokesman, Garba Shehu, announced the death and have no cause. Born in Daura in 1942, Buhari first seized power in 1983. He returned to office democratically from 2015 to 2023. Under his second act, internet penetration roughly doubled, and the Nigerian technology ecosystem grew significantly. Yet, the same administration’s troops shot and killed #EndSARS peaceful protesters, froze crowdfunding accounts, and in 2021, cut millions of Nigerians off Twitter. This sequence of events, amongst others, left many in Nigeria’s youthful technology community regarding him less as a patron, and more as an impediment. During his eight civilian years, the ICT sector grew from 8.5% of GDP in 2015 to 19.54% in Q2 2023, broadband penetration rose from 6% to 46%, and Nigeria minted a few technology unicorns, including Flutterwave, OPay, Interswitch and Andela. Over 150 million mobile lines were linked to a national ID scheme, and six cities welcomed Africa’s first multi-operator 5G rollout. Yet, the downsides were equally significant. Amnesty International put the Lekki Toll Gate death toll at least 12. Estimates say the seven-month Twitter ban cost local businesses millions of dollars. A Central Bank clampdown on cryptocurrency and a general lack of optimism sent a tide of young tech talent abroad. For many in the ecosystem, Buhari’s rule is remembered as much for the severe policies as for the faster Internet speeds. Muhammadu Buhari took office in 2015, inheriting a nascent digital sector just as Nigeria’s youthful population was rapidly embracing the possibilities of the internet age. Nigeria’s tech ecosystem was budding: e-commerce ventures were novel, broadband penetration stood in single digits, and the idea of a Nigerian ‘unicorn’ was far-fetched. The optimism drew capital and attention. The President hosted Meta’s Mark Zuckerberg in 2016, who came calling and saw in Nigeria a vibrant market brimming with creators and consumers. Buhari told Microsoft’s president in 2022 that Nigeria was “ready to lead Africa’s digital tech race,” urging the company to expand its investments and train millions of Nigerians. VIDEO: We could not have pursued our goals and ambitions in Nigeria without the forward-looking policies of your administration, President & Vice Chairman of Microsoft, Brad Smith tells President Buhari, during a Meeting at the State House on April 1, 2022. pic.twitter.com/KICQCCAKw2 — Presidency Nigeria (@NGRPresident) April 4, 2022 But even at this high point, Buhari’s economic conservatism constrained the same digital generation he was courting. A rigid foreign-exchange regime, with multiple exchange rates, a 41-item import blacklist (ranging from rice to fertiliser), and an ever-shrinking naira-card spending cap made it difficult for local tech companies to pay for services and settle foreign SaaS bills. By 2019, the monthly limit on naira cards for overseas payments had been cut from $12,500 to $100/month in four years, a 99% drop. That contrast, soaring connectivity, yet strangled currency, foreshadowed the wider duality that would define Buhari’s tech legacy. By October 2020, the tension erupted. The October 2020 #EndSARS protests exposed a gulf between a digital generation and an analogue state. Activists used hashtags, livestreams and fintech apps to organise, raise millions and share evidence of police violence. When commercial banks, under pressure from security agencies, froze the protesters’ crowdfunding accounts, young people simply pivoted to cryptocurrency. Buhari’s response was brutal. Soldiers opened fire on peaceful protesters at the Lekki Toll Gate on 20 October. Instagram Live streams, notably by DJ Switch, showed the shooting in real time even as officials denied any deaths. The state followed up by arresting volunteers, intimidating them, sending many others into hiding, and freezing protest-linked bank accounts. Critics said the administration’s enthusiasm for a digital economy didn’t extend to protecting digital freedoms on which that economy depends. A picture from the protest against police brutality in Lagos, Nigeria, in October 2020. Image Credit: AP Photo/Sunday Alamba Buhari’s restrictive stance on free expression was cemented nine months later. On June 4, 2021, Twitter deleted a presidential tweet that threatened secessionists “in the language they understand”. Less than two hours later, Nigeria’s information minister, Lai Mohammed, announced the “indefinite suspension” of Twitter in Nigeria. Overnight, one of Nigeria’s most important communications platforms went dark; digitally savvy users turned to VPNs. For many, it was a deja vu from Buhari’s military days when his government jailed journalists. For a leader who had benefited from social media in his election campaigns and who had been courting Big Tech investments, this was a jarring about-face. The ban lasted for seven months, but the damage was done: businesses lost customers, and ordinary people lost a voice. A court later ruled the ban illegal, and eventually the government backed down after extracting face-saving concessions from Twitter. Buhari spoke of Nigeria’s ambition to become “the epicentre for innovative emerging technology in Africa.” Yet, his central bank issued diktats that strangled cryptocurrency trading, ironically pushing many young developers to leave for places where they had more prospects. He conferred national honours on young Nigerians putting the country on the global tech map, even as thousands of those same bright minds fled each year for better livelihoods abroad. ezra olubi, officer of the order of the niger pic.twitter.com/SD2PR4cMdd — Ezra ‘God’ Olubi (@0x) October 11, 2022 The hard numbers on Buhari’s watch are impressive, but each sits beside an inconvenient qualifier. Mobile broadband coverage, for instance, climbed from 6% of the population in 2015 to roughly 46% by the time he left office. Two new subsea cables tripled bandwidth. Nigeria launched 4G nationwide and leapt into 5G, auctioning spectrum that put the country at the forefront of Africa’s high-speed mobile internet rollout. By Q1 2021, the ICT sector was growing faster than any other, and Buhari wasted no opportunity to highlight that fact. “Our emphasis on the development of our digital economy has positioned the sector as a prominent factor
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👨🏿🚀TechCabal Daily – Old Buhari is dead
In partnership with Lire en Français اقرأ هذا باللغة العربية Welcome to another week! RIP to Nigeria’s former president Muhammadu Buhari. Buhari’s stay as Nigeria’s president will be mixed in tech circles as he will be remembered for backing the Startup Act and launching the 5G broadband. But he also oversaw a Twitter ban, a crypto crackdown, and invasive digital ID policies. His digital legacy walks a tightrope: one foot in progress, the other in paranoia. Techies still debate which Buhari mattered more. Lipa Later attracts $23 million from new bidders as it fights for survival What happened to Nigeria’s tech ecosystem while Buhari was in power? Ethiopia launches secondary market for trading treasury bills LemFi makes a debut in Egypt World Wide Web 3 Opportunities Startups Lipa Later attracts $23 million from new bidders as it fights for survival Image Source: Lipa Later Lipa Later is in dire straits and multiple companies are competing to rescue it. The Kenyan buy-now-pay-later (BNPL) fintech startup, now finds itself in a heated acquisition race as multiple companies bid to rescue it after falling under administration. At least three firms have entered the acquisition race, submitting offers to buy or finance the struggling startup. Canadian financial services firm, Engage Capital, offered approximately $23 million to acquire their tech, customer base, licenses, and performing loans. London-based Advance Global Capital (AGC) is also proposing a 36-month, $5 million loan to cover the startup’s unpaid invoices, excluding its consumer lending operations. A local, Nairobi-based financial consultancy firm has also proposed acquiring the startup for Sh2.5 billion. Why are they rushing Lipa Later? The company’s tech platform and rich consumer credit data continue to draw interest from potential local and international buyers who believe they can revive the startup’s promise. ICYMI: Lipa Later was placed under administration in March 2025 following months of financial struggles and unsuccessful fundraising efforts. Joy Vipinchandra Bhatt from Moore JVB Consulting LLP was appointed administrator. Before the administration was announced, the startup’s employees and suppliers had already reported being owed compensation for months, indicating solvency issues. Going into administration means the company’s directors no longer control its assets or operations, and all decision-making power now rests with the appointed administrator. The big picture: While the acquisition interest reflects the promise of BNPL, the startup’s eventual fate will signal whether BNPL still has a future in Kenya in an increasingly tightening funding environment. How far are new buyers willing to bet on this sector? Paying 2% or more on every transaction adds up fast. For businesses in e-commerce, logistics, travel, fintech, and more, every naira counts. Fincra helps you save more with 1% NGN fees capped at ₦300. Ideal for high-value or high-volume transactions. Get started for free with just your email address! 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Image Source: The Guardian Nigeria Nigeria’s former president, Buhari, is dead. He was 82. Here’s a roll call of things that happened in tech during Buhari’s eight-year presidency: Nigeria launched 4G nationwide and rolled out 5G; fibre optic cables were laid across the country; the ICT sector became Nigeria’s fastest-growing industry; Microsoft opened a $200M hub in Abuja; the Nigeria Startup Act was signed into law; Twitter was banned for seven months. Though rarely effusive in public, Buhari lit up when tech
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