WhatsApp AI bot Xara wants to make banking in Nigeria as easy as chatting
As mobile banking adoption surges across Nigeria, users demand faster and simpler ways to manage their money, without switching apps or dealing with clunky interfaces. Xara, a new WhatsApp-based AI assistant, is promising to change that. Xara, a multimodal artificial intelligence banking bot launched in June by Nigerian software engineer Sulaiman Adewale, allows people to send money, pay bills, and analyse spending as naturally as texting a friend. The bot is built entirely inside WhatsApp, used by 95% of Nigeria’s 31.6 million social media users. “I wanted an easier way that carries everybody along in banking, and if you look at it properly, you will see that WhatsApp is what even the oldest people among us use,” Adewale told TechCabal. The product enters Nigeria’s crowded fintech space with a different approach: cut out the friction and build on top of what consumers already use. The company considers Owo, an AI managed by Mono and designed to facilitate payments on WhatsApp, as its closest competitor. According to Adewale, Xara is powered by an existing large language model (LLM), the same underlying technology behind generative AI tools like ChatGPT. It is also trained on images and voices, especially accented Nigerian speech patterns, using open-source data tailored to its specific use case. The AI understands commands in natural language, interprets them appropriately to confirm details, and processes the transaction in real time. “Send ₦10,000 to Abubakar for breakfast,” a user might chat this with the AI, and it will process. “We have focused on just pidgin and English, but we are currently working on it to make it even understand our local languages like Hausa and Yoruba,” said Adewale. To make the AI a personal financial assistant, users add their WhatsApp number, and once onboarded, they are linked to a payment source, currently 9 Payment Service Bank (9PSB), which issues user account numbers. Adewale said the team is working on partnering with more banks, so users can choose their preferred bank. TechCabal tested the AI bot for two weeks and found that it understands and can process transactions with images, voice notes, text, and can analyse user spending and schedule payments. It remembers conversions with users and is capable of saving recipients as beneficiaries. About 10,000 users have been registered on the platform, and over ₦135 million ($88,200) worth of transactions have been recorded within the two weeks of its launch, Adewale claims. He added that his team is currently working on partnerships with other banks as its initial payment provider, 9PSB, could no longer handle the inflow of new users, causing it to pause new registrations Stella Adeboye, a server at Kilimanjaro restaurant in Ilorin, said Xara could serve as an alternative for easy payment for customers who had to raise their heads multiple times to check account details on the wall to make transfers for bill payment. “If this tool can take a picture of an account number and process the transfer instantly, I think it would help us and also make payments much easier for customers,” Adeboye said. To its early users, how their personal and financial data are secured has been a major concern. “Being able to bank via WhatsApp without opening another app is convenient, since it works even on a low network connection,” said Babatunde Hassan, one of the users. “But I’m worried about how our information is secured, and I’m sure that doubt may also hold other people back.” In response to how users’ data is secured, Adewale said that the AI is built to use WhatsApp’s existing end-to-end encryption to safeguard users’ data. This means that conversations are private and inaccessible to third parties. He also noted that it requires an optional 4-digit authentication PIN to authorise transactions to beat fraud or compromise accounts. “We don’t retain those personal banking details ourselves; the only data we log is related to payment transactions, just for tracking and resolution purposes, if any issues arise,” he said. “For extra security, we advise users to lock their WhatsApp using Face ID or a password, or even lock their chats with the AI to keep transactions private.” Adewale explained that in case of a WhatsApp account breach or lost phone, users can visit its customer support to “request that your account be blocked instantly.” Accounts can be reinstated once identification is provided. When asked about the type of licensing governing their multimodal AI service, Adewale stated that they currently “rely on banking partners’ license” for regulatory cover, indicating functions through existing compliance frameworks held by its financial institution partners. A game changer for financial inclusion? According to the Central Bank of Nigeria (CBN), over 28 million Nigerians lack access to financial products and services, including money transfer services, despite the country’s financial exclusion rate dropping from 46.3% in 2010 to around 26% in 2023. Financial analyst Victor Daniel said leveraging WhatsApp for banking services could encourage even further financial inclusion, especially since the platform works on low-end smartphones despite poor network connections. “In the past years, fintech innovations have helped reduce the financial exclusion in the country, but we need more innovations like this that can give us more alternatives to traditional systems to achieve more financial inclusion,” he said. Daniel added that tools like Xara may also offer a strong alternative to QR code payments, which have seen limited adoption in Nigeria due to technical know-how and fraud concerns. “By allowing users to simply snap an account number from a note or screen and initiate a transfer through natural language, that provides a simpler payment service.” While the focus is currently on Nigeria, Adewale said he envisions Xara AI banking assistant reaching more African countries where WhatsApp is dominant and banking remains a challenge. He also bets that the tool will disrupt the fintech landscape and “replace a lot of fintechs, hopefully.” “We are still working on integrating additional services like savings plans, utility payment, and even e-commerce and logistics, like telling it to order food for you,
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In its Kenya comeback, Luno targets crypto users who feel left out of risky P2P platforms
Luno, the UK-based crypto company which operates in South Africa, Nigeria—and recently, Uganda—now has a fourth horse to back in its Africa race: Kenya. On June 23, the company announced its re-entry into the East African country after a 2014 exit, expanding its regional presence. Luno, operating as BitX, first entered Kenya in 2013. It was one of the first startups to offer cryptocurrency trading services in the country, alongside then-competitors—both foreign and local startups—such as Kipochi (which shut down after Safaricom blocked its access to M-Pesa), BitPesa (now AZA Group), and early peer-to-peer (P2P) marketplaces such as LocalBitcoins and Paxful. The market Luno is returning to ten years later radically differs from the one it left behind. Over the past decade, Kenya has grown into East Africa’s most active cryptocurrency market. The rise of mobile money platforms like M-Pesa, coupled with increasing smartphone penetration and youth-driven digital adoption, has made Kenya a fertile ground for the sector. Regulatory uncertainty pushed Luno to exit in 2014, but today, that environment is cautiously evolving. A new Virtual Asset Service Providers (VASP) Bill is in the works, promising formal licencing under the oversight of the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA). In its comeback, Luno is betting on this regulatory shift—and its decade of experience across Africa. The company has grown to over 15 million global users and now holds a crypto licence in South Africa. Yet, it won’t be an easy ride for Luno, as Kenya has become a tougher market to compete in with deep-pocketed foreign players such as Binance, Huobi, and OKX, gaining a foothold in the market with their local presence. TechCabal spoke with Apollo Sande, Luno’s country manager for Kenya and Uganda, who has led the company’s expansion efforts in East Africa for six years. This interview has been edited for length and clarity. After more than a decade, why did it make sense to re-enter a market where there is still no licencing framework in place for crypto exchanges? In 2014, the Central Bank released a circular that stopped banks from working with crypto exchanges and crypto enterprises in Kenya. This made Luno leave the market. Kenya was actually Luno’s second launched market back in 2013, before it began a global expansion. Then sometime in 2019, Luno decided to take another look at its Africa expansion. I got onboarded and analysed the various markets in East Africa. We prioritised Uganda because it had regulatory certainty. It was easier to have discussions with the Bank of Uganda and other regulators—but Kenya was the prize. Kenya had always been in our sights given the size of its crypto market. We planned for it and waited while maintaining ongoing interactions with regulators. We were involved in many discussions with authorities in Kenya and Uganda. In December 2024, we decided to re-enter the market. A soft launch has been running since then, and we have now moved to a full launch. 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The biggest risk was the banking ban. It prevented the integration of crypto players with the formal financial system. Startups had to find alternative channels to on- and off-ramps, which led to the rise in P2P payment rails. P2P rails pose massive
Read MoreBest data plans in Nigeria in July 2025
Table of contents Daily data plans Weekly data plans Monthly data plans Unlimited monthly data plans Finding the right data plan in Nigeria can be challenging, prices continue to rise, and network quality varies across different locations. That’s why we’ve put together this comprehensive guide to help you make an informed decision. In this piece, we compare the best data plans in Nigeria, examining closely the price, value for your money, and overall network quality, based on what people are experiencing. Here are our top picks: Best budget monthly plan – Glo 3.9GB for ₦1,000: This plan offers a great price, but as Ugochukwu, a consultant who recently relocated to Lagos from Abuja, found, Glo’s network strength can be inconsistent, depending on exactly where you are. He noted, “Glo was good in my specific area in Abuja, but I’m still figuring out if it holds up where I am now in Lagos.” Best for heavy mobile users – Airtel 200GB for ₦20,000: This is a solid choice for those who consume a large amount of data. However, as Jennifer, who just returned from the UK, quickly learned, “You really have to make sure Airtel’s signal is strong in your specific area; there’s nothing worse than paying for big data you can’t properly use.” Best weekly plan – 9mobile 7GB + 100MB for ₦1,500: This plan offers good value, but some users, including Favour in Abuja, mentioned that 9mobile’s service can be weak in specific locations. “It’s a good price,” she said, “but if the signal isn’t there, it’s useless for my business.” Best unlimited home WiFi – FibreOne 30Mbps for ₦16,914: This option offers no data limits, a huge plus for someone like Moses, an HR professional at a digital marketing agency, who needs constant connectivity for video calls and file transfers. He said, “No data limits is a dream, but you need to check if it’s available in your city and watch out for setup fees.” Daily data plans Daily plans are great if you need data for just a short time, maybe to reply to messages, check a few things online, or hold you until payday. They don’t offer the best value per MB, but they help when you’re low on cash or just need a quick top-up. What the networks are offering (as of July 2025): MTN 75MB for ₦75 110MB for ₦100 230MB for ₦200 1GB for ₦500 2.5GB for ₦750 Social bundles: Facebook (20MB for ₦25), WhatsApp (40MB for ₦50), TikTok (150MB for ₦50) 2-Day options: 3.2GB for ₦1,000, 2GB for ₦750 Glo 45MB for ₦50 105MB for ₦100 235MB for ₦200 (2 days) 1GB for ₦350 2GB for ₦500 (includes bonus night data usable from 12 AM to 5 AM) Airtel 75MB for ₦75 100MB for ₦100 200MB for ₦200 (2 days) 300MB for ₦300 (2 days) Note: Airtel no longer offers weekend bundles. Their current plans are priced at ₦1 per MB. 9mobile 40MB for ₦50 83MB + 50MB for social apps at ₦100 150MB + 100MB night data for ₦150 1GB + 100MB social for ₦300 3-day plan: 2GB + 100MB social for ₦500 What people are saying We spoke to many users across different cities who consistently highlight how easy it is to quickly grab these small daily bundles, especially when their budget is tight. “It’s not about getting the most data, it’s about staying connected when you need to,” explained Tomiwa, who sometimes buys a daily plan if his main bundle runs out unexpectedly. The social media bundles, particularly WhatsApp for ₦50, are incredibly popular for quick chats and updates. “I just need to keep up with family messages and a few group chats, so ₦50 for WhatsApp is perfect for me when I’m on the go,” shared Favour, stressing how vital quick social access is for her thrift business. Even with the low data limits, most customers continue to buy these plans because they are genuinely affordable and offer the much-needed flexibility. It’s all about meeting immediate needs without overspending. Weekly data plans in Nigeria (July 2025) Weekly data plans are a wise choice if you don’t want to commit to a monthly bundle or spend money on daily top-ups. They provide more data for your money and are ideal when your usage fluctuates week to week, such as when you have projects, travel plans, or simply want to manage your spending. Best weekly plans right now MTN 1.2GB for ₦700 (MTN Pulse only) 1.5GB for ₦1,000 11GB for ₦3,500 MTN also offers ₦50 bundles for Facebook, WhatsApp, or Ayoba (40MB), as well as a free 300MB education plan. Glo 1.5GB for ₦500 3.5GB for ₦1,000 (includes 2GB bonus night data) 8.5GB for ₦2,000, 20.5GB for ₦5,000 Bonus: 1.1GB for ₦750, valid for 14 days. Airtel ₦1,000: 1.5GB + 2GB YouTube Night + 200MB for YouTube, IG, TikTok ₦1,500: 3.5GB + bonuses ₦2,500: 6GB + bonuses ₦3,000: 10GB + bonuses ₦5,000: 18GB + bonuses 9mobile 7GB + 100MB Social for ₦1,500 – One of the best weekly options based on value. 2GB for ₦500 – Valid for 14 days. What people think When we spoke to people who prefer weekly bundles, Glo often came up as an offering that provides solid value, especially for heavy users. “Glo’s weekly plans feel like you get more for your money, especially with the night bonuses,” Ugochukwu mentioned, thinking of how he might use a weekly plan when visiting family outside Lagos. Airtel’s plans were a big hit among YouTube and TikTok fans, who specifically mentioned the video bonuses. “I burn through data watching tutorials and creating content,” said Nkem, the online business owner, “and Airtel’s bonuses for YouTube and Instagram are really helpful.” Monthly data plans in Nigeria (July 2025) Monthly data plans are a solid choice if your internet usage remains consistent each month. They usually give you more data for less money per MB and are ideal if you work from home, study online, stream content, or share data
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Apps Nigerians are using to trade on the Nigerian stock exchange in 2025
Table of contents Bamboo Chaka Trove Finance i-invest Other platforms Nigerians use to access stocks Comparing stock investing apps in Nigeria Nigerians are seeking more effective ways to grow their wealth, and the stock market is capturing their attention. You’ve likely seen stories online about people turning small investments into significant gains, or heard about companies on the Nigerian Exchange (NGX) that more than doubled their investors’ money in just a few months. Image Source: Screenshot of X post by @oyinbby_ highlighting Honeywell stock gains For example, imagine investing ₦1 million in Honeywell stocks a year ago; today, that investment could be worth over ₦5.4 million. Or consider the companies on the NGX that have doubled or more than doubled in value between January and June 2025 – some returns are truly significant. Image Source: Screenshot of X post by @yaxmokwa displaying NGX companies that doubled investor money (Jan-Jun 2025) This growing interest isn’t surprising. With prices constantly rising, simply saving money is no longer enough. People are looking for more innovative ways to make their money work harder. That’s where stock investing comes in. Instead of just keeping your cash in a bank account, you can now easily put it into shares of companies you believe in. Apps make this shift straightforward. You no longer need a traditional broker or a suit and tie. All you need is your smartphone and internet to get started. Nigeria’s fintech sector is also experiencing significant growth. There are over 430 fintech startups in the country, and many of these apps offer stock trading as a core feature. At the same time, the Nigerian Exchange (NGX) is performing well, despite economic challenges. The local stock market has recently reached record highs, attracting local and international investors. Many Nigerians we spoke with told us they aren’t waiting for the “perfect time” to start investing. As Tolu in Lagos put it: “Once I saw MTN shares going up, I just opened an account and bought a small amount. That ₦5,000 is now like ₦8,000. It’s not a huge amount, but it feels good.” This mindset is pushing more people to explore apps that offer Nigerian and international stocks. But with so many options, how do you choose the right one? We examined the top stock investing apps in Nigeria, including Bamboo, Chaka, Trove, and i-invest. Our review covered their key features, fee structures, and current regulatory standing. More importantly, we engaged with Nigerian users across various states – from new investors to those active since 2020 – who candidly shared their experiences, highlighting what they appreciate, what needs improvement, and which platforms they confidently trust with their investments. These stock investing apps let you buy stocks on the Nigerian Exchange Nigerians can easily invest in local and foreign stocks via several apps. We reviewed the most popular ones, checking their licensing and, critically, getting direct feedback from users on how well these platforms truly perform. 1. Bamboo Image Source: Screenshots from the Bamboo app displaying trades for select Nigerian stocks, including MTN What it lets you do: Bamboo gives you access to Nigerian and U.S. stocks, and you don’t need a lot of money to start. You can buy fractional shares, meaning you can invest in big companies like Amazon or Tesla with as little as ₦15,000 or $20. How it’s regulated: Bamboo is registered with Nigeria’sSecurities and Exchange Commission (SEC) and works with Lambeth Capital for local stock trades. For U.S. stocks, your account is protected by Securities Investor Protection Corporation (SIPC) and Financial Industry Regulatory Authority (FINRA), which means your investments are insured up to $500,000. What Nigerians told us: Most people we spoke to praised Bamboo’s clean design and simple setup. Kemi, a user based in Port Harcourt, said: “Bamboo is my go-to. I started with ₦20k last year, and I’ve just been topping up small small. The app works well, and I’ve never had payment issues.” However, some also recalled when Bamboo was flagged by regulators in 2021. It caused panic back then, but the company adjusted its model and is now fully licensed. They say they’ve had a better experience since that time. 2. Chaka Image Source: Screenshots from the Chaka app displaying trades for select Nigerian stocks, including Unilever Nigeria PLC What it lets you do: Chaka gives you access to over 4,000 stocks, including both Nigerian and international ones. You can open a Naira or a Dollar account, depending on your preference. It also features a SmartInvest option, where experts help manage a ready-made portfolio on your behalf. You can start investing with as little as ₦1,000 or $10. How it’s regulated: Chaka was one of the first Nigerian apps to get a digital sub-broker license from the SEC. That means they’re legally allowed to offer stock trading to Nigerian users. Their local trades go through Citi Investment Capital. Fees: Nigerian stocks: ₦100 or 0.5% per trade Foreign stocks: 0.69% to 1.5% per trade No charges for deposits or withdrawals What Nigerians told us: We heard mixed reviews. Deji in Ibadan said: “I like Chaka because it looks serious, and they give regular updates. But getting verified took too long. I had to wait nearly two weeks to start investing.” Another Lagos-based user, Amaka, added: “I had to chase customer care for my withdrawal. They eventually sent it, but I switched to Bamboo after that.” People like the app, but slow Know Your Customer (KYC) and delayed withdrawals are common complaints. Big news: Risevest acquired Chaka. Risevest previously faced significant regulatory issues with the Securities and Exchange Commission (SEC) in Nigeria, and is now using Chaka’s license to offer Nigerian stock trading legally. So technically, when you trade NGX stocks on Risevest now, you’re using Chaka’s backend. 3. Trove Finance What you can do on Trove: Trove provides access to both Nigerian and U.S. stocks, as well as ETFs, bonds, and ADRs. One of its key selling points is fractional investing, allowing you to start investing without
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Why Benin’s digital future depends on patience, partnerships, and people
Benin’s Minister of Digital Economy, Aurelie Adam Soule Zoumarou, is pragmatic about the country’s ambitions. According to her, the government is focused on fundamentals: fiber infrastructure, national digital ID, platform interoperability, and inclusive access to services. At the core of building and strengthening Benin’s tech ecosystem is the API-An (Agence de Promotion des Investissements et des Exportations), which is the national investment agency that runs incubation programs, offers one-stop support for startups and actively promotes entrepreneurship. Across the country, several digital innovation hubs are backed by the API-An and the Ministry of Digital Development, focusing on ICT, skills training, and startup acceleration. Benin also has a state-backed innovation district, Sèmè City, which hosts the Sèmè One incubator, tech labs, and R&D centers. The innovation city also houses a digital transformation built in partnership with the German government. TechCabal spoke to the minister on the sidelines of the recent Cyber Africa Forum. The minister outlined Benin’s people-first digital strategy, the philosophy behind Semé City (its flagship innovation hub), and why African venture investment requires patience and contextual awareness. This interview has been lightly edited for clarity. Benin has made notable progress in digital transformation. What sets your approach apart? We’re not trying to set ourselves apart. Our core mission is to serve our citizens, whether they’re in a rural village or abroad. That’s why we’ve built a strong national fiber optic network, invested heavily in human capital, and rolled out digital platforms for public services. Citizens can now access government services from anywhere. We’ve also implemented a digital ID system to make this possible at scale. These are not headline-grabbing moves but they are critical infrastructure. Once those are in place, differentiation comes naturally. How is the government supporting startups, and how are you courting investors? Semé City is our flagship program for startups. It’s not just a building or a buzzword—it’s a full ecosystem. We provide training, access to talent, mentorship, and even virtual platforms for startups to showcase their work. On top of that, we’ve passed legislation to identify and “label” high-potential startups based on their innovation or business model. That label is a signal: the government believes in this company’s potential. We also work through our SME agency to support visibility and collaboration, especially with ecosystems in Nigeria, Kenya, and South Africa. But I want to be honest with investors, Africa requires patience. The continent doesn’t follow the same playbook as Asia, Europe, or the U.S. Investors need to understand our dynamics. It’s not about quick exits—it’s about deep impact. You mentioned digital public infrastructure. What role does that play? It’s foundational. Without infrastructure, startups won’t scale, services can’t reach remote areas, and governments can’t operate efficiently. Beyond the fiber network, we’ve focused on interoperability: ensuring systems can “talk” to one another and citizens don’t need to chase paperwork across departments. From the ministerial panel, one of her strongest points was this: “Benin’s digital transformation doesn’t stop at design, we focus on execution.” That includes data governance, AI readiness, and ensuring inclusion for rural populations and women-led businesses. What’s your message to global venture capital? If you don’t believe in our startups, why would anyone else? Our government is investing because we see potential. We’re de-risking these businesses. But we need partners who understand Africa, not just the hype cycles, but the hard realities. Come with patience. Come with context. And come with a willingness to build alongside us. 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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South Africans ditch cash and cards for digital payments, new report shows
South Africans are changing how they pay for things faster than ever. A new “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 digital payments instead. The 2025 report, based on a survey of 2,000 South Africans, found that while cash and cards remain part of daily life, digital wallets and direct-from-bank payments are quickly becoming the preferred ways to pay, especially online. Pay by Bank options, such as Capitec Pay, have seen the fastest growth. These methods offer instant, secure transfers and are increasingly favoured over traditional cards and cash. Merchants are responding, integrating these solutions to meet consumer demand for speed and reliability. Digital wallets, including Apple Pay, Google Pay, and Samsung Pay, are also gaining traction. The report noted that, soon after their introduction, many consumers switched from using cards to digital wallets, drawn by the convenience of one-click payments and enhanced security features like biometrics. “When we launched our first report on consumer payments preferences in early 2023, PayShap and direct bank APIs such as Capitec Pay had not yet come to market, digital wallets and even mobile money remained nascent and Pay by bank (previously known as Instant EFT) was just starting to take on cards as the second most preferred online payment method,” Stitch noted The rise of Buy Now, Pay Later (BNPL) solutions is also notable. While not as widespread as digital wallets or bank payments, BNPL is popular for larger purchases, particularly among younger consumers. Retailers offering BNPL report higher average basket sizes and fewer abandoned transactions. However, not all payment methods are thriving. Cash usage continues to decline, especially for point-of-sale transactions. Some retailers, such as several Woolworths coffee shops, have stopped accepting cash. Manual EFTs are also falling out of favour due to slow processing times and higher risks of failed payments or fraud. These are being replaced by real-time bank APIs and instant payment rails. Traditional card payments are still widely used, but their dominance is fading. More consumers now see cards as less convenient compared to faster, more secure digital alternatives. What’s driving the shift? South Africans expect instant, frictionless payments on which digital wallets and bank APIs deliver, making them more attractive than cards or cash. Visible security features like biometrics and two-factor authentication are now standard expectations. Consumers actively look for these before completing a transaction. Shoppers want seamless payment options across online, in-app, and in-store environments. Businesses that offer these omnichannel (unified payment) experiences are seeing increased customer loyalty. Who risks being left behind? While the shift to digital is clear, it is not universal. Rural communities, older South Africans, and those without reliable internet access may be excluded from this rapid transformation. As more businesses go cashless, there is a real risk of leaving some consumers behind. On the brighter side, there are signs that people can adapt when given the right support. For example, millions of older and rural South Africans who once collected their SASSA grants in cash now receive their money on payment cards. Even Metrobus, popular with older passengers, has moved to a cashless system. These examples show that, with a bit of help and digital know-how, many people can successfully make the switch to new ways of paying. For South African businesses, integrating new payment methods and prioritising user experience are now essential. The winners will be those who deliver secure, instant, and seamless payment experiences, without forgetting the needs of customers who still rely on traditional methods. In the coming years, the ability to pay quickly and securely will not just be a convenience, but a competitive advantage. 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 – Starlink sets up shop in Lagos
In partnership with Lire en Français اقرأ هذا باللغة العربية What’s buzzin’? How did your week go? Have you gotten your Moonshot ticket just yet? We are bringing Ire Aderinokun and Odunayo Eweniyi to this year’s edition of Moonshot. Recognised as Nigeria’s first female Google Developer Expert and co-founder of YC-backed Helicarrier, Ire Aderinokun brings bold lessons on product innovation and navigating ecosystems. Odunayo Eweniyi, award-winning co-founder and COO of PiggyVest, shares sharp insights on operational excellence and building with purpose. Two tech trailblazers, one Moonshot stage. You don’t want to miss it. Let’s get into today’s dispatch. Zenith Bank, a Nigerian tier-1 bank, wants to test its might in Kenya Stanbic Kenya to raise $100 million to back startups Starlink now has an office in Lagos Funding Tracker World Wide Web 3 Opportunities Banking Zenith Bank, a Nigerian tier-1 bank, wants to test its might in Kenya Image Source: Zenith Bank After playing the status game and dominating home turf, Zenith Bank, Nigeria’s second-largest lender by assets—and the bank Nigerians unofficially call ‘the bank of the rich’—is ready to bring the competition to Silicon Savannah. The bank is in advanced talks to acquire a Kenyan tier-2 lender, giving it a regulatory foothold in East Africa and expanding its rivalry with fellow FUGAZ members: GTBank, Access Bank, and UBA. Unlike Access Bank, which has grown through a rapid-fire M&A strategy, Zenith has historically moved with restraint. Its international footprint includes the UK, UAE, Ghana, Sierra Leone, Gambia, a representative office in China, and most recently, a branch in Paris targeting Francophone Africa. A Kenyan acquisition would be its first expansion into East Africa and its first market entry by acquiring another bank. Why now? Kenya’s new banking law requires all banks to raise their minimum capital from $21 million in 2025 to $77 million by 2029. Smaller banks, especially tier-2s, are under pressure to merge, recapitalise, or sell to avoid a bank run. This presents an opportunity for Zenith. With a ₦614.65 billion ($402 million) capital base following its oversubscribed rights issue in January, the bank has the financial strength to move quickly. Porter’s Five Forces explains the logic: Kenya’s strict regulations make it hard for new banks to enter the market. Buying an existing bank gives Zenith a first-mover advantage among recap-hungry banks also looking to enter Kenya. Its strong balance sheet—being the most profitable bank in Nigeria—helps it to convince regulators, depositors, and insurers that it can operate in a terrain like Kenya. Zenith isn’t trying to go global. It is picking its fights. Executives from Zenith will visit Nairobi in three months to finalise the acquisition deal. 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. Banking Stanbic Kenya to raise $100 million to back startups Image Source: Google Stanbic Bank Kenya’s new side hustle is investing in startups, and it’s doing it boldly. The bank wants in on the startup game and is looking to raise $100 million to invest in startups across East Africa. Through its Catalytic Fund, Stanbic says it’s eyeing sectors that rarely get a seat at the venture capital table, like agritech, healthtech, manufacturing, and the creative economy.. Still, what’s the game plan? By shifting its focus to younger, riskier ventures, Stanbic Kenya is hoping to widen the pipeline and bring in the 80% of businesses that usually get left out. If you ask me, I think they’re trying to build loyalty early by betting on founders that might become big players tomorrow. Stanbic’s strategy stands out because most commercial banks simply avoid startup investing altogether. These banks prefer safer bets, like SME loans with lower risks. Take South Africa’s Absa Bank, which secured a $150 million facility to support women and youth-led SMEs. Stanbic Kenya is going further, choosing to take on the real startup risk that other banks shy away from. If they pull this off, they could rewrite the rules on how African banks engage startups. 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. Internet Starlink now has an office in Lagos Image Source: Tenor Starlink has resumed direct shipments of residential kits in Nigeria after a 7-month pause, and it’s doing so in style. The Satellite ISP just opened a walk-in centre in Victoria Island. It’s the ISP’s way of saying: We’re here. For real. But why did they pause direct shipments? It was a power move. After the regulator blocked Starlink’s attempt to raise prices of its product offerings by 97%, the satellite ISP responded by halting new residential kit orders entirely, a strategic pause to force the regulator’s hand. ICYMI: Starlink did the same thing in Malawi after a similar price hike was blocked by the Malawi Communications Regulatory Authority (MACRA). What does this new centre mean? Starlink’s physical space boosts the brand’s legitimacy and improves customer support. It signals long-term commitment to the market—important in earning regulatory goodwill. The centre will enable hardware servicing and partner engagement. It can also double as a community hub for events, education, and deepening local connections beyond just internet access. But here’s the twist: despite being Nigeria’s second-largest ISP, Starlink lost 6,000 subscribers over six months. Still, they’re not slowing down. With a physical office in Kenya already, and licenses across places like the Democratic Republic of Congo and Mozambique, Starlink is clearly laying bricks for something bigger. Starlink is staking territory. Despite regulatory pushback and subscriber losses, they’re not backing down. 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How I cracked connecting my phone to my smart TV
It started with Doctor Strange in the Multiverse of Madness. I was watching it on my Samsung phone, enjoying the chaos of collapsing dimensions, until I looked up at my 50-inch Samsung Smart TV. It was turned off, like it had nothing to contribute, even with its better pixels and sound system. I knew the movie experience would be richer on that screen. So, I decided I was going to cast my phone’s screen on my TV. I thought it would be simple. Instead, it turned into a mini tech expedition and a lesson in digital literacy. Like any reasonable person, I googled it. It didn’t help. No one explained the experience: where to tap or what to expect. I changed tactics. I opened my phone’s manual and stumbled upon an app I had never paid attention to: SmartThings. My first attempt with SmartThings (The long way in) The SmartThings app was new terrain, and I wasn’t sure where to start. The interface didn’t help—tabs, icons, device categories—it was overwhelming. Still, I spotted a plus sign (+) at the top-right corner of the app to add a device. That made sense. Two categories appeared: Samsung Devices and Partner Devices. My TV is Samsung, so I tapped it. Then came a buffet of device options: air conditioner, air purifier, fridge, robot vacuum. I tapped “TV” and waited for it to find nearby devices. Nothing. My TV didn’t appear, but only because it was turned off (rookie mistake). I turned it on, and finally, my TV popped up on the app. Then, I tapped on it for the connection to begin, and a PIN appeared on the TV screen. I entered it on my phone, and the app started installing a plugin. That plugin stalled at 100% for minutes. Eventually, it loaded. But not what I expected. Instead of showing my phone screen on the TV, it opened a remote interface. I could turn the TV on and off, switch channels, adjust the volume, but I still couldn’t mirror my phone. It was cool, but it wasn’t what I wanted. Then I spotted the three-dot menu in the corner (always a good sign in apps). That’s when I found a buried option: Smart View. I clicked it. That was the key. My phone was mirrored on my smart TV. Smart view (The shortcut I should’ve used all along) Later, I learned that Smart View is a shortcut on most Samsung phones. If I had just swiped down from the top of my phone screen and tapped Smart View, I could’ve skipped all that journey through SmartThings. A simple tap on the feature will find a nearby device and request permission to connect. A PIN entry and some seconds later, my phone was mirrored on the TV. I tried it on an iPad: Seeing my Android phone connect so easily got me curious: would my Apple device connect to my smart TV too? My first instinct was the control centre, because that’s where everything is, right? I swiped down and tapped the ‘Screen Mirroring’ icon—it looked like two overlapping rectangles, well, screens. After a quick scan, it found my Samsung TV. control center on ios screen mirroring feature on ios I tapped it, and a PIN appeared on my TV screen. I entered it into the empty field on my iPad, and it connected to my TV instantly. The Apple–Samsung rivalry meant nothing in that moment. What mattered was that the system worked. pin input field for screen mirroring on ios If your smart TV supports Apple AirPlay, you can mirror the screen of your iPhone or iPad on it. To do this: Swipe down from the top-right corner of your device to open ‘Control Centre’ Tap Screen Mirroring Wait for your TV to show up in the list and select it Enter the PIN that appears on your TV screen Your iPhone or iPad’s screen will start mirroring My journey through the maze of menus was a lesson, but yours doesn’t have to be. Here’s a simple, direct guide to get it done for other devices. Connecting your Samsung phone to a smart TV: quick settings on samsung Swipe down to open Quick Settings Tap Smart View Select your TV Enter the PIN displayed on the TV Confirm on your phone and accept on the TV You’re in To connect other Android devices to a smart TV: Open settings > Hotspot & Connections Navigate to ‘Cast’ or ‘Wireless Display’. Toggle it on It will scan TVs on the same Wi-Fi network as your phone. Click on your TV If it is your first time, you will have to give permission. Use the TV remote to click ‘Accept’ A couple of seconds later, you’re in! Troubleshooting If you can’t find your TV: Ensure that your TV is turned on Make sure your phone and smart TV are on the same Wi-Fi network Update your phone’s software Connecting your smart TV to a Wi-Fi network: For screen mirroring to work, you must ensure your mobile device and smart TV are connected to the same Wi-Fi network. That’s non-negotiable. On your TV remote, press ‘Home’ or ‘(icon)’ Navigate to Settings or Quick Settings Go to ‘Network’ and select ‘Network Settings’ You will have to choose whether you want a wired or wireless connection. For wired: plug in your Ethernet cable, and you’re good For wireless: choose your Wi-Fi from the list and input your password using the on-screen keyboard Once your smart TV is online, you’re ready to mirror your phone. This experience taught me not to overlook built-in apps. They might surprise you. Now, screen mirroring is part of my routine. Sometimes it’s movies or showing a room full of people with some photos from my gallery. Sometimes, it’s just that magical feeling of watching a tiny screen become big. Because when the tech works, it really works. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s
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USSD, trust, and the future of payments: What Africa can teach the U.S.
When people think of culture, they often picture language, food, or tradition. But after living and working in over thirteen countries, both developed and emerging, I’ve found that how people pay is just as telling. Payment habits are deeply cultural. They reflect trust, social norms, and economic realities. In the U.S., for example, credit cards are a way of life. They signal trust in deferred payments, access to rewards, and protection via chargebacks. Meanwhile, in many parts of Africa, like Nigeria or Kenya, instant payments are the norm. When I pay at a restaurant in Lagos using a mobile wallet or USSD, the business owner expects to receive the funds before I leave. This is not rude, nor is it an insult. It’s cultural: a reflection of a low-trust environment, where delayed payments are risky and unacceptable. This is more than anecdotal, as these cultural dynamics are driving the global fintech shift toward instant payments, and emerging markets are leading. What emerging markets already understand Across Africa and Asia, financial inclusion has long depended on innovation, not luxury. In Kenya, M-Pesa has enabled millions of unbanked people to access digital finance. India’s UPI is processing over 10 billion monthly transactions. These systems weren’t designed for convenience; rather, they were built out of necessity. The U.S. is now playing catch-up. The recent launch of FedNow and the Real-Time Payments (RTP) network marks a new era. But these systems still rely on cultural and institutional trust that isn’t evenly distributed across the country. Underserved communities in the U.S., especially Black, Latino, and low-income households, face barriers to accessing even basic banking services. According to the Federal Reserve’s 2022 Survey of Household Economics and Decisionmaking (SHED) report, while 81% of white households are banked, only 63% of Black and 68% of Latino households are. For these groups, instant payments could be transformative. Why the U.S. should look to USSD One of the most overlooked innovations from emerging markets is USSD (Unstructured Supplementary Service Data), essentially text-based banking. USSD allows people with basic phones and no internet access to make secure transactions. It’s fast, accessible, and resilient. In Nigeria, USSD is a backbone of mobile finance. You dial a short code, follow a menu, and transact instantly, no app, no data. It’s what helped millions leapfrog traditional banking systems. This kind of infrastructure would have real value in the U.S., especially in rural areas and as a redundant system in the face of outages. The recent CrowdStrike-related outage disrupted payment systems across major institutions. A lightweight, USSD-like option could act as a fail-safe. A cultural shift, not just a technical one What’s holding the U.S. back is not just outdated infrastructure, but cultural inertia. Americans are used to credit cards, ACH transfers, and delayed settlements. Trust in financial systems is relatively high, but that trust is not evenly shared. In contrast, low-trust societies often innovate out of urgency. In such environments, people can’t afford to wait days for a transaction to clear or rely on middlemen. They demand systems that are fast, transparent, and direct. This is why USSD, mobile wallets, and instant bank transfers have flourished across the African continent. The systems were designed to reduce friction, not add layers of verification. Building forward with inclusion and redundancy What’s holding the U.S. back is legacy infrastructure and cultural inertia. That means prioritising underserved users and designing systems that meet their needs first, partnering with telcos to deploy low-bandwidth, resilient payment channels, and learning from history: The U.S. Social Security Administration’s early use of ACH in the 1970s was a tipping point. A similar government push using FedNow or RTP, perhaps through stimulus or benefits disbursement, could accelerate adoption today. The tipping point is near Malcolm Gladwell’s concept of a “tipping point” is fitting. Instant payments won’t become the norm through infrastructure alone. It takes a cultural push grounded in urgency, necessity, and public trust. Emerging markets have proven that you don’t need a perfect system; you need a relevant one. If the U.S. wants faster, fairer, and more resilient financial access, it would do well to follow Africa’s lead. __________ Seun Yusuff is a fintech expert and partnerships leader with experience across emerging markets, helping scale unicorns in Africa and Latin America. A UNC Kenan-Flagler Fellow, he’s an endurance athlete who summited Mount Kilimanjaro to raise funds for Lupus awareness, and is currently learning to fly small planes in his spare time. He resides in NYC. 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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Despite June 25 payout promise, CBEX spins new Ponzi platform without refunding Nigerians
CryptoBridge eXchange (CBEX), the Ponzi scheme that tricked Nigerians out of millions of dollars, has once again broken its promise to repay its users. CBEX said it would begin processing withdrawals on June 25 and return 50% of users’ locked funds. That promise never materialised. In April, CBEX abruptly froze withdrawals on its platform. Weeks later, the company claimed that its system had been hacked. Around the same time, it introduced a new requirement for Nigerians to pay a verification fee to access “sub-accounts” that would supposedly enable withdrawals. These payments initially ranged from $100 for accounts with less than $1,000 to $200 for accounts holding more than that amount. CBEX later changed the requirement to a flat verification fee of $100 for all accounts. Four affected users told TechCabal they paid the fee, hoping it would unlock their funds. They never got their money. “Those guys [CBEX] have absconded with our money. They said they will be auditing till December 25, 2025,” said Jesi Treasury, one of the users. “CBEX has come up with a new scheme called HHHE Limited. They claim they are partnering with them [HHHE], but we know it’s all lies.” After missing the June 25 repayment deadline, CBEX told users it was conducting an audit to detect arbitrage traders on its platform. The audit, like the earlier explanations, is another excuse to delay repayments and keep users hopeful. TechCabal spoke to another user who claimed that he received three separate payments. Speaking on the condition of anonymity, he provided screenshots and transaction proofs, all of which TechCabal was able to verify as legitimate. He remains an outlier. TechCabal did not find other users who got paid since April; most of CBEX’s Nigerian user base has heard nothing from the platform. “I invested about $1,000 into CBEX in late November and withdrew in January, February, and March before letting my money compound,” said the anonymous user who claimed VIP status and was paid again on June 4, 5, and 9, 2025, after making withdrawal requests. “Each time I withdrew, CBEX took a 5% handling fee. I also opened accounts for my wife and two kids over 18, and the referrals pushed me to VIP. But I still haven’t made any gains from CBEX. I haven’t recovered the money I used to open those accounts.” Screenshots of the anonymous CBEX VIP user who got paid on June 4, 5, and 9, 2025/Image Source: The user, with payments verified by TechCabal on Tokenview.io CBEX continues to issue daily “trading signals”—alphanumeric codes users are instructed to copy and paste in the app at specific times. This daily ritual has become more of a distraction than a solution, as the company continues to buy time. The platform also shifted its repayment date from June 25 to December 25, 2025. It insists that it is still carrying out an audit. But this audit is increasingly looking like a smokescreen. While it asks for more time and trust, the platform has moved on to newer schemes. 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ST Technology, according to several checks, was a non-existent business entity. It produced no identifiable revenue and
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