Lipa Later sought $5 million from UK lender two weeks after entering administration
Two weeks after entering administration in March, Kenyan buy-now-pay-later (BNPL) startup Lipa Later co-founder, Eric Muli, tried to raise $5 million to salvage its business, despite losing control of its operations to a court-appointed administrator. A term sheet seen by TechCabal shows the company sought a $5 million facility from UK-based Advanced Global Capital (AGC) in April to support its invoice factoring business. The proposal outlined a 36-month term loan with a steep annual interest rate of 14% on funds drawn—interest-only for the first 24 months, with quarterly repayments kicking in from the 27th month. By the date of the request, Lipa Later’s board had already ceded control of the firm’s assets and management to Joy Vipinchandra Bhatt of Moore JVB Consulting LLP, who was appointed administrator on March 24 following months of unpaid salaries, missed supplier payments, and failed fundraising attempts. It is unclear whether the administrator, Joy Vipinchandra Bhatt of Moore JVB Consulting, authorised or was aware of the request. Under Kenyan insolvency law, directors cede control to administrators once a company enters administration. Bhatt did not respond to requests for comment. Muli confirmed the deal to TechCabal but declined to provide further details, citing the ongoing court process. According to the terms, the initial limit was set at $3 million and is likely to increase to $5 million after one year, subject to AGC’s approval. The proposed facility was to be governed under English law, and a “clear repayment plan” was to be a condition of the final agreement. Invoice factoring—where a company advances cash against future receivables—is less risky than consumer lending and offers faster turnaround. Lipa Later was pitching it as a leaner, more bankable product. AGC seemed willing to consider it, but under stringent security and cashflow management provisions. All loan disbursements, repayments, and unused funds were managed through dedicated collection bank accounts acceptable to AGC. These accounts were to be internet-banking-enabled, and AGC would be a co-signatory, with full rights to instruct the bank holding them. The startup would also be restricted from incurring other debts without AGC’s approval. Investors’ darling Founded in 2018 by 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. In December 2023, it announced a surprise KES 250 million ($1.9 million) acquisition of Sky.Garden, a struggling e-commerce platform. The move raised eyebrows because the company was already struggling to pay salaries and had begun defaulting on supplier obligations. By March 2024, Lipa Later had run out of road. Staff were unpaid, creditors were circling, and fundraising efforts had stalled.
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Duniya Healthcare is digitising medicine supply chains to reach Zambia’s most remote clinics
In a remote part of Zambia, a heavily pregnant 17-year-old named Chipego arrived at a Catholic-run clinic in Monze District, south of Lusaka, with a high fever and unmistakable signs of malaria. The nurses immediately recognised the symptoms but had no drugs to treat her. “We had run out of anti-malaria drugs,” recalls one of the sisters managing the clinic. The facility had placed an order weeks earlier, but deliveries to remote Zambia often take far longer than patients can afford to wait. Three days later, Chipego and her unborn baby were dead. For Mwansa Chalo, founder of Duniya Healthcare, this was more than a tragedy. It was a call to action. “I kept thinking, how is this still a problem? Fifteen years later, how are we still here?” he told TechCabal. “This is life and death. Nobody should die because medicine can’t reach them.” Millions of Africans die each year from treatable diseases not because medicines don’t exist, but because they can’t reach those who need them. Africa imports 90% of its medicines, making costs higher and supply chains fragile. Even when medicines arrive in-country, poor roads and difficult terrain keep rural clinics out of reach. For these communities, shortages are the norm. This is the problem Duniya Healthcare is trying to solve. From family business to healthcare revolution Mwansa Chalo, Founder, Duniya HealthcareImage Source: Duniya Healthcare For Chalo, this problem is deeply personal. He grew up in a family that has been in the healthcare business for more than 30 years. “My mother, a retired nurse-midwife, ran her own private clinic and a small chain of pharmacies,” he says. “As a young teenager, my siblings and I would hang around the pharmacies and help her. She’d often call wholesalers to make orders and ask me to go pick them up.” That early exposure to the system’s fragility stayed with him. But ten years ago, Chalo left the family business to strike out on his own, running a cleaning services company for seven years. In 2022, a conversation changed everything. “I spoke to a friend who owns a retail pharmacy. He told me how much he struggles with procurement and deliveries,” Chalo says. “It reminded me of my mother’s struggles and I wondered, why has no one solved this?” That conversation, combined with hearing about Chipego’s death from a Catholic sister, sparked Duniya Healthcare, which launched in 2023. Before building technology, Chalo tested the idea the simplest way possible. He got a list of 20 fast-moving pharmaceutical products from a friend with a wholesale licence, then visited local pharmacies in his area. “I went into the first pharmacy, had a chat with the pharmacist, showed them the list, and explained they could order from us and we’d deliver to their doorstep,” he recalls. One pharmacy owner reviewed the list and immediately placed an order. Chalo wasn’t prepared but took it anyway. The delivery took nearly nine hours as the team scrambled to source products and coordinate logistics, but it proved the concept. “That for me proved that there’s an actual need here,” he says. How Duniya works From those manual beginnings, Duniya has evolved into a dual-model system that serves two very different markets. Urban pharmacies access a web-based platform (with a mobile app launching in August) where they can browse digital storefronts from 13 licensed wholesalers, place orders, and receive doorstep deliveries. The platform operates as a real-time marketplace where pharmacies can compare prices and pay directly. Rural health centres follow a different process. They submit orders Monday to Wednesday, which Duniya aggregates by Thursday into bulk requests. Wholesalers bid to fulfil these consolidated orders, with winning bids delivered to Duniya’s Lusaka warehouse. The team then breaks them down into individual consignments and ships them to rural areas. “It’s the same model telecoms used to expand rural coverage,” Chalo says. “In the early 2000s, telcos faced scattered pockets of demand in rural Africa. It was too costly for each telco to build towers individually, so third-party companies built shared towers that all telcos could use. We make it possible for wholesalers to reach areas they’d otherwise ignore.” Duniya charges wholesalers a commission on transactions rather than end users, keeping medicine affordable whilst creating sustainable revenue. Currently operating with 13 wholesalers, Duniya has been selective about supplier onboarding. “We’ve been a bit slow on the wholesaler side because there’s great demand from them,” Chalo explains. “They’re all coming at us, but we want to make sure we’re not just lumping suppliers into the platform. They need to bring in a different catalogue of products.” The company operates from Lusaka but leverages 11 retail pharmacy agents as local distribution points in towns where Duniya lacks a physical presence. These licensed pharmacies receive a share of the commission for handling last-mile deliveries. But Duniya is more than a delivery service. It is also a data company. The platform tracks order patterns, pricing, expiry dates, batch numbers, stockout duration and mortality from 10 fatal diseases. It monitors demand seasonality and spikes as proxies for potential disease outbreaks, helping spot emerging health crises early whilst informing policymakers. The company is also preparing to tackle Africa’s counterfeit drug crisis, which kills an estimated 500,000 people annually. Duniya plans to integrate artificial intelligence and blockchain into its platform to improve pharmaceutical traceability. “Traceability isn’t optional,” Chalo says. “It’s survival.” The $10 million validation In 2024, Duniya signed a five-year, $10 million contract with the Zambia Conference of Catholic Bishops and the Africa Health and Economic Transformation Institute to digitise procurement and streamline medicine distribution to 75 Catholic mission hospitals across rural Zambia. Six months in, the results are striking, according to Chalo. Participating facilities have seen nearly 30% reductions in medicine costs, and stockouts that were once weekly are now rare. The impact is notable for facilities like Santa Maria Mission Hospital on Chilubi Island in Samfya district, located 800 kilometres by road from Lusaka, then 50 kilometres across Lake Bangweulu by boat. “We
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Afriex expands to Asia to tap booming cross-border payments market
Afriex, the Lagos- and San Francisco-based money transfer startup, has expanded into Asia’s three biggest remittance markets—China, India, and Pakistan—to tap into growing demand for fast and affordable cross-border payments. The move positions the company to serve a growing number of African merchants and diaspora communities involved in foreign trade or sending money back home. “Our money transfers to India and Pakistan are instant, just like sending money to a friend or paying your Uber driver, and 90% of our transactions are completed in under two seconds,” said Tope Alabi, Afriex’s co-founder and CEO. “Although on China’s side we are not yet at the same level of instant, but we’re getting close.” Founded in 2019 by Alabi and John Obirije, Afriex allows users to send and receive money in local currencies between Africa and other regions, bypassing traditional payment rails like SWIFT. The company has built a multi-currency payment infrastructure that settles transactions in real time, offering services through its mobile app with local banking integrations. The expansion comes as cross-border payments surge globally, driven by migration, international trade, and remote work. The Asia-Pacific region accounted for about 26% of the global $190 trillion in cross-border transactions in 2024, according to market data. India alone received $120 billion in remittances in 2023, followed by China with $50 billion and Pakistan with $27 billion—three of the top five recipient countries globally. Afriex’s offering is targeted at African traders and global diaspora populations who import goods or support families across these markets. Alabi told TechCabal that African businesses are increasingly importing goods from Asian countries, particularly China, India, and Pakistan, making fast and reliable cross-border payments that settle in real-time essential. He noted that high remittance costs and underdeveloped infrastructure have long hindered smooth money transfers between borders. To drive adoption, Afriex waives transaction fees on transfers above $10 and earns revenue from foreign exchange spreads. “We find the very best exchange rates from local currency to foreign currency, and then give that to our customers at a reasonable margin, and that makes sense for both the customers and for the business,” he said. ”If the exchange rates go up and down, the rates on our platforms will also go up and down to match the market and to match the reality.” However, Alabi pointed to key challenges in the new markets, including regulatory compliance and interoperability. While Pakistan shares similarities with Nigeria’s banking system, such as parallel FX markets and low SME digitisation, China poses tougher hurdles, particularly around regulation, name verification, and documentation. “Sending money to China is not as seamless as sending money to the person next to you,” he said. “There are multiple challenges around Chinese remittances like documentation, name verifications, and the language, because everything is written in Mandarin and needs to be translated. Also, multiple businesses can have the same name or a bank account name with the vendor you wanted to send to.” Despite the challenges, Afriex is optimistic it will enable instant payments to China by the end of 2025, matching the speed of transactions in India and Pakistan. Alabi added that the company partners with local firms in all three countries to navigate regulatory requirements and access critical information efficiently. The startup, which raised $1.2 million in seed funding in 2020 and followed up with a $10 million Series A round in 2022 at a $60 million valuation, is gearing up for another fundraising push. “We are constantly speaking with investors and are likely to raise a new round, possibly early next year,” Alabi said. “And any new round would basically be used to expand our growth.” Afriex joins a growing cohort of African fintechs expanding globally to capture new remittance and trade corridors. In 2023, fintech unicorn Flutterwave expanded into India with a partnership with a local bank. Remittance startup LemFi raised $53 million in early 2025 to accelerate its expansion into Asia and Europe. 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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Sorry, Computer Village, there’s a new Sheriff in town (and it’s called Gamp)
There are three things you can’t live without: air, water, and yes, your mobile devices. In corporate settings, laptops and smartphones are the lifeblood of business. They’re where work happens, where transactions are executed, and where value is created. Despite being core to daily operations, device insurance is rarely discussed. In corporate environments where hundreds of devices are deployed, lost, damaged, or stolen with little accountability, device insurance is often lumped with broader business and property insurance. Nigerian startup, Gamp, is building a full device lifecycle management platform for businesses across the continent, covering everything from purchase and leasing to repairs and insurance. “Devices are the most important assets common to every individual,” says Bolarinwa Omotayo, founder and CEO of Gamp. “Yet there’s no structure that caters to them, especially in Africa.” Now, after nearly three years in operation, GAMP has over 200 business customers, claims 80–90% retention, and has sold, leased, repaired, or insured roughly 30,000 devices. With a growing portfolio that includes device procurement, rentals, repair logistics, insurance, MDM provisioning, and international delivery, GAMP wants to become the Rippling for Africa’s devices. But is the company’s “everything-device” ambition feasible in a fragmented, cash-strapped market where trust still resides in “my guy” at Computer Village? And does its bundling strategy translate to moats, or is it just operational sprawl? GAMP’s founder started out selling refurbished electronics on a Nigerian campus, supplying laptops to some of the country’s earliest YouTubers and social media influencers. After stints at mobility startup MAX and Carrier Devices, Bolarinwa recognised a bigger picture—device ownership in Africa is broken at every level: acquisition, protection, repair, and disposal. “Businesses have no way to trace where their laptops are. No visibility. And insurance doesn’t cover the things employees actually need, like motherboard replacements or charger failures,” he explains. GAMP’s answer is GAMP for Business, a lifecycle management platform where businesses can procure laptops, provision software, insure devices, process repairs, track hardware across offices, and manage compliance, all from a single dashboard. Business model: Hardware-as-a-Service with embedded infrastructure GAMP’s revenues are spread across four major buckets: 1. Device sales: Businesses can buy new or refurbished laptops outright. GAMP marks up the inventory. 2. Leasing and rental: Lease-to-own options and short-term rentals (₦7,500/day for entry-level models) make devices accessible without large upfront costs. 3. Device protection plan: A recurring subscription (₦18,000–₦100,000/year) covering everything from screen cracks to motherboard failure—even theft. 4. Lifecycle SaaS platform: The GAMP dashboard and embedded logistics give companies visibility into their device fleet. Add-ons include software provisioning (e.g., MDM) and remote locking tools. “We’re not just selling laptops,” says Bolarinwa. “We’re staying with the business throughout the entire lifecycle. “You buy from us, and we’re there supporting you day and night.” This retention-centric strategy is deliberate. Unlike a one-off hardware reseller, GAMP wants to turn device ownership into a long-term subscription business. Moat or maze? The strength of the stack What makes GAMP formidable—its full-stack control over device lifecycle—is also its biggest operational risk. From sourcing refurbished laptops to managing repair centers in Lagos, Ibadan, and Abuja, to integrating with global vendors like JumpCloud for MDM software, the company is juggling: inventory financing, logistics in high-risk environments, price-sensitive customers, technical repair standards, and international shipping. Still, the moat is materialising. Its device protection plan is arguably the company’s strongest product hook. By bundling insurance, rentals, and repair into one plan, GAMP turns what would’ve been sunk costs for the customer into a predictable OPEX spend—and gets recurring revenue in return. Global comparables and African context GAMP’s global peers include Assurion, a US electronics insurance giant; Grover, a subscription-based device rental company; OFFI, a UK device lifecycle manager recently acquired by Deel, and Rippling, a US HR and IT infrastructure company. But unlike these markets, African businesses operate in an ecosystem where “my guy at Computer Village” is still the default. This makes GAMP’s competition deeply cultural rather than formal. “One of our clients refused to buy from us, even though they insure devices with us,” Bolarinwa admits. “They said it would be disloyal to abandon their long-time vendor.” Moreover, infrastructure is weak: OEM repair networks are unreliable, import duties on electronics are high, and insurance literacy is low. GAMP’s logistics and sourcing pipelines are, by necessity, more complex than those of any Western peer. Yet the company believes this complexity is defensible. “I would fix a device in this market better than OFFI would,” Bolarinwa claims, citing GAMP’s aggregation of certified repair partners and blacklisted IMEI screening software. Funding and financing GAMP raised $650,000 in a 2022 pre-seed round from Future Africa, Ingressive, Sovereign Capital (Kaleo), and angels like Yemi Osindero (Uhuru Capital). It has since added structured debt from FSDH Bank, Meristem and is closing a new financing line with Bass Capital to support device leasing. The economics works best with scale. GAMP claims it can lease a MacBook for $20/month and insure it for $100/year, amortizing the device cost over 12–48 months depending on condition. With 30,000 devices moved and over 200 business clients and a retention of 80%, the unit model appears tested, even if not yet fully profitable. But the company faces real supply chain risk: getting cheap credit to procure more inventory at scale. “I got capital at 15% from FSDH, but only a tiny amount,” Bolarinwa says. “I can raise more, but at what cost? How will I price it to my customers?” What’s next: Land, deepen, dominate GAMP has no plans to expand just yet. It’s doubling down on Nigeria and its over 200 customers. The company plans to grow its user base 5x, expand its financing partnerships, and roll out its new GAMP for Business platform in Q3 2025. It’s also walking the fine line between acquisition target and eventual acquirer. “There are three schools of thought,” Bolarinwa says. “Become the Rippling of this market. Get acquired and layered on someone else. Or acquire others ourselves.” The “Rippling for Africa’s devices” play is bold, and the clearest
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Scaling with discipline may be the new playbook for Nigerian fintechs
For years, the dominant storyline in Africa’s fintech sector has been growth – fast, aggressive, and often exhilarating. Startups raced to onboard users, launch new features, and expand across categories and geographies, all while inching closer to profitability. In those early days, the story made sense. The sector was carving out its legitimacy, disrupting entrenched institutions, and bridging long-standing gaps in access and user experience. But that narrative is shifting, regulation is tightening, and Investors are asking more sophisticated questions. And perhaps most importantly, the costs of weak foundations, particularly around compliance, are becoming too visible to ignore. In this new phase, a different kind of edge is emerging; it is called discipline! Startups that once prioritised speed above all else are learning that sustainable scale doesn’t come from velocity alone. It comes from structure. That is clear governance, robust risk awareness, and the ability to anticipate and adapt. Increasingly, the fintechs best positioned to grow are not the ones who moved first, but the ones who built right. Regulation is catching up as fast as the sector This shift hasn’t happened in isolation. In 2024, the Central Bank of Nigeria (CBN) sanctioned several high-profile fintechs for compliance failures, particularly related to Know Your Customer (KYC) and anti-money laundering (AML) processes. These were not fringe players; they were among the sector’s most recognisable names. To many, like myself, closely following the industry, the message was unambiguous: regulatory expectations have now caught up with the scale of the industry. Simply put, the grace period is over. Today, fintechs are being held to standards once reserved for traditional banks. Standards that span transaction monitoring, suspicious activity reporting, data protection, and financial crime prevention. The scrutiny has shifted from being sporadic to routine. It’s now data-driven and enforced through increasingly sophisticated mechanisms within the CBN, Nigerian Financial Intelligence Unit (NFIU), Securities and Exchange Commission (SEC), and others. And rightly so. The era of fintechs operating like the Wild West must give way to one of structure and accountability. The sector has matured, and it now requires a regulatory framework that balances innovation with consumer protection. Encouragingly, a growing number of founders are beginning to embrace this shift. Compliance, once viewed as a bureaucratic burden or cost centre, is now being recognised as a mark of seriousness. One notable example I recently came across is a less than 5-year-old African fintech that recently announced its credit rating approvals from agencies like DataPro, GCR (Moody’s), and Agusto & Co. That kind of public declaration remains rare in African startup circles, but it’s telling. Strong compliance is no longer a footnote; it’s becoming a competitive signal. It reassures investors, attracts more stable partnerships, and builds long-term credibility with regulators and customers alike. In truth, compliance is infrastructure. Much like payments rails or identity verification systems, it underpins growth at scale. Fintechs that neglect it early often face costly consequences down the road, regulatory sanctions, reputational hits, or interrupted product rollouts. By contrast, those that invest early in transaction monitoring, scalable reporting, and board-level governance structures tend to move faster, and more sustainably, in the long run. Still, some challenges persist, particularly around KYC and onboarding. Nigeria’s identity infrastructure remains particularly fragmented. Despite efforts to unify systems like BVN, NIN, and SIM registration, gaps endure. This poses a real challenge for fintechs, especially those serving underserved or informal populations where standard documentation is scarce. Nonetheless, some AI-powered KYC tools are beginning to help. Companies now offer real-time verification that reconciles multiple ID sources and flags inconsistencies. These tools have meaningfully reduced onboarding time and improved fraud detection. But technology alone isn’t enough. Without broader improvements in public infrastructure, cleaner data, better inter-agency coordination, and more inclusive ID frameworks, there are limits to what any solution can solve. This is where discipline again becomes essential. Fintechs must be realistic about what automation can do, and deliberate in building human-led controls that complement their tools. The investor’s view has changed The other major force driving compliance maturity is capital. Investors, especially institutional ones, are no longer swayed by user numbers alone. They want to see operational integrity: risk frameworks, internal audits, clear licensing, and engaged boards. In today’s environment, a startup with 10 million users but no escalation process for suspicious activity is no longer a darling. It’s a red flag. Conversely, startups that can demonstrate a well-structured, evolving compliance culture are not just avoiding risk – they’re gaining leverage. They’re securing better financing terms, earning the trust of banking partners, and accelerating market access. Discipline, it turns out, isn’t a constraint. It’s a differentiator. The early days of Nigerian fintech were defined by speed. But today, discipline is what will separate the players from the leaders. Scaling with discipline doesn’t mean slowing down. It means building the kind of systems that can carry weight, withstand shocks, and support greater velocity when it’s time to accelerate. As one fintech CEO put it: “It’s like loading a Toyota with the capacity of a Ferrari, so that when the time comes to drive like a Ferrari, you’ll be ready.” For founders, it’s a mindset shift. For the ecosystem, it’s a sign of maturity. For the country, it’s a pathway to a resilient digital economy, one that doesn’t just grow quickly, but grows well. ________ Kayode Opeyemi is a fintech and risk compliance expert with a background in corporate finance, technology, and innovation management. He most recently served as an Assistant Manager at KPMG UK, where he led projects spanning internal audit, financial governance, and enterprise risk across sectors including banking, healthcare, and consumer markets. He helps organisations navigate complex regulatory landscapes, delivering solutions that drive resilience, operational efficiency, and sustainable growth. He is especially passionate about helping fintechs scale responsibly by embedding strong compliance frameworks from day one. 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
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This Mastercard-backed startup says it will be AfCFTA’s implementation engine
Despite Africa’s immense economic potential—a combined GDP exceeding $3 trillion and a population of over 1.4 billion—just 17% of its total trade occurs within the continent. Small and medium-sized businesses (SMBs) face challenges including high tariffs, a pervasive trust deficit, complex currency conversions, limited market visibility, and bureaucratic hurdles, which make intra-African trade unnecessarily difficult. Brydge wants to solve that problem. The Nigerian startup, founded in late 2023 by Nathan Agama, is a B2B platform that connects SMBs to verified suppliers and logistics partners. It also enables instant cross-border settlement. Agama says the company hopes to be the operating system for intra-African trade—an engine for the realisation of the goals of the African Continental Free Trade Area (AfCFTA) agreement, which aims to reduce trade barriers. So far, the startup has received funding from 54 Collective and Mastercard. It has processed ₦4.8 billion ($3.1 million) in transactions and disbursed ₦100 million ($61,000) in trade financing to 42 small and medium businesses. How Brydge got started Agama launched Brydge after facing firsthand the trade hurdles common to African SMBs. As an importer-exporter operating across several African countries, he encountered recurring challenges, later confirmed in conversations with over 1,000 businesses. Agama identified three core barriers to intra-African trade. This includes a trust deficit. Trust is scarce, even within Nigeria. “You don’t trust someone in Aba if you’re in Lagos,” Agama says. Stories of suppliers disappearing with payments or delivering substandard goods are common, deterring cross-border trade. In 2022, the death of a supplier led to the loss of a 40-foot and a 20-foot container’s worth of goods, costing him dearly. The ordeal, compounded by mental health struggles, pushed him to leave social media and relocate to the U.S. temporarily. “I went through hell,” he recalls. “I realised that young traders like me needed a solution to avoid such losses.” There are also currency conversion challenges. Changing money from Naira to Kenyan Shillings is costly and slow. African central banks prefer holding USD or Euros, not each other’s currencies, forcing traders to navigate expensive black-market exchanges or unreliable banking systems. Thirdly, many SMBs are unaware of sourcing opportunities across Africa. For example, Agama’s experience importing cowhides from Kenya and Tanzania surprised many fellow tradesmen at the time because there are hardly means beyond one’s network to platforms that lack access to such market intelligence. These challenges are exacerbated by fragmented infrastructure—payment systems are often WhatsApp-based, procurement is manual, and logistics are unreliable. Agama saw an opportunity to bridge these gaps, creating a platform that not only facilitates transactions but also builds trust and discoverability. Act one: Streamlining payments The first phase focused on simplifying cross-border payments. Nathan conducted extensive customer discovery, speaking with over 1,000 SMBs, including traders at Lagos’s Alaba International Market. He found that payment issues were universal: suppliers disappearing with funds, accounts being blocked, or payments delayed due to bureaucratic banking processes. “I realised it was very common for someone to say, ‘I sent money to China, and they blocked that account,’ or ‘My payment guy ran away with my money,’” Agama said. Brydge addresses this by partnering with licensed payment service providers (PSPs) like Fincra. Businesses onboarded onto the platform undergo Know Your Business (KYB) verification and receive virtual accounts through partners. These accounts allow seamless transfers, such as moving funds from a Nigerian naira account to a Tanzanian mobile money account.. Agama says the shorter payment cycles are helping customers scale their businesses. For example, he says, Zuba Gold, a Nigerian company importing white cement and sisal derivatives from Egypt, Kenya, and Tanzania, started with $10,000 transactions on the platform and has increased weekly transactions to about 10 times. Act two: Enabling discoverability and trade Recognising that payments alone were insufficient, Brydge expanded its services to e-commerce. By aggregating suppliers and logistics providers, Brydge creates a marketplace where businesses can source goods, arrange clearing, or even find warehouses in markets like Ghana or Kenya. “For trade to happen, discoverability has to be there,” Nathan emphasised. This involves connecting buyers with verified suppliers and providing market insights to identify trade opportunities. For example, a Nigerian buyer can access South African suppliers through Brydge’s partnerships with local aggregators like Procure Africa. Brydge joins many new players on the scene, like Hizo, Kishi, and Kuraway. However, Agama says Brydge’s holistic approach sets it apart. Unlike Hizo’s focus on payments, Brydge integrates and orchestrates APIs from these providers in payments, like Money Rates, procurement, and logistics, aiming to be the “operating system” for trade, Agama notes. The company hopes that by working across these three critical areas—and with increasing collaboration between platforms—it can become one of the leading platforms enabling trade in line with the ambitions of initiatives like the African Continental Free Trade Area. However, Agama told TechCabal that policy alone isn’t enough. “AfCFTA is a framework, like the UN’s Sustainable Development Goals,” he noted. “It outlines what needs to happen, but it’s up to startups and companies to make it a reality.” How Brydge makes money Brydge generates revenue through transaction fees (0.5–1%, capped at $500 for large transactions) and foreign exchange (FX) conversion margins. It plans to introduce subscription tiers with features like approval workflows and other features that streamline operations for its business users. Brydge has also launched trade financing, providing credit to businesses. Agama says that, unlike many providers, the loans are tied to completed deals rather than hard collateral. So far, the company has disbursed about ₦100 million ($65,189). Brydge is fundraising Agama says the startup is working on completing a $750,000 pre-seed round through a friends-and-family round. He notes that he has a conservative approach to funding, emphasising sustainable growth over vanity metrics. This resonates with impact-focused investors but may challenge traditional venture capitalists expecting rapid scale. “I’m a traditional guy,” he says. “If one plus one looks like five, there’s a problem underneath. The funding will help the company scale its operations across active trade corridors. It plans to expand into Kenya, South Africa,
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👨🏿🚀TechCabal Daily–Brydging a trade gap
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning While you might be spoilt for choice on which AI chatbot to ask how to achieve your to-do list, AI browsers are slowly becoming the order of the day. Heck, AI browsers are here to stay. First, it was the Dia browser from Arc; then OpenAI launched its browser agent. Yesterday, Microsoft announced that its native browser, Microsoft Edge, will be transforming into an AI browser with the new Copilot Mode. If you’re still catching your breath on what AI browsers are, here’s a good explainer on why AI is moving from chatbots to the browser. If you’ve tried any AI browser in the past, feel free to shoot me a mail about your experience. -Faith NIMC warns Nigerians against selling NIN data to fraudsters Brydge wants to become AfCFTA’s implementation engine Sun King raises $156 million M&A is on the rise in Africa World Wide Web 3 Opportunities policy NIMC warns Nigerians against selling NIN data to fraudsters Image Source: Google Nigerians are selling their identities for urgent 2k. NIMC wants it to stop. Nigeria’s National Identity Management Commission (NIMC) has warned Nigerians against selling their national identification numbers (NIN) and user data to fraudsters. This warning follows findings by the Economic and Financial Crimes Commission (EFCC), which uncovered a large-scale operation involving 12,000 Nigerian youths collecting and trading NIN details. According to EFCC, some Nigerians sell their private data to fraudsters for as little as $0.98. They then sell this data to suspected fintechs at $3.27—creating a network of sellers and buyers that jeopardise data security at a national level. This action is considered illegal and punishable under the NIMC Act No. 23 of 2007 , the Data Protection Act, and the Cybercrime Act. What might rogue fintechs be doing with this data? NINs are essential for onboarding customers, verifying identities, and granting access to financial services. Fintechs acquiring them outside official channels could be using them to speed up customer acquisition or meet Know-Your-Customer (KYC) requirements. It seems like a trend: In April, the identity commission warned Nigerians to avoid being lured to submit their NIN for money following a discovery of such a situation in Anambra State. In June last year, Paradigm Initiative, a Pan-African social enterprise, raised an alarm over its discovery of data belonging to Nigerians—including NIN and Bank Verification Number (BVN)—on a website for as low as $0.065. This discovery prompted the NIMC to to restrict third-party access to its database. To curb this trend, NIMC is urging Nigerians to secure their identities using its newly launched verification service, NINAuth, and warns that unverified NIN use increases nationwide security risks. . 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! Startups Brydge wants to become AfCFTA’s implementation engine Image Source: TechCabal Most big problems are just collections of smaller, messy ones. Take intra-African trade. It’s stuck at 17% of the continent’s total, a pathetic sliver. This is due to trust deficit, tough logistical constraints, low market visibility, high tariffs, and expensive currency conversion. The African Continental Free Trade Area (AfCFTA) aims to fix it, but a policy can only go so far. Someone still has to create the infrastructure that will enable traders to benefit from the policy. That’s where Brydge comes in. This Nigerian startup, founded by Nathan Agama, launched in 2023 with a modest $315,000 from Standard Bank Group and Mastercard Foundation. They’ve already moved ₦4.8 billion ($2.9 million) in transactions and disbursed ₦100 million ($61,000) in trade financing to 42 small and medium businesses. Brydge works by orchestrating payment, sourcing, and logistics technology from licensed providers, enabling traders to access all services from one platform. Agama says some of its users have seen weekly transactions jump from $10,000 to $100,000. For its services, Brydge charges 0.5–1% transaction fees, capped at $500. It also makes money from FX margins. The big picture: Agama’s ambition isn’t small. He wants Brydge to be the backbone of Africa’s $3 trillion intra-continental trade market. By 2030, he’s targeting a $50 million GMV, 5,000 active buyers, and operations in 10 key African markets. They’re raising a $750,000 pre-seed round now, betting on sustainable growth. Watch out for the full story on TechCabal. Paga Engine powers the boldest ideas in Africa “Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article. Cleantech Solar energy provider, Sun King, raise $156 million Image Source: TechCabal Sun King, one of the largest solar companies in Africa, has raised $156 million to scale its solar reach across Kenya. This funding will deliver up to 1.4 million solar products and smartphones to Kenyan homes and small businesses—many of whom are still off-grid. Who’s funding it? The funding is backed by a mix of international and local commercial banks, including Citigroup Inc., Stanbic Bank Kenya Ltd., Absa Group Ltd., the Co-operative Bank of Kenya, and KCB Bank Kenya Ltd.—alongside development finance institutions, including British International Investment, FMO, and Norfund. Sun King? Sun King is the provider of off-grid solar energy products in Africa that provides small solar kits and batteries that households can pay for in daily installments. This fundraiser follows a recent $80 million raise to scale solar energy in Nigeria. In 2022, the company also raised $260 million in Series D funding to widen clean energy access in Africa and Asia. Here’s why it matters: This isn’t just a big cheque (it is, but it’s also more than that). It is a signal that local commercial banks are now putting significant capital into supporting local startups. This funding is essential in helping Kenya’s push toward universal electricity access by 2030.
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Inside Airtel’s AI bet to tackle SMS scams at scale
In Nigeria, where mobile phones remain a critical means of personal and financial communication, SMS scams have become a full-blown crisis. New figures from Airtel Nigeria shed light on how serious the threat has become and how artificial intelligence is being used to fight it. Between March 13 and May 20, 2025, Airtel’s AI-powered Spam Alert Service flagged over 9.6 million suspected spam messages. More than 9.1 million originated from other networks (off-net), while over 528,000 were sent from Airtel numbers (on-net). These numbers represent just two months of monitoring, reflecting the alarming volume of scam attempts circulating across Nigeria’s mobile networks. The scale underscores a long-standing problem. According to a 2024 consumer protection survey of digital financial services users in 24 states, 58% of respondents had received a scam SMS or phone call asking for sensitive information, and 23% reported receiving such attempts in the past year. One in five had been targeted within the last month. While only 6% of respondents lost money to fraud, the widespread nature of these scams shows how common “smishing”—scam messages sent via SMS—has become. Airtel’s CEO, Dinesh Balsingh, told TechCabal that the surge in SMS scams, coupled with Africa’s rising smartphone penetration, made the introduction of the AI Spam Alert Service not only necessary but urgent. “As digital adoption increases, so does the sophistication of cyber threats,” he said. “This solution is part of our proactive strategy to protect subscribers and reinforce trust in our network.” How Airtel’s AI works The AI Spam Alert Service doesn’t read the message content. Instead, it analyses over 250 behavioural parameters of SMS senders, such as how frequently they switch SIM cards, the number and geographic spread of recipients, and whether the sender only sends messages without receiving any. This behavioural profiling helps the AI identify anomalies typical of spam operations. Numbers already flagged by users or linked to previous scam attempts are also fed into the system. According to Airtel, the AI scans over 1.5 billion messages in two milliseconds, using a dual-layer approach: one at the network level and another within the IT systems. The service, free and automatically available to all Airtel users, whether on smartphones or feature phones, sends real-time alerts when suspicious activity is detected. The result is greater protection without intrusive surveillance, Airtel claims. Why this matters now Despite the rise of internet-based messaging, SMS remains essential in Nigeria. In 2023 alone, the telecom sector processed 22.97 billion SMS messages, with Nigerians spending an estimated ₦44.7 billion ($29.8 million) sending texts. SMS is still the primary channel for banking alerts, government updates, and OTPs (one-time passwords) for millions who may not have access to smartphones or consistent mobile data. Scam messages often impersonate banks, telecom operators, or payment platforms, requesting passwords or transfers under pretenses. While many scams target low amounts, typically under $25, others have resulted in losses of over $100 per victim. These may seem modest, but across millions of attempts, the cumulative effect on trust, security, and financial well-being is substantial. Strong privacy, weak enforcement Airtel claims its AI does not read or store SMS content, and all data is encrypted and processed according to industry standards. The company adds that strict internal controls and regulatory audits are in place to prevent misuse. However, spam detection technology alone won’t address the broader challenges. In Nigeria, weak enforcement and limited prosecution remain significant obstacles. Scam messages are rarely reported by recipients due to a lack of education, and even when they are, follow-up action is rare. This lack of accountability emboldens fraudsters and shifts the burden of protection onto telecom operators, who are often the first and only line of defense. “By providing users with greater control over their communication channels, we help cultivate a more manageable and enjoyable digital environment, ensuring that our subscribers can navigate their connections without the burden of unwanted distractions,” said Balsingh. The Nigerian Communications Commission (NCC) oversees spam regulation in the country and is backed by national privacy and consumer protection laws. Businesses must get prior consent for promotional SMS and provide opt-out options like replying “STOP.” Users can also block unsolicited messages entirely via the Do-Not-Disturb (DND) code 2442. In July, the NCC introduced stricter rules: all bulk SMS sender IDs must be registered and approved; promotional messages are banned between 8 PM and 8 AM unless explicitly authorized; and any organization offering bulk SMS services must now secure a ₦10 million ($6,540) licence valid for five years. While Airtel assures users that its AI system is designed not to interfere with legitimate communication or block website access—a concern some subscribers have voiced—the broader cybersecurity resilience of Nigeria’s telecom industry continues to face scrutiny. As threats evolve, so must the collaboration between telcos, regulators, and law enforcement to protect millions of mobile users from digital exploitation. 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–Nigeria’s taxman wants a peek
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning How was your weekend? (We’re 30 weekends deep into 2025, with 22 more to go before the calendar flips again.) Over the weekend, Lewis Hamilton, one of my favorite F1 driver Lewis Hamilton pulled off an incredible comeback. He started the Grand Prix in 18th place. Eighteenth. By the time the checkered flag waved, he’d climbed up to seventh. Moral of the story? The race isn’t over. There’s still time this year to recalibrate, refocus, and go full throttle toward your goals. With that bit of motivation, let’s get into today’s dispatch. FIRS to track bank transactions for VAT Google invests $37 million in African AI InkBlot and Filmhouse launch new streaming platform, Kava World Wide Web 3 Opportunities Companies FIRS to start monitoring bank transactions for VAT deductions Image Source: Google Nigeria’s taxman wants to view your VAT payments in real-time Here’s what’s happened: The Federal Inland Revenue Service (FIRS), Nigeria’s tax agency, has rolled out a real-time portal that forces card networks, banks, fintechs, and payment service providers to upload every VAT-eligible transaction to its dashboard. The new transaction monitoring system is the taxman’s most aggressive step yet at closing tax gaps in the country’s booming digital economy. How it works: Institutions will connect to the portal through APIs, transmitting each VAT-eligible payment to FIRS before it is completed. These financial institutions must send each payment’s gross value, VAT amount, and merchant info to the portal. If VAT wasn’t collected upfront, providers must calculate it on the transaction value and deduct it. The portal then groups and logs entries, giving FIRS live visibility on what’s taxable, and enabling the tax body to reconcile invoices, monitor compliance, and standardise records across millions of microtransactions. Here’s why it matters: Before now, FIRS was unable to monitor the taxes deducted on VAT-eligible transactions—what the agency describes as the single biggest leakage point for consumption taxes. By deploying this technology, the agency plugs a hole in this leak. . What will this mean? Users will see stricter VAT deductions on even the smallest online payments. Platforms and fintechs face tighter scrutiny, higher compliance costs, and daily penalties for delays, while the government gains stronger oversight and less tolerance for unreported or ‘grey area’ transactions. . This rollout is a decisive shift in Nigeria’s tax enforcement. Whether it builds trust or fuels resistance will depend on how seamlessly the system runs and how openly FIRS addresses public concerns. 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! Artificial Intelligence Google announces $37million investment for AI in Africa Image Source: Zikoko Memes On Thursday, Google committed $37 million for AI research, talent development, and infrastructure needed to advance the continent’s AI future. This announcement coincided with the launch of an AI Community Centre in Accra, a hub for training and collaboration among stakeholders interested in exploring how AI can address Africa’s unique needs. Why does it matter? Delays in Africa’s AI progress are often attributed to infrastructure and funding gaps External funding is a crucial step in overcoming some of these funding gaps. Before this $37 million funding announcement, Google also launched an accelerator program in June for 15 startups driving AI innovation for African problems. These investments signal Google’s long-term strategy to combine philanthropy and commercial tools needed to support AI solutions built in Africa for African issues. There’s more: The funding includes $25 million to support researchers and nonprofits developing AI tools that enhance food security on the continent, as well as a $3 million fund for the Masakhane African Languages AI hub to expand research to include over 40 African languages in datasets and voice AI technologies. In Ghana, Google will also offer 100,000 fully funded, self-paced programs to train students in tertiary education on AI and Prompting Essentials, Cybersecurity, and Data Analytics. Additionally, Google will award $1 million in research funding each to two research institutions in South Africa to support local research capacities. Big Picture: Beyond altruism, Big Tech is investing early in the race for founders, research projects, and infrastructure that could shape the continent’s AI trajectory. In June, Meta also recently concluded a call for African startups developing locally relevant AI applications that address key sectors, including education, healthcare, and agriculture.These investments are crucial to securing Africa’s AI market, which is expected to be worth $4.92 billion this year. eventually exited Nigeria Paga Engine powers the boldest ideas in Africa “Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article. Streaming InkBlot and Filmhouse launch new streaming platform, Kava Image Source: TechCabal InkBlot Studios, a Nigerian filmmaking company, and Filmhouse Group, West Africa’s largest cinema chain, are joining forces to launch Kava, a streaming platform focused on African stories. The team plans to launch in August 2025 with over 30 premium titles and weekly releases. Why are they doing this? Streaming is now central to Nollywood’s future. In Nigeria, the over-the-top video market is projected to reach $1.22 billion in 2025. As global interest in Nigerian content continues to rise, investors are betting big on African entertainment by backing films directly. In 2023, VC firm Voltron Capital reportedly achieved up to 3x returns on projects like The Black Book and Gangs of Lagos. And then there is TalentX Africa, a film-financing marketplace, which has invested close to $1 million in Nollywood. Filmhouse and InkBlot want to capture that demand and build a platform that scales African films. Kava is not the first to do this: IrokoTV, raised up to $35 million over the first ten years of its launch, but eventually exited Nigeria after years of
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Network outages worsen as Nigerian telcos report 445 vandalism incidents since May
Vandalism of telecom infrastructure in Nigeria has more than doubled since May 2025, rising from an average of two to five incidents per day, according to data compiled by the Association of Licensed Telecommunications Operators of Nigeria (ALTON). This sharp increase, amounting to 445 cases over 88 days, has led to widespread network outages, affecting voice calls, internet access, SMS, and USSD services across all major mobile network operators. Gbenga Adebayo, President of ALTON, told TechCabal that the attacks have grown increasingly aggressive. “In many cases, the vandals now confront site engineers directly and demand ransom before releasing stolen cables,” Adebayo said, highlighting the escalating threat to telecom operations. The highest number of vandalism incidents has been recorded in states such as Delta, Rivers, Cross Rivers, Akwa Ibom, Ogun, Ondo, Edo, Lagos, Kogi, FCT, Kaduna, Nigeria, Osun, Kwara, and the Federal Capital Territory (FCT), Abuja. Vandalism against telecom infrastructure in Nigeria has been most severe in states like Delta, Rivers, Cross River, Akwa Ibom, Ondo, Edo, Kwara, and Kaduna. The impact peaked in May 2025, with 88 network outages linked to fibre cuts, equipment theft, and power failures. That number declined to 71 in June and 27 in July, but the threat remains persistent. Telecom operators in Nigeria face rising challenges beyond theft and vandalism of assets like copper cables and diesel. In many cases, local communities demand compensation before allowing repairs, delaying service restoration, and increasing operational costs. In June, the Nigerian government issued the Designation and Protection of Critical National Information Infrastructure (CNII) Order, which recognises telecommunications as critical infrastructure and makes its deliberate damage a criminal offence. The Nigerian Communications Commission (NCC) is leading the rollout of the CNII framework, supported by security agencies: the Office of the National Security Adviser (ONSA) coordinates overall strategy; the Inspector General of Police leads enforcement; the Department of State Services (DSS) provides intelligence on emerging threats; and the Nigeria Security and Civil Defence Corps (NSCDC) is charged with protecting telecom infrastructure on the ground. Industry stakeholders say implementation has fallen short. Despite the rise in vandalism, there have been no reported arrests or prosecutions. The NCC declined to comment on the matter. “We appeal to every Nigerian to please join us in the fight against the vandalisation of telecom infrastructure,” said Adebayo. “These assets power our banks, emergency services, education, healthcare, security systems, and daily communication. Attacking them is an attack on our economy and national stability.” 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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