The biggest fintech companies in Nigeria (2025)
Nigeria continues to dominate Africa’s fintech landscape in 2025, even as funding slows across much of the continent. In the first quarter alone, Nigerian startups raised over $100 million, most of it flowing into fintechs, underscoring the sector’s resilience and central role in the country’s digital economy. Companies like Moniepoint, Paystack, PalmPay, Paga, Kuda, LemFi, and Flutterwave are driving this momentum. These fintechs are expanding their user bases, securing new rounds of funding, and launching products at a rapid pace. This article highlights the biggest players in Nigeria’s fintech space in 2025. It covers user growth, funding rounds, product updates, and the broader impact on the continent’s financial future. The biggest fintech companies in Nigeria (2025): In-depth profiles Let’s take a closer look at the biggest fintech companies in Nigeria in 2025, leading in funding, users, transactions, and expansion. Table 1: Key performance metrics of leading Nigerian fintechs (2025) 1. Moniepoint Moniepoint (formerly TeamApt) is now one of the biggest names in African fintech. It made TIME’s 100 Most Influential Companies and became a unicorn in late 2024, raising over $120 million in Series C funding, including a $10 million investment from Visa. Moniepoint helps small businesses, particularly informal ones, access digital banking services. It serves over 10 million users, processes over 1 billion transactions monthly, and hit over $100 billion in payments last year alone. In 2025, it received approval to acquire a majority stake in Kenya’s Sumac Bank, expanding its operations across East Africa. It also launched MonieWorld for international remittances and partnered with AfriGO to distribute 5 million cards in Nigeria. 2. Paystack Paystack, a prominent payment processing solution, was acquired by Stripe for $200 million in October 2020, having previously raised $11.7 million in funding. It has since expanded its reach to Ghana, Kenya, Côte d’Ivoire, and South Africa. Paystack processes over $250 million in monthly transaction volume. In Q4 2024, the company handled three billion API requests. Bank transfers have become a dominant payment channel on its network, accounting for 58% of its transactions in 2023, a notable increase from 28% in 2022. In March 2025, Paystack launched Zap, its first consumer-centric product in nine years. Zap is designed to facilitate instant money transfers to any Nigerian bank account in under 10 seconds. Users can link their existing commercial bank accounts via Paystack’s direct debit system or deposit funds into a Paystack-Titan Trust Bank account. While Zap allows linking debit and credit cards from any country, Paystack has clarified that it is not currently targeting the remittance market; rather, it aims to serve visitors making transactions within Nigeria. 3. PalmPay PalmPay is another fast-growing fintech brand. It ranked second on the Financial Times’ list of Africa’s fastest-growing companies. As of Q1 2025, PalmPay has over 35 million users and processes more than 15 million transactions daily. Between January and December 2024, it processed ₦71.5 trillion in transactions, with 80% of users remaining active monthly. The company has over 1 million agents and merchants across the nation. PalmPay plans to expand into South Africa, Côte d’Ivoire, Uganda, and Tanzania this year. 4. Paga Paga has been around since 2009, making it one of Nigeria’s oldest fintech companies. It’s profitable, privately owned, and has processed over ₦23 trillion in transactions since its launch. Paga serves over 21 million users and collaborates with an extensive network of agents. In 2024, it processed ₦8.7 trillion, with monthly volumes now crossing ₦1 trillion in 2025. The business has grown beyond payments and now operates three key services: Paga for consumer payments, Doroki for SME support, and Paga Engine, which offers APIs for other fintech companies in Nigeria. Paga is expanding into Ethiopia, thanks to a new partnership with the Bank of Abyssinia, and with further expansion plans. 5. Kuda Kuda is one of Nigeria’s most active digital banks. In Q1 2025, it processed over 300 million transactions worth ₦14.3 trillion. Of this, ₦8.5 trillion came from regular users, and ₦5.8 trillion from business accounts, despite the business product only launching in 2022. Kuda also issued ₦16.4 billion in overdrafts in Q1 alone, and did it profitably. It employs a risk-based model to determine interest rates, enabling more people and businesses to access credit without overextending themselves. Kuda expects to hit ₦57 trillion in transaction volume by the end of 2025. It also relaunched its remittance service, now targeting users outside Nigeria who wish to send money back home. 6. LemFi LemFi, a global remittance app, raised $53 million in Series B funding in January 2025, bringing its total to over $86 million. It now serves over 2 million users across the US, UK, Canada, and Europe, processing $1 billion in monthly transactions. In June 2025, LemFi acquired Pillar, a UK-based credit card company, giving it more control over card services, multicurrency wallets, and credit features, which it’s rolling out in countries like Egypt, Morocco, and Tunisia. It also launched LemFi Credit, its first lending product, which is already being used by over 8,000 people. LemFi’s goal is to become the go-to financial app for immigrants by offering a comprehensive range of services, from money transfers to credit.. 7. Flutterwave Flutterwave remains Africa’s most valuable fintech company with a $3 billion valuation. Since its inception, Flutterwave has processed over 890 million transactions in excess of $34 billion. The company has an infrastructure reach in 34 African countries. It recently secured a payment institution licence from the Central Bank of West African States (BCEAO), granting it the ability to operate fully in Senegal. 8. Raenest Raenest helps African freelancers, remote workers, and businesses manage money across borders. In February 2025, it raised $11 million in a Series A extension, bringing its total to $14.3 million. Since launching, Raenest has processed over $1 billion in payments and supports more than 700,000 individuals and 500 businesses. Its services include multi-currency wallets (USD, GBP, EUR), international transfers to over 50 countries, virtual dollar cards, and local withdrawals with low fees. Raenest’s Geegpay product is
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CAC claims record registration on new AI-powered portal, but users report delays
Nigeria’s Corporate Affairs Commission (CAC) said a major AI-driven website upgrade led to a record 11,000 companies registered in one day, compared to the one week it used to take to process each registration. The commission tried to address mounting complaints by users that the upgrade has not lived up to its promise of seamless registration. “Interestingly, as of Friday, July 16, 2025, 8,000 Name Reservations were received and processed,” the commission posted on X on Sunday. “This is no doubt a feat that hitherto requires a minimum of 2 weeks to complete.” However, many clients who spoke to TechCabal said the CAC’s claims do not match their reality. “I can’t pay to complete the registration because we can’t confirm payment yet,” said Olamide Egbetola, CEO of Chalcedony Digitals Ltd, who handles regulatory compliance for small businesses. “I paid for one, and although the money was deducted, we haven’t been able to verify it. I’ve had to pause everything and wait.” The commission is transitioning from its legacy Company Registration Portal (CRP) to an AI-powered Intelligent Company Registration Portal (iCRP), which promises near-instant name reservations and one-hour company registrations. The CAC says the iCRP will automate core functions like tax identification number (TIN) generation and streamline filings through a more user-friendly interface. Since the upgrade began in July 1, the CAC’s digital services, from business name reservations and new company registrations to tax ID generation and post-incorporation filings, have been plagued with errors and delays, according to multiple users. Ibrahim Salisu, an accredited CAC agent with over 15 pending company briefs, said TIN generation is frozen and customer support is unresponsive. “Some certificates are ready, but we can’t generate TINs for them. They’re missing from the CAC public registry,” he told TechCabal. “I’ve tried to reach the CAC through all the contact channels they provided, but there’s been no response. That’s the cry from agents like me.” Public agency website upgrades like this are not new, but they typically come with clearer timelines and contingency plans. The Nigeria Immigration Service’s passport portal update lasted just 72 hours. Larger transitions, such as the National Identity Management Commission’s ongoing digital revamp, can stretch over several weeks or months, with alternative channels offered during outages. The CAC issued a notice of its upgrade but failed to commit to a timeline for full restoration. The agency did not respond to requests for comment on the timeline. Even before the current upgrade, CAC’s online systems faced operational challenges. Business name registrations typically took 24 hours, while limited liability company incorporations could take up to five days. Abuja-based legal practitioner June Etim Idan said she often waited until midnight to use the portal because it functioned more reliably at night. “The platform is faster at night,” she said. The current upgrade, she added, has now introduced additional delays for her clients. The commission said it was taking note of the feedback from users and would “soon make the portal perform optimally as a champion of service delivery to the commendation of customers and stakeholders.” Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Next Wave: Nigeria’s telecom industry needs a reboot. Only new competition can deliver
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 20 July, 2025 Nigeria’s telecom industry needs a reboot. Only new competition can deliver it Nigeria’s once vibrant telecom sector has hardened into a sluggish duopoly. MTN and Airtel now control nearly 90% of the market. With competition fading, prices rise, service quality falls, and innovation has stalled. Today, only 48.8% of Nigeria’s 216 million people have broadband access. The drive to connect the rest is moving slowly, mainly because the two dominant players no longer have strong incentives to expand aggressively or improve services. Wole Adetuyi, CEO of Swift Telephone Network (STN), says plainly, “We need new players, is the truth.” He’s not wrong. Every time a new entrant has arrived, competition has intensified, and consumers have benefited. Globacom’s launch in 2003 was a major turning point. It introduced per-second billing, an African first, forcing rivals to drop their more expensive per-minute rates. Glo also slashed SIM prices from ₦25,000 to ₦200, opening the market to millions. It brought 2.5G internet via GPRS, leading to services like MMS, BlackBerry, and mobile banking. Later, it rolled out 3G and 4G and built the Glo 1 submarine cable, which linked West Africa to the global internet. Next Wave continues after this ad. It’s Upskill with Cardtonic season again. Applications for Upskill 3.0 are open Now is your chance to win one of the 20 units of 2024 M4 MacBook Pro Laptops we are giving away. If you’re a techie in software engineering, design, data science, product management, and content creation, this is for you! Find out more here! Etisalat, now 9mobile, followed in 2008 with bold, customer-centric innovations. It introduced Nigeria’s first real-time self-service portal, “MyEtisalat,” launched its “EasyBlaze” broadband product, and let users pick their numbers with “0809uchoose.” Its “Eco SIM” pushed sustainability and offered affordable tariffs that helped it gain from mobile number portability. It was a golden era when consumers proudly carried multiple SIMs, switching between networks on Tecno, Infinix, Samsung, and BlackBerry phones to get the best service and rates. While MTN led in size, Globacom and Etisalat were real challengers. The market was dynamic, competition was healthy, and customer satisfaction was at the centre of it all. But that era has faded, and its place is a stagnant, two-horse race. MTN Nigeria, with 52% share, now dominates the market, with Airtel Nigeria at 34%. Former challengers like Globacom and 9mobile have faded into the background, battered by subscriber losses, operational missteps and a lack of strategic reinvention. No new mobile operator has entered Nigeria since Etisalat took over a 3G licence in 2008. In contrast, South Africa has welcomed new investment and eight MVNO-backed brands, expanding competition and boosting broadband access to 79%. Morocco, now with 91% internet penetration, attracted players like Etisalat, Orange, and Zain between 2010 and 2014. Next Wave continues after this ad. The Lagos Chamber of Commerce and Industry (LCCI) is proud to announce the 11th edition of the ICTEL Expo, set for July 29–30, 2025, at the Lagos Oriental Hotel, Victoria Island. Under the theme “Leveraging Technology for Innovation and Development in Africa,” the event aims to further position ICTEL as a premier platform for digital transformation, regional collaboration, and economic progress Join us! Orange Telecom almost became that new force in Nigeria. In 2017, the French telecom operator tried to acquire a 65% stake in Etisalat during its financial crisis. The deal collapsed. From 2020 to 2022, Orange again explored entry, even sending a delegation to the Nigerian Communications Commission. But in 2023, it officially gave up, citing an uncompetitive landscape. In simple terms, Orange didn’t see a path to rise above third place. MTN’s market dominance, they concluded, was too entrenched. As of May 2025, MTN Nigeria commands 52% of the mobile market with 90.2 million subscribers, while Airtel holds 34%. Globacom has dropped to 11%, and 9mobile barely registers at 1.5%. This has shrunk competition and enabled a steady decline in service quality. With so few operators left to challenge the status quo, the urgency to innovate or expand coverage has faded. The dominance of MTN and Airtel has also squeezed out smaller independent ISPs and other potential competitors. Their sheer scale and nationwide reach make it increasingly difficult for rivals to survive. As a result, progress in improving broadband infrastructure has slowed. Nigeria currently ranks seventh in sub-Saharan Africa and 83rd globally for mobile internet speeds in 2025, with year-on-year gains stagnating. While urban centres enjoy relatively reliable connectivity, rural and underserved communities struggle with slow speeds, limited access, and high costs. Next Wave continues after this ad. Join Africa’s builders at Termii Elevate 4.0 on August 2 – where AI, APIs, and digital infrastructure take center stage. With Iyin Aboyeji, Wetech, and other top voices. Free to attend: Get your ticker here! For many users, the decline is personal. In November 2024, after 12 years with my 9mobile line, I finally pulled the SIM out of my phone. It had become useless. WhatsApp was the only thing that still worked. Like over 20 million voice subscribers and 14 million internet users who abandoned 9mobile in recent years, I had no choice. And 9mobile isn’t alone in this downward spiral. Globacom, once Nigeria’s second-largest operator, saw its market share fall from 26% in early 2024 to just 11%, mainly due to an NCC audit that purged improperly registered and inactive SIMs. But its deeper problems, poor customer service, deteriorating network quality, and underinvestment, had been evident for years. Glo relied on flashy promos while ignoring mounting customer grievances and its aging infrastructure. Etisalat’s earlier exit was a warning sign of what was to come.
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👨🏿🚀TechCabal Daily – Rally Cap’s cashout
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. We begin today’s newsletter with a heavy heart. Abiola Olaniran, the pioneering Nigerian software engineer and founder of Gamsole, passed away on July 16 in his hometown of Badagry at the age of 36. One of Africa’s earliest gaming entrepreneurs, Abiola dared to dream beyond borders, building mobile games that reached millions and putting Nigeria on the global tech map. His brilliance, humility and relentless belief in African talent made him a beacon for a generation. Abiola’s legacy lives on in the code he wrote, the minds he inspired and the courage he gave to others to build boldly. Rally Cap partially exits South Africa’s Stitch Maziv and Vodacom agree on a revised $2 billion deal Ethiopia passes long-awaited Startup Act Starlink’s roaming is back World Wide Web 3 Opportunities Venture Capital Rally Cap partially exits South Africa’s Stitch Image Source: Google Venture Capital (VC) firms are starting to get more creative about liquidity. If you find yourself frequently questioning where the exits are, Rally Cap’s partial exit from Stitch is the latest example. Rally Cap has taken some money off the table. The early-stage venture capital firm just partially exited its investment in South African fintech, Stitch. This came after the startup announced its $55 million Series B fundraise. No one is saying how much they put in or how much they made, but the real story here is how early-stage VCs are starting to find new ways to cash out, and these partial exits have now become a quiet but powerful trend. The pattern: Oui Capital turned a $150,000 cheque into $8 million with Moniepoint—a 53x return. More recently, Silverback Holdings pulled a 5x return on OmniRetail. Slowly, early-stage investors are finding new ways to unlock value, even without a traditional exit. Why does this matter? Liquidity changes the game. IPOs, mergers and acquisitions (M&A), and later-stage raises give early investors premium liquidity exit. But with tech startup IPOs still sluggish and M&A activity only gradually picking up, later-stage raises have become the go-to path for investors’ partial exits. This new pattern could force investors to pay more attention to early-stage startups, with founders getting more backing. These wins are bringing hope to investors who are early to the market, giving VC firms the confidence to recycle capital, and nudging founders to go bolder. African venture isn’t just full of promise; it is now starting to deliver on it. 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! M&A Maziv and Vodacom agree on a revised $2 billion acquisition deal Image Source: Vodacom Vodacom, South Africa’s second-largest telecom operator, has announced updated terms for its long-delayed acquisition of fibre company, Maziv. Under the revised deal, Vodacom will acquire up to 34.95% stake in Maziv and nearly 50% of Herotel, South Africa’s largest fixed wireless internet company. The new deal is now valued between R29.8 billion ($1.6 billion) and R36 billion ($2 billion), nearly triple the initial R13 billion ($734.4 million) agreement in 2021. Why does it matter? This revision is a step forward in finalising the four-year-long deal which will have an unopposed hearing at the Competition Appeal Court (CAC) scheduled for July 22–24, 2025. Previously, Vodacom aimed for up to a 40% stake in Maziv but adjusted this following negotiations with Maziv’s shareholder CIVH and South Africa’s Competition Commission (CompCom). CompCom had previously opposed the acquisition but changed its stance two weeks ago after reaching an agreement with the two companies to ensure fair competition in the country’s telecommunication sector. State of play: Vodacom will now contribute approximately R13.5 billion ($763 million) to set up fibre network infrastructure and purchase the shares needed to acquire Maziv. It will also drop an additional R600 million ($34 million) to control half of Herotel. Vodacom also expects to decrease its offer by R1.3 billion ($73 million) if Maziv pays out its dividend before the acquisition deal closes. This is because the dividend payout will decrease Maziv’s valuation. The big picture: If the deal is successfully cleared by the court, then Vodacom will gain partial control of Maziv’s fibre network. This acquisition will be a crucial step in Vodacom’s “beyond mobile” diversification strategy to increase its revenue from non-mobile services to 30% (from 21% today). It also offers a playbook that future telecom players can use to successfully navigate regulatory pushback 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. Regulation Ethiopia passes long-awaited Startup Act Image Source: Tsegamlak Solomon and Associates On July 17, Ethiopia passed its Startup Act after five years of delay, giving its startup ecosystem a formal legal and policy foundation for the first time. The new law introduces tax breaks, funding access, and public procurement opportunities, while pushing universities, state firms, and private investors into closer collaboration. State of play: Startups can now get five years of corporate income tax exemption and duty-free imports of capital goods. They also qualify for a share of a 2 billion birr ($36 million at the time of drafting and proposal) government-backed fund, along with easier registration and access to regulatory sandboxes. Angel investors backing early-stage tech startups will get reduced withholding tax. Certified startups are guaranteed a 5% cut of government ICT contracts. Ethiopia’s tech ecosystem is still nascent. Its capital, Addis Ababa, leads the scene, valued at $87 million and growing 15% annually. Startups like Chapa, Gebeya, and popular fintech ArifPay are early standouts. Ethiopian startups raised $42 million—mostly early-stage deals—in 2024. Ethiopia needs structural support to enable startups to scale to late-stage funding rounds. Between the lines:
Read MoreTop mobile game hacks & tips in 2025
Table of contents Free Fire Genshin Impact Royal Match Whiteout Survival Last War Ludo King Let me be honest: I’ve spent more time playing mobile games than I care to admit. And if you’ve ever been stuck on a level for weeks or lost five times in a row to the same online opponent, you’ll get why I started digging for real tips, not cheats, just smarter ways to win. This guide is for anyone who wants to play better, rank higher, and enjoy the process, without getting banned or messing up the fun for others. I dug through Reddit, Nairaland, YouTube comments, Facebook groups, and Discord servers to find real tips from players who’ve mastered the grind. I focused on games people are hooked on—played daily, talked about constantly, and worth every in-game purchase in 2025. The most popular mobile games of 2025 Here’s a simple list of the most played and most talked-about mobile games right now. We grouped them by platform, what makes them popular, and the kind of game they are. Block Blast! – Puzzle Roblox – Sandbox/UGC Free Fire / Free Fire MAX – Battle Royale Whiteout Survival – Strategy/Survival Royal Match – Puzzle/Match-3 Last War: Survival Game – Strategy/Survival Ludo King® – Board Game Genshin Impact – Action RPG/Gacha Honor of Kings – MOBA Pokémon TCG Pocket – Card Game Subway Surfers – Endless Runner Township – Simulation Delta Force – Tactical Shooter Once Human – Survival/Crafting Dredge – Fishing/Exploration Coromon: Rogue Planet – Monster Taming/Roguelike Path of Exile Mobile – Action RPG Valorant Mobile – Tactical Shooter Popular mobile game hacks and tips of 2025 1. Free Fire Garena Free Fire is one of the most downloaded mobile games worldwide. With its fast-paced 50-player battle format and regular updates, it keeps players coming back. But winning takes more than quick reflexes; it requires smart, ethical strategies. Free Fire tips Here’s how to play better: Pick where you land carefully – Jump early for more loot, or land in quieter spots to avoid early fights. Carry two types of guns – Use an assault rifle for long range and an SMG or shotgun for close fights. Keep moving – Don’t stand still when shooting. Move, take cover, and confuse your enemies. Use Gloo walls wisely – Practice placing them fast. Don’t be afraid to shoot at enemy walls — they’re breakable. Use throwables – Grenades and flashbangs can push enemies out of cover. Use vehicles for cover – But remember, they reveal your location on the map. “Third-party”, when smart – It’s okay to wait for two players to weaken each other before jumping in. Know your characters – Each one has abilities. Learn combos like Sonia + Dimitri or Alok for Clash Squad. Pro tip: Don’t rush every fight. Play aggressively only when you’re sure you can win. If not, wait for a better chance. Train like the pros Most top players do the basics right: Set your sensitivity – It helps with better headshots and aim control. Edit your HUD – Customise your controls for comfort and speed. Practice daily – Use training mode to improve Gloo wall timing and aiming. Watch pro players – Learn moves like “drag headshots” from YouTube pros. Also, Free Fire has an in-game auto-aim system. Learn how to use or counter it with movement and timing. Many players use drag shots to aim past the centre and land more headshots. Free Fire cheat sheet 2. Genshin Impact Genshin Impact is one of the most popular mobile RPGs, known for its big open world, elemental combat, and gacha system. It’s free to play, but success, especially if you don’t spend money, comes down to smart planning, efficient farming, and building strong teams. Resource tips If you’re playing Genshin Impact without spending money, managing your resources well is everything. Here’s what matters most: Don’t spend Primogems to refill Resin. Let Resin recharge on its own and save your Fragile Resin until you hit Adventure Rank (AR) 45. That’s when high-ranking artifacts become easier to farm. Pick the right domains. Domains like Emblem of Severed Fate or Deepwood Memories are worth your time because many characters benefit from them. Use your Resin wisely. Levelling one character to 90 needs around 13 days of Resin. Don’t waste it early on; instead, focus on dailies, quests, and events for XP. Don’t rush artifact farming. Wait until AR45 before seriously farming artifacts. Until then, just use what you get from levelling and events. Weekly bosses matter. They drop unique materials and bonus artifacts, essential for stronger builds. Level slowly but smartly. Push your main DPS to Lv. 90 first (especially if they use Dendro, Hydro, Pyro, or Electro), and focus on levelling talents that deal damage. Building a strong team Good teams rely on characters that work well together. Your main damage dealer should stay on the field, supported by off-field characters who help with: Healing Shielding Energy recharge Elemental reactions (like Vaporize or Hyperbloom) Avoid using two on-field DPS characters; they’ll compete for time and reduce team output. Instead, try common F2P team cores like: Bennett – healing + attack boost + Pyro resonance Xingqiu – off-field Hydro Fischl – off-field Electro These support characters are reliable and easy to build. You should also level your weapons to 90 and aim for talent levels of 6 or higher. Don’t ignore Elemental Resonance bonuses; they can give your team a nice boost. Genshin Impact cheat sheet 3. Royal Match Royal Match may appear to be a simple match-3 puzzle game, but consistently winning takes more than luck. With a bit of planning and smart booster use, you can clear tough levels without spending coins or getting stuck. How to play smarter To win in Royal Match, don’t rush your moves. Instead: Plan ahead – Think two or three moves in advance to trigger chain reactions. Wait before moving again – After a move, let the board settle. New chances might pop
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Built for more: Scaling Nigerian tech and learning from global playbooks
We were connected across screens and time zones. I was in Nigeria, and she was in the UK. Two designers, two continents, one shared ambition: to thrive in tech, not just as participants, but as forces shaping its future. That connection wasn’t remarkable because it crossed borders. It was remarkable because the border didn’t matter. I was mentoring her, an early-career UX designer living in the UK, while I was still in Nigeria. At the end of the mentorship programme, someone with no prior background in design was able to land an entry-level role at BBC UK. That moment affirmed something I’ve always believed: geography is not a measure of competence. In Nigeria, designers work in some of the most high-pressure environments in the world. Teams and processes are often lean, and products must work across a dizzying range of devices, infrastructure realities, and user behaviours. You’re not just designing screens. You’re solving for affordability, accessibility, trust, and sometimes product survival. That pressure breeds talent that is both creative and resilient. We don’t just ship products, we ship solutions that work in the real world. The myth persists that African tech professionals are “emerging,” “promising,” or “developing.” Those words, though well-meaning, imply that we’re still catching up. It’s important to say this plainly: Nigerian tech talent is not waiting to be discovered. We’re not the future, we’re already here. The same Nigerian designers who build fintech products serving millions also work at Meta, Amazon, Google, and top consultancies globally. The bridge has already been crossed. Designing in a UK-based team has allowed me to see the differences up close. Roles are more specialised, and there’s more room for long-term thinking. But none of this made Nigerian designers feel “less than.” It made me even more proud of what we achieve back home under constrained circumstances. And it’s not just designers. Developers, product managers, data scientists, founders, and Nigerian tech professionals are leading startups, launching unicorns, scaling platforms, and influencing global strategy. We’re not aspiring to international standards. In many cases, we’re raising them. The gap is never in ability; it’s in recognition, access, and opportunity. It’s about building an ecosystem that gives more people the chance to show it. There are already successful templates we can learn from. Other countries have shown us what’s possible; we’d be wise to take notes. India, for example, spent decades building its reputation as a global IT hub. It didn’t happen overnight. It was a coordinated mix of government support, investment in technical education, outsourcing models that provided people with global exposure, and a strong national identity that said, “We belong at the table.” Similarly, Eastern European countries like Ukraine and Poland positioned themselves globally through deliberate global partnerships and visibility. We’ve had glimpses of that same energy in Nigeria: global hackathons, Andela and Decagon, and YC-backed startups built by homegrown teams. One reason international recognition came slowly is that Nigeria did not follow the traditional outsourcing path. Our ecosystem grew by solving local problems, not by selling services abroad. But now that our solutions are going global, entering foreign markets, powering startups overseas, and building products used across continents, recognition is following. The misconceptions are beginning to clear. We cannot afford to lose momentum. Not now. What Nigeria needs is infrastructure that meets the moment. Investment in education, better internet access, cross-border policies, and industry-led platforms to scale the excellence that already exists. Hubs in Lagos, Abuja, and Port Harcourt are proven engines of innovation. We should be resourcing them like that. I didn’t become a “global” designer the day I boarded a flight. I became one the day I solved a problem for a user in Lagos, Nigeria, who was trying to manage their inventory, or when I, at my very first internship, helped an early-stage global team get their MVP into Y Combinator’s Winter 2022 batch. That kind of impact shouldn’t be constrained by geography. So no, Nigerian tech talent isn’t trying to catch up. We’ve been in the race and have won countless rounds. What we need now is scale, not just individual success stories, but systems that multiply them. By studying what’s worked elsewhere and adopting it, we can create a tech ecosystem that’s not just surviving, but leading. Nigerian tech was built to adapt; it was built for more. _________ Ayomide Ogunbayo is a UK-based UX Designer with experience designing user-centered digital products across fintech, HR tech, and more. 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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The most celebrated Nollywood film in the past year is about ‘tech bros’
When the Lagos State government banned motorcycles in 2020, it didn’t just disrupt movement. Companies like Gokada, ORide, and Max, were forced to either shut down or pivot in real time. Some succeeded in pivoting, others died. That real-world friction is at the heart of Freedom Way, one of a handful of Nollywood dramas that mirror the Nigerian startup experience in film. Premiered in Nigeria on July 17, 2025 at Filmhouse Cinemas IMAX Lekki, Freedom Way follows two startup founders, Themba (South African) and Tayo (Nigerian), as they launch and run a bike-hailing platform called EasyGo. EazyGo is off to a good start, that is until the fictional government enforces a similar ban like Lagos’. Riders scatter. Investors panic. And in the blink of an eye, the founders’ startup dream turns into a Lagos nightmare. Directed by Afolabi Olalekan and written/produced by Blessing Uzzi, the film transforms policy headlines into character-driven tension. It won the Special Jury Prize at AFRIFF 2024 and took home Best Movie and Best Writing at the 2025 AMVCA for its grounded storytelling. It is safe to say, then, that the most celebrated Nollywood film in the past year is a film about tech bros. The “tech bro” stereotype “Tech is the new oil money,” says Officer Ajayi (played chillingly by Femi Jacobs), a police officer who harasses the founders, demanding bribes after spotting laptops in their car during an illegitimate stop and search. The tech industry has indeed surpassed the oil sector in its GDP contribution in the past, but the daily experiences of many of its stakeholders have failed to catch up to its new status a strong driver of the economy: founders are constantly profiled and extorted by Nigerian security forces, and governments’ sluggish policy direction don’t always align with the big-funding headlines and vibrant ecosystem. While these conditions are common across many African countries, perhaps more are affected than most. In one early scene, South African Themba’s wide-eyed optimism is tempered by Tayo’s more cautious disposition, a product of a country he know too well. 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Themba and Tayo shift from a ride-hailing platform to a boat-based dispatch model. It’s a fictional mirror of real-world adaptations. Gokada, after the okada ban, pivoted to logistics and delivery services, and eventually launched GBoats, a waterway transport pilot. MAX.ng, on the other hand, diversified into electric vehicles and B2B logistics. These pivots were survival strategies against the harsh realities of running a startup in a market like Lagos. That the film captures this tension so elegantly is part of its brilliance. It doesn’t romanticise being a tech founder rather it reveals the real and difficult work beneath the fundraising and expansion headlines. The Lagos of it all Freedom Way’s visual language is equally deliberate. Aerial drone shots show masses of okada riders swarming and scattering, chased by police, a humanised view of policy’s impact in Lagos and Nigeria at large. Lagos, sometimes called “Africa’s silicon valley”, is a major hub of tech startups in Africa and is home to five unicorns: Interswitch, Flutterwave, Jumia, Opay, and Moniepoint. Still, the city is not immune to the forces that stifle innovation or make it incredibly difficult
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Digital Nomads: He left Nigeria to learn—now he wants to build for farmers back home
Tosin Ayodele is a UK-based engineering lead who grew up in northern Nigeria, surrounded by family and neighbours who were farmers. Now based in the UK, he’s building an agrotech solution to help smallholder farmers in remote areas farm smarter using real-time weather and pest data without smartphones or internet. As an engineer, Ayodele has worked across companies building software, AI, and data solutions for agriculture, health, and financial services. In the UK, he holds a membership in the British Computer Society (BCS), as well as the US-based Association for Computer Machinery (ACM). Before Ayodele moved to the UK, he had spent five years working in Lagos, Nigeria. He had no desire to relocate abroad, until an opportunity for Bradford came knocking in 2022. Ayodele spoke with TechCabal about his life as an immigrant and building for Africa. This interview has been lightly edited for flow and clarity. How did you travel to the UK? I came to the UK on a study visa in 2022 after gaining admission to the University of Bradford. I studied Big Data Science and Technology from the Faculty of Engineering Informatics [at the University of Bradford]. Before that, I worked remotely in Nigeria and built skills through self-learning and hands-on experience. But I knew I wanted global exposure to open more doors. How tough was the visa process? It wasn’t too tough for me, but generally, it is demanding. Especially from Nigeria. There’s financial documentation, biometric appointments, visa fees, and Immigration Health Surcharge (IHS), which most non-EEA immigrants pay as part of their UK visa. All of it can be overwhelming. Plus, there’s emotional pressure. Rejection is common in Nigeria, and even though I had travelled abroad before for conferences, I knew many who struggled with visa rejections. Relocating here had its own challenges too. It’s been a bittersweet experience, but we’re still pushing. Did you travel to the UK on a scholarship? No, it wasn’t a full scholarship. But I did get an entrance scholarship after submitting my papers. It was a kind of half scholarship given by the school based on academic grades. What’s the process for getting that entrance scholarship? Technically, once you come from the Sub-Saharan region, you’re eligible for a particular percentage discount. Countries like Nigeria, Ghana, and The Gambia are under the Commonwealth and often get prioritised by British schools. There’s also the Chevening scholarship, but that’s different. Every school is different. Some offer £3,000–£5,000 depending on the course and school. And if you have exceptional results, you might get a Vice Chancellor’s scholarship. Though that’s more common with PhD applicants. How much did it cost you to travel to the UK at the time? What has changed now? I travelled in 2022, but I got my visa around November or December 2021. At that time, the exchange rate wasn’t too bad. We still had access to the Form A system, where the Central Bank of Nigeria (CBN) subsidised forex for students going abroad. You’d also get a quarterly upkeep allowance from the CBN. For instance, paying £2,000 then cost about ₦1.1 million. But now, £1,000 costs over ₦2 million. It’s like everything tripled. The Form A system is gone. Now, you have to source forex on your own and pay out-of-pocket. It’s a big challenge. What’s it like traveling from Nigeria to the UK, versus travelling from the UK to other countries? It’s like day and night. Travelling from Nigeria to the UK was tough. A lot of paperwork, visa fees, exchange rate issues. But the cost of moving to the UK now is easily three or four times more than what I paid back in 2022. There’s also emotional stress. You have to constantly prove your legitimacy, even after you’ve qualified and received admission. But now that I’m based in the UK, travelling to other countries is much easier. I have access to streamlined visa processes, short wait times, and even visa waivers depending on the destination. Getting a visa appointment for the US from the UK is very seamless. It’s not just about your passport. It’s about where you’re applying from and how you’re perceived. What’s one recent trip that stood out for you? In 2024, I attended a conference in Seattle, US. It was an ACM symposium. It was incredible because Seattle is where tech giants like Microsoft and Amazon are headquartered. I got to meet professionals, entrepreneurs, and investors. All under one roof. The atmosphere, the networking, it changed a lot for me. I really can’t wait to return this year. 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‘What YouTube cannot do does not exist’
In 2006, Philip Jenkins, a professor of history and religious studies at Pennsylvania State University, made a bold prediction: by 2050, Africa would become the “most Christian continent” in the world. Nearly two decades later, nowhere is this prediction more evident than in Nigeria, the continent’s most populous country. Between 2010 and 2020, the number of Christians in the country increased from about 73 million to 92 million, according to data from the Pew Research Center. In 2024, Nigeria was home to over 105 million Christians, over 45% of the country’s population. Religious faith remains central to both personal identity and national discourse in Nigeria. On social media and in everyday life, the appearance or substance of faith is lived and debated to varying degrees of intensity. But what has made the relentless spread of Christianity remarkable in the last decade is how it’s spread and practised today: searched, shared, and streamed online. From pulpit to plasma screen The relationship between Christianity and technology is not new. Radio and television, long before the internet, were instrumental in moving Nigerian churches beyond the physical limitations of the pulpit. These were the early instruments of mass evangelism, often modelled after Western templates. Broadcasts featured sermons, music, prayers, and calls to conversion. By the late 1990s and early 2000s, television networks dedicated to Christian programming began gaining popularity. Channels like Dove TV (affiliated with the Redeemed Christian Church of God), Emmanuel TV (founded by the late Prophet T.B. Joshua, one of the most-watched in the early 2000s), and ACNN (Anglican Cable Network Nigeria) became major platforms for televangelism, reaching millions of viewers across Nigeria and beyond. These networks marked a turning point for churches who moved from paying for time slots to air their programs to 24/7 broadcasting on their own platforms. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Through the 2000s, as internet and mobile phone penetration spread in Nigeria, and more people turned to their phones for entertainment, so did they, too, for spiritual upliftment. Religious institutions and churches responded accordingly. They began adopting platforms like Facebook and YouTube to spread word about church events, conduct devotional, livestream programs, or build larger communities unlimited by geography. The COVID-19 pandemic served as another inflection point. With lockdowns restricting in-person gatherings, churches faced a dilemma at a time where people perhaps needed the church the most. In response, the Christian Association of Nigeria (CAN), a Christian non-denominational umbrella organisation, issued a directive encouraging churches to move their worship services online. Though some resisted, sceptical of the secularisation of something sacred, many obeyed, and a new digital ecosystem of religious activities was born almost overnight. For Pentecostal churches that had already begun exploring digital tools, such as projectors to display scriptures during sermons, the transition was smoother. However, for African Independent Churches (AICs), often less resourced and more anchored in a more indigenous approach than the Western one, the shift was jarring. A 2022 research paper described how economic constraints meant most AIC branches could not afford the infrastructure to stream services. As a result, members were directed to connect with the national headquarters via Facebook, YouTube, or WhatsApp. NSPPD and the new wave Out of this period emerged one of the most notable success stories of religious streaming in Nigeria: New Season Prophetic Prayers and Declarations (NSPPD), a livestreamed daily prayer session led by
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Nigeria is only other country in the world that treats Bitcoin as a security. Why?
Sixteen years after it launched as a libertarian experiment to sidestep government control, Bitcoin still defies easy classification. Is it money, a speculative asset, or simply digital gold? For regulators, particularly in emerging markets like Nigeria, that question is far from academic. In September 2020, Nigeria’s Securities and Exchange Commission (SEC) classified Bitcoin and other cryptocurrencies as securities, a decision cemented in the country’s 2025 Investment and Securities Act. The move places Bitcoin under capital markets oversight, mirroring policy recommendations from the International Organisation of Securities Commissions (IOSCO), which says crypto-asset products should follow the same investor-protection rules as traditional financial instruments when their economic functions are similar. However, the nature and utility of Bitcoin make it a hard asset to classify. Let’s argue the cases. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe The case for securities A security is a representation of money. Like bearer bonds or stocks, it gives the holder financial rights and typically involves the expectation of profit, often based on the work of others. When Company A issues securities, investors who buy into what it’s selling can profit from their investment if the company performs well. If Bitcoin is regulated as a security, it would bring closer oversight to the crypto industry. Exchanges, token issuers, and intermediaries must submit audited reports, follow strict disclosure rules, and comply with anti-fraud regulations. These rules, drawn from traditional capital markets, protect investors and ensure fair play. This is a dicey situation. First, according to the Howey Test, a transaction qualifies as a security if it involves an investment of money in a common enterprise with the expectation of profit, primarily from the efforts of others. It’s a legal test used in the United States to determine what falls under securities law. Bitcoin arguably fails the test. There’s no identifiable promoter, no central enterprise managing it, and no coordinated effort driving its value. People may invest in Bitcoin hoping for profit, but the price is moved by market dynamics, not the actions of a single issuer or team. That’s why regulators in many countries, including the US Commodity Futures Trading Commission (CFTC), have leaned toward calling it a commodity. But, Nigeria’s SEC thinks differently about this. “The [Nigerian] SEC’s mandate is to protect government interests and citizens, and it is executing it appropriately here,” said Tami Koroye, a virtual asset regulation lecturer at the University of Bradford. “While Bitcoin and other early cryptocurrencies were designed as libertarian payment systems free from traditional banking, that’s simply not how Nigerians are using them today.” Nigeria is one of just two countries—alongside Malaysia—that explicitly treat Bitcoin as a security. While Bitcoin was designed to be money, it isn’t in most regions. Historically, only two countries, El Salvador and the Central African Republic (CAR), have made Bitcoin legal tender in 2021 and 2022, respectively. That quickly turned out to be a bad idea. Due to its volatility, many traders refused to accept the digital asset as a means of payment. It also undermined central banks’ ability to issue monetary policy decisions effectively because Bitcoin is decentralised and cannot be controlled. The International Monetary Fund (IMF) has advised both countries to overturn this rule. While El Salvador still keeps reserves in Bitcoin, both countries have reversed their decisions to make the asset legal tender. As money, Bitcoin fails two of the three economic tests. It
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