Digital Nomads: A superbike accident was the breaking point for Oluwaleke Fakorede
Oluwaleke Fakorede’s story begins on a grim note. On a random weekend in July 2022, after visiting friends in Osogbo, southwest Nigeria, he rode home on his superbike, the sun warming his skin. Fakorede loved his superbike. For the Nigerian-born software engineer, the bike presented a regular rush of adrenaline break from sedentary work. But on this day in July, zooming through the asphalt tracks of the Osogbo highway, a car appeared out of nowhere and suddenly swerved in front of him. He skidded off the path, his body lurching forward, and in a blur, came crashing down helmet-first onto the hard floor. “I saw my life flash before my eyes,” recalled Fakorede. “I wasn’t going too fast, so I could still control where I dived to. Thankfully, I was wearing complete gear when [the accident] happened, but I still sustained bruises and sprained my ankle badly.” The accident occured right in front of a police station. The driver of the rogue car that hit him turned out to be a police officer who claimed his tyre had burst. Instead of holding the officer accountable, other officers turned on Fakorede and threatened to lock him up. Fakorede’s Kawasaki Ninja superbike after the accident/Image retrieved on August 25, 2025/Source: Fakorede “This is an insane country,” he remembers thinking after leaving the station in disbelief. The following day, still bandaged from the accident and walking cautiously with a limp, Fakorede headed out to drop his damaged bike parts at the mechanic’s. There, another unmarked police car pulled up, and officers jumped out with their guns drawn, demanded his papers, and tried to extort him. They detained him for nearly two hours until he called his father to intervene. Fakorede would spend weeks recovering physically, and several more years healing from the emotional scar. Until then, he had never seriously considered leaving Nigeria. But it was the accident, and the events that followed, that ignited a strong desire to move abroad and build his career in an environment where, as he puts it, “freedom of movement meant safety.” The man, his bike, and his dreams abroad Fakorede the biker, circa June 2022, before the accident/Image Source: Fakorede Fakorede is the founder of Proton Tech Lab, but is best known as the Chief Technology Officer (CTO) of GoWagr, a Nigerian ‘prediction market’ startup where over 400,000 users can win money from predicting real-life events. He co-founded the startup with longtime friends, Daniel Oladepo and Michael Okoko, in 2021. But they built their conviction two years later, during the country’s 2023 general elections, when they saw an opportunity to help Nigerians make money. They tested the idea by building a small spreadsheet to track people’s predictions on election outcomes and awarding winners a share of pooled contributions; a low-tech experiment that validated demand before they shipped the product. Before GoWagr, Fakorede had built his career across several high-profile Nigerian and foreign startups. An Andela-trained talent, he cut his teeth at Terragon as a data engineer before stints at Denmark’s Sports Compass, Nestcoin, Binance, and Yellow Card. But it was a remote job at Insomnia Labs, a US-based venture studio he joined in 2022, that gave him a real foretaste of life outside Nigeria. In his two-room apartment in Ife, Osun State, Fakorede built and scaled a tech team to deliver products for companies like Coca-Cola, ICC, Ava Labs, and Coinbase. Steadily, his importance to the team grew. He rose to VP of Engineering, then became CTO. The company decided it was time to meet the man in person. After his bike incident in July 2022, Fakorede travelled out of Nigeria to the UK for the first time to meet the top brass executives at Insomnia Labs. It left an impression on his employers, and soon, the company wanted him to move permanently. Fakorede in Scotland, United Kingdom, in 2023/Image Source: Fakorede “I thought, if I were physically closer to the team, we could get so much more done,” he said. Though he romanticised what life in the UK would look like, Fakorede also thought about Scandinavian countries to settle in. Yet his dream to build GoWagr, the desire that nudged him all along, drew him to the United States, where Insomnia Labs is headquartered. Moving to the US on an H-1B In April 2023, Insomnia Labs filed a petition for Fakorede’s H-1B visa, America’s tightly regulated work permit for specialty occupations. The application process was a gamble because the visa is awarded through a lottery. Every year, American companies file petitions for skilled foreign workers, but the demand is far higher than the supply. Hundreds of thousands apply, yet only about a minimum of 85,000 names are selected. Fakorede’s name did not make the cut at first. He waited with uncertainty, unsure if the door to his American dream had closed. Then, in August that same year, while still at home in Nigeria, he received the call that changed everything. His petition had been picked after all. It took four months. 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Busha, SEC partner to launch crypto course for financial leaders
One year since it issued provisional crypto licences to two startups, Nigeria’s Securities and Exchange Commission (SEC)—under the capital market institute (NCMI)—and Kenya School of Government (KSG) have partnered with crypto startup Busha to launch a cryptocurrency course. The module, to be developed and facilitated by the UK’s Cambridge Enterprise, part of the Cambridge University, will aim to teach financial institution leaders and decision-makers about digital assets and the role they play in creating financial access. The programme, “Digital Assets Innovation, Industry, Regulation and Compliance (DAIIRC),” will target regulators and enforcement professionals, financial sector executives, policymakers, legal and compliance professionals, innovators, and ecosystem leaders, in a major collaboration between regulators and industry operators, signalling a clear push for institutional crypto adoption. “This partnership with the University of Cambridge and Busha to deliver a world-class executive programme reflects our commitment to equipping regulators, policymakers, and market leaders with the tools they need to engage with digital assets from a position of confidence, not caution,” said Dr Emomotimi Agama, SEC director general, in the programme brochure seen by TechCabal. According to the SEC, the four-way collaboration is underway and has not been finalised yet. Launching on September 30, DAIIRC will be a six-week Africa-focused hybrid programme facilitated by an ensemble cast of experienced digital asset academics, including Simon Callaghan, former director of the Cambridge Digital Assets Programme; Dr Dee Allen, associate professor at the University of Bahamas; Dr Patrick Conteh, CEO of Africa Fintech Network; Loretta Joseph, advisor to the Financial Services Commission of Jamaica on virtual asset regulation; Dr Tanya McCartney, CEO of GEM Advisory, a US-based regulatory compliance firm; and Olaoluwa Samuel-Biyi, Busha co-founder. The programme will cost $1,500 and participating institutions will be required to sponsor executives in their ranks. 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One year later While the collaboration between regulators and a startup is a landmark occurrence, access to formal banking rails remains the biggest hurdle for crypto firms. When the SEC issued its first batch of provisional licences in August 2024 to Quidax and Busha as part of a sandbox programme, the move was billed as the beginning of a new era for the industry. The expectation was that both startups would transition to full operating licences within a year and that more operators would be admitted to the sandbox. But progress has been slower than anticipated. In April, the regulator paused new approvals, citing difficulties in its due diligence process. This has left dozens of applicants in limbo and put added pressure on the two provisional licence holders to demonstrate what regulated crypto activity should look like. “A lot has changed since August [2024],” said Samuel-Biyi. “We’ve been able to grow, hire more people, and interact more formally with the banking system. But it also means there are many things hundreds of other players are doing in this space that we cannot do by virtue of being regulated.” Busha has had to scale its compliance processes. According to Samuel-Biyi, about 30% of the startup’s operations are now tied to regulatory obligations, up from 10% before licencing. These routines include real-time reporting to the SEC through APIs, stricter Know Your Customer (KYC) and anti-money laundering (AML) checks, proof of sufficient reserves, and intensive transaction monitoring through global tools such as Chainalysis and Fireblocks for wallet security. The licencing regime has also nudged
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South Africans can now shop for home loans online
Getting a mortgage in South Africa is starting to look a lot like buying a fridge. Digital platforms are turning the long, paperwork-heavy process into something that can be done with a few clicks, and consumers are responding. The latest signal came last week when Takealot, the country’s largest e-commerce platform, launched a Home Loan Hub in partnership with MortgageMarket, the country’s online home loan marketplace. Within 48 hours, more than 1,000 people had applied, according to Tim Akinnusi, MortgageMarket CEO. They join a growing list of South Africans turning to online platforms like MTN, EasyEquities, and BetterBond to secure home financing, bypassing brokers and branch visits. With just one digital application on Takealot, users can receive instant pre-approval insights without affecting their credit score, compare offers from lenders such as Absa, FNB, Investec, RMB, and Standard Bank, and get loan proposals within 72 hours. Successful applicants even receive up to R20,000 (over $1,100) in Takealot vouchers once their bond is registered, a tactic reminiscent of e-commerce bundling logic designed to make online shopping stickier. “It’s a smart move by Takealot as they have established distribution and additional data from past purchases to help determine the credit risk,” said Michael Jordan, a chartered enterprise risk analyst. “I think it will be a success and would not be surprised if they expand into insurance next.” Davison Mudzingwa, an entrepreneur and business analyst, noted that accessing home loans through e-commerce platforms like Takealot speeds up the process of bond application and approvals. “I hope this will increase activity within the property and long-term loan market due to ease of access,” he said. This trend is unfolding as South Africa’s housing market shows signs of recovery from the pressures of high interest rates, rising costs of living, and post-pandemic economic strain. The recovery is driven by first-time buyers, who accounted for nearly 53% of the total applicants coming from this segment in Q1 2025, according to Absa’s Homeowner Sentiment Index. For BettaBond alone, loan approvals increased by 8.2% in the past 12 months ending in March 2025, compared to the same period the previous year Takealot’s move reflects a larger trend of digital platforms expanding into lifestyle services driven by surging internet, mobile, and social media use. Avo, an e-commerce run by Nedbank, bundles banking, shopping, and more in one digital interface. For younger, tech-savvy consumers, the ability to manage applications online without endless trips to banks is a major shift. Analysts say technology-driven distribution channels are well-positioned to ride this wave. “If getting a mortgage can be as seamless as buying a fridge, more people might finally buy both,” Mudzingwa added. “It’s a good development that shows technology as both an enabler and a frontier that takes down barriers for both business and consumers.” 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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Stablecoins make up 43% of Sub-Saharan Africa’s crypto transactions in 2024
Global financial institutions are integrating stablecoins for payments and treasury operations, with corporate transactions growing by 25% in 2024, particularly in cross-border payments and supply chain settlements, according to a new report by Yellow Card, a stablecoin infrastructure startup operating in 20 African countries. The report noted that stablecoins accounted for 43% of total crypto transaction volume in Sub-Saharan Africa in 2024. Nigeria processed nearly $22 billion in stablecoin transactions between July 2023 and June 2024, while South Africa has seen stablecoins displace Bitcoin as the country’s most used cryptocurrency. Adoption is spreading to Ghana, Kenya, Zambia, Ethiopia, and Uganda. Stablecoins are becoming critical tools for business operations dealing with volatile currencies and limited access to FX. Treasury management, payroll, and supplier payments are the top use cases. Yellow Card reported that 99% of its transactions now involve stablecoins, mostly among businesses using USDT, serving more than 30,000 of them across 20 African countries and processing over $6 billion in transactions. The growth is being driven by necessity rather than speculation. Businesses rely on stablecoins to bypass FX shortages and banking delays, moving money quickly and predictably across borders. In South Africa, companies are even running payroll on stablecoin rails, paying staff and contractors across the continent without the costs and inefficiencies of traditional banking systems. Despite rising adoption, traditional financial institutions in most African countries remain cautious. Many banks do not provide services to crypto firms or publicly integrate stablecoin rails into their operations, citing regulatory uncertainty. South Africa is the exception, having introduced clear rules for digital assets that make it the continent’s most advanced regulatory environment. Meanwhile, fintechs are pressing ahead. Yellow Card has partnered with PayPal’s Xoom service to enable international transfers using PayPal USD, and with Coinbase, the largest crypto firm in the US, to broaden access to dollar-backed stablecoins. The pan-African stablecoin startup is also planning to expand to emerging markets across the globe, including Argentina, Brazil, Bangladesh, India, Mexico, Pakistan, and Colombia. As stablecoins become increasingly embedded in African business operations, regulators face mounting pressure to provide clarity. The direction they take will determine whether banks catch up or whether fintechs and businesses continue to lead the charge for stablecoin adoption. 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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Road to 2027: Preparing for Nigerian elections in a world of AI deepfakes
Every Thursday, Delve Into AI will provide nuanced insights on how the continent’s AI trajectory is shaping up. In this column, we examine how AI influences culture, policy, businesses, and vice versa. Read to get smarter about the people, projects, and questions shaping Africa’s AI future. Let us know your thoughts on the column through this form. In 2024, a video of President Bola Ahmed Tinubu made the rounds online. In the clip, Tinubu stands before a microphone, two men behind flanking him, addressing an unseen audience. “I am a fan of Chelsea, and I don’t like the way they are losing. Anytime they loss (sic), it gives me heart attack. So I’m planning to buy from their owner,” he says. The problem is he never actually said it; the viral footage was AI-generated. And though the deepfake was not directly political, it revealed just how easily AI tools can fabricate a politician’s words, and how quickly such fabrications can spread, shaping public perception before the truth catches up. As Nigeria looks toward the 2027 general elections, the dangers of AI-powered misinformation loom large. What happens when videos, voices, and images of political leaders can be convincingly faked? In a country where trust in visuals runs high and misinformation spreads at lightning speed, the risks are profound; as seen during the #EndSARS protests and the infodemic during COVID 19. Electoral bodies, political parties, fact-checkers, and AI researchers are already bracing for the challenge. From INEC’s new Artificial Intelligence Division to grassroots fact-checking networks and digital literacy drives, Nigeria is racing to build defences against a threat that could distort democracy itself. In other climes Nigeria is not the only country at risk of AI-powered misinformation. AI tools are being used in some parts of the world to generate voice-cloned robocalls impersonating politicians, create face-swapped campaign videos and fabricated screenshots, and amplify falsehoods through bot-driven social media networks. In March 2024, the daughter of former South African President Jacob Zuma shared a deepfake video of Donald Trump, the current US President, endorsing the uMkhonto weSizwe (MK) political party, which gained significant online attention. In Indonesia’s 2024 presidential race, deepfake videos falsely showed then presidential candidate, Prabowo Subianto, speaking Arabic to appeal to Muslim voters. In Germany, a “Storm-1516” operation, set up numerous AI-powered websites to distribute deepfake content attacking politicians ahead of national elections. The list goes on and on: in the US, France, Argentina, Bangladesh, Philippines, Canada and Spain to mention a few. Similar tactics used with AI in these countries can be used to exploit Nigeria’s unique situation: high trust in visual and audio media, ethnic/religious sensitivities, and low digital literacy in many communities. 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Many citizens doubt the process not only because of allegations of ballot rigging or opaque collation procedures, but also because political parties themselves rarely stand on firm ideological ground. Politicians switch parties at will, alliances are built more on expediency than philosophy, and campaigns are often more about personalities than policies. Elections are tense national events, shadowed by fears of manipulation, violence, or post-election unrest. Nigerians already brace themselves for outcomes they believe may be predetermined. This history has created a trust deficit now complicated further by technologies that influence the electoral process. “In 2019 it
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Uncovered Fund, Monex Ventures partner for $20 million African VC fund
Uncovered Fund, a Tokyo-based venture capital firm with portfolio companies like Piggyvest and Lemfi, has partnered with Monex, a Japanese financial services firm, to invest $20 million in startups across Africa and the Middle East, with cheque sizes ranging from $100,000 to $2 million. The fund, Uncovered Monex Africa Investment Partnership (UMAIP), will invest between $100,000 and $500,000 as its initial ticket size in 30 companies and reserve half of its fund size for follow-on rounds with $1-2 million cheques. The fund will also raise debt in Japan, given its low interest rates, and provide debt financing to fintech startups. “Monex was one of our LPs back when I was at my previous firm,” Takuma Terakubo, Uncovered’s CEO, told TechCabal. “It is a major Japanese financial institution and also operates Japan’s largest crypto exchange. They have long been interested in investing in Africa and are looking to leverage Japan’s financial strength to support African fintech and crypto-related companies.” The UMAIP fund mirrors Tokyo’s recent investment push into Africa as the country cautiously moves from aid toward de-risked private investment. Last week, Japan’s government signed an agreement with the African Development Bank to provide $5.5 billion in loans to African businesses in three years. The Nigerian government is also set to establish a $40 million fund to invest in early-stage technology startups, with half of the fund coming from Japan’s overseas development assistance arm, the Japan International Cooperation Agency. Equally managed by Uncovered and Monex, the fund saw participation from Japanese financial institutions, trading houses, automotive companies, and logistics firms. Given its diverse limited partners’ base, the fund is sector-agnostic with a preference for fintech, mobility, retail, logistics, and climate tech startups. “We focus on businesses that can leverage the scale advantages of Africa’s vast market and population, such as fintech, retail, the supporting logistics sector, and mobility,” Terakubo said. “We are also paying close attention to climate tech, which can harness Africa’s abundant land and solar potential.” The fund will invest in startups building infrastructure-like functions, and connect these startups to Japanese companies for partnerships, acquisitions, and funding. “We not only provide access to Japanese technology and business know-how, but also monitor and track the outcomes of these connections to ensure long-term value creation,” Terkaubo said. “Regarding climate tech, we will support enabling Japan to trade carbon credits issued by African startups in the future.” The UMAIP fund will focus on Egypt in North Africa and will mostly back consumer-focused businesses in the country. “Egypt represents one of the largest markets in Africa with strong consumer purchasing power,” Terakubo said. “We are focusing on business opportunities expanding from Egypt across the entire MENA region.” Uncovered has previously invested in 29 early-stage African startups across 17 countries and the Middle East, with companies like Gozem, Autochek, Termii, Chari, and Yoco in its portfolio. Based on its learnings from the first fund, the firm decided to double down on fintech, mobility, logistics, and online retail for the UMAIP fund. Another thing the firm will carry on is its annual Showcase Africa event, where it connects African startups to Japanese businesses and investors. So far, the firm claims to have connected over 500 Japanese businesses with 50 African startups. “While mergers and acquisitions activity from the US and Europe may be more familiar to African startups, our aim is to bring opportunities for acquisitions from Asian companies, particularly Japanese corporates, into the African ecosystem,” Terakubo said. Outside of Africa, the UMAIP fund will invest in scalable businesses that can expand across Asia and Latin America. 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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Inside Codex’s plan to build a stablecoin-only settlement layer for payments in Africa
Moving money across African borders has always been complicated. Transactions take time to complete, when or if they do, and come with extra costs. When dollars or euros are involved, exchange rates fluctuate, compliance checks hold up settlements, and companies are left scrambling to cover gaps. Codex, a global blockchain startup, is wagering that a narrow focus can fix this. It is building a blockchain that supports only one thing—stablecoins. Most blockchains try to do many things at once, hosting thousands of tokens and apps. Codex’s bet is that by focusing only on stablecoins, it can make payments faster and easier across borders. Founded by Haonan Li, Victor Yaw, and Momo Ong, Codex came out of stealth in April 2025 after raising $15.8 million to build a blockchain designed for stablecoins only. The seed round was led by Dragonfly Capital, with additional participation from Coinbase, Circle, Cumberland Labs, Wintermute Ventures and others. Codex competes in the global $230 billion stablecoin infrastructure market, where the demand for fiat-backed digital assets is growing and regulators are beginning to align around them. The startup is already active in Europe and North America, but its eyes are now on Africa, where cross-border payments remain one of the continent’s thorniest financial problems. 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 A market defined by friction To understand Codex’s play, it helps to first look at how money actually moves in and out of Africa today. Sending money from Lagos to Accra can take days, with multiple middlemen adding fees and delays. Digital transfers also face blockages once currencies change. This creates uncertainty and pushes up transaction costs for businesses and consumers. Stablecoins were supposed to solve this. These are digital tokens pegged to real-world currencies like the US dollar or the Euro. A Nigerian company can hold digital dollars on-chain, send them across the world in minutes, and then cash out locally. Yet in practice, stablecoins rarely behave like perfect dollars. The exchange rate can shift depending on the platform, the chain, or the compliance checks involved. “One USDC does not always equal one US dollar when you off-ramp into local currencies,” said Oluwaferanmi Ajetomobi, Codex’s Africa expansion lead. “You see differences in price across exchanges, across countries, across compliance checks. That lack of singleness is what Codex wants to solve.” That “singleness of money” is the critical gap Codex says it was built to close. Codex’s big bet Codex runs as a Layer 2 blockchain on Optimism, which means it is built on Ethereum but optimised for speed and lower fees. It is not trying to host all kinds of tokens. Instead, it focuses only on stablecoins, making them equal and interchangeable across markets. The chain already supports USDC and USDT, two of the most widely used stablecoins, and is preparing to integrate Nigeria’s cNGN. Codex has also drawn a firm line on what types of stablecoins it will support. Ajetomobi said the blockchain will not list algorithmic stablecoins, pointing to the collapse of Terra’s UST in 2022 as a cautionary tale. Algorithmic stablecoins tried to hold their value using formulas and automatic trades instead of being backed by real dollars in reserve. When UST lost its peg, it triggered a chain reaction that erased more than $40 billion in value and damaged trust across the industry. Steering clear of that model signals that Codex only
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Jumia names Axian Telecom founder to board as takeover talk intensifies
E-commerce giant Jumia has filed a petition to appoint Hassanein Hiridjee, the founder and director of Axian Telecom, Africa’s sixth-largest telecommunications company, to its Supervisory Board. The move follows the resignation of Angela Mwanza, a managing director at Rockefeller Capital Management, who stepped down in June after serving on the board since 2019. Her exit, along with that of another board member, Ms. Elizabeth Huebner, left the board with only four members, below the six members stipulated in the company’s articles of association. According to an SEC filing on Tuesday, Jumia’s management had proposed to reduce the board’s size to five members, but this resolution was rejected by shareholders at the annual general meeting on June 19, 2025. Hiridjee will fill one of the two vacant seats. The appointment is not entirely unexpected. Axian Telecom, having recently upped its stake in Jumia to 9.97%, is now one of the company’s most influential investors. Axian’s investment has intensified market speculation about a potential takeover of the e-commerce giant, whose shares have rallied sharply in response. On Tuesday, Jumia’s stock reached a 52-week high of $8.68. The first notable reports regarding Axian Telecom’s ambitions to acquire Jumia emerged in July 2025 on Bloomberg. The publication reported that Axian was contemplating a full buyout of Jumia, citing sources close to internal negotiations, recent shareholder filings, and corroborating regulatory disclosures. At the time, Axian had completed a $600 million bond issuance, fuelling analyst expectations that it was gearing for a major expansion, possibly including the acquisition of Jumia. Jumia CEO Francic Dufay has not responded directly to the speculations. Nonetheless, in an interview republished on the Jumia site, Dufay says of Axian, “Since they disclosed their position, we’ve been talking… looking at what we can achieve together, where we can create synergies.” However, Axian’s stake may be a strategic partnership, not a precursor to a takeover. Likewise, Axian Telecom has been tight-lipped, neither confirming nor denying any acquisition plans. The company has, however, been publicly complimentary of Jumia’s digital platforms, especially JumiaPay, a payment platform that has enabled Jumia to receive payment for goods digitally. In a June 2025 press release, AXIAN signalled intent to explore the use of Jumia’s payment gateway, JumiaPay, within its fintech ecosystem – positioning Jumia not just as a merchant platform, but as a payment enabler for broader digital use cases. Market reaction to these developments has been dramatic. The share rally is rewarding for the company that has been making painful cuts to become profitable. The onboarding of a strategic investor such as Axian promises access to new capital, technology, and networks at a critical inflexion point for continental e-commerce in Africa. For Jumia, it may be the turning point needed to reassert itself amid increasing competition. Editor’s note: This article has been updated with additional details from an SEC filing. 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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Tracking company laptops, other devices, with Rayda
When 54gene shut down in 2023, the collapse of one of Africa’s most visible biotech startups was widely read as a cautionary tale about scaling too fast in a volatile market. Yet for Ogochukwu Francis Osifo, who had co-founded 54gene and served as its vice president of engineering, that chapter was a stepping stone to a new venture in a completely different field. Out of the day-to-day frustrations of managing laptops, tablets, and IT assets for hundreds of distributed employees came Rayda, a device lifecycle management startup now active in over 170 countries. The core problem was painfully clear at 54gene, where the company’s rapid expansion exposed just how messy IT logistics could be. “I discovered firsthand the problem of equipping remote teams with IT equipment at 54gene,” Osifo told me. “As co-founder/VP of engineering, I managed our IT hardware (mostly laptops and tablets). That meant I had to ensure new employees received their company-issued laptops with the security software before onboarding. If employees left, I had to ensure we retrieved the laptops or other devices.” As 54gene grew from 45 employees to over 300 across Africa, North America, Europe, the Gulf, and Canada during the COVID-19 testing boom, equipment management quickly became unmanageable. A shipment to Nairobi for a new Kenyan hire sat for months in customs, requiring repeated visits, additional paperwork, and what Osifo described as a “king’s ransom” in fees. In the end, the company spent more than if it had purchased the device locally. At scale, these inefficiencies undermined productivity and financial reporting, as IT teams struggled to reconcile asset values in spreadsheets with what was actually in circulation. Like its name suggests, Rayda set out to give firms radar-like visibility over their devices, whether in transit, storage, or employee use. The shift from biotech to IT logistics may appear stark, but Osifo told me he sees continuity in his engineering background. He argues that solving practical infrastructure problems for global companies came more naturally than remaining in biotech, which would have required deep sector expertise. What does Rayda do? Rayda is a device lifecycle management platform. This means it enables companies to procure laptops and peripherals for new hires, track them in real-time once deployed, retrieve them when staff leave, wipe and securely store them, and eventually redeploy or dispose of them. The platform functions as both a marketplace and an operations layer. IT or HR managers log into the system to place requests for onboarding or offboarding. From there, the workflow is tracked at every stage. “It tracks their request in real-time and provides all relevant details on the order: Is the laptop in transit? Is it already in the warehouse? Has it been wiped? Is it in storage? They have a detailed history of what’s happening in real time with that particular piece of equipment,” Osifo explained. Rayda does not attempt to compete with enterprise security providers. Instead, it integrates with the mobile device management solutions that many companies already use, such as Microsoft Intune, Apple Business Manager, and JumpCloud. This ensures that devices remain compliant while Rayda handles logistics, visibility, and asset accounting. The tight coupling between Rayda’s platform and HR systems is a distinctive feature since the startup has built integrations with over twelve human resource information systems (HRIS) providers, allowing the onboarding and offboarding process to trigger device logistics automatically. For example, when a new hire enters a company’s HRIS, Rayda can initiate the procurement and delivery of the necessary equipment. When an employee is marked as leaving, the system prompts retrieval and data wiping. A technical and operational engine Behind the user-facing interface is an operations engine that relies heavily on partnerships. The company currently has 21 full-time staff, mostly based in Nigeria. Rather than setting up local offices in each of the 170 countries it serves, Rayda works with vetted procurement and logistics partners. These partners are selected after evaluating their infrastructure, communication standards, and ability to meet specific service level agreements to allow Rayda to enforce consistent outcomes while tailoring its operations to the quirks of each market. Osifo said delivery services do not commonly use tracking numbers in countries like India and Pakistan. Rayda addresses this by choosing partners who can provide proactive status updates and proof of delivery. Integration with established logistics providers in other regions provides traceability through standard systems. By codifying these requirements into a playbook, Rayda avoids reinventing processes each time it enters a new geography. Where competitors often take four to eight weeks to deliver equipment, Rayda claims to manage it in three to eight business days. In one case, a global competitor took eight weeks to provide a laptop to an employee in Costa Rica. Rayda managed the same delivery in four days. Revenue and funding The company earns money through two main streams. Subscriptions suit firms that consistently hire across multiple countries and want Rayda baked into their IT workflows. Transactions cover one-off services such as onboarding, offboarding, or storage. According to Osifo, most revenue comes from the latter. “We make money in two ways: subscriptions and transaction revenues on onboarding, offboarding, and device storage.” Between 70% and 80% of revenues are generated through onboarding and offboarding requests. On the funding side, Rayda has secured an angel round with participation from Microtraction, Beta Ventures, Techstars, HOAQ Club, and several syndicates. It is currently preparing for a fresh round of financing. 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
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Research and startup support: Here’s how Consonance is differentiating itself in African VC
Venture capital (VC) is a fiercely competitive industry, with firms locked in a constant race to back the most promising startups, knowing that portfolio quality ultimately determines whether they can deliver returns. To win deals in this crowded space, funds typically differentiate themselves in two ways: either by offering founders attractive terms or providing deep, hands-on support to help their startups scale faster. Besides these two options, Consonance, a pan-African VC firm, also differentiates itself with research on a wide range of topics. Going through the firm’s website, you can find research on how to unlock Nigeria’s prosperity, economic transformation and productivity in Cote d’Ivoire, the success story of Botswana’s economic resurgence, and, more surprisingly, a detailed report on Nigeria’s fashion industry. “Context beats capital,” Jadesola Campbell, Consonance’s principal, told TechCabal. “Our bottom-up research turns noise into systems maps, not hot takes. It helps us underwrite better, source earlier, and avoid unforced errors.” Consonance backs startups from pre-seed through Series A, with its first fund writing cheques that averaged around $500,000. The firm operates with a three-pronged strategy: its core venture program for early-stage equity bets, a venture studio that builds companies from scratch, and debt financing that provides secured, non-dilutive loans to venture-backed businesses. “Our role is to back operators who turn bottlenecks into platforms-and then help them compound,” Campbell told TechCabal. For this week’s Ask an Investor, I spoke to Jadesola Campbell, the principal at Consonance, to understand how the firm thinks about its research, its support for startups, and how the firm thinks about the future of African venture capital. This interview has been edited for length and clarity. What’s your firm’s core thesis? We invest where three circles overlap. Foundational prosperity: human capital, social capital, real assets, digital rails, and fintech. Fragmented value chains: chokepoints whose removal unlocks system-wide value. Scalar business models: companies that don’t just scale, but compound cash flows and market power in the real economy. Our role is to back operators who turn bottlenecks into platforms-and then help them compound. Who drives research, and how does it feed sourcing? The investment team owns it. We start from the five prosperity pillars, map chokepoints, and identify scalable fixes. That feeds directly into deal sourcing, venture-building, and policy dialogues. Do you see your research as ecosystem-building, LP education, or part of the firm’s competitive edge? All three. For the ecosystem aspect, we see it as a shining light on overlooked foundations. We also use our research to educate limited partners by demystifying Africa’s under-analysed markets. On the edge part, our research allows us to spot flywheels before they form. How many exits has Consonance recorded to date? 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Three full, two partial. The partial exits are Medallion (Nigeria’s densest data centre, majority acquired by Digital Realty, a Fortune 500 company), SeamlessHR. Our full exits are Student Accommod8, She Leads Africa, Wealth.ng. How are you balancing early liquidity through secondaries versus waiting for strategic acquisitions or IPOs? We run two tracks. Programmatic secondaries at qualified rounds, usually exiting ~20% of our position when there’s clean liquidity. Strategic exits and IPOs for step-change value. In Fund II, we’ve added self-liquidating structures-like revenue-share notes with capped payback and redeemable prefs with cash sweeps-so LPs see early and mid-term cash returns without capping upside. Would you rather double down
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