After hiring Raise’s founder, Carta sets out to fix Africa’s private capital infrastructure
Carta, the global startup that provides software for managing equity ownership, valuations, and fund administration, is building localised products for the African private capital market as it expands into the continent. The growth push is anchored on its full product suite and a focus on smaller startups after hiring Marvin Coleby, the former CEO of Raise. Coleby, now Carta’s head of product for Asia, the Middle East, and Africa, has joined his former investors to build the plumbing for investing in Africa after shutting down Raise, his Nairobi-based startup that helped African startups raise over $1 billion with its equity management and fundraising software, in September. Coleby is the only former Raise employee who works at Carta. Rather than simply importing its U.S. model, Carta will take the localisation and regional insight route. “We know how much goes into building software for an underserved market. He’s (Coleby) established many partnerships and relationships across Africa over that time that we think would accelerate our ability to support the market further,” Bhavik Vashi, Carta’s managing director for Asia, Africa, and the Middle East, told TechCabal. “What Marvin brings to the team from a product and an engineering perspective is hugely valuable when we think about how we want to localise our product to be fit for purpose.” After raising a record $6.5 billion in 2022, African startups have failed to hit the same heights, raising $3.5 billion in 2023 and $3.2 billion in 2024, and are on pace to raise similar figures this year. Despite this drop, local fund managers have increased funding to African startups, reaching 30% in 2024, before surpassing foreign investors in the first quarter of 2025. Carta began noticing this increased local activity in Africa’s tech ecosystem from its Middle East office, which sparked its curiosity about Africa. That curiosity led to an investment in Raise, allowing the startup to monitor Africa’s private capital market closely. “As Carta matured and grew over the last three years, it just seemed like a somewhat natural marriage of sorts to join forces and have Marvin join our team to expand what we had already built in the Middle East,” said Visha. Coleby’s hiring will also solidify the Middle East and African corridor “in terms of capital deployment and talent movements.” Once competitors, Raise users have the option of moving to Carta with more features accessible to them, while Carta will offer free software to African founders with less than $1 million raised and 25 shareholders on their cap table. Carta will also publish Africa-focused reports once there’s sufficient adoption, said Vashi. In other markets, Carta’s data-rich reports guide investment decisions, valuation standards, and portfolio strategies. In Africa, where the absence of reliable data has long constrained venture capital activity, such reporting could help reshape global perceptions of risk and attract more international investment into the continent’s startups. “Accurate data means models with local nuances, which means foreign investors get a truer picture of the value they can get from investing in the market, a win for funds and startups,” said Taiwo Obasan, an African venture capitalist (VC) who uses Carta but noted its lack of local context. “Better data will help limited partners gain confidence investing in Africa-focused funds, more capital will flow into startups, and VCs can finally benchmark performance with metrics that fit the realities of the market.” Launched in 2012 as America’s venture capital industry rapidly grew, Carta became a unicorn by digitising startup ownership for startups and the firms that invested in them. The startup now offers cap table software, allowing founders to see who owns shares in their company; fund accounting software that allows them to track fund performance; and reporting software for limited partners and loans. In recent years, the startup has reportedly seen stronger growth from selling software to private equity firms than from other revenue sources. In a LinkedIn post, Coleby shared that while Raise could not make it work with African venture capital, private equity “made the most sense, but doing that alone wouldn’t scale.” Carta’s expansion playbook In January 2021, the same year it hit a $7.4 billion valuation, Carta opened its first office outside America in Singapore as an anchor to the broader Asian market. The office was meant to help the startup capitalise on Asia’s record fundraising momentum, as Carta used years of data to build products that could help startup employees own more shares and simplify fundraising. “We realised as a company that some of the success that we had in the U.S. was basically a playbook in many ways,” said Vashi. “A lot of the things that we had learnt about how private capital works scaled really well globally.” Since then, Carta acquired two startups in Europe—Vauban and Capdesk—and opened offices in the United Arab Emirates and Australia. This global presence has shown the startup that while the principles of private capital are universal, execution can be nuanced and unique to each market. Carta counts several African startups among its customers, including Moniepoint. When two senior Moniepoint employees sold $870,000 worth of shares in the unicorn, the transaction was executed on Carta, according to documents seen by TechCabal. But that segment of large, growth-stage startups is shrinking. As fewer companies reach scale, Carta is shifting its focus to smaller startups, which make up the majority of Africa’s ecosystem. “In most cases, (the large companies) found us and found out about how we could help them,” said Vashi. “As we know from every other ecosystem, (large startups) represent only the tip of the iceberg when you think about the total startup ecosystem. We really want to extend our reach all the way through to the very earliest points. We want to support founders from inception to IPO and beyond.” To attract smaller startups, Carta will partner with some of the leading African VC firms, law firms, auditors, private equity firms, and accelerators, offer free products, and educate founders on different topics like the fundamentals of a cap table.
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Top 10 midrange smartphones under ₦150,000
Smartphone prices in Nigeria have risen sharply over the past year, driven by inflation, foreign exchange volatility, and rising import costs. Even midrange devices outside the Samsung and iPhone ecosystems sell for as much as ₦600,000 ($378), putting them out of reach for many consumers. For buyers unwilling to compromise on performance, brands such as Infinix, Tecno, itel, Huawei, and Redmi have stepped in to fill the gap, offering handsets that balance price, performance, and battery life. Below is a look at ten of the best smartphones available in Nigeria for under ₦150,000 ($94). Samsung Galaxy A07 – ₦147,000 ($92.75) Samsung Galaxy A07. Image Source: Jumia An upgrade to last year’s A06, the Galaxy A07 introduces Samsung’s reliable Helio G99 chipset, a refreshed camera module, and a smoother 90Hz 6.7-inch display. Running Android 15 with One UI 7, Samsung promises six years of updates, a rare feature at this price point. Add IP54 water resistance and a 5,000mAh battery, and the A07 offers one of the longest support cycles for a budget phone. Redmi 15C – ₦147,000 ($92.75) Redmi 15C 4GB RAM/128GB ROM. Image Source: Jumia Redmi continues to punch above its weight. The 15C’s 6.9-inch, 120Hz display and Helio G81 Ultra processor deliver fast, fluid performance. It offers up to 8GB RAM, 256GB storage, and a 50MP dual camera setup. With 33W fast charging and a 6,000mAh battery, the 15C is one of the most feature-rich phones under ₦150,000. itel P70 – ₦120,000–₦140,000 ($75–$88) itel P70. Image Source: Jumia itel has quietly refined its value lineup. The P70’s 6.67-inch, 120Hz screen and Helio G50 Ultimate processor handle daily tasks with ease. It packs 8GB extended RAM, 128GB storage, and runs Android 14 with itelOS 14. The 6,000mAh battery supports 18W fast charging, and durability is aided by IP54 splash protection. Infinix Smart 10 Plus – ₦145,000 ($91.46) Infinix Smart 10 Plus. Image Source: Jumia Infinix has built a reputation for pushing the boundaries of the entry segment. The Smart 10 Plus offers a 6.67-inch, 120Hz LCD display, Unisoc T7250 processor, and 6,000mAh battery with 18W charging. The software, Android 15 (Go Edition) with XOS 15.1, is optimised for smooth use even with lighter hardware. Stereo speakers and dual-SIM support round off the package. Huawei nova Y70 – ₦143,000 ($90.18) Huawei nova Y70. Image Source: Intertec Group Despite the challenges of operating without Google services, Huawei’s Nova Y70 remains a strong contender. It combines a 6.75-inch HD+ display, Kirin 710 processor, and 48MP triple rear camera with a 6,000mAh battery supporting 22.5W SuperCharge. It’s one of the more refined devices in this price tier, ideal for users prioritising camera performance and long battery life. Tecno Pop 10 Pro – ₦129,000 ($81.39) Tecno Pop 10 Pro. Image Source: AIkay The Tecno Pop 10 Pro offers a 6.67-inch HD+ display with a 120Hz refresh rate, powered by the Helio G81 chipset. Running Android 15 with HiOS 12.6, it features 128GB of storage and a 6,000mAh battery with 18W fast charging. The dual-camera system led by a 13MP main lens delivers respectable photos for the price. Vivo Y04 – ₦135,000 ($85.28) Vivo Y04. Image Source: Vivo Vivo’s Y04 keeps things simple but efficient. The 6.74-inch 90Hz display and Unisoc T7225 processor make for reliable daily use. The 5,500mAh battery ensures endurance, while FuntouchOS 14 (Android 14) provides a clean, intuitive interface. A solid option for users who value stability over flash. Realme Note 60X – ₦120,000 ($75.70) Realme Note 60X. Image Source: Jumia Realme continues to undercut rivals with well-rounded entry devices. The Note 60X runs on a Unisoc Tiger T612 chipset and features a 90Hz, 6.74-inch display, 4GB RAM (expandable to 12GB), and a 5,000mAh battery. It’s designed for dependability and simplicity — ideal for first-time smartphone buyers. Realme 13 5G – ₦149,000 ($94.00) Realme 13 5G. Image Source: Realme One of the few 5G-ready phones in this price range, the Realme 13 5G uses the Dimensity 6300 chipset and supports up to 12GB RAM and 256GB storage. The 6.72-inch FHD+ 120Hz screen and 50MP OIS main camera make it a standout performer for under ₦150,000. It also supports 45W fast charging, giving it an edge in speed and longevity. Tecno Spark 40 – ₦134,000–₦142,000 ($84–$89) Tecno Spark 40 smartphone. Image Source: Techno Mobile Rounding off the list, Tecno’s Spark 40 offers flagship-like fluidity with a 120Hz display, Helio G81 processor, and up to 16GB dynamic RAM. The 50MP rear camera, 45W charging, and infrared blaster make it a feature-rich option. Running HiOS 15.1 (Android 15), it also boasts IP64 dust and water resistance, a rare bonus at this price. A rising market for affordable tech Nigeria’s midrange smartphone market has become intensely competitive as consumers tighten spending. While exchange rate fluctuations continue to pressure prices upward, brands such as Tecno, Infinix, itel, and Redmi prove that affordability need not mean compromise. For under ₦150,000, today’s buyers can expect high-refresh-rate displays, massive batteries, and long-term software updates — once features reserved for flagship phones.
Read MoreMTN Nigeria declares first dividend since 2023 after returning to profitability
MTN Nigeria Communications Plc posted a 245.7% year-on-year rise in profit after tax to ₦750.19 billion ($522.06 million) for the nine months ending September 2025, from a ₦514.9 billion ($358.34 million) loss in the same period last year, solidifying its return to profitability. The telecoms giant also restored its positive retained earnings and shareholders’ equity positions and announced its first dividend payout since August 2023, when it paid ₦5.60 per share. “An Interim Dividend of ₦5 per 2 kobo ordinary share has been approved by the Board of Directors of MTN Nigeria Communications Plc, subject to appropriate deduction of withholding tax. It will be paid to shareholders whose names appear in the Register of Members as at the close of business on 20 November 2025,” MTN said in a regulatory filing on Thursday. It noted that this dividend will be paid electronically on November 28, 2025, to shareholders whose names appear on its register and have completed their e-dividend registration. “This is a significant milestone that demonstrates strong operational momentum and disciplined execution,” said Karl Toriola, MTN Nigeria CEO, in the company’s financial report for the nine months ending September 2025. Return to profit after a turbulent period MTN Nigeria reported a ₦400 billion loss after tax in 2024, its largest ever, following a ₦137 billion loss the previous year. The losses wiped out retained earnings and left the company unable to pay dividends. The financial picture began to change in early 2025. Stabilisation of the naira, easing inflation, and a more favourable monetary policy environment created a tailwind for recovery, the implementation of a 50% tariff increase, By September 2025, headline inflation had dropped from 34.8% to 18%, while the naira appreciated to around ₦1,475/$, helping MTN reduce forex exposure and lifting revenue to a record ₦3.73 trillion ($2.59 billion). Earnings per share climbed to ₦35.77 from a negative ₦24.51 in the previous year, while retained earnings and shareholders’ equity stood at ₦142.7 billion ($99.31 million) and ₦293.1 billion ($203.97 million), respectively. What drove the ₦750 billion profit turnaround MTN Nigeria’s turnaround has been powered by strong operational momentum, particularly in its data segment. Data usage across its 51.1 million active users surged, pushing data traffic up 36.3% year-on-year and driving a 73.2% jump in data revenue to ₦1.98 trillion ($1.38 billion). Voice revenue grew by 41.9% to ₦1.35 trillion ($939.48 million). Data growth drove infrastructure investment to ₦757.4 billion during the first nine months of 2025, more than triple the ₦217.6 billion spent the previous year. Toriola described the results as a validation of MTN’s long-term strategy: “Our performance underscores our ability to accelerate investment in our network to improve quality of service in line with our commitment to customers and the government. The board’s approval of an interim dividend reinforces our focus on delivering sustainable value to shareholders.” Sustaining growth while managing risks While optimism is rising, sustaining profitability will depend on stable macroeconomic conditions and disciplined capital management. Continued investment in network expansion, 5G readiness, and digital services remains essential to capture Nigeria’s fast-growing data demand. Potential risks include renewed currency volatility, regulatory pressures, and infrastructure costs, particularly energy and leasing expenses. However, with improved liquidity, a stronger naira, and cost-control measures already in place, MTN Nigeria appears well-positioned to navigate these challenges. “We are on track to close the year on a stronger note and to position MTN Nigeria for long-term success,” added Toriola. Note: exchange rate used: ₦1,436.97/$
Read MoreTanzania’s internet blackout halted payments as Nala went offline for 18 hours
A nationwide internet outage in Tanzania on Wednesday disrupted international money transfers and digital services, prompting the remittance platform Nala to temporarily shut down its operations. For over 18 hours, Tanzanians were cut off from online services, leaving thousands unable to receive funds from relatives abroad. The blackout coincided with protests and unrest in parts of the country as voting took place. Benjamin Fernandes, the founder and CEO of Nala, said the shutdown had devastating consequences for millions of Tanzanians who rely on the platform. “For 18 hours, families in Tanzania couldn’t receive money from loved ones abroad. Why? Internet blackout,” Fernandes wrote on X. “This isn’t about tech — it’s about food, medicine, and survival.” Fernandes said he received calls from people abroad trying to send money for hospital bills, but were unable due to the outage. The shutdown has exposed just how much Tanzania now relies on the internet. What used to be a political switch to control information has become an economic trigger — one that can instantly choke off mobile money, banking, logistics, healthcare, and everyday livelihoods in one of East Africa’s fastest-growing digital economies. According to internet observatory NetBlocks, national connectivity fell sharply around midday Wednesday, plunging to nearly 90% below normal levels. The drop coincided with reports of protests in several towns, including Dar es Salaam and Sirari, amid tensions around the electoral process. Impact beyond social media In a post quoting NetBlocks, Fernandes warned that the impact of shutdowns extends beyond social media. “When the internet goes dark, the economy follows,” he said. “In Africa, it’s not just tweets that stop — it’s mobile money, deliveries, jobs, hospitals, startups, tech, and livelihoods. Shutting down the internet during elections doesn’t silence people — it frustrates them even more.” Founded in 2018, Nala allows users in the UK, US, and Europe to send money to several African countries, including Tanzania, Kenya, Uganda, Rwanda, and Ghana. The blackout froze those inflows for hours, exposing the vulnerability of Africa’s digital economies to state-imposed internet controls. In Tanzania, where remittances exceeded $700 million in 2024, such shutdowns can have a direct effect on households that rely on relatives abroad for school fees, rent, and healthcare. Bloomberg reported on Thursday that Tanzanian authorities have lifted the internet blackout. The Tanzanian government has not provided an official explanation for the outage, which digital rights groups say reflects a growing pattern across parts of Africa where authorities restrict access during politically sensitive moments. Similar disruptions have been reported in Uganda, Ethiopia, and Sudan during elections or protests.
Read MoreHow Opeyemi Obembe is building a sustainable path in a hype-driven ecosystem
Oftentimes, in the tech world, it is the founders who build in public that are rewarded. It is easy to get swept up in the hype of building visibly and fast, neglecting the fundamentals. For Opeyemi Obembe, this trend makes him hold fast to his personal philosophy of building for the long term. In the early 2000s, before YouTube tutorials and abundant online courses, a young Opeyemi Obembe’s access to a computer was measured in paid-for time slots at a cyber café. He didn’t own a laptop. His learning resources were scattered across the early Internet and downloaded onto floppy disks. When he was away from a screen, he would painstakingly write out code on paper, close his eyes, and imagine how the lines of text would render in a browser. This foundational scarcity is the very thing he sees missing in an ecosystem now flooded with venture capital and pressure for rapid, often unsustainable, growth. “A lot has really changed in technology,” Obembe recalls. “These days, you have fancy editors with beautiful colours, syntax highlighting, and all of that. In those days, there was no clear guide.” Today, Obembe is the co-founder of Engage, a marketing automation tool he launched in 2021 with Victor Eduoh, that allows businesses to understand and build relationships with their customers. After more than a decade building in the Nigerian tech ecosystem, Obembe’s journey is illustrative of an atypical founders’ journey, one that eschews rapid hype cycles and “clout chasing” to champion a more sustainable entrepreneurial path. From “coding as an art” to the business of building Obembe’s career has been a long transition from pure creation to the multifaceted role of a founder. For years, he was “the guy behind the scenes,” co-founding a project management tool and a telephony startup, Callbase. But with Engage, a product he had always wanted to build, he had to step into the spotlight. “The transition was a lot,” he confesses. Being a founder meant managing relationships, hiring, fundraising, and communicating with customers, a world away from the solitary focus of writing code. “I need to always constantly remind myself that hey, I’m not just a developer, I’m a founder first, then a developer second.” Yet, the artisan has not been lost in the executive. His technical background remains the bedrock of Engage, a product that helps tech companies communicate more effectively with their customers. “My role, interestingly, even though I’m the CEO, is behind the scenes; so I’m also still more like a CTO,” he explains. This allows him to guide the technology roadmap and ensure the product is built on a robust, scalable architecture. 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This focus leads him to a conclusion that many technical founders are reluctant to voice: marketing is paramount. “I’m
Read MoreAntler’s new Lagos cohort features TC Battlefield startups
Antler, a global investment network that focuses on early-stage investments, officially kicked off its latest Lagos cohort on October 20. Among the entrants are three startups from the highly competitive TC Battlefield competition— Ulé Homes, Polaroid, and Lexlytic — which earned direct entry into the program after standing out at this year’s pitch event. Ulé Homes, the winner of TC Battlefield 2025, offers rent financing to Nigerians; Polaroid is a startup that allows filmmakers to set up premium video-on-demand channels to distribute and monetise their films to viewers independently, and Lexlytic is developing an AI-powered regulatory compliance platform. The partnership reflects a natural alignment between two ecosystem forces: TC Battlefield identifies Africa’s most promising founders at the idea or product stage, while Antler provides the network and funding that helps them turn those ideas into scalable businesses. Founders in Antler’s Lagos program gain access to over $400,000 in partner credits, mentorship, and other perks from day one. Over the eight-week, in-person program, participants refine their business models, form teams through co-founder matching, and test for product–market fit. The highest-performing startups can secure up to $100,000 in pre-seed funding from Antler. “Antler in Africa is designed for builders with real spikes — people who know their domain, move fast, and are ready to start now,” said Lola Masha, a partner at Antler. Founders do not need a co-founder or a finished product to apply for the program. What matters is their depth of insight and capacity to execute those insights. By the fourth week of the program, those without teams are matched based on complementary strengths and chemistry through co-founder matching. Over the 56-day course of the program, teams sharpen their models and test for product-market fit. “We back teams that show deep insight, grit, speed to execute, and commercial clarity, the ones already turning signal into traction,” Anil Atmaramani, another partner at Antler, said. Antler’s first Nigerian cohort saw over 7,500 applications, with only 24, less than 1%, making the final cut to develop solutions in the fintech, education, food security, and industrial tech sectors. Some of Antler’s portfolio companies from its inaugural Lagos cohort include Cubbes, an edtech platform, Forti Foods, an agritech startup, and Raba, a fintech solution provider.
Read MoreNigeria moves to create single powerful regulator for fintechs with proposed bill
Nigeria’s House of Representatives, the 360-member lower chamber of the National Assembly, is considering a bill sponsored by Hon. Fuad Kayode Laguda, a Lagos State representative, to establish the Nigerian Fintech Regulatory Commission (NFRC), a single authority that would licence and regulate all fintechs in the country. The commission’s powers imply that it will replace the current patchwork of oversight by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Information Technology Development Agency (NITDA), and the Nigeria Deposit Insurance Corporation (NDIC), creating a single gateway for authorisation and compliance. Nigerian fintechs have long lobbied for a single regulator instead of dealing with multiple agencies whose overlapping mandates and conflicting directives often create confusion. According to a draft of the bill seen by TechCabal, fintechs must now obtain individual or class licences depending on their activities (payments, lending, crypto, crowdfunding, or regtech), and non-compliance with licencing or renewal provisions could lead to revocation, suspension, or heavy fines. The bill also creates more structured but heavier compliance burdens, like a dedicated compliance team and legal counsel, continuous technology compliance audits, and demonstrating Nigerian participation in ownership and management. The NFRC will not only issue regulations and guidelines but also set performance standards, dispute resolution processes, data use standards, consumer protection codes, and service quality benchmarks, removing ambiguity in fintech operations. The bill empowers the NFRC to conduct public and private enquiries, compel information disclosure, and publish compliance findings. Given these new standards, early-stage startups may need legal and compliance budgets from inception, while established firms must align current practices with the new NFRC framework. To protect customers, the NFRC has the power to monitor and prevent anti-competitive practices, such as predatory pricing, collusion, or abuse of market dominance. Nigerian digital loan apps are infamous for aggressive loan recovery tactics, and with the bill, much-needed respite for customers might be introduced. The commission can also enforce interconnection and interoperability, a potential boost for open banking, ensuring smaller fintechs gain access to critical payment and data infrastructure. Its dispute resolution powers will allow it to mediate between fintechs, banks, and telecom operators, positioning it as the first line of arbitration for the sector. The NFRC can enforce local research and development and Nigerian participation in ownership and management for fintechs. It can also approve or reject foreign operators’ participation based on fairness and reciprocity principles. For foreign-backed fintechs, this means they will need to restructure boards or management to meet local participation thresholds.
Read MoreMore Nigerians are investing in crypto; is the regulator right to be concerned about investor protection?
Nigeria’s crypto market, once dominated by speculation and short-term trading, has evolved into an ecosystem of small-scale savers and long-term investors. Fewer Nigerians are speculating on digital assets, and millions of them are investing and using them to preserve value in an economy where inflation routinely erodes savings. This is according to “The State of Crypto Adoption in Nigeria 2025” report by Quidax, a Nigerian crypto startup, and IFS Insights, a global research firm. The report, based on a survey of 1,850 respondents and proprietary data from Quidax, records that 26.3 million Nigerians now hold or use cryptocurrencies, transacting $57.1 billion between July 2024 and June 2025. About two-third (67%) of these crypto users identify as savers or investors, with more than half of this group primarily motivated to hold digital assets for profit. A further 18.4% are pragmatic users, while only 14.4% actively speculate or trade crypto. 43% of Nigerian crypto users are students, 85% earn less than ₦250,000 ($171) per month, and the median monthly gain from crypto investment is just $103, according to the report. Fewer than 3% make over $500 in monthly gains. The numbers underscore a market driven less by speculation than by necessity: Nigerians are turning to crypto to protect their savings from inflation, currency swings, and banking fees. “My use of crypto has evolved from being just about making money to saving, beating inflation, and investing,” one respondent said in the report. This shows that Nigerians dominantly buy digital assets to make gains and use them as savings and payment tools, rather than to speculate on the markets. It creates a difficult problem for regulators, who have classified crypto as securities and applied capital-market-style rules—yet to align with nuanced use cases—requiring operators to disclose asset reserves, conduct routine audits, and maintain a minimum paid-up capital of ₦1 billion ($700,000), according to the Nigerian Securities and Exchange Commission (SEC)’s proposal. As more Nigerians use crypto to save and invest, it could influence how regulators prioritise enforcement and policy within the digital assets space, particularly around investor protection standards and market access. 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The Central Bank of Nigeria (CBN) later updated its guidelines allowing banks to engage with licenced Virtual Asset Service Providers (VASPs), reversing the 2021 banking ban. The aim was harmonisation, not restriction: regulators sought to provide clarity while enabling market growth. Yet the legal framework is structured for capital markets, not everyday savers. SEC rules emphasise registration, disclosure, and custody audits, while the CBN’s guidance focuses on safe integration with the banking system. Yet, at the centre of the debate is the ₦1 billion ($1.2 million) capital requirement imposed on VASPs, a threshold initially framed as a consumer protection measure but now widely viewed as a structural barrier. The SEC’s approach treats crypto operators as securities-market participants, holding them to the same standards as brokers and fund managers under the Investment and Securities Act. While the rule was designed to promote stability and safeguard investor funds, it will price many smaller crypto exchanges out of the market. The survey data from Quidax and IFS show the tension. Over 40% of Nigerian crypto users feel regulation is
Read MoreZambia’s Duniya Healthcare says its distribution model helped avert 578 rural deaths
Duniya Healthcare, a Zambia-based pharmaceutical and health logistics startup, says it helped rural health facilities avert 578 deaths in six months, nearly double the 299 deaths prevented at comparable facilities that relied on traditional procurement systems, according to a new impact report. The study, conducted by Duniya Healthcare in partnership with the Zambia Conference of Catholic Bishops (ZCCB) and the Africa Health and Economic Transformation Institute (AHETI), provides quantitative evidence linking stronger medicine supply chains to lower mortality in rural areas. It tracked 16 Catholic mission hospitals and rural health centers across Zambia between January and June 2025. Eight facilities used Duniya’s Rural Distribution Model (RDM) while eight others served as control sites. The report comes amid long-running concerns over Zambia’s fragile medical supply chain, where frequent stockouts and delayed deliveries continue to undermine rural healthcare. Despite government efforts to stabilise supply, most public and faith-based facilities still rely on inconsistent deliveries from central warehouses or ad hoc procurement through private wholesalers. The Duniya study provides rare quantitative evidence that improving distribution efficiency can significantly cut preventable deaths in remote areas. To measure deaths averted, researchers adopted a comparative quasi-experimental design, tracking eight facilities using Duniya’s Rural Distribution Model against eight control facilities using traditional procurement systems. Both groups operated from January to June 2025. Researchers collected and analysed the data in July-August 2025, applying condition-specific case fatality rates, drawn from national and peer-reviewed data, to patient treatment records for eight high-burden diseases, including malaria, pneumonia, hypertension, and severe anemia. This approach enabled direct comparison of mortality outcomes between facilities with and without strengthened supply chains. Pilot facilities recorded the strongest impact in reducing deaths from malaria, pneumonia, and hypertension. Across the pilot sites, 311 malaria deaths were averted, along with 167 from pneumonia and 67 from hypertension complications. In comparison, control sites averted 56, 87, and 153 deaths, respectively. The report attributes the mortality difference primarily to medicine availability. Facilities supported by Duniya achieved 88% availability of essential medicines, compared to 71 percent at control sites, a 17-point gap that often determined whether patients received treatment or were turned away. The analysis also showed that only 38% of Duniya-supported facilities reported turning patients away due to stockouts, compared to 67% among control facilities. For diseases with high fatality rates, that difference can mean survival or death. “The preferential option for the poor is our sacred mandate,” said Bishop Evans Chinyemba, who oversees health for ZCCB. “Through this partnership, we are putting our faith into action, ensuring that even those in the furthest villages receive the medicines they need to live.” Speed was another critical factor. 88% of orders at pilot facilities arrived within seven days, compared to 63% at control sites, some of which waited over two weeks for delivery. Duniya’s model aggregates demand from multiple rural facilities into bulk orders large enough to attract competitive bids from wholesalers in Lusaka. The platform then breaks down bulk shipments and delivers individual consignments directly to each facility at no transport cost. “It’s the same network strategy that brought telecoms to rural Africa,” said Duniya CEO Mwansa Chalo in an earlier TechCabal interview. “You make scattered demand visible and economically viable.” The approach also freed up facility budgets. Only 19% of pilot facilities delayed procurement due to cost constraints, compared to 41% of control facilities. All pilot sites followed predictable monthly ordering schedules, while a quarter of control sites ordered reactively after shelves were empty. About 75% of pilot facilities used electronic inventory systems, reducing forecasting errors and medicine wastage, a 12-point improvement over control sites. Still, the report found gaps. When stockouts did occur in pilot facilities, some lasted up to 30 days, suggesting exposure to funding or supplier delays. Affordability also remained inconsistent, with 62% of all facilities, both pilot and control, saying medicines were only “sometimes affordable.” Control facilities cited delayed government grants, incomplete deliveries from the Zambia Medicines and Medical Supplies Agency (ZAMMSA), and high transport costs that forced tradeoffs between buying medicines and covering delivery expenses. Some pilot sites also reported challenges with emergency orders, where the standard aggregation process proved too slow for urgent needs. To address these weaknesses, Duniya plans to establish emergency buffer stocks, secure additional supplier contracts, and simplify payment processes so that facilities can pay Duniya directly. The company also intends to integrate more closely with ZAMMSA to complement, rather than compete with, national systems and ensure universal adoption of electronic inventory management tools across all supported sites. With a five-year contract from ZCCB already secured, Duniya is set to expand its model to more Catholic mission facilities across Zambia. The Catholic Church operates over 75 mission health facilities, the country’s largest faith-based health network. At current performance levels, the report estimates that nationwide deployment could avert more than 10,000 deaths annually. ZCCB has also expressed interest in replicating the model in Kenya and Uganda, where Duniya plans to launch in early 2026. “The 578 lives saved are not just numbers,” Chalo said at the launch event held on October 20 in Lusaka. “They represent mothers, children, and families given a second chance. This partnership proves that when innovation meets compassion, even the most remote communities can access life-saving care.” In July 2025, Chalo told TechCabal that his goal is to make Duniya the largest pharmaceutical distribution network in Africa. The company’s latest results suggest that ambition may not be far-fetched.
Read MoreStanbic’s Zest turns profitable with ₦543 million Q3 gain
Zest, the fintech subsidiary of Stanbic IBTC Holdings, has reported its first profitable quarter since its 2023 launch. The turnaround reflects the growing maturity of bank-backed fintech subsidiaries as they move from early losses to sustainable growth. Zest posted a profit after tax of ₦543 million ($372,438) in the third quarter of 2025, compared to a ₦1.89 billion ($1.29 million) loss after tax in the same period of 2024, according to Stanbic IBTC’s financial statement for the period ended September 30, 2025. The fintech’s performance came despite higher operating costs, which rose to ₦2.12 billion ($1.45 million) in Q3 2025, up from ₦1.26 billion ($864,221) in the first half of the year. In H1 2025, Zest recorded a loss after tax of ₦389 million ($266,811), down 58.8% from ₦945 million ($648,165) a year earlier. This was despite a fourteenfold revenue growth to ₦874 million ($599,467) in H1 2025 from ₦61 million ($41,839) in the same period of 2024. Zest’s Road to Profitability Hover over each bar to see the story behind the number. Q3 2024 -₦1.89B H1 2025 -₦389M +₦543M Q3 2025 Zest’s financials show a significant shift over the last 12 months. Source: Stanbic IBTC H1 2025 & Q3 2025 financial statements. However, expenses climbed almost 24.95% to ₦1.26 billion ($864,221). At the time, insiders at the fintech disclosed to TechCabal that Zest had achieved month-on-month profitability. Zest is part of a wave of bank-owned fintechs—like Access’s Hydrogen and GTCO’s HabariPay—that emerged after the Central Bank of Nigeria (CBN)’s 2010 directive required commercial banks to restructure into holding companies to offer non-banking services like payments. It makes money by enabling transfers and offering a single dashboard that integrates cards, bank transfers, mobile money, and QR codes for businesses. Hydrogen and HabariPay found their feet early. Hydrogen’s after-tax profit hit ₦966 million ($662,569) in H1 2025, and HabariPay’s profit at ₦4.02 billion ($2.76 million) in H1 2025, and Zest has joined this group with its first-ever profitable quarter. This improvement follows sustained capital injections from its parent group, which increased its investment in Zest to ₦4.33 billion ($2.97 million) by June 2025 — an 85.8% rise from December 2024. That funding helped the fintech strengthen its infrastructure and expand its payments network, setting the stage for profitability. Note: exchange rate used: ₦1,457.96/$
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