Radhika Bhachu left BlackRock and returned home to rethink wealth
On the 10th floor of ABC Place in Nairobi’s Westlands, Radhika Bhachu doesn’t offer you tea. No small ceremony to ease you in. She’s already mid-thought when you sit down, like you’ve walked into a conversation she’s been having with herself all morning. If we weren’t doing this interview, she says, she’d be on investor calls. Properly in it. Updating her pipeline, responding to questions, and nudging conversations forward. In between, she’d be with her team—sales, marketing, client service—trying to get a feel of things on the ground. Are customers complaining? What’s slowing them down? Where can AI help? Then maybe coffee, but not the relaxed kind. The kind where you’re still half-working, just without your laptop open. She speaks quickly, but not nervously. There’s a rhythm to it. Before this, she was at BlackRock for five years as a relationship manager, helping investors build wealth quietly, predictably, over time. There are systems, structures and a lot of long-term thinking. Then she came back to Kenya in 2020 and found something else: people saving, hustling, building, but not quite investing in the way she had seen elsewhere. Now she’s trying to build that bridge through Ndovu, a Nairobi-based wealth management startup. Lately, what’s been sitting with her is a tension she doesn’t try to dress up. Last year, the company found that most of its revenue was coming from a small group of customers. The obvious move was to lean into that, middle income and above, the ones already closest to investing. It makes sense. It’s business. But that’s not why she started. “The vision is still everyone,” she says. “But you can’t do everything at once.” She pauses, briefly, then shrugs it off. “It’s just sequencing.” I spoke to Radhika about the path the BlackRock alumni took from the corridors of global finance to the messy, unpredictable business of getting Africans to invest. This interview has been edited for length and clarity. If we weren’t doing this interview, what would a perfect afternoon look like for you? Right now, I’m fundraising, so a perfect afternoon would involve investor calls, updating my investor pipeline, and responding to questions. I also oversee the distribution team, so I’d be working with sales, marketing, and client service to understand how business is going—are we getting customer complaints? How can we use AI to streamline tasks? So, really, thinking about distribution strategy and fundraising. It would probably end with coffee with a client or an investor. What’s been occupying your mind lately, something you keep coming back to? Last year, we realised that, like many businesses, 80% of our revenue comes from 20% of our clients. Our vision is that in a decade, every African will be a capital market investor. But the reality is that as an African startup, there’s not enough funding to go after the entire value chain—middle income, high net worth, and low income all require significant resources. Last year, we had to make a difficult decision: with our current funding and team, we needed to focus on the low-hanging fruit, middle-income and above. But as a founder, I started this to help everyone participate in wealth creation. We’ve partnered with banks and telcos to embed our solutions, but it’s disappointing that as a chief executive office (CEO), the right business decision is to move toward momentum—because that helps us grow revenue faster, increase our cash, and eventually serve smaller holders. It’s just sequencing. But it weighs on me. That, and cybersecurity. Radhika and a section of her staff. Image source: Ndovu You grew up between cultures. How did that shape your earliest understanding of money, security, and ambition? I’m a Kenyan-Indian, and that’s been amazing. Kenyan culture is very kind and community-led; people help each other. Indian culture thinks more about the future: you build wealth not just for this generation, but for your children’s children. What I think our culture could do better is talk about money at the dinner table. We didn’t, but we knew our parents had a business. They’d say, “Go have coffee with someone, see what they do, talk to that uncle at a party.” That helped you figure out what to study. But no one teaches you what to do once you have money. We’re launching a custodial product for children—parents manage it, but kids can research and see how their investments perform. That teaches budgeting, decision-making, and opportunity cost. Unfortunately, that’s taking a lower priority right now due to capital constraints. Was there a defining moment growing up when you realised money, or the lack of it, shapes how people move through the world? An unfortunate lesson about the world is that if you have money, you matter to somebody; if you have no money, you matter to nobody. And that’s just a really sad reality of the world. And I think growing up, not so much, but now, living in a social media age, it’s so apparent. For me, it was when I was younger. I lost my mom, and so my dad sent me to school, and I started doing the paper round (delivering newspapers). I was in Canada, and we used to do the paper round to make money. I’m very fortunate; everything was painful, but we started learning that to make money, you have to work really hard. And there’s a saying in our culture, actually: making money is the easy part, but keeping it, you know? Doing the paper round, then actually getting a job at 16; that’s when I was like, “wow, okay, making money is really hard.” That’s why, when you have money, there is some childhood stuff that kind of links back to saying I have to be successful because I want to be able to give my family everything they need. And you have to make sure that you’re working hard for money. And now it’s changed into: how can you be more valuable, and how can you create money not the
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How to file tax on the LIRS eTax portal: A step-by-step guide for Lagos residents
Table of contents Why was the deadline moved to April 14? What counts as “income” under the Nigeria Tax Act 2025? Who needs to file taxes in Lagos? What you need before you start filing on the LIRS eTax portal How to file taxes on the LIRS eTax portal: Step by step Penalties for not filing your tax return by April 14 What happens after you file? Getting your Tax Clearance Certificate Frequently asked questions about filing taxes on the LIRS eTax portal What Nigeria’s 2025 tax reform changed If you have been trying to figure out how to file taxes in Lagos, this guide covers everything you need. The Lagos State Internal Revenue Service (LIRS) eTax portal at etax.lirs.net is the only approved platform for filing your annual personal income tax return, with a deadline of April 14, 2026. Every Lagos resident earning income must file, including salaried employees. Even if your company deducts PAYE from your salary every month and remits it to the government, you are still legally required to file your own individual return. Your employer’s payment does not cover your filing obligation. This is the first filing season under Nigeria’s sweeping 2025 tax reform laws, which introduced new tax bands, abolished the old Consolidated Relief Allowance, and made electronic filing the only acceptable method. Below is everything you need to know, from required documents and step-by-step portal navigation to exact penalty figures and post-filing steps. Why was the deadline moved to April 14? On March 31, 2026, LIRS Executive Chairman, Dr Ayodele Subair, announced a two-week extension of the individual annual income tax return deadline, pushing it from the statutory March 31 to April 14, 2026. The press statement, signed by Head of Corporate Communications, Monsurat Amasa-Oyelude, described it as a one-off measure to ease compliance and give taxpayers additional time to complete and submit accurate tax returns. The official statement did not mention portal problems. But Technext broke a story on March 30: the LIRS eTax portal at etax.lirs.net had experienced widespread technical difficulties just one day before the original deadline. Users reported hours of failed access attempts, submission errors, and an inability to complete filings. One user noted: “This is what’s expected of a platform likely designed for a few thousand users per day, suddenly needed to be accessed by millions.” Since manual filing has been completely phased out, taxpayers had no alternative. This was not an isolated event. Earlier in 2026, LIRS also extended the employer annual returns deadline from February 1 to February 7, signalling a pattern of administrative flexibility under the new tax regime. LIRS described the extension as a one-off measure. After April 14, penalties under the Nigeria Tax Administration Act (NTAA) 2025 kick in: N100,000 for the first month of default, plus N50,000 for each subsequent month. What counts as “income” under the Nigeria Tax Act 2025? The NTA 2025 defines ‘income’ broadly. Section 4 of the Act spells out every category of income, profits, or gains that are chargeable to tax. The law does not limit income to your salary or your business profit. It captures almost every way money can come to you. Here is what counts as taxable income: Employment income — your salary, wages, fees, allowances, bonuses, commissions, gratuity, and any other benefit your employer gives you, including things like a company car or rent-free accommodation Business and trade income — profit from any trade, business, or commercial activity. This includes selling perfume from home, baking and selling food, running a logistics operation from your phone, or any buying-and-selling activity, no matter how small Professional income — fees earned from professional services. This applies to lawyers, doctors, consultants, photographers, makeup artists, event planners, and any person who earns money by rendering a service Investment income — interest from savings accounts, dividends from shares, rent collected from property you own, and royalties Digital and virtual asset gains — profit from buying and selling crypto, NFTs, or any other digital asset Other sources — prizes, winnings, honoraria, grants, awards, discounts, rebates, and income from selling personal property or fixed assets The threshold is N800,000 per year. If your total income from all the sources above is N800,000 or less annually, your tax is 0%. But you are still required to file a return. Who needs to file taxes in Lagos? One of the biggest misconceptions in Nigerian tax compliance is the belief that salaried employees whose employers deduct Pay-As-You-Earn (PAYE) tax do not need to file annual returns. This is wrong. Section 14(3) of the NTAA 2025 explicitly resolves a long-standing ambiguity in the old Personal Income Tax Act: employees must file their own annual returns of income from all sources, notwithstanding the employer’s separate filing obligation under Section 14(1)-(2). LIRS has stated this directly: “Filing annual tax returns is not optional; it is a legal requirement under the NTAA 2025. While many employees believe their tax obligations end with PAYE deductions by employers, the LIRS clarifies that individuals must still file returns.” Taiwo Oyedele, Minister of State for Finance and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, reinforced the point, noting that “the tax reforms clarify that employees cannot assume their obligations end once employers deduct taxes from their salaries.” Here are the categories of people legally required to file taxes in Lagos, under Section 13 of the NTAA 2025: Salaried/PAYE employees – Even if your employer already files PAYE returns and deducts tax monthly, you must file an individual annual return declaring all income sources. This includes your salary, any side businesses, freelance work, rental income, and dividends. Self-employed individuals, freelancers, and gig workers – This includes digital creators, consultants, and anyone earning from online platforms. The NTA 2025 expressly brings digital/virtual asset gains, prizes, honoraria, and nontraditional income into the tax net. Business owners – Sole proprietors file as individuals under personal income tax. Partnerships are addressed under Section 15 of the NTA 2025. Professionals – Lawyers, doctors, accountants,
Read MoreKenya’s AI bill creates a new digital sheriff with sweeping powers
In February 2026, Kenya took a decisive step toward regulating one of the most transformative technologies of the modern era. The Artificial Intelligence (AI) Bill (2026), sponsored by Nominated Senator Karen Nyamu, marks the country’s first comprehensive attempt to bring order, accountability, and structure to its rapidly growing AI ecosystem. For years, Kenya has been described as Africa’s “Silicon Savannah” due to the global success of homegrown innovations like M-Pesa (mobile money) and Ushahidi (crowdsourced crisis mapping). It thrived on innovation powered by startups and global tech firms experimenting with everything from fintech algorithms to health diagnostics. But this growth has largely existed within a patchwork of laws, including the Data Protection Act of 2019 and the Computer Misuse and Cybercrimes Act of 2018. The new bill seeks to unify and modernise this fragmented approach. Borrowing heavily from the European Union’s AI Act of 2024, Kenya’s proposal aims to strike a delicate balance between enabling innovation and protecting citizens. At the heart of this effort is a powerful new institution that could redefine how technology is governed in the country. The most consequential feature of the bill is the creation of the Office of the Artificial Intelligence Commissioner, an independent authority tasked with enforcing AI rules. In policy circles, this office has already earned a nickname: the “digital sheriff.” This is not merely symbolic. The Commissioner, according to the bill, will wield sweeping powers to inspect AI systems, access training data, investigate complaints, and issue enforcement notices. The office, TechCabal learnt, will also maintain a public register of high-risk AI systems operating in Kenya, bringing a new level of transparency to technologies that have often operated in the shadows. Appointed by the President and approved by the National Assembly, the Commissioner will serve a five-year renewable term. The role is structured to ensure autonomy, positioning it alongside other key state offices. However, the qualifications required for the position are unusually stringent. Similar positions in other government agencies are filled by government appointees, with little emphasis on advanced qualifications. For the AI commissioner role, the bill specifies that candidates must have advanced academic credentials and a minimum Master’s degree in AI, Computer Science, Law, Ethics, or Engineering. They must also have at least 10 years of experience in AI governance and institutional leadership, raising questions about whether such expertise is readily available in a still-emerging field. Beyond enforcement, the bill noted that the office will also shape the broader AI ecosystem. It will develop ethical guidelines, promote AI literacy among citizens, and oversee regulatory sandboxes where startups can test new technologies under relaxed rules. A risk-based approach? Central to the bill is a four-tier classification system that regulates AI based on its potential for harm. This framework reflects a growing global consensus that not all AI systems should be treated equally. At the highest level are systems deemed to pose an “unacceptable risk.” These include technologies designed for cognitive manipulation, government-led social scoring, or intrusive surveillance. Such systems are banned outright, with their development or deployment considered a criminal offence. The next category, “high-risk” AI, covers applications that influence critical aspects of life, such as healthcare, banking, education, and law enforcement. These systems will face strict requirements, including human rights impact assessments, mandatory registration, and continuous human oversight. The aim is to ensure that decisions affecting livelihoods and freedoms are not left entirely to algorithms. “Limited risk” systems, such as chatbots and AI-generated media, must meet transparency obligations. Users must be clearly informed when they are interacting with AI or viewing synthetic content. Meanwhile, “minimal risk” applications, including spam filters and video game algorithms, will remain largely unregulated to encourage innovation. This tiered approach allows regulators to focus resources where the stakes are highest, while giving developers room to experiment in lower-risk areas. Tackling digital harm One of the most immediate concerns addressed by the bill is the rise of deepfakes and AI-driven misinformation. With Kenya’s 2027 general elections on the horizon, lawmakers are particularly wary of how synthetic media could be used to manipulate public opinion. The bill introduces strict penalties for non-consensual deepfakes, including fines of up to KES 5 million and prison terms of up to two years. It also criminalises the use of AI-generated content for political interference, signalling a proactive attempt to safeguard democratic processes. These provisions build on existing laws like the Data Protection Act of 2019, but go further by explicitly targeting AI-enabled harm. They reflect a broader recognition that the risks posed by AI are no longer theoretical but already shaping real-world events. Beyond enforcement and penalties, the bill places a strong emphasis on protecting individual rights. One of its most notable provisions is the “right to explanation,” which allows citizens to demand clear, plain-language justifications for automated decisions that affect them. Whether it is a rejected loan application or an unsuccessful job screening, individuals will have the right to understand how an algorithm reached its conclusion and to request human review. This provision aims to counter the opacity of AI systems, often described as “black boxes.” Developers are also required to adopt human-centric design principles, ensuring that their systems prioritise safety, fairness, and non-discrimination. In doing so, the bill aligns Kenya’s AI governance with global ethical standards. Innovation vs regulation While the bill introduces significant oversight, it also recognises the need to nurture innovation. Regulatory sandboxes are a key part of this strategy, offering startups a controlled environment to test new AI products without facing the full burden of compliance from the outset. This approach reflects lessons from other jurisdictions, where overly rigid regulations have sometimes stifled emerging industries. By providing flexibility, Kenya hopes to maintain its reputation as a leading tech hub in Africa. However, not everyone is convinced the balance is right. Critics argue that the compliance requirements for high-risk AI, combined with steep penalties, could place an undue burden on smaller startups. For companies operating on limited budgets, the cost of audits, documentation, and oversight may prove prohibitive.
Read More33 banks raise ₦3.37 trillion from Nigerians as CBN ends recapitalisation
Nigeria’s banking sector has wrapped up one of its biggest capital-raising exercises in recent history, with lenders pulling in a combined ₦4.65 trillion to meet new regulatory thresholds set by the Central Bank of Nigeria. The capital raise drew heavily from local investors, who accounted for 72.55% (₦3.37 trillion) of the total, while foreign investors contributed 27.45% (₦1.28 trillion), a split the CBN says signals sustained confidence in Nigeria’s banking system despite macroeconomic headwinds. In a press statement on Wednesday, the regulator said the over 24-month recapitalisation programme, which began in March 2024, has now been concluded, strengthening banks’ balance sheets and positioning the sector to better absorb shocks and fund economic growth. “The recapitalisation programme has strengthened the capital base of Nigerian banks,” said CBN governor, Olayemi Cardoso. “Reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.” The recapitalisation exercise, first announced in 2024, was meant to strengthen banks’ balance sheets amid rising inflation, currency volatility, and growing credit risks, while positioning lenders to finance Nigeria’s long-term ambition of becoming a $1 trillion economy. Under the new regime, banks must meet minimum paid-up capital based on their operating licences: international banks to ₦500 billion ($370.58 million), national banks to ₦200 billion ($148.23 million), regional banks to ₦50 billion ($37.06 million), merchant banks to ₦50 billion ($37.06 million), non-interest banks with national authorisation to ₦20 billion ($14.82 million), and non-interest banks with regional authorisation to ₦10 billion ($7.41 million). Most banks clear the bar According to the CBN, 33 banks have met the revised minimum capital requirements. A handful of institutions remain entangled in regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks. The regulator stressed that all banks are still fully operational. With the recapitalisation phase now closed, the CBN is shifting focus to supervision. Banks are now required to run regular stress tests and maintain capital buffers under a strengthened risk-based framework. The regulator also signalled that prudential guidelines and supervisory rules will be reviewed periodically to keep pace with evolving risks. The CBN noted that banking services remained uninterrupted throughout the capital raise, preserving access for individuals and businesses, a critical factor in a period of economic adjustment. According to the apex bank, the successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.
Read MoreTechCabal: Four-point-oh
How we’re thinking about 2026 and beyond. Here’s the thing about two speeds. Over the last few years, the African tech ecosystem has been moving at a pace that feels almost contradictory: consolidation at the centre and new ideas flickering relentlessly at the edges. Capital tightened, regulation grew heavier. Scale began pooling around fewer, stronger players. Meanwhile, out past the headlines, new ideas continued to form — quieter now, less theatrical, yet persistent. If you’re only watching one speed, you’re half-blind. Technology stopped being a standalone sector. These shifts are showing up everywhere — in how people work, move money, access services, and navigate daily life, often far from anything labelled ‘tech’. In moments like this, the signals that matter most are easy to miss if you’re only watching the surface. TechCabal has lived through multiple cycles of this ecosystem, which is why we recognise this moment for what it is. And it’s why Q1 looked the way it did. We launched Headlines By TC A weekly newsroom conversation that interrogates the most important technology headlines and explains what they actually mean for people living and working in Africa. The tone is casual; the journalism is rigorous. It’s not a recap show. It surfaces the non-obvious insight and resolves confusion. We also shipped TC Predictions 2026 An annual outlook collecting evidence-based predictions from industry leaders across African tech. Not gut feelings. Theses grounded in data, explicit in their claims, and specific enough to be evaluated at year-end. Both are early signals of what we’re building toward. That direction has a name now: Four-Point-Oh. Shaped by experience. Guided by judgment. Focused — more deliberately than ever — on helping you see beyond what’s trending to what’s happening, and what it means. In practice, this means investing in our newsmaking system: our ability to tell you what happened, fast, when it matters. A fintech acquires a competitor, a policy drops, a platform goes dark, a founder raises a round — we want to get it to you first. Speed still counts, but with context. The analysis, the features, the profiles, the deep dives—they follow, building on the headline to show you what it actually means and where it leads. We’ve organised our coverage around four verticals, each designed to track specific forces shaping the ecosystem: Startups tracks who’s building and what new technologies emerge before they’re obvious; Money follows how capital moves; Enterprise & Policy covers what regulators and platforms decide; and Life & Work captures how all of it shows up in everyday life. Over the next few weeks, you’ll see this reflected more visibly on the site and across our platforms. Four-Point-Oh What’s Happening. What It Means. + Startups Who’s Building, How, Why? + Money Capital, Funding, Returns + Enterprise & Policy Regulation, Infrastructure + Life & Work People, Platforms, Access Founders, Products AI, Hardware, Crypto New Frontiers Growth Signals Venture Rounds Revenue Models Transaction Economics Who Profits, How Telcos, Government Platform Decisions Regulatory Shifts Ecosystem Ripple Effects Work Culture Service Access Digital Daily Life Human Stories Signals Over Surface. · Context Over Speed. All of Four-Point-Oh will be anchored by a registration layer — signing up to get unlimited access to all of TechCabal’s reporting, for FREE. Beyond access, it marks the beginning of a deeper relationship: early access to events, from mixers and roundtables to Moonshot in October. The ability to contribute your perspective to our reporting — through tips, feedback, and direct input into the stories we tell. And where relevant, your work could get featured for what you’re building inside the ecosystem. It’s started out as a busy year, and it’ll only get busier. But here’s the commitment: we’ll be paying attention, asking the questions as the answers become less obvious.
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