


Itâs Monday!
If youâre Nigerian and need something to be mildly optimistic about this week, here it is: Fitch Ratings just bumped Nigeriaâs long-term foreign-currency issuer default rating to âBâ from âB-â.
Moving from a B- to a B is the kind of small incremental progress you need to power through this week.
Letâs get into todayâs edition.

Banking
NCBA fined $1,930 for sending emails to the wrong customer

Kenya has one of the strongest data protection policies in Africa.
Its Data Protection Act (2019) tells companies how to collect and use customer data safely. It protects the countryâs control over its data and gives people the right to say how their data is used. Customers can say yes or no, challenge, or stop the use of their data. Yet, Kenyan large corporationsâwhich have been the major culpritsâstill have work to do to comply with the rules.
On Friday, NCBA, Kenyaâs third-largest commercial bank by assets, was fined KES250,000 ($1,930) by the Office of the Data Protection Commissioner (ODPC), the countryâs data protection regulator, for violating a customerâs privacy rights.
What happened? The bank had failed to delete an incorrect email address from its records, despite repeated requests, leading to sensitive financial statements being sent to the wrong person.
The complainant, Brian Githaiga, had asked the bank to remove a second email address linked to his account. The bank failed to act, and the unintended recipientâwho had no ties to NCBAâcontinued receiving his transaction details. Even after she alerted the bank, the issue persisted.
This is risky because once your bank records land in the wrong inbox, you lose control over who sees your details. These statements often contain personal data like your address and phone number. In the wrong hands, you could become a targetâeven if youâve always been careful.
This isnât the first time NCBA has made that mistake.
In December 2024, the bank was fined KES700,000 ($4,405) for sending a Kenyan customer, Dr. Bernard Shiaunda Aeteâs loan statements to his former wife. Despite his request to remove her contact as an alternate address, the bank failed to act.
Banks are expected to set the bar for financial safety, so itâs both surprising and careless for NCBA to drop the ball like this. Although $1,930 may be a small fine, it sends a strong message to others: protect your customersâ dataâor pay for it.
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Internet
Will Lesotho crack its Basotho ownership rule for Elon Muskâs Starlink?
When the US President, Donald Trump, slapped 90 countries with a reciprocal tariff on April 2, we expected some to cave under the pressure. Some countries have since moved to negotiate favourable trade terms with the US.
One of them is Lesothoâa small, landlocked country in Southern Africa that has long depended on exporting textiles to the US. Trumpâs new 50% tariffâwhich was paused for 90 daysâon textile imports could cripple Lesothoâs garment sector, which employs 30,000 people and contributes over 80% of its export revenue as of 2022. Thatâs not a blow you walk off.
Itâs understandable why Lesotho is looking to offer a quid pro quo to sweeten its diplomatic ties with the US. And what better way to do that than by giving Elon Muskâs Starlink a backdoor entry? The satellite internet company has struggled to gain ground in several African countries, particularly in the Southern African region, due to regulatory bottlenecksâincluding Lesotho, which requires 30% local ownership in foreign ventures.
If Lesotho allows Starlink in without the satellite internet service provider (ISP) following the ownership rule, it would be a big change in policyâcreating a setback for Lesothoâs regulators that have been trying to force compliance among foreign-owned businesses trooping into the country.
The country is stuck between Charybdis and Scylla, as it tries to improve local investment inflow while protecting its access to the US market. If Starlink makes it in through the backdoor, the satellite ISP will become the most visible reference of the countryâs policy failure. What message does it send to other investors who had to comply with the local ownership rule?
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Global Policy
What does the US tariffs mean for Africaâs tech ecosystem?
In the short stint before the US president paused its reciprocal tariffs, the world witnessed a literal turmoil: stock markets were down, over $2 billion in crypto was wiped out, and for a second, you didnât know whether to panic or buy the dip. While Donald Trump may have paused reciprocal tariffs for another 90 days, did you ever wonder what the tariffs meant for Africaâs tech ecosystem?
We broke down the analysis here so you wouldnât have to worry.
For startups looking to raise, the mood is cautious. VC funding into African tech dipped to just $50 million in Marchâits lowest in over four yearsâas investors retreat to safe assets like US Treasuries. Inflation fears and a looming global recession are making US-based funds more defensive.
For exporters, the pictureâs more complex. While Nigerian traders now face a $14 duty on a $100 bag of cassava flour, they could gain an edge over competitors like Vietnam and Thailand, who face tariffs as high as 49%. But limited local processing capacity and weak infrastructure mean Nigeria risks missing the moment.
Crypto startups? They got whiplash. The tariff shock wiped $2 billion off the market and hit exchange revenues. Hardware imports are now pricier, but founders see a window to build Africa-first infrastructure.
Telecoms may be sparedâfor now. But if inflation eats into consumer spending, they wonât stay insulated for long.
So while Trump hits pause, Africaâs tech scene is holding its breath. The question isnât if the tariffs will returnâbut whether the continent will be ready when they do.
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CRYPTO TRACKER
The World Wide Web3
Source:
Coin Name |
Current Value |
Day |
Month |
---|---|---|---|
$84,849 |
+ 0.25% |
+ 0.50% |
|
$1,637 |
+ 1.72% |
â 15.19% |
|
$0.3086 |
+ 26.05% |
+ 322.68% |
|
$133.92 |
+ 2.52% |
â 0.52% |
* Data as of 06.00 AM WAT, April 14, 2025.
Job Openings
- Moniepoint â Product Manager â Remote (Nigeria)
- Revwit â Product Marketing Associate â Remote (Nigeria)
- Loubby AI â Python Developer â Nigeria
- Seamfix â Product Marketing Manager â Lagos, Nigeria
- Tuteria â Content Creator and Social Media Manager â Lagos, Nigeria
- Token Metrics â Crypto Product Manager â Lagos, Nigeria
- Turing âPython Developer â Remote (Nigeria)
- Ganancia Properties â Product Marketing Manager â Lagos, Nigeria
- SunFi â Head of Growth â Lagos (Nigeria)
- Payflow â Senior Software Engineer â Remote (Nigeria)
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Written by: Emmanuel Nwosu and Faith Omoniyi
Edited by: Faith Omoniyi and Fuâad Lawal
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