How Nigerian banks’ market cap tripled to ₦10.5 Trillion in six years
This article was originally published on TechCabal Insights. In just six years, the total market capitalisation of Nigerian commercial banks has more than tripled from ₦3.2 trillion in 2020 to ₦10.5 trillion in 2025. This reflects a combination of digital transformation, monetary policy shifts, and strategic banking reforms that have reshaped Nigeria’s financial sector. The Central Bank of Nigeria’s (CBN) aggressive monetary policies are a key driver behind this growth. As of February 2025, the Monetary Policy Rate (MPR) stands at 27.5%, following a series of hikes to stabilise the naira and curb inflation. While high interest rates have made borrowing costlier for businesses, they have also boosted banks’ profitability by increasing lending margins. At the same time, Nigeria has witnessed a boom in digital payments. The Nigeria Inter-Bank Settlement System (NIBSS) reported that in 2024 alone, the total value of electronic transactions hit ₦1.07 quadrillion, a 79.6% increase from ₦600 trillion in 2023. This surge in cashless transactions has significantly boosted banks’ revenues through transaction fees, fintech partnerships, and digital banking services. The role of commercial banks in Nigeria’s digital economy Nigerian banks have been at the heart of the country’s transition to a cashless economy. Investments in digital payment infrastructure, mobile banking apps, and fintech collaborations have driven financial inclusion and enhanced transaction efficiency. One of the biggest indicators of this shift is the growth of Point-of-Sale (PoS) transactions, which reached ₦19.4 trillion in 2024—an 81% jump from ₦10.73 trillion in 2023. This increase not only reflects changing consumer behavior but has also strengthened banks’ revenue streams through transaction fees and partnerships with fintech startups like Flutterwave, OPay, and Moniepoint. By capitalising on the digital boom, Nigerian banks have positioned themselves as key players in Africa’s evolving financial ecosystem. Market capitalisation shifts over the last six years Between 2020 and 2025, the market capitalisation of Nigerian commercial banks has seen significant shifts. The years before President Bola Ahmed Tinubu’s administration were marked by steady growth with occasional market corrections. However, post-2023, the sector witnessed accelerated growth, reflecting increased investor confidence and supportive policies to strengthen financial institutions. For example, in 2020, Zenith Bank and GTCO led the market with valuations around ₦740 to ₦780 billion. By 2023, these figures had surged, with Zenith Bank crossing the ₦1 trillion mark. The Tinubu administration’s emphasis on relative macroeconomic stability, fiscal reforms, and support for digital finance created an environment where banks thrived. Post-2023, commercial banks experienced robust growth as investors responded positively to economic reforms and increased digital payment adoption. The 2025 market capitalisation of Nigerian commercial banks As of March 22, 2025, the combined market capitalisation of Nigeria’s top commercial banks reached a historic ₦10.5 trillion. GTCO leads the sector with a valuation of ₦1.99 trillion, followed closely by Zenith Bank at ₦1.87 trillion. UBA commands a market cap of ₦1.26 trillion, while Access Bank stands at ₦1.15 trillion. FirstHoldCo follows at ₦969.2 billion, with Fidelity Bank reaching ₦898.7 billion and Stanbic IBTC at ₦796.9 billion. Among these, Fidelity Bank has been one of the most impressive climbers, skyrocketing from a market cap of just ₦73 billion in 2021 to ₦898.7 billion in 2025—an astonishing 1,100% increase. These gains reflect a mix of sound financial management, increased adoption of digital banking, and regulatory policies that have strengthened the financial sector. Key challenges exist Despite this impressive growth, Nigerian banks face challenges such as failed transactions, settlement delays, and high transaction fees. Other critical issues include a high Non-Performing Loans (NPL) ratio, limited access to finance for SMEs, weak regulatory environments, cybersecurity threats, and infrastructure gaps. These pain points highlight the need for reforms and technological upgrades to sustain growth. Amid these challenges, Nigerian commercial banks are expanding across other African countries, increasing their footprints and regional influence. Strategic collaborations with fintech platforms have further eased transactions and enhanced customer experience, positioning Nigerian banks as key players in Africa’s financial future. Want deeper insights or a custom report on this topic? Fill out our quick form, and the TechCabal Insights team will get in touch with you.
Read MoreFood delivery startup OyaNow is targeting the 1% to break even by Q1 2026
OyaNow, a seven-year-old Nigerian food delivery startup, projects it will break even by Q1 2026, according to founder Abbas Dayekh. This is a big win for the bootstraped startup, which has seen deep-pocketed competitors like Jumia Food, Bolt Food, and Uber Eats exit or shut down due to unsustainable unit economics. Its strategy? Abandoning the mass market to bet on the rich. Nigeria’s food delivery market, valued at over $1 million in 2024, faces intense pressure for profitability. Although startups like Chowdeck, HeyFood, and FoodCourt claim to make a profit on each delivery, these profits do not cover broader operating expenses; they do not equal breaking even. OyaNow, one of the country’s oldest food delivery platforms, is projecting that its new focus will cause it to break even by 2026. Dayekh says this goal is feasible because the business is moving away from price wars for mass-market appeal to focus instead on less price-sensitive consumers. The former approach would have driven the bootstrapped start-up into debt, as promotion-driven customers are often disloyal, switching platforms before businesses can recoup acquisition costs. In contrast, high-earning customers are less price-sensitive and remain loyal when offered convenient, high-quality service. “I had to make a forceful choice to tailor to the rich,” he told TechCabal. He clarified that while OyaNow’s mobile app remains generally accessible, its strategy and marketing now target a more affluent consumer base. With experience in providing tracking solutions and insights about Nigeria’s e-commerce space, Versa Research’s team lead, Busola Akin-Olawore, argues that the ideal customers of food delivery platforms will not be swayed by low prices and expressed wariness about businesses that rely on price wars to turn a profit. Food delivery startups that share and have adopted unique strategies to tackle this. Heyfood, a Y Combinator-backed startup based in Ibadan, is taking a similar approach to OyaNow by allocating less than 5% of its marketing budget to discounts and targeting young urban professionals with disposable income to outsource domestic tasks, according to its CEO and co-founder, Taiwo Akinropo. OyaNow has expanded revenue streams from solely offering food delivery to providing diverse services, including logistics, laundry, car rentals, and errands via its upcoming “Oya Concierge,” which will be launched via WhatsApp, offering vetted handymen and service providers to users. Dayekh acknowledged that this focus results in a smaller market share than competitors like Glovo and Chowdeck. OyaNow has over 50,000 users, a fraction of Chowdeck’s 500,000 users, Glovo’s estimated 500,000 –700,000 users, FoodCourt’s 100,000 users, and Heyfood’s 50,000 users in Nigeria. However, Dayekh claims OyaNow’s market share among affluent consumers surpasses its competitors’. He noted that with his consumer base being higher spenders, OyaNow holds more significance, with the 1% of the market, than its competitors – citing partnerships with high-end vendors like RSVP, Aldo’s, Cilantro, and an average basket value of ₦25,000, ($15.56) compared to competitors’ ₦5,000 ($3.11) – ₦8,000 ($4.98). For deliveries, the app charges ₦1800 ($1.12) for the first 3km and an additional ₦200 for every extra km, compared with competitors’ ₦500 ($0.31) – ₦1,000 ($0.62) cost for short-mile deliveries. OyaNow has outlasted most of its popular rivals. Dayekh launched the company in 2017 after a poor experience with Jumia Food, the dominant food delivery platform at the time, alongside smaller players like Eden Life. Identifying a gap in Nigeria’s delivery market, he started OyaNow despite lacking logistics or tech experience. Without institutional funding, he relied on personal savings and his network, limiting scale but allowing flexibility in a sector he was new to. The 2020 lockdowns provided a significant opportunity; with cities shut down and roads empty, demand for delivery apps surged. OyaNow achieved 202% annual growth and $344,000 in revenue by 2020, Dayekh told TechCabal. This success attracted acquisition interest from a prominent African payments technology company – name kept off record – in 2021, but the deal collapsed due to market conditions, including Nigeria’s currency devaluation, rising inflation, and investor caution following the global tech stock downturn, which reduced appetite for high-risk acquisitions. Dayekh faced significant burnout. He left Nigeria for a year, stepping back from active management. During this period, OyaNow experienced a “year of dullness,” with slowed growth as shareholders, primarily friends and personal contacts, sought to exit. Dayekh personally reinvested in OyaNow, buying back equity from departing shareholders. He described this as a blessing, freeing him from pressure to chase unsustainable growth metrics. The logistics business was capital-intensive, and competing with deep-pocketed start-ups would have driven OyaNow into debt. Dayekh returned to restructure the company. Deciding that the unit economics of mass-market food delivery in Nigeria were unsustainable, OyaNow abandoned heavy subsidies and free delivery. “By changing the way I did it, I went from an extremely loss-making operation to almost breaking even,” Dayekh noted. OyaNow maintains a lean operation with about 80 employees, including in-house riders, but collaborates with third-party riders during peak seasons, scaling to 120 – 140 riders, Dayekh noted. The company prioritises organic channels over costly traditional marketing, such as billboards. In November 2024, OyaNow launched a podcast, OyaGistme, to cross-promote the brand and discuss the country’s business ecosystem. Dayekh believes this suits its strategy to attract high-value customers. Ultimately, OyaNow is playing the long game: localising its operations and patiently waiting for market dynamics to shift in its favour. As Dayekh puts it, “The only reason I’m betting on it is because I know that eventually dynamics will adjust and an opportunity will arise.”
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MIVA, Nigeria’s first private open university, targets 100,000 students with new Lagos study centre
It was 4 PM on a rainy Tuesday afternoon, April 29th, 2025, when scores of people trooped into the premises of a four-story building at the heart of Nigeria’s startup capital, Yaba, skittering to get shade from the unrelenting rain, which had been falling all afternoon. Those people hurrying inside were not simply seeking shelter. They were attending the launch of the newly built study centre of Nigeria’s first fully accredited private open university, MIVA. Launched in 2023 by edtech pioneer uLesson, MIVA offers undergraduate and postgraduate degrees in computing and management courses such as computer science, software engineering, accounting, economics, business management, public policy & administration, data science, and cybersecurity. Two years and over 9,000 learners later, MIVA is bringing learning closer to its students. “There are many things more important than just studying. Having a community is one of them,” Sim Shagaya, chancellor of the university, said as he welcomed the crowd to the opening ceremony of the study centre launch. “The university is not just a place to study; it is a community where you connect with like-minded people,” the renowned entrepreneur continued, delivering his remarks in a manner reminiscent of distinguished, Ivy League addresses. The crowd, mostly MIVA students, journalists, and would-be learners who came to explore the newly opened space, cheered in applause after his speech. From a modest 500 students in 2023, MIVA is on track to surpass 10,000 by May, with plans to reach 20,000 by year’s end and a bold target of 100,000 students by 2027. Rolling out more study centres like this one will be key to achieving that vision. 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Of the 1.8 million students who sat for the Joint Matriculation Board (JAMB) exams, an entry exam into Nigerian tertiary institutions in 2022, only 600,000 were admitted. Nigeria’s 170 universities can only hold 1.8 million students, and there are not enough places for even those who pass college entry exams. The study centre—one of many that the university plans to launch—sits in a four-story high-spec space housing study rooms, co-working spaces, a gym (although not yet equipped at the time of this report), a CBT centre, and a rooftop for events. MIVA is required by Nigerian universities’ law to have one of these centres to conduct examinations for undergraduate students. However, the physical centres are an acquisition play for the university to attract new learners. MIVA uses its physical hubs to mimic the “micro-campus” strategy pioneered by U.S.-based National University, which operates over 250 centres and serves half a million students. “We’re inspired by how physical presence can correlate with user growth,” Iheanyi Akwitti, MIVA’s registrar and chief academic officer, told TechCabal, citing data that showed a direct relationship between campus footprint and enrollment spikes. Akwitti says the launch of the study centre is not motivated by profits, although it will make money by leasing out some of the facilities for external use. The registrar added that MIVA will launch similar study centres in underserved rural locations across the country, areas without access to the internet and electricity. While tuition remains Miva’s core revenue stream, the study centres open new income verticals. The centres will double as public co-working spaces and event venues during non-exam periods. Gym memberships and other
Read MoreGoogle-backed Platos Health raises $1.4 million pre-seed to roll out preventive health device across Nigeria
Platos Health, a Lagos-based health-tech startup that allows people to monitor their body fat and other health metrics from the comfort of their homes, has raised a $1.4 million pre-seed round to scale its AI-driven metabolic health platform, Platos Monitor. Google for Startups led the round, with participation from Invest International and a group of angel investors from Google, Tesla, and Unicredit. The company will use the funding to roll out its hardware medical-grade device, Platos Body Monitor, in Nigeria. Launched in 2020 by Joseph Fakayode, Platos Health is a preventive health platform that allows users to monitor their metabolic health from the comfort of their homes using a medical-grade device, Platos Body Monitor. The device provides personalized health insights by measuring key metrics such as heart rate, weight, body mass index (BMI), fat levels (including both visceral and subcutaneous fat), and hydration status. Users can track up to 49 quantifiable indicators that comprehensively show their overall health status. The Platos platform comes with Platos Monitor Software and is available on Android, iOS, and the web. The software also integrates well with popular health ecosystems like Apple Health and Google Health Connect, allowing users to consolidate all their health data in one place. Platos Body Monitor, which is distributed through 300 pharmacies—including Medplus, Justrite, and Alpha Pharmacy—across Nigeria, is priced between ₦80,000 ($50) and ₦120,000 ($80). Platos is among the Nigerian healthcare startups helping to address the country’s rising burden of chronic diseases like diabetes, hypertension, and metabolic syndrome. With about 30% of Nigerian adults now living with at least one chronic condition and more than 8 million diagnosed with diabetes, the need for innovative, accessible solutions has never been more important. Nigeria’s severe shortage of medical professionals—just 500 cardiologists for over 200 million people—and the ongoing exodus of doctors further strain the health system. By leveraging technology to empower individuals to monitor and manage their health, startups like Platos are filling critical gaps in care, making preventive and chronic disease management more accessible and effective for millions. The company believes this is a $30 million market opportunity. However, it will have to fend off established competitors like Omron, whose medical devices have decades of clinical validation and are widely recommended by healthcare professionals globally. However, Platos has scored some early wins. The platform, which makes money primarily from the sale of its devices, claims 33% of its users achieved clinically significant weight loss within three months, and 59.4% of users in a recent survey said they’d be disappointed without Platos. Unlike competitors—Omron, Withings, Fitbit, and Qardio—which focus on measuring health data primarily for people already diagnosed with illnesses such as cardiovascular risk or hypertension, Platos targets both the visibly ill and the millions of Africans living with hidden fat and undiagnosed metabolic risk. Platos helps users to identify and address silent threats before they escalate, shifting the focus from reactive care to proactive prevention. When asked about its choice to launch in Nigeria, the startup points to these gaps in care and prevention. “We saw a gap. Health isn’t just clinical; it’s personal,” Fakayode said. “Platos Monitor brings that power to Nigerians first.” Platos also uses Google’s Gemini to provide users with personalized insights and health summaries, such as distinguishing between ‘good’ and ‘bad’ fat. Fakayode says these tools help users manage weight, improve metabolic health, prevent disease, and address age-related muscle loss. The Platos software is designed for urban women and health-conscious men, groups often affected by poor diet and inactivity. With the fresh funding, Platos is ramping up research and expansion efforts. The company works with scientific advisors, including Professor Hanno Pijl, an expert in metabolic health and lifestyle medicine, and Dr. Jimoh Itopa, to study how diet affects body fat and metabolism. These initiatives draw on research by Dr. William Li, whose work focuses on the body’s natural defense systems, as Platos seeks to build a more evidence-based approach to preventive health. Although its devices currently cost more than Nigeria’s minimum wage ( ₦70,000 or $43.56), Platos is betting that it can capture the majority of Nigeria’s high-income-earning households. But if history is any guide, today’s luxury could become tomorrow’s necessity. For Platos, the real test will be whether it can turn a premium product into a mass-market prescription for better health before the next silent epidemic hits.
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👨🏿🚀TechCabal Daily – Safaricom’s $309 million bet
In partnership with Lire en Français اقرأ هذا باللغة العربية Howdy. Yesterday, millions of Nigerians woke up to a digital blackout: MTN, the country’s largest telecom operator, went dark, leaving subscribers stranded. The disruption, which started Monday night and stretched into Tuesday, didn’t just kill memes and doomscrolling; it froze businesses, banking, and the daily hustle for millions. As for me? I got a taste of fleeting internet fame when my tweet quoting a Nigerian singer’s raunchiest lyrics hit nearly a million eyeballs. So if you spot me today, feel free to call me “one-time banger boy,” but don’t ask me to retweet your complaints. Want the inside scoop on how outages like this ripple through Nigeria’s digital economy? Or just want to vent about your own MTN horror story? Ask away. – Faith 80,000 online platforms get flushed in Tanzania Five Kenyan banks refuse to cut their loan rates Why Safaricom is spending $309 million annually on M-Pesa World Wide Web 3 Opportunities Government Tanzania’s big digital detox: 80,000 online platforms get flushed Image Source: Google Around Tanzania, parents clutch their pearls at the amount of unethical content their children may have been exposed to. Over 80,000 online platforms, including blogs, websites, and social media accounts, have been shut down in Tanzania after its communications regulatory authority—Tanzania Communications Regulatory Authority (TCRA)—identified their content as a risk to children’s mental health. Not its first rodeo: Before now, Tanzania has always stood on business in matters concerning published online content. In 2017, the country’s parliament passed the Electronic and Postal Communications Regulations (amended in 2020) that criminalised indecent, hateful, and disruptive content. This policy also mandated that content creators had to obtain a licence in order to publish content or face consequences including prison time, a fine, or both. Last year, Tanzania suspended the digital unit of its biggest media house, Mwananchi Communications, over an animated video that depicted a woman—who is ostensibly the nation’s president—flipping through television channels of family members searching for missing loved ones. Critics say that the government is hiding behind child protection for a wider crackdown on dissent and freedom of speech. This crackdown raises more questions than it did answers: What qualifies as harmful content, and who makes the call? How were these websites flagged? How was this decision reviewed? Were shutdown creators warned? Why did the parliament ignore the penal measures stated in its online content regulatory policy? Can licenced platforms appeal this takedown? How did the regulatory authority grant licences to so many questionable platforms? Answers, when they come, will come from Tanzania’s parliament. Until then, it’s anyone’s guess. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. 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 <!– Next Wave –> <!– Entering Tech –> Subscribe Banking Five Kenyan banks refuse to cut their loan rates as disagreement with CBK escalates Central Bank of Kenya/Image Source: Google The Central Bank of Kenya (CBK) is still not having a great time getting commercial banks in the country to cooperate. Since August 2024, the CBK has been pleading with banks to reduce their lending interest rates so Kenyans can get cheaper loans. To show commitment, the regulator has even cut its own benchmark rate (CBR) five times in
Read MoreCWG eyes East Africa, Middle East expansion after posting record profits in 2024
CWG Plc, one of Nigeria’s biggest IT services and infrastructure firms, is expanding to new markets in East Africa and the Middle East after recording its first billion-naira profit in 13 years. With operations in Nigeria, Ghana, Uganda, and Cameroon, the 32-year-old company which reported a 428% jump in profit to ₦3.04 billion ($1.89 billion) in 2024, is increasingly positioning itself as a pan-African tech enabler, moving beyond its traditional role as a systems integrator to develop homegrown digital platforms for banks, cooperatives, and Small and Medium Enterprises (SMEs). “We are poised for even more significant revenue and profit growth in 2025,” A CWG spokesperson said in an email to TechCabal. “As we move into 2025, we are diversifying our offerings to more sectors, strengthening our presence in our existing markets, and expanding operations into other East African countries and the Middle East.” Although CWG has yet to name the specific countries it is entering, Group CEO Adewale Adeyipo noted in the 2024 annual report that the group is targeting two additional markets to extend its tested offerings into new economies. According to the report, the spike in technology consumption across West Africa drove improved performance at CWG Ghana, with a recorded revenue of ₦8.4 billion ($5.0 million) in 2024 from ₦4.13 billion ($2.6 million) in 2023. CWG Uganda’s revenue more than doubled to ₦7.34 billion ($4.6 million) while Cameroon reported ₦11.9 million ($7,407) from zero revenue. Beyond geographical expansion, the group is increasing its focus on innovation through its software arm, Fifthlab. This division experienced a 558% revenue growth in the past year, driven by the creation of its platforms designed to solve practical problems within crucial economic sectors. “This is our next frontier, where we are applying everything we have learned and built, creating something truly transformative for CWG, the businesses, and the economies we serve across Africa,” Adeyipo said. In 2024, Finedge, the company’s banking and digital arm, onboarded nearly 20 new financial institutions. KuleanPay, its escrow and transaction management platform, experienced substantial growth, marked by a 2,000% increase in transaction volume. SMERP, CWG’s cloud-based business solution, which helps SMEs streamline their operations, recorded a 1,000% growth rate, and BillsnPay, its vending platform, processed over 30.5 million transactions worth ₦18.6 billion ($11.6 million). UCP, its cooperative management platform, expanded its customer base by 140%, processing 500 million transactions—a 50% year-on-year increase. Banking sector still drives growth In Q1 2025, CWG posted ₦1.48 billion ($921,281) in after-tax profit, up 368% from ₦316.1 million ($196,706) in the same period of 2024. Revenue rose to ₦15.3 billion ($9.5 million), an 83% surge from ₦8.38 billion ($5.2 million), largely fueled by IT spending from Nigerian banks. The banks, including First Bank of Nigeria, United Bank for Africa, GTBank, Fidelity Bank, First City Monument Bank, Stanbic IBTC, and Wema Bank, spent a combined ₦60.3 billion ($37.5 million) on IT and digital services in Q1, up from ₦45.3 billion ($28.2 million) a year earlier. A breakdown of CWG’s revenue sources shows IT infrastructure services accounted for the largest revenue share, contributing ₦6.2 billion ($3.7 million). Software revenue followed closely with ₦4.418 billion ($2.8 million), while ‘managed and support services’ contributed ₦4.415 billion ($2.7 million). “In 2024, several Nigerian banks decided to invest in IT infrastructure, particularly Finacle, cloud-based solutions, managed IT services, to mention a few,” the CWG spokesperson said. The group also expanded the Finacle footprint last year by adding three new sites in partnership with Infosys and supported MTN Nigeria in launching digital self-service kiosks in Lagos and Abuja. While CWG benefits from deep client ties and growing regional demand, it faces increasing competition from global IT consultancies such as Accenture and Microsoft. These firms offer bundled, end-to-end services that could pressure local players. CWG’s success will depend on its ability to scale quickly, localise effectively, and sustain innovation across its proprietary platforms. If it delivers, 2025 could be its most transformative year yet, financially and geographically.
Read MoreThe AI agency helping Kenyan companies find on-ground applications of AI in their businesses
Ai Kenya started as a grassroots initiative in 2017. Back then, it was just a loose group of enthusiasts trying to demystify artificial intelligence (AI) for local developers and students. Today, it’s a full-blown AI agency with paying clients, policy influence, and a growing catalogue of services. It’s run by Alfred Ongere, who recently left his day job at a local fintech and neobank to focus on the company full-time. The shift matters. With governments drafting national AI strategies and global firms looking to outsource more AI-adjacent work to African teams, the race is on for who gets to shape the narrative and build the tools. AI Kenya wants in on both. What does Ai Kenya do? Ongere describes it as a “360-degree agency” that covers the business and policy ends of AI. That includes corporate training, AI summits, hackathons, readiness assessments, software development, and advisory services. The idea is to offer something practical, not just theoretical, to organisations trying to figure out where to start. “Ai Kenya operates as a for-profit company,” he said. “Our community program is a form of CSR that we provide to contribute towards the economic and technological development of the country.” Funding and staying afloat The company sits under a parent entity called Mind Intelligence. No outside investors. No grants. “So far it’s mostly self-funded,” Ongere told me two weeks ago. “I was working on Ai Kenya part-time till last year, October. Now, however, I am dedicated full-time and focused on expanding the team.” Ongere is not rushing to raise venture capital either. Instead, he is betting on client revenue to fuel the next phase of growth. “We want to show that AI services can be a viable business in this market,” he told me. “If we get the structure right, we can replicate it beyond Kenya.” That’s where things get interesting. Most African AI startups are either research labs chasing grants or early-stage product builders looking for global scale. Ai Kenya doesn’t quite fit that mould. It’s not trying to build the next ChatGPT, rather, it is trying to help businesses understand what AI can actually do for them, then build it with them. That includes enterprise-facing events like the AI Business Breakfast Summits. 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Ongere is betting that Kenya’s private sector is ready for that kind of support, and not just from flashy pitch decks, but from people who’ve been close to the ecosystem for years. “The more businesses leverage AI correctly without making many mistakes and errors, the more the economy grows,” he said. Shaping AI policy Still, Ai Kenya isn’t ignoring the policy side. According to Ongere, the team contributed to Kenya’s newly released National AI Strategy under the Ministry of ICT. In 2024, tt also helped push back against a proposed Robotics and AI Society Bill earlier this year that critics say lacked public engagement. Ongere and his team joined other voices in calling for a more inclusive process. “We collaborate
Read MoreWhy Safaricom is spending $309 million annually to future-proof M-Pesa
By any measure, M-Pesa is a success story. It is one of Africa’s most consequential financial innovations in the last two decades. The mobile money platform, launched by Safaricom in 2007, now processes over 21 million transactions per day and touches nearly every facet of Kenyan life, from taxi fares to school fees to utility bills to small business payrolls. But scale comes with its challenges. With M-Pesa’s core infrastructure under increased pressure from high transaction volumes, growing cyber threats, and high expectations from users, the mobile money platform has entered maturity, one that demands more than tweaks. It requires reinvention. Safaricom’s decision in March to invest over $309.6 million (KES 40 billion) annually into M-Pesa’s overhaul is not merely a technical upgrade. It is a strategic repositioning — a recognition that M-Pesa is no longer just a product but a crucial payments infrastructure. And in the digital age, infrastructure must be invisible, resilient, and ruthlessly efficient. “This year we will be going to what we are calling M-Pesa 2.0 which is the next phase of the M-Pesa platform,” Safaricom CEO Peter Ndegwa told TechCabal. “It’s about investing for capacity, for functionality, for stability and also for resilience which is about ensuring that customers can always rely on our ecosystem.” Ndegwa said that at the heart of the investment is an ambitious goal to reduce downtime to zero, boost stability, enhance security, and have the capacity to scale beyond its current ceiling. In some respects, Safaricom is facing the same existential tension that other tech giants confront — the burden of ubiquity. As more people and institutions come to rely on M-Pesa, the cost of failure rises exponentially. Today, a one-hour M-Pesa outage is no longer an inconvenience; it’s an economic disruption. Warding off competition M-Pesa 2.0 is expected to move the mobile money platform from legacy systems into a cloud-native, API-first architecture, a systems engineer with knowledge of the upgrade told TechCabal. The shift could have implications for speed, security, stability, and interoperability, which have recently become a focus for regulators like the Central Bank of Kenya (CBK). CBK is pushing for greater integrations across commercial banks, mobile money operators, fintechs, microfinance financial institutions, and Savings and Credit Co-Operative Societies (SACCOs). In October 2024, the regulator announced plans to roll out a new fast payment system (FPS), allowing users to send and receive money across all digital payment systems. If M-Pesa 2.0 delivers on its technical promise, it could become a critical pillar of the interoperability push. Unlike in the early years when Safaricom resisted integration efforts to shield M-Pesa from competition, it appears to align itself with the regulators, to comply and remain indispensable. The more seamlessly it connects with other players, the harder it becomes to bypass — a strategic play that could preserve its dominance in a more open and contested market. The size of Safaricom’s annual investment in M-Pesa points to a defensive and offensive posture. For years, the mobile money platform held a commanding lead in the market, enjoying first-mover advantage and network effects. But today, its dominance is under pressure. Banks, fintech startups, and even global tech players are encroaching on its territory, offering slicker apps, lower fees, and cross-border capabilities, which is weakening its historical lock-in. M-Pesa’s mobile money market share fell to 91% in 2024 Q4, down 2.3 percentage points from the previous quarter, as rivals continued to gain ground. Airtel Money, its closest competitor, rose 8.9% from 7.6% — its fifth consecutive quarter of growth. Securing trust While cyberattacks on Kenya’s financial institutions go unreported, reports by the Communications Authority of Kenya (CA) indicate that digital payments are becoming targets of such attacks. In Q1 2025, the CA detected over 2.5 billion cyber threats, a 201.85% increase from the previous quarter. With digital fraud rising in Kenya, M-Pesa’s scale makes it a high-value target for hackers. Ndegwa said the company is addressing the threat by deploying ethical hackers to test the system, beefing up system audits, and embedding fraud prevention into every layer of the platform. But the stakes go beyond technology. M-Pesa holds more than just user data; it holds livelihoods. The reputational damage from a major breach could be devastating, not just for Safaricom but also for digital payments. “Our customers trust us, and for us to actually secure that trust, we have to continue to keep ahead of the crooks,” Ndegwa said. “For you to have reliable, always-on, safe, secure, commitment to customers, it takes a lot of investment.” Safaricom sales agents interact with customers in Nairobi’s Kibra during celebrations marking M-Pesa’s 18th anniversary on March 7. IMAGE | SAFARICOM With over 34 million customers, M-PESA handled over 30 billion transactions in 2024 valued at an estimated $309.4 billion (KES40 trillion). It has over 160,000 agents spread across Kenya, exposing it to cyber fraud at many levels. “It’s not that we don’t normally have cyber threats. They are usually there, but we have enough guard rails that allow us to continue to build resilience,” Ndegwa said. Quiet upgrades M-Pesa’s last major system overhaul was in 2021 when Safaricom upgraded the platform from Release 4 to Release 6, which enhanced its handling of growing volumes of transactions and improved the platform’s performance. It was an extensive upgrade that took over 10 hours, with some service disruptions. Ndegwa said that because of the high investments the company has made since the last upgrade, Safaricom can do upgrades in under 10 minutes today. In contrast, most Kenyan banks shut services for close to 48 hours over the weekends to undertake upgrades. “We want, in six to 12 months, by the time we are done with M-PESA 2.0, there will be zero-customer downtime. We will be able to upgrade in the backend without customers realising that we are upgrading, which is the future of technology,” Ndegwa said. Safaricom may be setting the standard for what modern fintech infrastructure must look like— reliable, secure, and resilient. Its $309.6 million annual bet
Read MoreNITDA’s Kashifu Inuwa sees small language models as Africa’s entry into AI race
Kashifu Inuwa, Director-General of Nigeria’s National Information Technology Development Agency (NITDA), believes that Africa’s best bet in the global AI race lies not in catching up on massive infrastructure, but in building talent and developing small language models (SLMs) tailored to local realities. For him, small language models offer Africa a unique chance to leapfrog infrastructure-heavy barriers that have historically limited its participation in global tech revolutions. Despite its digital adoption growth, Nigeria has not been the top priority for recent AI infrastructure investments, like those by Cassava Technologies with Nvidia or MediaTek in Egypt. But Inuwa attributes this not to a lack of ambition, but to timing and strategic readiness. He pointed to Nigeria’s 2016 Local Content Guidelines, revised in 2018 and 2019, which laid early groundwork by encouraging data residency. Since then, NITDA has launched an eight-pillar roadmap focused on talent, research, infrastructure, regulation, and innovation, all geared toward fostering a vibrant digital economy. Rather than trying to match hyperscalers like OpenAI and Google in the compute arms race, Inuwa suggests Africa should focus on AI applications and models that solve local problems—from agriculture to healthcare. “We don’t need huge infrastructure to build our models,” he says, citing the development of Afro-SLM by Nigerian startup EqualyzAI as an example of lightweight AI engineered for African languages, offline environments, and rural communities. Such models, Inuwa argues, could democratise access and representation in AI systems. In partnership with Google, NITDA is laying the groundwork for Nigeria to become a regional cloud and AI hub. Discussions are underway around a sovereign cloud infrastructure, investment frameworks, and a pipeline of local talent to support it. Inuwa envisions Nigeria not just digitising government services, but also attracting hyperscalers, enabling semiconductor manufacturing, and ultimately positioning itself as a data hub for West and Central Africa, leveraging its undersea cables and forthcoming 90,000km fibre network. To get there, however, Inuwa says Nigeria must focus on building ecosystems, not just infrastructure. That means aligning policies on data classification, investing in AI research across sectors, and integrating digital skills from kindergarten up. For him, the AI future is about local intelligence, strategic partnerships, and inclusive innovation that makes African data count in global decisions. “We missed out on the first three industrial revolutions,” he says. “We cannot afford to miss the fourth.” TechCabal spoke to Kashifu Inuwa to understand the details of the discussion with Google, the push to digitise government services, and increase AI adoption. This interview has been edited for length and clarity. A couple of digital infrastructure investments have come into Africa through Cassava Technologies in collaboration with Nvidia. MediaTek is funding an Egyptian startup to grow the AI and semiconductor space on the continent. Why is Nigeria not top of mind for these investments, given the country’s size in digital adoption? Let me take you back to history. If you ask me personally, there was a deliberate commitment or push from Nigeria to position itself as the hub for IT infrastructure in Africa through the Local Content Guidelines, which was drafted first in 2016, and it was reviewed in 2018 and 2019. The Local Content Guidelines encouraged government agencies to keep data in-country. Based on that, at NITDA, we developed our strategic roadmap and action plan with a vision of making Nigeria a digitally empowered nation, fostering inclusivity through technological innovation. And we came up with eight pillars. The first one is to foster digital literacy and cultivate talent, because it’s a knowledge-based economy. Talent is also the human component of technology. It makes our lives better, but people make the technology better. If hyperscalers are coming to Nigeria, they need talent to build services. Based on that, we are doing a lot, like working with the Minister of Education. We have developed a curriculum to integrate digital literacy and skills into our formal education from kindergarten to tertiary institutions. We are doing an acceleration program to train Nigerians on technology skills, which are in high demand. The second pillar is building a robust research ecosystem because literacy and talent are quick wins. But for the future, we need to build that deep tech research and ecosystem because that’s what helps the nation to build a robust and sustainable economy. We are looking at AI, Internet of Things (IoT), Unmanned Aerial Vehicles (UAV), blockchain, robotics, and additive manufacturing. The third pillar is on crafting a legal framework that creates the enabling environment. The fourth one is on promoting inclusive access to digital infrastructure and services because the more digitally literate population we have, the better for us when it comes to the digital economy. Then we have a pillar on cybersecurity and digital trust. We have a pillar of entrepreneurship, an innovative and entrepreneurial ecosystem. We have a pillar on strategic partnership, and we have a pillar on government digitalisation. Google likes the idea (strategic roadmap), and we jointly agreed on five pillars we can work together on, including scaling infrastructure, cloud adoption, AI innovation, and investment framework. If NITDA and Google get this right, it will open doors for other hyper-scalers to come and invest in Nigeria. It will open doors for our local data centre providers to scale up. It will open doors for other technology manufacturers like Nvidia to also come to Nigeria, because it’s about creating an ecosystem. It’s not just about technology because we are looking at horizontal value creation across everything. NITDA is looking at how we can create sustainable energy because it’s another area that we need to pay attention to if we want to attract these hyperscalers. And, regarding energy, it is not always about the grid. We also need to be innovative because even in developed nations today, they are building off-grid energy sources for data centers. Then the AI integrations come in because AI is going to be the next wave in our history. It’s going to disrupt and change a lot. And we will not just be using an AI developed
Read MoreTanzania’s purge of 80,000 online platforms signals deeper state control over digital space
Tanzania has shut down over 80,000 websites, social media accounts, blogs, and online platforms in the country’s most extensive digital content purge. The government said the move is meant to protect children’s mental health, but it also signals a growing appetite for online censorship. On Monday, Hamis Mwijuma, the deputy minister for information, culture, arts, and sports, told parliament that the Tanzania Communications Regulatory Authority (TCRA) had identified 80,171 platforms “publishing unethical content that poses a risk to children’s mental health.” Mwijuma was responding to a question from Special Seats MP Ng’wasi Kamani on the government’s plans to control social media content. The scale of the crackdown points to a wider state campaign that’s evolved over the last decade. In 2017, Tanzania’s parliament passed the Electronic and Postal Communications (Online Content) Regulations, with additional amendments in 2020. These laws criminalise content considered indecent, obscene, hateful, or disruptive to public order. Offenders face up to 12 months in prison, fines of TSH 5 million ($1,858), or both. The regulations give the TCRA sweeping powers to police social media, including blogs and private accounts. “It is not the first time they’re doing this. Seven years ago, during President Magufuli’s term in office, they had content creators (bloggers, owners of YouTube channels) needing to be registered and licenced to disseminate information,” Emmanuel Chenze, COO at African Uncensored, a Kenyan investigative media company, told TechCabal. “For a country with such a history, this news is obviously not a sign of progress.” In October 2024, the government suspended the digital unit of Mwananchi Communications, a subsidiary of Nation Media Group, over an animated video depicting relatives searching for missing loved ones. The main character resembled President Samia Suluhu Hassan. TCRA said the video threatened public order and harmed Tanzania’s image. Mwananchi’s online licences were suspended for 30 days. Mwijuma said the government is also training journalists and digital content creators to detect fake news and protect “a safe cultural environment for Tanzanian children.” But critics say the government is using child protection as cover for a wider crackdown on dissent. No public information exists on how platforms are flagged, whether takedowns can be appealed, or if affected creators were given notice. “There’s a thin line between cracking down on harmful (to kids) content, regulating online content, and outright gagging,” Chenze added. “The efforts to do the former, which may include the passage of some laws and extreme measures like the ones taken in this case by TCRA, can easily lead to the latter. Nothing stops them from being weaponised and used to stamp out dissenting voices.” The Tanzanian government has not clearly defined what qualifies as harmful content, nor outlined who makes that determination or how those decisions are reviewed. Yet it continues to expand its authority over online expression, deciding who gets to speak and what can be said.
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