- May 29 2025
- BM
Startups on Our Radar: 10 African startups rethinking ride-hailing, credits, and banking no one’s talking about yet
Startups on Our Radar is a bi-weekly column that spotlights new startups across Africa taking unconventional approaches, filling fundamental gaps, and creating value in a way that feels fresh, focused, and meaningful. Know a startup we should feature next? Please nominate here. In our second edition, we featured 10 African startups opening markets, cutting CO₂, and seafarming no one’s talking about yet. If you missed it, catch up here. Expect the next dispatch on June 12, 2025. Let’s get into today’s picks. 1. Tendo is unlocking entrepreneurship by removing inventory risk for thousands (E-commerce, Ghana) I first heard about Tendo while doomscrolling on LinkedIn. Someone was raving about how it’s helping everyday Ghanaians start online businesses without the usual headaches of inventory or capital. Founded in 2021 by Felix Manford, Evans Boateng, Derrick Mungai, and Primerose Katena, Tendo enables tens of thousands of individuals to launch and grow online businesses without upfront capital. The platform connects aspiring entrepreneurs with suppliers, handles inventory and delivery, and empowers users to sell directly via social channels like WhatsApp and Facebook. Why we’re watching: By removing inventory risk and simplifying operations, the company is unlocking entrepreneurship for people who’ve traditionally been sidelined by capital and logistics challenges. This model could redefine how digital commerce scales across Africa’s informal economies, especially for women and youth. The company is also backed by Y Combinator and Renew Capital.. 2. eMaisha Pay is building a neobank tailored for agribusinesses (Fintech, Uganda) When I came across eMaisha Pay, I was fascinated by its focus on agribusinesses. Unlike most neobanks chasing urban SMEs, eMaisha is laser-focused on farmers and small agribusinesses who’ve been left out of the financial system for too long. Founded in 2021 by Sserubiri Joseph Uhuru, its mobile app and prepaid card make it easy for these businesses to save, transact, and get loans without the usual paperwork nightmare. Why we’re watching: Agriculture remains the heartbeat of Africa’s economy, yet financial services for farmers and agribusinesses are still stuck in the past. eMaisha’s laser focus on this underserved segment means it offers a lifeline for rural entrepreneurs who need tailored financial products that fit their unique cash flows and risks. By integrating savings, payments, and credit into one seamless platform, eMaisha could unlock a wave of productivity and resilience in African agriculture, with ripple effects on food security and rural livelihoods. 3. Zeeh Africa is bringing AI-powered open banking to Nigeria’s fragmented financial landscape (Fintech, Nigeria) Zeeh Africa came into my radar when I attended the Ibadan Startup Fest last year. The startup was a headline sponsor. I had a quick chat with the founder and was struck by how the company is building tools that let people link all their financial accounts, get personalised advice, and unlock credit opportunities—all in one place. Launched in 2022 by David Adeleke and Frank Uwajeh, Zeeh Africa’s AI-powered open banking platform lets individuals and businesses link all their accounts, track spending, receive personalised financial advice, and unlock new credit and investment opportunities in real-time. By aggregating financial data and providing actionable insights, Zeeh is one of the open banking startups breaking down silos and giving users the tools to make smarter financial decisions Why we’re watching: With Nigeria finally opening the door to open banking, Zeeh Africa is perfectly positioned to help shape what this new era looks like. The startup feels like one of the few teams genuinely trying to make all the messy bits of personal finance—multiple accounts, scattered spending, random loan offers—make sense for regular people. If it can pull off what it’s building could mean less financial chaos and maybe even smarter money decisions for everyday Nigerians. 4. Carrot Credit lets you borrow against your crypto and stocks without selling (Fintech, Nigeria) I first met Bolu Aiki-Raji, Carrot Credit’s founder, while interviewing the team for its $4.1 million seed raise. On that call, I was fascinated by the startup’s idea. He told me about the company’s approach to letting people borrow against their crypto and stock holdings without selling. It stuck with me because it’s such a fresh take on liquidity, giving investors access to cash without losing exposure to their assets. Why we’re watching: In markets where traditional credit is scarce or inaccessible, being able to borrow against crypto or stocks without selling is revolutionary. This model not only preserves investment upside but also introduces a new form of collateral that’s native to Africa’s growing digital economy. As crypto adoption rises, Carrot’s frictionless, no-paperwork lending could become the go-to credit option for millions. 5. Kapsule is turning healthcare data into actionable insights (Healthtech, Rwanda) An investor first introduced me to Kapsule, the Rwandan healthtech startup. And within minutes, I was drawing parallels to PBR LifeSciences, a Nigerian startup with a similar business model. Founded in 2020 by David Chen and Hannan Hashmi, Kapsule is helping hospitals and pharmacy groups turn raw data into insights to improve patient care. The platform captures, processes, and analyses health data, providing multinational pharmacy groups with data and insights to make informed decisions, like product pricing, forecasting, and new product development, in the African markets it operates. Why we’re watching: Healthcare in Africa is often hampered by poor data, fragmented, incomplete, or inaccessible. Kapsule is quietly building the infrastructure to change that by turning raw health data into insights that can save lives and improve care. Its work is foundational, enabling hospitals and health startups to make evidence-based decisions, optimise resources, and track outcomes. Pharmaceutical companies often struggle with excessive production volumes due to a lack of understanding of actual market demand. PBR gathers anonymised data—drug quantity, prices, and how frequently they are purchased—from various pharmacies to enable pharmaceutical companies to better match production with actual market demand. 6. Recital Finance is automating financial operations for Africa’s fintechs and corporates (Fintech, Nigeria) I came across Recital Finance during Accelerate Africa’s pitch event in Lagos. What stood out was the company’s pitch: automating the messy, manual financial operations that slow
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- May 29 2025
- BM
Glovo vendors in Nigeria have generated ₦71 billion in revenue since 2021
Over 6,000 vendors in Nigeria have generated ₦71 billion ($42 million) in revenue through Glovo since the on-demand delivery platform launched in the country in 2021, the company revealed at its Future of Commerce 2025 summit in Lagos on Wednesday. The milestone highlights the company’s growth in Nigeria’s competitive e-commerce market and its ambitions to expand beyond food into a broader retail marketplace. The vendors represent 13% of the 45,000 African businesses supported by Glovo across Africa. Since launching on the continent in 2018, Glovo has invested €200 million and built operations in 75 cities across six countries—Côte d’Ivoire, Kenya, Morocco, Nigeria, Tunisia, and Uganda. In Nigeria, Glovo operates in 11 cities, with Lagos driving the majority of its activity. Glovo’s 2,400 riders across Nigeria earn two to three times the national minimum wage of ₦70,000 ($43), comparable to Chowdeck’s reported earnings for its 10,000-rider network. At the summit, Glovo awarded an Abuja-based rider for completing 14,000 deliveries since 2021. “We’re fostering a tech-driven, inclusive marketplace that scales Nigerian SMEs through data, logistics, and financial tools,” Lamide Akinola, Glovo Nigeria’s General Manager, said at the event. The company exited Egypt and Ghana due to profitability challenges, a move echoing Jumia Food’s withdrawal from the latter amid economic headwinds. The platform reported a 76% surge in quick-commerce gross merchandise value (GMV) in 2024, fueled by diversification into non-food items like electronics, beauty products, and pharmaceuticals, with 20% of users now purchasing beyond food. This aligns with global and local trends of food delivery startups like Chowdeck and HeyFood evolving into marketplaces for electronics, medicines, and other essentials. A notable shift toward digital payments saw cash transactions drop from 88% of Glovo orders in 2021 to 39% today, a 55% decline, aligning with Nigeria’s cashless economy push. Unlike competitors such as Chowdeck and FoodCourt, which have restricted cash payments to curb losses from uncompleted orders or driver fraud, Glovo’s continued acceptance of cash may reflect a strategy to build user trust. At the summit, Glovo also unveiled its Yellow Effect Report, which claims the platform has enabled €1 billion in economic value for 45,000 African businesses—90% of them SMEs—between 2020 and 2024. In fireside chats and panel discussions, executives from Chicken Republic, Burger King, Sweet Sensation, and financial providers like Moniepoint and WEMA Bank discussed SME financing. Popular vendors and virtual kitchen owners like 500Chow, Toasties, and FireWood Jollof shared how essential the platform has been for the distribution of their product by solving the pain of logistics. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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- May 29 2025
- BM
The best Itel phone in Nigeria for 2025: Specs, & reviews
If you live in Nigeria, chances are you’ve either used an Itel phone or know someone who does. That’s not a coincidence; Itel has become one of the most popular smartphone brands in the country because of its affordable prices. Itel, along with Tecno and Infinix, belongs to Transsion Holdings, the Chinese conglomerate that dominates Nigeria’s smartphone market. Transsion holds over 60% of the market share in Nigeria and is now one of the leading smartphone sellers globally. This piece highlights the best Itel phone in Nigeria for 2025, including their key features, real-life performance, and which one might suit you best. How we picked the best Itel phone in Nigeria for 2025 You might be wondering: “Out of all the Itel phones out there, how did we decide which ones made the cut for this list?” Good question. We didn’t just pick phones randomly or follow hype. Every Itel phone on this list was chosen using straightforward, practical criteria, focused on what matters to you. 1. Latest Itel releases for 2025 First, we focused on the newest Itel smartphones. If you’re searching for an Itel phone 2025, you want fresh models, not phones from two years ago. That’s why we included only devices released in late 2024 and early 2025. Phones like the S25 Ultra, P70, A90, A80, P65, and A50C all fall in this category. 2. What people are buying and talking about Next, we looked at popularity. Which Itel phones are trending in Nigeria right now? Which ones are people buying and recommending? We scanned tech blogs, user reviews, online forums, and significant sales platforms in Nigeria to find out. If Nigerians are talking about it or buying it, we pay attention. 3. Useful features for different needs Not everyone wants the same thing from a phone. Some people need strong battery life. Others care about camera quality. Some are students on a budget. Others want a smooth experience for browsing, chatting, and light gaming. We made sure this list covers all the bases: Phones with long battery life, like the Itel P70 Phones with great cameras like the S25 Ultra Budget-friendly options like the A50 And even 5G-ready phones like the P55 5G That way, no matter what you need, there’s something here for you. 4. Real feedback from real users We didn’t just rely on what the brands say. You and I both know that ads don’t always tell the whole story. That’s why we dug deep into honest user feedback, what people liked, what they didn’t, and what surprised them after using the phone. For example: A phone might promise a 6000mAh battery, but does it last all day? A 50MP camera sounds great, but how good are the photos in real life? Is the software smooth, or does it lag when switching apps? We looked for honest answers to these kinds of questions. That way, you’re not just reading specs, you’re getting real help before you spend your money. Best Itel phone in Nigeria (2025) This section provides a detailed examination of the top Itel smartphone models available in Nigeria for 2025, covering their specifications, features, and real-world user experiences. 1. Itel S25 Ultra The Itel S25 Ultra was launched in the Nigerian market in November 2024 and costs between ₦225,000 and ₦231,000. One of the most significant upgrades here is the 6.78-inch AMOLED display. It’s bright (up to 1400 nits), super clear (FHD+), and refreshes at 120Hz for smooth scrolling. Gorilla Glass also protects it and comes with a fingerprint scanner built right into the screen. Under the hood, it runs on a Unisoc T620 processor with 8GB of RAM and storage options ranging from 128GB to 512 GB. It’s got a 50MP main camera at the back and a 32MP selfie camera in front. You can shoot videos in 1440p, and it runs on Android 14. Battery-wise, it packs a 5000mAh battery with 18W fast charging and even supports bypass charging to reduce heat. It’s also dust- and water-resistant (IP64 rated). 2. Itel S25 The Itel S25 was also launched in November 2024 and costs around ₦200,800. It’s almost the same size and has the same 6.78-inch AMOLED display, but it gets even brighter at 1800 nits, which makes a difference under the sun. It uses the same Unisoc T620 processor, with 6GB or 8GB of RAM and 128GB of storage. Cameras? You still get a 50MP rear camera and a 32MP front camera, just like the Ultra. Battery, charging, and Android version? All the same as the Ultra. It’s rated IP54 for water and dust, so it’s slightly less protected than the Ultra. Top Infinix phones in 2025: Latest models, specs & prices in Nigeria 3. Itel P70 The Itel P70, launched in March 2025, is priced at around ₦124,900. What makes this phone stand out is its massive 10,000mAh battery setup. It combines a 6,000mAh built-in battery with a 4,000mAh charging case, which is included in the box. This setup offers a significant advantage if you live in an area with power issues or frequently travel. It also supports 18W Type-C fast charging, so you won’t wait forever to top it up. Display: 6.67-inch HD+ screen, bright even in sunlight, with a 120Hz refresh rate. Processor: Helio G50 Ultimate chip. RAM: Up to 16GB with memory fusion. Storage: 128GB or 256 GB. Cameras: 13MP back camera, 8MP selfie. Software: Android 14. Extras: IP54 rating, drop-resistant case, 4-year battery health guarantee. 4. Itel P65 Released in August 2024, the Itel P65 costs between ₦129,900 and ₦165,000, depending on the storage option. Like the P70, it comes with a charging case; this one adds 2,400mAh, bringing total battery power to 7,400mAh. Display: 6.67-inch FHD+ or 6.7-inch IPS LCD with a smooth 120Hz refresh rate. Processor: Unisoc T615. RAM: Options from 4GB to 8GB (with up to 2.4GB expandable). Storage: 128GB or 256 GB. Cameras: 50MP dual rear camera, 8MP front camera. Software: Android 14 with Itel OS. Extras: Side fingerprint
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- May 29 2025
- BM
The key to unlocking Africa’s fintech future
Africa’s fintech revolution is at a critical juncture. The sector has grown an impressive 180% since 2020 and is projected to reach $65 billion in revenue by 2030. However, one major opportunity remains: regulatory harmonisation. Streamlining financial regulations across the continent could propel fintech innovation and enhance financial inclusion. This growth is fueled by Africa’s unique landscape—a continent where over half of adults lack access to traditional banking, yet mobile phone penetration in Sub-Saharan Africa exceeds 80%. Fintech companies have leveraged mobile technology to provide essential financial services, from mobile money transfers to digital lending, reaching previously unbanked populations from bustling Lagos to vibrant Dar es Salaam. The challenge of fragmented regulation For multinational companies expanding across Africa, seamless and predictable payment systems are essential. However, fintechs and financial service providers must navigate a complex web of regulatory frameworks, obtaining separate approvals in each country. This fragmented system burdens businesses with high compliance costs and impacts millions of Africans through increased cross-border transaction fees and limited access to financial services. These challenges are amplified by Africa’s economic diversity. The continent comprises 54 countries, each with distinct financial systems. Among them, four nations—Nigeria, Kenya, South Africa, and Egypt—stand out as the “big four” fintech markets, attracting the majority of investment. Other countries, such as Ghana and Rwanda, are also making strides in digital transformation. Despite these differences, intra-African trade reached $192 billion in 2023, underscoring the need for more seamless financial flows. A model for Africa: The EU Passporting Rule Solutions for regulatory integration exist globally. Take the European Union’s Passporting Rule, which allows financial service providers authorised in one EU country to operate across all member states. A similar system in Africa would enable fintechs licensed in Nigeria to expand to Kenya, South Africa, or Egypt without additional regulatory hurdles. The benefits would be transformative. Consider cross-border payments—one of Africa’s biggest financial challenges. Currently, sending money across African borders is costly and inefficient, leading many to turn to cryptocurrency alternatives. A harmonised regulatory framework would reduce these costs by enabling payment providers to operate seamlessly across multiple markets. A promising example of this approach is the recent Memorandum of Understanding (MoU) between Ghana and Rwanda on regulatory passporting. This agreement allows fintechs licensed in either country to expand their services without additional approvals, reducing compliance costs and fostering financial inclusion. If successfully implemented, it could serve as a model for broader regional harmonisation across Africa. Steps toward harmonisation Progress is already underway. Initiatives like the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) are pioneering cross-border payment solutions, proving that continental coordination is possible. However, these efforts will only succeed with a supportive regulatory environment. Achieving harmonisation requires bold leadership from Africa’s fintech sector. Fintech companies must actively engage regulators, sharing insights on business models and building relationships that foster regulatory understanding. At the same time, financial regulators must embrace open dialogue and create flexible policies that support innovation while ensuring consumer protection. As a first step, regional harmonisation among the big four markets—Nigeria, Kenya, South Africa, and Egypt—could set a precedent for others to follow. These countries already dominate fintech investment and could establish regulatory standards that drive broader continental adoption. The road ahead The stakes are high. As we move into 2025, Africa has an opportunity to create a regulatory framework that fuels innovation while protecting consumers. The alternative—maintaining the status quo—risks stalling the continent’s fintech momentum. The technology is ready. The market is waiting. Now is the time for fintech innovators, policymakers, and regulators to collaborate and make harmonisation a reality. By taking decisive steps today, Africa can unlock its full fintech potential and drive a more inclusive financial future for millions. ____ Oluwabankole Falade is the Chief Legal, Regulatory, and Public Policy Officer at Flutterwave, with over 20 years of experience in legal, regulatory, and government affairs across Africa’s financial and telecom sectors. He has held leadership roles at Visa, IHS Towers, and MTN Nigeria. Falade holds law degrees from the University of Ibadan and the University of Aberdeen. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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- May 29 2025
- BM
Two years of Tinubunomics: How Nigerian banks became one of the biggest winners of economic reforms
Two years into President Bola Tinubu’s administration, Nigeria’s banking sector has emerged as one of the biggest beneficiaries of its bold economic reforms aimed at stabilising the economy and achieving a $1 trillion Gross Domestic Product (GDP) target by 2030. While many Nigerians—and especially businesses in the manufacturing sector—are reeling from double-digit inflation, high living costs, and record-high interest rates, the country’s banks have posted record profits, attracted renewed foreign investment, and cemented their position as key players in Nigeria’s economic growth. “I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging naira, and an economy in a free-fall,” President Tinubu said in his second anniversary speech on Thursday. He acknowledged the pain caused by rising living costs but insisted that “we have made undeniable progress.” Reform winds fuel capital inflows While various sectors reel under pressure, the financial services industry is thriving. According to Nabila Mohammed, a research analyst at Chapel Hill Denham, banks are the biggest gainers from the reform-led environment of high interest rates and currency devaluation. “The banks’ recapitalisation efforts, combined with these macroeconomic tailwinds, have helped revive foreign participation in the equity market—an interest that had been largely absent in recent years,” she said. “Notably, some of these foreign investors are now taking positions in banking stocks.” Foreign capital inflows—driven by portfolio and foreign direct investments—jumped by 303.9% to $2.06 billion in January 2025, up from $0.51 billion in January 2023, according to the Central Bank of Nigeria (CBN). Data from the National Bureau of Statistics (NBS) further showed that the banking sector accounted for $1.12 billion (43.2%) of all capital imported in Q2 2024, rising from $194.6 million in the same period of 2023. “The banking sector is one of the major instruments that could help the administration to achieve the target of a one trillion dollar economy by 2030,” Mohammed added. In dollar terms, Nigeria’s GDP reduced from $476.5 billion in 2022 to $187.6 billion in 2024 due to naira devaluation, but real GDP growth hit a three-year high of 3.4% in 2024. Financial services were a major driver, expanding by a record 30.89%. Record profits, FX gains, and a windfall tax Data from the Nigerian Exchange Limited (NGX) show that the combined after-tax profits of nine top banks—including Zenith, GTCO, First Holdco, Access, UBA, Fidelity, Wema, Stanbic IBTC, and FCMB—rose to ₦4.79 trillion ($3 billion) in 2024, up from ₦1.19 trillion ($749.9 million) in 2022. In Q1 2025 alone, profits jumped to ₦1.35 trillion ($847 million), nearly quadrupling from ₦358.9 billion ($226.2 million) in Q1 2023. Aggressive monetary tightening played a major role. The CBN raised its Monetary Policy Rate (MPR) by 875 basis points to 27.5% between July 2023 and May 2025. Total bank interest income rose to ₦14.6 trillion ($9.2 billion) in 2024, from ₦6.61 trillion ($4.2 billion) in 2022. The average official exchange rate also ballooned to ₦1,450/$ in 2024 from ₦645/$ in 2023, generating a combined ₦2.58 trillion ($1.6 billion) in FX revaluation gains for banks with foreign currency assets, up from ₦723.9 billion ($454 million) a year earlier. GTCO and Zenith crossed ₦1 trillion ($630.1 million) in profit for the first time Among the major lenders, GTCO and Zenith Bank made history last year by posting over ₦1 trillion in after-tax profits for the first time since their establishment in 1990. Zenith Bank led the pack with ₦1.03 trillion, closely followed by GTCO with ₦1.02 trillion. “The bank’s impressive performance reflects effective management and pricing of risk assets, as well as an optimised treasury portfolio—reinforcing its position as a leader in Nigeria’s banking industry,” said Adaora Umeoji, group managing director/CEO of Zenith Bank, in a recent statement. Segun Agbaje, group CEO of GTCO, noted that the bank had proactively strengthened its balance sheet. “We have prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, while fully accruing for the windfall tax. This has further enhanced our financial resilience.” The surge in profitability across the sector prompted the federal government to propose a one-off windfall tax on bank earnings, with proceeds earmarked for infrastructure, healthcare, education, and social welfare. In 2024, nine top banks, including GTCO and Zenith, paid a combined ₦313 billion ($197.2 million) in taxes. However, some industry analysts have raised concerns about the strain this could place on the sector. “Despite posting bumper profits and emerging as major beneficiaries of the reforms, the windfall tax places a significant burden on banks,” said Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), a business advocacy group. “At the same time, their ability to support the real sector has been constrained by the high Cash Reserve Ratio (CRR), which currently stands at 50%. Recapitalisation and investor confidence In March 2024, the CBN mandated all banks to increase their capital bases by March 2026. This directive triggered a new wave of capital-raising and consolidation in the sector. So far, GTCO, Access, Zenith, Fidelity, and FCMB have collectively raised ₦1.27 trillion ($800.3 million) in the first phase of their recapitalisation programs. The sector’s strong financial performance has also lifted investor sentiment. The NGX banking index has more than doubled, reaching 1,164.3 points as of May 28, 2025, compared to the same period in 2023. Rising fintech pressure prompts tech investments Traditional banks are also increasing technology spending to counter growing competition from top fintech players such as OPay, PalmPay, and Moniepoint. In 2024, six major banks spent a combined ₦268.7 billion ($171.5 million) on IT and digital infrastructure, up 74.5% from ₦153.8 billion ($98.2 million) in the previous year. The bulk of that investment went into core banking upgrades and digital platforms as lenders seek to improve customer experience and back-end efficiency. Cost pressures mount despite strong earnings Despite strong top-line performance, banks are grappling with rising operational costs. Operating expenses jumped 76.1% to ₦4.42 trillion ($2.7 billion)
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- May 29 2025
- BM
Tech on a budget: Best smartphones under ₦200,000 in Nigeria
Smartphones, once viewed as luxury items in Nigeria, are increasingly within reach of the average consumer as rising competition, particularly from Chinese brands like Infinix, Techno, Itel, and Huawei—drives prices down to as low as ₦200,000 ($126). The influx of budget-friendly devices has reshaped the market, enabling broader access to essential digital services such as internet browsing, mobile banking, social media, and productivity apps. Yet, for many Nigerians, the smartphone has become a practical tool rather than a status symbol. Here are some of the best smartphones under ₦200,000 ($126) in Nigeria. Samsung Galaxy A14 – ₦ 130,000 ($82.01) The Samsung Galaxy A14 is a budget-friendly smartphone that features a 6.6-inch Full HD+ display, ensuring clear and colourful visuals for videos, browsing, and gaming (~80.2% screen-to-body ratio). Samsung Galaxy A14 Another standout feature is its 5000mAh battery, which provides extended usage without frequent recharging. Photography enthusiasts will appreciate its triple rear camera setup featuring a 50MP main sensor and the 13MP front camera, which ensures quality pictures and selfies. It is coupled with 4GB RAM with 64GB or 6GB of RAM with 128GB of internal storage, depending on the model you want. In Nigeria, the Samsung Galaxy A14 is available in prices starting from ₦116,900 for the 4GB RAM and 64GB storage model, and ₦126,900 – ₦130,000 for the 4GB RAM and 128GB storage variant. Tecno Camon 20 Premier- ₦135,000 ($85.16) Priced at ₦135,000, the Tecno Camon 20 Premier offers great value for budget-conscious users seeking premium features. Powered by MediaTek Helio G99 processor, it handles multitasking efficiently without “hanging”. Techno Camon 20 Premier Its 5000mAh battery ensures all-day use without frequent charging. With its sleek design and well-rounded specs, the Camon 20 Premier is a top pick for users who want style, performance, and camera quality at an affordable price. Itel Vision 3 — ₦150,350 ($94.84) One of the smartphones under ₦200,000 is the Itel Vision 3. Priced at ₦150,350, the Itel Vision 3 features a 6.6-inch IPS LCD, which is generally considered to be eye-friendly because it emits less harmful blue light compared to other display technologies. It also offers a Unisoc processor that handles basic tasks efficiently. The 8MP main camera is suitable for casual photography, while the 5000mAh battery provides all-day usage. What sets it apart is its 18W fast charging, a first for Itel, offering hours of use with just a quick top-up. It also includes face unlock and a rear fingerprint scanner for added security, expandable storage up to 128GB, and AI camera features like portrait and night mode. Running on Android 11 (Go Edition) with a lightweight OS, the Vision 3 is ideal for users who want a large screen, long battery life, and a few smart extras at an affordable price. Infinix Smart 8 -₦128,000 ($80.74) If you are looking for a smartphone that combines affordability with durability, the Infinix Smart 8 is a compelling choice. Priced between ₦105,0000 to ₦128,000 depending on the RAM and storage. It offers 4GB RAM and 128GB internal storage or less, expandable via microSD card, which ensures efficient multitasking and storage of apps and media. The smartphone runs on Android 13 with Infinix’s XOS 13 overlay, offering a user-friendly interface. Redmi Note 12 4G—₦139,500 ($86.68) Priced at ₦139,500, the Redmi Note 124G delivers a quality display of pictures and a good battery life. It features a 6.67-inch AMOLED display. Some of its standout features are its 1200 nits peak brightness, making it perfect for clear outdoor viewing. Also, it is powered by the Snapdragon 685 processor, which makes it handle multitasking efficiently without “hanging”. It offers 8GB RAM, 128GB storage, and support for expandable storage up to 1 TB. Photography is a strong suit for the Redmi phone with a 50MP main camera and 13MP selfie camera. A 5000mAh battery with 33W fast charging ensures long use with quick top-ups. Extra perks include a side-mounted fingerprint sensor, IP53 splash resistance, a 3.5mm headphone jack, and MIUI 14 based on Android 13. Oppo A74 — ₦113,000 ($71.29) The device has a sleek design and weighs up to 175g, which makes it comfortable to hold and use. The smartphone comes with 128GB of internal storage, which is expandable via a microSD card, providing enough space for apps, photos, and media files. It includes an in-display fingerprint sensor for secure and convenient unlocking. It supports 33W fast charging, capable of charging up to 54% in just 30 minutes. In Nigeria, the Oppo A74 is available with prices starting around ₦113,000. Huawei Y9a—₦120,000 ($75.70) The Huawei Y9a is a mid-range smartphone with a combination of flagship-inspired design, advanced camera capabilities, and rapid charging technology. It has a quad-camera setup, including a 64MP main sensor, an 8MP ultra-wide lens, a 2MP macro lens, and a 2MP depth sensor. This allows for versatile photography, from expanded landscapes to detailed close-ups. Huawei Y9a With 8GB of RAM and 128GB of internal storage, the Huawei Y9a ensures smooth multitasking and enough space for apps, photos, and media files. The storage is expandable via a Nano Memory (NM) card, accommodating up to 256 GB. In Nigeria, the Huawei Y9a is available with prices starting around ₦120,000. Infinix Hot 30i—₦78,300 ($49.39) One of the smartphones under ₦200,000 is the Infinix Hot 30i, priced at ₦78,300, is an entry-level smartphone powered by the Unisoc T606 processor, which, while modest, handles day-to-day tasks with ease. The device features a 6.6-inch IPS LCD with a 90Hz refresh rate, offering smoother visuals than most other phones in its price range. Infinix 30i Its 13MP main camera is capable of capturing decent shots in well-lit conditions. One of its strongest features is the 5000mAh battery, which ensures extended usage for users who are always on the move. It’s especially favoured by first-time smartphone buyers or users in need of a reliable secondary device. For under ₦80,000, it brings a good mix of modern features and everyday use. Realme Narzo 60 5G—₦190,000 ($119.86) Realme tends to focus on stylish aesthetics, and
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- May 29 2025
- BM
The quiet war on startup imagination
There is a subtle, but increasingly clear shift in the early-stage ecosystem across Africa. The global funding slowdown has not only changed the pace of dealmaking, but it has also begun to reshape the conversation entirely. Founders are now expected to show a path to profitability earlier than ever. Decks are now interrogated for business fundamentals. Margins, not markets, are now the focus. Around this shift, a new vocabulary has emerged, one that urges us to think not in terms of unicorns, but donkeys, camels, and gazelles. It is not unreasonable as exits are rare, capital is slow, and survival feels like success. This turn toward capital efficiency is often framed as maturity. But it’s worth asking: what kind of innovation ecosystem are we designing when we make viability the price of entry? And what are we losing when we turn experimentation into a luxury? Not enough unicorns or startups? There’s a growing view that Africa’s unicorn moment was premature, that we chased scale too quickly. We should have been building modest, durable startups with low burn and healthy margins all along. However, that conclusion does not hold up to data or context. If we look at unicorn-to-startup ratios, Africa doesn’t stand out for having too many unicorns, it is producing too few startups. Nigeria’s ratio is nearly identical to India’s, and Brazil’s is even lower. South Africa and Kenya have yet to produce any unicorn startups. If unicorns are rare and rightly so, it’s not because the continent aimed too high; we haven’t made enough ambitious bets. Unicorns were never the point, it was the permission to pursue large, hard, unproven outcomes. What used to be a space for improbable ideas is becoming a proving ground for tidy business plans. Founders are told to act like established companies. But what if the thing they’re building isn’t a business yet—at least not in the traditional sense? Efficiency can be the enemy Late Harvard Professor of Business, Clayton Christensen, extensively argued in his works that disruptive innovation rarely emerges from mature firms because their internal systems reward predictability over exploration. Disruptive ideas, by contrast, tend to emerge from outside, precisely because they don’t make business sense at first. That dilemma is no longer confined to incumbents. It’s now baked into the way early-stage African startups are being evaluated. There’s increasing pressure on founders to present plans that are tidy, legible, and revenue-positive, often too early. But what happens when the problem you’re solving isn’t monetisable? Or when you’re solving for nonconsumption? Spotify, for example, ran losses for years. It was entangled in licensing issues with labels and faced competition from America’s Big Tech. Yet, it disrupted what it means to distribute music because it had time and room to evolve. Under today’s early-stage lens, Spotify might not make it out of seed. If capital is structured to reward only early traction and tidy monetisation, we’ll lose the companies that need time to find their form. The same can be said of Intel, or, more precisely, what became of it. Intel was once an innovation engine, backed by early risk capital and shaped by a culture that tolerated big, technical bets. But in later years, it began prioritising margins and stock buybacks over deep research and development. In the process, it lost the cutting edge in semiconductors to competitors who chose to keep innovating even when the path was less immediately profitable. Intel is now a cautionary tale: not about failure, but about the cost of institutional success without strategic imagination. Innovation needs space to grow It’s useful to remember how Silicon Valley earned its name. Before the internet companies, the Valley was built on semiconductors, a physical technology that took years to commercialise, with no clear playbook. The early giants, Fairchild, Bell Labs, and Intel, weren’t startups in the modern sense. Bell Labs invented the transistor and gave its scientists freedom to explore ideas that didn’t have commercial use yet. Fairchild Semiconductor was born when eight engineers broke away from Shockley Labs to work on integrated circuits, backed by a risk-tolerant investor who trusted the team, not the market data. Intel was seeded in that same tradition: a belief that good engineers, working on the right problems, would eventually figure it out. As History Professor Chris Miller recounts in Chip War, much of the early hardware ecosystem survived not because it was profitable early, but because it was protected by design from the pressures of short-term viability. Government contracts, defence research, and long-term horizons gave it the space to grow into its significance. That protection created surface area. It allowed the improbable to take shape. Africa does not have Bell Labs or Defense Advanced Research Projects Agency (DARPA), and that’s precisely why its early-stage capital must take risks others won’t. If even our risk capital becomes risk-averse, we leave no space for the startups we can’t yet explain. Venture capital does not need to be right every time Africa doesn’t need to stop funding businesses that work. It needs to keep making space for businesses that don’t look obvious yet. Founders should care about unit economics. Investors should interrogate assumptions. But early-stage funding exists to subsidise uncertainty. To let people work on things that might not look viable today but could change everything later. We need space for founders solving problems whose solutions don’t yet fit a market map, people trying to build category-defining infrastructure, not just category-compliant products. If early-stage capital begins to behave like growth equity, then who will fund the strange, possibly transformative bets? We often say “Africa is different”, and that is true. But it doesn’t mean we can’t learn from what made other ecosystems work, or shrink our dreams to gazelles and donkeys. In the end, what we choose to fund is what we believe. And right now, we seem to believe in things that are tidy, modest, and legible. That belief is quietly shaping what gets built as startups are increasingly blowing the trumpet
Read More- May 29 2025
- BM
Screen readers, audio-described software, and films: Inside Opeoluwa Akinola’s mission to empower people with disabilities
At three years old, Opeoluwa Akinola began to lose his sight. He was diagnosed with retinitis pigmentosa, a rare genetic disorder that gradually narrows the field of vision until no sight remains. In a handful of years, his vision was completely gone. Everything changed for Akinola. The world slowed and obstacles appeared at every turn. He grappled with limited access, a loss of independence, and the quiet isolation that often shadows disability. Yet, for all he endured, he was determined not to let his disability define the rest of his life. Nearly a decade has passed, and Akinola is now the co-founder of Accesstech Innovation and Research Centre in Lagos, Nigeria, which he launched to help chart a more meaningful life and career path for those who share similar struggles. Left behind A 2024 working paper presented by the International Labour Organisation (ILO) as part of a research project on inequalities, revealed that “higher unemployment rates, lower earnings and a tendency towards self-employment characterise the world-of-work experience” of many people with disabilities. 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According to World Bank data, only 0.3% of 18 million disabled people of working age in Nigeria are gainfully employed. Limited government support and societal stigma have also left many marginalised, often confined to lives with few economic opportunities. “I started by mastering a talking computer owned by a friend who returned from the UK,” Akinola said. It was 1992, and he was in his early twenties. When his friend traveled again, he kept sending him updates about groundbreaking assistive technology and this only moved Akinola, in 1995, to volunteer at a nonprofit where he got the chance to work with a computer with a screen reader designed to assist the visually impaired. “In 1999, I started working at a school, teaching blind students how to use computers,” Akinola said. “I had to train myself on the job. With the help of my boss and some instructional cassettes, we developed a training curriculum. We were the first to do this in West Africa.” The computer training center at the Niger Wild Production Centre, established by expatriates in Nigeria, was the first of its kind in West Africa. Akinola, its first instructor, was tasked with developing the curriculum which he created with help from a colleague who had experience with the West African Examinations Council. “It was basically a curriculum on teaching computer skills to blind people,” Akinola said. The idea was met with disbelief at first, he recalled. “A lot of them marvelled at the fact that they could use computers,” he said. “When they graduated, it drew attention to the program.” Among the early participants was a young woman with a brain tumor that resulted in blindness and short-term memory loss who struggled to keep up. “Her mother kept bringing her religiously,” Akinola said. “We trained people from Maiduguri, from Gombe—they stayed with relatives or anywhere they could just to attend.” Some of the trainees secured stable employment, including positions with multinational oil and gas company, Shell, and as lecturers. “By the time I left the centre, we had conservatively trained between 20 to 30 people,” he said. “That’s not counting the group trainings we did across the country,
Read More- May 29 2025
- BM
Hydrogen surpasses HabariPay in Q1 profit growth among bank-owned fintechs
Access Holdings’ fintech subsidiary, Hydrogen, has recorded the highest profit growth among Nigerian bank-owned payment companies in the first quarter of 2025, overtaking long-time leader HabariPay, the fintech arm of Guaranty Trust Holding Company (GTCO) in Nigeria’s increasingly competitive digital payments space. According to the banking group’s latest financial statements published on the Nigerian Exchange Limited (NGX), Hydrogen’s after-tax profit surged by 466% to ₦283 million ($178,344) in Q1 2025, up from ₦50 million ($31,509) in the same period of 2024. GTCO’s HabariPay posted a profit growth of 52%, rising to ₦1.66 billion ($1.1 million) from ₦1.09 billion ($686,910). Stanbic IBTC’s Zest Payments, however, widened its loss to ₦508 million ($320,138) in Q1, compared to ₦436 million ($274,764) a year earlier. Hydrogen’s strong start to the year comes at a time when independent fintechs like Flutterwave are under pressure to turn profits, and Paystack contends with regulatory pressure. By contrast, bank-backed fintechs like Hydrogen and HabariPay are gaining ground, relying on large customer ecosystems, strong compliance channels, and robust capital bases. While Hydrogen and HabariPay’s combined Q1 profits account for just 0.44% of their parent groups’ total profit of ₦440.8 billion ($277.7 million), that margin has more than doubled from the 0.19% recorded in Q1 2024, signaling growing relevance within the banking groups’ revenue mix. “Hydrogen is leveraging Access Holdings’ extensive ecosystem of approximately 65 million customers to drive value creation,” said Roosevelt Ogbonna, CEO of Access Bank, during the group’s investor call on April 23. Ogbonna added that the synergy with the parent company is expected to yield long-term returns. “Projections for 2025 are robust, and the business is already showing strong momentum in H1. While Nigeria is our launchpad, Hydrogen has pan-African ambitions.” Hydrogen’s product play and strategic push An Access Holdings spokesperson told TechCabal that the launch of the Hydrogen Payment Gateway in 2024, alongside enhancements in payment card security, fueled transaction growth across switching, merchant collection, and payment infrastructure services. Hydrogen processed ₦49.1 trillion ($30.6 billion) in payments in 2024, a 313% increase from the previous year, and generated ₦10.3 billion ($6.4 million) in revenue. “This growth underscores the shifting dynamics in Nigeria’s financial services space, where banks and fintechs are evolving from rivals to collaborators,” the spokesperson said. How regulation spurred the bank-fintech pivot The emergence of bank-owned fintech arms like Hydrogen and HabariPay follows the Central Bank of Nigeria (CBN)’s 2010 directive requiring commercial banks to restructure into holding companies to offer non-banking services like payments. This regulatory move paved the way for traditional banks to spin off licensed fintech subsidiaries and compete more directly with independent players like Flutterwave, Paystack, Opay, and Moniepoint. GTCO was the first Tier-1 bank to respond, launching HabariPay in June 2022. Since then, it has become a profitable fintech focused on SMEs and retailers, offering payment collection through its Squad platform via POS, USSD, virtual accounts, and web gateways. Access Holdings followed with Hydrogen in September 2022, initially positioning it as a backend infrastructure provider serving other fintechs, banks, and telcos, rather than a direct-to-consumer player. When it launched, the firm reported a ₦612 million ($ 386,308) loss in Q1 2023 but swung to profitability by Q4 of that year. Despite Hydrogen’s profit surge, HabariPay remains Nigeria’s most profitable bank-owned fintech. But the race is tightening as both platforms scale rapidly. “Mostly, they just leverage their existing users to adopt their fintechs,” said Babatunde Akin-Moses, CEO of lending startup Sycamore. In 2024, HabariPay processed ₦27.4 trillion ($17.1 billion) in transactions, representing a 124.6% year-on-year increase. During GTCO’s April investor call on April 3, Segun Agbaje, GTCO’s Group CEO, said the company will double down on PoS terminal deployments to expand Squad’s reach in 2025. “Our investment in technology has significantly increased,” Agbaje said. “ While we’ve always acknowledged its importance, we’re now accelerating our efforts—and it’s clearly starting to pay off.” Outlook: Can Hydrogen catch up to HabariPay? Analysts say if Hydrogen maintains its current trajectory, it could emerge as Nigeria’s most profitable bank-owned fintech by the end of 2025, potentially overtaking HabariPay. “Hydrogen is a strong contender in the fintech space, showing impressive growth and surpassing key competitors,” said Abimbola Adewale, a Lagos-based analyst. “Its expanding customer base and transaction volume point to a solid long-term outlook.” As legacy banks transform into digital-first players, Hydrogen’s breakout quarter could mark the beginning of a new phase in Nigeria’s fintech wars—where balance sheet strength and regulatory alignment become critical differentiators. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
Read More- May 29 2025
- BM
Can Cape Verde challenge Nigeria and Ghana as West Africa’s tech powerhouses?
Cape Verde is placing a bold bet that a small, stable island nation can punch far above its weight in the digital economy. At the heart of this ambition is the $45 million TechPark CV on the outskirts of Praia, which the government hopes will become a launchpad for startups, an investment magnet for global tech firms, and a symbol of how agility can outpace scale. The investment is audacious for a country of just over half a million people, whose total national budget is less than $1 billion. But for Pedro Lopes, Cape Verde’s Secretary of State for the Digital Economy, this is precisely the point. “We don’t aim to follow the tech narrative in West Africa,” he says. “We want to reshape it.” With a new tech park, aggressive investment in digital infrastructure, and a reform-minded digital economy chief, the tiny island nation is betting big on its future as West Africa’s digital testbed. “Tech islands of West Africa” Cape Verde’s pitch rests on its ambition to become a regional hub for digital innovation, remote work, and agile tech policy. The government has earmarked over $100 million for digital infrastructure in the past two years, including state-of-the-art submarine cable and 14,530 km island-wide fibre connectivity. Beyond infrastructure, the state is also investing in people. Through coding academies, English-language tech training, and diaspora engagement, officials hope to create a pipeline of local and global talent that can turn Praia into an innovation hub. Lopes, a former TEDx organiser and Mandela Washington Fellow, is emblematic of the country’s youth-forward approach. Appointed at 31 with no formal party affiliation, he is one of Africa’s youngest digital economy ministers. “It’s time to stop calling Africa the continent of the future,” he says. “For our youth, the future is now.” Cape Verde’s ambitions come when Nigeria and Ghana have solidified their positions as West Africa’s dominant tech markets. Nigeria’s fintech sector alone attracted over $180 million in funding in 2024, while Ghana has emerged as a preferred testing ground for digital health and agritech innovations. By contrast, Cape Verde has received only a fraction of that investment; its startup ecosystem is nascent, with just over 100 registered companies, including Vale.cv, CV Innovation, Muska, and Prisma Videos—mostly early-stage ventures in sectors like software, e-commerce, digital marketing, travel, and edtech—primarily focused on serving the domestic market or the Cape Verdean diaspora. A Cape Verde stand at Websummit in Rio, Brazil, 2024. IMAGE | CAPE VERDE Yet, Cape Verde sees an opportunity in its size. “We can move faster. Our stability and governance make us a safe sandbox for innovation,” Lopes says. The island nation ranks 35th globally in the World Bank’s 2023 Government Effectiveness Index, well ahead of regional peers like Ghana, Nigeria, and the Ivory Coast. Central to Cape Verde’s vision is the TechPark CV, positioned as a free zone for digital firms offering fiscal incentives and streamlined regulation, part of a trend in West Africa, where even smaller nations like Sierra Leone are making bold bets, such as the new SLARI Technology and Innovation Park. One anchor tenant at TechPark CV, Portuguese cybersecurity firm VisionWare, has already hired more than 50 local engineers to monitor global cyber threats. “They are Cape Verdean, internationally certified, and earning globally competitive wages,” Lopes notes. While critics worry the incentives could turn Cape Verde into a tax haven, Lopes pushes back. “These setups come with safeguards: local hiring targets, R&D requirements, and training obligations. We don’t want capital shelters. We want builders.” The return on investment is scrutinised for a country betting 2% of its GDP on a tech park. Lopes believes tangible outcomes will be seen within five to seven years, citing KPIs like export growth, startup formation, and tech sector contributions to GDP. “We’re already seeing early wins,” he says. “Startups are forming. Diaspora are returning. Global partners are calling.” The government is also creating an Economic Technology Zone (ZET), a regulatory sandbox that combines tax incentives with flexible innovation rules—a model inspired by similar zones in Estonia and Rwanda. An aerial view of Cape Verde’s $45 million TechPark CV on the outskirts of Praia. IMAGE | TECHPARK CV Brain drain or brain gain? Cape Verde’s strategy includes reversing the brain drain by building remote work infrastructure and increasing tech-sector incentives for investors. Lopes says that political polarisation and tightening immigration rules in Europe and the US have made returning home more appealing to Cape Verdeans abroad. “Why should our brightest minds stay in places where they don’t feel welcome?” he asks. “We’re telling our diaspora: come build the future with us.” There is also a push to integrate second and third-generation Cape Verdeans raised abroad into its workforce. “They bring a sense of purpose and skills that can help scale our ecosystem faster,” says Lopes. Much of Cape Verde’s long-term play hinges on education. The government is ramping up investments in Science, Technology, Engineering, and Mathematics (STEM) education and pushing for stronger private sector involvement in R&D. Companies operating within the tech park are required to contribute to skills transfer and training. “In Africa, we often ignore Research and Development (R&D). That must change,” Lopes argues. “We need companies to reinvest in innovation.” With a median age of 25 and one of the highest literacy rates in sub-Saharan Africa, Cape Verde sees its young population as a competitive advantage. However, challenges remain- high youth unemployment, limited access to risk capital, and a small domestic market. Betting on the continent Startups in Cape Verde get direct access to government officials. IMAGE | CAPE VERDE Cape Verde’s aspirations go beyond national gain. Lopes sees his country as a proving ground for the continent where African innovation can be developed, tested, and exported. “We want to show that Africa can create ideas—not just import them,” he says. While the path to rivalling Nigeria or Ghana remains long, Cape Verde is crafting a distinctive strategy built on agility, inclusion, and long-term vision. “If we get this right,”
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