Kenya’s central bank blames hackers for mobile banking fraud, but insiders may be the real threat
The money had just hit Sylvia Wanjiru’s account when her phone rang. It was a million-shilling ($7,773) payment from a client, and the caller claimed to be from her bank’s customer service. He spoke confidently, offering to “help confirm the transaction.” “At first I thought it was just a coincidence,” Wanjiru recalls. But when the same thing happened again, she realised someone was watching her transactions and reported it to the bank. Her parents were not so fortunate. Pension payments of KES 34,000 ($263) and KES 2,500 ($19) from a mobile money wallet disappeared after they called a number that texted: “*** BANK. Dear Customer, your account has been SUSPENDED. Please contact 010****366 within 24 hours.” The money was long gone by the time they rushed to the bank and mobile money provider. Wanjiru’s experience is one among many others. Across Kenya, customers report similar encounters, including calls moments after cash deposits or transfers and text messages disguised as official alerts followed by withdrawals. The speed and timing point to a possibility that the fraudsters work hand in glove with bank staff and mobile money agents with access to customer information. Rising cyber-threats The Central Bank of Kenya (CBK), in its Financial Sector Stability Report 2025, in August reports cases of cyber fraud in the banking sector more than doubled in 2024, rising from 153 to 353, with the amount exposed increasing to KES 1.9 billion ($14.7 million) and losses nearly quadrupling to KES 1.5 billion ($11.6 million). The Communications Authority of Kenya (CA) reported 7.9 billion cyber threats in the first eight months of 2025, double the figure for 2024. CBK said attacks rose from 7.7 million in 2016 to billions due to Kenya’s economy’s rapid digitisation. The regulator insists that despite rising risks, Kenya’s banking sector remains “resilient,” able to withstand shocks from successful cyber-attacks. However, accounts from victims, bank staff, and law enforcement suggest that most losses of funds are inside jobs. A former compliance officer described a shadow industry in Nairobi neighbourhoods like Utawala and Ruiru, which thrives on mobile banking fraud. The setups look like call centre outsourcing hubs with rows of desks, computers, and phones. “There are bank staff who monitor accounts, tip off the fraudsters, and within minutes, money is pushed into mule accounts,” says one ex-risk and compliance at a major bank. The cash is laundered through mobile money wallets and withdrawn at agents, or some are pushed to crypto wallets. With 67% youth unemployment, workers are recruited through job ads for “customer service” roles, only to discover that the scripts involve impersonating bank officials or mobile money agents. And because it’s quick cash, many stay. Pay is per successful hit, which means the more money they steal from customers, the more they earn. Corrupt police officers, according to the former compliance officer, are paid to protect operations, tip off the syndicates before raids, or frustrate investigations. “It’s a big operation, more than you can imagine,” the former officer says. “The real people behind these schemes are known to some in Kenya Police’s serious crimes division.” Targets the biggest banks The people behind the schemes design them for scale, according to an investigations officer at Banking Fraud Investigations Unit (BFIU)—a unit under the Directorate of Criminal Investigations (DCI)—who has handled such cases and asked not to be named. They target banks with vast retail business like Equity Bank, KCB Group, and Co-operative Bank— Kenya’s biggest retail lenders with a combined customer base of over 50 million. With such big operations, the fraudsters hide in the noise of millions of daily transactions. Rural pensioners, urban traders, and salaried workers with predictable income streams make easy prey. “It’s a numbers game,” says the BFIU officer. “The bigger the bank, the more likely someone will slip.” Most of these frauds are not violent, but sometimes they turn deadly. In April, a teacher in Mumias was trailed and killed after withdrawing KES 285,000 ($206). Detectives believe two bank tellers may have passed on the information to robbers, pointing to insider collusion with criminals. There are numerous reports of customers being trailed after withdrawing or depositing large sums at banks and mobile money agents across the country. In 2024, Equity Bank reported it lost KES 1.5 billion ($11.6 million) in what was initially described by news outlets as a sophisticated hacking attack. However, investigators later alleged that bank staff colluded with property developers and lawyers to siphon off the bank’s money from the salary suspense account in thousands of small, salary-like transfers to avoid detection. Deeper rot On social media, many Kenyans brush off mobile banking fraud as the work of prisoners with smuggled phones when they are operations run by people living among them. While some operations enjoy corrupt officials’ backing, the BFIU officer concedes that the regulators are overstretched. “Mobile money and banks process millions of payments daily, and that’s why some of the cases even go unnoticed,” says the officer. However, faced with mounting fraud, most Kenyan banks have begun housecleaning to restore customer confidence. KCB Group, NCBA, Absa, and Co-operative Bank are some lenders that have recently fired staff over misconduct. In May, Equity Group took a bolder step, announcing publicly that it was firing 1,500 staff to protect the bank’s image and its customers. “The moment of reckoning has come,” Equity Bank CEO James Mwangi said in May. “It doesn’t matter how many I will lose. I don’t even care. I will protect the customers and the bank. I will be ruthless.” The bank has since extended the exercise to its subsidiary in Uganda, which has also suffered staff-linked fraud in the past two years. Blurring of lines The lines between cyber fraud, insider theft, and organised crime are blurred. According to the BFIU officer, most victims never report, whether from embarrassment, the small sums involved, or the hassle of filing a complaint with the police, making the CBK’s figure of KES1.5 billion an understatement. The BFIU investigator says the schemes
Read MoreWhat is SASSA and how do social grants work in South Africa?
Table of contents The types of SASSA social grants How to apply for the SASSA SRD R350 grant How to check your SASSA status online How to change your SASSA banking details How to change your SASSA phone number How to check your SASSA balance SASSA payment dates for October 2025 SASSA child support grant amount for 2025 SASSA old-age grant amount for 2025 The South African Social Security Agency (SASSA) was established by the South African government in 2005 under the Social Assistance Act of 2004, with the primary goal of administering and managing the payment of social assistance grants to the country’s poor and vulnerable citizens. SASSA handles everything from processing applications and checking eligibility to paying grants and fraud prevention. Its centralised system is designed to make it easier for South Africans to access support once they qualify. The types of SASSA social grants SASSA offers different grants depending on your situation. SASSA pays 26-million grants monthly to help reduce poverty and hardship. The central grants include: Support for children and caregivers Child Support Grant (CSG): For the primary caregiver of a child under 18. Foster Child Grant: For people legally appointed as foster parents. Care Dependency Grant: For caregivers of children under 18 with severe disabilities. Support for adults Older Persons Grant: Also known as the state pension, for South Africans aged 60 and above. Disability Grant: For individuals aged 18 to 59 with a disability that prevents them from working. War Veteran’s Grant: For former members of the armed forces. Grant-in-Aid: Extra support for people already receiving a central grant but who need full-time care. Temporary support Social Relief of Distress (SRD) Grant: Often called the SASSA R350 grant, this temporary grant is for unemployed people with no other source of income or social assistance. How to apply for the SASSA SRD R350 grant The Social Relief of Distress (SRD) grant, often called the SASSA R350 grant, was first introduced during the COVID-19 pandemic to help unemployed South Africans. In 2025, the amount has increased to R370 per month. This shows that the government now treats it as more than just short-term help; it is ongoing support for people without income. Eligibility requirements for 2025 To qualify for the SRD grant in 2025, you must meet these conditions: Be a South African citizen, permanent resident, refugee, asylum seeker, or special permit holder living in South Africa. Be between 18 and 60 years old. Be unemployed and not receiving any other SASSA grant, UIF payments, or NSFAS funding. Pass the means test, which checks that your monthly income is R624 or less. Step-by-Step online application (2025) You can only apply online. Applications are free, and SASSA warns people not to pay anyone to apply on their behalf. Here’s how to do it: Visit the official SRD website at srd.sassa.gov.za. Select your ID type: Choose if you’re a South African ID holder or applying with an asylum/special permit. Enter your phone number: You’ll get a One-Time Pin (OTP) to confirm your identity. Fill in your details: Provide your ID number, full name, and contact information. Choose a payment method: Payments can go into your bank account or be collected at stores like Pick n Pay or Shoprite. Submit your application: Double-check your details before submitting. SASSA will then check your financial records against government and banking databases. How to check your SASSA status online After applying, you’ll want to know if your grant is approved and when payments will be made. You can check your SASSA SRD status using any of these official methods: SRD website: Visit srd.sassa.gov.za, enter your ID number and phone number, and view your application status. WhatsApp: Send “status” to 082 046 8553, then follow the prompts. USSD code: Dial 1347737# on your phone, then enter your details. SASSA Call Centre: Call 0800 60 10 11 to speak with an agent who will verify your details and confirm your status. Moya App: Download the Moya App to check your SRD status without using mobile data. How to change your SASSA banking details Keeping your SASSA banking details up to date is essential to avoid interruptions in your grant payments. The update process depends on the type of grant: SRD grant recipients can update details online, while those on permanent grants — such as the Older Person’s Grant, Disability Grant, or Child Support Grant — must visit a SASSA office. Changing banking details for the SRD grant (Online) If you are an SRD grant beneficiary, you can update your banking details through the official SRD website. Here’s how: Go to srd.sassa.gov.za. Select the “Change Banking Details” option. Enter your South African ID number. Provide your new bank name, account number, and any other required details. Double-check for accuracy to avoid payment delays. An OTP will be sent to your registered mobile number. Enter it to confirm. Submit your changes and wait for a confirmation message. Changing banking details for permanent grants (In person) For permanent grants, the process is manual. You’ll need to go to a SASSA office with the proper documents. Collect the SASSA banking details change form from their website or any SASSA office. Fill it out with your personal details and new account information. Attach a certified copy of your ID plus a bank statement or a letter from your bank confirming your account. Submit everything at a SASSA office and keep copies for yourself. How to change your SASSA phone number Your phone number is just as significant as your bank details. SASSA uses it for verification, OTPs, and updates about your grant. If you change your number, please update it with SASSA as soon as possible. Updating your number online You can do this through the SASSA Services Portal: Log in at services.sassa.gov.za. Select “Manage My Personal Information.” Update your phone number and other details. Save the changes. An OTP will be sent to your new number. Enter it to confirm. If you lose access to your number
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The Backend: At Payble, no SME is “too small”
Millions of Africans turn to micro and informal businesses daily because there is nothing else. There are no jobs, safety nets, or savings. These businesses are not formed out of an ambition to build an empire but out of a need to put food on the table tomorrow. And because of this, they rarely grow beyond survival. The 2024 Moniepoint Informal Economy Report shows that just 1.3% of Nigeria’s informal businesses make over ₦2.5 million ($1,500) monthly profit. Most earn less than ₦250,000 ($150) a month, and spend nearly all of it on feeding and family obligations. They keep no books, do not know their actual net profit, and often make decisions that wipe out their working capital. When money runs out, they borrow from friends, relatives or loan sharks, usually without repayment plans or grace periods, sinking deeper into debt. A problem of this scale is an interlocking mess of missing education, inadequate credit, weak infrastructure and the sheer exhaustion of living hand-to-mouth. This is the context Payble is walking into. Founded by Roosevelt Elias, with Eghonghon Daniels as COO and Ayooluwa Olosunde as CTO, the startup is trying to do something almost unreasonable. Roosevelt told me that Africa’s smallest businesses should have the kind of resource planning technology and financial structure usually reserved for large corporations. Roosevelt adds that he sees Payble as a way of breaking the cycle. “The problem is not that microentrepreneurs lack ambition,” he explained, “it’s that the system keeps them trapped in survival mode.” 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe For Payble, that means starting from the ground up. The platform bundles together inventory tracking, cash flow monitoring, invoicing, payments, and access to credit, but it does so with the understanding that its users may never have had formal business training. The startup has embedded learning modules into the product itself. A kiosk owner who records daily sales is nudged to see his or her weekly profit margin and is guided through a straightforward pricing or stock management lesson. A salon owner gets prompts on when to separate business money from personal money and is shown in real time what that discipline would do for their cash flow. Roosevelt explains that the idea is not to turn every trader into an accountant but to slowly shift the mindset from hustle to enterprise so that decisions can be made with data, not guesswork. This is slow, painstaking work that takes more than software and a swanky, new startup. Per Roosevelt, Payble has had to design for informal commerce’s chaotic, hybrid nature, where paper receipts and digital wallets coexist and income can be highly seasonal. The young company is experimenting with AI agents that provide operational insight—like flagging when inventory is about to run out or cash flow will not cover next week’s purchases—but the system is tuned to speak in the local language to avoid alienating its users. Where’s credit? In a market where 70% of micro business owners have taken credit but just 12% have accessed formal financial services, Payble has chosen to make credit a last step, not the first. Users are encouraged first to build a history of transactions on the platform so that when they borrow, the loans are tied to actual business needs, like restocking fast-moving items, rather than plugging personal cash gaps. Roosevelt believes this approach reduces default
Read MoreUpdated: SASSA releases payment dates for October
In two weeks, October begins, and that means millions of South Africans will turn to digital systems to access their South African Social Security Agency (SASSA) grant payments. As new payment dates roll out in the coming month, it is crucial for recipients, especially older people and those in rural areas, to understand the digital tools for checking balances, updating banking details, and tracking grant disbursements. SASSA grants are paid on specific dates to ensure a smooth process for recipients. For October 2025, the payment schedule is as follows: Older Persons Grant: October 2, 2025 Disability Grant: October 3, 2025 Children’s and Other Grants: October 6, 2025 The October 6 date covers key grants such as the child support, foster care, care dependency, and more. SASSA stresses that funds remain available for collection even after these official dates; beneficiaries do not need to rush on the exact day. How to change banking details for SASSA Postbank’s contract with SASSA officially ends on 30 September 2025. This termination date was confirmed by SASSA and communicated to Parliament, with assurance that grant payments will continue for all beneficiaries without disruption after the contract expires. SASSA cards, if still active, work at all ATMs, but a personal bank account is necessary as Postbank support phases out. SASSA urges beneficiaries to migrate to a preferred bank or retailer payment option and update records using secure official methods, which are explored in detail below. Online update (SRD and general grants) The online process works for the SRD grant and standard or general grants like Old Age, Disability, Child Support, Foster Child, and Care Dependency grants. Beneficiaries of these grants can change their banking details quickly using SASSA’s website or online portal. Go to the official SASSA portal: srd.sassa.gov.za Select the relevant option: “change my banking details” Enter your South African ID number and registered mobile number. You will receive an SMS with a secure link. Use it to update your new bank account details (bank name, account number, branch code, account type), and confirm via OTP. Submit and wait for confirmation; future grant payments will be made to your new bank account. In-person update (all grant types) The in-person method at SASSA offices is available for every grant type, including those not covered by online systems or where special documentation or assistance is required. This method supports not only SRD and general grants, but also niche grants like Grant-in-Aid, War Veterans Grant, and cases where online channels cannot be used due to access, identity verification problems, or unique circumstances. Go to your nearest SASSA office. Take your ID, proof of your new bank account (stamped bank statement or letter from the bank), and complete the SASSA banking detail change form. Fill out the form at the office, attach your supporting documents, and submit to a SASSA official. The change will be processed, and you will receive confirmation; your next grant will be paid into your new account. Verification for banking details typically takes 4 to 10 working days, and successful updates apply to future payments only. How to check SASSA balance Beneficiaries can check their SASSA grant balances using various methods. Also, now that Postbank will soon end its payment partnership, beneficiaries can use alternative methods. The most reliable options are: USSD codes (mobile) Dial 1203210# or 12069277# from the mobile number registered with SASSA, and follow prompts to see the balance. This method works on any basic cellphone and does not require airtime or data. SASSA online portal Log in at srd.sassa.gov.za or the official SASSA site, enter grant details, and view balance instantly if you have internet access. WhatsApp support Save SASSA’s WhatsApp number (082 046 8553). Send “SASSA” and then “STATUS” to receive step-by-step prompts, after which the current balance will be provided. ATM and retail stores If you have switched to a bank account or retailer card (e.g., Pick n Pay, Shoprite, Boxer, Checkers), use the card at any ATM or ask the cashier at participating retailers for a balance enquiry. In-person at SASSA offices Visit the nearest SASSA office for personalised balance assistance, using your ID and grant card.
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Kredete raises $22M to launch Africa’s first stablecoin-backed credit card
Kredete, a Nigerian fintech that helps African immigrants build credit and access financial services, has raised $22 million in Series A funding to launch Africa’s first stablecoin-backed credit card and expand its credit-building infrastructure across multiple markets. The round was led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. This brings Kredete’s total funding to $24.75 million since its founding in 2023 and will also finance the company’s expansion into Canada, the UK, and key European markets. It follows a $2.25 million seed round in August 2024 led by Blockchain Founders Fund, with backing from Techstars, Tezos Foundation, Launch Africa, and others. Kredete’s new product is designed to help Africans abroad build credit while sending money home. By linking everyday financial activity, from remittances to rent payments, to a credit score, the company aims to close the gap that leaves many immigrants locked out of loans, mortgages, and other financial services in countries like the US, Canada, and the UK. Founded in 2023 by Adeola Adedewe, Kredete combines international money transfers with a proprietary credit-building engine. The platform allows users to send money to over 30 African countries while improving their credit history abroad. The stablecoin-backed card, set to roll out in more than 41 African countries, will enable users to spend globally, build credit, and avoid costly foreign exchange fees. Kredete is also introducing tools to help immigrants with little or no credit history save, borrow responsibly, and protect their earnings, including rent reporting, credit-linked savings, and access to foreign currency accounts to hedge against local currency volatility. Beyond consumer products, Kredete has built an API-based infrastructure for businesses to make secure, real-time cross-border payments into Africa. It is also developing what it calls the continent’s largest aggregation layer of banks and wallets, designed to make payouts cheaper and faster while giving businesses a single API to move money efficiently. “Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” said Adedewe, Kredete’s founder and CEO. “This raise is about scaling that infrastructure globally and making sure that millions of Africans abroad are finally seen, scored, and served.” Khaled Ben Jilani, Senior Partner at AfricInvest, said Kredete was solving complex problems for both consumers and payment operators. “Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa. It is one of those rare startups solving challenges for both sides of the ecosystem.” Since its launch, Kredete says it has reached more than 700,000 monthly users, facilitated $500 million in remittances, and helped raise users’ U.S. credit scores by an average of 58 points. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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Nigeria ordered the sale of NITEL’s successor. Here’s why it still hasn’t happened
The Asset Management Corporation of Nigeria (AMCON), the country’s national bad loan bank, has downplayed expectations of a quick sale of NatCom Development and Investment Limited (NATCOM)—the successor to Nigerian Telecommunications Limited (NITEL)—despite a presidential directive in February ordering its divestment, and repeated calls from the Nigerian Communications Commission (NCC) for the company to be sold, even “for scrap” if necessary. Instead, AMCON says its immediate focus is on stabilising NATCOM as a strategic national telecoms asset. “As you know, the telecommunications sector is a highly regulated industry, so AMCON is engaging with the regulators and at the right time will do what is best for NATCOM,” said Jude Nwauzor, Head of Corporate Communications at AMCON. “Presently, the alleged divestment from NATCOM is not on the table just yet, but it’s on the horizon.” According to two telecom industry executives who spoke to TechCabal, a divestment of NATCOM could unlock underutilised assets such as spectrum, fibre, towers, and data centres that are vital for Nigeria’s broadband expansion. Under AMCON’s control, NATCOM has been weighed down by debt, bureaucracy, and stalled investment. A successful sale to credible private investors could inject fresh capital and efficiency, allowing the company to play a bigger role in reducing costs for operators, expanding coverage, and driving connectivity—key foundations of Nigeria’s digital economy. AMCON currently owns about 55% of NATCOM, having stepped in as both creditor and shareholder after the company’s original private investors failed to raise new capital. Established in 2015 under a $252 million “guided liquidation” process managed by the Bureau of Public Enterprises, NATCOM—now trading as ntel—took over NITEL and MTEL’s core assets, including spectrum licences, fibre networks, towers, and real estate. But from inception, NATCOM was undercapitalised. The company estimated it needed more than $1 billion in new investment to rebuild a competitive network. Instead, early backers, led by businessman Tunde Ayeni, struggled to raise follow-on funding. AMCON’s intervention kept the company alive, but NATCOM, like other distressed AMCON-backed firms such as Arik Air and Aero Contractors, has failed to attract credible investors wary of government involvement. Its most visible activity has been leasing spectrum. In 2023, MTN Nigeria secured the NCC’s approval to use NATCOM’s 900MHz and 1800MHz bands to boost 3G and 4G services in 19 states. The deal was renewed in 2025 for nationwide coverage, making MTN the de facto beneficiary of NATCOM’s most valuable assets. Mounting debt and shrinking value NATCOM owes around ₦100 billion ($66.5 million), a debt that continues to depress the company’s value as negotiations with creditors drag on. The longer divestment is delayed, the more value erodes. Industry insiders say potential buyers are deterred not only by the debt but also by AMCON’s continued presence on the board. “Nobody wants to touch an asset AMCON is a shareholder in,” one telecom executive said. “If you want to buy, you want AMCON out completely.” President Bola Tinubu and the NCC have urged AMCON to sell, with the president instructing earlier this year that NATCOM should be disposed of “for scrap” if necessary, according to one person familiar with the letter. NCC itself wrote to AMCON in December 2024, urging divestment. Yet implementation has stalled, reflecting the bureaucracy and inertia often associated with government-controlled assets. What future investors will find The eventual buyer of NATCOM will acquire a company with three distinct business pillars. The first pillar is the ntel network itself. The buyers are likely to consider a network sharing deal similar to the one signed by MTN and Airtel, or the roaming deal between MTN and T2 (formerly 9mobile). “There are successful MVNOs in the UK and the US that don’t run their own networks,” said one telecom industry executive who chose to remain anonymous to speak freely. “They create products that target niche segments. That’s what we are trying to do.” NATCOM’s spectrum portfolio gives it some leverage. The company controls 5MHz in the 900MHz band and 10MHz in the 1800MHz band, assets now leased to MTN Nigeria under a two-year agreement approved by the NCC. This arrangement extends MTN’s coverage nationwide while generating short-term revenue for NATCOM. The second is its real estate portfolio, which has the potential to be converted into a real estate investment trust (REIT), similar to what UPDC has established. The third is infrastructure: NATCOM owns over 600 towers, fibre, submarine cable stakes in SAT-3, and a handful of data centres. These assets can be leased to mobile network operators (MNOs), creating a wholesale business model in an industry increasingly reliant on shared infrastructure. Fixing the structure before the sale In May 2025, AMCON appointed Soji Maurice-Diya as chief executive officer of NATCOM, tasking him with fast-tracking the company’s long-delayed divestment, according to one person with knowledge of the matter. NATCOM’s previous leadership had failed to either bring in new investment or initiate the divestment process, that person added. Maurice-Diya’s mandate is straightforward: oversee NATCOM’s divestment and prepare the company for new ownership. A comprehensive evaluation of NATCOM’s financial and operational health is underway, according to two people familiar with the deal. The company has declined to comment on the deal. A divestment deadline was initially set for December 2025, but progress has stalled. According to one person familiar with the matter, the sale has been slowed by an undisclosed administrative and legal challenge uncovered during the evaluation. Compounding the delay, NATCOM has not conducted a financial audit since 2021, leading to the appointment of Deloitte to complete the review. These hurdles, combined with ongoing technical restructuring, make it unlikely that AMCON’s December 2025 divestment target will be achieved. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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Digital Nomads: A Delaware incorporation does not make a startup global. So what does?
Global business has become a catch-all phrase in tech, but founders building across borders know it is not about flags on a website or registering an office in London. To be global is to move money seamlessly between Lagos and Hamburg, to convince regulators who have never met you that your company is credible, and to design products that work in Dar es Salaam as well as in Singapore. After months of conversations with African tech professionals abroad, a pattern stands out. Many choose to start companies outside their home markets, often incorporating overseas before building back home. Access drives this choice. Certain jurisdictions open doors to payment rails, investors, and customers that remain shut in African markets. Yet incorporation is not enough. Tech products can live on the internet and be accessible anywhere, but founders who call themselves “global” without aligning with local rules risk failure. In May, I spoke with a first-time diasporan founder whose embedded fintech product collapsed because they didn’t have the right licences. Regulators’ emails kept piling up until they were forced to shut operations. While global ambition is a well-worn territory in the venture capital space, the poser remains: what does it take to truly build a global business? This week’s Digital Nomads looks at what it takes to build without borders. Dayo Fagade, head of business partnerships at Cedar Money, a global cross-border remittance fintech company, and Abdulwaheed Yusuf, chief operating officer at Sidebrief, a Nigerian regtech startup that helps businesses stay compliant in new markets, share insights from inside the grind of building globally, showing how much harder the work is than the word—and tech—suggests. 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Fagade is precise about what it should mean. “‘Global’ in money movement isn’t just about entering new countries or flag lists on a website to sound fancy,” he said. “It is about truly seamless and frictionless flows. It means a business in Lagos can pay different and multiple suppliers in Johannesburg, Hong Kong, Hamburg, and Guangzhou the same day with similar speed, transparency, and predictability as a domestic transfer.” Achieving that requires an unglamorous amount of engineering. Behind the experience of a seamless cross-border transfer lies the hard work of stitching together fragmented payment rails, navigating volatile FX markets, and aligning compliance frameworks that rarely match. Building global payments, in his view, is less about expansion headlines and more about making disparate systems interoperate as if they were one. “They [founders] underestimate how non-linear it is,” said Fagade. “Going global in fintech isn’t copy-paste growth. It’s closer to building several local businesses that all need to interoperate. Every market has its own compliance culture, customer behaviours, and liquidity dynamics. There’s always a need to balance building fast and building right.” One of the biggest hurdles for location-independent founders is proving credibility in markets where they have no physical presence. “Trust comes from proof, not proximity,” he said. “For partners and suppliers, it’s about showing you understand their specific context and will not put them at regulatory or audit risk. For banks, financial partners and regulators, that proof is strong compliance processes, clear data trails, and a willingness to engage even when the rules are complex or ambiguous.” Trust is won through consistency, responsiveness, and transparency. Those
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“Our software runs over 55% of cinemas in West Africa” – Day 1-1000 of Fusion Intelligence
The last time I saw a movie, it was James Gunn’s Superman at EbonyLife Place. After I made the decision to see the movie, I opened my phone’s browser and bought a ticket online. It was easy, simple, and a far cry from the ticket-buying experience of two decades ago. I didn’t think about the mechanics of the ticket-buying process any more than I think about how electricity works when I turn on a switch. But that easy, straightforward process is an illusion, built and maintained by a system most people would never see. For this edition of Day 1-1000, I speak to Kolade Adewoye, whose Fusion Intelligence is responsible for the illusion that maintains Nigeria’s—and West Africa’s—cinema industry. This is the story of Fusion Intelligence, as told to TechCabal. Day 0: Before Fusion, there was Filmhouse I joined Filmhouse Cinemas in 2018. Honestly, I just wanted to do any work I could get my hands on. I worked on the core operating software they used, Vista. One day, I happened to walk past an invoice for that same software. It was for $80,000 a year. Even then, when the dollar was around ₦300 or ₦400, that was a lot of money. I remember thinking, “If I just gather five guys together, we can run this thing.” That was peak delusion, but it was the first spark. I also realised this was an invisible market. You can walk into a Chicken Republic and see them using a POS, but nobody ever asks, “What operating software are you using?” It’s a huge industry, but it’s 100% dominated by foreign companies because it’s seen as business-critical. But the real experience that defined my time there was the Avengers: Endgame premiere in 2019. The website broke from so many transactions. People were paying ₦20,000 and getting an ‘Oops’ error message without a ticket. I was basically the only support person. For three days straight, I didn’t go home. I slept at the cinema. I focused all my energy on supporting the cinema staff, telling them which transactions were successful so they could issue physical tickets. I built my reputation as the guy who would get stuff done, no matter what. Some people even thought I was the MD’s son. That period built the social capital I needed later. When I left to start Fusion, I could walk into any cinema manager’s office, and we’d joke about that crisis. They knew I understood the business from the inside out, and that’s why they trusted me with their first contracts. Day 1: The Call My day one wasn’t a day one; it was more of a night one. It was on a WhatsApp call with five other broke and depressed people. After Filmhouse, I had joined a startup that was failing. I wasn’t getting paid, but I was still bringing in revenue. The company owed the bank, and the money I worked for was going to pay off old debts. I was frustrated, depressed, and my parents were shouting at me for being jobless. I told the team I was leaving to start my own thing. The unbelievable thing was that they all wanted to come with me. I told them the truth: “I have no money. I can’t pay you.” They said, “We haven’t been paid for months either. Anywhere is better than here with a CEO we don’t trust.” That was it. That was the start. 2022. No money, no name, just a belief that it couldn’t get any worse. My first job was to get a contract, any contract, so we could start. 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The highest-paying tech jobs in Nigeria (2025)
Nigeria’s tech industry has seen turbulent shifts over the last few years, from the pandemic-era boom to the recent economic challenges. Despite the setback, some roles are still commanding eye-popping salaries and rapid career growth. Some senior tech roles in Nigeria are still making people earn ₦2 million ($1,333) and above monthly. To understand what skills are worth investing in, I spoke to Emmanuel Faith, a HR professional with experience in several Nigerian startups, including Cowrywise and Africhange; Deji Olowe, founder of Lendsqr and board leader at Paystack; and Toyin Olasehinde, co-founder and COO of skills platform Treford. “These factors depend on the level (entry, mid, or senior), as well as the company itself and the industry these roles are employed into,” Emmanuel says. Here’s what these experts revealed to me about the roles, skills, and strategies that lead to the biggest paychecks in Nigeria’s tech industry right now. Top highest-paying tech jobs in Nigeria (2025) 1. Cybersecurity analysts Average pay: An average of ₦450,000-₦900,000 ($300-$600) monthly at mid-level, and ₦1.5M–₦2M ($1,000-$1,333) monthly at senior level Why it pays: Rising cyberattacks in Nigeria have made security non-negotiable for fintechs, banks, and startups. Skills in demand: Network security, ethical hacking, cloud security certifications like Certified Information Systems Security Professional (CISSP), and Certified Ethical Hacker (CEH). 2. Data engineers Average pay: ₦1.8M–₦2.5M ($1,200-$1,667) monthly for mid to senior roles Why it pays: Firms are collecting more data than ever and need people to make sense of it. Since businesses can’t make decisions without good data, data engineers are the backbone that makes analysis possible Skills in demand: SQL, Python, Spark, cloud data warehousing, ETL pipelines. 3. Software developers (Especially Back-end Engineers) Average pay: ₦1.2M–₦2.5M ($800–$1,667) monthly for mid to senior roles Why it pays: They build the infrastructure that keeps apps and platforms running. Skills in demand: Java, Node.js, Go, databases, APIs, systems architecture. 4. Technical product managers Average pay: ₦1.5M–₦2.8M ($1,000–$1,867) monthly for mid to senior roles Why it pays: Technical product managers bridge business strategy and engineering to ship profitable products. Skills in demand: Agile project management, UX understanding, stakeholder management. Toyin says, “People are actually building like every time, and so they need people that can actually, like, manage products for them,” Olasehinde said. 5. DevOps engineers Average pay: ₦1.3M–₦2.4M ($866.67–$1,600) monthly for mid to senior roles Why it pays: They keep deployment fast, stable, and secure, essential for scaling startups. Skills in demand: CI/CD, Kubernetes, Docker, AWS/Azure, scripting. 6. Artificial intelligence roles Artificial Intelligence /Machine Learning Engineer: Designs, develops, and implements AI and machine learning models and systems. Average pay: ₦600,000- ₦1,200,000 ($400–$800) monthly Why it pays: Olasehinde points out that “because of the whole AI buzz in recent time, employers are looking for people who actually can draw up AI strategies and also implement” for their organisations. Skills in demand: Strong programming abilities (especially Python), expertise in machine learning algorithms and deep learning frameworks (like TensorFlow and PyTorch), robust mathematical and statistical foundations, skills in data preprocessing and analysis, proficiency with cloud platforms (AWS, Azure, GCP) 7. Chief Technology Officers (CTOs) Average pay: ₦3M–₦5M+ ($2,000–$3,333+) monthly for mid to senior roles Why it pays: They set the vision and manage entire tech teams, budgets, and product roadmaps. Skills in demand: Technical depth, leadership, fundraising experience, strategic planning. Most future-proof tech roles in 2025 According to Emmanuel, there are roles where demand far outweighs supply in many senior tech roles, largely because people are migrating or prioritising foreign opportunities. Emmanuel and Olowe list technical product management as a role to pursue for fresh graduates or career switches who want to pursue long-term growth in the tech industry. Emmanuel adds cybersecurity, full-stack engineers, and lifecycle marketing managers. Olasehinde says marketing roles in tech firms are relevant because “to bring in people to use or understand , you need people on the marketing side to be able to communicate the value of these products, to be able to even sell this product.” Degrees vs. hands-on skills Interestingly, formal education isn’t the main ticket to high pay. Emmanuel observed that “for most companies at entry level, formal degrees might not be a deciding factor.” Mastery of cloud and DevOps tools like Golang and Scala can also fast-track salary growth. Olowe added that certifications and claims of global exposure often don’t impress him and other employers: “ Referrals are the best. Good people know good people.” For him, attitude, accountability, and quality output matter far more than certificates. Olasehinde says AI-related and data analytics skills are surging in demand: “Employers are looking for people that can draw up AI strategies for them and also implement them… There’s also product management, cloud computing, software engineering, and even growth and marketing roles.” Career growth timelines How long does it take to hit high-paying territory? Emmanuel estimates 18 months to two years for driven professionals to move from entry-level to well-paying positions, if they build rare, valuable skills and position themselves for growth roles like product management, cybersecurity, or marketing leadership. Olowe adds that technical roles can open the door to lucrative leadership positions like CTO or Head of Engineering, while product managers often transition into strategic executive roles. 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Read MoreIs Apple’s slimmest iPhone a big deal in Africa? We asked 7 users in South Africa, Nigeria, and Kenya
On Tuesday, Apple unveiled the iPhone 17 series, headlined by the ultra-thin iPhone 17 Air, the company’s slimmest iPhone yet. Globally, much of the conversation is about the iPhone 17’s slimmer design, titanium frame, and on-device AI. But in Africa, the real question is whether this sleek new lineup resonates with consumers who balance interest in innovation with the realities of cost. To find answers, TechCabal spoke with seven (7) users and experts in South Africa, Nigeria, and Kenya. South Africa: “These features matter here too” In South Africa, pre-orders open September 12, with in-store sales beginning a week later. iStore, Apple’s local retailer, is teasing the lineup with trade-in deals and financing options to cushion prices expected well above U.S. retail. For John Arufandika, a digital transformation strategist at Aptiva AI—an agency specializing in language models, system upgrades, and AI compliance—the iPhone 17 isn’t just a luxury device. To him, its true relevance for Africa lies in how it represents technology convergence. “I see Apple doubling down on on-device AI, advanced chipsets, satellite-enabled connectivity, and energy-efficient design,” he said. “ These are not just consumer perks; they point to the direction of computing over the next decade.” Arufandika argues that features like offline AI and satellite access could be transformative in Africa, where cloud costs are high and connectivity is patchy. “Tools that can run offline, protect data sovereignty, and stretch battery life in areas with weak grids, these are precisely the kinds of innovations Africa needs at scale.” Still, he admits that affordability remains the barrier. The real challenge, he says, is bridging the gap between high-end demonstrations and mass-market reality. On the consumer side, the excitement is real, but so is the price shock. Tendai Mugabe, Director of Programs and Impact at the Africa Women in Finance Inclusion Initiative (AWFII), captures the tension with humor and honesty. “I am an Apple sheep, and I am already in love and want it. But to try to justify that amount and then fees, life and all, it is pricey.” Mugabe, who upgrades every two years, says she is due for a new device but admits the cost concerns. Nigeria: Prestige versus practicality In Nigeria, reactions are split between admiration and scepticism. Lagos-based developer Tesleem Amuda sees appeal in the titanium design and stronger battery. “It is actually a big deal, and from the list of the features, functionalities, and materials I listed, smartphone users in Africa would want to see it, switch to the latest quality, and see how it goes,” he said. However, some others are skeptical about its real impact, saying the model will remain out of reach for most Nigerians because of its high price. “New iPhones won’t make much difference for the majority,” said Muhammed Hassan, an Abuja-based media and communication strategist.“The iPhone 17 will get attention in Africa, but for most people, it’s not a big deal. The price is too high, and many Africans prefer cheaper phones that do what they need. Rafat Lawal, a Maiduguri-based fashion entrepreneur echoes a similar sentiment: “Everyone would love to use it, but the cost will push them more away, like other previous models like the iPhone 16.” However, there are pockets of optimism, particularly among Nigerian content creators who see the device as a tool for better productivity. Toheer Muftaudeen, a content creator, described the new iPhone model as “a new talk” for African creators. “Though many people may not afford it or have an interest in using it, those who do will leverage its features for work.” Kenya: An object of desire, not utility In Nairobi’s malls and upmarket neighbourhoods, the iPhone remains a status symbol. Among young professionals, influencers, and entrepreneurs, owning the latest model carries a social cachet that Android rivals, no matter how powerful, struggle to match. The iPhone 17’s improved camera systems, faster processors, and Wi-Fi 7 connectivity will strengthen its grip among this cohort, who rely heavily on their devices for work and content creation. Retailers in the capital are already reporting waiting lists from early adopters. But outside this narrow band of consumers, Apple faces a harder sell. The entry-level iPhone 17 is expected to retail above KES100,000 ($773), with Pro versions priced much higher. This comes at a time when the shilling has weakened against the dollar and inflation has eroded disposable incomes. By contrast, Transsion brands such as Tecno and Infinix dominate Kenya’s smartphone market with devices priced under KES30,000 ($232), offering features that are “good enough” for the majority. “Slim or not does not really determine the decision to buy. Some brands have slimmer phones but fall short in some features like the camera,” said Collins Opiyo, a digital creator in Nairobi. “The decision to buy will come down to whether I have the money or not.” Yet Apple has consistently managed to carve out a loyal niche in Kenya. Financing options from mobile operators, trade-in schemes, and the flourishing second-hand market help sustain demand. The iPhone 17 will not shift the market’s balance, but it will reinforce Apple’s role as the phone of choice for Kenya’s upwardly mobile elite—an object of desire first, and a device second. More symbol than smartphone Across Africa, Apple’s new lineup sparks excitement, but also resignation. For tech observers, it’s a signpost for the future. For loyalists, it’s an expensive upgrade. For most, it’s out of reach. The iPhone 17 Air won’t transform Africa’s smartphone market. But it will reinforce Apple’s role on the continent: not as a mass-market device, but as a cultural marker of aspiration, loyalty, and the high cost of prestige.
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