Semicolon’s new partnership gives graduates two-year track to Computer Science degree
Semicolon, the Nigerian edtech that trains software engineers, has partnered with Nigeria’s first technical varsity, Abiola Ajimobi Technical University (“Tech-U”) in Oyo State, to introduce a credit transfer pathway that allows Semicolon alumni to gain an undergraduate degree in computer science in two years instead of four. The partnership gives Tech-U graduates access to Semicolon’s industry programs, and both institutions will co-develop curricula, train faculty, and explore new financing models to expand access to quality education. The alliance marks the latest in a series of collaborations between Nigerian edtech firms and tertiary institutions, as stakeholders strive to align educational offerings with the evolving demands of the workforce. Rival AltSchool Africa adopted a comparable strategy in 2021, partnering with Michael and Cecilia Ibru University to award diploma certificates to its graduates. “We are not here to replace universities,” said Sam Immanuel, CEO of Semicolon. “We’re here to complement them, to collaborate and amplify impact. We at Semicolon envision a future Africa that is home to a talented, thriving technology community; achieving this will require many different types of institutions working together.” This partnership comes at a critical time for Nigeria, where the demand for skilled technology professionals far outpaces the supply. Universities in the country have also struggled to produce industry-ready graduates due to archaic curricula. By integrating practical, hands-on training with formal academic credentials, Semicolon and Tech-U are following a global trend in countries like the United States, the United Kingdom, and India, where universities and tech organisations collaborate to bridge the gap between theory and practice. “There is a disconnect between what is taught in universities and the world of work,” said Prof. Adesola Ajayi, Vice-Chancellor of Tech-U. “The world does not just need workers as much as it needs innovators, problem-solvers, and leaders who can make a meaningful impact. This partnership aligns with the university’s motto of ‘Developing Brains, Training Hands.’” Founded by Sam and Ashley Immanuel in 2019, Semicolon has maintained close ties with the academic sector from its inception. Through its collaboration with Henley Business School at the University of Reading, Semicolon students have had access to business and entrepreneurship courses since 2019. The organisation has also previously worked with Lagos Business School. Semicolon graduates approximately 150 students annually, with roughly one-third lacking a tertiary degree, according to its COO Ashley Immanuel. She expects that some alumni will benefit from the new partnership immediately, while more are expected to pursue degrees as Semicolon expands its university collaborations. 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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Pay up: Kenyan banks and digital lenders pursue loan defaulters with renewed vigour
Kenyan banks are intensifying loan recovery efforts as household debt stress deepens, signalling a hard turn from pandemic-era leniency. More than 30 lenders are now targeting overdue personal and household loans, a category flagged by the Central Bank of Kenya as the most likely to see more defaults this quarter. In its latest Credit Officer Survey, 33% of the 39 banks surveyed said they expect non-performing loans (NPLs) in the personal and household segment to rise between April and June 2025. That’s a sharper risk signal than in any other sector. The shift marks a new phase of credit tightening, driven not by weak liquidity but by risk-aversion and regulatory pressure to clean up loan books. Borrowers in the personal and household category are already feeling the pressure. At least five Equity Bank customers told TechCabal they’ve recently received calls from recovery agents demanding payment on overdue loans. One borrower admitted they hadn’t made any repayments for over a year. Though interest on the loan stopped accumulating after the 90-day window, as required under IFRS 9 rules, the debt remained on Equity’s books. Until May, Equity did not automatically deduct deposits from accounts with outstanding loan balances. That changed last month, according to one borrower who said they deposited a small amount that was used to regularise their loan. Other banks never paused automatic deductions, and continue to apply any new deposits toward overdue balances. For many, that means basic needs go unmet. Borrowers describe the mental strain of having to second-guess whether it’s safe to use their own bank accounts. Some have resorted to keeping cash or using other bank accounts altogether. The majority of Kenyans have at least two bank accounts in an effort to diversify their financial services. “I can’t save, I can’t plan. Any time I get paid, I lose part of it,” said another borrower who owes KES 12,000 on a loan taken in 2024. “Even when I want to repay in small bits, I don’t feel like I’m in control.” These deductions, often triggered without warning, make it harder for low-income families to manage tight budgets. The result is a slow erosion of trust between borrowers and their banks, and more people turning to informal channels just to stay afloat. 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With recovery teams now reactivated and debt collection agencies aggressively chasing defaulters, borrowers are learning that old loans have not been written off and won’t be ignored. While borrowers are expected to repay, few report receiving clear, detailed breakdowns of what they owe. Some do not know whether interest has been paused or whether partial payments will improve their credit standing. Even among banks that comply with accounting standards, a significant communication gap persists, as recovery efforts have been passed over to debt collection agencies. “I borrowed KES 20,000 in 2021. Any time I receive a call from a loan collection agent, they give me a conflicting figure,” a customer who borrowed from Equity told TechCabal. Digital lenders are also stepping up pressure as some are offering limited-time deals to clear overdue balances. At least five borrowers say they were offered the chance
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In a Gauteng township school, learning tablets raise hopes and questions
Since the 2000s, the South African government has pushed for universal ICT integration in education. In provinces like Gauteng, the government, through the Gauteng ICT and E-Education Strategy (2014), developed a comprehensive, multi-pillar approach to ICT deployment and e-learning in schools. Government investments and private partnerships sought to provide schools with infrastructure, devices such as learning tablets and computers, internet connectivity, and professional development for educators, to achieve its goal of preparing students for the Fourth Industrial Revolution. Still, many township schools, classed as quintile 1 schools—and which receive the most government funding and serve the most economically disadvantaged students—remain digitally excluded. Basic infrastructure, such as reliable electricity, internet access, and modern devices such as learning tablets and computer laboratories, are still lacking in these schools. According to Gauteng-based education activist, Henrick Makaneta, “poverty, lack of infrastructure, and limited digital literacy among teachers and learners” remain significant barriers to technology advancements in education. Just southeast of Gauteng, in Heidelberg, Ratanda Secondary School (Ratanda) is one of a few townships schools navigating these challenges as it introduces learning tablets into classroom activities. With a suite of applications and educational material, Ratanda’s administration believes that these learning tablets can help students and teachers overcome infrastructural deficits and be better equipped for the future of work. 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They come preloaded with educational apps such as KeyBlaze, Typing Tutor, Wikipedia, Encarta, and the Google Chrome browser. Each learner can access South Africa’s official Curriculum Assessment Policy Statements (CAPS), a comprehensive document pertaining to the learning and reporting processes for Grades R-12 subjects, through a digital application, “My Core CAPS”. Students also have access to a number of educational videos and quizzes pre-installed into the devices. Combined, these tools foster an interactive, tech-driven education, allowing students to explore subjects deeply, collaborate online, and develop critical twenty-first century skills. Morena Moloi, ICT Coordinator at Ratanda, explains that the motivation to adopt the learning tablets came from the Gauteng school district itself. “We took our guidance from the district, driven by the desire for learners to engage with the tools and resources provided for educational purposes,” he told TechCabal. The COVID-19 pandemic accelerated this adoption, highlighting the importance of digital access. “We positioned ourselves as thought leaders in this vision, recognising that we could make learning more enjoyable and accessible,” Moloi added. Beyond the need to prepare for the future, schools like Ratanda are also adopting digital and e-learning initiatives to address declining proficiency and higher drop-out rates in STEM subjects. In 2023, only 28,851 matriculants scored at least 60% in both mathematics and physical science, according to the Basic Education Department, and the percentage of matriculants writing mathematics dropped from 53% in 2008 to 38.5% in 2023. Lack of infrastructure and qualified educators often leave learners with shaky foundational skills in these subjects and discourage students from pursuing them at university level. “Given the education gap that exists due to inequality in the country, ICT is one of the fastest-growing sectors with a huge amount of innovation,” said Tshepo Nkopane, Johannesburg-based director of Envirocentral, a sustainability think tank. Tech adoption in classrooms across South Africa has witnessed a compound annual growth of 16% between 2020 and 2023, according to data from Gauteng-based research firm, Birguid. This growth has
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Tracking what we lose: Why West Africa should adopt smart tools to measure food loss and waste
In West Africa, where food insecurity remains an enduring challenge, the silent drain of food loss and waste (FLW) is often overlooked. From the sun-scorched farms of northern Nigeria to the bustling markets of Accra and Dakar, millions of tonnes of food vanish along the supply chain. Though poorly characterised, a significant percentage of food is produced and harvested but never consumed. This loss undermines livelihoods, worsens hunger, and contributes significantly to environmental degradation. Recent advancements in technology and innovation make it possible to move beyond anecdotes and accurately quantify FLW. With accurate data on the amount and rate of FLW, governments and organisations can design smarter, more targeted interventions to reduce FLW effectively. The promise of contemporary monitoring tools Mobile applications and digital platforms generate reliable, geo-tagged data directly from the field and can contribute to addressing long-standing data gaps. Examples such as FarmForce and AgroTrack are already empowering farmers, aggregators, processors, and other relevant stakeholders in other parts of the world to record food losses in real time. Remote sensing technologies such as drones and satellite imagery provide macro-level visibility and can complement ground-level insights. They can detect crop losses caused by floods, pests, or droughts, and thus enable governments, development agencies, and other relevant stakeholders to identify seasonal loss patterns and design early warning systems to mitigate risks. Additionally, blockchain and AI-driven traceability systems, which capture or document every step of the chain with precision and accountability, can improve transparency along food supply chains in West Africa by enabling tamper-proof tracking from farm to market. For perishable goods like tomatoes, fish, and grains, which are often lost due to poor handling or storage, these tools can pinpoint exactly where, how, and why losses occur, allowing for targeted interventions. To ensure consistency and comparability, stakeholders should consider and incorporate standardised protocols such as the FAO’s Food Loss Assessment Methodologies and the World Resources Institute’s FLW Standard, which provide structured frameworks for documenting losses. Meanwhile, real-time market information systems, such as eSoko and mFarm, are helping to monitor gluts and price crashes that often contribute to waste. When integrated with AI, these platforms can predict surpluses and recommend timely interventions, such as improved storage or redistribution strategies. On the consumer end, innovative tools like sensors, smart bins, and digital weighing systems can be piloted in urban centers to track waste from supermarkets, restaurants, and households. Available evidence indicates that these data streams uncover behavioral patterns that traditional surveys might miss, and can therefore offer a more nuanced understanding of food waste dynamics in different regions. The opportunities: Why now is the time The capacity to pinpoint exactly where food is lost can keep more food in the system and significantly boost food security. Contemporary digital monitoring tools can also translate into or create novel work roles, such as drone operators, data analysts, and supply chain specialists. Widespread adoption may therefore provide opportunities for job creation and digital upskilling. Moreover, the ability to document FLW with reliable data strengthens the region’s position to attract competitive climate finance and investments. For instance, well-documented, reliable data can better position many West African countries to access competitive funds to reduce emissions and build sustainable food systems. Accurate data also enables countries to quantify the environmental impact of food loss, including embedded greenhouse gas emissions. This can strengthen the case for climate-smart interventions and significantly help West Africa reduce its food production-associated ecological footprint. On a broader scale, shared standards and cross-border data flows can foster regional cooperation and allow ECOWAS states to harmonise policies, optimise storage infrastructure, and minimise transboundary trade losses. This collaborative approach can, in addition to enhancing food security, also strengthen economic ties and trade efficiency across the region. The challenges: Why getting there won’t be easy Despite the immense potential benefits, scaling these innovative tools across West Africa is potentially fraught, and several significant hurdles must be addressed to unlock their full potential. One of the most pressing challenges is the gap in digital infrastructure, particularly in rural areas where post-harvest losses are often rife. Many of these regions lack reliable internet connectivity, consistent electricity, or the digital literacy needed to operate advanced tools effectively. Additionally, the high initial costs of technologies like blockchain, drones, and AI systems are a barrier to widespread adoption, making strong public-private partnerships and donor support essential to bridge the financial gap. Even where data is collected, it is reasonable to anticipate issues of fragmentation and trust. Data collection and management are often siloed or unreliable, and farmers, traders, and other relevant stakeholders may hesitate to share sensitive information due to mistrust or fears of resultant regulation, such as increased taxation. Furthermore, while countries may adopt standardised FLW measurement protocols, enforcement remains weak. Without clear incentives or penalties, data collection efforts can often be inconsistent or half-hearted. In any case, fundamental infrastructural deficits, such as poor food storage and transport infrastructure, are still a problem and must be addressed. Cultural and behavioral barriers are another potentially significant deterrent. In many markets and households, food waste is either normalised or covert, and shifting these deeply ingrained attitudes, particularly in contexts where waste is seen as a sign of abundance, will require time, education, and targeted awareness campaigns. Addressing these challenges will, however, be critical to ensuring that the region can fully harness the potential of these tools to reduce FLW, enhance food security, and build more sustainable food systems. Measuring is the first step to fixing For too long, West Africa’s FLW have remained poorly measured, inadequately documented, and largely ignored. Yet, we cannot fix what we do not measure. Emerging, contemporary digital and scientific tools can remedy this trend. With smart investments, regional cooperation, and a sufficiently strong political will, West Africa can exploit advancements in data science to make its food systems more resilient, efficient, and equitable. The stakes are high, but so is the potential. In a region hungry for progress, measuring the food we lose may be the most powerful step toward feeding our future. ________
Read MoreA new U.S.-Nigeria trade deal could unlock more investment for Nigerian startups
A new U.S.-Nigeria trade agreement may offer a lifeline to the country’s startup ecosystem amid a global funding slowdown. Signed in July 2024, the U.S.-Nigeria Commercial and Investment Partnership (CIP) aims to remove regulatory barriers, promote private investment, and open access to American venture capital, critical support for Nigeria’s tech sector. “The CIP process puts government and business in the same room to remove obstacles to trade,” said U.S. Ambassador to Nigeria Richard M. Mills during a fireside chat at Lagos Business School on Thursday. “I firmly believe that working together to advance our shared economic interests will create jobs, boost innovation, and unlock new opportunities on both sides of the Atlantic.” At the heart of the five-year agreement is a renewed commitment to deepen access to U.S. capital markets, valued at over $120 trillion, and expand the already significant flow of venture funding to Nigerian startups. About 60% of Nigerian startups are incorporated in the U.S. In 2024, Nigerian startups raised $410 million in funding, a 17% increase from the $398.2 million recorded in 2023, according to Africa: The Big Deal. The slowdown reflects global market uncertainty and local pain points—regulatory instability, currency volatility, and high operating costs. The CIP, formalised by Nigeria’s Minister of Industry, Trade, and Investment Doris Uzoka-Anite and U.S. Secretary of Commerce Gina Raimondo at the 2024 AGOA Forum in Washington, D.C., is designed to reverse that trend and help position Nigeria as a viable launchpad for digital innovation. Discussions to activate the partnership will begin in Abuja this July, according to Mills. The deal introduces sector-specific working groups focused on technology, agriculture, and infrastructure. These teams, composed of U.S. and Nigerian stakeholders, will identify non-tariff barriers, regulatory friction, and opportunities to streamline investment processes. “The three working groups will take a hard look at each sector’s regulatory challenges,” said Mills. “Both governments will listen and learn from these private sector actors on what concrete steps can be taken.” Equally important are programs like SelectUSA and “Networking with the USA,” which offer Nigerian startups access to U.S. accelerators, enterprise partners, and funding networks. These platforms are expected to enhance product scaling, global market access, and knowledge transfer. This kind of synergy has already paid dividends. Startups like Flutterwave, Andela, and Esusu—all founded by Nigerians educated in the U.S.—are now global players. Mills cited these companies as examples of the deep people-to-people ties that underpin U.S.-Nigeria relations. More than 20,000 Nigerian students currently study in the U.S.—the largest African student population and the seventh largest globally. Over 750,000 Nigerians live in the U.S., forming the largest African diaspora group. For startups, these connections translate into access to mentorship, cross-border talent, and invaluable soft infrastructure. Yet, the evolving U.S. trade posture isn’t without complexity. While tech startups are generally insulated from direct trade tariffs, being service-based and not reliant on exports, the recent 14% tariffs imposed on Nigerian non-oil exports could indirectly affect the sector. A decline in foreign exchange earnings could weaken the naira further, inflating the cost of imported hardware, cloud services, and other critical inputs. “There is still a sense among U.S. businesses that Nigeria is a risky place to do business,” Mills noted. “It behoves the Nigerian diaspora who are extremely successful to tell that story.” Moreover, tariff-related uncertainty may prompt some U.S. investors to adopt a more cautious, wait-and-see approach. Mills clarified, however, that the intent behind U.S. trade measures is to promote reciprocity, not punishment. “Tariffs are not designed to be punitive,” he said. “What is being hoped for is a response from trading partners to get tariffs back on an equal framework.” For now, the tech ecosystem remains relatively shielded. However, the CIP’s long-term value lies in its structural focus: reducing red tape, encouraging infrastructure development, and enabling private-sector innovation. Nigeria remains one of only five African countries with a CIP agreement, clear evidence that Washington sees it as a long-term partner in digital innovation. If implemented well, the agreement could leverage Nigeria’s youthful population, vibrant diaspora, and entrepreneurial drive. “Nigeria is the world’s present and future,” Mills said. And with the CIP in motion, that future could be closer than it once seemed.
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👨🏿🚀TechCabal Daily – PalmPay in talks to raise up to $100M
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Let’s get into today’s dispatch! PalmPay in talks to raise up to $100 million Kenya’s tax net widens, moves to scrap ESCOP tax breaks The dollarisation squeeze, and how founders are hitting back Funding Tracker World Wide Web 3 Opportunities Fintech PalmPay in talks to raise up to $100 million Image Source: Zikoko Memes PalmPay is in talks to raise between $50 million and $100 million in a Series B funding round, according to TechCrunch. It’s unclear how much the company is currently worth, but back in 2021, it was already considered almost a unicorn (meaning nearly worth $1 billion). For the curious (or confused): A Series B funding round is the second stage of significant venture capital financing for a startup company. It means this isn’t their first funding round. They’ve had a successful Seed and Series A funding round. Palmpay has raised $140 million across these funding rounds led by big-name investors like Transsion (the company behind Techno and Infinix phones) and MediaTek). And now, they are hoping to get a larger sum of money to grow further. What will the money be used for? The company declined to comment on the specifics of its fundraising. However, the new capital will fuel PalmPay’s deeper expansion into Nigeria, grow its newer products, and enter new markets across Africa and Asia. This new capital will also fuel PalmPay’s intended expansion to South Africa, Côte d’Ivoire, Uganda, and Tanzania, building on momentum from processing 15 million daily transactions during the first quarter. The expansion will bring PalmPay’s footprint to six African countries, following earlier launches in Ghana and Kenya. The company, which has 35 million registered users, is now profitable. If this funding round is successful, PalmPay will be pulling further ahead in the fintech race. PalmPay wants to be the platform across payments, credit, and mobile banking on a continental and global stage. For competitors like OPay, Moniepoint, and FairMoney, it raises the bar on speed, scale, and staying power. In a space where some players are still burning cash, PalmPay’s momentum and profitability put it in a different weight class. Join Fincra for an Exclusive Side Event at Money20/20 Europe Fincra is co-hosting “Stablecoins & The Future of Payments” at Money20/20 Europe with Utila, Rail, Wirex & more. Join fintech leaders for insightful panels & networking. Limited spots – RSVP here. 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 Economy Kenya’s tax net widens, moves to scrap ESCOP tax breaks Kenyan employees vs. the government; different bill, same provisions/Image Source: Tenor The Kenyans got a whiff of Moniepoint’s latest cash out and thought, ‘We want a piece of that pie too!’ The government has included a proposal in the Finance Bill 2025 that scraps tax breaks on Employee Stock Ownership Plans (ESOPs) for early-stage startups. If passed, employees will have to pay income tax within 30 days of receiving shares whether or not those shares can be sold. That’s a big shift from the current rule (introduced in 2023), which lets workers defer tax until they sell, leave, or hit a five-year mark. Employee Stock Ownership Plans (ESOPs) are shares that startups give employees instead of, or in addition to cash as part of their pay. Why is this a big deal? This move effectively deflects one of the few
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How Nigerian founders are de-dollarising their startups
It used to be simple. You built something people wanted, got investments to buy the tools you need and create the team you need to scale exponentially—maybe a few smart hires from abroad. The tech ecosystem was flush with cash and hope for startups and their technology, so the numbers worked. Until 2023, the numbers stopped working for startups in Nigeria; the naira value has depreciated against the dollar. This eroded growth: revenue, despite growing exponentially in naira, regressed in dollar terms, while expenses have ballooned. To keep their businesses going, founders are changing their strategies and finding ways to make fewer dollar expenses, and. generally, spend less money on their day-to-day operations. On Friday, April 30, TechCabal, in partnership with CloudPlexo, an AWS service provider, hosted a salon-style discussion well-attended by founders and executives from notable companies, including Piggyvest, Kuda, Sycamore, GetEquity, PaidHR, Moniepoint, and more. We gathered Africa’s brightest minds to share how they are cutting costs in their startups. Fireside chat with Deji Olowe The event was headlined by Deji Olowe, founder of Lendsqr, a B2B startup providing infrastructure for digital lenders and board chairman at Stripe-owned Paystack. In an intimate chat with Fu’ad Lawal, Editor-in-Chief of TechCabal, he shared his perspective on major cost centres and efforts to keep expenses reined in. He explained switching to open-source tools that allow his team to communicate for free instead of using platforms like Slack that charge as much as $12 per employee. “It is not the software that makes employees accountable to respond to messages,” he quipped. Deji Olowe on the fireside chat at the TechCabal Ecosystem Mixer. Acknowledging that employees are the biggest cost centres, Olowe advocated for prioritising local hires at all levels. He noted that hires from Silicon Valley for C-suite roles bring little to no unique expertise that local employees or ecosystem operators lack. He went a step further to assert that he knows no foreign executive whose work has measured up to the pay. Olowe also encourages training local talent, as banks do, accepting possible churn as a trade-off for lower costs and building ecosystem skills. Olowe, himself a banker for over a decade and previously an executive at banks like Access Bank, urged startups to create local training initiatives within their companies, cutting costs and boosting growth. Babatunde Akin Moses, founder of Sycamore. He urged them to collaborate despite competition, like banks, forming consortia to share resources or push initiatives that solve hard problems for everyone in the ecosystem. Founders related to his measures, some sharing how they have approached reducing costs by checking for costs due to latency, and also employing a mix of on-premises storage and cloud storage. Some noted that they train their employees. The engaging 40-minute chat concluded with an open feedback session where founders provided valuable input on TechCabal’s role in the tech ecosystem. Suggestions included the revival of the “Entering Tech” flagship series, features on startup office environments to showcase internal team dynamics, and more product-focused articles detailing new launches and updates. The event was complemented by great drinks and just networking. 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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Green Flare turns Nigeria’s waste gas into crypto mining power in $1 billion opportunity
In Nigeria’s oil-rich Delta region, a new startup is turning a decades-old environmental problem into a digital opportunity. Green Flare Holdings, a climate-tech infrastructure company, will convert flares—gas emissions from oil fields usually burned into the atmosphere—into electricity for data centers. The plan? Start with Bitcoin mining, and scale to powering artificial intelligence (AI) and high-performance compute. “What we’ve come up with is a really first-of-its-kind approach,” said Charles Majomi, co-founder of Green Flare. “We’re taking gas that is normally flared—associated gas—and turning it into power to drive data centers that mine Bitcoin at scale in the heart of the Niger Delta.” Bitcoin mining is the process of verifying and recording transactions on the Bitcoin network by solving complex cryptographic puzzles, which secures the blockchain and releases new bitcoins as a reward for miners. This process requires vast computational power and, as a result, consumes significant amounts of energy. Traditionally, mining operations rely on electricity from the grid, but flare gas—a byproduct of oil extraction that is often burned off as waste due to a lack of pipelines or commercial uses—offers a novel alternative. Instead of allowing this gas to go to waste or pollute the atmosphere, Green Flare partners with upstream oil and gas producers to capture it, converts it into electricity using mobile gas generators, and uses that energy to power Bitcoin mining servers directly on-site. A $1 billion opportunity buried in Nigeria’s waste gas Flare gas has long symbolised Nigeria’s environmental challenges and energy paradox. The country flares up to 1 billion standard cubic feet of gas daily, enough to generate between 5 and 9 gigawatts of power, dwarfing the country’s actual on-grid output. Oil and gas companies in Nigeria flared gas worth $485.3 million in the first half of 2023. “The waste is astronomical,” said Green Flare’s co-founder and CFO, Joseph Lassen. “If we commercialise even 5% of Nigeria’s flares, we’re looking at a billion-dollar opportunity. Scale that, and it’s tens of billions.” The company is building three sites in Delta State with a combined potential capacity of 53 megawatts. It’ll start with Bitcoin mining, which is easier to deploy and monetise, then scale to more intensive compute workloads like AI and cloud services. It’s a model pioneered in the US by companies like Crusoe Energy, Marathon Digital, and Giga Energy, but Green Flare says Nigeria has even more to gain. “We are transforming wasted energy into productive assets, reducing emissions, and proving that Nigeria can lead Africa in clean, distributed computing,” said Adeoye Fadeyibi, CEO of Green Flare Holdings. Bitcoin mining is just the first step. With cheap, off-grid power secured, the company wants to expand into AI and machine learning infrastructure. “This is Nigeria’s chance to become a solution to the global computing resource shortage,” said Barbara Ijayi, Founding Partner at Unicorn Growth Capital and one of Green Flare’s investors. “Whether it’s Bitcoin, AI, or cloud, the world doesn’t have enough compute. This puts Nigeria on the map.” It’s not just a crypto play; it’s a climate one too. According to Lassen, capturing and combusting flare gas reduces carbon emissions by up to 45% and slashes methane leaks, one of the most potent greenhouse gases. Bitcoin mining is lightly regulated in Nigeria, compared to traditional crypto exchanges. “It’s an offshore opportunity,” said Ijayi. “It’s like selling oil and getting dollars. It’s not a central bank issue.” Still, the business model hinges on continued access to cheap gas and stable macroeconomic conditions. Any change in flare gas rights or new taxes could tilt the economics. But for now, Green Flare is betting that stranded energy and high computing demand—especially for Bitcoin, which recently crossed $100,000—will sustain its margins. “Our cost per Bitcoin will be about 25% of the competition—somewhere between $5,000 to $12,000 depending on energy prices,” said Lassen. “Even if Bitcoin prices drop by 50%, which we don’t see more than maybe once every five years, we would still be highly profitable.” Green Flare says its dual-revenue approach—Bitcoin mining and future AI compute contracts with hyperscalers like Amazon or Google—offers a hedge against crypto volatility. And with 90% of the world’s computing needs forecast to come from AI and edge computing by 2030, the startup believes it’s well-positioned for the next wave of digital demand. Africa contributes only 3% to the global Bitcoin mining hash rate. Crypto, compute, and community While the pitch to investors is about climate, compute, and crypto economics, Green Flare says it is focused on community impact. According to Majomi, the company has already signed memoranda of understanding with its host communities in line with the requirements of Nigeria’s Petroleum Industry Act (PIA) and the Host Community Development Trust provisions. These agreements ensure that local residents are meaningfully included in the flare-gas-to-Bitcoin mining operation from the ground up. “We will give special consideration to community members, [in the] unskilled category,” he said, noting that much of the early-stage work—such as land clearing and site preparation—will be done by locals. “And then secondly, there’s the skilled labour requirement. Obviously, as skilled labour becomes more available, we would prioritize bringing and training members from the community.” The company also plans to power a distance learning program using electricity from its mining operations to train local talent in technology, math, and science. “One of the functions of our electrification agenda with the local community is to provide distance learning facilities that will be powered up from our site, and through this kind of distance learning program, incorporate them into the business itself. So that the technology transfer aspect fully, fully impacts the community.” Beyond education and jobs, Majomi says Bitcoin mining infrastructure can catalyse rural electrification in ways traditional grid expansion has failed to achieve. “Bitcoin mining actually, because it’s only dependent on cheap energy, means that you can bring power infrastructure to areas of the interior and then the hinterland that would never have seen power for decades, or even never,” he explained. “We’re seeing how Bitcoin and rural electrification have this
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No Nigerian YouTuber can replicate MrBeast’s success. Here’s why
With 400 million subscribers, American YouTuber Jimmy Donaldson, popularly known as MrBeast, is the highest-paid in the world. His YouTube channel, built on viral stunts and hair-raising challenge videos, has turned millions of views into a billion dollar media empire. But this story isn’t about MrBeast. It’s about why that level of success is far more complicated and nearly impossible for a Nigerian YouTuber. Show me the Naira: How much do Nigerian YouTubers make? In 2020, travel and lifestyle YouTuber Tayo Aina, according to a Fast Company article, admitted to making around $132 for a video that garnered over 1,100,000 views on his channel. That’s not a typo. Aina’s $132 payout was “significantly less than a creator with a predominantly Western audience would have received for the same performance metrics,” the article noted, pointing to the platform’s preference for Western audiences over those from Africa. YouTube creators with a Western audience would likely earn 10x Aina’s amount (you would see this later in the article, as Aina explains) for similar performance metrics. The reason? Ad rates on YouTube are not created equal, and Nigerian creators are on the short end of the stick. Even with these disparities, Nigeria still boasts a few high-performing YouTube channels leading the country’s local earnings chart. In August 2024, Pastor Jerry Eze’s YouTube channel, was listed as Nigeria’s top-earning (earning ₦7 billion or $4.7 million from 2014 to 2024) YouTube channel, according to data sourced from Playboard (a YouTube analytics website) and reported by both Punch and Premium Times. By March 2025, Pulse reported that Eze was racking up ₦7 million daily, keeping him at the top of Nigeria’s YouTube earnings chart. The figures make it easy to assume that more views mean more money for Nigerian YouTubers, but YouTube math does not work this way. Views pay, not subscribers The way YouTube pays is through CPM (cost per mille, or, simply put, cost per thousand views). “YouTube does not pay for subscribers or comments, only for views,” Nigerian YouTuber Omokha Sandra clarified in a 2024 YouTube video. But not all CPMs are equal. Nigerian views don’t pay as much as Western ones. The reason is largely economic: advertisers in the US, UK, or Australia pay more to target viewers, which boosts the CPMs for YouTube creators in those markets. A recent 2025 article on the top 10 countries with the highest YouTube CPMs listed the US, Australia, and Norway at the top. Nigeria did not make the list. Aina once put it bluntly: In Nigeria, CPM can be as low as $1 per 1,000 views while in the US, it can hit $10 for the same number of views. This means, as I wrote earlier, that a Nigerian creator needs ten times more views than a US creator to earn the same amount of money. Of course, “Nigerian” here is semantics: a Nigerian living in Nigeria with a predominantly Nigerian audience. A Nigerian in, say, Canada with a western audience would not worry about low earnings. Numbers aren’t everything According to Statista, Nigeria had 5.3 million YouTube users in 2021, and that number is projected to hit 12 million by the end of 2025. Yet, as of July 2024, Nigeria’s population stood at around 229.5 million people. There’s still a long way to go in terms of internet penetration and content monetisation, but you can not ignore the fact that the low earnings on Nigerian YouTube channels are not a number-of-views problem. A 2025 Business Day article reports that YouTube’s watch time in Nigeria has grown by over 50% in the last year, and that over 1,800,000 Nigerians now watch YouTube via connected Televisions. This surge in viewership reflects a broader trend in the continent’s booming creator economy. The African Creator Economy valued at $5.10 billion in 2025, is projected to reach $29.84 billion by 2032. In Nigeria alone, the sector is worth over ₦50 billion ($33 million). This further proves that the audience exists and is still expanding. This expansion might account for the fact that in 2024 alone, the number of Nigerian YouTube channels earning between ₦10 million and ₦100 million ($6,700 to $66,000) doubled. Now that you have the numbers, let us get into the mechanics of how Nigerian YouTubers earn and compete with the other 113.9 million YouTube channels that exist worldwide. How does a Nigerian YouTuber make money? YouTube monetisation works the same in Nigeria as elsewhere, at least in theory. To earn from the YouTube Partner Program which allows creators to monetise their content, you need at least 1,000 subscribers and 4,000 watch hours in a 12 month period (or 10 million YouTube Shorts views in the past 90 days). From there, YouTubers (whether or not they are part of the partner program) get paid through the AdSense program , which allows creators to earn revenue from ads displayed on their videos. This program is straightforward: Link your channel to an AdSense account, and begin earning a share of ad revenue generated by each content. Beyond ad revenue, a Nigerian YouTuber has access to other monetisation streams such as channel memberships (though this requires 30,000 subscribers in Nigeria, vs. lower thresholds elsewhere), Super Chats (allows viewers to pay to pin a comment on live streams. This accounts for the bulk of Eze’s earnings), and YouTube Premium revenue (creators earn a share of the revenue from YouTube Premium subscribers who watch their videos.). Earnings also come from affiliate marketing and brand sponsorships or deals, both of which allow creators to earn directly from brands. These YouTube earning options do not come without their challenges. More often than not, payment infrastructure in Nigeria makes it difficult to receive earnings in dollars, access fan donations, or set up merchandise stores. In contrast, western creators enjoy seamless payouts, direct integration with banks, and a broader pool of sponsors with deeper pockets. Beyond YouTube: The hustle is diversified Because AdSense earnings alone aren’t enough, Nigerian YouTubers diversify. Some build content for the
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Why Nigeria’s 5G adoption is stuck below 3% three years after launch
When 5G launched in Nigeria in September 2022, it came with bold promises: ultrafast speeds, low latency, and a leap toward smart city innovation. But nearly three years on, the momentum has slowed. As of April 2025, only 2.81% of mobile subscribers—fewer than 4 million people—are using 5G, falling far short of expectations. The rollout has been bogged down by high infrastructure costs, low device adoption, and weak consumer demand, casting doubt over the technology’s near-term impact in Africa’s largest telecom market. A major roadblock is Nigeria’s challenging economic climate. Inflation, currency devaluation, and soaring energy prices have sharply increased operating costs for telecom operators. According to the Nigerian Communications Commission (NCC), industry-wide expenses surged by 50.92% in 2023 alone—from ₦2.09 trillion in 2022 to ₦3.16 trillion—driven by pricier diesel, rising security costs, and expensive imported equipment. The naira’s depreciation by over 220% between 2021 and 2024 has only deepened the financial strain. This sluggish progress in 5G deployment is holding back Nigeria’s digital ambitions at a time when fast, stable internet is critical for sectors like fintech, e-learning, and remote work. With millions still relying on overburdened 4G and unreliable 3G networks, many users, especially in underserved areas, are turning to high-cost alternatives like Starlink. While expensive, Starlink offers consistent, high-speed access, highlighting growing dissatisfaction with local networks and putting added pressure on operators to deliver on 5G’s promise. “It is probably an indication that consumers haven’t outstripped the capacity of 4G base stations,” said Ladi Okuneye, CEO of UniCloud Africa, a cloud infrastructure provider. “Migrating to new technology is expensive, especially when the existing network still serves user needs. Operators are likely trying to recover 4G investments before diving deeper into 5G.” Telecom giants like MTN have borne the brunt of this cost pressure. In 2024, MTN Nigeria’s operating expenses jumped 76.6% year-on-year to ₦1.52 trillion. Across the sector, costs have risen by more than 300% in just two years, with energy remaining the biggest burden. Most telecom infrastructure runs on diesel-powered generators due to poor grid reliability. And with most network equipment priced in dollars, while revenue is earned in naira, telecom operators face a widening financial mismatch—one that continues to stall the 5G rollout. A tale of three operators: MTN, Airtel, and Mafab Of the three operators licensed to launch 5G services, only MTN and Airtel have achieved tangible milestones. MTN launched its commercial 5G services in September 2022, quickly expanding across major cities including Lagos, Abuja, Port Harcourt, Kano, and Maiduguri. Its rollout was backed by strategic investment and partnerships, notably with Ericsson, which provided network infrastructure and technical support. As of early 2025, MTN has over 2100 active 5G sites across 13 cities. During MTN Nigeria’s Q1 2025 report release, Karl Toriola, the company’s CEO, explained that expansion was stalled. “Our 4G network coverage expanded to 82.7% of the population (up 0.2pp), while 5G coverage remained stable at 12.7%, as we prioritised enhancing capacity over broadening coverage during the period,” Toriola said. MTN also proritised the rollout of its Fibre-to-the-Home (FTTH) or MTN home broadband service, which also taps its 5G fixed wireless access. 5G Fixed Wireless Access (FWA) is a way to deliver high-speed internet to homes and businesses using 5G wireless technology instead of traditional fixed-line infrastructure like fiber optics or copper cables. Airtel Nigeria, which secured its 5G license in January 2023, launched services in Lagos, Ogun, Abuja, and Rivers states, deploying more than 200 5G sites. The company has pledged to double its capital expenditure in 2025 to accelerate its rollout, particularly in rural and underserved areas. In contrast, Mafab Communications has failed to deploy a single operational 5G site despite being awarded a license alongside MTN in 2021. The company has struggled with several setbacks, including delays in obtaining a Unified Access Service License (UASL), a lack of telecom infrastructure, and difficulties securing investment due to Nigeria’s ongoing foreign exchange challenges. Although Mafab held a public launch event in January 2023, it has repeatedly missed deadlines and has yet to fulfill its commitment to roll out 102 5G sites in Abuja and Kano. So far, only MTN Nigeria has met the NCC launch requirement, which mandates that licensees begin commercial operations within the first year. According to NCC guidelines, 5G deployment in Nigeria follows a 10-year phased rollout strategy. In the first two years, operators are expected to launch services in at least one state in each of Nigeria’s six geopolitical zones. This must be followed by expansion into six additional states between the third and fifth years. From the sixth to the tenth year, operators are required to achieve nationwide coverage. While commercial rollouts have begun in key cities and state capitals, further expansion will depend on infrastructure availability, market demand, and broader economic conditions. Why 5G is stalling The importance of 5G extends far beyond faster mobile downloads. In theory, it could support next-gen solutions like telemedicine, autonomous transport, smart agriculture, and remote learning. For a country like Nigeria, home to over 200 million people, a growing tech ecosystem, and chronic infrastructure deficits, 5G promises both economic transformation and digital inclusion. But that promise is colliding with the harsh reality of Nigeria’s telecom environment. High operating costs are the most immediate challenge. The importation of 5G equipment is costly and vulnerable to currency fluctuations, while network deployment requires dense fiber optic backhaul, expensive tower upgrades, and massive power consumption. At a time when energy costs are soaring and the naira remains volatile, telecom operators are grappling with unsustainable capital expenditure. Spectrum challenges add to the bottleneck. Although the NCC has auctioned frequencies in the 3.5GHz band, many of the optimal bands for 5G remain tied up in legacy services like TV and satellite broadcasting. Fragmented assignments and high spectrum fees have delayed expansion, while regulatory processes remain slow and inconsistent. Then there’s the consumer angle. The average Nigerian subscriber is still transitioning from 3G to 4G, and 5G-compatible devices are largely unaffordable for most. With entry-level
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