👨🏿🚀TechCabal Daily – Vodacom takes Maziv deal to court
In partnership with Lire en Français اقرأ هذا باللغة العربية Welcome to another week in 2025! Tech is really easy-flowing when people are not trying to complicate it. That’s what we’re trying to do with our TikTok videos. We break down complex bits of the tech and business stories we report and simplify for those who don’t understand heavy tech-speak. If you haven’t checked out our TikTok page, today’s another day to do so. Here’s the fun part: you can start anywhere and not miss a beat. Analysts predict tempered inflation in February Vodacom and Maziv try to force blockbuster merger telecom deal Why are big companies heading to Eko Atlantic? World Wide Web 3 Events Economy Analysts predict tempered inflation in February Image: TechCabal Analysts expect Nigeria’s headline inflation rate for February 2025 to decelerate when the National Bureau of Statistics release inflation figures today. If the predictions are correct, Nigeria’s headline inflation will decelerate for the first time since the NBS modified the way it calculated inflation. After the NBS rebased the CPI in January, inflation slowed to about 24.48%. Analysts expect the deceleration to be driven by lower petrol costs and a stable naira. A decline in diesel and petrol prices due to increased output from Dangote Refinery helped temper inflation, with a cascading effect on the broader economy, driving down costs for consumers and businesses alike. Diesel prices dropped by 33% to ₦1,000/litre ($0.65), while petrol prices remained steady around ₦800+ ($0.52) per litre. Analysts also believe that Nigeria’s inflation is at an inflection point—following the CPI rebasing—and expect inflation to accelerate as soon as April. Those analysts now predict that the CBN may fail to reach its inflation target by year-end due to global economic factors. Are you a freelancer or a remote worker? Fincra wants to understand the challenges and opportunities related to cross-border work payments for freelancers and remote workers in Nigeria. Please take just a few minutes to complete this survey. Telecoms Vodacom and Maziv try to force blockbuster merger telecom deal Central Bank of Kenya/Image Source: Google Vodacom, South Africa’s second-largest telecom operator, and fibre company Maziv are taking their blocked merger deal to court in July 2025, hoping to overturn a decision that has stalled their fibre expansion plans for more than three years. Vodacom first announced its plan to acquire a 30% stake in Maziv in 2021 to expand its fibre network across South Africa. The Independent Communications Authority of South Africa (ICASA), the telecom regulator, initially approved the deal in 2022, citing that it would “be in the best interest of the public,” but the deal hit a roadblock a year later when the Competition Commission advised against it. The Commission feared the merger would reduce competition, giving Vodacom too much control over the fibre market. In October 2024, South Africa’s Competition Tribunal, a regulatory body for competition-related disputes, blocked the deal, preventing Vodacom from acquiring Dark Fibre and Vumatel, wholesale and home-based fibre subsidiaries of Maziv, respectively. Vodacom and Maziv appealed the Tribunal’s decision in November 2024, leading to a 26-day hearing. After months of deliberation, they have decided to take the fight to court in July 2025. Mergers in South Africa take time. Between regulatory hurdles, competition concerns, and legal battles, major deals can drag on for years. Telecom firms argue that these delays slow infrastructure growth and discourage investment, while regulators insist they are necessary to protect market fairness. Vodacom wants a stronger position in the fibre market, a key area as mobile data growth slows. Maziv sees the deal as a way to expand its fibre network with new capital. Both companies are betting on a courtroom victory, but the outcome remains uncertain. Regardless of how the case ends, this battle will reshape South Africa’s telecom industry. If the merger goes through, it could trigger more industry consolidation. If the court upholds the block, it will serve as a warning: big corporations can’t push deals through without resistance. You can now integrate Paystack with Stub Stub makes it easy to manage your business with features like invoices and financial reports. With Paystack integration, you can securely accept payments online and track them in real time. Learn more here → Companies Why are big companies heading to Eko Atlantic? Image Source: Google On Wednesday, MTN Nigeria CEO Karl Toriola announced that the country’s largest telecom operator has secured a piece of land at the futuristic city, Eko Atlantic, to build its new headquarters. While MTN is the first telecom operator to announce a move to the Atlantic, there’s been a flurry of large corporations heading there. First Bank, a tier-1 commercial bank, manufacturing conglomerate Dangote Group, media groups TVC and Silverbird, and a flurry of real estate developers have all planted flags in the area. In 2022, the US Embassy commissioned a $537 million, 12.2-acre deal to build a consulate in the city with a boat dock. Corporations are drawn to Eko Atlantic’s modern infrastructure, steady electricity—powered by gas and turbines—and planned business district. Its location next to Victoria Island makes it a prime spot for high-end commercial activity. While the Eko Atlantic still has undeveloped land, development is already underway; Alpha 1, a high-rise office building has been completed. The city is also a free trade zone, meaning companies operating there enjoy tax incentives and exemptions from foreign exchange controls. This futuristic city is not for the average Nigerian. Land in Eko Atlantic costs between $1,150 and $1,720 per square meter, making it one of the most expensive areas in the country. It’s a playground for the ultra-wealthy—telecoms, banks, and multinationals that eke out trillions of naira in revenue annually. They can afford it. Eko Atlantic’s rise mirrors a familiar shift in Lagos’ tech ecosystem. Startups once clustered in Yaba, the so-called “Silicon Lagoon,” before migrating to Ikoyi, where high-rise offices and luxury spaces project status. Just as startups seek prestige and association with global players, big corporations in Nigeria are using Eko
Read MoreAfrica’s digital rise demands smarter identity verification
This article was contributed to TechCabal by Dipo Omogbenigun, Sales Director, Enterprise, Smile ID Africa’s technological revolution is undeniable. Across the continent, thousands of companies are developing innovative solutions that serve millions daily, driving economic transformation at an unprecedented pace. With Africa now home to eight unicorns, the momentum and potential for further growth are clearer than ever. Take Kenya, for instance—the country boasts one of the most advanced technology ecosystems in the region, with its digital economy projected to contribute up to 9.24% of GDP in 2025. Meanwhile, Nigeria’s 3MTT program highlights how governments leverage technology to accelerate economic development, equipping millions with the digital skills needed to thrive in an increasingly tech-driven world. Africa isn’t just catching up—it’s setting the stage for a future where technology drives inclusive growth, innovation, and global competitiveness. However, with growth comes challenges. While these innovations bring immense benefits, they have also allowed bad actors. Over the past decade, Africa’s fraud landscape has evolved significantly, driven by the rise of AI-powered techniques that exploit digital vulnerabilities and target the continent’s rapidly expanding online user base. What was once a battle against traditional fraud has now escalated into a high-tech arms race, where attackers leverage AI to bypass security systems and manipulate data. In response to the changing face of fraud, Smile ID has also had to evolve from an identity company to a security company focused on protecting our clients from millions of potential fraud attempts every day, every hour, and every minute. According to our recent findings, AI-powered selfie anomalies now account for 34% of new fraud tactics. Deepfake-related identity theft increased sevenfold between Q3 and Q4 of 2024, with criminals creating convincing synthetic faces to fool even advanced biometric systems. What makes AI-based attacks so formidable is their adaptability. Fraudsters update their tactics in real-time, scanning for loopholes or inadequate security protocols; businesses relying on outdated systems soon find themselves in the crosshairs. For example, in East Africa, where inconsistent verification documents remain a problem, document fraud hit an alarming 27% rejection rate in 2024. Reports last year indicate that one of Kenya’s largest lenders lost KSh1.5 billion to fraud. At the same time, Nigerian banks incurred ₦42.6 billion in fraud losses in Q2 2024 alone—surpassing the ₦9.4 billion recorded throughout 2023, according to the FITC. A particularly striking case came to light when Smile ID’s internal security team uncovered a global syndicate launching large-scale attacks on fintech companies, telecom operators, and banks across Africa and parts of Europe. Within 12 hours, more than 2.8 million fraudulent verification attempts were blocked – proof that these schemes can deploy at breathtaking speeds, targeting thousands of victims simultaneously. A common misconception is that compliance is an extra layer of red tape that slows things down. It can be the difference between sustainable growth and being targeted by bad actors. Customers demand assurances that their data is safe, and regulators are clamping down on companies that fail to meet modern security standards. Rather than mere bureaucracy, securing compliance future-proofs businesses by reducing financial risks, protecting brand reputation and building smoother user experience. A well-secured platform also attracts investors who need to see credible risk mitigation before writing that first or follow-on cheque. In short, the proactive companies investing in robust compliance today are the best ones positioned for tomorrow’s opportunities. This isn’t just a transition from analogue to digital – we are in the AI era, where the risks are far more significant. Fraud is no longer about physical theft; today, it’s like a mob of robbers attacking a bank virtually from halfway across the world. The difference? You don’t see it happening, but the damage is real. Having worked with some of Africa’s fastest-growing businesses, including Flutterwave, Kuda, Paystack, and others, we have seen the significant benefits of proactively investing in vigorous compliance. As the continent continues to scale technological advancements, so have we. While advanced technology or AI tools are the right approach to combat these, even the best tools need ecosystem-wide support to be effective. For Africa to achieve security, key players such as financial institutions, governments, regulators, and technology providers must unite. Compliance must shift from a reactive obligation to a proactive strategy that safeguards businesses and consumers while solidifying Africa’s leadership in digital innovation. Africa’s potential to leapfrog traditional financial and commercial models is undeniable. Yet, as more businesses and citizens go online, safeguarding them becomes paramount. AI-driven fraud is rapidly evolving, and the reality is that those who fail to adapt risk financial losses and the erosion of trust that underpins any successful digital ecosystem. But true resilience depends on business leaders and regulators recognising that security isn’t an afterthought—it’s the bedrock of innovation and prosperity. ________ Oladipo has close to two decades of experience in Fintech and digital payments. He was the first employee in Opay as the Director of Payment Solutions and Corporate Partnerships. He was also Moniepoint’s Senior Vice President and was responsible for commercial negotiations and partnerships. He was part of a three-man team that developed a Mobile Banking framework for a major bank across over 30 African countries.
Read MoreCIG Motors, GAC’s distributor in Nigeria, takes over LagRide
CIG Motors, the Chinese automobile company that assembles and distributes GAC vehicles in Nigeria, has taken over operational management of LagRide, the Lagos government-backed ride-hailing company, according to three drivers familiar with the matter. The takeover marks a significant shift in LagRide’s operations as CIG Motors is expected to overhaul the vehicle financing model that has drawn criticism from drivers struggling with steep repayment plans. Under the new structure, the company will manage driver operations, fleet oversight, platform optimization, and vehicle financing, the drivers said, asking not to be named because the information is not public. CIG Motors, led by Chairwoman Diana Chen, also plans to replace LagRide’s drive-to-own model—where drivers make daily installments toward vehicle ownership—with a salaried employment structure. One driver familiar with the matter said participants will receive a monthly salary of ₦150,000 ($98). The shift to a salaried structure deters drivers from ownership of the vehicle, which was previously promised under the drive-to-own model. The model also means that drivers’ earnings could be significantly impacted. LagRide drivers take home an average of 10,000 daily after removing fuel costs and making repayments. The proposed 150,000 salary is only a fraction of what drivers take home in the previous model. The company also plans to phase out its current fleet in favor of electric vehicles (EVs), though no timeline for the transition has been disclosed, the person said. A CIG Motors representative declined to comment. The leadership change also signals a shift in the platform’s technical operations. Tumi Adeyemi, founder of Zenolynk Technologies—the company that co-developed and co-owned LagRide with the Lagos government—has left LagRideto join Qoray, a mobility company specializing in electric vehicles, according to two drivers with knowledge of the matter. Adeyemi declined to comment. Launched in 2021, LagRide was introduced as a state-backed alternative to traditional Lagos taxis and a lower-cost competitor to global ride-hailing platforms like Uber, Bolt, and inDrive. The platform operates under an asset-financing model that allows drivers to lease GAC vehicles by making a ₦700,000 ($458) down payment and daily installments over four years. The total cost for the vehicles—either a GAC mini-SUV or a saloon car—amounts to ₦10 million ($6,541). However, rising inflation and increased living costs in Nigeria have made these payments difficult for many drivers. Some abandoned their vehicles, unable to meet the repayment terms. The new management’s salaried approach seeks to stabilize driver earnings and improve retention. With plans to roll out electric vehicles and a salaried model, CIG Motors seems to be betting that happier drivers will mean a smoother ride for everyone.
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Digital Nomads: How Australia-based Oghenerukevwe Odjugo thrives without rigid long-term planning
It is 11:00 a.m. in Owerri, Nigeria. I am in front of my computer waiting for the bong notification from Google Meet. In a moment, Oghenerukevwe Odjugo appears on the call. I have been a fan of her investment newsletter series, The Beginner Investor, on LinkedIn because, well, I am a beginner investor. It is 9:00 p.m. in Sydney, Australia. Keeping frequent late nights as part of her job is a feature, not a bug. Twelve-hour workdays are common in her role as an equity analyst at Schroders. But on this particular night, she is going to see a movie to de-stress. We start the conversation with the lifestyle shocks of moving to Sydney. We make small talk about tax systems abroad—the UK, where she previously lived and worked, and where Nigerian immigrants frequently settle—collects more in taxes. “There’s no national insurance [in Australia], so that saves you a bit of money. In the UK, national insurance is essentially a government pension scheme, but in Australia, the equivalent is superannuation, which is fully paid by your employer,” she explains. We talk about a peculiar fascination I’ve had with Australia from my little corner of the world: animal sightings. Odjugo laughs as she recalls the question she has been asked more times than she can count: ‘Do frogs really find their way into your toilet in Australia?’ It’s the kind of thing you hear about Australia—alongside the oversized spiders and deadly snakes—but, as she explains, it’s mostly a myth for city-dwellers like herself. “I’ve been here a year and a half, and I’ve never seen a single snake outside of a zoo,” she says. What she has seen, however, is a life and career that have taken her from Warri, a riverine city in Nigeria’s south, to Cairo, London, and now Sydney. She spends her days analysing stock market trends and assessing companies. Outside of work, she has found a rhythm in her new city—one that includes yoga, Zumba, and playing ‘squash and swim’ twice a week. A journey rooted in numbers Odjugo’s relationship with finance started early. “I like to tell people that my story starts with a love for maths. I was the kind of student who, in SS2, bought an engineering mathematics textbook meant for university students—just because I enjoyed solving problems,” she says. But when it came time to choose a university course, she had to be strategic. “If I had told my parents I wanted to study math, they would have asked, ‘So you want to be a teacher?’” she says. “I knew I needed something that sounded practical, so I said banking.” Her mother, an accountant, suggested she study accounting and so she ended up an accounting student at Covenant University. She excelled academically—eventually graduating with first class honours—but by her third year, she knew she wanted to do more than balance books. “Accounting is useful, but I could not see myself doing it for the rest of my life,” she says. A year after college, an internship with Afreximbank in Cairo marked her entry into finance, and a scholarship to Loughborough University in the UK for a master’s in finance and investments solidified her path. “At that point, I knew this was it. It was finance, but with a lot more room for analysis and strategy,” she says. Her career path was anything but linear. She applied to dozens of firms before landing a break through the 100 Black Interns programme (now 10,000 Black Interns), which led to a graduate role at Schroders in London. After completing the two-year program, it was time to make the big decision. “At the end of it, you are supposed to find a job within the firm or when your contract ends, that’s the end. So when I was coming to the end of the programme, I needed the job,” says Odjugo. Months later, a role at the firm’s Australian office opened up. “I had never thought about Australia,” she says. “But when I read the job description, I thought, ‘This is exactly what I should be doing.’ It described me so perfectly that I almost felt like I had written it myself.” Within two weeks, she had gone through multiple interviews and received the offer. Schroders processed her visa and transfer from London to Sydney, and life began in the emerald city. A new life in Sydney Moving from London to Sydney was less of a culture shock than moving from Warri to London for her master’s degree. Yet Australia still had a few surprises. “The houses here are much bigger than in London,” she says. “And the roads are wider.” Unlike London, where riders tap in only when they get on a bus, in Sydney, you have to tap in and tap out. Forgetting to tap out could mean being charged for an entire bus route. “That was a shock,” she says, laughing. The cost of living was another shift. Rent in Sydney is typically paid weekly or fortnightly, and for a single person, it ranges between AU$300 and AU$400 per week. But if you’ve got a half-decent paying job in Australia, you’ll be fine, says Odjugo. Odjugo in front of Sydney Opera House, Australia Despite these changes, she found her footing quickly, thanks to an unexpected message from a fellow Nigerian. “After I moved, I posted on Twitter about it. A Nigerian woman living in Sydney reached out and said, ‘If you ever need anything, let me know.’ We ended up meeting for lunch, and she even paid for my meal,” she says. That meeting has since led to a 10-person friend group who meet every other month. Life at Schroders As an equity analyst at Schroders, no two days are the same. “I could walk into the office with a plan for the day, but if a major news story breaks about a company I cover, that plan goes out the window,” she says. Her job involves researching publicly traded companies on the Australian
Read MoreThe hidden benefits of Trump’s aid policy for Africa
This article was contributed to TechCabal by Maya Horgan Famodu Africa stands at a pivotal moment in its economic and political evolution, with movements like Pan-Africanism driving unity and self-determination across the continent. Initiatives such as the African Continental Free Trade Area (AfCFTA) aim to boost intra-African trade, while the National Infrastructure Backbone (NIBBs) seeks to enhance continental connectivity through robust infrastructure. Complementing these efforts, the Pan-African Payment and Settlement System (PAPSS) promises to streamline cross-border transactions, reducing reliance on external financial systems. Together, these frameworks underscore a growing push for African self-reliance—a vision that, surprisingly, aligns with the outcomes of U.S. President Donald Trump’s policy of cutting foreign aid to Africa. Foreign aid has long been a double-edged sword for Africa. While it has provided much-needed financial assistance to address issues such as poverty, healthcare, and infrastructure development, it has also been linked to fostering corruption, creating overdependence, stifling innovation, and perpetuating a trend of foreign exploitation of Africa’s natural resources, with aid left to clean the mess. U.S. President Donald Trump’s policy of cutting foreign aid to Africa was met with criticism, but a deeper analysis suggests that such a move could ultimately benefit the continent. By reducing reliance on external funding, African nations have an opportunity to foster financial responsibility, build self-reliance, and combat systemic corruption. The link between foreign aid and corruption in Africa One of the primary concerns about foreign aid is its correlation with corruption. Large inflows of money, often with minimal oversight, create opportunities for government officials and intermediaries to siphon funds meant for development projects. According to Transparency International, several African countries heavily dependent on foreign aid also rank among the most corrupt in the world. The continent loses $140 billion to corruption every year. When aid is guaranteed, accountability often diminishes. Many African governments have little incentive to implement economic reforms or improve governance when they can rely on foreign funds to fill budget gaps. Corruption significantly undermines the impact of development aid, diverting funds away from essential projects like infrastructure, healthcare, and education, and into the hands of those seeking personal gain. In some instances, leaders manipulate foreign aid for political gain, using it to maintain patronage networks rather than channeling it toward national development. By reducing aid, Trump’s administration indirectly forced African nations to become more transparent and accountable for their expenditures. Nonprofits in Africa have capitalized on regulation loopholes to launder money. Take for instance, NGOs in Kenya have a history of cross-border money laundering in a complex web that involves drug dealings and terrorism financing. The same country loses $15 million to corruption daily. With foreign aid reductions, African governments must reassess their budgetary priorities. Dependence on aid has historically allowed reckless spending, such as in Nigeria, as countries assume that financial shortfalls will be covered by donor assistance. By cutting off this safety net, Trump’s policy has pressured African nations to manage their finances more responsibly. For example, Rwanda has successfully diversified its economy and reduced its reliance on foreign aid by implementing sound fiscal policies. The country has focused on strengthening domestic revenue collection, reducing wasteful spending, and promoting local industries. If more African nations adopt similar strategies in response to reduced aid, they will develop stronger economic resilience and fiscal discipline. Boosting domestic resource mobilization A key step toward self-reliance is increasing domestic resource mobilization. When foreign aid is abundant, governments tend to neglect tax collection and other revenue-generation measures. Trump’s aid cuts will push African governments to prioritize taxation and enhance revenue collection mechanisms. For instance, we’ve recently seen a trend of improved tax administration systems, leveraging digital tools to expand the tax base. By shifting focus from aid to self-sustaining financial models, African nations can strengthen their economies and invest in long-term growth rather than short-term relief programs. Foreign aid often discourages economic diversification in developing countries. When governments rely on donor funding, they may neglect key sectors such as manufacturing and technology in favor of immediate relief programs. Reduced aid forces nations to explore alternative economic strategies, including attracting foreign direct investment (FDI) and promoting entrepreneurship. During Trump’s first administration, Africa saw an increase in private-sector investment, particularly in sectors such as technology and agriculture. By encouraging investment over aid, African nations are more likely to create sustainable job opportunities and reduce unemployment. Strengthening institutions and governance Weak institutions are a significant barrier to development in Africa. A constant flow of foreign aid can weaken state institutions by creating parallel structures where NGOs and foreign agencies handle essential services instead of local governments. This diminishes the ability of African institutions to function effectively and undermines sovereignty. Trump’s aid cuts will force governments to take greater responsibility for service delivery, pushing for institutional reforms. Countries such as Mauritius, Botswana, Cape Verde, and Seychelles have made strides in strengthening anti-corruption bodies and improving governance frameworks in response to reduced donor dependence. __________ Maya Horgan Famodu is the Founder & MD of Ingressive Capital, a venture fund investing in early-stage startups across Africa. She has backed some of the continent’s fastest-growing companies, including Paystack (acquired by Stripe for $200M+), and Carry1st (funded by Andreessen Horowitz, Sony & Google), and Fund I has realised four acquisitions.
Read MoreQuick Fire 🔥 with Tumilara Hassan
Tumilara Hassan is a tech leader, product development expert, AI advocate and a Perplexity AI Business Fellow with a career spanning fintech, digital banking, and AI-driven innovation. From managing the Cowry Card expansion at Touch and Pay Technologies to leading mobile banking at Fast Credit Limited, she has played a key role in shaping Nigeria’s tech ecosystem. As co-founder of NucleusIS Africa, she is building innovative financial solutions for the healthcare sector. Beyond her work, Tumilara is a thought leader, mentor, and event host, driving conversations on AI, product management, and the future of technology. You’ve had a dynamic career across banking, fintech, and AI-driven innovation. What sparked your journey into tech? I started my career as a Relationship Manager at Cooperative Mortgage Bank, focusing on client management and business development. That role opened my eyes to the potential of technology in transforming financial services. My interest in business analysis grew from there, eventually pulling me into product management and fintech. You played a key role in the Cowry Card’s expansion at Touch and Pay Technologies. What was that experience like? It was incredibly rewarding. The Cowry Card is a tap-payment system used in over 55,000 buses across Lagos State, and I was responsible for overseeing its product development. Managing a product at that scale meant tackling issues like user adoption, security, and overseeing transaction successes—all while ensuring it could scale across different transportation modes. You later transitioned into mobile banking, leading innovation at Fast Credit Limited. What were some standout projects? As Head of Mobile Banking, I led the development of several digital banking solutions, including fund transfers, biometric KYC verification, and account onboarding. These features helped improve accessibility and security for users, making banking more efficient. You co-founded NucleusIS Africa. What problem are you solving, and what impact have you made so far? At NucleusIS Africa, we’re revolutionizing financial services for the healthcare sector. Our platform provides loans, cross-border payments, and collections, helping hospitals and healthcare providers manage their finances more efficiently. It’s exciting to see how fintech can create real impact beyond traditional banking. AI plays a huge role in your work. What excites you most about AI’s potential in product management? AI is a game-changer! I’ve integrated AI into predictive analytics, fraud detection, and customer insights to enhance operational efficiency. The ability of AI to automate processes, improve decision-making, and personalise user experiences is something every product leader should be paying attention to. What inspired you to fireside chats on AI and innovation I wanted to bridge the gap between tech builders, tech newbies, regulators, and industry leaders. My fireside chats have covered topics like “The AI Advantage for Product Management”, “Innovation or Regulation: Which Way for AI?” and AI and the Future of Finance. I’ve had the privilege of hosting incredible speakers from Paystack, Busha, Sabi, and Interswitch. Distinguished speakers like Laolu Samuel-Biyi, Co-founder of Busha; Olumide Okubadejo, Head of Products, Artificial Intelligence & Machine Learning at Sabi; Dapo Awobokun, Startup Partner at Paystack; Eyituoyo Mogbeyi, Head of Compliance and Risk at Budpay; Demola Adeniran, Divisional Head for Paytoken Business at Interswitch; and Ayo Popoola, Lead Product Manager at 54 Collective. These discussions are important and the goal is to make them global. As a tech leader and speaker, what’s your biggest takeaway from engaging with Nigeria’s startup ecosystem? In 2024, I was a panel speaker at Lagos Startup Week, one of Nigeria’s most influential events for the startup ecosystem, where I shared insights on the evolving tech landscape as it relates to the synergy between designers and developers in creating innovative solutions. Nigeria’s tech ecosystem is fast-moving and resilient. I’ve seen startups tackle financial inclusion, digital identity, and AI adoption in impressive ways. We’ve come a long way and we can do even more. You’ve also mentored young entrepreneurs and judged major competitions like the AI for Social Impact Hackathon and Hult Prize. What do you look for in a winning idea? I also spend my time between mentoring and advisory roles. I have facilitated design thinking advisory sessions for young entrepreneurs as part of the Orange Corners initiative, a program supported by the government of the Netherlands. Additionally, I led and coordinated an innovative team of forward-thinking students that won the Hult Prize Nigeria finals in 2018 and qualified for the global regional finals in Boston, USA. I recently served as a judge for the Artificial Intelligence for Social Impact Hackathon, an event dedicated to harnessing AI solutions to address pressing societal challenges. This allowed me to evaluate groundbreaking projects aimed at creating meaningful social impact through AI. I am also contributing as a judge for the 2025 Hult Prize competition at the University of Ibadan, assessing innovative solutions proposed by emerging leaders committed to effecting positive change. For me, a product-winning idea is all about impact, scalability, and execution. I love seeing ideas that use technology to solve real problems, whether it’s in finance, healthcare, or sustainability. Startups need to think beyond just innovation—they must be practical, sustainable, and user-focused. Aside from product, AI, and mentoring young leaders, what passion projects do you split your time on? I love contributing to women-led initiatives that empower them to just do things. I am an active member of Women in AI, a nonprofit community-driven initiative bringing awareness and knowledge through education and events, and Women in Tech Global, a community that connects, shares, and grows with fellow members passionate about tech and empowerment. So yes, women empowerment causes are also a big deal to me. What’s next for you in 2025? I’m focused on growing NucleusIS Africa and expanding my fireside chat series globally. I’m also looking to build partnerships that drive AI and fintech conversations forward. The goal is to shape the future of technology while creating meaningful impact.
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👨🏿🚀TechCabal Daily – Is $2,000 enough?
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Botswana just sent its first satellite, BOTSAT-1, into space—because why should the usual space giants have all the fun? Beyond the cool factor, this means better data for precision agriculture—helping farmers monitor crops and optimise yields—along with improved climate monitoring and expanded internet access in remote areas. The latter is the key driver behind Botswana’s partnership with SpaceX, as African countries seem to find a way into the space technology chat, even if it means teaming up with bigger players to get there. +1 for Africa! Quick Fire with Tumilara Hassan Is a $2,000 penalty enough to stop rogue digital lenders? Hybrid finance apps are creating a safe space for non-knowledgeable crypto users Funding Tracker World Wide Web 3 Events Features Quick Fire with Tumilara Hassan Image: Tumilara Hassan Tumilara Hassan is a tech leader, product development expert, AI advocate and a Perplexity AI Business Fellow with a career spanning fintech, digital banking, and AI-driven innovation. From managing the Cowry Card expansion at Touch and Pay Technologies to leading mobile banking at Fast Credit Limited, she has played a key role in shaping Nigeria’s tech ecosystem. As co-founder of NucleusIS Africa, she is building innovative financial solutions for the healthcare sector. Beyond her work, Tumilara is a thought leader, mentor, and event host, driving conversations on AI, product management, and the future of technology. You’ve had a dynamic career across banking, fintech, and AI-driven innovation. What sparked your journey into tech? I started my career as a Relationship Manager at Cooperative Mortgage Bank, focusing on client management and business development. That role opened my eyes to the potential of technology in transforming financial services. My interest in business analysis grew from there, eventually pulling me into product management and fintech. You played a key role in the Cowry Card’s expansion at Touch and Pay Technologies. What was that experience like? It was incredibly rewarding. The Cowry Card is a tap-payment system used in over 55,000 buses across Lagos State, and I was responsible for overseeing its product development. Managing a product at that scale meant tackling issues like user adoption, security, and overseeing transaction successes—all while ensuring it could scale across different transportation modes. You later transitioned into mobile banking, leading innovation at Fast Credit Limited. What were some standout projects? As Head of Mobile Banking, I led the development of several digital banking solutions, including fund transfers, biometric KYC verification, and account onboarding. These features helped improve accessibility and security for users, making banking more efficient. You co-founded NucleusIS Africa. What problem are you solving, and what impact have you made so far? At NucleusIS Africa, we’re revolutionizing financial services for the healthcare sector. Our platform provides loans, cross-border payments, and collections, helping hospitals and healthcare providers manage their finances more efficiently. It’s exciting to see how fintech can create real impact beyond traditional banking. AI plays a huge role in your work. What excites you most about AI’s potential in product management? AI is a game-changer! I’ve integrated AI into predictive analytics, fraud detection, and customer insights to enhance operational efficiency. The ability of AI to automate processes, improve decision-making, and personalise user experiences is something every product leader should be paying attention to. What inspired you to fireside chats on AI and innovation I wanted to bridge the gap between tech builders, tech newbies, regulators, and industry leaders. My fireside chats have covered topics like “The AI Advantage for Product Management”, “Innovation or Regulation: Which Way for AI?” and AI and the Future of Finance. I’ve had the privilege of hosting incredible speakers from Paystack, Busha, Sabi, and Interswitch. Distinguished speakers like Laolu Samuel-Biyi, Co-founder of Busha; Olumide Okubadejo, Head of Products, Artificial Intelligence & Machine Learning at Sabi; Dapo Awobokun, Startup Partner at Paystack; Eyituoyo Mogbeyi, Head of Compliance and Risk at Budpay; Demola Adeniran, Divisional Head for Paytoken Business at Interswitch; and Ayo Popoola, Lead Product Manager at 54 Collective. These discussions are important and the goal is to make them global. As a tech leader and speaker, what’s your biggest takeaway from engaging with Nigeria’s startup ecosystem? In 2024, I was a panel speaker at Lagos Startup Week, one of Nigeria’s most influential events for the startup ecosystem, where I shared insights on the evolving tech landscape as it relates to the synergy between designers and developers in creating innovative solutions. Nigeria’s tech ecosystem is fast-moving and resilient. I’ve seen startups tackle financial inclusion, digital identity, and AI adoption in impressive ways. We’ve come a long way and we can do even more. You’ve also mentored young entrepreneurs and judged major competitions like the AI for Social Impact Hackathon and Hult Prize. What do you look for in a winning idea? I also spend my time between mentoring and advisory roles. I have facilitated design thinking advisory sessions for young entrepreneurs as part of the Orange Corners initiative, a program supported by the government of the Netherlands. Additionally, I led and coordinated an innovative team of forward-thinking students that won the Hult Prize Nigeria finals in 2018 and qualified for the global regional finals in Boston, USA. I recently served as a judge for the Artificial Intelligence for Social Impact Hackathon, an event dedicated to harnessing AI solutions to address pressing societal challenges. This allowed me to evaluate groundbreaking projects aimed at creating meaningful social impact through AI. I am also contributing as a judge for the 2025 Hult Prize competition at the University of Ibadan, assessing innovative solutions proposed by emerging leaders committed to effecting positive change. For me, a product-winning idea is all about impact, scalability, and execution. I love seeing ideas that use technology to solve real problems, whether it’s in finance, healthcare, or sustainability. Startups need to think beyond just innovation—they must be practical, sustainable, and user-focused. Aside from product, AI, and mentoring young leaders, what passion projects do you split your time on? I love contributing to
Read MoreMTN Nigeria joins big firms relocating headquarters to Eko Atlantic
MTN Nigeria, the country’s largest mobile network operator, is building its new headquarters in Eko Atlantic, joining a growing list of large firms relocating to the 10-square-kilometer city, including First Bank and Dangote Group. The United States Embassy is also developing a new diplomatic facility in Eko Atlantic, drawn by its promise of high-end infrastructure, modern office spaces, and a well-planned city layout. MTN Nigeria CEO Karl Toriola confirmed on Wednesday that the company’s new headquarters will be situated in Eko Atlantic, four years after first announcing plans to build a new head office. MTN is the first telecom operator to build in the coastal city, signaling confidence in its potential as one of the premier business hubs in Nigeria. “Beyond connectivity, we are committed to making long-term investments in Lagos. As part of this commitment, we have acquired a piece of land in Eko Atlantic City, and we will commence construction once we have gotten the equipment,” Toriola said at the MyLagosApp launch event in Lagos. Eko Atlantic City was launched in 2008, with land reclamation starting the same year. Located next to Victoria Island, Lagos’ main business district, it aims to become the city’s most advanced commercial hub. With its modern infrastructure and strategic location, Eko Atlantic is attracting corporations, real estate investors, and high-profile organizations looking for a well-planned business environment. Toriola did not disclose the construction cost, but sources familiar with the matter estimate it to be in the millions of dollars. Land prices in Eko Atlantic City—divided into three phases— vary based on size, location, and intended use. Phases 1 and 2, designated for mid- to high-rise developments, have plot sizes starting at approximately 2,200 square meters with a starting price of $1,150 per square meter. Phase 3, intended for low-rise residential houses with plot sizes starting at around 1,200 square meters, is priced at $1,050 per square meter. Additional costs such as agency and administrative fees can increase the total price per square meter. For instance, a 3,336 square-meter plot was listed on propertypro.ng for ₦5 billion, translating to about $1,200 per square meter. MTN Nigeria is also constructing West Africa’s largest Tier 4 data center in Lagos. The facility will house 1,500 racks and operate as a carrier-neutral hub, allowing multiple Internet Service Providers (ISPs) and cloud service providers to interconnect. Toriola also confirmed to TechCabal that the data center will not be situated within Eko Atlantic but on the Lagos mainland. “With seven degrees of connectivity, this facility will be the most sophisticated data hub in the region, further strengthening Nigeria’s position as a leader in digital transformation,” Toriola said.
Read MoreSouth Africa’s rising electricity costs fuel a wave of energy startups
South Africa’s electricity prices will increase by 26% over the next three years, pushing households and businesses to seek cheaper energy alternatives. This rising cost, combined with upcoming VAT hikes, fuels the demand for energy startups to offer innovative solutions like smart technology, renewable energy, and off-grid systems. With Eskom’s price hikes starting in April and additional increases through 2027 according to figures released by the National Energy Regulator of South Africa (NERSA), consumers face mounting energy bills. In response, a growing wave of energy startups is providing cost-saving innovations to help South Africans reduce electricity expenses and accelerate the shift toward sustainable energy. Scores of energy startups have launched over the years in response to rising electricity costs, power shortages and decommissioning of coal plants. Smart energy solutions on the rise “We have seen a shift in people wanting energy management tools that can help them shift their load. This shift is evident in the tripling of our smart geyser technology sales in the last 18-24 months,” says Mark Allewel, the CEO of Sensor Networks, a smart home energy management startup founded in 2007. Sensor Networks provides sensors and a platform that allow users to monitor and control their energy consumption, including geysers, pools, lights, and plugs. By setting timers and monitoring how much energy appliances use, customers can lower their electricity costs. Sensor Networks has recently partnered with Ariston, a global water heating solutions company, to bundle its smart tech with Ariston geysers. “To heat water for a family of four or five, is about R1,300 to R1,400 ($70 to $77) a month now. If you can reduce that by 30% or 40%, suddenly you are making massive energy savings in the house,” explains Allewel. Allewel believes that this partnership with Ariston helps scale up their products. “Looking at the geyser market in South Africa, between 400,000 to 600,000 geysers are sold every year,” he says. Across South Africa, about 5.2 million geysers were connected in households in 2023, and projected to rise to 6.4 million by 2033, creating opportunities for startups such as Sensor Networks to scale up. Renewable energy accessibility Versofy, another energy startup established in 2014, focuses on making renewable energy more accessible by removing the high upfront capital costs associated with solar installations. Their “Solar as a Service” model offers a subscription-based approach with insurance, allowing customers to save up to 70% on their electricity consumption. “Our original objective was to break down those barriers by removing the need for upfront capital,” says Ross Mains-Sheard, Co-Founder and CEO of Versofy. “The value we bring to our customers increases every time Eskom raises their prices,” he says. Versofy’s business clients benefit from financial dashboards that track their return on investment, while residential customers can monitor their energy usage through an app that gamifies energy-saving behavior. Smart metering and energy trading Switch Energy provides software solutions for energy trading, smart metering, and usage management. Their systems help improve energy generation and usage, particularly in projects with localised renewable energy sources. “We can use demand-side management techniques such as controllers and sensors to improve consumption and to match generation,” says Andrew Murray, CEO of Switch Energy. The company is also targeting property owners and developers in low-income communities, providing smart metering and revenue collection systems to ensure fair billing for tenants in backyard dwellings. The road ahead While these startups are addressing critical needs, they face challenges such as high capital requirements, regulatory hurdles, and consumer education. “Launching a business anywhere, in any sector is extremely hard. Our challenges have been amplified due to the sheer amount of capital required for our business,” says Mains-Sheard. Switch Energy’s Murray highlights the need for a strong business track record and certifications, as well as the limitations of the existing grid infrastructure. “An energy market where we are not so reliant on coal and from the state-owned Eskom, open market with lots of private sector participation,” is the future envisioned by Murray. Sensor Networks sees a shift towards “time of use” prices, where consumers will pay more for energy during peak hours and less during off-peak hours, driving demand for smart energy management tools. “Our prediction is three to five years. Time of use tariffs will be sort of ubiquitous through the market in South Africa, and people are going to look for tools to be able to shift their load,” says Allewel. As Eskom’s price hikes continue to strain South African businesses and households, the country’s growing energy startup ecosystem is poised to play a crucial role in providing sustainable and affordable energy solutions.
Read MoreAfrican investment professionals earn 33% less than global counterparts due to smaller ecosystem
African investment professionals earn less than their global counterparts due to the smaller assets and funds they manage, according to data on salaries and assets under management in African investment firms by Dream VC, a venture capital institute, and A&A Collective, a global investment community. The average annual salary for analysts at Africa-focused venture capital, private equity, and impact investment firms is $21,000. Outside Africa, that salary jumps by 33% to $28,000. At more senior levels, the gap widens—investment managers or principals outside Africa earn $40,000 more than a principal in Africa. The African investment salary gap can be explained by the size of assets under management (AUM) by African funds, with the average firm managing around $87.5 million for private equity (PE) funds. Most venture capital (VC) funds manage only $50 million, while impact investment funds manage $58 million. This pales compared to global counterparts like Asia, where the average VC fund size is $324 million. “This report brings much-needed transparency to compensation, strengthening the industry for both emerging and established investors,” Mark Kleyner, the co-CEO of Dream VC, told TechCabal about the report, which pulled data from 209 participants across 28 African countries. Investment firms pay salaries and other operating costs out of fund management fees. Venture capital firms, which account for two-thirds of the firms sampled, charge a 2% annual management fee on the fund size, leaving 80% of the capital for deployment. If a VC firm raises a $25 million fund, it earns $5 million in management fees over a typical 10-year fund cycle. With the median AUM by African investment firms at $50 million, most firms operate with a $1 million annual operating budget, directly causing the salary gap. This disparity risks triggering a brain drain, as investment professionals seek better-paying opportunities abroad, further shrinking the pool of experienced talent in Africa. African funds may need to align compensation more closely with global benchmarks to retain leadership and expertise, especially as the ecosystem is younger than more mature markets and needs more experienced professionals. This may be possible in coming years as Africa’s ecosystem continues growing. In 2017, fifteen firms were founded for the first time; by 2022, that number had grown to 25. Besides the young firms, Africa’s investment sector is also dominated by young professionals, with 73% under 34 and 42% aged 25–29, reflecting an industry that is packed with emerging talent. Entry-level roles like Analysts (19%) and Associates (24%) are prevalent, while senior positions such as Principals (6%) and Directors (4%) are fewer. This imbalance shows the need for more African fund managers to strengthen and expand the ecosystem. Given how young the average professional is, it’s not surprising that over half of investment professionals hold bachelor’s degrees, while 40% have master’s degrees, including 15% with MBAs. Only 39% of professionals have studied abroad, highlighting the demand for local market knowledge—a competitive edge in Africa’s cross-border investment landscape. Carry—an investor’s share of investment profits—remains elusive for most professionals in Africa’s investment sector. Only senior roles like principals and portfolio managers receive meaningful equity, with a maximum carry of 10%, though the average remains low at 0.016% for principals. This contrasts with global norms, where carry is a key retention tool. Data around compensation among African employers and employees remain scarce, and with the report, the research team “sought to create a benchmarking study that could support salary transparency and help fund managers understand industry norms for compensation.”. The data, Kleyner said, would also help firms “professionalise Africa’s investment landscape”—a necessity as global capital flows into the continent’s tech hubs like Lagos, Nairobi, and Accra. You can read the full report for more context on the African investment salary gap here.
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