- March 14 2025
- BM
Quick 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.
Read More
- March 14 2025
- BM
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 More- March 13 2025
- BM
MTN 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 More- March 13 2025
- BM
South 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 More- March 13 2025
- BM
African 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.
Read More- March 13 2025
- BM
Kenyan digital lender Whitepath fined $2,000 for unlawful data use in second privacy violation
Kenya’s Office of the Data Protection Commissioner (ODPC) has fined digital lender Whitepath KES 250,000 ($2,000) for violating data privacy laws. Court records show that the regulator found that Whitepath, which operates Instarcash and Zuricash loan apps, listed an individual as a guarantor without their consent and subjected them to debt collection calls after the borrower defaulted. The fine—the company’s second in two years—adds to growing regulatory pressure on Kenyan digital lenders, who are scrutinized for aggressive debt collection tactics and mishandling customer data. According to court documents seen by TechCabal, Dennis Caleb Owuor received an unexpected debt collection call from a Whitepath representative in November 2024. The caller claimed Owuor was listed as a guarantor for a defaulting borrower, despite Owuor having no prior agreement to such an arrangement. When he questioned the claim, the caller failed to provide any justification but continued to demand repayment. Despite Owuor’s instructions to stop, the calls persisted, prompting him to escalate the matter to the ODPC, alleging illegal privacy breaches and harassment. Whitepath failed to respond to the regulator’s inquiries, but Kenya’s Data Protection Act allows enforcement regardless. The ODPC ruled that Whitepath had no legal basis to process the complainant’s data, as listing someone as a guarantor requires explicit consent— which was never obtained. The company also violated data protection laws by failing to notify them that their data was being used. In addition to the fine, the regulator directed Whitepath to erase the complainant’s data and provide proof of compliance. This is not Whitepath’s first data privacy violation. In April 2023, the ODPC fined the lender KES 5 million ($39,000) after nearly 150 complaints alleging unauthorised access to borrowers’ contact lists and sending unsolicited messages. The penalty came after Whitepath ignored an earlier enforcement notice. Whitepath did not immediately respond to a request for comment. The case highlights ongoing regulatory action against digital lenders using unethical data practices, including extracting contact details from borrowers’ phones, sharing debtor information publicly, and employing aggressive collection tactics. While enforcement is increasing, concerns remain over whether current penalties are sufficient. A KES 250,000 ($2000) penalty may not significantly deter a firm that disregarded a KES 5 million fine in 2023. Stronger regulatory measures, including larger fines and criminal liability for repeat offenders, may be required to ensure compliance and protect consumer rights.
Read More- March 13 2025
- BM
After P2P trading, hybrid finance apps are taking off in Nigeria’s crypto space
As cryptocurrency adoption grows in Nigeria, founders are building hybrid finance apps to simplify access to crypto. These hybrid apps reduce the education barrier and overwhelming user experience flows common in crypto trading apps, allowing users to interact with cryptocurrency as easily as they do with fiat money on their traditional mobile banking apps. Hybrid finance apps integrate traditional finance (TradFi) and decentralised finance (DeFi) features that allow users to buy, sell, or convert crypto to Naira without the need for an escrow or peer-to-peer (P2P) trading. Since mid-2023, startups like Taja, Palremit, Prestmit, Azasend, and Pandar have sprung up to create these hybrid solutions to enable more Nigerians to take part in the crypto sector. At least 20 such startups currently operate this hybrid finance model in Nigeria. “I’ve only used Bybit when I had small amounts of Dogecoin and Bitcoin in my wallets,” said David Ayankoso, a non-frequent crypto user based in Lagos. “I find the process of exchanging crypto on Bybit to be complicated. The app is overloaded and not as simple as some other platforms. So instead, I buy Solana or Bitcoin elsewhere [on hybrid finance apps] and transfer it to my Phantom wallet to buy or trade random altcoins.” Nigeria is one of the hotspots for crypto adoption globally, yet that high transaction value is only spread among a few knowledgeable people in the Web3 space. Sending and receiving crypto doesn’t quite work like fiat currencies in traditional banks. With one wrong click, funds are prone to losses, and bank accounts to freezes, making many Nigerians averse to digital assets. The pitches of these hybrid finance startups often go like this: if you’re not familiar with the crypto P2P trading setup, use a hybrid finance app to avoid overwhelming yourself with the process of dealing with an escrow—or worse, getting scammed. Users simply open an account, gain access to a virtual account (a service hybrid finance apps provide through partnerships with payment processors), fund the account, and buy crypto directly from the app. “Founders who build these apps see an opportunity to take advantage of a ‘grassroot movement’,” said Ayo Adewuyi, head of product at Prestmit, who claims the startup has over 700,000 users, thanks to additional features like gift card trading which attracts users from several countries. “For example, one of the reasons Patricia [one of the earliest to use this model] was an important crypto hybrid app was because people saw it as a Nigerian brand that wanted to localise crypto. Founders saw this and tapped into it.” The clampdown on P2P trading and the strict regulatory oversight on big crypto exchanges paved a way for hybrid apps to thrive, said Adewuyi. He claimed Prestmit’s users grew significantly after large crypto exchanges deprioritised the Nigerian market. While hybrid finance apps are not new, there is a growing focus on integrating crypto payment options into traditional finance systems. Beyond buying crypto for investment holdings, these apps let users manage digital assets like local currencies. They can pay bills, buy airtime and data, trade gift cards, send crypto directly to others through app tags, and pay for online services with crypto. Hybrid finance apps are also important to freelancers who earn in crypto, allowing them to convert to their local currency without relying on the P2P space. Unlike building a crypto trading app, for example, operating a hybrid finance model is a much simpler setup. These startups provide three key things: the platform (proprietary technology like an app or a web-app), virtual accounts for user account management, and crypto liquidity. Imagine walking into a mom-and-pop shop in your neighbourhood. With cash in hand—your local currency—you ask the storekeeper to sell you a crypto asset, say Bitcoin. The storekeeper collects your money, and two things could happen: either they process your order as the counterparty because they have the means, or they use a back-door service to obtain the required amount of crypto to sell to you. Either way, the hybrid app remains the counterparty to every trade. Most of these apps rely on crypto infrastructure providers to enable users to buy and sell crypto, while some outsource liquidity to over-the-counter (OTC) traders and institutions that provide bulk crypto liquidity. “Liquidity is not manufactured out of thin air; liquidity providers, in some cases, are the P2P guys just that in this case, they go through a much more rigorous KYC process because startups want to be sure that the funds they are receiving are not illegal,” said Adewuyi. The result of this outsourced liquidity often means that users have to play by the rules of the providers. Most liquidity providers cap the minimum amount of crypto users can buy or sell, which can be a bad experience for people buying or exchanging small amounts. For example, Luno, which can be considered a hybrid startup, allows users to offload their Bitcoin liquidity from 0.000025 BTC ($2.03), which means users cannot sell or off-ramp their coins below this amount. Some apps set the minimum crypto sell-off amount higher. Since hybrid finance apps primarily make money from transaction fees, the costs are higher compared to trading platforms. Users get charged a percentage of their deposits on some of these platforms, and when they try to exchange, they do so at a higher, marked-up rate than the official exchange rate. In P2P trading apps, where liquidity is provided by traders who are directly responsible for their revenue, competition drives down prices. “A lot of people are not interested in the complex part of crypto, and hybrid apps come in here. They provide the liquidity that users need at a specific rate, and if you’re fine with it, you go through with the transaction,” said Adewuyi. Yet, hybrid finance apps pitch their tent on the value they provide—insurance from the risk factor found in trading apps—while extracting a few dollars in charges from customers. In the grand scheme of things, many of them do not operate as crypto exchanges, eliminating
Read More
- March 13 2025
- BM
TechCabal Daily – Access Bank hot on NBK deal
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Motunrayo Sanyaolu, UNILAG’s star engineering student and inaugural winner of the school’s Engineering Spirit award, loves to tinker with ideas, creating life-changing inventions like affordable heating blankets for hospitals. Her passion for building and helping others is inspiring students and her peers to make a difference in their own lives. In this week’s edition of My Life in Tech, we spoke to Sanyaolu about her tech journey and how she made a name for herself as a passionate inventor. Read My Life in Tech. Access Bank hot on NBK acquisition Kenya proposes new banking licence fee structure South African startups step up amid rising power costs Nigeria’s telecom operators to increase core network investments World Wide Web 3 Events Banking Access Bank now awaits Kenya regulator to approve NBK’s acquisition Image Source: Zikoko Memes Nigeria’s Access Bank is in the final stages of wrapping up its acquisition of National Bank of Kenya (NBK) from KCB Group, Kenya’s largest bank, five months after the deal was expected to close. The move is a big step in Access Bank’s push to expand across Africa and could give it a stronger presence in Kenya, East Africa’s largest economy. KCB Group CEO Paul Russo confirmed on Wednesday that the deal is still on track, noting that NBK’s performance has already been included in KCB’s 2024 full-year results. Russo said they’re in the advanced stages of getting regulatory approvals. In October 2024, Kenya’s Competition Authority (CAK) gave the green light for the deal, with the condition that Access Bank keeps at least 80% of NBK’s 1,384 employees for a year after the acquisition. Access Bank was also required to retain all 316 employees of its Kenyan subsidiary. This approval moved the deal closer to completion. According to Lawrence Kimathi, KCB Group’s CFO, the timeline for the deal was extended to February this year because they were waiting on regulatory approvals. Kimathi added that the Central Bank of Nigeria (CBN) has already given its nod, and now they’re just waiting for the final approval from the Central Bank of Kenya (CBK). The pending sale has already impacted KCB’s 2024 financial results. The bank reported a KES 2.0 trillion ($15.4 billion) balance sheet, the largest in the region. However, total assets dropped by 10%, partly due to the Kenyan shilling’s appreciation against other regional currencies. Although the exact value of the deal hasn’t been disclosed, KCB previously agreed to sell NBK at 1.25 times its book value. Based on NBK’s 2023 book value of $79.77 million, the deal could be worth around $100 million. 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. Banking Kenya proposes new banking licence fee structure Central Bank of Kenya/Image Source: Google The Central Bank of Kenya (CBK) announced on Wednesday that it will replace branch-based banking licence fees with a Gross Annual Revenue (GAR) system. Under the new model, banks will pay a percentage of their yearly income at progressive rates—starting at 0.6% in 2025 and rising to 1% by 2027—to maintain their licences. This marks the first change to the CBK’s licensing fee structure in 33 years. The CBK is also removing other fees such as application and renewal fees which previously existed in its old system, and consolidating these charges into the GAR-based fee. The regulator is hoping to create a fairer system where larger, more profitable banks contribute more, while smaller banks pay less. The CBK expects the new model to generate KES 4.5 billion ($34.7 million) in the first year, increasing to KES 7.5 billion ($57.9 million) by 2027. The GAR model ties banks’ license fees to their income, meaning they’ll pay more as they earn more. This is expected to reduce their profits by 1.8% to 3.1% over the next three years. Since banks rely heavily on lending to make money, they’ll likely try to optimise this area to maximise profits. However, with Kenya’s high rate of bad loans, banks may face challenges in lowering lending rates as the CBK wants. To protect their profits, banks might resist fully complying with the regulator’s push for lower rates, creating tension as banks try to increase earnings against making credit more affordable. While the CBK’s move is well-intended for Kenya’s banking sector, the expectations weighing on banks may be too high—it becomes a question of how much they can take. One theory is that banks would likely pass on the costs to customers. Paystack is inviting you to an exclusive reveal Paystack has been working on something new and exciting, and on March 24, they’ll finally reveal it. Want to be among the first to know? Sign up here to learn more Startups South African startups step up amid rising power costs Image Source: Pixabay South African startups are rising to the occasion. Electricity prices in South Africa are set to rise by 26% over the next three years, starting with a 12.7% increase this April, along with upcoming value added tax (VAT) increase, and revisions to municipal electricity prices. While the country’s energy supplier, Eskom, says its price adjustments aim to cover production costs and encourage renewable energy adoption, these increases are pushing energy costs higher for households and businesses. In response, the country’s growing energy startup ecosystem is rising up to the occasion to provide innovative solutions such as smart energy management tools, off-grid systems to renewable energy services. These startups are both helping South Africans reduce electricity bills and also pave the way for a more sustainable and affordable energy future. Companies like Sensor Networks, founded in 2007, offer smart home energy management tools like geyser sensors to reduce energy costs by up to 40%. Partnering with Ariston, Sensor Networks aims to scale its impact amid growing demand for energy-efficient appliances. Similarly, Versofy
Read More- March 12 2025
- BM
Access Bank in “advanced stages” to finalise National Bank of Kenya acquisition
Access Bank, Nigeria’s biggest bank by assets, is in advanced stages of completing its acquisition of the KCB Group-owned National Bank of Kenya (NBK), five months after the deal was expected to close. If completed, the acquisition will mark a significant milestone in Access Bank’s pan-African expansion, giving it a stronger foothold in Kenya—East Africa’s largest economy and a major financial hub. KCB Group CEO Paul Russo confirmed on Wednesday that the acquisition is still on track, saying KCB has included NBK’s performance in its 2024 full-year results. “We are at advanced stages of regulatory approval from both sides. I am very confident that we are at the tail,” Russo said during the bank’s FY 2024 results announcement. In October 2024, Kenya’s Competition Authority (CAK) approved the transaction on condition that Access Bank retains at least 80% of NBK’s 1,384-man workforce for one year after the acquisition. Access Bank was also directed to retain all 316 employees of Access Bank Kenya, its local subsidiary. CAK’s approval brought the deal one step closer to completion. “We extended the long stop date to February of this year because we hadn’t gotten all the regulatory approvals,” said KCB Group’s CFO Lawrence Kimathi. “Within that period, we got approval from the CBN, so the only approval that’s remaining is from the Central Bank of Kenya. Access themselves have written to our regulator to say that they are keen to close this transaction.” KCB’s 2024 financial results reflected the impact of the pending sale. The lender reported a KES 2.0 trillion ($15.4 billion) balance sheet, the largest in the region. However, total assets declined by 10%, largely due to the appreciation of the Kenya shilling against regional currencies. Deposits and loans also dropped, further impacted by the reclassification of NBK balances to other assets and liabilities. Loans grew by 10.5%, while deposits shrunk by 0.1%, excluding NBK’s impact. The deal’s value remains undisclosed, but KCB previously agreed to sell NBK at 1.25 times its book value, suggesting a price of around $100 million based on NBK’s $79.77 million book value in 2023. Access Bank, which operates 23 branches in 12 counties, will significantly expand its reach by acquiring NBK’s 77 branches in 28 counties. Despite this growth, the merged entity will hold a modest 1.9% market share, which CAK says won’t impact competition, given the dominance of banks like Equity, Co-operative, and Standard Chartered. Currently ranked 37th out of 39 licensed banks in Kenya, Access Bank is a tier 3 lender. Acquiring NBK, a tier 2 bank, will strengthen its position and growth prospects in the market. This is a developing story…
Read More
- March 12 2025
- BM
The many inventions of Motunrayo Sanyaolu, UNILAG’s first Engineering Spirit
In August 2024, as the feverish exam season drew to a close, marking the end of the academic year, the engineering faculty at the University of Lagos, Nigeria, upheld its tradition of celebrating with an awards dinner. But that year, something was different. A new award was being introduced: the Engineering Spirit Award. Its first-ever recipient, Motunrayo Sanyaolu, a third-year electrical engineering student, was no surprise to the faculty. Even among her seniors—including some jaded by the rigidity of their studies—the 21-year-old had already made a name for herself on campus as a passionate inventor. In her first year, Sanyaolu was already working with lecturers on tech projects and mentoring fellow students, according to Emmanuel Awolowo, one of her friends. By her second year, she had published a book—downloaded by about 150 students—encouraging them to take their first steps toward innovation. That same year, she applied for a Nigerian patent for a heating blanket, a low-cost, off-grid solution for clinics too underfunded for incubators. She had initially started the project with a group of four before continuing it alone. The blankets could reduce the 62% rate of hypothermia affecting newborns shuffled between hospitals. Designed to cost below ₦50,000 ($32), they have the potential to eliminate desperate hacks like hot water bottles in cots, which can leave nurses and babies burned. “If anyone else had won, it would have been shocking,” said Orobosa Isokpunwu, echoing several students of the faculty. Isokpunwu is collaborating with Sanyaolu to refine the blanket for an upcoming competition that could provide an opportunity for clinical trials in Nigeria. I waited in a design studio, nestled in the Faculty of Social Sciences at the University of Lagos, to see Sanyaolu and the blanket in action. I first met Sanyaolu in February at Google DevFest, where she was ushering speakers at the event. She had casually mentioned that she was working on an off-grid incubator alternative—humble and unassuming as if it were no big deal in a country with an epileptic power supply. I wondered if she downplayed it because hardware doesn’t get the spotlight that software does in a coding crowd, or if that was just how she carried herself. Heading into our meeting, I was surprised to learn that she was a celebrity of sorts in the Faculty of Engineering at one of Nigeria’s most respected universities. Friends and coworkers—she balances a job at the design studio with her studies—were also fans. They all said the same thing: she had an infectious passion for experimentation and building technology. At the design studio, Sanyaolu, wearing the same bright smile and cornrows that needed to be redone, sat at a table with two versions of her heating blanket between us. They looked like furry toy coats, one wrapped around a big baby doll. The first version of the battery-powered neonate heating blanket. The second version of the battery-powered neonate heating blanket. “We’re working on a third iteration,” she said, touching one of them. “Better heating system and a better look. We’re applying for a competition that will provide an opportunity for clinical trials and more funding to make it more marketable to hospitals.” Until then, she’s also juggling an amusing project: a laser gun for real-life Call of Duty. “It would be coupled with a web app, but the shots can be fired in real life,” she explained. “Still working on the programming and mechanism. It’ll be big, like paintball guns.” She was designing that for a game with a group of students she was supporting at the hub. From Python to prototyping I asked her what influenced her inclination to build, and the farthest she could trace it was to the first time she watched Big Hero 6, a movie about a young robotics prodigy named Hiro Hamada, who teams up with a robot and four other nerds to save their hometown from an evil supervillain trying to take over with Hiro’s invention. “In the movie, Hiro had a lab filled with futuristic inventions. I remember turning to my dad and telling him, ‘I want to be like this—rich enough to have a lab where I tinker all day,’” she recalled. Sanyaolu lost her dad, who was a nurse, a few years later to COVID-19, but that dream remained alive. After years of taking apart fans and other devices—some never went back together—she chose electrical engineering at UNILAG, just across the border from Ogun State, where she grew up. Her first year was all focus—eight hours of study a day, she said. Then the 2022 strike hit, lasting eight months and throwing her off. “It felt endless,” she said. “Studying with no end, no clue when we would resume.” She kept at it for a while, keeping lectures fresh, but as the wait dragged on, she turned elsewhere: programming. A friend had introduced her to Python in secondary school. During the strike, she finished a Harvard intro course online and then found Computer Science Academy Africa (CSA), a Python boot camp. “It was pivotal,” she said. It opened up new coding concepts and introduced her to the Internet of Things (IoT), where software meets hardware. “In secondary school, I had been torn between the two,” she said. “IoT showed me they could blend.” She wrapped the program with a home automation project, leaving as a beginner programmer and hardware developer. Now clear-eyed about the kind of technology she wanted to build, she took on an internship at an innovation hub in Unilag. Students there were recruited to work on healthcare-related projects. The choice to work in healthcare was, in part, influenced by her father’s background. However, she clarified that her interest wasn’t in medicine itself. “I’m more interested in exoskeletons, wheelchairs, and external assistive devices,” she said. “I don’t like working with internal organs; they seem too fragile.” It also didn’t help that her father, who had been a nurse, often returned home with gory tales of surgical procedures. Sanyaolu shook her head gently as if to
Read More