- April 11 2025
- BM
Digital Nomads: Grace Abikoye’s journey from Unilorin to a global investment bank
Tucked in the quiet contours of Ilorin, a city in Nigeria’s North Central, the University of Ilorin (Unilorin) has stood for half a century as an academic beacon. Now, with the rise of remote work and a new generation of talents, it’s becoming something more—a launchpad for global ambition. No, it has become a place where deserving students, regardless of their backgrounds, nourish their wildest dreams to work in the best global financial companies. The university’s merit-based system rewards the best-performing students, whom they call “Scholars,” creating an ecosystem where excellence isn’t just encouraged but expected. At the heart of this culture is The Investment Society (TIS), a student-led organisation existing across different universities that grooms young Nigerians for careers in global finance. One such student was Grace Abikoye, who now works full-time at a leading global investment bank and seconded on a global sustainability initiative in the UK. “For context, if I were to compare my job to a role at a top Nigerian financial institution, I’d say I work somewhere in strategy,” said Abikoye. “My role involves more of strategy and project management. While I was briefly exposed to the trading floor during my internship before transitioning to a full-time role, I’ve mainly worked in business support, interfacing with regulations, strategy, and executive coverage.” Beyond her day-to-day role in strategy and project management, where she’s managing relationships and projects, developing strategies, and travelling rather infrequently—but necessarily—she’s stood for years as an inspiration for many students after her. Grace Abikoye by the Seine River, France, which hosted the open-water events at the Olympic Games 2024 But her story isn’t the typical high-flying finance trajectory—it’s one of audacity, a calculated risk to abandon the familiar and dive into a world that, for many Nigerians, seems impossibly distant. A win for TIS, a win for Unilorin Abikoye’s path to securing a full-time role at a prestigious global investment bank was not straightforward. She’s had to persevere, position strategically, and commit to learning from scratch, she said. As an Agricultural Economics undergrad, her introduction to the financial sector began during her time at Unilorin, where she actively sought out opportunities beyond the lecture room. She had joined societies like TIS and attended networking events. The turning point came when she applied for an internship at a top global investment bank. She’d applied and failed to secure a spot multiple times before she landed one early in 2021. The internship, a rigorous ten-week programme, exposed her to global markets, where she rotated on the linear rates trading and FX sales desks. “I struggled a bit with the core financial concepts at first,” she admitted. “But I realised I had a strong ability in relationship management and strategic thinking. I leaned into those strengths.” Her resilience paid off. Despite the challenges, she made an impression on her managers and was offered a full-time position while still an undergrad at Unilorin—a fully sponsored opportunity. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe After her internship, she participated in programmes such as the BCG Aspire Programme and the CFA Research Challenge which strengthened her understanding of sustainability and finance — two areas that would later prove instrumental in the role she specialises in today. Beyond her core responsibilities, she has found immense value in exposure to leadership at the bank and initiative. “I support executives with key stakeholder meetings. It
Read More- April 11 2025
- BM
US investors flag corruption, IP and digital tax risks in Kenya and Nigeria
US tech investors face operational and regulatory challenges in Nigeria and Kenya, as longstanding issues around corruption, intellectual property (IP) violations and new digital tax regimes targeting foreign firms frustrate investment efforts, according to the US Trade Representative’s Foreign Trade Barriers report. The report faulted the two countries—among the top tech hubs in Africa—over failure to clamp down on corruption and enforce IP protection policies despite assurances from both governments. Jamieson L. Greer, the USTR, said counterfeit software, pirated music and video content, and widespread online copyright infringement are undercutting licensed operators in Nigeria. “IP enforcement remains inadequate due to chronically insufficient resources for enforcement agencies, porous borders, entrenched trafficking systems that make enforcement difficult, and corruption,” he said. US companies operating in Nigeria “experience difficulties in day-to-day operations as a result of inappropriate demands from officials for ‘facilitative’ payments,” the report said. Political infighting and a lack of judicial capacity in the country remains hurdles to anti-corruption reform. While Kenya has made progress in supporting its startup ecosystem, the USTR pointed out concerns around bribery and IP protection—particularly in the digital space—persist. More troubling for investors is the competitive disadvantage faced by US firms that abide by stricter legal and ethical standards. Many reported they routinely lose out to foreign competitors willing to bend the rules or pay bribes to secure contracts “US firms continue to report direct and indirect requests for bribes from multiple levels of the Kenyan Government,” the US Trade Representative said. Despite signing the World Intellectual Property Organization (WIPO) Copyright Treaty nearly 30 years ago, Kenya has yet to ratify it, creating a regulatory gap that enables widespread copyright infringement with minimal consequences. Changing tax regimes The recent changes to both countries’ tax regimes are also another source of concern for US digital service providers like Amazon, Google, Meta, and Netflix. In December 2024, Kenya replaced its controversial digital services tax with a new “significant economic presence tax”—a 3% levy on gross revenues earned by non-resident companies through digital platforms. The law applies to foreign companies that do not maintain a permanent physical presence in the country and earn more than KES5 million ($38,800) annually from Kenyan users. Platforms like Netflix and Microsoft are now subject to the tax, raising concerns over rising compliance costs and the risk of regulatory overreach. In Nigeria, the government has taken a more expansive approach. Since 2020, non-resident digital companies have been subject to both income and VAT taxes on services provided to Nigerian customers. The report comes when President Donald Trump has threatened to upend the global trade and investment climate with higher tariffs. Trump has paused the tariffs, giving countries including Nigeria and Kenya until June to eliminate barriers imposed on US goods and services.
Read More- April 11 2025
- BM
Experts see Trump’s tariff triggering domino effect on Nigerian startups
This article is part of TechCabal’s ongoing coverage of the impact of Trump’s tariffs on Africa’s technology landscape. Frank Eleanya, Ngozi Chukwu, Faith Omoniyi, and Muktar Oladunmade also contributed to this report. The zero-interest era in the US saw venture capital firms pour billions into emerging markets, including Africa, in search of outsized returns. But the US trade tariff, paused for 90 days, could dampen non-oil export volumes, create unstable exchange rates, and fuel inflation if or when resumed. This could force investors into a ‘wait and see’ approach by withdrawing from African markets, hitting sectors like e-commerce, logistics, agriculture, fintech, and technology, where most Nigerian startups operate. “The uncertainty would likely deter investment inflows into African startups, as potential investors assess the risks involved,” Temitope Omosuyi, a UK-based investment analyst, said. “The impact will extend to most of their prospects, particularly in logistics and cross-border payments.” March 2025 saw one of the lowest monthly venture capital funding into the African tech ecosystem since late 2020, with just $50 million in funding announced, according to data from funding tracker Africa: The Big Deal. Funding also dropped 5% to $460 million in Q1 2025 from $486 million raised in the same period last year. VC investments in Nigeria across sectors remained unchanged in 2024 ($410 million) and are the lowest since 2021. Maya Famodu of Ingressive Capital, a pan-African venture capital fund, noted that in the short term, high tariffs mean inflation, and with the economic dominoes happening in the West, she anticipates a recession. “Recession means a buyers’ market and more prudent and defensive investment strategy for US-based institutional investors, which will not benefit Africa,” she added. But Tayo Oviosu, Paga’s CEO, believes that the tariffs will not have an outsized impact on funding for the continent’s tech ecosystem. He expects that while global capital flows may shift, investor appetite for African startups might rise due to the tariffs. “I think investors will look to deploy capital now because it is a good time to invest in the private market against the public markets because of the stock market decline,” he said. Before the tariffs were suspended, returns on U.S. treasury bills had risen as prices fell, driven by increased investor demand for safer asset classes during uncertain times. Despite this shift to more stable, lower-risk assets, some investors think this might drive more funding to African startups. “The tariff approach can lead to short-term slow growth and will lead investors to want to buy bonds, and that demand will lead to lower rates,” Oviosu added. “This, I think, helps emerging markets like Africa because investors will want a mix of safety and returns; thus, they will allocate more outside of the US and in equities outside of the US.” Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Nigerian exporters remain optimistic despite tariffs Under the African Growth and Opportunity Act (AGOA) legislation, Nigerian exporters enjoy duty-free access for non-oil sectors like agriculture and manufacturing. According to data from the National Bureau of Statistics (NBS), non-oil exports more than tripled to ₦309.1 billion ($196.6 million) in 2024 from ₦86.4 billion ($54.9 million) in 2023. For small e-commerce players, the impact is immediate: a $100 bag of cassava flour now carries a $14 duty. This could cut margins or raise prices, depending on whether the seller decides to bear the cost or pass it on
Read More- April 11 2025
- BM
TechCabal Daily – FairMoney, more money
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Good morning. We hope you have an A+ day (and weekend). But if not, just know you’re still doing better than the naira. The currency’s been slipping faster than your phone on a rainy Lagos danfo seat—and at this point, $1 is moving like it’s trying to break its own personal best. We bring you news from our sister publication Zikoko: Hertitude is a safe space for women to celebrate, connect, and dance the night away after the stress of Q1 2025. Get tickets for yourself and loved ones at 20% off when you use the code TECHSIS25. Be there. FairMoney grew revenue to $78 million in 2024 MTN Group to sell 11% of its Nigerian subsidiary Bad weather, no Amazon Kuiper satellite Funding Tracker World Wide Web 3 Opportunities Fintech FairMoney grew revenue to $78 million in 2024 on deposit-led lending Laurin Hainy. FairMoney CEO Image Source: FairMoney 2024 was a great year for FairMoney. The fintech remained profitable, grew its revenue, and increased its profit to ₦7.9 billion ($5 million) from ₦780 million ($490,000). As revenue grew, FairMoney also improved its profit margin, increasing from 1% in 2023 to 4.79% in 2024. The fintech keeps roughly ₦6.5 from every ₦100 it makes. However, all this growth was only possible because the fintech stopped relying on borrowing money from other sources like commercial papers to finance its loan book. It now uses customer deposits—which grew significantly from ₦2.9 billion ($1.9 million) to ₦72.9 billion ($46 million)—to finance over 55% of its loan book, thereby increasing its margins and profitability. FairMoney makes money from lending to Nigerians. It offers quick loans, and within minutes, its customers can start spending money they borrowed from Fairmoney at a 10% monthly interest rate. The high interest rate makes FairMoney’s approach to lending seemingly healthy, as its net interest margin stands at 64.72%, but it also makes it likely that several customers won’t repay their loans. This was reflected by a 30% increase in its loan impairments. The company told TechCabal that this figure—₦59.4 billion ($37 million)—is inflated by the company’s accounting approach, which treats a loan as impaired immediately upon its issuance and until it is repaid. The business can also argue that its model works on the continent because of its profits, growing revenue, and its high 81.7% net interest margin. You can read TechCabal’s Muktar Oladunmade’s article about FairMoney’s 2024 financial report here. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Telecoms MTN Group to sell 11% of its Nigerian subsidiary Image Source: MTN When we reported that MTN Group, Africa’s largest homegrown telecom operator, was moving its Nigerian headquarters to Eko Atlantic City, the reactions had us rolling off the edge of our seats. Some sharp minds even theorised that MTN Nigeria was funding the move with cash from the telecom tariff hikes. Yes, it cost an arm and a leg to build on Lagos’ futuristic city, but MTN Nigeria is likely not funding this from the tariff increase. If anything, it is through fundraising, share sales, revenue budgets, and commercial papers. Case in point: MTN Group plans to sell 11% of its shareholding in its Nigerian subsidiary, MTN Nigeria. It currently holds 76% of shares in its Nigerian business and it will sell down to 65%. The telecom company is yet to decide when it will begin the secondary sale of its business, whether the offers will be made public, or even how much a unit will cost. However, the company notes that it will consider selling after its Nigerian operations return to profitability. And they’ll need that bounce-back. In 2024, MTN Nigeria bled ₦400 billion ($252 million), losing its crown as the group’s top cash cow. This isn’t their first sell-down, but it’s bigger than 2021’s retail investor offer which brought in ₦575 million ($362,000) and reduced MTN Group’s stake from 78.8% to 75.6% in the process. MTN has made some interesting moves lately: relocating its Nigerian headquarters to Eko Atlantic, signing a deal to launch a Nollywood streaming platform, and developing a satellite-to-mobile project with Lynk Global to compete with Vodacom in South Africa. With the sale, there are two things here: it will either use the extra cash to make its Nigerian business whole again, or we’ve grossly underestimated the length the telecom operator will go to launch that Nollywood streaming platform. Introducing Zap by Paystack! Zap is Paystack’s first consumer-facing app designed for simple, fast and secure payments via bank transfer. Download Zap on Android and iOS → Internet Bad weather, no satellite; Amazon’s Kuiper will try again for its satellite launch Image Source: Tenor Amazon’s rocket was ready. The countdown was ticking. But Mother Nature had other plans. The much-anticipated launch of Amazon’s Project Kuiper’s first 27 satellites was shut down by clouds and strong winds on April 9. Somewhere in Texas, Elon Musk probably chuckled and whispered, “Nice try, Bezos.” Project Kuiper is Amazon’s answer to Starlink, with the low-earth orbit (LEO) project hoping to blast over 3,200 satellites into space to bring cheap, fast internet to the planet’s rural areas all over the world. And it has since partnered with Vodacom, a South African telecom company, to launch the satellites in the country, ahead of Musk’s Starlink, which still doesn’t have clearance to operate. Well, both Vodacom, Amazon, and Bezos will now have to wait. No new date was announced. Meanwhile, MTN is flexing with its satellite buddy Lynk Global, having already made the first satellite-to-phone call in South Africa. That’s one small phone ring for man, one giant leap for mobile networks. The trend signals that South African telecom operators are jumping in fast, hoping LEO-powered internet can fix what cell towers can’t. The market is buzzing,
Read More- April 10 2025
- BM
Chowdeck taps Bolt manager to lead Ghana expansion
Chowdeck, the YC-backed Nigerian food delivery startup, has hired Henry Whyte, Bolt Ghana’s senior operations manager, to lead its Ghana operations, marking a key step in its international expansion. This hiring comes 10 months after the company tapped another senior manager at Bolt, Umar Nas’ir, to head its Nigerian operations. A spokesperson for Bolt confirmed Whyte’s move to Chowdeck but declined to comment on his exit from Bolt. Chowdeck did not respond to requests for comment. Whyte has been Bolt Ghana’s senior operations manager since November 2021, according to his LinkedIn profile. He joined Bolt as a customer support specialist in 2018 and rose through the ranks to become operations manager in 2020. He now leads Chowdeck’s expansion into Accra, where it will compete with Bolt Food for market share. Umar Nas’ir, hired in July 2024 to head Chowdeck’s Nigerian operations, previously led Bolt Nigeria across 20+ cities, according to his LinkedIn profile. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Whyte and Nas’ir’s combined 13 years of experience at Bolt will be valuable to Chowdeck’s ambitions to go beyond food delivery; the startup also operates an asset-light last-mile logistics service, which Bolt has been doing for years in Ghana and Nigeria. This isn’t the first time Chowdeck has tapped rival talent for leadership roles. The company’s expansion lead, Michael Toyinbo, joined in 2023 from Jumia Nigeria, where he headed planning and performance.
Read More- April 10 2025
- BM
Bolt Food welcomes Chowdeck’s Ghana expansion but questions its strategy
Bolt Food quit Nigeria by December 2023 after two years but has thrived in Ghana for over four, outlasting Glovo and Jumia Food. Now, Nigeria’s Chowdeck, with over 1 million users in three years, is expanding to Accra, testing Bolt Food’s hold on a market Statista projects will reach $291 million by 2029. Yet, Bolt Food Ghana’s general manager, Ali Zaryab, calls Chowdeck’s entry “healthy competition” that could sharpen their edge. “Since we’re the only big player in the market, customer expectations are much higher,” Zaryab said in an interview, adding that Bolt Food had anticipated the entry of a prominent alternative since Glovo exited the market in 2024. Zaryab also sees it as an opportunity to identify if there are ways to improve Bolt Food’s services and maintain market leadership,” he said. Chowdeck did not respond to requests for comments. Zaryab wonders if Chowdeck’s reliance on exclusive restaurant partnerships characterized by discounts and steep marketing costs can weather Accra’s thin-margin, smaller market—Accra’s population is around 5 million, and Lagos is about three times that. Bolt Food, he says, thrives on cost efficiency in an industry squeezed by courier fees, payment processing, and overheads. “We’re sensitive about unit economics,” Zaryab explained. “If a deal doesn’t make sense, we can always get off the table and shake hands.” Apart from keeping costs down, it also matters that the company can consistently pull in a lot of orders; volume offsets costs. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Bolt’s strategy hinges on wide vendor selection, high service quality, and affordable but viable pricing. From June 2021, it rapidly expanded across Accra, adding restaurants and, in 2024, over 200 non-food vendors like pharmacies and retailers. Delivery hours stretched to 7 AM–11 PM, with 24/7 service in 10 zones. He also shared that the company is using artificial intelligence technology to improve user experience on the platform. However, Zaryab declined to share revenue, order volume, and user base numbers. In Nigeria, Chowdeck has grown from 319 users in 2021 to over 1 million by October 2024, with 750,000 users gained after it inked two consecutive partnerships with the Chicken Republic deal. In August 2023, when it first partnered with the food chain, Glovo was the only other startup allowed to deliver orders from the restaurant chain. By August 2024, that partnership became exclusive to Chowdeck, locking out alternatives in Lagos and Ibadan; the first deal increased order volume by 250%, according to The Condia. Exclusive partnerships are a proven tactic, but industry experts have criticised their sustainability. Jumia Food and Opay’s OFood used them to build trust in Nigeria, but a food delivery startup founder who asked to remain unnamed to speak freely warns they’re costly, with chains demanding steep promotional budgets and sales targets. Quick-service restaurants may co-invest, yet critics like Jumia CEO Francis Dufay, who shut down Jumia Food across all markets, said companies that advertise promotional discounts are “burning money to grow and buy market share.” Moreover, there is the risk that they attract price-sensitive users who jump to cheaper rivals, threatening long-term stability. Chowdeck CEO Femi Aluko told TechCabal in November 2023, three months after announcing its first partnership with Chicken Republic, that each delivery profits with a 25% take rate. He doubled down in April 2024: “We charge what a delivery’s worth and pay riders nearly the same.” The company does not
Read More- April 10 2025
- BM
Fairmoney grew revenue to ₦121.9 billion in 2024 on deposit-led lending
Fairmoney, the Nigerian consumer-focused lending fintech, grew its gross revenue by 62% to ₦121.9 billion in 2024, as it relied on customer deposits for lending operations, according to its unaudited financial report. The company’s profit after tax rose to ₦5 billion from ₦780 million in 2023. For the first time since Fairmoney began accepting deposits in 2021, customer deposits funded more than 80% of its loan book driven by a sharp increase in deposits from ₦2.9 billion in 2021 to ₦72.9 billion in 2024. That shift has allowed Fairmoney to reduce its reliance on external borrowing, which fell from over 80% in 2020 to less than 10%. “Our strong growth in customer deposits is a result of our growing customer base, increased customer loyalty and trust, innovative products and competitive offerings,” Fairmoney told TechCabal. “ Given the high inflationary macroenvironment, we believe in offering customers attractive rates that provide them, as close as possible, with positive real returns.” This reliance on customer deposits lowers costs compared to borrowing from other sources, like commercial papers, to loan its customers money and improves margins, allowing the business to potentially increase its profitability in the immediate future. “We are continuously optimising our funding structure to ensure a balanced mix of retail deposits, HNI deposits, corporate deposits and other financing sources such as debt notes and commercial papers,” the company added. Fairmoney generates most of its revenue from interest on loans issued to customers, which rose by 57% to ₦116 billion in 2024. As revenue grew, the fintech also improved its profit margin, increasing from 1% in 2023 to 4.79% in 2024. Fairmoney keeps roughly ₦5 from every ₦100 it makes. Fairmoney’s interest expense was ₦10 billion, a slight increase from 2023’s ₦8.3 billion. The lender made only ₦5 billion in non-interest income, split between ₦3.8 billion from fees and commission and ₦1.7 billion from other operating income. However, it spent ₦41 billion on operating expenses, resulting in a high cost-to-income ratio: the fintech spends ₦78 to make ₦100. After stabilising in 2023, Fairmoney’s impairments on loans and other assets rose by 30% to ₦59.4 billion in 2024. This marks the first increase in two years, following a period in which the fintech maintained impairments at around ₦45 billion after a sharp 159% spike in 2022. The rise in impairments has pushed Fairmoney’s non-performing loan (NPL) ratio to a staggering 86.8% of its ₦68.4 billion loan book. However, this figure is inflated by the company’s accounting approach, which treats every loan as impaired until it’s repaid. As a result, the NPL ratio could drop significantly if repayments are made on time. While Fairmoney’s cost of risk—measuring loss provisions as a percentage of loans—improved to -49.7%, it remains high. “We begin to make provisions on facilities immediately they are disbursed,” Fairmoney said. “Nonetheless, our performance shows a positive trend with significant improvement in the impairment-to-revenue ratio as we are consistently enhancing our risk assessment models and leveraging data to refine our underwriting processes. Additionally, we have strengthened our ethical collection strategies and customer profiling to improve the quality of the book.”. Fairmoney’s net interest margin stands at 64.72%, a seemingly healthy level for a lending business. However, this margin relies heavily on high-yield loans with steep interest rates—often around 10% monthly. While this strategy drives short-term profitability, it also heightens credit risk, as reflected in impairments exceeding 85% of gross loans. The lender’s assets grew by 55% year-on-year to ₦99 billion, mainly driven by a ₦30.4 billion increase in its loan book in 2024. However, its cash on hand fell by ₦2 billion to ₦8.1 billion, while prepayments (loans paid before due) rose sharply from ₦1.3 billion to ₦9.3 billion. Fairmoney’s consumer lending business has strong growth potential but it faces credit risks and operational inefficiencies. While its rapid growth and high asset yields are notable, its long-term sustainability depends on improving underwriting, risk management, and cost efficiency.
Read More- April 10 2025
- BM
“If not for ChatGPT, where would I be?”: How Nigerian university students are using AI
If you ask any Nigerian university lecturer today, they’ll likely say the same thing: students use AI for everything—assignments, class discussions, even job applications. But maybe, just maybe, AI isn’t the enemy. At least, that’s what some students at Covenant University (CU) think. To find out how AI and tech tools are shaping academic life and future careers, I asked students and alumni of the Nigerian private university how they’re using AI and how they think it could help them later in their careers. Ironically, and maybe predictably, some used AI to respond to my questions. Here’s what they had to say. “If not for ChatGPT, where would I be?” Toyosi, a Mass Communication graduate from Covenant University (class of 2020) who’s now studying for an MBA elsewhere in Nigeria, didn’t mince words. “If not for ChatGPT, where would I be?” she wrote via WhatsApp. “AI has helped me to understand schoolwork. It doesn’t mean I don’t do the work; it just makes the process faster since there’s barely time to read, analyse, and come up with solutions.” For many students like Toyosi, the appeal of AI isn’t laziness; it’s efficiency. Error Code Sam, a postgraduate Economics student at CU, has a similar story—though with a caveat. “Recently, I wanted to draw a chart. I had my data compiled and ran it through ChatGPT. It gave me an error code: it couldn’t process it further,” he said. “AI and the tech ecosystem don’t always give perfect answers to all questions dumped in the chat box.” Funmi, another postgraduate student, said the solution is to balance technology with actual reading and critical thinking. Using AI to talk about AI? Covenant University doesn’t take AI use lightly. Assignments and dissertations are checked for plagiarism using Turnitin and other AI detection tools. Despite this, students continue to lean into AI, even using it to respond when I asked about their AI use. One response I got read like it had been plucked straight out of a chatbot: “Technology and AI will play a key role in chemical engineering by optimizing complex processes, limiting costs, and enhancing sustainability. AI can analyze vast experimental data, predict results, detect faults, and guide real-time decision-making.” It’s not a surprise that AI detection tools often flag students’ writing. Dami, a postgraduate Microbiology student, ran her original essay through an AI detector and was told it was 30% AI-generated. “But I wrote it myself!” she said. Last year, there was an uproar on the Nigerian Twitter space when a British-American influencer accused a Nigerian of using AI to write an email because he used the word “delve”. Dami’s use of similar words might be the reason the AI detector flagged her work. This is one of the reasons very few students like Dami shy away from using AI. The future of work Tomiwa, a 400-level Biotechnology student, believes AI will be a powerful tool for scientists. She says it can help generate alternative methodologies to biotechnological processes, lighten research workload, and even reduce the mental fatigue that comes with lab work. Still, too much reliance on AI could make human input seem less valuable. On the other side of the world, Bolu, a CU alumna now working as a psychologist in the US, says AI is already making a difference in therapy delivery. She explains that in the near future, some clients would rely more on AI for therapy when they can’t afford a session or struggle with social interaction. Bolu uses AI tools for note-taking and tracking her clients’ progress, and shares concerns about AI replacing jobs like hers. In a recent interview, Microsoft co-founder Bill Gates said AI would soon replace many professionals. Like Bolu and Gates, Dami believes AI could lead to lower pay and fewer jobs in the long term. Who gets the credit? Here is where the trouble lies: If AI can take the credit for your cold email and your school assignment, why can’t it take credit for your job? Maybe when this dawns on students, they would have a new approach to AI. Then, sadly, only few students might be able to relate to Toyosi’s “If not for ChatGPT, where would I be?” question in the future. They need to start learning new ways to get the credit, and they need to learn it fast. Maybe the real problem isn’t that students are using AI, but that we’re not talking enough about how they should be using it. The students who learn to use AI wisely now could be the ones who stay relevant tomorrow in their careers, just like Gates predicted in his interview.
Read More- April 10 2025
- BM
Trump’s tariff on Nigeria’s ₦309 billion non-oil exports could affect bank earnings
This article is part of TechCabal’s ongoing coverage of the impact of Trump’s tariffs on Africa’s technology landscape. President Donald Trump’s 14% tariff on Nigerian exports, such as cocoa, fertilizers, and ginger, could have unintended consequences for Nigeria’s banking sector. Although currently on hold for 90 days, the tariff could impact trade finance, a key source of revenue for banks. Major Nigerian banks, including First Bank, Access Bank, and Nigerian Export-Import Bank (NEXIM), are heavily involved in trade finance, providing services, including credit, payment guarantees, and insurance, to both domestic and international importers and exporters. According to the African Development Bank Group (AfDB), trade activities generate almost 15% of total bank income. Under the African Growth and Opportunity Act (AGOA) legislation, Nigerian exporters enjoyed duty-free access for non-oil sectors like agriculture and manufacturing. That window has now closed, leaving Nigerian exporters—and their financiers—exposed. With trade volumes likely to dip as U.S. buyers pull back, banks that offer trade finance services could see their margins squeezed. “Trade financing is one of the revenue earners for the banks. The inflow of FX is more important to the banks than the interest they will get from giving out credit,” said a former head of Trade and Exchange department at the Central Bank of Nigeria (CBN), who asked not to be named. He added that banks are primarily interested in export activities because they result in an inflow of FX through the exporters’ domiciliary accounts. “These banks are always looking for abundant FX inflow so that they can meet their obligation to sell to willing buyers.” Nigeria mainly exports crude petroleum and petroleum gas to the US. Besides energy-related products, the country also exports nitrogenous fertilizers, cocoa beans, ginger, oil seeds, and oleaginous fruits. Data from the National Bureau of Statistics (NBS) shows that non-oil exports more than tripled to ₦309.1 billion ($196.6 million) in 2024 from ₦86.4 billion ($54.9 million) in 2023. With the added cost of tariffs, US importers may reduce or delay purchases from Nigerian suppliers. This would slow the volume of trade finance transactions, leading to fewer letters of credit, reduced foreign exchange, and a shrinking pipeline of trade-related revenues for banks. Fewer dollars depreciate the value of the naira, which has been relatively stable since December 2024 until recent weeks. A weaker naira also increases the cost of imports, fueling inflation and complicating banks’ risk management. “Trade finance will be a major change for the banks,” Tajudeen Ibrahim, director of research and strategy at Chapel Hill Denham, said. At the Nigeria Foreign Exchange Market (NFEM), the naira had been depreciating to ₦1,639.3 per dollar on April 9, 2025, from ₦1,531.6 on April 2. The CBN responded by injecting $197.71 million through sales to authorised dealers to support the naira. Ibrahim argued that banks should take advantage of the weak naira, which has boosted exports from other African countries. “Intra-African trade is the key to Africa’s future,” he said. “By increasing regional trade transactions, we can reduce our dependence on countries outside the continent.” As Nigerian banks brace for the ripple effects of Trump’s tariff on non-oil exports, the real risk is the erosion of a key foreign exchange pipeline and a vital source of earnings. But there’s also a chance to deepen intra-African trade ties, diversify risk, and future-proof trade finance strategies beyond the whims of US policy.
Read More- April 10 2025
- BM
TechCabal Daily – Tariffs? not our problem
In partnership with Lire en Français اقرأ هذا باللغة العربية You’ve made it to Thursday! It’s almost the weekend, but we are nowhere near the end of seeing or hearing about the US tariff wars. If we get a dollar for every time we see the US tariff wars in the news cycle, we might as well not be writing this newsletter and lounging on an island. Here’s also what you should keep top of mind: Hertitude is a safe space for women to celebrate, connect, and dance the night away after the stress of Q1 2025. Get tickets for yourself and loved ones at 20% off when you use the code TECHSIS25. Let’s get into today’s edition. Telecoms untouched by Trump’s tariff—still touched by inflation, though Kenya’s Central Bank continues its rate-cutting spree in March Is regulated blockchain technology where payments are headed in Nigeria? Argue for or against World Wide Web 3 Opportunities Telecoms Telecoms untouched by Trump’s tariff—still touched by inflation, though President Trump’s “Who’s the man?” pose—he’s really the man right now/Image Source: Brandon Bell/Getty Images Nigeria’s telecom sector is likely to dodge the 14% US export tariff. Why? Because they import almost everything. “It won’t affect the industry much because the operators import everything they use directly,” said Tony Emoekpere, basically saying, “We don’t export, so we’re chill.” But before the industry pops champagne, telecom leaders are eyeing the ripple effects like a suspicious WhatsApp voice note. If Nigeria’s non-oil export revenue drops, it could mess with foreign exchange reserves, inflate prices, and make importing those shiny telecom gadgets more expensive. Gbenga Adebayo of ALTON threw in a cautionary “but wait,” noting international call rates could get pricier if the US starts taxing calls like they’re luxury goods. Add inflation and budget-conscious customers, and it’s a recipe for telecom headaches—minus the free data. Operators, not known for subtlety, recently hiked service tariffs by 50% to keep the lights on and maybe fix that “network unavailable” message we all love. But consumers aren’t buying the “better service incoming” pitch, especially when the connection still ghosts mid-call. In short, while the tariff didn’t land a direct punch, the economic side effects are lurking like bad reception during a storm. Luckily, the Nigerian government is stepping into negotiation mode—hopefully with better signal strength than the average smartphone in rural areas. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Economy Kenya’s Central Bank continues its rate-cutting spree in March The Central Bank of Kenya (CBK) building in Nairobi, Kenya. IMAGE | COURTESY In its continuous march to stimulate economic growth and encourage private sector lending, the Central Bank of Kenya (CBK) cut its benchmark interest rate to 10% yesterday. The 75 basis points cut is the country’s fifth consecutive rate cut, surpassing the expectations of economists who had anticipated no change. The CBK’s decision comes against a backdrop of rising non-performing loans (NPLs), which have reportedly reached a record high of KES 700 billion ($5.4 billion). By lowering the policy rate, the CBK wants to encourage banks to follow suit and cut lending rates, extending more credit to the private sector and stimulating economic activity. The CBK has made it cheaper and more predictable for banks to borrow money from each other. It reduced the gap between its benchmark interest rate and the rates used for short-term lending, helping to keep borrowing costs steady. The rate cut presents both an opportunity and a challenge for lenders. On one hand, lower interest rates can lead to increased borrowing, potentially increasing their loan books and profitability. On the other hand, the surge in bad loans could make banks cautious about giving out credit to prevent losses. However, with the CBK trying to enforce compliance, it is more likely that banks will choose to assess risks more carefully than cutting credit. In the broader economy, the CBK maintains its 2025 economic growth forecast at 5.4%, up from 4.6% in 2024. Inflation remains low and stable at 3.6% in March, within the target range of 2.5%-7.5%. Introducing Zap by Paystack! Zap is Paystack’s first consumer-facing app designed for simple, fast and secure payments via bank transfer. Download Zap on Android and iOS → Blockchain Is regulated blockchain technology where payments are headed in Nigeria? Argue for or against Obi Emetarom, Zone CEO/Image Source: Kapital Afrik Where do you think payments in the financial services sector are headed? Here’s the roll call of popular options: contactless payments and Nigeria Quick Response (NQR) codes. Few people will mention blockchain-based payments. Save for stablecoins, which is currently gaining popularity, the opportunities for crypto and blockchain technology payments have been slim, especially in Africa. But if you ask Obi Emetarom, CEO of Zone, the future of payments—and the technology that will build it—is regulated blockchain. A regulated blockchain enables payments to flow through a network rail, providing banks and fintechs with transparent access to payment records on a shared ledger. Without the bureaucratic process involved in exchanging information between one another, it will allow transaction settlements to become quicker. In addition, it doesn’t take away control and oversight from regulators, making the technology a key selling point for the government. Regulated blockchains are faster, safer, and provide better oversight against non-compliance with money movement rules that have been a bane for many regulators and even some financial service providers. Nigeria has already dipped its toes into blockchain waters before when it created the eNaira, but according to Emetarom, we’re now at a tipping point where regulated blockchain can improve how money moves in the country. Yet, the lack of proven success models could make it harder for regulators to say yes to the technology. While some countries have adopted regulated blockchain in parts of their payment systems, they’ve not been transparent about how it
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