Digital Nomads: From a cushy KPMG role to starting afresh in a new country
As a child, it was not unusual for Wilson Dike’s friends to travel outside the state, moving in and out of the neighbourhood for one reason or another. Separated, they developed a “pen pal” culture, writing letters to one another to stay in touch. But letters took weeks to deliver, and replies came back even slower. Then came the email. He remembers the thrill of sitting in a cybercafé, sending a message to a friend, and seeing their response appear instantly on his screen. That moment, small as it seemed, opened his eyes to what technology could do. He graduated from college with a degree in information technology but went into consulting. “I started as a consultant in one of the top 4 firms [at KPMG] in the world,” said Dike. “I worked at a Lagos office, but I always knew I was going to eventually work in IT.” Even in his early career, he had a clear sense of where the future was headed. He saw how businesses were shifting from owning entire operating systems to subscribing to services. He saw how the cloud was emerging as the next great platform for companies everywhere. “I knew that cloud was going to be a big thing in the future where people had full-on control of their security and access,” he said. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Consulting days Dike spent a little over two years at KPMG, where he worked on tax automations and computations for corporations in Nigeria. His work exposed him to the challenges of multinational companies, mid-sized firms, and indigenous businesses trying to operate across multiple tax regimes. It gave him perspective on how businesses function in different environments. That experience would later prove valuable. In 2015, he quit consulting and joined a software company with operations across Africa as a sales lead. Here, Dike’s consulting experience in multi-legislative contexts became invaluable. Soon, he was on planes across the continent: Ghana, Togo, Benin, Kenya, South Africa. He spent long stretches attending Big Tech events, onboarding clients, running demos, and putting out fires in markets where his company’s products were in use. But consulting knowledge alone could not carry him. Moving into sales meant starting again. He went through company-sponsored training, shadowed senior colleagues, and picked up experience directly in the field. At times, he was sent outside Africa to countries like the UAE and Kuwait, where he assisted with product training and supported local teams. It was at this company that Dike began to find his feet as a tech salesperson. Pulling weight in tech sales After a few years, Dike joined a UK-based cloud infrastructure company, his first role outside Nigeria. The firm was small—barely two years old—and was looking for ways to expand into Africa. Dike understood what they wanted to achieve, and he knew the market well. “Being Nigerian, I had a fair knowledge of the market,” he said. “And I already had relationships that could be leveraged.” He built a sales playbook to capture the strategy. Soon, the company secured its first multi-million-dollar deal in Sub-Saharan Africa. With that, the floodgates opened. Contracts, new clients, and expansion into new markets. Before long, Dike was leading the company’s sales and country expansion across Africa. Yet, as the business grew, he was planning his next move. Get the best African tech newsletters in your
Read More
“You need believers more than résumés”: Day 1-1000 of Pharmarun
I first met Teniola Adedeji, CEO and co-founder of Pharmarun, at a health tech panel discussing the early days of launching Pharmarun. She told the audience that Pharmarun started with one simple observation: no single pharmacy ever had everything a patient needed. “People would wait, substitute, or send relatives across cities just to find medicine,” she says. That pain point became the seed of a platform now connecting 1,000 pharmacies and serving over 115,000 Nigerians. Adedeji is my guest on today’s edition of Day 1–1000. She tells TechCabal how Pharmarun grew from a WhatsApp lifeline during COVID to a nationwide healthcare platform. This is the story of Pharmarun as told to TechCabal. Day 0: A name before its time I’ve always known I wanted to run a pharmacy business. What I didn’t know was how restless I’d feel inside the four walls of a traditional community pharmacy. In 2020, I scribbled a name—Pharmarun—registered it, then tucked it away. I didn’t have a business yet, just a conviction that one day I would reimagine how people in Nigeria accessed medicine. At that time, I had a half-formed dream: something like Jumia, but for pharmacies. It wasn’t grounded in problem-solving yet. It was simply the vision of a different way to practice pharmacy. The problem revealed itself during COVID. Pharmacies rarely had all the medications patients needed. Customers begged for substitutions, waited days for stock to arrive, or sent relatives across cities and villages with shopping lists that felt like lifelines. Because I was in pharmacy networks, I knew where to find even the most elusive items. On WhatsApp, friends would message me: “My dad’s pharmacy is closed. He needs this drug urgently. Can you help?” I could. And soon it wasn’t just one or two people. It was 20. Then 50. That WhatsApp “side service” became the proof point: this wasn’t just a favor. It was a problem worth solving. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Day 1: Day One with Lola By late 2021, I began to think seriously about scale. My best friend, Lola, was a product manager at MAX, the logistics startup. I would pick her brain endlessly: How do we test this? Can we build a simple site? How do we know if there’s demand? At first, I hesitated to ask her to join me—her career was flourishing, and I didn’t want to drag her into uncertainty. But eventually, it was obvious: we did everything else together; why not this? In 2022, Lola became my co-founder. That was Day One. We launched a Wix website, opened social media pages, and waited. The response was immediate. Strangers—not just friends of friends—were asking us to source their medications. The problem was real, and people were ready to pay for the solution. The first month was chaotic. Most orders still came through WhatsApp, and Lola and I did the legwork ourselves. I’d dash out of the pharmacy to pick up meds, while she juggled logistics and customer updates. We weren’t just running a startup; we were delivery drivers, customer service reps, and pharmacists rolled into one. I remember thinking: If this feels this hard now, maybe we’re onto something real. Day 50: First pitch deck We built our first deck which was very messy. We applied for a fund run by Eloho and Odun. We didn’t understand valuations, problem statements,
Read More
MTN, Airtel bet $400 million on Naira-priced cloud to woo startups
MTN and Airtel are investing nearly $400 million (₦613.81 billion) to expand beyond voice and data to offer core startup infrastructure such as cloud and AI services. Their goal is to become startups’ go-to providers in a market still ruled by AWS, Google Cloud, and Azure. By pricing in naira, promising AI-grade compute power, and running accelerator programmes, they hope to keep millions of dollars in tech spending from flowing overseas. AWS already bills in naira, but “there is a difference between charging in naira and being priced in naira,” said Lynda Saint-Nwafor, MTN’s chief enterprise business officer. The move also pits them against rising local providers like Nobus Cloud and Layer3, who gained ground after the naira’s sharp fall in 2023. Unlike MTN and Airtel, these smaller players do not own their infrastructure and rely on open-source platforms like OpenStack. Telcos believe their ownership of the entire stack — from infrastructure to service — gives them a pricing and performance edge. MTN targets startups with affordable cloud storage, local compute power, and naira-based billing. Airtel is betting on AI workloads, investing in hyperscale infrastructure built for massive data processing. Together, they believe they have enough to win over startups. MTN’s cloud ambition When MTN announced in June 2024 that it was building a Tier 4 data centre, its then chief technical officer, Mohammed Rufai, said, “Our facility will provide the space and services needed, enabling companies to digitalise their operations and improve efficiency.” This hinted at how the telco was thinking about its facility, so when MTN’s Saint-Nwafor recently revealed that Nigerian businesses spent $600–$850 million on cloud services in 2024, it became clear that the telco intends to be bullish on cloud services. According to Mordor Intelligence, Nigeria’s cloud computing market will hit $1.03 billion in 2025, reaching $3.28 billion by 2030. Statista expects the public cloud segment alone to generate $1.63 billion in 2025. Most of this becomes capital flight, with AWS, Microsoft Azure, and Google Cloud — which together accounted for 65% of the $90.9 billion spent globally on cloud services in Q1 2025 — claiming the lion’s share. Since the 2023 devaluation, startups have faced growing pressure as naira revenues struggle to match rising dollar costs. The currency has slumped from ₦471/$ to ₦1,534.52/$ ₦1,534.52/$ as of August 14, 2025. “When the dollar devaluation happened, a lot of dollar expenses went up, and most startups’ expenses went up,” said Aaron Sotunde-Adesina, CEO of Quonos. MTN wants to turn this pain into an opportunity by pricing in naira, undercutting global rates by 15–20%, and hosting workloads locally to cut latency and strengthen data sovereignty. So far, it has invested $120 million, with another $135 million planned. “Our cloud is crafted for Nigerian startups, enterprises, and public institutions,” says Ifeanyi Otudor, senior consultant, MTN Enterprise Solutions. Alongside enhanced cybersecurity, the platform supports self-orchestration, allowing customers to provision and scale resources as they would on AWS or Google Cloud. Sotunde-Adesina believes adoption will depend on performance: “If it is cheap and works, people will adopt it. If it doesn’t work or isn’t reliable, it will be a big struggle.” He notes that local providers have historically failed to match foreign reliability. Shifting to a new cloud platform will be a learning curve for startups. “It might not take a while. We have young and new developers coming up. They’ll be native to it,” he added. The telco will still face stiff competition from global giants offering incentives. Google, through its African startup accelerator programme, has provided over $5 million in equity-free funding and cloud credits to startups since 2018. In April 2025, Amazon CTO Werner Vogels visited Lagos, pledging, “Amazon wants to follow where the talent is.” MTN is countering with its accelerator programme, offering up to ₦100 million in grants and incentives for growth-stage startups. “We want Africa’s future to be powered by MTN’s cloud,” said Saint-Nwafor. In 2019, the National Information Technology Development Agency (NITDA) introduced a Cloud Computing Policy to encourage public organisations and SMEs to use local providers. Kashifu Inuwa, director general of NITDA, reiterated this at the launch of MTN Cloud, saying, “This is an opportunity to show the world we are ready to build sovereign cloud infrastructure.” Abia State is already on MTN Cloud, but the telco’s broader ambition remains startups. Airtel’s AI bet In March 2024, Airtel broke ground on a 38-megawatt hyperscale data centre in Eko Atlantic, currently valued at $120 million and counting. Hyperscale facilities, typically housing at least 5,000 servers, are engineered for massive workloads like generative AI. When completed in 2026, it will be Nigeria’s first hyperscale data centre, and Airtel plans to leverage this advantage. “We are building at a hyperscale level, designed for the new server loads that modern infrastructure demands,” said Ogo Ofomata, director of Airtel Business, at a recent media gathering. CEO Dinesh Balsingh added: “If you want to make transformational change, we are talking about high-capacity data centres, which can take the load of artificial intelligence that Nigeria needs.” Unlike traditional data centres, AI-ready facilities depend on high-performance GPUs instead of CPU servers, offering builders computing power combined with advanced storage, networking, and cooling needed at scale. The facility has already received its first GPUs for AI model training. While the telco may have its heart in the right place, attracting startups will be challenging. “I want to move off AWS, but my CTO and backend engineer favour it as the best for building an AI company,” said Adeboye Idowu, CEO of 3Rings, an AI startup. AI could add $15 billion to Nigeria’s GDP by 2030, yet, according to Oxford Insights, the country’s AI infrastructure index stands at just 42.67. In Nigeria’s draft National AI Strategy, stakeholders emphasised that the vision depends on affordable, localised compute infrastructure. “The current era of AI requires modern data centres with accelerated computing, data and model stacks. Consequently, Nigeria’s data centre infrastructure needs to be upgraded and scaled to meet the demands of AI research
Read More
7 African startups rethinking bookings, AI, credits, and commerce to watch
Startups on Our Radar is a bi-weekly column that highlights emerging startups across Africa taking fresh, unconventional approaches, filling fundamental gaps, and creating real value. Know a founder we’d love to feature? Nominate them here. In our previous edition, we featured 10 game-changing startups pioneering ride-hailing, seafarming, and CO₂ reduction. Expect the next dispatch on August 22, 2025. Let’s dive into this week’s picks. 1. Kindlybook — Free, seamless booking & payment software (Booking‑tech, Nigeria) What they do: Launched in 2024 by Charles Dairo, Kindlybook offers a free appointment scheduling platform tailored to service‑based businesses (salons, spas, fitness trainers, consultants), enabling clients to pick slots and pay upfront—complete with SMS/email reminders. Why we’re watching: What sets this company apart is the founder’s background. Before this, they ran an agency that developed bespoke SaaS solutions for businesses, so they know exactly what it takes to ship real products, solve customer pain points, and scale software across different markets. Kindlybook has the potential to become the pan-African leader for appointment scheduling, built natively for the realities of Africa’s informal economy. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe 2. Wetrocloud — Plug‑and‑play RAG APIs for AI applications (AI‑infra, Global/Africa) What they do: Founded by Divine Erhomonsele, Michael Aluko, Jeremiah-louis Obobairibhojie, Afolabi Sokeye, and Einstein Ebereonwu in 2024, Wetrocloud is building the AI stack that automation experts use to power the future of AI-driven business workflows. Branded as the “AI Stack for Automations,” Wetrocloud provides a unified set of APIs for data scraping, data extraction, Retrieval-Augmented Generation (RAG), and more, allowing automation engineers to integrate LLMs and intelligent systems into their business logic with ease. Instead of stitching together fragile scripts or juggling scattered tools, teams now use Wetrocloud to plug AI capabilities directly into the workflows they’re already building, simplifying what used to take weeks into minutes. Why we’re watching: Wetrocloud isn’t trying to be the automation tool; it wants to become the essential toolkit behind all of them. Just as Stripe powers payments and Twilio powers messaging, Wetrocloud is emerging as the go-to infrastructure layer for AI automation. With deep expertise across cloud and artificial intelligence, the founding team is building with the automation experts in mind, someone who doesn’t need another platform UI, but clean, scalable APIs that “just work.” In a world where every business wants AI to power their internal workflows, Wetrocloud is betting big on enabling the automation experts to make it happen, and they might just be right. 3. Storipod — Micro‑blogging “Stori” platform meets creator marketplace (Social‑tech, Nigeria/US) What they do: Storipod is a mobile-first microblogging platform designed for storytelling in short, serial “Stori” formats—think WhatsApp‑status meets Substack. It supports monetization through locked content and creator tools. African content creators often struggle to monetize text-based stories. Storipod integrates audience engagement with paid content access, monetization, and community tools. Why we’re watching: There’s a world where writing platforms finally work for African creators. Storipod is building that world. Just like the way Substack is changing the game for creators globally, Storipod wants to do the same for Africans. With 64,000 users and early Nigerian creator success stories, it’s building a new social‑writing ecosystem. 4. gamp — Device insurtech + repair service (Insurtech, Nigeria) What they do: gamp offers end-to-end insurance protection for phones, laptops, and other consumer electronics in Nigeria—covering accidental damage and repairs. gamp also provides a
Read MoreComparing virtual dollar cards in Nigeria (2025)
Table of contents Chipper Cash Geegpay Cardtonic Dantown Eversend ALAT by Wema Bank In 2022, a crippling dollar shortage forced Nigerian banks to suspend or severely limit international transactions on Naira debit cards, making it nearly impossible for freelancers, digital marketers, students abroad, and remote workers to pay for global services. Fintechs like Chipper, Payday, and Barter by Flutterwave quickly filled the gap with virtual dollar cards, providing short-term relief for subscribers to Canva Pro, Netflix, Upwork, and more. But regulatory scrutiny, funding delays, hidden FX spreads, and unpredictable fees soon turned many of these platforms into unreliable stopgaps. In 2025, Nigerian commercial banks began reactivating international spending using Naira cards, though often with tight spending limits, some capped at $500 per month. This guide blends research, firsthand testing, and user insights to help you navigate what remains a volatile landscape, where the key isn’t just finding a card that works, but one that will continue to work tomorrow. Virtual dollar card providers in Nigeria (2025) Here’s a closer look at some of the top virtual dollar card options available in Nigeria, based on pricing, limits, user experience, and their compatibility with international platforms. 1. Chipper Cash Chipper Cash is one of the most popular options in Nigeria. It charges a $5 card creation fee and a $1 monthly maintenance fee. The card is reloadable, with a daily limit of $2,500 and a monthly limit of $10,000. The card works for major platforms like Netflix, Apple, Google, Spotify, and AliExpress. “It’s fast and reliable. I’ve never had to wait long for transactions to go through,” says Boluwatife, a B2B and SaaS content writer. But not everyone’s had it as smooth. Jemimah, a master’s student, recalls hitting a wall after deleting her card. “When I tried to create a new one, it wouldn’t let me. I ended up paying another $5 just for support to remove the old card,” she says. 2. Geegpay Geegpay is built for freelancers, remote workers, and people who make international payments regularly. It offers very high spending limits, up to $20,000 per day and $60,000 per month for users at the highest KYC level. Card creation fee: $3 No monthly fees Funding charge: $0.50 per top-up “Compared to Payoneer, Geegpay’s rates are way better. Payoneer’s rates are just poor,” says Afolayan, a Lagos-based graphic designer. Still, the onboarding process can be tough for some. “The signup and KYC process stressed me out. Then my funds were frozen temporarily. They explained it was anti-money laundering compliance, but it was still frustrating,” says Chinenye, a nutritionist in Abuja. 3. Cardtonic Cardtonic started as a gift card platform but now offers a solid virtual dollar card service. Card creation fee: $1.5 No monthly fees Funding fee: 2% per Naira deposit Customers can fund their cards directly from their Naira wallet, and Cardtonic claims to use some of the best available exchange rates. “It takes me less than a minute to fund my card,” says Afolayan. Boluwatife adds, “It works perfectly for paying for X (formerly Twitter) verification.” 4. Dantown Dantown markets its card as the cheapest in Nigeria, and it might be right. Card creation fee: $1 No funding fees No monthly fees There are no official spending limits. Jemimah says: “Mine works fine on AliExpress, Amazon, Netflix, Spotify, and YouTube Premium without issues.” Afolayan also likes the low activation cost:“I’ve rarely experienced card rejections. It’s a solid choice for everyday online payments.” 5. Eversend Eversend gives you more flexibility with currencies, allowing you to hold USD, EUR, and GBP in one wallet. Card creation fee: Free Maintenance: $1/month or a one-time $3 Penalty fee: $0.35 for failed transactions due to low balance But there’s a catch: if your card fails 2–4 times, it may be revoked. “My card was revoked after a series of failed transactions. I wish there had been more warning,” says Chinenye, a nutritionist. Reviews were mixed. Boluwatife praised the company’s support: “The team is responsive.” But Jemimah noted: “Bank transfers can be slow, and exchange rates are sometimes higher than expected.” 6. ALAT by Wema Bank ALAT, Wema Bank’s fully digital platform, lets users manage their finances and make international payments through a virtual dollar card. Card creation fee: ₦2,260 (around $1.5) Funding fee: 2% + ₦100 No annual fees Max balance: $20,000 Afolayan says, “I use ALAT’s card mainly for Facebook Ads and Google Ads. I like knowing it’s backed by a bank, so there’s an extra layer of security.” Chinenye adds, “I can manage everything online without having to visit a branch. For me, it’s the perfect mix of bank trust and fintech convenience.” Other virtual dollar card providers These providers offer alternative features that may fit your specific needs: Bitnob – Best for users who want to spend Bitcoin or convert it to USD. Payday – Good for freelancers and remote workers. It provides virtual accounts and a global Mastercard. Cleva – A new option offering quick card creation and affordable fees. Grey – Offers USD, GBP, and EUR accounts, but some users report slow funding and support issues. UfitPay – Allows international spending of up to $2,000/month and comes with API access for developers. Kuda – Offers only a virtual Naira card, not a dollar card. Be sure not to confuse it with other options. How to choose the right virtual dollar card Everyone has different needs, so the right virtual dollar card depends on how you spend. For people who spend big monthly If you’re a freelancer, remote worker, or digital marketer, look for cards with high monthly limits. Geegpay offers up to $60,000/month for verified users. Chipper Cash allows up to $10,000/month. For people who shop or subscribe online sometimes If you only make a few purchases or pay for subscriptions: Dantown and Cardtonic are great because they don’t charge monthly fees. Eversend charges a one-time fee of just $3. For people who want full banking features If you want more than just a card, ALAT by
Read More
AI in cybersecurity: A double-edged sword for Nigeria’s financial sector
Nigeria’s financial sector is rapidly digitalising, embracing mobile banking, fintech, and digital currencies. While this interconnectedness is a strength, it also creates significant vulnerabilities. Artificial Intelligence (AI) has emerged as a double-edged sword, offering unprecedented defensive capabilities yet simultaneously empowering sophisticated new threats. As CISO, my focus is on safeguarding sensitive data and critical infrastructure in this escalating AI arms race. The sharp edge of defense: How AI bolsters our security The sheer volume of financial data overwhelms human capacity, making AI indispensable for security. Our institution leverages AI extensively. Advanced threat detection uses machine learning to analyse vast real-time datasets, identifying anomalous patterns in network traffic, user behavior, and transactions. This flags suspicious activities, significantly reducing fraud and detecting “zero-day” attacks. In an attack, automated incident response systems powered by AI can automate initial responses—isolating affected systems or blocking malicious IPs—drastically reducing impact and freeing human analysts for strategic tasks. AI also excels in fraud detection and prevention, where its ability to analyse intricate transaction patterns and detect subtle deviations is invaluable in preventing fraud across all channels. Beyond this, AI revolutionises enhanced customer authentication through biometrics (facial, fingerprint, and voice), offering superior security over vulnerable password-based methods. Our proactive stance is bolstered by proactive vulnerability management, using AI-powered autonomous penetration testing to identify weaknesses before attackers exploit them, enabling proactive patching. Lastly, AI tools automate compliance and risk management, assessing regulatory risks and monitoring cybersecurity law changes, ensuring adherence to crucial frameworks like the Nigeria Data Protection Act (NDPA) 2023. The blunting threat: AI as an enabler for cybercriminals While AI offers immense defensive potential, its accessibility means malicious actors increasingly wield it for sophisticated and impactful attacks. We’re witnessing a concerning rise in hyper-realistic deepfakes and voice clones, used to impersonate officials and defraud organisations through social engineering scams. AI also drives advanced phishing and social engineering attacks, crafting highly personalised emails that are harder to detect, increasing risks like credential harvesting. Threats escalate with automated malware generation and evasion, as AI generates novel, evasive malware variants at unprecedented rates, rendering traditional detection obsolete. This adaptive threat is further amplified by reinforcement learning for attack optimisation, where malicious AI learns from defensive responses, constantly refining its strategies. Finally, AI automates various scalable fraud operations, from creating fake accounts to manipulating cryptocurrency markets, dramatically increasing cybercrime efficiency. Navigating the ethical and operational minefield AI adoption in cybersecurity presents unique challenges in the Nigerian context that we must address head-on. A primary concern is data quality and bias, as AI model effectiveness depends entirely on the data it’s trained on; biased data can lead to skewed outcomes or missed threats, making representative Nigerian financial data crucial. Another significant hurdle is algorithmic transparency (explainable AI – XAI), as understanding why an AI system made a decision is vital for compliance and incident response, necessitating a focus on XAI. Furthermore, Nigeria faces a significant talent gap in AI and cybersecurity experts, which can hinder effective implementation and response. While the NDPA 2023 is a commendable step, evolving regulatory frameworks are still developing comprehensive legal guidelines addressing AI’s use and misuse in cybersecurity, which are essential for responsible innovation and risk mitigation. Lastly, the cost of implementation for cutting-edge AI cybersecurity solutions is substantial, especially for institutions managing other technological upgrades and infrastructure limitations. The path forward: A collaborative and proactive Approach As information security leaders, we must navigate this AI-driven landscape with vigilance and strategic foresight. Our path forward involves strategic investment in AI-driven solutions, prioritising those offering advanced threat intelligence, anomaly detection, and automated response, while continuously evaluating their efficacy. Crucially, we must focus on building human capacity, investing heavily in training cybersecurity teams to understand, manage, and leverage AI tools, and fostering data science and machine learning expertise within our ranks. Cross-sector collaboration is paramount; actively engaging with industry peers, regulators (Central Bank of Nigeria and the Nigeria Data Protection Commission), law enforcement (the Economic and Financial Crimes Commission and the Nigeria Police Force), and local tech innovators to share threat intelligence and best practices will strengthen our collective defense. We are committed to promoting AI governance and ethics, developing internal policies ensuring ethical and responsible AI deployment, focusing on data privacy, algorithmic fairness, transparency, and accountability. Recognising the human element remains a critical vulnerability; employee cybersecurity awareness is key, requiring continuous education for all staff on identifying AI-powered social engineering attempts. Finally, we must foster localised threat intelligence, training AI models on Nigerian-specific fraud patterns and cybercrime tactics, tailoring defenses to our unique landscape. The integration of AI into cybersecurity is a strategic imperative for Nigeria’s financial sector. By fostering innovation, building capacity, and upholding robust ethical frameworks, we can ensure AI serves as a formidable shield, protecting Nigeria’s digital future from cybercrime. Ayowole Popoola is the Chief Information Security Officer at FCMB. He is a results-oriented IT & InfoSec leader with 20+ years protecting business-critical networks and data within the highly regulated financial services industry. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More
South Africa’s Street Wallet raises $350,000 to expand QR payments for informal traders
Street Wallet, a South African mobile payment fintech, has raised $350,000 (R6.2 million) in funding at a valuation of $2 million (R35.5 million). The raise, led by undisclosed investors, will help the company deepen its reach into South Africa’s informal economy, grow sales, and expand operations nationwide. Founded in 2021 by Kosta Scholiadis, Street Wallet aims to solve what he calls “a simple but critical problem” in the informal economy. The company targets informal traders and service providers, from street vendors to car guards and township shopkeepers—many of whom cannot accept cards or digital payments because of their working environments, unreliable data, and security on the streets. Street Wallet offers vendors lanyard cards with QR codes linked to their profile. Customers who want to pay or give a tip scan the code using their smartphone and pay via Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay. Vendors get instant SMS confirmations, and the day’s takings are converted overnight into Standard Bank Instant Money Vouchers, withdrawable at ATMs or retail partners the next morning. According to the South African Reserve Bank (SARB), the country has about 3.9 million unbanked and underbanked, many avoiding formal banking due to costs, complexity, and mistrust. Scholiadis said that Street Wallet is banking on the fact that traders value speed and liquidity above all else. “If a street vendor sells stock today, they need that cash tomorrow to buy more. Waiting two to three days for settlement, as with many POS providers, kills sales momentum,” Scholiadis said. Street Wallet charges a 5% transaction fee in its street market segment, with reduced rates for business-to-business partnerships that bring in large user volumes. Current use cases range from car washes and petrol attendants to tip-based services, with plans to move into tourism and wage disbursements. The South African payments space is crowded with players like SnapScan, Zapper, PayShap, Yoco, and mobile money platforms. But Scholiadis said Street Wallet has carved out a niche in low-cost devices like a QR card instead of an R1,000 (about $57) card machine, and quick access to cash. Street Wallet plans to grow across three verticals, including individual street traders, business-led merchant networks, and wage payments, which the company aims to roll out in Johannesburg by year-end, following its Cape Town and Durban launches. Street Wallet is also building AI-driven analytics tools to give merchants personalised transaction insights without needing a dedicated data team. “This funding is a strong vote of confidence in our vision to empower informal traders,” said Scholiadis. “We are building a financial ecosystem for those left out of the digital economy, and we are just getting started.” Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More
Digital lenders face up to ₦100m fine for unethical conduct under FCCPC new rules
Digital lenders in Nigeria now risk fines between ₦50 million and ₦100 million, or 1% of their annual turnover, for unethical conduct and other violations under new rules introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The newly issued Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, released in July, represent the commission’s latest effort to regulate the country’s $2.1 billion consumer lending market, which even banks have long avoided due to high default rates. It builds upon its 2022 framework, which aimed to curb illegal activities and improve regulation in the sector. It also aligns with regulatory shifts in the continent’s approach to consumer lending, with the Central Bank of Kenya recently publishing a draft non-deposit-taking credit providers regulation. Previously, penalties for unethical behaviour—such as threatening debtors and their contacts— in Nigeria’s digital lending space consisted of office raids, app delistings, and operational disruptions. Now, the FCCPC has clearly defined standard penalties. An individual guilty of breaching any of its regulations can be fined up to ₦50 million, while a company could face ₦100 million or 1% of its previous year’s turnover, whichever is higher. Company directors also risk sanctions for up to five years. “Any person or undertaking found to be in contravention of the provisions of these Regulations shall be liable to sanctions, which may include fines, suspension of operations, or delisting of their registration, or revocation of approval,” the commission stated. In addition to fines and penalties, the new law introduces registration and renewal fees and requires fair treatment of customers. It applies to all business entities—physical or electronic—that provide lending services, including those licensed by states but operating across state borders, and extends to players in already regulated industries. Airtime lending, which powered MTN’s ₦83.19 billion fintech revenue in H1 2025, is now under the FCCPC’s purview. Only microfinance banks are exempt, and even they must seek a waiver, according to lending software firm Lendsqr. Licence applications cost ₦100,000, with approval fees set at ₦1 million for mobile money operators such as MTN’s MoMo and Airtel’s SmartCash, or as determined by the commission. Existing digital lenders — 461 as of early August — will also pay ₦1 million, or as determined by the commission, for approval, covering only two apps. Extra apps cost ₦500,000 each, and ownership is capped at five. Initial approvals will expire after three years and must be renewed by 31 March of the following year. “An approval issued by the Commission in accordance with these regulations shall expire on 31st December of the third calendar year from the issuance date…” it added. Approvals must be renewed every 36 months from the date of the first renewal, and companies are now subject to a ₦500,000 annual levy, or a fee set by the commission. A significant aspect of the regulation centres on customer safety. It stipulates that lenders must limit advertising, cease unsolicited marketing, be transparent about all fees, and approve loans only for borrowers capable of repayment. Interest rates—many of which have been described as exploitative—will now be monitored by the FCCPC. “The Commission shall periodically monitor interest rate for services of consumer lending, and ensure rates are not exploitative and inimical to consumer interest,” it said. Operators must also adhere to the Nigerian Data Protection Act 2023, the Nigerian Communications Act 2003, and other applicable laws. Lenders must undergo audits, submit biannual reports to the FCCPC, file annual returns, and produce records within 48 hours of request. Entities already operating in the sector have 90 days to comply. Gbemi Adelekan, president of the Money Lenders Association (MLA), commended the new regulation, noting that it seeks to establish stability within the sector and protect consumers. “However, some of the rules as stated may have a significant impact on the cost of service provision, technology, accessibility of financial services, which in turn can influence pricing of our services and consumer behaviour,” he said. He called for a balanced and adaptable regulatory environment that can adapt to changing consumer needs. Adedeji Olowe, founder of Lendsqr, highlighted that the new law reflects the maturing of the sector. “Digital lending isn’t a side hustle anymore. It is part of the financial system, and it is going to be treated that way,” he wrote in a LinkedIn post on Monday, August 11. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More
Our opportunity to service the African diaspora and beyond
Look to the African sky and be inspired. It is very easy to become discouraged by thinking about the world’s problems. They can seem overwhelming, but the same problems also present us with opportunities to find innovative solutions which help millions of fellow Africans – and people beyond our shores – realise their dreams. I fundamentally know this to be true due to my experience at Moniepoint – working with a fantastic team to empower people I don’t know and might never meet; enabling them to access the financial system, help their family and friends, and build their businesses. Looking back to 2015, we couldn’t anticipate the growth Moniepoint has achieved over the last decade; servicing millions of businesses and individuals, raising $110 million on the capital markets, and entering international markets to serve customers around the world. We were simply looking to bring financial happiness to Nigeria and then the rest of Africa. A decade later, we have seen tangible success in meeting this mission – from pioneering virtual accounts payments in Nigeria via Monnify to becoming Nigeria’s largest merchant acquirer; processing 1 billion+ transactions monthly, with total payments volume of over $22 billion; whilst playing an instrumental role in helping the Nigerian’s government’s efforts to improve financial inclusion. In building the country’s most robust distribution network for financial services, we have been able to create immense value and a life-changing impact in reaching the underserved and unbanked populace. The capital we have raised across this period, from investors such as Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock, is a result of Moniepoint’s impact in driving digital and financial inclusion, and our ability to foster economic activity and development. The investment also speaks to our growth and profitability; our revenue has grown at over 150% CAGR, and the Company has been widely recognised as one of Africa’s fastest growing fintechs. Naturally, as Moniepoint continues to grow, our goals have changed. Now, for the first time, we are helping the African diaspora – our family and friends living in other countries (such as the UK) – achieve their financial goals. The diaspora is a critical component of many economies across Africa – sending remittances back to their home countries to support families, friends, and communities. For instance, the global Nigerian diaspora remitted over $20 billion in 2024; an increase of 9% on 2023. This figure is equivalent to c. 3.5% of Nigeria’s entire GDP – helping to grow businesses and drive economic development. The economic value of the diaspora underlines why African companies should seek to service the African community living in other countries. As most of us know, it takes incredible bravery and confidence to move to another country and start a new life – traits which I believe explain why the diaspora boasts so many entrepreneurs and business leaders. However, these entrepreneurs consistently want to remain connected to their homeland(s), often looking to create a positive impact for their communities at home. This rationale is undoubtedly why we’re starting to see more and more financial products catering to the diaspora – such as our recent solution, MonieWorld – and this is just the beginning. For us, MonieWorld addresses the fragmented financial needs of the African diaspora, starting with Nigerians in the UK, by creating a seamless bridge between their financial lives in both their home country and their country of residence. Whether they’re long-settled expats, recent migrants still finding their financial footing, or individuals who split their time between Nigeria and the UK, there’ll be needs – school fees, medical expenses, business support, or everyday living – to be met. We want to be front and centre in uplifting lives, helping to build emotional and financial connections to the places that matter. Over time, I expect the links between the diaspora and our home countries to be increasingly formalised and easy to access, embodying a positive form of globalisation for Africa. This change will help maintain the growth momentum many countries are seeing, drive adoption of innovative products and solutions, and provide opportunities to grow Africa’s share of global capital and economic resources. Simultaneously, the visibility of servicing the African diaspora will also drive reputational change, as the real and positive impact of Africans in the global economy will become more visible and better understood. To summarise our approach to business, we believed in a world where every African everywhere could access and enjoy financial happiness. By strengthening our resources, we are ready and committed to making this a reality. To everybody who’s been part of our journey, a genuine and humble thank you. Now we are eager to keep powering more dreams! Keep looking to the sky and find your inspiration. ________ Tosin Eniolorunda is a leading innovator in African fintech, with a passion for creating financial happiness and a track record of groundbreaking contributions to financial technology in Africa. He is the Founder and Group CEO of Moniepoint Inc., an all-in-one digital payments and banking platform and Africa’s fastest-growing fintech. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read MoreNigeria nets ₦84.97 billion in six months after extending transfer levy to fintechs
When Kemi Michael, a corporate compère, attempted to transfer money to her usual PoS agent in late 2024, the attendant had a tip for avoiding an extra charge: “Send ₦9,500 instead of ₦10,000 so I don’t have to add ₦50 to the withdrawal fee.” According to her, it worked for a while but was not sustainable. That ₦50 charge, the Electronic Money Transfer Levy (EMTL), was extended to fintechs like Opay, Palmpay, and Moniepoint in December 2024, and in six months, increased government revenue by ₦84.97 billion, according to Federation Account Allocation Committee (FAAC) data. Between December 2024 and May 2025, EMTL revenue reached ₦185.86 billion, an 84.22% rise from the ₦100.89 billion recorded during the corresponding period of 2024, confirming the government’s motivation for extending the levy to fintechs. In 2024, the government required fintech operators to comply with EMTL in line with the Federal Inland Revenue Service (FIRS) regulations. Although the levy was initially set to start in September 2024, implementation began in December. The EMTL, introduced in the Finance Act 2020 as an amendment to the Stamp Duty Act, imposes a ₦50 charge on electronic transfers of ₦10,000 and above, initially applying only to banks. The levy was meant to diversify revenue away from oil and tap into Nigeria’s booming e-payments market, which hit ₦1 quadrillion in 2024. As banks struggle to meet digital demand, fintech firms have stepped in, processing ₦46.91 trillion worth of transactions in 2023 and ₦79.55 trillion in 2024. These mobile-first neobanks have become vital for the roughly half of Nigerian adults who remain unbanked or underserved, especially in rural areas. Olayemi Cardoso, the Central Bank of Nigeria governor, noted that the adoption of digital payment channels using mobile technology has been a transformative tool for financial inclusion, which stood at 64% in 2023. “There is still a gap in the number of adult population that is unbanked, and this responsibility falls on fintechs,” said Chika Nwosu, managing director of Palmpay, during a recent TV interview. Transaction values through mobile money platforms such as Opay and Palmpay increased by 2,507.94% between 2020 and 2024. The appeal of neobanks lies in the promise of near-instant, low-cost, or free transfers. “Fintech services, like transfers, are provided free of charge, or nearly so,” Nwosu emphasised. Initially, extending EMTL to fintechs was seen as a potential deterrent for users. According to GSMA, the global organisation for the telecom sector, additional taxes could threaten the success of e-payments. In a study, the organisation revealed that additional taxes on mobile money transactions in Uganda caused a 24% drop in overall industry transaction values in 2018. In 2019, new taxes on mobile money led to decreases in transaction values and volumes in the Republic of Congo. However, Nwosu noted that customers have since adapted. “This is a government policy, there is nothing we can do about it, and customers are okay with it and are not complaining anymore,” he said. While the government aims to increase tax revenue from EMTL, the bigger challenge remains incentivising transfers of ₦10,000 and above, as microtransactions — which gained prominence after the CBN’s unsuccessful cashless policy initiative — dominate. “Transfers below ₦6,000 make up about 45% of transfer transactions. Those in the range of ₦10,000 are around 25%,” an industry source commented. PalmPay, Opay, and Moniepoint grew rapidly on small-ticket transfers, offering speed at almost no cost. While these transfers might not generate more taxes for the government, it bodes well for financial inclusion. “The goal remains financial inclusion,” added Nwosu. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More