Leon Kiptum, fintech executive who believed in people and purpose, dies at 44
When Leon Kiptum left his role at Flutterwave in June, his goodbye post on LinkedIn didn’t read like the end of a chapter; it felt like a gentle turning of the page. He wrote about slowing down, prioritising health, and reflecting on two intense years leading the East Africa business for one of Africa’s most high-profile fintechs. “My time at Flutterwave,” he said, “has been incredibly insightful.” A month later, he was gone. Kiptum passed away on August 3, aged 44, after a long battle with cancer. News of his death has hit the Kenyan fintech community hard. In the hours after it was announced, tributes poured in—from startup founders he mentored, former colleagues, board members, and friends—each remembering a different version of the same man: calm, wise, generous with his time, and quietly ambitious. “He was a wonderful mentor to me at the start of my banking career, always cheering me on and offering invaluable guidance,” wrote Rosemary Muriungi, a customer relationship manager at Equity Bank. He joined Flutterwave in 2023, at a tricky time for the company in Kenya. Regulators had started paying closer attention to the payments giant, as questions swirled around licensing and compliance. With his banking background and reputation, Kiptum was tapped to steady the ship. He spent over a decade in the country’s major banks, rising through the ranks at Barclays (Absa), KCB Group, Credit Bank, and Family Bank, before leading digital banking at Sidian. He later shifted into fintech, leading Chipper Cash’s operations in Kenya. Then came a stint at Betway, where he helped introduce online casino gaming to Kenya and ran local sports CSR campaigns. But it was at Flutterwave that Kiptum faced some of his most complex leadership moments. As Senior Vice President and East Africa Regional Lead, he was tasked with not only growing the business but also navigating regulatory relationships, patching reputational gaps, and rebuilding trust with partners. Leadership approach Kiptum’s leadership approach was about building effective teams, as reflected in his LinkedIn posts. “Customer-centricity is paramount. Innovation is a daily grind. Your team is your greatest asset. These aren’t just ideas, they’re hard-earned truths,” Kiptum wrote in one of his last posts. Colleagues and friends say what made Kiptum different was his groundedness. In a world where careers hinge on projection, he stood out by being deeply present, focused on the work, the people, and the purpose. Outside his executive roles, Kiptum was a board member and deputy secretary general at the Association of Fintechs in Kenya (AFIK), where he chaired partnerships and marketing. His fingerprints were all over the organisation’s more mature, unified posture in recent years. At AFIK, he pushed for stronger industry representation, better engagement with policymakers, and more honest conversations between startups and regulators. “Leon was more than a colleague; he was a transformative leader. His mission was to activate, inspire, and motivate everyone around him to be their best selves,” AFIK wrote in a tribute. “His dedication to our fintech ecosystem extended beyond his professional role. As a Board Member of AFIK and advisor to numerous tech startups, Leon believed deeply in the power of innovation to create positive societal impact.” Kiptum had just begun a new chapter at Rigour Africa, focused on helping startups grow with intention. He wanted to reshape how venture capital works for African founders, deepen coaching ecosystems, and show the next generation of leaders that it was okay to slow down. Kiptum is survived by his three children—two boys and a girl—whom he frequently described as his greatest motivation. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Top Bolt and inDrive drivers earn over ₦1 million monthly amid growing discontent
Bolt, a leading ride-hailing platform in Africa, announced that its top 50 drivers in Nigeria earned an average of ₦9.6 million ($6,300) in the first half of 2025. This figure, which includes gross trip revenue and bonuses, is 26% higher than the ₦7.6 million ($4,996) average reported by rival inDrive for its top 50 drivers during the same period. This marks the first time both platforms have publicly disclosed driver earnings, underscoring intensifying competition in Nigeria’s ride-hailing market, projected to reach $380 million by 2028. Bolt top drivers earn ₦1.6 million ($1,050) per month, while inDrive top drivers earn ₦1.2 million ($787). Urbanisation, increased smartphone penetration, and inadequate public transport continue to fuel demand. InDrive’s spokesperson, Oladimeji Timothy, noted that the platform’s driver payouts rose by 39.65% compared to the previous year, stating, “As inflation rises and job opportunities remain scarce, platforms like inDrive provide essential livelihoods for thousands across Nigeria.” Despite these record-high earnings, driver discontent is growing. Strikes over escalating fuel costs, perceived unfair commissions, and insufficient platform support have surged in 2025. In May, app-based drivers in Lagos staged industrial action, threatening to abandon Bolt, Uber, and inDrive unless demands for lower commissions and fairer conditions were met. Lagos drivers reveal the most profitable ride-hailing apps The Amalgamated Union of App-Based Transporters of Nigeria (AUATON) has accused ride-hailing giants of implementing fare cuts and pricing strategies that exacerbate drivers’ struggles with volatile fuel prices and rising maintenance costs. In response, regulatory scrutiny is intensifying. On June 17, the Lagos State House of Assembly summoned major operators—including Bolt, Uber, inDrive, and Rida—for hearings on labour practice violations, mandating detailed audits of driver contracts and earnings. While they await court intervention, drivers have found means to maximise their earnings. Drivers are increasingly “multi-homing,” switching between apps to secure better deals. inDrive’s lower commissions and fare-negotiation model have gained traction among drivers and riders grappling with Nigeria’s cost-of-living crisis. Bolt, an early market entrant alongside Uber, has countered by offering bonuses, including fuel subsidies, rewards, and, more recently, by Bolt, lower commissions for high-performing drivers, and a crackdown on offline trips. To protect its network of users, Bolt also trialled a fare-negotiation tool in late which was popularised by Indrive. The pilot was discontinued to the dismay of some drivers. “Negotiation gives us more control, like we’re finally being heard,” said a Lagos-based Bolt driver, who expressed regret over the pilot’s termination. Ride-hailing platforms face dual pressures: keeping rides affordable for riders and profitable for drivers. Surging fuel and spare part prices, regulatory ambiguity, and eroding platform trust have pushed some drivers and riders towards off-platform. There is no clear sign that this pressure will abate as the gig economy and ride-hailing sector continue to reshape mobility. Despite these challenges, there is a silver lining. In a country where less than 1% of workers earn ₦1 million ($656) monthly, platforms like Bolt, where top drivers up to ₦1.6 million ($1,050) will always be in demand. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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‘Ghana is open for business—if you have guts, insight, and a long-term mindset’ – Amma Gyampo
In April 2025, Ghana became the first African country to legally mandate a minimum allocation of private capital from local pension funds to domestic private equity and venture capital firms. While other African countries have caps, Ghana’s law makes it compulsory for pension funds to invest at least 5% ($337 million) into Ghanaian PE and VC firms by 2026. When I first wrote about it, I thought it was great for Ghana’s tech industry, especially as Ghanaian startups raised only $102 million across 17 deals in 2024, amid a 7% decline in overall African venture funding from the previous year. By mandating capital allocation to the local private equity and venture ecosystem, the policy can significantly boost funding for Ghanaian startups. The law also reduces Ghana’s dependence on foreign capital, which might come with priorities misaligned with the realities and needs of the local startup ecosystem. But while the law is firm on how much should be invested, it’s not clear on how it should be done. For this week’s Ask an Investor, I spoke with Amma Gyampo, the executive director of the Ghana Venture Capital and Private Equity Association (GVCA), about how local capital should be invested in Ghana. Our conversation covers how local growth-stage businesses have been delivering real returns, what growing businesses and institutional investors do not understand about the venture capital asset class, and how Ghana’s portfolio of deals in recent years is rewriting the narrative. Many people claim that VC and PE have not delivered at scale for Africa. Too few exits and mismatched expectations. Do you think that criticism holds water in the Ghanaian context? I think that criticism misses a crucial point about the role of venture capital and private equity in Africa, especially in Ghana. Unlike grants or concessional financing, VC and PE require us to bet on ourselves—on our entrepreneurs, our markets, and our long-term potential. This means accepting that building sustainable businesses here is a longer journey with unique challenges. For example, exits are indeed less frequent compared to mature markets like the US or Europe. African markets are still emerging, infrastructure and regulatory frameworks are evolving, and scaling businesses takes more time. So while the volume and speed of exits won’t match places like Silicon Valley or London just yet, that’s a natural stage in ecosystem development, not a failure. Second, the “foreign playbook” critique is valid to some extent. Models imported from mature markets don’t always fit Africa’s unique challenges and opportunities. But rather than reject these frameworks outright, many African investors and fund managers are adapting and innovating to create locally relevant approaches that reflect our realities. Third, on mismatched expectations, there’s often a gap between what investors expect and the pace and nature of growth in African startups. Some expect quick returns or IPO-style exits, which are rare here. Instead, many exits come through strategic acquisitions, secondary sales, or longer-term value creation—all of which require patience and a deep understanding of market dynamics. Despite these challenges, venture capital and private equity are already driving significant impact in Ghana. Beyond financial returns, they foster job creation, formalise businesses, enable technology adoption, and encourage governance and operational discipline. These outcomes are essential to building sustainable companies that can scale regionally and globally. So, while it’s fair to critique areas for improvement, dismissing VC and PE as failing Africa overlooks the steady progress and evolving maturity of our ecosystem. The real work now is aligning expectations realistically with emerging market dynamics and continuing to build the infrastructure and know-how that will enable more consistent exits and lasting impact. 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Read MoreInside MTN Nigeria’s path to ₦5 trillion revenue
This is Follow the Money, our weekly series that unpacks the earnings, business and scaling strategies of African fintechs and financial institutions. A new edition drops every Monday. MTN Nigeria, the country’s largest telecom provider, is on track to record over ₦5 trillion ($3.26 billion) in revenue after posting its highest-ever half-year revenue of ₦2.38 trillion ($1.55 billion at ₦1,533.74/$) in H1 2025. This positions MTN to surpass the ₦3.36 trillion it earned in 2024, as it unlocks a new revenue benchmark, supported by its 52.33% share of the country’s 172.48 million mobile subscriptions. If MTN reaches its N5 trillion revenue target, it would be earning nearly as much as the entire telecoms sector, including internet service providers, infrastructure firms, and other telcos, made in 2023 (₦5.30 trillion), according to the Nigerian Communications Commission (NCC). The company’s improved performance follows years of economic headwinds and currency devaluation that slashed telcos’ average revenue per user (ARPU) in the country from $3.08 in 2023 to $1.89 in 2024. “Revenue in naira has stopped growing as the number of subscribers has increased. Falls in ARPUs indicate pressure on prices and reductions in average usage,” GSMA, the global body for mobile operators, said in 2024. However, macroeconomic conditions have improved in 2025, aided by a more stable naira and regulatory support for market-reflective pricing. MTN says this will support continued operational and financial momentum in H2, as demand picks up and the full effect of recent price adjustments and network investments kicks in. “Given the strong momentum in our business performance, we have revised up our FY 25 guidance and now target service revenue growth of ‘at least low-50%’,” said Karl Toriola, MTN Nigeria CEO, in the company’s H12025 earnings report. The H1 2025 performance marks a 54.5% increase from the ₦1.54 trillion ($1 billion) recorded in H1 2024, and a 200.5% surge from ₦791.26 billion in H1 2021. MTN’s income growth has been largely driven by a 50% hike in telecom service prices and a surge in data adoption. “During the period, we completed the phased implementation of the new price adjustments across voice and data bundles, largely benefiting Q2,” Toriola noted. The tariff boost After a decade of lobbying for cost-reflective pricing, punctuated by losses and investment slowdowns, the NCC approved tariff hikes on January 20, 2025. This raised the floor price of calls from ₦6.40 to ₦9.60 per minute, SMS from ₦4 to ₦6, and 1GB of data from ₦287.50 to ₦431.25. When this first kicked in, MTN projected a ‘mid-40%’ boost in service revenue for 2025. “Our tariff adjustments will take effect through the course of the coming year and will anticipate revenue growth in the range of mid-40s percent, with a similar range expected for EBITDA margins to also mid-40 percent,” Toriola said on an investors’ call in early 2025. A 40% growth would have translated to an additional ₦1.34 trillion in revenue, with the telco’s 2024 service revenue totalling ₦3.36 trillion. This would have brought total revenue for 2025 to ₦4.71 trillion. However, the revised forecast of 50% growth translates to ₦1.68 trillion, bumping total revenue to ₦5.04 trillion. Beyond recording a boost in revenue numbers, MTN’s stock prices have rallied since the beginning of 2025. An investment of ₦1 million in MTN at the end of 2024 would have grown to ₦2.4 million by August 1, 2025, driven by a 140% rise in share price from ₦200 to ₦480. Its market capitalisation crossed the ₦10 trillion mark from ₦3.29 trillion at the end of 2024, making it the second Nigerian company to do so after Dangote Cement in January 2024. “The tariff review contributed, and MTN itself has been very strategic in stabilising its earnings,” said Abiodun Keripe, the managing director at Afrinvest Consulting. More data, more money With 51 million active data users, MTN’s record revenue is driven by surging internet demand. Data revenue hit ₦1.23 trillion ($802.32 million) in H1 2025, up from ₦727.33 billion ($474.22 million) in H1 2024. Data traffic grew by 41.2%, while average usage per subscriber increased 26.3% year-on-year to 13.2 gigabytes (GB). “We added approximately 3.7 million smartphones to the network in H1, raising smartphone penetration to 62.6%,” Toriola stated, reflecting a broader trend of increasing smartphone penetration in the country. MTN’s data usage is not isolated, as data from the NCC shows that national internet usage hit a record high of 1,043,431.98 terabytes (TB) in May 2025, up from 771,993.56 TB in May 2024, despite the spike in data costs. The growth is largely driven by video streaming and social media usage. GSMA, the global body for telcos, reports that 85 percent of Nigerians using mobile internet use it for video calls, 75 percent for watching free online videos, and 54 percent for listening to free music. YouTube reported a more than 50 percent increase in watch time in Nigeria between May 2023 and May 2024, according to official figures. MTN, which already carries more internet traffic than its peers, expects to be the biggest beneficiary. While it generated ₦1.23 trillion from data in H1, Airtel Nigeria, its closest competitor, earned ₦464.72 billion ($303 million). The telco is also expanding its data offerings for enterprise customers who use most of it. It recorded a 39.7% growth in enterprise revenue, supported by growth in fixed connectivity, data services, and converged solutions. According to Toriola, data will drive revenue growth for the next 10 years. “We are positioning ourselves to capture the opportunities of growth for the next 10 years,” he said. “We are just getting started. Nigeria has one of the largest youth populations in the world — a population that is digital-native, mobile-first, and increasingly online. Broadband penetration still has room to grow. Smartphone penetration is also increasing,” Yahaya Ibrahim, chief technical officer at MTN Nigeria, added. Fintech bet begins to pay off While fintech operators like OPay and PalmPay led Nigeria’s ₦79.55 trillion mobile money market in 2024, MTN’s fintech unit is showing traction. It generated ₦83.19
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Digital Nomads: How 5 African countries tapped into the digital nomads boom of 2020
In 2025, it’s hard to recall how people worked before the pandemic. At TechCabal, we had an office chat about it: millennials shared the lore of setting out for the office at dawn and returning home late like clockwork. The Gen Zs among the bunch (myself included), the newest entrants to the corporate workforce, struggled to imagine that kind of routine. Before remote work became a lifestyle, it was a privilege. Only a handful of tech workers, freelancers, or travelling consultants (especially in big consulting firms) had the liberty of working beyond office buildings. But when the pandemic struck in 2020, the workplace was forced to reinvent itself. For the first time, millions of employees discovered that, with a laptop and a good internet connection, they could work from anywhere. This unintentional global experiment gave rise to a new breed of professionals: digital nomads—more a lifestyle than a job title—which has gained popularity over the years. In 2018, there were 4.8 million self-described digital nomads in the world; by mid-2020, that number more than doubled to 10.9 million. Most of them were creative professionals, IT and tech workers, and digital entrepreneurs. For many of these career professionals, access to a new country was through a tourist visa. These were great for short-term stays and sightseeing. Governments couldn’t keep the foreign money from these visitors circulating in the economy longer. In 2020, as digital nomadism grew in popularity, governments began to respond with specific visa categories that allowed medium to longer stays, came bundled with a work permit, and even exempted the holder from paying income tax in their host country. While digital nomads earn money elsewhere, they spend locally on small businesses (like co-working spaces), housing, food, internet, transportation, and entertainment. This keeps foreigners’ cash circulating in local economies, and governments didn’t have to bother with these foreigners competing for jobs with locals. Today, a South African digital nomad contributes $2,700 monthly to the country’s economy, per African Business. Barbados and Estonia were two of the world’s first countries to introduce the digital nomad visa in June and August 2020 respectively. These early adopters saw digital nomad visas as economic levers, and soon, other nations took notice. Today, over 60 countries across five continents offer some version of a digital nomad visa. Five of them are in Africa. Let’s take a closer look at how Africa tapped into this global shift. 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 How Africa tapped into the trend Mauritius was Africa’s first country to introduce a version of the digital nomad visa, called the Premium Visa, in October 2020. It promised remote workers a tropical work-life balance with a year-long stay and no local income tax. Cape Verde joined a few months later, in December 2020, rolling out a Remote Working Programme that targeted European and American expatriates, hoping to lure them with low living costs and visa flexibility. Seychelles followed in 2021 with its Workation Retreat Programme, offering similar perks under the same banner of “work in paradise.” Namibia came next in October 2022, framing its visa as a gateway to the sun’s warmth, silence, space, and safaris. Then, in May 2024, South Africa entered the fray—later than most—launching its “Remote Work Visa” with a higher income threshold and a more formal tax framework, but with the same intent: to attract wealthy, mobile professionals
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“I didn’t know if Tix had a future. But I knew I wanted to survive”: Day 1 to 1000 of Tix
If you’ve ever bought a ticket to an event in Nigeria, chances are that the ticket was purchased on Tix, a 6-year-old company that has grown to become the de facto platform for ticketing and event management in Nigeria and beyond. But it didn’t all start smooth. Tix was born out of frustration and was nearly snuffed out by COVID before it found its footing. “We just wanted to survive,” says Folayemi Agusto, the company’s co-founder and CEO. “Everything after that was a choice.” In today’s edition of Day 1–1000, Agusto tells TechCabal how a side project evolved into a continent-spanning ticketing platform, how execution—not vision—became her moat, and why staying alive through a pandemic was the ultimate founder test. Day 1 – Solving my own problem I didn’t start Tix because I had some grand vision to revolutionise event tech in Africa. We started Tix because we needed it. Simple. Before Tix, I co-founded Eat.Drink.Lagos, which began as a humble food blog. Back then, my co-founder and I just wanted to document our eating adventures. But then strangers on the internet started asking to eat with us. Weird? Yes. But also an opportunity. That food blog turned into supper clubs, which evolved into a full-blown food festival. And that’s when the pain began. Selling tickets was hell. There was no good way to process payments locally. We’d use a Fidelity bank account. We’ll tell people “pay in 15 minutes or lose your spot.” We’ll monitor manually. Cancel unpaid reservations. Do customer support over Gmail. Eventbrite didn’t support Naira. Shopify helped, but paying in dollars? Unsustainable. We got dragged online when we couldn’t handle crowds. I still remember 2018—15,000 people showed up. We collected no data. People couldn’t pay at the gate. POSs failed. It was chaos. So we said: let’s fix this. That’s how Tix was born. 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 50 – The group chat where It all began Tix started in a Twitter DM between myself, Nosa (Eat.Drink co-founder), Timmy of BuyCoins, and Ope of Paystack. If I’m being honest, I was the least committed. I had a good job at Andela and was only half-paying attention. But when we had something usable—a prototype where someone could actually buy a ticket—I got serious. We tested it at Eat.Drink.Lagos Festival in December 2019. You could land on a page, click a picture, buy a ticket, and receive a QR code. It was basic. Sometimes people got debited but no ticket. Still, it was progress. Guests liked how easy it was. We even did NFC wristbands so you could tap to pay. On March 1, 2020, we hired our first mobile dev (part-time) and a full-stack engineer. And then 15 days later, on March 15, 2020, COVID hit. We had just leased office space. We were building an event company for an era where nobody could gather. I didn’t know if Tix had a future. But I knew I wanted to survive. Survival became the goal. We slashed salaries by 50%. We got scrappy. During COVID, I learned Figma. I built discount code UIs. I learned SQL and built dashboards in Retool. We did Instagram Lives with creators, partnered with chefs, and integrated Zoom into our platform so you could host virtual events without a Zoom account. Total revenue from paid events during COVID? Between ₦100,000
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Africa’s procurement problem isn’t tech, but intelligence
Africa’s startup ecosystem has successfully scaled ventures in digital payments, lending, and logistics, drawing substantial global attention and billions in venture capital. Yet one vital area, procurement, is not just the technology behind it, but the intelligence needed to drive strategic decision-making. Because of this blind spot, firms are inadvertently limiting their next level of enterprise growth. Spreadsheets, price lists, and vendors based on alphanumeric order characterise how most mid-level African firms source important items. The further one goes into energy, construction, or manufacturing, the more apparent this is. Procurement, the one area that is critical to fostering the growth of an enterprise, is something largely unaddressed. This is also true, and we have built fintech, advanced logistics, and even integrated lending. A system stuck in the past Typically, emerging markets tell a single story: procurement divisions lag dangerously behind the pace of risk, the complexity of the global supply chain, and the rising international standards. What do all these lead to? Businesses are responding too late after third-quarter damages have been done due to spikes in diesel prices. Unsightly scandal eruptions as ESG-defying Tier-2 suppliers blithely misuse ESG policies without anyone noticing. Lack of visibility on alternatives when sourcing input from multiple countries suddenly makes their inputs inaccessible. All these examples paint far more than ‘mild operational efficiency’. This reveals a firm’s edge in escaping competitors’ clutches. Price, risk, and ESG: The strategic procurement trinity By 2025, we expect procurement to have earned the right to be referred to as a ‘strategic nerve centre’ for organisations globally instead of a cost centre. However, much of Africa continues to view procurement, simply, as ‘admin work.’ These are the problems procurement teams in Africa today need to solve. Pricing is volatile for both local and global supply nodes. Supply chain ESG violations. Climate disruption, geopolitical risks, and regulatory shocks. Accomplishing this doesn’t simply require ERP systems; it requires having machine learning, real-time data, and tier-level visibility. Why intelligence > Digitisation The digitisation of processes allows for tracking purchase orders, while intelligence enables forecasting potential disruptions. Digitisation also keeps track of price fluctuations, and intelligence brings attention to patterns in advance, along with modeling the risk. During the 2022 energy crisis, many Nigerian businesses, particularly in manufacturing and logistics, were caught off guard by a sudden diesel price spike that pushed costs above ₦800 per liter in some regions. The Lagos Chamber of Commerce and Industry (LCCI), for instance, warned that SMEs were either shutting down or cutting production due to the high cost of diesel. These firms relied heavily on diesel for operations but had no procurement forecasting systems or market intelligence tools to anticipate the price shocks. Procurement teams, using only historic price lists and static vendor relationships, could neither respond quickly nor switch to alternatives like hybrid energy or volume-based contracting. The result? Massive operational disruption, increased costs, and layoffs. Had these firms deployed AI-powered procurement intelligence platforms, they could have spotted early market signals hinting at the diesel surge, modeled risk scenarios to estimate exposure and plan options, and engaged backup suppliers or renegotiated key contracts. This crisis showed that the problem wasn’t access to procurement platforms; it was a lack of predictive, strategic insight in procurement. I believe that Africa, in its next leap in supply chain sophistication, will not come from enhancing automation. It will stem from an AI-powered insight that gives reversal authority to procurement executives so they can act before a crisis occurs rather than during the crisis. What we’re missing New data-centric, bold, and value-driven procurement leaders are emerging in Africa, but they find themselves with inadequate machinery that was not designed for their realities. Standardised frameworks and global software targeting Fortune 500s do little to address the local context of emerging markets. This reality calls for the creation of sub-Saharan platforms that synthesise insights from disconnected supplier levels, uncover ESG threats ahead of public awareness, and anticipate commodity price surges and provide rationale for them. It isn’t only about prospecting for lower-cost suppliers; it is now about prospecting with intelligence. From pain to platform For about a decade, procurement has been my reality. The gaps that I have witnessed firsthand range from diesel volatility, price volatility, supplier failures, and regulatory exposure. What I’ve also witnessed is the impact that data paired with domain expertise and machine learning has had. Being in reactive mode doesn’t have to be the norm. We can create the future, and it all begins with intelligence. It’s time to stop digitising broken processes and start empowering procurement leaders with the foresight to act before disruption hits. The tools exist. The question is: who will lead Africa’s procurement intelligence revolution? ______ Ikechukwu Torti is a doctoral researcher in procurement and supply chain strategy, with about a decade of experience across Africa’s industrial and digital sectors. He explores how AI, ESG, and risk intelligence can reshape global sourcing and resilience. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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South Africa’s tech startups don’t export much to U.S., but 30% tariff still stings
Starting today, the U.S. is charging a 30% tariff on certain goods coming from South Africa. This is a big jump from the previous 10% rate and puts South Africa among the countries most affected by the U.S.’s new global tariff changes. South Africa has been trying to negotiate a way around the tariffs, but despite ongoing discussions, no agreement has been reached. The U.S. is South Africa’s second-largest export market after China as of 2023. However, the bulk of South Africa’s U.S. exports are not technology goods; the main exports remain metals, minerals, automotive, and agricultural products. In the tech space, software and cloud services are less affected since tariffs typically apply to physical goods. South African developers, SaaS providers, and BPO firms can still serve U.S. clients without direct tariff penalties. But for the few South African tech companies that do export physical products like electronics or hardware, the new 30% tariff presents a unique challenge: adding pressure to stay competitive, and forcing companies to rethink how they do business. Alan Dickson, Group CEO of Reunert, a diversified industrial group with interests in electrical engineering, ICT, and applied electronics, told TechCabal that while tariff hike has “little to no impact” on their ICT and applied electronic segments, which do not export to the US, but the electrical engineering arm, CBi-electric: low voltage, is not so lucky. The company exports circuit breakers to the U.S. via its wholly owned subsidiary, CBi Inc., and has already made pricing and cost adjustments in response to the interim 10% tariff introduced in April. With the new 30% rate, Dickson says the long-term impact is still being assessed, especially in light of competition from Mexico and China. “Mitigation strategies have already been implemented, including value-engineering to reduce costs, flexible manufacturing options, further potential price increases, and continued investment in delivery reliability, which remains a key differentiator in project-based markets,” Dickson noted. The executive order published by the U.S. government states that the new tariff will not apply to goods that were already shipped before 8 August and processed before 5 October. Those will still be taxed at the old, lower rate. But everything else will now face a higher charge, putting pressure on South African exporters and trade officials. The South African government said it is still hopeful about securing a deal that could reduce or limit the tariffs. On July 31, it submitted a last-minute trade proposal, but there has been no response from Washington. “The government has been engaging the United States, and has submitted a Framework Deal that aims to enhance mutually beneficial trade and investment relations. All channels of communication remain open to engage with the U.S., and our negotiators are ready, pending invitation from the U.S.,” the government said in a statement on Friday The tariffs are part of a broader wave of new US trade measures affecting dozens of countries, but the 30% tariff on South Africa is especially severe, compared to countries like Kenya, Ghana, and Ethiopia. For now, the government claims it is putting together a support plan for businesses hit by the new US tariffs. The plan will include help for affected companies, producers, and workers, with more details to be released soon. The Department of Trade, Industry and Competition (DTIC) has set up an Export Support Desk to help companies affected by the US tariff increase. It will offer updates, advice on finding new markets, support with entry requirements, and help with rules and regulations. The Desk will also connect businesses with South African embassies and high commissions in other countries. But the uncertainty is already rippling through key sectors. The automotive and agriculture industries—especially citrus and wine—are bracing for impact, with some analysts warning of up to 100,000 jobs at risk While South Africa’s tech exports may not be in the least impacted, the broader implications for industrial innovation, supply chains, and investor sentiment are worth watching. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Nigerian court blocks sale of 54gene’s assets, as founder claims investor wrongdoing
A Federal High Court in Lagos has granted an injunction blocking the sale of 54gene’s assets, preventing the dissolution of what was once one of Africa’s most promising startups, according to court documents seen by TechCabal. Assets slated for sale included the biodata of 100,000 Nigerians priced at $3 million. In a petition filed in July 2025, Dr. Abasi Ene-Obong, 54gene’s founder, accuses the company’s largest investors, the Cathay AfricInvest Innovation Fund and Adjuvant Capital, of orchestrating its collapse. He alleges they sidelined the startup’s board and made decisions on behalf of 54gene, rejected a $110 million rescue package, threatened to spread rumours of a fraud investigation against him, forced the Nigerian operating company into bankruptcy, and rejected his offer to buy them out. “At 54gene, our mission—to harness African genomic insights for better health—rests on the highest standards of ethics and community trust,” Ene-Obong said in a statement to TechCabal. “We should hold ourselves accountable to every study participant, business partner, investor, creditor, and the broader communities we serve.” The case marks one of the most dramatic unravelings of a high-profile African startup, raising questions about investor control and founder rights. Once valued at $170 million and backed by prominent investors, 54gene shut down in 2023 in a cloud of controversy over internal power struggles, failed fundraising, and disputed governance. “We are unable to comment on specific matters that will be addressed via the court system,” said an Adjuvant Capital representative. “However, we only act in the best interests of our partner companies. As an impact investment firm focused on global public health, our priority is also to work with local partners to ensure the safety and viability of the biobank such that it remains available for the benefit of Nigeria and the broader African continent.” Cathay AfricInvest Innovation Fund did not respond to requests for comments. Exclusive: After raising $45m in two years, 54gene is shutting down After a significant drop in revenue—due to the drop in demand for COVID-testing—the investors insisted that 54gene raise a $100 million Series C round in April 2022, refusing Ene-Obong’s advice for a bridge round. Within a month of fundraising, it became clear that the startup could not raise the funding due to the constant and sharp drop in its revenue post-COVID. Ene-Obong claims that he secured a $200 million pre-money valuation and $80 million in investment commitments, but the company’s board blocked funding and sent an email asking him to stop fundraising for 54gene. The accused investors, who both sat alongside Ene-Obong and three independent directors on 54gene’s board, then appointed a Lagos-based lawyer as the receiver of 54gene Nigeria. He alleges that he was forced to resign as CEO by the investors, who also forced the company’s valuation from $170 million to $50 million and demanded four times their original investment back before any proceeds from a liquidity event, guaranteeing their loan to the company. The board also refused to allow external funding until 54gene received follow-on capital from their firms, shut down revenue-generating business lines, blocked a $500,000 contract, and took over the company. 54gene had three independent directors, with Ene-Obong as the common director, and Cathay AfricInvest Innovation Fund and Adjuvant Capital as preferred directors, completing the board. How the cracks at 54gene started to appear When 54gene raised money from investors, they got equity in 54gene Inc., the U.S.-incorporated holding company, which owned 99% of 54gene Nigeria, its Nigerian operating subsidiary, while Ene-Obong owned the other 1%. Ene-Obong claims that after his resignation in October 2022, the investors transferred all the assets and intellectual property into the Nigerian subsidiary so they could sell off the assets without proper accountability or oversight. Adjuvant and Cathay AfricInvest combined own 29.4% of the startup and control the company following Ene-Obong’s exit. Adjuvant led 54gene’s Series A round in 2020, but a few weeks after agreeing to a $60 million valuation, it told Ene-Obong that a limited partner in its firm decided that the deal should only proceed at a $50 million valuation. Ene-Obong agreed. Two weeks before signing the contract, the firm again reduced its valuation to $30 million, acquiring 22 % of 54gene instead of 15 %. 54Gene CEO, Dr. Abasi Ene-Obong. Cathay AfricInvest led 54gene’s $25 million Series B round the following year for 4.77% of the company, while Adjuvant participated in the Series B round and got 2.66% of the company. Ene-Obong claims that Cathay AfricInvest still owes 54gene $1 million. 54gene’s problems began in 2022 after the COVID-19 vaccine became widespread and a business pivot to advanced molecular diagnostics failed. This double whammy led to a drop in revenue, forcing the company to raise money to survive. Ene-Obong claims that after his resignation, he secured $35 million, but it was also turned down. Instead, the board asked that 54gene be acquired for $6 million, split equally between cash and stock. One year after resigning as 54Gene CEO, Abasi Ene-Obong is back in the arena By September 2022, with 54gene’s runway almost exhausted, the board presented a loan facility to 54gene with conditions that included a new board chair and that only Adjuvant and Cathay invest at a $50 million valuation, but with a 4× liquidation preference. Common shareholders would also lose veto rights, giving Adjuvant and Cathay the power to force a sale. The loan would also rank as the most senior debt of 54gene and would be secured against all of 54gene’s assets, including the biobank and intellectual property. The company agreed when Ene-Obong was still CEO, as he resigned the following month. After Ene-Obong left the company, the investors took control of the company with a supervisory committee that operates above the board. When it became clear that the loan would not come through, Ene-Obong said he was asked to prepare a buyback offer for 54gene for $3 million. Ene-Obong’s proposal was initially accepted but later rejected after he refused to wire $100,000 in cash within 24 hours to an investor who claimed it was needed for legal costs,
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“We fix it, they steal it”: How relentless vandalism cripples Nigeria’s telecom sites
When Yahaya Ibrahim, Chief Technical Officer of MTN Nigeria, checked his phone on Wednesday afternoon, July 30, 2025, yet another telecom site had been vandalised. It was 12:30 p.m., but the Abia State-based site was the second incident of the day. The first happened at 6:05 a.m. There were two incidents the previous day. And the day before that. “It’s a constant daily occurrence, at least two sites are vandalised every day,” he told TechCabal, staring at his phone in disbelief. Theft and sabotage have become an epidemic in Nigeria’s telecommunications industry, with operators like MTN, IHS Towers, and Equinix reporting staggering site vandalism, cable theft, and fibre cuts nationwide. The attacks are especially rampant in states like Abia, Akwa Ibom, Ekiti, and Rivers State, where criminals target telecom towers for everything from power cables and backup batteries to the core transmission and radio equipment. At first, it was just the power cables and batteries. “We suspect they’re being used for solar systems,” Ibrahim noted. But in recent months, the theft has become more sophisticated and damaging. “Now, they’ve started taking the actual transmission and radio equipment. Some even melt down circuit boards and extract chips. It’s worrying.” Since May 2025, operators across the industry have recorded at least five vandalism incidents daily compared to two incidents per day before May, according to the Association of Licensed Telecommunications Operators of Nigeria (ALTON). A chain reaction of blackouts The implications are severe. One vandalised site doesn’t just affect that immediate area. Many telecom towers act as hubs, linking and powering other nearby sites. If a single hub is compromised, three or four sites could go offline. For residents and businesses relying on mobile internet or voice services, these disruptions are sudden and unpredictable. But the costs go far beyond inconvenience. MTN, like other operators, budgets annually for spares and upgrades. “We’re exhausting spare parts far quicker than projected,” Ibrahim explained. “To fix vandalised sites, we’re now diverting equipment originally meant for upgrades in other regions.” The company is also exhausting what has already been budgeted for an entire year within seven months, according to Ibrahim. 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In many cases, security guards or vigilante groups stationed at sites are assaulted when criminals strike. When engineers try to restore service at night, they are often met with threats, violence, or even kidnapping. In areas like Omoku and Elele in Port Harcourt, Ibrahim described a disturbing pattern: gangs deliberately cut fibre cables, then demand payment before allowing repair teams to fix them. “We pay, we fix it. Then they cut it again. It’s a cycle,” he said. “At one site, while we were still fixing it, the boys came and told us, ‘When you finish, we’ll still take it.’ And two hours later, they did.” Some sites have been hit more than 10 times. In Abuja, one tower has been vandalised so often that engineers are now reluctant to replace its equipment. Sector-wide crisis IHS Towers, which manages 16,398 telecom towers in Nigeria as of March 2025, confirms the crisis. In a statement to TechCabal, IHS acknowledged that vandalism is a “major challenge” causing service interruptions, increased repair costs, and long-term degradation of service quality.
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