- May 14 2025
- BM
Roam, M-Kopa top Kenyan firms on FT’s Africa fastest-growing companies list
Three Kenyan startups—Roam Electric AB, M-KOPA Holdings Ltd, and Victory Farms Ltd—have been named among Africa’s fastest-growing companies in the latest ranking by the Financial Times and Statista, a list dominated by South African and Nigerian firms. The three startups were among 11 Kenyan companies featured in the 2025 FT Africa Fastest Growing Companies list, which evaluated revenue growth between 2020 and 2023 across 130 private and public businesses on the continent. Roam Electric, which designs and assembles electric motorcycles and buses for the African market, was the highest-ranked Kenyan startup at 36th. The company has seen surging demand as Nairobi and other East African cities seek climate-friendly transport alternatives. At 68th place, M-KOPA, a digital asset financing platform that allows low-income customers to acquire smartphones and solar kits through pay-as-you-go models, continued its position as one of East Africa’s standout fintechs. The company, which has expanded to Nigeria, Uganda, South Africa, and Ghana, has onboarded over 5 million as of December 2024. Victory Farms, a sustainable aquaculture company based in Western Kenya, ranked 91st. The vertically integrated fish farm has capitalised on the rising demand for affordable protein across East Africa and recently began scaling operations into Rwanda and the Democratic Republic of Congo. While tech startups have previously dominated the FT ranking, this year’s edition saw a notable rise in traditional brick-and-mortar businesses from Kenya. From banks and supermarkets to hospitality and data centres, the 2025 ranking points to growth beyond the tech sector, showing how long-established companies are adjusting in a difficult economy. Kenya’s TPS Eastern Africa, the operator of Serena Hotels, was ranked 41st, signaling a post-pandemic rebound in regional tourism. Quickmart, one of the country’s fastest-growing supermarket chains, came in at 79th, marking the only major retail player on the list. In the financial sector, KCB Group and Co-operative Bank were ranked 112th and 127th, respectively — a sign that even well-established companies can deliver rapid growth for investors. Other Kenyan firms featured included Pan African IX Data Centres Ltd (101), East African Business Company Ltd (100), Kofisi Hospitality Group Ltd (110) — a flexible workspace operator — and Impax Business Solutions Ltd (82), which provides enterprise software systems. The FT ranking listed 130 companies, up from 125 last year, ordered by the highest compound annual growth rate (CAGR) in revenues between 2020 and 2023. To qualify, companies had at least $100,000 in revenue in 2020 and $1.5 million by 2023.
Read More- May 14 2025
- BM
Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21
On Friday, April 4, 2025, Fidelity Bank Plc—a tier-2 Nigerian commercial bank—crossed the ₦1 trillion market capitalisation mark, joining the ranks of tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it slipped below that threshold on Monday, April 7, before reclaiming its position on April 23. The bank dropped out again on May 12, but reentered the elite club after its share price rose by 5.3% to ₦21.00 from ₦19.95 on April 4, according to data from the Nigerian Exchange Limited (NGX). This development also increases the total number of Nigerian companies with a trillion-naira market capitalisation to 19. Market capitalisation, or market cap, represents a publicly listed company’s value on the stock market and is calculated by multiplying the total number of outstanding shares by the current share price. For Fidelity Bank, with 50.2 billion outstanding shares, this calculation results in a market cap of one trillion naira. The midsize lender’s growth positions it as a likely tier-1 Nigerian bank, attracting wider investor interest and improving its capital raising ability. Analysts say the bank is well-placed to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity, increasing its stock market investments. “The bank’s financial performance, particularly their strong Q1 results, suggests a potential for continued share price increase,” said Nabila Mohammed, a research analyst at Chapel Hill Denham, an investment banking firm in Lagos. “Maintaining this momentum could elevate their market value, attract greater investor interest, and reflect a higher level of investor confidence.” On what drove Fidelity’s share price which rose by 141% from ₦8.70 in May 13, 2024, Meksley Nwagboh, the company’s chief marketing officer attributed it to its 2024 strong after-tax profit performance which recorded the highest growth of 189% among the 10 major banks, improving investors’ appetite for the bank. “Our 2024 results showed the highest percentage increase, and this momentum continued into Q1 2025 with triple-digit percentage growth,” Nwagboh said. “This strong performance reflects positive market sentiment.” Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe In its Q1 financial results, the bank reported a 190% after-tax profit growth to ₦91 billion ($56.8 million), up from ₦31.4 billion ($19.4 million) in the same period of 2024. This sharp growth was fueled by a combination of higher interest income, forex exchange gains, and improved cost efficiencies. “Fidelity’s rise is partly due to significantly lower credit loss expenses, which boosted net interest income,” said Olamide, a Lagos-based banking and macroeconomic analyst who asked to be identified by first name only. “Lower loan defaults generally enhance bank performance.” She added that the bank’s rally was also spurred by its 2024 full-year results, as investors anticipated dividend payouts. “The broader uptick in the banking sector and a resilient Q1 performance on the NGX added to the momentum.” A recent report by Proshare, a market intelligence firm in Nigeria, noted that the NGX All-Share Index (ASI) gained 2.66% year-to-date by the end of Q1 2025, despite broader market volatility. The banking sector, in particular, posted a 6.96% gain, fueled by recapitalisation efforts that collectively raised ₦2.4 trillion in fresh capital. “This has driven a rally in the sector and contributed to the broader market uptrend, as most banks are now in the second phase of their recapitalisation plans,” the report noted. According to African Stock Exchanges,
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- May 14 2025
- BM
TechCabal Daily – You could pay 5% more for data
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Let’s dive in. Spar enters the mobile space backed by MTN MVNO Nigerians could pay 5% more in telecom fees Kenyan microfinance banks are cutting jobs in their innovation departments World Wide Web 3 Opportunities Companies Spar enters the mobile space backed by MTN MVNO Image Source: Spar Spar Group, the South African retail giant, is expanding into telecoms with the launch of Spar Mobile, a prepaid mobile virtual network operator (MVNO) built in partnership with megsApp and backed by MTN. The MVNO will offer prepaid voice, data, and SMS services and also allow customers to earn free mobile data when purchasing select promotional items at Spar and Tops! stores, potentially reducing costs by up to 50%. To participate, customers will have to buy Spar Mobile SIM cards, priced at R15 ($0.80), and come with 300MB of data and R10 ($0.54) in airtime. The service supports eSIM functionality, number porting, and seamless integration with the Spar mobile app for easy account management. The model is designed for South Africa’s price-sensitive, mobile-first market, where loyalty programs and value-driven bundles are already reshaping retail and telecom competition. Why is Spar doing telecoms? Short answer. A huge demand. South Africa’s MVNO market is projected to hit $90.91 million in 2025, according to industry estimates, driven by growing demand for flexible, low-cost mobile alternatives. Spar follows in the footsteps of other retailers, such as Pick n Pay and TFG Connect, that have launched MVNOs via MTN’s platform. Since 2020, MTN has played a key role in enabling retail-led telecom services in South Africa, where MVNOs are projected to generate $90.91 million in 2025. If successful, Spar Mobile could extend to other markets where both Spar and MTN operate, including Botswana and Zambia. With retailers leveraging mobile services to deepen customer loyalty and attract price-sensitive consumers, this innovative model could redefine telecom affordability in the region. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Telecoms Nigerians could pay 5% more in telecom fees after senate passes tax bill Image Source: Imgflip/TechCabal Nigerians, your telecom data is about to get a little bit more expensive, but the government says you’ll be okay; it’s just another 5%. It is slowly becoming expensive to stay digitally connected. One moment, you feel you’re easing into the 50% telecom tariff hike that happened in February. The next minute, it’s more taxes. After the Nigeria Tax Bill (2024) was passed in the Senate on May 8, we may soon see a 5% excise duty on telecom services—especially for calls and data. That’s on top of the 54 other taxes operators already pay. Telecom companies like MTN and Airtel, fresh off recovery from currency devaluation and 2024’s brutal losses, say they have no room to absorb this one. So, guess who gets to pick up the tab? You. Globally, telecom taxation is common; across parts of Africa, governments tax telecom and digital services to funnel the money to other aspects of the economy. Zimbabwe taxes airtime and plans to use it to fund healthcare plans. Zambia slaps on a 17.5% excise duty on consumers,
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- May 13 2025
- BM
CBN licences in Nigeria: types, costs & what fintechs should know
If you’re building a fintech startup in Nigeria, one of the first things you’ll need to figure out is this: what CBN licences do we need to operate legally, and how much will it cost? Whether you plan to launch a digital wallet, a mobile money app, a savings platform, or a full-scale digital bank, the Central Bank of Nigeria (CBN) requires you to be licenced. And not just any licence. The type you apply for depends on your services, how you move money, and whether you’re holding customer funds. This guide breaks everything down clearly. You’ll learn: The different types of CBN licences available What each licence allows you to do The capital requirements and actual costs involved So, what kind of licence does your startup need? Let’s find out. The main types of fintech CBN licences in Nigeria Before investing time or money into your fintech product, you must know what licence aligns with your services. Below are the main types of licences issued by the CBN, what they’re used for, and the kinds of startups that apply for them. We’ve also included capital requirements, so you know what to expect upfront. 1. Switching and Processing Licence Who needs this: Companies that process payments, settle transactions, or serve as payment gateways (e.g., Paystack, Flutterwave). What it allows you to do: Transaction switching, card processing, clearing, and settlement services. Minimum capital: ₦2 billion Other requirements are PCI-DSS certification, a disaster recovery plan, risk frameworks, and agreements with banks or merchants. Application fee: ₦100,000 (non-refundable) CBN deposit (escrow): ₦2 billion (returned after the licence is issued) Is your startup building infrastructure that connects banks, wallets, and payment platforms? Then this is likely the licence you need. 2. Mobile Money Operator (MMO) Licence Who needs this: Wallet-based platforms that allow users to store and transfer funds (e.g., Paga, OPay). What it allows you to do: Offer wallets, send/receive money, pay bills, and more. Minimum capital: ₦2 billion CBN deposit (escrow): ₦2 billion Other requirements: 5-year business plan, KYC/AML procedures, data protection policies, and agreements with telcos or banks. Planning to run a mobile wallet or build a money transfer app? This licence is mandatory. 3. Payment Solution Service Provider (PSSP) Licence Who needs this: Gateways and APIs that facilitate online transactions for other businesses (e.g., Remita). It allows you to provide backend services for payment processing between banks, merchants, and consumers. Minimum capital: ₦100 million Escrow deposit: ₦100 million Extra requirements: Card security certifications, partner agreements, robust IT, and risk policies. If your startup supports merchants with checkout systems or payment APIs, this is the licence for you. 4. Payment Terminal Service Provider (PTSP) Licence Who needs this: Companies that manage and distribute POS terminals. It allows you to deploy and maintain point-of-sale devices across Nigeria. Minimum capital: ₦100 million Escrow deposit: ₦100 million Key requirements: PCI-DSS/PA-DSS compliance, draft technical agreements, and a detailed project rollout plan. Does your business manage POS terminals or build POS solutions? You’ll need this licence before you expand. 5. Payment Service Bank (PSB) Licence Who needs this: Institutions focused on providing banking services to the unbanked and underbanked, often in rural areas. What it allows you to do: Accept deposits, transfer funds, operate savings products, and issue debit cards. Minimum capital: ₦5 billion Special requirement: At least 25% of banking agents must be in rural or underserved areas. Thinking of launching a digital bank that targets financially excluded populations? This is your go-to licence. 6. Super-Agent Licence Who needs this: Platforms managing a network of smaller agents (not necessarily customer-facing). What it allows you to do: Create and manage an extensive agent network for financial services. Minimum capital: Varies (often ₦50 million+ depending on reach) Additional requirements: Operational structure, risk controls, signed agreements with agents and financial partners. If you’re building a last-mile distribution model using field agents or kiosks, this licence gives you the legal framework to scale. 7. CBN Regulatory Sandbox Who needs this: Early-stage startups testing innovative ideas that don’t clearly fall under existing CBN licences. It allows you to test new financial products under CBN supervision without full licencing. Cost: No capital deposit required during testing Process: Application-based, with approval timelines of 45–60 business days Still figuring out your model? The sandbox allows you to validate your idea before spending big on a licence. CBN fintech licence summary table Here’s a quick table showing the most common fintech CBN licences in Nigeria, their use, and the capital required. What does it cost to get a CBN fintech licence? Getting a licence in Nigeria doesn’t just mean filling out forms and waiting for approval. It means spending real money. If you don’t budget properly, the process can stall or fail. Let’s break down the actual costs you should expect. 1. Application fees These are non-refundable and must be paid to start your licencing process. Depending on the licence, most application fees range from ₦100,000 to ₦500,000. Some licences, like Payment Service Banks, may require additional administrative or inspection fees during the review stage. Tip: Don’t confuse this with the capital deposit. Application fees are paid upfront and are separate from your operational funds. 2. Capital requirements This is where it gets serious. Switching/Processing and MMO: ₦2 billion (escrow deposit) Payment Service Bank (PSB): ₦5 billion PSSP and PTSP: ₦100 million Super-Agent: Varies, but often ₦50 million or more Digital banks: ₦2 billion+ Microfinance banks: ₦20 million to ₦100 million (Tier-based) These amounts are either: Held by the CBN during processing, then refunded Or required as minimum paid-up share capital, meaning you must own the funds and reflect them in your financial statements. 3. Legal, compliance, and consulting fees You’ll likely need legal experts, compliance advisors, and sometimes former regulators to review your documents and structure. Expect to spend ₦2 million to ₦10 million on: Legal counsel Drafting partnership agreements Developing KYC/AML policies Reviewing tax and ownership documentation This is one of the most underestimated costs. Cutting corners here could lead to
Read More- May 13 2025
- BM
The promise of Mystocks lies in access: To a pan-African digital stock exchange
If you live in Africa, it is likely that you can easily buy Amazon stocks than you might be able to buy stocks of a local marketplace in your country’s national exchange or that of a neighbouring African country. Mystocks Africa is trying to fix. As U.S.-listed equities soak up billions in African capital through apps like Bamboo and Risevest, Mystocks is betting that the next frontier of fintech isn’t sending capital out—it’s keeping it in, circulating it across Lagos, Nairobi, Johannesburg, Accra, and Gaborone. Founded in 2024 by Humphrey Kebaya and Mooketsi Morolong, Mystocks Africa, a mobile-first investment platform, is building a unified brokerage that allows both retail and institutional investors to trade across Africa’s major stock exchanges from a single app. Investors can trade in local currency, receive real-time analytics, and have access to an AI-powered portfolio intelligence. The app offers real-time trading across five African stock exchanges—Nigeria, Kenya, Ghana, Botswana, and South Africa—with plans to add Egypt, Morocco, and Tunisia later this year. Users can open an account in 24 hours and begin investing with as little as $10. Beyond equities, the platform supports trading in government bonds, money market funds, and ETFs. It also unlocks access to alternative assets like REITs and carbon credits—asset classes that have historically been inaccessible to or illiquid for retail investors across the continent. The challenges of building a Pan-African brokerage The promise of cross-border African investing faces two deeply rooted constraints: regulation and infrastructure. Every market Mystocks enters comes with its own capital markets authority, compliance regime, and interpretation of brokerage activity. For now, the startup operates through licensed local partners, but deeper integration will eventually require direct licenses in each country. That process can be both costly and unpredictable. Then there’s the issue of technology itself. While exchanges like the JSE and NGX have mature APIs, many others do not. Mystocks has found itself offering to co-develop digital plumbing just to enable reliable order flow and market data. Building a pan-African brokerage, in many ways, means building a continental infrastructure in real time. Still, Mystocks is moving with urgency. The company is also building a dedicated IPO portal that will allow both African and international users to participate in public listings in any supported market. For years, African startups have struggled to go public because local markets lack depth and retail participation. By aggregating demand across multiple countries, Mystocks hopes to inject new liquidity into African listings. The team is already preparing for potential high-profile IPOs like Flutterwave’s, with ambitions to include such deals directly on the platform. The company’s product suite also includes a subscription-based terminal called “Bridge” that offers institutional users market intelligence, research insights, and AI-driven analytics—essentially a Bloomberg terminal tailored to African markets. While Bloomberg charges up to $22,000/yearly, Mystocks’ Bridge product is priced at $199 for institutions and $8/month for retail investors. Even at its cheapest tier, Bridge includes a real-time news feed, squawk box alerts, and personalized stock guidance powered by generative AI. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe The business of investing This diversified product stack feeds a multi-pronged revenue model. Mystocks earns from trading commissions, subscription fees, FX conversion margins, research sales, advertising, and affiliate partnerships. It also sells aggregated data and order flow to institutional clients. To drive retention, the startup layers on push notifications, fee rebates, referral bonuses, and gamified features like
Read More- May 13 2025
- BM
Jumia launches third-party logistics service in profitability push
E-commerce giant Jumia is now offering its logistics network to third-party businesses, including traders who operate solely on social media platforms, a segment it previously considered competition. The strategic pivot, aimed at reducing fulfilment costs and diversifying revenue, comes as the company doubles down on achieving profitability by 2027. The new service, Jumia Delivery, allows third-party sellers to ship packages nationwide through Jumia’s existing logistics infrastructure, including its 494 pickup stations in Nigeria. After a pilot in Ivory Coast, the service launched in Nigeria and will soon expand to Kenya, Senegal, and Ghana, pending regulatory approvals. “Local social commerce merchants [one of our competitors] will always be around, and we are looking at this pool of merchants as an opportunity for Jumia,” CEO Francis Dufay shared on its Q1 earnings call on May 8. “We are working to onboard them to our marketplace and help them generate more sales. We are also looking to sell our Jumia delivery services and generate profits from them.” The move puts Jumia in competition with established logistics providers like Uber, Bolt, Chowdeck, Sendbox, and GIG, which have already built significant distribution networks. Unlike its competitors, Jumia is betting that opening up its fulfillment engine will drive scale and improve cost efficiency across its operations, particularly in the last mile. Until now, Jumia has implemented several strategies to reduce delivery expenses, which amounted to $9.4 million in the first quarter of 2025, and increase margins. So far, the benefits have come from staff reductions, including a 3% decrease in headcount in Q1 2025, renegotiated agreements for logistics and technology, and more efficient warehouse processes. Jumia Delivery will allow the company to move more goods in each trip, optimising fixed costs such as warehousing and last-mile operations. Nonetheless, Jumia Delivery will have to contend against a few players that have gained ground in distributing their logistics services and earned brand equity, including established players like DHL, GIG Logistics, Kwik Delivery, and Sendbox. Jumia also faces competition from the delivery services of Glovo, Chowdeck, Uber, Indrive, and Bolt, which are leveraging network effects to distribute their delivery services. The company will also compete with a growing number of independent delivery riders, who leverage personal relationships and offer more competitive pricing to sellers. Still, Jumia’s leadership is optimistic. “This is a scalable business that extends our value proposition across the digital economy,” the company stated. This development and other gains shared during the report have been well received by investors: Jumia’s share price climbed from $2.40 to $3.55 after its earnings call.
Read More- May 13 2025
- BM
Spar enters South Africa’s mobile market with MTN-backed MVNO
Spar Group, the South African retail giant, is expanding into telecoms with the launch of Spar Mobile, a prepaid mobile virtual network operator (MVNO) built in partnership with megsApp and backed by MTN. The move deepens the convergence of retail and telecom in Africa’s most developed mobile market, where affordability and loyalty-driven models are reshaping competition. The MVNO will offer prepaid voice, data, and SMS services, with a twist: shoppers can earn free mobile data by purchasing selected promotional items in Spar and Tops! stores. The company claims this model could cut mobile costs for customers by up to 50%. “The Spar Mobile offering is anchored on simplicity, affordability, and trustworthiness, giving us a chance to create one-of-a-kind deals for our customers – linking groceries and Tops! Products with free data,” said Blake Raubenheimer, omnichannel executive at Spar Group. Customers can buy Spar Mobile SIM cards in-store for R15 ($0.80), which come preloaded with 300MB of data and R10 ($0.54) in airtime. In addition to traditional SIM cards, Spar Mobile supports eSIM functionality and number porting, and will be integrated with the Spar mobile app to simplify top-ups and account management. “Spar is well-positioned to run and operate an MVNO. We are building the network from very competitive pricing that is simple and easy for customers to understand,” said Raubenheimer. The launch follows similar MVNO plays from South African retailers, including Pick n Pay, TFG Connect, and Boxercom, all of which have launched MVNOs using MTN’s network. Since launching its MVNO platform in 2020, MTN has become a key enabler of retail-led telecom services in the country, second only to Cell C in MVNO hosting. South Africa’s MVNO market is projected to hit $90.91 million in 2025, according to industry estimates, driven by growing demand for flexible, low-cost mobile alternatives. Retailers are betting that bundling mobile services with everyday purchases will not only strengthen brand loyalty among existing customers but also attract new consumers looking for seamless digital access, particularly in price-sensitive markets. If Spar Mobile proves successful in South Africa, there is potential for expansion into other markets where Spar and MTN both operate. Countries like Botswana and Zambia, where both entities have a presence, could benefit from similar retailer-driven mobile services. A Spar-branded MVNO could serve as a practical solution for consumers in these markets, particularly if the incentive-driven model of earning free data through shopping resonates well with South African customers.
Read More- May 13 2025
- BM
Nigerians will pay more for calls and data under proposed 5% telecom tax
Telecom subscribers in Nigeria could soon be paying 5% more for data and voice services if the Nigeria Tax Bill 2024 is signed into law. Passed in the Senate on May 8, 2025, the bill reintroduces a controversial 5% excise tax on telecom services, a move operators warn would ultimately burden consumers and stall the country’s push for broader digital inclusion. The 5% excise duty was first introduced in the Finance Act of 2020 under former President Muhammadu Buhari. Designed to expand the list of goods and services subject to excise taxes, it was met with stiff resistance from telecom operators and consumer advocates. They warned it would raise the cost of already essential services in a struggling economy. President Tinubu suspended the tax in July 2023, citing its potential to worsen inflation and impede access to digital services. Fast forward to 2025, and the industry still isn’t buying it. As of August 2024, telecom operators reportedly paid 54 different taxes, according to the Association of Licensed Telecom Operators of Nigeria (ALTON). With the sector only just rebounding from currency devaluation and rising operational costs, operators fear the reintroduction of the excise duty could choke recovery efforts and slow digital inclusion. “We’ve had no clarity on how the 5% tax would be implemented, but the burden will fall on the consumer,” said Gbenga Daniel, President of ALTON, which represents major players like MTN Nigeria, Airtel Nigeria, Globacom, and 9mobile. “Telecoms should be treated as a social good, not taxed like luxury items. No one taxes telecoms like this in countries where infrastructure is taken seriously.” Industry stakeholders argue that excise taxes are typically reserved for luxury or harmful goods such as designer watches, luxury cars, alcohol, or tobacco, whose consumption governments might want to curb. Internet access, they say, hardly belongs in that category. An excise duty, however, is a specific type of tax that is levied on certain goods or services at the time of their purchase. The Nigerian Tax Bill describes excisable transactions as “transactions which take place— (a) physically in Nigeria, the excisable transaction is the provision of the service; and (b) remotely or virtually, the excisable transaction is the receipt or consumption of the service in Nigeria.” That means both domestic and international service providers offering telecom services in Nigeria would be liable to collect and remit the 5% tax, passing the cost on to the customers. “There’s no wiggle room for operators to absorb this cost,” said Anthony Emoekpere, President of the Association of Telecommunications Companies of Nigeria (ATCON). “Operators are already working with a tariff increase that fell short of what they need. The new tax will squeeze margins and hit consumers the hardest.” Nnenna Ukoha, Head of Public Affairs at the Nigerian Communications Commission (NCC), told TechCabal that the regulator has not yet received the official version of the bill for review. Meanwhile, the bill does include some reliefs: 0% VAT on essential goods and services like food, healthcare, education, rent, public transport, and renewable energy. These categories, according to Presidential Fiscal Policy and Tax Reforms Committee Chair Taiwo Oyedele, make up around 82% of average household consumption, and close to 100% for low-income households. Still, the telecom sector, which recently implemented a 50% tariff increase on its services, remains uneasy. The timing of the bill is especially delicate, coming just as major players like MTN Nigeria and Airtel Africa are bouncing back financially. MTN posted a ₦133.7 billion ($83.1 million) profit after tax in Q1 2025, reversing a ₦392.7 billion ($244.06 million) loss in 2024. Airtel Africa reported $661 million in pre-tax profit for the year ending March 2025. These gains are a result of higher data usage, tariff hikes, and ongoing infrastructure investments. “The government should not be so extractive of the average Nigerian,” said ALTON’s Adebayo. “Someone recharging ₦1,000 will feel this 5% tax the most. It also places an additional compliance burden on operators to collect and remit the tax.” They argue that short-term tax revenue shouldn’t come at the cost of long-term growth. As the bill awaits harmonisation between the Senate and House of Representatives before it is forwarded to the President for assent, all eyes remain on whether the Tinubu administration will heed the telecom industry’s calls or press ahead with its broader fiscal ambitions.
Read More- May 13 2025
- BM
Opera spins off MiniPay app to target Africa’s $54 billion stablecoin market
Opera, the Norway-based internet company best known for its web browser, has launched MiniPay, its stablecoin payments app, as a standalone iOS app, opening access to users across Africa for the first time. The app was previously embedded in Opera Mini, limiting reach to Android users only. Opera joins a growing list of foreign players like Coinbase seeking growth in African markets as stablecoins gain ground globally. Opera hopes to compete more aggressively in Africa’s fast-growing digital currency market, where stablecoins accounted for 43% of crypto transactions in 2024. With $125 billion in crypto payments flowing through the continent and stablecoins making up $54 billion of that, the company sees a growing appetite for dollar-backed digital assets as tools for everyday payments and savings in volatile currency markets. “Stablecoins are gaining widespread recognition, with increasing demand from both developed and emerging markets alike,” a company spokesperson told TechCabal. “In Africa, there’s a strong need for faster, more affordable, and accessible financial solutions.” Opera says it wants to make global payments “as easy as texting.” It first launched MiniPay in September 2023, but it wasn’t until October 2024 that it built a standalone app for Android users. Now, Africans can access the app on iOS and Android smartphones. “It made sense to launch the iOS and Android standalone app, making MiniPay accessible across all major mobile platforms,” said the company spokesperson. “We have seen rapid growth in key African markets, so the standalone app offers more flexibility and allows us to scale faster.” Opera partnered with Celo in 2021 to build the MiniPay app on the Celo blockchain network. Celo is known for its fast settlement times, low-cost transactions—which cost less than a dollar for stablecoin payments—and mobile-first design capabilities. The app offers M-Pesa and Apple Pay payments in key markets in Africa, like Kenya and South Africa, and Latin America (LATAM) to allow users to spend and withdraw money easily to their bank accounts. MiniPay plans to expand further in North America, LATAM, and Europe in the second and third quarters of 2025. 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The app supports three stablecoins—cUSD (Celo US dollar), USDT, and USDC—and offers a $0.10 welcome bonus alongside daily cash rewards when users log in. MiniPay operates as a non-custodial stablecoin wallet app, meaning it allows users to control their funds. The app does not handle fiat transactions directly; instead, it relies on partners and liquidity providers like Yellow Card, Fonbnk, Partna, TransFi, Transak, and Onramper for competitive exchange rates. According to Opera, MiniPay supports over 35 local currencies, making it easy for users to exchange their stablecoins for fiat money (off-ramping). “As a self-custody solution, it is an unregulated software product and does not manage fiat transactions directly,” the company said. “MiniPay integrates with a range of regulated partners who serve as the on-ramps and off-ramps in their respective markets. MiniPay itself only facilitates transactions in dollar-denominated stablecoins (such as USDT, USDC, cUSD).” Facilitating stablecoin trades means MiniPay will possibly be classified as a securities exchange in markets like Nigeria, requiring the app to be registered with the country’s Securities and Exchange Commission (SEC). The regulatory aspect of MiniPay’s global march may draw attention to its ambition. In markets like Nigeria, where regulators are tightening oversight, Opera says its reliance on
Read More- May 13 2025
- BM
Kenya proposes ban on cashless-only payments below $775 under new bill
Kenya may soon outlaw cashless-only transactions for everyday purchases, under a proposed law that would make it mandatory for businesses to also accept physical currency for payments below Ksh100,000 ($775). The Central Bank of Kenya (Amendment) Bill, 2025, sponsored by Suba South Member of Parliament Caroli Omondi, would make it illegal for businesses operating in physical locations to reject cash for transactions under $775. Omondi said the bill is about protecting everyday Kenyans who are being left behind as more businesses go digital. If passed, the law would mark a significant regulatory intervention in Kenya’s fast-digitising economy, where mobile money and card payments have become the default in neighbourhood shops, restaurants, and public transport. It would compel businesses, many of which have embraced cashless payments to boost accountability and reduce theft, to rethink their processes. “A majority of Kenyans still rely on cash transactions while some older people do not know how to use mobile money services, making it discriminatory to deny them access to services or buying goods in cash,” Omondi said. Under the proposed law, businesses that violate the rule could face fines of up to $775 along with potential civil liability if customers choose to pursue damages. While the Central Bank of Kenya (CBK) has not publicly commented on the bill, the regulator has long pushed for digital payments and market-led adoption. The value of Kenya’s digital payments is projected to reach $14.5 billion by 2028. The bill could clash with the government’s digital transition, coming when all state services from park entry fees to birth and death registrations and passport applications are processed exclusively through the e-Citizen platform. Most of these payments are under $20. However, Omondi warned that overreliance on digital-only transactions leaves Kenya vulnerable, citing the July 2024 IT crash in the United States, which caused widespread disruption as electronic payment networks went offline. “Suddenly and without warning the exchange of goods and services stopped with the IT outage. Buyers were unable to effect cashless payments. Everyone was in need of immediate cash to make payments,” Omondi said. The bill, still in its early days, will go through a parliamentary committee review and public consultation before it returns to the floor for debate.
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