Digital Nomads: Fisayo Osilaja was tricked into returning home at 9; she fell in love with UX research
I describe Fisayo Osilaja, a Lagos-based UX researcher at the Nigerian payments company Interswitch, as an occasional daredevil. On a mountain hiking trip in Sydney, Australia recently, Osilaja joined her colleagues to jump off a cliff into a lake. “It felt like I was falling for hours, but in reality, it was probably five seconds,” she recalled. When I asked her if this was the craziest thing she’d ever done, she blurted, “Yes!” “But I’m never trying that again.” Despite her tendency to seek out adventure, Osilaja did not appreciate the kind that many years ago, disrupted her childhood. “When I was nine years old, my mother took my brother and I to Nigeria,” she said. “Growing up in the States (Osilaja was born in Los Angeles, California), our parents made sure we stayed aware of our Nigerian roots. But this time, when we travelled to Nigeria, we thought it was for a summer vacation—but it wasn’t. We got enrolled in boarding school that week. That’s how I grew up in Nigeria.” Initially, Osilaja disliked living in Nigeria. The thought of spending many years of her life in the country made her shudder. “It was a tough adjustment for me. The cultural difference weighed heavily. My mannerisms were different, and it didn’t win me a lot of friends. And then, there was the lack of infrastructure [like electricity] that we were used to as kids,” she recalled. It took a year, but eventually, she got used to life in Nigeria. It was here, in Nigeria, that she discovered her love for UX research. I spoke to Osilaja about her career, travels, and upbringing. This interview has been edited for length and clarity. What is UX research? Can you explain your job to me as if I were 5? I’d guess that five-year-olds use mobile applications now because I see some of them with their tablets. So, I’d show them an app and explain that while using it, they might face issues. For example, if they’re on YouTube trying to find a video, they might face certain issues looking up the videos or playing them. As a UX researcher, I try to understand how to make that process more seamless for you to navigate or find your way around. My work helps businesses make these apps that kids love. Everybody is happy because the businesses make money. So it’s a win-win on both sides. What inspired you to become a digital nomad? I have a dream lifestyle, and I’m willing to do whatever work brings me closer to it. Ideally, I enjoy my work, but the main goal is the life I want. And by lifestyle, I don’t just mean money or borrowing power—I mean my ideal life. What does that look like? And which work gets me closest to it? I’ve always loved traveling, and as I’ve gotten older, I genuinely enjoy it even more. I also value flexibility, creative freedom, and having control over my time. Naturally, I looked for roles that aligned with that vision. That’s where tech came in. I’ve always liked research, but tech allows me to merge my interests—UX research and a flexible life. Even with my current hybrid role, I see the benefits. Tech companies often offer more leave days, emphasising work-life balance. So when I travel, I have more time to unwind. Even outside of leave, I work three days in the office and two from home. This flexibility lets me travel while working—for example, I worked remotely from Cotonou recently. As long as I plan my office and remote days, I can work from anywhere: a café, a friend’s house, or another country. That freedom improves my quality of life. Digital Nomads: The digital marketer travelling across Africa on a $2,000 budget What was the trip to Cotonou for? A modeling gig. I was mostly being driven around the city and trying out clothes and dresses, and taking pictures. I didn’t quite stay long enough to soak in the pleasures of the city. What challenges do you face in balancing work with occasional travelling for pleasure? As much as I can help it, I try not to work when I’m travelling. The time zones are a major blocker. One time, I had to travel to the US for my cousin’s wedding. I was working at PwC Lagos and requested to work remotely at the time. But it was grueling for me. My waking hours were the closing hours at work. So I signed up never to try that again. You’ve travelled to several countries; how can you describe the cultural differences between all these places you’ve been to? People are friendly in America, but this depends on the part of the country. On the West Coast, people are nice and friendly—but they can be fake. But on the East Coast, life is fast-paced, so the people are not as nice. Australians find Americans really loud; it’s always a funny sight. Australians are a calm bunch and they love nature and generally living with this kind of pleasurable ease. I find the people in Paris, France to be rude, and I don’t think they like foreigners very much. Thai people are very friendly, and I also find their monastery lifestyle intriguing. I visited a Buddhist temple during my stay. A presiding monk prayed for me and gave me a bracelet. I enjoyed my time there. Cotonou [Benin Republic] is equally a quiet place—much quieter than Lagos. The people speak French and Yoruba so it was an easy blend for me. Osilaja at the Panyee Muteara Seafood Restaurant, Thailand I imagine travelling to these countries must’ve required a bit of adjusting, especially on the language side. What did this look like? I didn’t need to learn Bengu when I went to Thailand. My knowledge of English was enough. I speak a little Yoruba (native Nigerian language) and my French skill is 40% conversational at best, but I got by in Paris. Où puis-je
Read MoreGoogle’s Taara Lightbridge takes on Starlink with laser-powered internet
Alphabet, the parent company of tech giant Google, is picking up a fresh fight—this time with Elon Musk’s Starlink. Taara Lightbridge, a project originally developed under its X “moonshot” division, will become a standalone company, challenging Starlink in the race to connect underserved regions with high-speed internet. Taara’s selling point? It uses Free Space Optical Communication (FSOC) technology to beam high-speed internet through light over long distances, unlike satellite broadband. The move, announced on Monday, March 17, signals Alphabet’s renewed push into connectivity solutions after the closure of its Project Loon balloon venture in 2021. Taara, led by CEO Mahesh Krishnaswamy, is targeting 3 billion people globally, including 860 million in Africa without reliable internet access. The company will compete directly with Starlink, which has amassed over 5 million subscribers across 125 countries. While still in testing, Taara is operational in 12 countries globally and is now focusing on scaling its operations across Tanzania, Kenya, Zimbabwe, and Nigeria. The global push for more affordable, high-speed internet solutions has become a priority for multinational tech companies as demand surges. Yet fiber-optic infrastructure remains underdeveloped in many regions, hindering access. Its expensive and complex deployment, especially in challenging terrains, has driven the need for alternative solutions. Taara Lightbridge functions like an invisible fiber-optic cable in the sky. Instead of transmitting light through glass fibers, it sends narrow beams of light through the air, achieving speeds up to 20 gigabits per second over distances of up to 20 kilometers. This method takes advantage of light’s shorter wavelength than radio waves, allowing it to carry more data at higher speeds. However, light-based communication requires line-of-sight connectivity, meaning that obstacles like fog, rain, or buildings can disrupt the signal. To overcome this, Taara has developed advanced AI-driven mirror systems that detect, track, and maintain precise alignment between two connected units, ensuring a stable connection. “We have this sophisticated set of mirrors that searches for this light signal, and the moment they find it, they lock in,” Krishnaswamy said while explaining Taara on Google’s Moonshot Podcast on Monday. “The team created a traffic light-sized box to house the laser that could be mounted on a rooftop or cell tower.” Early deployments have demonstrated the technology’s potential. In India, Taara was successfully tested on cell towers to connect buildings in urban environments. In Africa, it bridged the Congo River in Central Africa, linking Kinshasa and Brazzaville, where traditional sub-river fibre deployment was deemed impractical. Taara will work with internet service providers, telecom companies like Liquid Telecoms, a subsidiary of Cassava Technologies, a pan-African technology group, and governments, to extend connectivity to rural villages, disaster-stricken areas, and regions where traditional infrastructure is not feasible. While fibre optic cables remain the backbone of traditional internet networks, their deployment is often uneconomical in remote or challenging terrains. Taara’s ground-based approach offers a potentially more cost-effective alternative to satellite constellations, requiring less energy and avoiding the launch and maintenance costs associated with space-based systems. Krishnaswamy said the Taara team has come up with a solution that requires taking the Taara terminal, which is the size of a traffic light, and shrinking it down to the size of a fingernail. This is meant to reduce the cost of deployment. “You could have the small little devices on everybody’s home with no speed breaks anywhere in between, at a fraction of the cost of the terminals, and without the time and challenges of trenching fibre,” he said. While Starlink looks to the stars, Taara’s aiming for a laser-focused victory on the ground.
Read MoreExclusive: Baobab Nigeria acquisition delivers 3x return for Alitheia and Goodwell
Baobab, a global financial services group with over $900 million in its loan portfolio, has fully acquired Boabab Nigeria, its local subsidiary, marking the first exit for Alitheia Capital and Goodwell Investments from their jointly managed uMunthu Fund. The Baobab acquisition gives uMunthu a 3x return on its original 2012 investment in Baobab Nigeria, formerly Microcred Microfinance Bank, which offers banking services to individuals and small businesses in underserved areas. The acquisition also contributed to the fund’s 39.3% internal rate of return—a measure of the annual profitability of its investments. The exit comes as private capital exits—returns on investments—in Africa remain below their 2022 peak of 82. Only 43 exits were recorded in 2023, a 48% decline from 2022, and the 31 exits recorded by 2024’s third quarter indicate that last year’s numbers are similar to 2023. Since Alitheia and Goodwell’s initial investment, Baobab Nigeria has expanded from a single branch in Kaduna to 38 branches across 16 states, growing its customer base from 19,000 to 230,000. During this period, the bank’s balance sheet expanded 37-fold, while its loan book grew 43.5-fold, according to uMunthu. Despite its rapid growth, the bank focuses on small-scale financial inclusion, with average loan and deposit sizes of ₦2 million ($1,300) and ₦91,000 ($60), respectively. “This was a bank operating out of a single room in northern Nigeria when we invested, and today it is a top-three nationally licensed microfinance bank,” said Alitheia’s managing partner, Tokunboh Ishmael. “We’re proud of what’s been achieved together, and look forward to seeing where the future will take Baobab Nigeria.” The fund said in a statement that the growth strategy of Boabab Nigeria was supported by local governance expertise, financial structuring advice, local market insights, and access to key networks provided by uMunthu. Exits signal the viability of investing in a region, and with Africa lagging behind other developing markets like Asia—where exits exceeded $65 billion—the continent risks losing out on foreign capital to regions with stronger returns. “This [exit] is not only a testament to the impressive growth and financial stability Baobab Nigeria has achieved with the support of these two investors, but it also proves the ability of patient capital to drive both financial and impactful returns,” uMunthu said in a statement.
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TechCabal Daily – Hakuna Wanatu
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! The ultimate tech CEO flexed his muscles this week. Elon Musk raised close to $1 billion for X, the social media platform that is now shaped in his likeness. Let’s say we’re inspired by Musk this morning. TechCabal will reach its X era. But first, we need you to contribute greatly to our efforts. Follow our TikTok page—the irony of what we’re asking is not lost on us—and engage with our videos so we can share this Musk money tech knowledge with you. Over 2,500 apps tried to rival Uber, Bolt in Nigeria Why is local ride-hailing upstart Wanatu winning in South Africa? Airtel Money gains market share as M-Pesa declines Funding Tracker World Wide Web 3 Job Openings Ride-hailing Over 2,500 apps tried to rival Uber, Bolt in Nigeria Image Source: Google Over the past decade, more than 2,500 local ride-hailing apps have tried to usurp the dominance of Uber and Bolt in Nigeria. These global competitors—flush with funds and advanced technology—have asserted dominance as major competitors in the industry, with newer entrants like inDrive also gaining traction. Local ride-hailing alternatives have struggled due to economies of scale, network effects, funding constraints, and driver retention challenges. Take Oga Taxi, Nigeria’s first indigenous ride-hailing app, for example. Launched in 2014 by Michael Nnamadim, it struggled to scale and eventually shut down. T-Cab Rides, another homegrown platform launched in 2018 by Samuel Ogunwus, operated on a model similar to inDrive, allowing passengers to negotiate fares. However, the company appears to have ceased operations, as its social media accounts have been inactive since 2019. Oga Taxi and T-Cab are just two of many Nigerian ride-hailing startups that have tried—and failed—to compete with Uber and Bolt. While multiple factors have led to their collapse, Nigeria’s ride-hailing sector has become even more challenging in recent years. Rising living costs have weakened riders’ purchasing power, while the removal of fuel subsidies has significantly increased operational expenses for drivers. The cost of vehicle maintenance has jumped by 200%, slashing driver profits by as much as 300%. Many drivers—already burdened by platform commissions and regulatory fees—are either quitting or reducing their working hours. Yet, these challenges haven’t deterred new local entrants. Earlier this month, a group of Nigerian ride-hailing drivers launched SimpliRide. Platforms are also adapting their models to accommodate drivers’ needs. For instance, Lagos State’s government-backed ride-hailing service, LagRide, is shifting towards a salaried structure for drivers, an unconventional approach in the industry. The battle for ride-hailing dominance in Nigeria is far from over. However, local startups will need stronger financial backing, better driver incentives, and strategic marketing to stand a chance against their global competitors. Are you a freelancer or a remote worker? Fincra wants to understand the challenges and opportunities related to cross-border work payments for freelancers and remote workers in Nigeria. Please take just a few minutes to complete this survey. Ride-hailing Why is local ride-hailing upstart Wanatu winning in South Africa? Image Source: Andertoons While over 2,500 local ride-hailing apps have tried—and failed—to stage any serious threat to giants Uber and Bolt in Nigeria, the story is different in South Africa. In February 2025, Wanatu, a local ride-hailing startup, launched and has quickly garnered over 30,000 users as it takes on the large industry giants in the South. Despite its wins, the company’s hiring policy—preferring only drivers who are Afrikaans speakers—has triggered a debate. Yet, its gig-driving model differs in a few ways from Uber, Bolt, and inDrive. The biggest change is that Wanatu employs its drivers full-time instead of treating them as independent contractors. Drivers earn a basic salary plus tips, a setup that provides them with more financial stability than what Uber or Bolt offer. Another major difference is pricing. Unlike Uber and Bolt, where trip costs can rise due to traffic, delays, or longer routes, Wanatu sticks to the fare displayed when a ride is booked. That means no unpleasant surprises for customers who might otherwise see their bill increase after drop-off. Security is another selling point. Every Wanatu vehicle is equipped with live-monitored dashcams, an in-car panic button, and voice recording features—tools designed to prevent misconduct by drivers and passengers. Is Wanatu a real threat to Uber and Bolt? The jury is still out. For now, it’s still much smaller and has fewer drivers, which means availability can be a challenge. But with plans to expand and a business model that’s winning over customers, it’s clear that Wanatu is making its presence felt in South Africa’s competitive ride-hailing market. You can now integrate Paystack with Stub Stub makes it easy to manage your business with features like invoices and financial reports. With Paystack integration, you can securely accept payments online and track them in real time. Learn more here → Mobile money Airtel Money gains market share as M-Pesa declines Image Source: Yarn M-PESA’s market share continues to shrink, marking its fifth straight quarter of decline. The latest data from the Communication Authority of Kenya (CA) shows M-PESA’s share fell to 91% in Q4 2024, down from the previous quarter. In contrast, Airtel Money’s share grew from 7.6% to 8.9%, driven by aggressive promotions and lower transaction fees. M-PESA is still the dominant player, but competition is getting tougher. Airtel Money has been attracting users with cheaper transaction costs. For example, sending KES 1,000 ($8) to another network costs KES 11 ($0.085) on Airtel Money but KES 13 ($0.10) on M-PESA. Withdrawal fees are also slightly lower on Airtel Money. These small differences add up, especially for frequent users. Another factor hurting M-PESA is increased interoperability. Since 2022, mobile money users have been able to send and receive money across different providers more easily. This means customers who once felt locked into M-PESA can now explore other options without much hassle. Being a competitive market, the switching cost for customers is lower, which creates an opening for Airtel Money. Airtel Money has also been working to
Read MoreOver 2,500 ride-hailing apps have tried—and failed—to compete with Uber, Bolt – drivers’ union
Over 2,500 ride-hailing apps, mostly locally developed ones, have attempted to compete for commuters since US-based Uber entered the Nigerian market in 2014, according to a top official of the Amalgamated Union of App-Based Transporters of Nigeria (AUATON). Rising operational costs, regulatory hurdles, and the dominance of well-funded foreign players have made it nearly impossible for local platforms to compete. “More than 2,500 apps have attempted to enter the market since Uber arrived in 2014,” Ibrahim Ayoade, general secretary of AUATON, told TechCabal by phone. “This is based on my records from their registration attempts with us. However, many of these apps fail to sustain operations due to the competitive landscape and challenging business environment.” Nigeria’s ride-hailing market promised to deliver convenience to commuters and a financial lifeline to many drivers. Yet, the sector remains a difficult playing field. Established foreign operators, with deep pockets and advanced technology, continue to squeeze out homegrown alternatives. Among the casualties is Oga Taxi, Nigeria’s first indigenous ride-hailing app founded by Michael Nnamadim, launched in 2014 but shut down after struggling to scale. Easy Taxi, a Brazilian platform that entered Nigeria in 2013, ceased operations in 2017 following its acquisition by Latin America’s Cabify. Not much has been heard from T-Cab Rides, another indigenous app launched in 2018. The ride-hailing company co-founded by Samuel Ogunwus, allowed passengers to negotiate fares with drivers, similar to Indrive. However, the company appears to have ceased operations, given the inactivity on its social media accounts since 2019. Alpha1 Rides, an indigenous ride-hailing company founded in 2017, attempted to disrupt the Nigerian cab-hailing sector with its new ride system, including office shuttles and limousines. Just like T-Cab, its social media accounts have been inactive since 2020. GoAfrik, a Nigerian logistics startup co-founded by Thomas Ajayi, launched Taxigo Nigeria in 2018, offering services like taxi booking, bike rides, courier delivery, and on-demand logistics. However, the platform has shown little to no activity in recent years. According to AUATON, several ride-hailing apps have attempted to challenge Uber and Bolt in Nigeria, with most launching before the COVID-19 pandemic in 2020. These include Oga Taxi, Smart Ride, Gudride, Alpha 1, GLT, Jetride, Rideme, Tripz, Go247, T-cab, Taxigo, 9ja, Skyconnent, Phixama, Cruise, MotionPlus, Gidicab, Soole, BudgetRide, Zkyte, Easy Taxi, Afro Cab, Say Taxi, ProTaxi, Enivo, and Alakowe Taxi. TechCabal findings show that at least 16 of these platforms—including Oga Taxi, Smart Ride, Gudride, Alpha 1, GLT, RideMe, Tripz, Go247, T-cab, Taxigo, MotionPlus, Gidicab, Soole, Easy Taxi, Afro Cab, and HerRyde—are no longer operational in Nigeria. “Logistics is a high-risk sector,” said Ayodeji Ebo, managing director/chief business officer at Optimus by Afrinvest Limited. Fuel prices, policy shifts, and the fight for survival Ride-hailing platforms have become increasingly popular across Nigeria, especially in major cities like Lagos and Abuja, driven by their convenience, a large youthful population, and rising internet penetration. However, the sector faces challenges like inconsistent policies, poor road infrastructure, driver complaints, and the lack of digitized data for efficient operations. The challenges for ride-hailing companies in Nigeria have only intensified. The removal of the country’s petrol subsidy in May 2023 caused fuel prices to surge by over 400%, dramatically increasing drivers’ operating costs. According to the National Bureau of Statistics, the road transport sector contracted by 35.9% in 2023—down from a positive growth rate of 15.1% in 2022. AUATON estimates that since the subsidy removal, the cost of vehicle maintenance has jumped by 200%, slashing driver profits by 300%. Many drivers, already burdened by platform commissions and regulatory fees, are quitting the sector or cutting back on working hours “The cost of car maintenance has increased significantly,” said Bolude Olumuyiwa, a Lagos-based driver. “Repairing my car’s air conditioning now costs ₦200,000 ($130), compared to less than ₦100,000 a year ago.” Even with fare hikes, drivers complain that their take-home pay remains unsustainable, while customers, hit by rising living costs, are increasingly abandoning ride-hailing apps for cheaper public transport. Ayoade of AUATON believes that without policy support, local ride-hailing platforms will continue to fail. “The only way these indigenous apps can succeed is through government intervention—either through favorable regulations or financial support,” he said. LagRide, a government-backed ride-hailing service, is losing traction, with fewer drivers using the platform. CIG Motors, the Chinese automobile company that assembles and distributes GAC vehicles in Nigeria, recently took over the company’s operational management. Meanwhile, new entrants like SimpliRide, a driver-led ride-hailing platform launched in March 2024, hope to buck the trend by offering better terms to drivers. But industry experts warn that without long-term, patient capital, many of these startups face the same fate as their predecessors. “The payback period for this capital needs to be longer,” said Ebo of Afrinvest Limited. “Otherwise, these companies won’t survive the pressures of rapid growth and profitability demands.” The ride-hailing industry’s future is uncertain as companies grapple with market share, profitability, and driver welfare. For now, the road to ride-hailing dominance in Nigeria remains one where only the strongest or the best-funded survive.
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Moneda Invest Africa and meCash partner to enhance critical SME financing in Africa with the launch of “Musa”
Moneda Invest Africa has partnered with meCash to reshape Africa’s financial ecosystem, particularly in payments and access to credit. The details of this strategic alliance and the “Musa” app were unveiled at the Moneda Experience, held on March 14, 2025, in Lekki, Lagos. The event brought together key stakeholders, including Ejike Egbuagu, GCEO, Moneda, Modupe Diyaolu, Co-founder, meCash; Adebusola Adegbuyi, Co-founder and CTO, meCash; Precious Ehihamen, Ag Managing Director, Moneda Technologies, investors and members of the press to discuss the future of credit access for critical SMEs. A Vision for Financial Inclusion Moneda Invest Africa specialises in energy, agriculture and mining, providing alternative credit and execution expertise to critical SMEs in Africa’s natural resource value chains. meCash, a cross-border payments platform, complements this by enabling seamless financial transactions across global markets. Together, they aim to provide credit for businesses executing contracts—without the need for collateral. The focus is on SMEs supplying materials or operating SMEs engaged in the natural resources sector, spanning energy, agriculture, and minerals. “What will truly change the quality of our lives is ensuring that businesses get access to credit, empowering them to create value and transform industries thereby transforming the quality of our lives“ said Ejike Egbuagu, GCEO of Moneda. For meCash, this partnership is a commitment to improving financial inclusion, secure and efficient payments and cross-border transactions. “SMEs are the bedrock of any economy, and we are excited to finance businesses that drive real impact,” said Modupe Diyaolu, Co-founder & CEO of meCash. Addressing the Challenges of SME Financing Financing SMEs in Africa comes with complex challenges, including high default rates and regulatory hurdles. meCash’s expertise in financial infrastructure helps mitigate these risks by ensuring efficient fund disbursement, secure payments, and regulatory compliance across multiple African markets. “Compliance is the bedrock of financial services, and that’s what differentiates us,” said Diyaolu, emphasizing meCash’s role in ensuring seamless regulatory adherence and risk management for cross-border transactions. MUSA is expected to redefine access to capital by providing a structured credit model tailored for Africa’s natural resource sectors. Compared to many fintech solutions that focus solely on digital and consumer lending, MUSA operates with the rigor and reliability of a traditional financial institution, ensuring structured financing and risk-managed disbursement for critical SMEs across Africa. Technology-Driven Transparency A major highlight of the event was the demo of “Musa”, an app designed to facilitate this partnership. Precious Ehihamen, Ag Managing Director, Moneda Technologies, demonstrated how the platform ensures real-time transparency, transaction monitoring, and risk-sharing. Musa was built to democratise access to finance for SMEs, offering flexible credit options that bypass conventional collateral requirements and lengthy application processes. “What we are doing is sharing the risk with SMEs, providing them with the financial infrastructure to execute contracts and receive payments without unnecessary roadblocks,“ he said. With Musa, African critical SMEs will have access to global capital, providing a meeting point for suppliers, manufacturers and service providers. The app enables users to input contract details, including the nature of the contract, required supplies, funding needs, and risk assessment. It then calculates the associated risks and provides a real-time dashboard to track completed transactions., making it easy to monitor progress. A Fireside Chat on the Future of SME Credit The event concluded with a fireside chat featuring the CEOs of meCash and Moneda, moderated by Ugodre Obichukwu, CEO of Nairametrics. Key discussions centred around how this partnership overcomes traditional SME financing bottlenecks and the steps being taken to ensure sustainable credit repayment models. With this partnership, Moneda and meCash are not just financing businesses—they are building a financial infrastructure that empowers African SMEs, enhances cross-border transactions, and drives economic growth across the continent.
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TechCabal Daily – A Valu-ed listing
In partnership with Lire en Français اقرأ هذا باللغة العربية Techies, be inspired this morning. In 2021, Ruth Ikegah was a fresh microbiology graduate earning ₦70,000 ($170 at the time) per gig. Months later, she landed a $5,000/month technical writing job that changed her life. She went on to become the first African woman to win a GitHub Star award, speak at the United Nations, and advocate for Africa’s open-source community. Today, she earns over $70,000 annually and leads initiatives that help African developers build sustainable careers in open source. Read Ruth Ikegah’s life in tech. Egyptian fintech Valu to list on the stock market Quidax lists cNGN, the Naira-backed stablecoin South Africa’s inflation remains unchanged in February HabariPay is betting on transfers World Wide Web 3 Events Economy Egyptian fintech Valu to list on the stock market Image Source: Google Swedish buy-now-pay-later (BNPL) giant Klarna has dominated news headlines after it filed its prospectus on March 14 to go public on the New York Stock Exchange (NYSE). But Valu, an Egyptian fintech startup, is not willing to let Klarna have all that shine. It has announced plans to list 20.5% of its shares—based on its book value—on the Egyptian Exchange (EGX) in 2026, as the country’s second-ever fintech IPO after Fawry. Valu, which rebranded from a BNPL startup in 2023 to offer broader consumer finance products, will be a marquee listing on the EGX. The startup was last publicly valued at $247 million in 2022 after securing a $12.4 million equity funding from Saudi investor Alhokair family. The EGX, which has struggled with liquidity challenges in recent years, is in a much stronger position to handle a fintech IPO like Valu. The exchange has been pushing for more listings to deepen the market and the Egyptian government has introduced policies to attract foreign investors. The listing will likely be good timing. In 2024, the EGX experienced a dry spell in 2024 with only two IPOs, owing to retail investors temporarily turning away their interest amid the harsh market. Since Q4 2024, the floated Egyptian Pound and the easing inflation have reduced economic pressure in the country. The listing of another familiar fintech on the exchange will also be a breath of fresh air for the bourse which has relied on real estate listings in the past. If investor appetite holds steady, Valu’s IPO could not only succeed but also set a precedent for more fintechs to go public in Egypt. Other African countries can borrow from Egypt’s playbook. A combination of clear regulatory frameworks, government-backed digital transformation programmes, and dedicated tech hubs have created an environment where startups see public listings as a viable growth strategy. Are you a freelancer or a remote worker? Fincra wants to understand the challenges and opportunities related to cross-border work payments for freelancers and remote workers in Nigeria. Please take just a few minutes to complete this survey. Cryptocurrency Quidax lists cNGN, the Naira-backed stablecoin Image Source: Ledger Insights If you’ve been dilly-dallying about whether to buy the cNGN, the Naira-backed stablecoin which launched on February 3, this may be a sign for you to lock in—not a financial advice. Quidax, another Nigerian provisionally-licenced crypto startup, has listed the stablecoin on its platform. The blockchain payments space is evolving quickly. At a glance, the payment volume for stablecoins is already reaching $2.5 billion, with the velocity of money—which shows how much the global economy is driven by these digital currencies—peaking at $622 million. There’s much hype around stablecoins because there’s real substance to it. First, stablecoins are cheap due to their operations on multiple blockchain networks. Second, in remittances, stablecoins are emerging as a cheaper alternative to sending money across Africa; we could soon see this utility apply to intra-continental payments. This is the argument that applies to cNGN. Imagine traveling from Nigeria to Kenya on a business trip. Instead of dealing with currency exchanges, you could use cNGN to buy cKES, the stablecoin pegged to the country’s local currency Kenyan Shilling (KES). You could then convert cKES to KES and withdraw it to your bank account. For this to work, there are two theories here: African local currencies need more stablecoin versions, and operators and regulators need to be more receptive to the technology, finding ways to work with it. The cNGN will likely see more utility with the listings on crypto exchanges that operate in multiple African markets, opening a gateway to remittance. However, for it to scale, there must be stronger collaboration between operators, regulators, and project developers. You can now integrate Paystack with Stub Stub makes it easy to manage your business with features like invoices and financial reports. With Paystack integration, you can securely accept payments online and track them in real time. Learn more here → Economy South Africa’s inflation holds steady amid easing food prices Image Source: Wunmi Eunice/TechCabal South Africa’s annual inflation rate remained unchanged at 3.2% in February, defying expectations of a slight uptick to 3.3%. This stability keeps inflation comfortably below the South African Reserve Bank’s (SARB) mid-point target of 4.5%. A continued decline in food inflation contributed significantly to the latest inflation reading. In January, food prices rose by 2.3% year-on-year, marking a decrease from previous months and reaching levels not seen since December 2010. Per local media, staples such as bread, maize meal, rice, and pasta have seen notable price reductions, providing relief to consumers. The SARB, known for its cautious monetary stance, is expected to maintain the interest rate at 7.50% in its upcoming meeting. While some analysts anticipate a 25 basis point (bp) cut, the prevailing sentiment leans towards a pause, especially given external uncertainties like global trade tensions and domestic fiscal challenges. The MPC will be concerned that inflation expectations for the next two years have risen slightly to 4.7% from 4.6% in the first quarter. Since it uses this measure to guide its decisions, the panel prefers to keep expectations closer to the midpoint of its
Read MoreMysten Labs co-founder launches $1.3 million fund to train African software engineers
Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to train African software engineers, addressing a critical talent shortage in the region’s growing tech ecosystem. The five-year fund, managed by Inurere Foundation, will offer student loans to aspiring software engineers enrolled in the Techpreneurship programme run by Semicolon Africa, a Nigerian workforce development company, where participants will learn advanced programming languages, including Move, used for smart contract development. Meedl Africa, a fintech company, will facilitate the loans. The fund will provide loans of approximately ₦5 million ($3,300) at 12% annual interest, with repayments recycled to support new students, ensuring the programme’s sustainability. Semicolon Africa, which has trained over 800 software engineers through the Techpreneurship programme, will place graduates into jobs after completing their training. “Funds are recycled, meaning many more learners can be trained over time,” Ashley Immanuel, Semicolon COO told TechCabal. “This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates. Nigerian financial providers are interested in student loans, but with MPR at 27.5%, their rates are too high. Blending that ‘expensive’ capital with endowment funds can make loans more affordable.” The initiative is a response to Africa’s shortage of blockchain engineering talent, which threatens to slow the growth of the region’s startup ecosystem. For Abiodun, the fund is personal. Before co-founding Mysten Labs, he held engineering roles at JP Morgan, HSBC, Oracle, and Meta’s Novi, the now-shuttered digital wallet project that allowed users to hold the Libra stablecoin. “Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding,” he said. “With the rise of AI and blockchain, we are committed to ensuring African students are high-level contributors to the global tech workforce.” The demand for skilled tech talent in Africa is rising as the digital economy expands with a projection to reach $712 billion by 2050. Sam Immanuel, CEO of Semicolon Africa, said the initiative could serve as a model to bridge the education financing gap. “We hope that more individuals—and companies—will follow in the Abioduns’ footsteps and invest in funds, like this endowment, that will engender sustainable talent development across the continent,” he said.
Read MoreSafaricom’s M-PESA decline continues as Airtel Money gains
M-PESA, Safaricom’s mobile money service, has declined for the fifth consecutive quarter, weighed down by increased interoperability and Airtel Money’s aggressive promotions, including transaction fee refunds as airtime. M-PESA’s market share fell by 2.3 percentage points to 91% in Q4 2024 compared to Q3, while Airtel Money grew from 7.6% to 8.9% in the same period, according to data from the Communication Authority of Kenya (CA). The sustained decline in M-PESA’s market share signals a shifting competitive landscape in Kenya’s mobile money ecosystem. Increased interoperability since 2022 has made it easier for customers to switch service providers. Airtel Money’s aggressive promotions, lower fees, and increased agent networks are drawing more customers. The growth in Airtel Money’s customers suggests that many new mobile money accounts have joined its platform. “Subscription to mobile money services grew by 4.1 percent to 42.3 million translating to a penetration rate of 82.1 percent during the reference period,” CA said in its sector report. Airtel Money remains the more affordable option for transactions, which could also explain why it’s eating into M-PESA’s market. Sending KES 1,000 ($7.7) to other networks costs KES 11 (0.085) on Airtel Money, compared to M-PESA’s KES 13 ($0.093), while withdrawing the same amount costs KES 29 ($0.22) on Airtel Money—KES 2 less than M-PESA. Airtel has also strengthened its agent network, partnering with supermarket chains like Naivas to host points where customers can deposit and withdraw cash. M-Pesa has over 160,000 agents spread across the country, giving it an edge over Airtel. The Central Bank of Kenya (CBK) ‘s plan to implement agent interoperability, which would allow users to access mobile money services from any agent, regardless of the provider, remains unfulfilled despite the regulator’s commitment to roll it out by 2024. With over 34 million customers, M-PESA is still the dominant mobile payments platform, handling over 30 billion transactions with an estimated KES40 trillion ($308.8 million). Airtel Money has an estimated eight million registered users. CBK’s planned rollout of a new Fast Payment System (FPS), which will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs), could further challenge M-Pesa’s dominance in the market.
Read MoreNigeria records largest global drop in cash usage as digital payments surge
Nigeria recorded the steepest decline in cash transactions to surpass six cash-reliant economies in the past decade thanks to the rapid adoption of digital payments and rising fintech partnerships, according to a report by global payment processing company Worldpay. From 2014 to 2024, cash transactions in Nigeria fell by 59%, the largest drop among the seven major economies analysed. The Philippines followed with a decline (43%), while Indonesia (44%), Mexico (41%), Japan (31%), Germany (24%), and Colombia (22%) also saw drops in cash usage. The decline comes as electronic transactions hit record highs in Nigeria, driven by increased partnerships between banks and fintech companies to promote digital payments. The report—which analysed 40 markets representing 88% of global GDP—projects that cash usage in Nigeria will drop further to 32% by 2030 as digital payment adoption continues to grow. Digital payments in Nigeria surged in 2023, fueled by the Central Bank of Nigeria’s naira redesign policy aimed at curbing cash hoarding and money laundering. However, the controversial policy led to severe cash shortages, causing a 29.2% drop in currency circulation to ₦982.1 billion by February 2023—the lowest since 2008. As traditional banks struggled to manage the spike in online transactions, fintech companies like OPay and PalmPay seized the moment, offering reliable alternatives for money transfers and bill payments and emerging as the biggest winners of the cash crunch. “Nigerians now have an increasing appetite for non-cash transactions,” said Uchenna Uzo, a professor of marketing at Lagos Business School. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the volume of electronic transactions surged by 16-fold (1,514.2%) between 2018 and 2024, rising from 793 million to 11.3 billion respectively. The Worldpay report noted that while Nigeria remains a cash-heavy economy, the rate of cash has slashed by more than half from 91% since 2019, noting that “Mobile devices are playing a central role in the transformation.” According to Enhancing Financial Innovation & Access (EFInA), the financial inclusion rate rose to 64% in 2023 from 56% in 2020. In November 2024, the Central Bank of Nigeria projected the 2023 rate to increase to 80% by 2026. “Collectively, these innovations streamline payment processes, reduce reliance on cash, and improve the overall efficiency of financial transactions in Nigeria,” said analysts at Euromonitor International in a recent report. Fueled by fintech partnerships and innovation, Nigeria is rapidly solidifying its position as the dominant digital finance powerhouse in Africa. If the current pace holds, the country won’t just lead the continent in financial inclusion, it will set a blueprint for the future of money in Africa.
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