👨🏿🚀TechCabal Daily – Got $2 for Gold?
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Easter Monday! Long weekends are for resets and maybe rethinking how we save. In South Africa, that reset now includes owning gold from just R50 ($3). Yes, real gold. Let’s delve into some of the tech news that happened over the weekend! Gold goes digital in South Africa Access Holdings spent the most on tech in 2024 Paystack vs. Zap Africa: What’s really in a name? Twiga Foods acquired three FMCG distributors World Wide Web 3 Opportunities Crypto Gold goes digital in South Africa Image Source: Access Bank South African crypto platform Mesh.trade , has launched tokenised Kruggerrands in partnership with Troygold, allowing anyone to invest in gold for as little as R50 ($3). Each token is backed 1:1 by a physical Krugerrand stored in a vault in Johannesburg and audited monthly. The move brings a centuries-old asset into the blockchain era. Tokenization lets investors own fractions of a gold coin, tracked on the blockchain and accessible via a digital wallet. Users can redeem tokens for actual coins or trade them online. Why it matters: Troygold and Mesh.trade say they’re democratising access to gold—long seen as a hedge against inflation and rand volatility—especially in a year when global gold prices are on the rise. This year, Gold prices have surged more than 25%. Krugerrands are also VAT-free, fully auditable, and redeemable. This isn’t South Africa’s first gold investment product, (hello, NewGold ETF), but it is the first crypto-native, locally backed gold token. It blends traditional finance with blockchain innovation—and does it under regulatory oversight. Mesh.trade holds one of South Africa’s new Crypto Asset Service Provider licenses. South Africa now joins Nigeria and Zimbabwe in exploring digital gold. Nigeria’s LCFE launched Eko Gold Coins in 2021 and Zimbabwe’s central bank introduced a gold-backed digital currency But this tokenized Krugerrand, pegged to a globally trusted coin and built on local infrastructure, may be Africa’s cleanest fusion yet of blockchain and bullion. 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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. Banking Access Holdings spent the most on tech in 2024 Access Holdings, the parent company of Access Bank, spent a jaw-dropping ₦193.5 billion ($120.5 million) on tech in 2024. The bank spent 147% more on tech than it did in the previous year, more than its competitors—GTCO, UBA, and Zenith Bank. GTCO, for instance, spent ₦88 billion ($56.8 million) on IT expenses, Zenith spent ₦67.3 billion ($43 million), while UBA spent ₦48 billion ($30.5 million). Much of Access Bank’s tech expenses were spent on upgrading the bank’s core banking software and beefing up cybersecurity to drive down fraud losses. Access Bank told TechCabal reporter Bunmi Bailey that most of the increases are “vendor-driven, especially in areas like licensing, technical support, and niche services.” On the other hand, analysts say they are trying to keep fintech upstarts like OPay and Moniepoint from stealing their lunch. Some also say that the banks are trying to drive down fraud losses. The result so far? Fraud losses dipped 73%, from ₦6.15 billion to ₦1.64 billion, for Access Bank. There is more in Bailey’s report. Zap by Paystack for quick bank
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Fisayo Durojaye wants investors to better differentiate a scalable idea from an empty one
Fisayo Durojaye has lived many lives. He’s been an investment banker, a venture capitalist, and an educator. Throughout his career, Durojaye has held the belief that local context is crucial in making good investment decisions. This ideology has served him well by shaping his approach to angel investing, which has already yielded an exit, informed his venture capital career, and formed the foundation of his VC course, Immerse VC. He has invested in three Nigerian startups as an angel investor: Oneport 365, a Nigerian logistics startup that raised $5 million in seed funding (which he has exited); Shuttlers, a startup digitising shared commutes; and Homefort, a clean energy startup. While this may not make him a prolific angel investor by volume, his hands-on support in helping these startups raise capital has earned him his stripes in the ecosystem. “All three [companies] were structured the same way,” Durojaye told TechCabal in an interview. “I saw the deal first, brought others in, and invested alongside. That’s my style. I say I’m a good investor, it’s because I can spot great deals and convince others to co-invest.” Immerse VC has already produced several venture capital analysts now working at firms like Seven VC, Lofty Inc., and Kuramo Capital, with students from firms like Consonance, Oui Capital, Sahara Ventures, and the IFC also attending. Durojaye told TechCabal that he started Immerse VC to help solve what he called a financial understanding problem, designing the course to help participants learn how to properly evaluate businesses and make informed investment decisions. “People say a company is ‘scalable’ just because it doesn’t own assets,” he said. “But that’s not always true. If you look at the accounts, you’ll see how tight the margins are. Some of them are losing money at the revenue line. If you understand finance, you’ll see this stuff instantly. That’s why I teach it. This is about helping people avoid bad deals and business models that don’t work.” TechCabal spoke to Durojaye to understand his investment approach and why he’s teaching the next generation of African investors. This interview has been edited for length and clarity. You started in investment banking, and now you’re a VC, angel investor, and educator. How did all this happen? It started with trying to understand business news. I wasn’t aiming to learn finance at first—I just wanted the business sections of the papers to make sense. I’d Google stuff, and that’s how I started learning finance. By my second year in school, I realised I was more interested in finance than in English (which I studied) or Law (which I planned on studying). When I graduated, I started working for free, and by the time I got my first job, I realised something: my colleagues had first-class degrees in economics, but none of us knew anything useful for investment banking. The schools hadn’t prepared us for the job. So we all had to be trained from scratch. That’s when I understood that I wasn’t at a disadvantage. Sure, they knew the theory better, but I understood the markets. That’s the difference, and as I got more comfortable in my second year as an analyst, I started teaching. I’d seen that the new guys joining also didn’t know much, so I figured, “Why not help them?” I started teaching investment banking in 2014, a year after I joined in 2013. My friends and I started a company called EduBridge Academy. We started teaching on weekends, and we taught finance, PowerPoint, Excel, financial modelling, and macroeconomics—all the tools you need in investment banking. Four years into my investment banking career, I was tired. I wanted more. The typical transition back then was investment banking to private equity. This was around 2015–2016, and VC wasn’t a thing yet. I was looking for PE roles, but there weren’t many. Then I stumbled on EchoVC, applied, and got the job. Before that, I was already interested in tech. At EchoVC, I could stay close to finance and support early-stage founders. These companies needed help: recruiting, finance, modelling—all of it. Once I got into VC, I noticed people didn’t understand accounting or finance. In VC, people just throw out things like “valuation is a multiple of revenue.” But even basic revenue concepts are misunderstood. So I saw the gap and thought, “let me teach analysts and associates in VC.” That’s how it started. I designed a six-week program, similar to EdBridge, and started teaching on-the-job skills. Was there a particular moment or deal that made you realise you wanted to leave investment banking for VC? I was already getting tired of investment banking. If you know how it works, you do a deal, collect your fee, and move on to the next. We were hunters. One deal that solidified it for me was Mainstreet Bank. We helped sell Enterprise Bank first, and I was the lead analyst on it. It was a good deal—we made a lot of money. But after Skye Bank acquired Mainstreet, they had “indigestion.” They couldn’t integrate, and eventually both banks failed. The Central Bank had to step in and merge them into Polaris. We got paid, but my legacy went down the drain. Our client, the Asset Management Corporation of Nigeria, was happy because they sold the bank for a good price. But for me, it didn’t sit right. That’s when I started rethinking the work. When I eventually entered VC, I realised that’s where I belonged. One of the first deals I worked on at EchoVC was LifeBank. The founder was passionate about solving blood shortages and poor healthcare infrastructure. We gave her money, but we didn’t stop there. We helped with recruiting, finance, modelling—all of it. It wasn’t just investing but active support. That resonated with me. Fast-forward a few years: when my wife was about to deliver our first son, she needed blood. Guess who delivered it? LifeBank. We could afford everything, but still, it was a full-circle moment. We had invested in the company
Read MoreNiger waives right-of-way fees for telcos, introduces ₦500,000 one-time permit
Niger State has officially waived right-of-way (RoW) fees for fibre optic infrastructure, becoming the twelfth Nigerian state to implement the policy to incentivise telecom operators and expand internet access. The policy, formalised in a government gazette dated September 2, 2024, and signed by Governor Muhammed Umar Bago, is part of a broader effort to attract private-sector investment, extend internet access to remote communities, and digitise public services. Under the new policy, telecom operators will pay a one-time, non-refundable application fee of ₦500,000 ($311.80). According to Suleiman Isah, Niger State’s Commissioner for Communications Technology and Digital Economy, the fee covers both initial network deployment and any future expansions. “Even if a company received its permit ten years ago, they are not required to pay again for expansion—just notify the state,” Isah told TechCabal. RoW fees—levied by state governments for laying fibre optic cables—have long been a bottleneck to broadband expansion across Nigeria, creating high entry costs for telecom operators like MTN Nigeria, Airtel Africa, and Globacom. The effort to harmonise Right-of-Way fees began in 2013, when the National Executive Council (NEC) proposed a uniform fee of ₦145 ($0.09) per linear metre. However, adoption has been uneven, with only around 35% of states reducing or waiving the fees. Niger, the state with the fifth largest fibre infrastructure (3,681.66km), now joins the list of states—Zamfara, Katsina, Anambra, Kebbi, Nasarawa, Bauchi, Adamawa, Kaduna, Ekiti, Imo, and Plateau—that have either eliminated or significantly reduced RoW charges to attract investment. “A no-fee RoW policy will attract substantial investments from telecommunication companies, leading to expanded network coverage, especially in rural and underserved areas, and creating a favourable business environment that supports job creation and economic growth,” Governor Bago said in the gazette. Nigeria hopes the waiver will encourage more operators to invest in fibre infrastructure and help close the connectivity gap in one of Nigeria’s largest and most underserved regions.
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Lori Systems raises at $5 million valuation, tweaks business model
Lori Systems, the Google-backed Kenyan logistics startup raised $2 million at a steeply discounted $5 million valuation in 2024. The logistics startup, once valued at about $120 million, saw its valuation slashed to $5 million in the latest bridge round which was led by Delta40, with participation from Future Africa, FP Capital, and other investors. The latest fundraise brings the company’s total funding to over $46 million. Lori Systems’ valuation decline from $120 million to $5 million reflects a broader trend of shrinking valuations for African startups. However, it also signals that Lori likely fell short of the growth targets it had set for its investors. While Lori declined to disclose specifics, similar underperformance has plagued other logistics startups struggling to deliver the technology-driven scale investors expected. In Kenya, one of Lori’s key market, only two other logistics startups—Afrogility and ApexLoad—raised a modest $200,000 in total. In Nigeria, only three logistics firms—Renda, Fez Delivery, and Cargo Plus—disclosed funding rounds, raising a combined $2.1 million. Nonetheless, investors in Lori’s new round remain bullish. “Delta40 invested in Lori in 2024 because of the immense market opportunity it presents in Africa’s trucking and logistics sector—a $180 billion market growing at 8% annually,” Delta40 said in a statement. “Lori’s technology and business model uniquely position it to both create and capture value, even in a challenging macroeconomic environment.” Jean-Claude Homawoo, Lori’s co-founder and CEO, is equally optimistic. He says the company will achieve profitability this year, a milestone he believes will unlock access to traditional bank financing. “We have noticed that our lending partners give loans to profitable companies. And that has been our drive towards profitability,” Homawoo noted. Homawoo claims Lori has improved its EBIT margins over the past three years, although he declined to share exact figures. EBIT, or earnings before interest and taxes, measures a company’s operating profitability. The company is also re-engineering its financing model to address cash flow constraints that have hampered logistics startups across the continent. Typically, Lori pays transporters upfront to secure trucks and is reimbursed by cargo owners 30 to 90 days later. The lag strains working capital and forces startups to rely heavily on revolving credit lines from banks. One of the investors, who declined to be named as he is not a company spokesperson, says the startup is confident because it is currently rejigging its business model to fix the working capital issues that have dogged logistics startups across the continent. Launched in 2016 by Homawoo and Josh Sandler, Lori set out to reduce the cost of moving goods across the continent by connecting shippers with transport providers through its aggregator platform. The typical customers—manufacturers, distributors, and high-volume shippers—are characterised by long payment cycles. Their vendors typically have to wait 30 to 90 days for manufacturers and distributors to settle invoices. On the other hand, the transporters must be paid almost immediately—the part before the trip and the rest upon fulfillment. “One of the biggest problems of the logistics space is that the manufacturers and distributors don’t pay back debts on time, which creates cash flow challenges for startups,” said the investor. Take Kobo360, for instance. The startup struggled to provide upfront capital to its drivers after its financial partner cut off funding over unserviced debt. The investor claimed Lori is exploring a new model that allows banks to finance transportation directly, keeping it off Lori’s balance sheet. Under this setup, the logistics startup draws on an invoice facility at the bank, prices the interest at its rate, and uses the funds to kick off the trip and pay the driver. The bank charges an 8% fee for financing the process. “Since a bank’s core competency is recovering loans, it makes sense that they handle that,” the investor said. While this model reduces the risks of cashflow challenges for the logistics startup, it offers significantly lower margins than the previous model, which allowed Lori to earn interest on upfront payments. Lori declined to comment on this. “With Delta40’s support, we have secured bank partnerships, including with Ecobank, to structure working capital in a long-term sustainable way,” Homawoo told TechCabal. Still, this tweak could be the missing piece for asset-light logistics startups like Lori, which have struggled to balance scale with sustainable unit economics. The asset-light trucking model has left startups struggling to pay off debt and losing investor confidence. As more African logistics companies scale back or pivot, questions have been asked about the sustainability of the asset-light model, where logistics startups rely on partnerships with third-party transporters rather than owning trucks in Africa. “It is very viable and looks fantastic on paper, as Lori Systems can offload the risk and fulfil many trips. But the only concern is that banks in Kenya charge interest as much as 2% monthly, or 3% if they are uninsured loans,” said Steve Okoth, a director at DBO East Africa, a business advisory company. This means the cargo owners who typically operate with thin margins have to pay a higher price for transportation due to the interests. Okoth acknowledged that this sort of financing is increasingly common, but it may be challenging for a logistics startup with this model to compete on price, for manufacturers and distributors who may be unwilling to pass the cost on to consumers. Homawoo remains a believer. “It requires financial discipline, the right financing, and a focus on execution,” he said. “There are no flaws in logistics—just errors in execution.” He acknowledges that Lori has had its fair share of mistakes and has learned from them. Over the past five years, Homawoo claims, Lori has doubled its take rates, kept receivables low, and improved both margins and EBIT. “The work isn’t done. There’s still a lot we need to do to be successful,” he said. For Lori, which currently operates in Nigeria—its largest market—Kenya and Uganda, that path to success includes structuring working capital in ways that don’t weigh down the balance sheet. Looking ahead As startups continue to use technology to
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Next Wave: Banks built the trust. Now they’re building the tech
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 20 April, 2025 Image: Google It used to be simple: if you wanted to keep your money safe, you went to the bank. If you needed a loan, you dressed up, filled out some forms, and hoped a credit officer would like your story. The bank was the trusted gatekeeper, and for the most part, that worked. But that formula doesn’t hold anymore, not when 22-year-olds in Nairobi can borrow money, invest in crypto, and pay rent, all through apps that never ask them to walk into a branch. Across Africa, the financial playing field is changing. Fast. African fintechs have set a new bar for speed, convenience, and user experience. And now, many of the continent’s most established banks—like Nigeria’s Access Bank, Kenya’s Equity Bank, and South Africa’s Standard Bank—the ones with decades of public trust, millions of customers, and sprawling branch networks, are trying to reinvent themselves to meet that bar. Some are building from scratch. Others are partnering with tech startups. A few are even betting that the future of finance won’t just be about banks but platforms, APIs, and data. So yes, African banks built the trust. But now, they’re racing to develop the tech. Next Wave continues after this ad. Over the past 21 years, the Annual AVCA Conference has convened industry leaders in Botswana, Cameroon, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Morocco, Senegal, South Africa and Tunisia with the goal of showcasing investible opportunities across Africa. This flagship gathering has become the premier forum for promoting, developing, and stimulating private investment on the continent. REGISTER NOW. What’s changing For years, “digital transformation” at most banks meant putting a mobile app on top of the same old legacy systems. Customers could check balances or transfer money, but everything behind the scenes—approvals, risk scoring, documentation—was still stuck in the past. That’s starting to shift. In 2024, Kenya’s Absa Bank reported that more than 90% of all customer transactions were happening outside physical branches, mostly via mobile or internet banking. In Nigeria, GTBank revealed in 2024 that it had grown its active digital user base by 38% year-on-year, thanks to its revamped mobile app and chatbot assistant. Across Ecobank’s 33-country footprint, digital channels now process over 57% of all transactions, according to its 2024 investor update. But this isn’t just about usage metrics. Some banks are going deeper, rebuilding infrastructure, changing team structures, and behaving more like tech companies than traditional financial institutions. What these banks seem to be betting on is that retrofitting old systems no longer works. TymeBank, a South African fintech startup, could offer a glimpse into the future of banking in Africa. It launched in 2019 with no branches, tellers, or paperwork. Instead, you walk into a supermarket like Pick n Pay or Boxer and open an account at a kiosk in five minutes with just an ID and fingerprint. By 2024, more than seven million South Africans had signed up, making Tyme one of the fastest-growing banks in the country’s history. The reason? A lean, cloud-based infrastructure with almost no overhead means lower user costs—no fees, better rates, and quicker access to credit. Tyme has already launched in the Philippines and is eyeing other markets. It’s a model built on code, not concrete. Traditional banks have been forced to transform their operations. A bank like Equity has turned data into a competitive advantage. While other state-owned banks like the Development Bank of Kenya and Consolidated Bank are still figuring out how to digitise lending, Equity exists. Millions across East Africa use its EazzyBanking app, but the real innovation is under the hood. The bank uses mobile top-ups, transaction histories, repayment patterns, and location data to assess creditworthiness. Over 80% of its loans are disbursed digitally—often in under a minute. In 2024 alone, it disbursed over $4.5 billion in loans. Next Wave continues after this ad. Celebrate yourself and other women at Hertitude, the ultimate girls’ night out. Get tickets for yourself, your wife, your colleague, sister, or niece at 20% off when you use the code TECHSIS25. Get your tickets here. What’s driving this shift? The transformation in banking isn’t just about competition from fintech startups. There are more trends shaping this at play. Younger customers—more than 60% of Africa’s population—don’t have the patience for paper forms and week-long loan approvals. They expect instant feedback, intuitive interfaces, and 24/7 availability. In Ghana, for example, over $80 million is processed via mobile money channels daily, while Kenyans transact double the figure daily. Branch banking is expensive. Running physical infrastructure requires rent, staffing, cash handling, and security. Digital banking, by contrast, can scale at near-zero marginal cost. Some of the most interesting developments are happening quietly in the back office. Several banks are migrating from legacy core banking systems to cloud-native platforms like Mambu, Finacle, or Temenos. This shift allows them to build, test, and roll out new products in weeks instead of quarters. Stanbic IBTC (Nigeria), in 2024, announced a core modernisation program to improve time-to-market for retail products. Egypt’s Banque du Caire moved parts of its loan processing to the cloud to support real-time credit scoring in Egypt. KCB Group (Kenya) is working with Microsoft to digitise backend workflows to reach 100% paperless loan disbursement by 2026. Next Wave continues after this ad. AfricArena Lagos Summit is finally here! Join us and network with top investors, VCs, ecosystem builders and tech startups at the high-energy AfricArena Fintech, Mobility & Logistics Summit on 30 April 2025! Register now. Banks aren’t just digitising; they’re coming for fintech’s turf. Some are launching standalone apps with better UX. Others are rolling out bank-as-a-service
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“I just want my $22,000 back”: Thousands of Nigerians grapple with losses after CBEX heist
On April 15, the internet was abuzz with news of Ponzi platform CBEX that claimed to double investors’ money in 30 days through an AI-powered trading bot. CBEX lured investors with promises of great returns and “no trading skills or experience” required. However, it has been an elaborate scheme in the making. CBEX, or “CryptoBridge eXchange,” an exchange platform that reportedly had claims to Chinese origins, has long been in partnership with crypto trading group Super Technology (ST) Team. Super Technology Team had reportedly been operating in physical offices in Nigeria—under the brand, “Smart Treasure Operation Centre”—including one recently opened in Ibadan and Lagos. TechCabal could not verify the extent of its ties to Super Technology, but CBEX marketed its platform on the technology that Super Technology supposedly provided. An image of ST’s alleged office in Ikeja, Lagos. Taken from their Telegram group. While the CBEX website is still active at the time of this report, Super Technology has deleted traces of its internet presence, including its social media platforms. A screenshot taken from CBEX’s homepage. The promise of trading with AI was false because both CBEX and Super Technology had no real product, and in the unlikely case that they did, both companies had no history of operating a crypto trading business before late 2024. This was the first red flag from CBEX. Additionally, the platform has used multiple domain names since it started operating, including www.cbex9.com, www.cbex39.com, www.cbex38.com, www.cbex18.com, www.cbex1.com, and www.cbex.vip. All of them, except www.cbex9.com, are now inactive, likely due to reports of illegal trading activities. Currently, CBEX remains operative under https://cbex.cx. “The domain [cbex1.com] is tied to the same CBEX crypto scheme that crashed in Nigeria,” said Kassy Olisakwe, a senior blockchain developer and founder of AuroraWeb3. “They’re just using that domain name as a spare, they registered it in early March. They’ve been hopping between multiple domains to avoid getting blacklisted or caught.” USDT “bullion” wallets CBEX operates a highly elaborate scheme, combining multi-level marketing (MLM) with Ponzi techniques. Once a user registers on the platform, it asks them to invite others, known as “downlines”. However, whether they keep the referral loop spinning or not, users earn from compounded returns. A user who “invested” $100 in July 2024—the reported month CBEX became active—will have $25,600 in their account by March 2025, an oversized increase that even some legitimate fast-growing assets, like gold, are unable to match in the same period. When a user creates an account on CBEX, the platform assigns a USDT or Ethereum wallet where they deposit their funds. Shortly after, the platform moves the funds from the deposit wallets to intermediate wallet addresses that carry the money to other accounts. Through some digging, TechCabal traced some of these intermediate wallets to a CBEX-linked website: TLFZVNxiHkfcUQdzN1DJCjHegFQQ368888 TFo7GZvgdUU5gj41irQeH3NDR5FYWPssFQ THn25XKVoBXGSaFfYa6o9pU9Hf4sgtZNZM TKadxGap9adtWVztGkRfdvnAgb4JFopXxX We found those addresses on the website, www.cbex1.com, which, still active, contains USDT transaction records linked to CBEX. To verify the transaction trails, we used public blockchain explorer tools like Tronscan and Tokenview, which allow anyone to check wallet activity on the blockchain. TechCabal was unable to verify if the records showed the total live transactions being processed on the platform. At the time of this report, $145,266 has been moved from its main accounts—random USDT deposit addresses that CBEX generates for its users to deposit money—to its intermediate accounts. About $120,829 has been moved to other accounts. “Those transactions are from an API call they’re making to api.hv2365.com and they control it. They built their backend and database to disappear quickly. Because they’re using anonymous services, we can’t get the exact information of the people that registered CBEX. Even on plain whiteweb name searches, it comes back as ‘(namecheap)’,” said Olisakwe. Screenshot taken from the website, www.cbex1.com It is also likely that these amounts were more, and the transfer records on the website do not tell the full story. TechCabal investigated further. We traced how the money flowed immediately when a user deposited money on the platform. One of CBEX’s victims, who identified only as ‘Earth Laureate’ on Telegram, told TechCabal that she deposited $2,600 on CBEX on April 2, 2025, only days before the platform froze withdrawals. She deposited the sum from a Bybit wallet into the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH, a TRON (TRC-20) blockchain address which holds the USDT stablecoin. Transactions on the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH/Screenshot taken from Tokenview Transactions on the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH/Screenshot taken from Tokenview After three hours, the funds were siphoned to another address, TB6pGj8FiR3XbXbE1th4cVHzASs8xXVL4p, one of the multiple intermediate addresses—likely a level-1 address. At the time of this report, this intermediate address held no USDT; however, it had received $64,591,317 USDT tokens (where 1 USDT = $1), and had sent out the exact amount of tokens. Transactions on the address, TB6pGj8FiR3XbXbE1th4cVHzASs8xXVL4p/Screenshot taken from Tokenview Upon further checks, the level-1 intermediate address frequently sent funds to a Bridgers cross-chain bridge address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s, which held $422,241 USDT tokens at the time of this report. A bridge cross-chain account is used to move crypto assets between two different blockchains, like moving money from a bank in one country to a bank in another. Transactions on the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s/Screenshot taken from Tokenview The public name shows that the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s, is a Bridgers cross-chain bridge wallet/Screenshot taken from Tronscan.org From this bridge account, the funds are further obfuscated into different accounts and blockchains. Smaller amounts like $10,000 and lesser are then transferred into layer-2, layer-3, and layer-4 addresses to hide the origin of the money. This is known as “smurfing.” Transactions on the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s/Screenshot taken from Tokenview TechCabal examined another case of a CBEX user who managed to withdraw their money from the platform. The person, who asked not to be named, shared that they received $2,619.15 in USDT payment from the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323, on April 1, 2025. Transactions on the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323/Screenshot taken from Tokenview Transactions on the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323/Screenshot taken from Tokenview We traced the source of the funds used to pay the user to the address, TASdnkGdYsRxncjmJBUwKym7BDBFvLsyHM, which
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Access Holdings records highest tech spend as fraud losses drops 73%
Access Holdings Plc, the parent company of Access Bank, spent a record ₦193.5 billion ($120.5 million) on technology infrastructure and electronic business in 2024, even as its fraud-related losses dropped sharply by 73%, according to its latest full-year financial statement. The tech spend—a 147% jump from 2023—is the highest in the banking sector, more than double the amount competitors such as Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, and Zenith Bank Plc spent last year. Several factors drove the surge in technology spending: inflation amplified by exchange rate volatility, major upgrades to its core banking software Flexcube, cybersecurity enhancements, and expansion into Tanzania, Namibia, and Hong Kong. Access Holdings says these moves were necessary to support its growing digital customer base and fend off competition from fintech companies like Opay, PalmPay, and Moniepoint. “Our technology spend reflects a deliberate balance between capital investments in new capabilities and operating expenses that support existing systems, such as subscriptions and service licenses,” Access Holdings’ spokesperson said in an email to TechCabal. The spokesperson added that a significant portion of their IT spend remains vendor-driven, especially in areas like licensing, technical support, and niche services. “Approximately 80% of our operational IT costs are tied to licensing, 15% to support services, and the remaining portion to consultancy and professional services.” Analysts say the surge in tech spend may have slashed fraud losses by 73% from ₦6.15 billion ($3.8 million) to ₦1.64 billion ($1.0 million). “I suspect that the group invested in some cybersecurity infrastructure, especially given that the amount lost to fraud declined significantly,” Mobifoluwa Adesina, investment research analyst at Afrinvest West Africa Limited, said. Enhanced IT systems lead to fewer fraud incidents and financial losses for customers, according to Nabila Mohammed, a research analyst at Chapel Hill Denham, an investment banking firm in Lagos. “This increased security and seamlessness encourage customers to transact more, generating increased fee income for banks,” she said. Access’s aggressive tech push leaves competitors trailing. GTCO reported a 48% rise in IT expenses to ₦88 billion ($56.8 million), Zenith doubled its budget to ₦67.3 billion ($43 million), while UBA grew its spend by 107% to ₦48 billion ($30.5 million). Fraud losses across the sector show the impact of these investments. GTCO saw fraud losses fall slightly to ₦159.1 million ($99,421) from ₦198.8 million ($ 123,881). Zenith, however, recorded a spike, from ₦383.4 million ($238,914) to ₦5.26 billion ($3.3 million), underlining the urgent need for better fraud prevention tools. The rise of digital payments in Nigeria has led to an increase in financial transactions, which has been accompanied by a growth in fraud cases within the financial system. According to the Nigeria Inter-Bank Settlement System (NIBSS), fraud incidents surged 112% between 2019 and 2023, while the value of losses spiked 496% to ₦17.67 billion ($11.1 million). Computer, mobile, and PoS fraud dominate, driven by increased digital activity and gaps in cybersecurity protocols. Another report by the Financial Institutions Training Centre (FITC) noted that fraud-related losses in Nigeria rose to ₦10.1 billion across 19,007 cases in the third quarter of 2024, up from ₦1.18 billion across 12,066 cases in the same period of 2023. However, on a quarter-on-quarter basis, the total amount dropped from ₦42.8 billion, suggesting some recent gains. “Increased trust and confidence in the banking system in this sector will lead to stronger growth in the coming years and quarters,” Mohammed of Chapel Hill Denham said. Access Holdings, with a market capitalisation of ₦1.15 trillion, has not yet disclosed its tech budget for 2025, but it intends to deepen investment in staff training and advanced technology skill development to strengthen internal capacity and reduce exposure to foreign currency-driven costs. “We will continue to invest in modernization, innovation, and customer experience, while maintaining tech expenditure in line with similar global financial institutions to balance innovation and operational efficiency,” the spokesperson added.
Read MoreWhy 12 Nigerian states with free Right of Way still lack telecom infrastructure
As of April 2025, 12 Nigerian states—including Zamfara, Katsina, Anambra, Kebbi, Nasarawa, Bauchi, Adamawa, Kaduna, Ekiti, Imo, Plateau and Niger—have officially waived Right of Way (RoW) fees to attract telecom infrastructure investments. While these states are willing to forgo vital revenue, they are discovering that waiving fees is only the beginning of a much larger and more complex equation. Lagos remains Nigeria’s undisputed leader with 7,864.60 kilometres of laid fibre as of 2023, despite charging RoW fees ranging from ₦850 ($0.53) to ₦1,500 ($0.93) per metre. Edo (4,892.71km), the Federal Capital Territory (4,472.03km), and Ogun (4,189.18km) also lead the way, none of which have eliminated RoW fees. Niger and Kaduna, two of the 12 fee-waiver states, are a rare exception, ranking fifth with 3,681.66km and sixth with 3,028.88km respectively in fibre deployment. This trend suggests that fee waivers alone aren’t the deciding factor for investment. States with strong infrastructure, investor-friendly policies, functional bureaucracies, and urban population density continue to attract more attention from telecom operators, regardless of RoW charges. Wole Abu, Managing Director, Equinix West Africa, told TechCabal that right-of-way is just one component in the cost breakdown of fibre deployment. “You must still estimate customer demand, as return on investment depends on revenue generation,” Abu said. “If you deploy fibre to a community with insufficient demand or purchasing power, the business case will fail. Waiving right-of-way fees is a good first step to incentivise investment. I believe stimulating local demand is another crucial step in this process.” States like Rivers, Akwa Ibom, and Imo have significant Gross Domestic Product figures but lag behind Lagos in both total and per capita terms. For instance, while Lagos boasts a GDP of ₦41.17 trillion ( $102 billion) with a GDP per capita of $6,614, Rivers State has a GDP of ₦7.96 trillion with a per capita GDP of $2,277, while Akwa Ibom’s GDP stands at ₦7.77 trillion with a per capita GDP of $2,962. RoW refers to the legal permission telecom providers need to lay down critical infrastructure like fibre optic cables and towers across public or private land. Without this infrastructure, broadband connectivity and digital services simply can’t scale. The Nigerian Communications Commission (NCC) and the Federal Ministry of Communications have repeatedly emphasised RoW reform as a catalyst for digital inclusion. However, real-world outcomes suggest that the elimination of fees hasn’t been enough to spark the infrastructure boom envisioned. The push to harmonise RoW charges across Nigeria began in 2013, when the National Executive Council (NEC) proposed a standard fee of ₦145 ($0.09) per linear metre. The goal was to streamline infrastructure deployment and reduce prohibitive costs. However, many states disregarded the directive, continuing to impose arbitrary and often excessive charges as a means of boosting internally generated revenue (IGR). It wasn’t until between 2020 and 2025, after a push by Isa Ali Pantami, then Minister of Communication and Digital Economy, that some states began aligning with federal recommendations by reducing or waiving RoW fees altogether. The decision to eliminate fees varies by state, often influenced by local conditions. In Niger State, the government waived RoW fees for a few number of operators in September 2024 primarily due to a surge in fibre cuts caused by extensive road construction. “Our governor is constructing 1,200 kilometres of roads in his first year in office. As a result, we’ve been experiencing numerous fibre cuts,” said Suleiman Isah, the state’s Commissioner for Communications Technology and Digital Economy. Between January and February 2025 alone, the NCC reported nearly 230 fibre cuts. That’s why the governor approved zero naira RoWas compensation.” The second reason, Isah noted, was to encourage telecom investments by lowering the barriers to entry. Despite the push for harmonisation, only 12 out of Nigeria’s 36 states have fully waived RoW fees. While the Federal Capital Territory (FCT) and Kwara State charge minimal fees—₦145 and ₦1, respectively—many others still present challenges. Telecom operators remain cautious, deterred by inconsistent regulations at the state and local levels. Even in states offering free RoW, the lack of uniformity, overlapping rules, and added levies create a complex and costly compliance landscape that limits large-scale investment. Securing permits for telecom infrastructure deployment in Nigeria remains deeply hindered by bureaucratic red tape. Lengthy approval processes at state and local government levels frequently cause significant delays. Even after installations are completed, some infrastructure faces disruption due to harassment or arbitrary shutdowns stemming from conflicting enforcement by multiple regulatory bodies. Adding to these challenges is the opaque implementation of RoW waivers. Many of these waivers are granted through executive orders rather than legislation, leading to inconsistent enforcement. Telecom operators often encounter hidden or informal “administrative fees” that drive up costs, despite the existence of official zero-fee policies. In some cases, local authorities impose levies that directly contradict their state’s waiver commitments, further undermining investor confidence and complicating deployment efforts. Despite the widespread challenges facing telecom infrastructure deployment in Nigeria, some states are taking proactive steps to streamline the process and reduce barriers for network operators. Niger State has introduced a more predictable framework: operators are required to pay a one-time, non-refundable application fee of ₦500,000 ($311.8). This fee covers both initial deployments and future expansions. Even if a company received its permit a decade ago, it does not need to pay again to expand its network. “If you applied 10 years ago and you want to expand your network today, there is no need to pay another fee. You just need to inform the state you are expanding,” explained Isah. Anambra State has adopted a different but equally facilitative approach. There, network operators can apply at no cost to the state’s physical planning agency. Applications are reviewed in collaboration with the Anambra State ICT Agency, which helps assess their technical and spatial feasibility. “We avoid multiple digging. We engage the interested telco to consider the possibility of leasing ducts to avoid digging multiple times,” said Chukwuemeka Fred Akpata, Managing Director of the Anambra State ICT Agency. Nigeria’s broadband growth also hinges
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Trademark dispute between Paystack and Zap Africa tests Nigeria’s IP laws
In the three weeks since Paystack launched Zap, its first consumer product, there has been a legal dispute with Zap Africa, a crypto startup, and dismissed claims that Zap lacked the Central Bank of Nigeria’s approval. In what has been a surprising first foray into the consumer market, a legal dispute between Paystack and Zap Africa could change how Nigeria’s legal system operates. It took only a couple of minutes after Paystack’s much-awaited launch before Zap Africa tweeted: “There is only one Zap in Nigeria and Africa.” The company would later accuse Paystack of trademark infringement, claiming that the use of the name “Zap” causes confusion among users and dilutes its trademark. “A lot of customers think we’re about to close down,” Tobi Asu-Johnson, Zap Africa’s CEO, told TechCabal. “It has affected business. We were in the middle of our round, and it chased away investors who were going to help us with our seed round. It has also made people in the company unsure about their jobs.” Shortly after its viral tweet, Zap Africa issued a cease and desist letter demanding that Paystack immediately stop using the name Zap. The March 26 letter asked Paystack to withdraw all product and marketing materials related to Zap, destroy any Zap-branded assets, issue a public apology, and cover Zap Africa’s marketing expenses—all within seven days. The letter was based on Zap Africa’s trademark filings across Classes 35, 36, and 42, according to documents seen by TechCabal. Class 35 covers advertising, business management, and retail, areas not directly tied to financial services. Class 36 covers financial and monetary services, while Class 42 relates to technology services. Class 35 was approved in October 2023, Class 42 in June 2024, and Class 36, the most relevant to Paystack’s Zap, in March 2025. The trademarks contradict initial claims by some publications that Zap Africa’s trademark was irrelevant to financial services, potentially strengthening Zap Africa’s legal position. But Paystack registered its trademark, Zap by Paystack, in December 2023 in Classes 36 and 42. The similarity between both companies’ names lies at the heart of the legal dispute, one that could potentially set a precedent and reshape how Nigeria’s trademark laws are interpreted and enforced in the tech sector. “There’s a possibility that the application was accepted on the grounds of honest concurrent use, a statutory justification also recognised under the law,” Ebube Nnachi, an intellectual property lawyer, told TechCabal. “Though having little precedence in Nigerian case law, this could have formed the basis for the Registrar’s decision to register the mark despite its similarity to a pre-existing one.” In response to Zap Africa’s tweets and letter, Paystack issued a cease and desist notice to Zap Africa seen by TechCabal, which demanded that Zap Africa immediately provide evidence of its trademark in Classes 9 (scientific, research and technological products class) and 36 (financial, insurance and real estate services class), cease all public communications about Zap Africa, and stop paying third parties to publish content about Paystack. The notice, issued on March 28, set a 48-hour deadline. Several legal considerations under the Nigerian trademark system come into play in this dispute. First, a trademark must be distinctive to differentiate one business’s goods or services from another. This is central to the dispute, as Paystack and Zap Africa both use the name “Zap”, which could lead to consumer confusion. “Since ‘ZAP’ is not inherently associated with finance, its use as a brand name in the financial sector may be viable,” Amosa Shukurat, an intellectual property consultant, said. “ However, distinctiveness is key—if a term is common or widely used in a specific industry, it may be challenging to secure trademark rights. Nonetheless, a term can acquire distinctiveness through consistent and prominent use, which could make it eligible for trademark protection over time.” Paystack has argued that it registered a distinct brand—“Zap by Paystack”—rather than the standalone word “Zap”, and that this reduces the risk of confusion. It also pointed out that “Zap” has been used by different entities over time, making exclusive rights to the word difficult to claim. More than 40 companies listed on the Corporate Affairs Commission (CAC) website include “Zap” in their business names. The term has also been trademarked by another proprietor as far back as 2008, long before the existence of either Paystack’s Zap or Zap Africa, said one Paystack employee who asked not to be named as they aren’t authorised to speak. Image source: TechCabal. ”In Nigeria, trademark rights follow the “first to file” rule, giving priority to the first party to register a mark,” William Umoh, a lawyer, said. “However, the Registrar may reject a later application if the marks are similar, in the same class, and could confuse. Despite this, similar marks might still get approved if they are stylised differently or the Registrar doesn’t find them confusingly similar.” Another key consideration is the classification of goods and services under trademark law. Both startups hold trademarks in relevant classes, which complicates either side’s claim. The timing of filings also matters in determining priority. Paystack filed its trademark in late December 2023, while Zap Africa filed a couple of months before Paystack. Nigerian trademark law typically grants rights to the first party to file, but prior use can sometimes override this rule. “Now that the cease-and-desist period has elapsed, either party is within their rights to initiate legal proceedings,” Nnachi said “ Should that happen, the outcome could provide judicial guidance not just on the scope of the Registrar’s discretion but also on the application and reliance on the defence of honest concurrent use in Nigeria.” The outcome of this trademark dispute will depend on factors like the distinctiveness of the marks, their class registrations, and the potential for market confusion. Given that both parties have failed to meet each other’s demands, it seems likely that the courts will have to decide whether any party has a legitimate claim to Zap.
Read MoreSafaricom takes on Starlink with aggressive 5G push in rural Kenya
The telco has slashed router prices and targets fibre-dark zones to reclaim upcountry ground. Safaricom has quietly escalated its efforts to counter Starlink by expanding 5G rollout into rural Kenya, the market the satellite internet service provider (ISP) was built to serve. Over the past six months, it has deployed tens of new sites in regions previously off its broadband map. Safaricom’s sales teams are targeting upcountry users with affordable, plug-and-play 5G routers bundled with flexible data plans and branded giveaways like free t-shirts. At least five customers in Western Kenya told TechCabal that Safaricom salespeople have been in the region since January, pitching the 5G router to them. “They signed me up in two minutes,” said Paminus Osike, a new user in Kenya’s Nyanza province. “Starlink’s initial cost is too high, and I like that this connection isn’t fixed, but I can move around with it.” The sales team that signed him up also sells power banks for KES 5,000 ($39) to help customers stay connected on the move. Another customer, who runs a small cybercafe business, told TechCabal that he compared Safaricom’s 5G router with a rival device and chose to keep Safaricom’s for its speed and larger data allocation. Safaricom is trying to reclaim ground where traditional ISPs underdelivered and where Starlink found early momentum. It is a shift from Safaricom’s past urban focus and shows a new push into low-average revenue per user (ARPU) regions. Starlink launched in Kenya in 2023 to connect areas where fibre and mobile broadband had failed. By late 2024, it was already the country’s seventh-largest ISP, with over 19,000 active subscriptions, mainly in remote counties like parts of the Rift Valley, where broadband coverage remains patchy. In 2024, Safaricom had proposed regulatory changes targeting satellite providers, arguing that licensing entities without a physical presence left the government with little control. The Communications Authority has not taken up the proposal, so Safaricom is now betting on price and broader access instead. Starlink’s demand has surged in urban centres instead, despite its pricing model which does not favour cheaper, pay-as-you-go purchases. In Nairobi, it paused new sign-ups due to limited capacity. The network delivers the same bandwidth regardless of population, so busy areas quickly hit performance limits. In response, Safaricom has doubled fibre speeds and introduced gigabit plans to meet the growing urban demand. It’s positioning itself as a cheaper and more adaptable option in cities where Starlink’s model falls short and in rural areas where Starlink is attempting to thrive. Price cuts to coincide with rural expansion In rural Kenya, people do not have disposable cash for internet services. Many are price-sensitive and can’t afford routers, which are seen as a luxury. Safaricom’s strategy of offering low-cost routers and flexible payment options aims to make 5G more accessible to these communities. Safaricom’s new 5G offer challenges Starlink on hardware and flexibility. Routers now sell for KES 3,000 ($23), down from KES 25,000 ($192), a huge price drop that coincided with its rural expansion. 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Some are sold door-to-door, with M-PESA payment options, mirroring sales tactics used by solar home system companies. Monthly plans start at KES 4,000 ($31) for 50 Mbps and go up to KES 10,000 ($77) for 250 Mbps. Starlink’s basic mini kit costs KES 27,000 ($208),
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