Lemfi’s $53 million Series B delivers 29x return for Silverbacks Holdings
When Nigerian remittance startup LemFi closed its $53 million Series B round in January 2025, one of the biggest winners was Sliverbacks Holdings. The Africa-focused private equity firm, which also invested in Flutterwave and Moove, quietly exited its stake in the round, achieving a 29x return on its initial investment—an extraordinary outcome in a funding environment where big wins have become increasingly rare. The exit, Silverbacks’ eighth overall, aligns with the firm’s strategy of partially exiting its investments to realise profit. It is also the firm’s sixth exit from a Nigerian tech-enabled company and marks the fourth time a Nigerian fintech has delivered returns to Silverbacks’ investors. “This 8th profitable exit, which delivered 29x cash invested, is another testament to the quality of our portfolio’s founders and the investment sophistication of the Silverbacks ecosystem, “ said Ibrahim Sagna, the executive chairman of Silverbacks Holdings. “ Our commitment remains to amplify African tech, sports, and creative spirits on the world stage.” The exit comes as returns on investments for private capital exits in Africa remain below their 2022 peak of 82. Only 43 exits were recorded in 2023, a 48% decline from the previous year, and with just 31 exits by the third quarter of 2024, last year’s numbers are tracking similarly low. Silverbacks Holdings has built a portfolio across Africa’s sports, media, fashion, and tech industries, with stakes in companies like Reliance, Gozem, Shuttlers, Carry1st, and the Cape Town Tigers Basketball Club. Reflecting this diversified approach, the firm recently added Sanford R. Climan, the CEO of Entertainment Media Ventures, to its advisory board. “Africa’s tech, entertainment, sports, and creative industries are on the cusp of global recognition,” Climan said. “Joining Silverbacks and investing in AWFC aligns perfectly with my passion for transformative ventures at the intersection of media, technology, and culture.” The firm also recently invested in African Warriors Fighting Championship, a Nigerian Dambe (traditional boxing) promotion company. Exits are essential to growing an ecosystem, and recent examples—Oui Capital’s exit from Moniepoint, Alitheia’s from Baobab, and Silverbacks Holdings’ from Lemfi—underscore how Nigeria’s fintech industry is quickly proving itself as probably the most profitable sector for African investors. Exclusive: Baobab Nigeria acquisition delivers 3x return for Alitheia and Goodwell How Oui Capital made a 53x return on an early $150,000 investment in Moniepoint
Read MoreTVC launches Nigeria’s first AI multilingual news anchors
TVC News has become the first Nigerian broadcaster to introduce artificial intelligence (AI) news anchors that deliver bulletins in five major local languages. The innovation is part of a broader push by TVC News, a subsidiary of TVC Communications, to modernise its newsroom with emerging technologies. The AI anchors are designed to complement human journalists by expanding the station’s reach across Nigeria’s six geopolitical zones and tapping into underserved audiences in their native languages, TVC Communications said in a statement. “This pioneering innovation represents a significant milestone in the broadcasting history of Nigeria,” part of the statement read. “Our AI anchors will complement and assist our human capital assets to deliver and enhance the company’s strategic goals, which include wider coverage, the fusion of technological tools that would enhance delivery and broaden our footprints across a vast network and most importantly, communicate to our diverse audience in the language they understand.” The move underscores how Nigeria’s leading broadcasters are beginning to embrace automation in content delivery, combining AI scalability with editorial oversight to navigate a fast-changing media environment. While the AI news anchors are built to deliver news in five major languages, English, Yoruba, Hausa, Igbo, and Pidgin, the company said its integration would enhance quick news delivery and broaden its digital footprint. TVC News acknowledged that the rollout may be met with skepticism, particularly around the rise of deepfakes and misinformation. It said it is implementing strict editorial controls and digital watermarking to ensure accuracy, integrity, and regulatory compliance. All AI-generated content, the company said, will be vetted by human editors, and the anchors will operate within an oversight framework aligned with the Nigerian Broadcasting Code. “Our AI news anchors will enable us to take our news coverage to the next level as we showcase our commitment to leveraging technology to drive growth using innovation,” said Victoria Ajayi, CEO of TVC Communications. The rollout signals a shift in how African newsrooms may scale content in local languages, broaden access, and respond to growing demands for real-time and reliable information.
Read MoreSouth Africa’s SOLmate doubles users to 100,000 as eWallet surge drives growth
South African fintech startup SOLmate has doubled its active user base over the past year to about 100,000, driven by soaring demand for eWallet services and new partnerships that expand access to digital payments in underserved areas. The company claims its eWallet service recorded a 500% surge in transaction volume, enabling users to send money directly to mobile numbers, a functionality increasingly preferred over traditional EFTs (electronic funds transfers) in the country’s underbanked population. “eWallets have become much more popular than EFTs, mainly because they are instant and work well for people that may not have traditional bank accounts,” Jonathan Holden, SOLmate’s COO, told TechCabal. Founded in 2018, SOLmate targets the nearly 19 million underbanked South Africans and the country’s cash-reliant medium-sized businesses. Its product suite revolves around digital eWallets but has steadily expanded to include enhanced debit cards, real-time payments, and plans for lending and point-of-sale systems. It aims to position itself for growth in the country’s digital payments sector, which accounts for roughly 30% of the fintech industry. Holden noted that SOLmate has been actively upgrading its payment infrastructure to improve services and attract more users. A major driver behind this growth has been SOLmate’s partnership with Nedbank, which introduced the WiCode feature, allowing cash withdrawals at participating retailers without a physical card. The company is upgrading its EFT and real-time clearing options. It plans to integrate new payment rails like Payshap, which will lower costs while enabling instant EFTs—a feature expected to be a strong pull for new customers. In the next three months, SOLmate will roll out enhanced debit cards, including virtual cards that will allow seamless, contactless payments through mobile devices. “Our previous cards were prepaid debit cards. But we are now launching a full-blown debit card,” Holden explained. “With the right mobile device, customers can get a virtual card, tokenise it on Google Pay, and make payments without needing a physical card.” With rising demand for virtual banking tools, SOLmate sees an opportunity to cut costs and improve security while removing logistical barriers associated with distributing physical cards, especially in remote areas. It will also roll out a point-of-sale (POS) solution tailored for small businesses. The portable device will allow them to accept payments and receive funds directly into their SOLmate wallets. “We are going to make small vendors truly independent with their own machines,” Holden said. The company also plans to venture into microlending, using internal transaction data to offer credit to long-term users who lack formal credit histories, a persistent barrier in South Africa’s traditional banking sector. “Many of our customers have been with us for a long time, but they can’t secure loans at banks or other institutions because they lack credit history,” Holden said.
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An unusual liquidity event at Arnergy made employees millions of naira
Two months before Arnergy, a Nigerian solar energy startup, raised an additional $15 million in April 2025 to complete its $18 million Series B round, current and former employees received an email outlining how to sell their shares back to the company. It was an unexpected liquidity event that earned millions of naira after selling part of their shares, four employees told TechCabal, who declined to disclose specific figures for privacy reasons. “When I left, I knew I had stock options, and I knew the plan was that once a Series B raise happened, I would receive value for them. A few weeks ago, I got a call that Series B had happened, and I’d be receiving something,” Ololade George-Aremu, Arnergy’s former vice president of people and culture, who made almost $2,000, told TechCabal. Arnergy introduced stock options in 2019 for employees who committed to staying with the company for the four-year vesting period as a way to encourage long-term commitment. It also used stock options to reward exceptional performers regardless of tenure. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe At the time, it was a rare feat for a Nigerian company. Just a year later, Paystack’s $200 million sale to Stripe allowed early employees to turn their stocks into cash and shares in Stripe, creating one of the largest liquidity events in Nigeria’s tech industry. Offering employee shares is a longstanding Silicon Valley tradition, and several startups, like Airbnb in 2020, have famously created wealth for employees through liquidity events. Such events typically occur during later-stage funding rounds, acquisitions, or IPOs. At earlier stages, like Series A or B rounds, liquidity is usually reserved for executives and investors, making Arnergy’s liquidity event unusual since non-executive employees could cash out part of their shares. “I’ve heard of equity at companies like Google or Microsoft, but I never thought it would happen here in Nigeria. It’s eye-opening. I’ve never worked at a Nigerian company that did this,” Olayinka Azeez, a five-year senior creative designer at Arnergy who made between $1,500 and $2,000, told TechCabal. Azeez was not alone in his disbelief; even George-Aremu, who helped design the company’s stock option plan in 2019, was surprised when she got the email. “I was honestly shocked. It felt like, ‘Wow, this thing worked.’ It completely shifted my mindset,” George-Aremu, who now teaches at the University of Leicester, said. Having worked in human resources at other Nigerian companies, stock options weren’t new to her, but seeing follow-through was. She only believed in Arnergy’s plan because of CEO Femi Adeyemo’s optimism about the impact shares could have on employees. “It was important to send a clear message to the ecosystem: when Arnergy makes a promise, we honour it,” Adeyemo told TechCabal. “ We go the extra mile and even fight for it. As CEO, it was critical for me to ensure that, as part of our capital raise, we made room for liquidity for the employees who rolled up their sleeves to help us reach this milestone. It’s our way of saying your work matters, and so should your reward.” To build trust, he and George-Aremu worked closely with trustees, the board of directors, and employees, ensuring everyone understood the stock options were genuine. Arnergy even hired a labour consultant to clarify the details. Not everyone who received a payout has worked at Arnergy as long as Azeez
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Cleva launches new feature that rewards users for every USD deposit and Naira transfer to local bank accounts
With Cleva Points, users can now earn redeemable rewards simply by getting paid. Cleva, the fast-growing cross-border payment platform powering freelancers, remote workers, and online entrepreneurs, has just introduced a brand-new feature designed to reward users for doing what they already do — getting paid. It’s called Cleva Points, and it’s changing the way Nigerians think about receiving money in USD. Cleva Points is a loyalty system that lets users earn points every time a USD deposit hits their Cleva account or when they convert their balance to naira via a local transfer. For every $10 in deposits or naira transfers, users earn 1 Cleva Point, and once they reach 100 points, they can redeem $1 directly into their Cleva USD balance. “Cleva Points is our way of giving back to users who trust us with their income,” said a Cleva employee. “It’s simple — the more you earn, the more you get rewarded. And you don’t need to take any extra action. Just use Cleva like you always have.” This launch comes at a time when more Nigerians than ever are earning in foreign currency — from freelance gigs on platforms like Upwork and Fiverr to full-time remote jobs with international companies. But what does this look like in practice? The Remote Worker Take Tomi, for instance — a remote customer support specialist earning $1,500 every month from a U.S.-based company. For every $10 she receives in salary, she earns 1 point. That’s 150 points per month. Over 6 months, Tomi would have earned 900 Cleva Points, which she can redeem as $9 added to her Cleva balance, without lifting a finger. She also transfers money to her Nigerian bank account to cover monthly expenses. On average, she converts $500 every month to naira and sends it to her naira bank account. That’s another 50 points every month, or 300 points in 6 months. In total, Tomi earns 1,200 Cleva Points in 6 months — that’s $12 back in her pocket, just for using Cleva the way she always has. The Upwork Freelancer Then there’s Bayo, a freelance UI/UX designer who gets paid per project through Upwork. Some months he earns $800, other times up to $2,000. Let’s average his monthly earnings at $1,200. Over 12 months, that’s $14,400 in total earnings. Based on Cleva’s rewards system, that’s 1,440 points, or $14.40, he can redeem directly into his balance. If Bayo also uses Cleva to convert around $600 to naira each month to manage living costs, that’s another 720 points in a year, bringing his total to 2,160 points, which equals $21.60 in value. It’s like getting paid a little bonus for simply doing what he’s already doing. And when it’s time to enjoy those rewards, the process is just as easy. How to redeem your Cleva Points Redeeming your Cleva Points is simple and seamless, just like everything else on the app. Once you’ve accumulated enough points, all you need to do is: Open your Cleva app and tap the “Points” tab at the bottom of your screen. You’ll see your current points balance displayed at the top. Once you have enough points, the “Redeem” button will be active. Tap “Redeem” to instantly convert your points into USD and add it directly to your Cleva balance. You can also track your lifetime points, unlock higher badges like Cleva Superstar and Cleva Legend, etc, and see how close you are to your next reward milestone. That’s it! Cleva says this feature is just the beginning of a broader mission to “build financial tools that reward your hustle.” With Cleva Points, the platform is making cross-border banking feel less transactional and more empowering, turning everyday money moves into opportunities to earn even more. The feature is now available to all users on the latest version of the Cleva app. You can download the app HERE to start earning Cleva Points today and turn every deposit into more dollars for you.
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TechCabal Daily – Kenyan banks say no
In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup! We hope you had some time to rest yesterday. If you didn’t, TGIF! Get caught up on your favourite shows. Log off and enjoy your weekend. Let’s get into it. Kenyan banks say no to CBK’s new loan pricing system Nigeria’s SEC warns against Tofro, another Ponzi scheme Oxygen X rakes in $501,000 profit in first year You could start paying more for your bank’s SMS alert charges World Wide Web 3 Events Banking Kenyan banks say no to CBK’s new loan pricing system Image Source: Zikoko Memes/TechCabal Kenyan commercial banks have rejected the Central Bank’s proposed loan pricing model, arguing it risks reintroducing interest rate controls through the back door. ICYMI: The CBK wants lenders to price credit using the Central Bank Rate (CBR) plus a regulated premium known as “K”—but banks prefer a market-driven benchmark like the interbank rate. This standoff has big implications. The CBK aims to make interest rates more transparent and better aligned with monetary policy. But banks say the new formula could limit their ability to price risk effectively, especially when lending to small businesses. They argue that strict pricing rules would reduce credit flow to riskier sectors and undermine efforts to support economic growth. Banks also noted the potential disruption to their existing SME loan commitments. The Kenya Bankers Association says lenders have pledged to disburse KES150 billion ($1.16 billion) annually to SMEs. Imposing a rigid pricing formula, they argue, could make those goals harder to meet. The pushback highlights a growing tension between policy control and market flexibility. The CBK wants to improve how its rate decisions actually influence borrowing costs, especially in a market where past rate cuts haven’t made much difference. But banks are cautious—memories of the interest rate cap era, scrapped in 2019, still linger, and they’re not keen on repeating that experience. At the time, the CBK limited interest rates to 4% above CBR, and set a maximum rate of 13%. While the CBK was trying to stimulate economic activity by making loans cheaper, this squeezed banks’ profits as they couldn’t charge enough to cover rising costs or losses from bad loans. Without a middle ground, the fallout could mean tighter credit for the very sectors these reforms are meant to help—just when businesses are already struggling to access capital. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. 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That’s the message from Nigeria’s capital markets regulator to every would-be investor, as the Nigerian Securities and Exchange Commission (SEC), the country’s capital markets regulator, steps up efforts to prevent Nigerians from falling prey to yet another Ponzi scheme. The regulator has flagged Tofro, the latest sketchy “crypto trading platform” promising unsuspecting investors outsized returns on investments. Tofro’s not registered. It’s got no app. No known team. And it’s definitely not an SEC-licenced asset manager. It’s just a hastily thrown-together website and vibes. The SEC’s early warning is a win for
Read MoreKenyan banks reject Central Bank’s new loan pricing model
Kenyan commercial banks have rejected a proposal by the Central Bank of Kenya (CBK) to introduce a new loan pricing model that would use the Central Bank Rate (CBR) as the benchmark for pricing credit, paired with a lending premium known as “K”. Instead, they are backing the interbank rate— the rate at which banks lend to one another—as a more market-sensitive benchmark. On Thursday, the Kenya Bankers Association (KBA) said it is open to dialogue with CBK but opposes the new framework, which it labelled as a reintroduction of interest rate caps through a back door. Kenya removed the interest rate cap in 2019 after the policy was blamed for constraining lending to SMEs and low-income borrowers. While the CBK promises its proposal would bring transparency and protect borrowers, lenders fear it could revive the pitfalls of rate caps and dampen credit growth in an economy where businesses are struggling to raise capital. “KBA does not support the CBK’s proposal to adopt the Central Bank Rate (CBR) as the sole base reference rate combined with a regulated lending premium (“K”),” KBA said in a statement. “The proposed rate capping is dangerous without clarity on the criteria for reviewing the proposed ‘K”. Submitting to CBK the premium “K” for each customer is impractical.” KBA argued that CBK’s proposed framework is inconsistent with Kenya’s liberalised interest rate regime and warned that the return to price controls could distort the country’s credit market. Banks also questioned whether the model aligns with the regulator’s monetary policy goals, saying it risks weakening the link between policy rate changes and actual lending conditions. KBA also cautioned that the model could undermine the industry’s commitment to expand credit to small businesses, claiming that banks have pledged KES150 billion annually to SMEs between 2025 and 2025. It argued that the pricing would limit lenders’ ability to assess and price borrowers’ risks effectively, limiting the flow of capital to the sectors the reforms aim to support. “Interest rate controls will drive banks to stop lending to segments of the economy that are perceived to be risky, stagnating economic growth and development, employment creation, and investment,” KBA said. CBK’s push for a new credit pricing formula follows its frustrations over the banking sector’s reluctance to lower interest rates despite multiple reductions in the benchmark lending rate since October 2024. By pegging interest rates on CBR, the Central Bank of Kenya hopes to improve the transmission of monetary policy decisions to borrowers and push for transparency in a market that has been criticised for opacity.
Read MoreWhy Nigerian banks keep suffering system glitches—and what’s at stake
In recent months, system glitches at some major Nigerian banks have led to customers experiencing issues like incorrect bank deposits and unauthorised withdrawals. In addition to incurring financial losses, these glitches raise concerns about how well banks safeguard interbank settlements, especially as transaction volumes surge. This rise in banking glitches risks eroding consumer trust and damaging bank reputations, especially in underserved communities where digital banking is the bridge to inclusion. If left unchecked, these failures could stall — or even reverse — progress toward the Central Bank of Nigeria’s goal of 80% financial inclusion by 2026, up from 64% in 2023. The data In the first quarter of 2025, Wema, Keystone, and Union all suffered substantial glitches. These glitches resulted in unauthorised transfers totaling ₦17.3 billion ($10.7 million) from its bank customers’ accounts. In October 2024, Guaranty Trust Bank (GTB) mistakenly credited ₦1.9 billion ($1.2 million) to some customers following a system failure. In the aftermath, banks have taken to suing each other in a bid to recover lost funds, a trend that risks straining interbank relationships and eroding public trust in the banking system. “Glitches are system failures that disrupt the normal flow of electronic transactions,” said Stephen, a Lagos-based mid-management level staff at a major bank who asked only for his first name to be used. A typical transaction involves transferring funds from an intended sender to its intended recipient. When a glitch occurs, “money is sent to an unintended recipient, resulting in unauthorised debits from the accounts of individuals who did not initiate the transaction,” according to Stephen. Why do glitches happen? System upgrades in Nigerian banks often lead to glitches due to unrealistic deadlines set by CEOs aiming to reduce costs, according to a senior information security official at a major Nigerian bank, who asked not to be named to speak freely. “These tight schedules make it difficult to avoid errors and vulnerabilities, and prolonging the upgrade makes it more expensive for them.” In Q3 2024 and Q1 this year, many Nigerian banks, including GTB and Wema, undertook significant core banking software upgrades to modernise their operations and enhance customer experiences. According to Elijah Bello, a Lagos-based software developer and cybersecurity expert, rushing system upgrades, particularly within critical sectors like banking, is one of the fastest ways to trigger a major glitch. “Whether you are changing software or doing a major update, it is still an upgrade,” he said. “And usually banks are under pressure to complete it on time, which may lead the tech team to skip or shorten the testing phase.” Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Bello added that unexpected behaviors occur when patches or new features go live without fully testing all edge cases. “The banking industry will generally not allow them much time to test due to their economic duties,” he said. A glitch becomes a gateway for hackers or IT professionals to access accounts or functions they’re not supposed to, says Stephen. “Nigerian banks face constant cyberattacks from external hackers, disgruntled former IT staff, and individuals with in-depth knowledge of their core software,” he said. “ While these attempts aren’t always successful, system upgrade urgency can create vulnerabilities, making it easier for unauthorized access to bank accounts.” Financial institutions reported the termination of 42 employees due to their involvement in fraudulent activities in Q3 2024, a 14.3% increase from the previous quarter, according
Read More“Tech has become an equaliser in the industry”: Chocolate City Music’s CEO on AI, virality, and the future of music
For Abuchi Peter Ugwu, CEO of Chocolate City Music, one of the country’s most influential music labels, the biggest shift in Nigerian music over the last decade isn’t just the sound, it’s the technology. From the era of hawking CDs in Alaba to tracking TikTok spikes and Spotify data, the business of music is now deeply shaped by tech. “Technology changed everything,” Ugwu told TechCabal in an interview. “Ten years ago, if you had a hit, you had to go to Alaba.” Now, a tweet can spark a global record, he adds. But virality alone doesn’t pay. Ugwu, who has over two decades of experience in the music industry, argues that most artists chasing TikTok fame won’t see a dime without structure in the new streaming economy, where a million Nigerian streams are worth less than a sixth of the same number in the UK. “Streaming is just the entry point,” he says. “Only the people with real systems actually get paid.” While his team uses AI for CRM, influencer analysis, and marketing, he’s skeptical about AI-generated songs replacing human creativity. “Music has to be true,” he says. “Once you take away the human element, you take away what makes music.” This interview has been edited for length and clarity. From your experience in the music industry, particularly in the last decade, how would you say technology has changed the landscape of the industry? Technology changed everything. For example, one of the breakout artists of my era was CKay’s “Love Nwantiti”—that song went about eight times platinum. You could see technology was key to that growth. Ten years ago, once you had an album or a hit song, the way you pushed it was to go to Alaba. And when there was traction on the album, you sold it to Alaba and collected ₦3 million for the masters. I managed MI for about 15 years. MI’s biggest album—MI2: The Movie—was sold to Alaba. I think Ahbu Ventures paid ₦3 million for the rights. We didn’t get any money after that, and that album sold 30,000 copies in 30 minutes or so. It was an amazing album, but we made only ₦3 million. In that era, there was Facebook, and Twitter started popping, and now we’ve transitioned to platforms like Apple Music, Spotify, and other DSPs. Before we even talk about DSPs, social media came and changed the game: the way we market, the way we consume, and the way we create content. First of all, you need to think about technology, especially social media, as an equalizer. Before, if you had a good song, you had to go to Lagos, which has over 40 radio stations, and distribute the song to each of them. But now with technology, once someone has a good following, they just tweet, and everybody picks it up. That’s why we have artists who can compete because technology has brought everybody together. It’s an equalizer. You don’t need so many resources or money; with the right strategy, you win. Then you come back to the platforms. It is quite unfortunate that the two biggest platforms—Spotify and Apple Music—don’t sell music. They sell subscriptions. Spotify’s model is the subscription. Apple Music sells subscriptions and data. Music is the end product. Because people need to come to the platform to experience music, they care about what song has the most demand, not necessarily what’s the best. Now we’re in this era. Technology shapes everything we do. Even with us as a team, what I always tell people is that there’s a sweet spot between creativity, technology, and data. When you hit that intersection, you win. From your experience at Chocolate City, how has the rise of streaming platforms changed your operation, in terms of talent discovery, music distribution, and revenue generation? We need to start thinking about streaming as the entry point. You know how everybody just cares about streaming—everyone wants that viral effect to make money and cash out. But even when you get that viral effect, only people who have structure really get paid. For example, if you go to TikTok every day, there are so many people that stream. But how do you convert that streaming into getting paid? You have to have the proper structure. When you have that, you can monetize properly. Now, if you want your song to blow, you try to make it go viral on TikTok. But TikTok doesn’t really pay for streams. So you might get that viral set, but not money. And when you dig into streaming, you realize one stream in the UK is worth six streams in Nigeria. If you get 6 million streams here, that’s equivalent to 1 million streams from the UK or the US. They pay us a fraction of what they pay international markets Streaming has come to stay. It has given us the opportunity to be creators and create value from our work. It has moved the industry to the next point. 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Read More8.8 million Nigerians projected to own CCTV cameras, security tech in their homes by 2029
Before Mike (whose name has been changed for anonymity) employed domestic staff in his home, he used to think owning a CCTV was only for big organisations. Now, his home in Ogun State is rigged with smart cameras linked to his mobile phone. “It’s given me less anxiety, especially when artisans are around,” he says. In a country with a high insecurity rate like Nigeria, home surveillance is not a hard sell. The numbers don’t lie: Between May 2023 and April 2024, over 600,000 deaths were recorded in Nigeria as a result of insecurity according to the Nigerian Bureau of Statistics. On the Global Terrorism Index, Nigeria had the 7th highest number of fatalities in the world in 2024 due to insecurity. Security agencies in the country, such as the police force, have not helped in mitigating the situation. In 2023, Nigeria’s police force was ranked as the 4th worst performing in the world. It is no surprise then that Nigerians are turning to technology to fill the gaps left by poor security systems in the country. According to Statista, 8.8 million Nigerian households are expected to be outfitted with smart security by 2029, reaching a penetration of 17.5% from 15.5% in 2025. This security market includes surveillance products such as security cameras, motion sensors, and programmable and remote control door locks. CCTVs are becoming the go-to surveillance option for many Nigerians battling the insecurity in the country. A digital “Third Eye” Iyanu Adewole, who lives in a duplex in Kwara State, refers to CCTV technology as a “third eye”. “I don’t necessarily feel safe because of it,” she says, “But it helps you see what you normally can’t.” Installed in 2019 after a burglary, her basic camera setup is solar-powered and has helped her solve one theft case. “Someone stole money from my dad’s bag in the living room, so we went to review the [CCTV] footage and discovered who it was,” she says. In Kwara State specifically, security is threatened by terror groups, bandits, farmer-herder conflicts and violent cult incidents. All these exist despite the state’s leaders’ efforts in trying to control the insecurity situation. Esther Salami, who lives in Ogun State, says she received her solar-powered CCTV camera as a gift. Though she admits it hasn’t changed how she feels about her safety, she believes it is still a necessity. “It would always be useful in case you need to double-check something,” Salami adds. newsletter Who’s buying? According to CCTV salesman Adekunle Oluwatosin Fatunde, owner of Ibadan-based Comotech Digital Forensics Company Ltd, demand for CCTV has spiked, the financial costs notwithstanding. “People tend to buy CCTV after an incident,” he says. While Fatunde says that installation costs typically range from ₦180,000 to ₦300,000 ($112.5-$187.5), Mike says that he spent over ₦2,500,000 ($1,562.5) to install CCTV cameras in his Ogun state duplex. Nigerians with smaller budgets are not left out. Fatunde says customers who can’t afford a full installation package often scale down on their purchase. This means fewer cameras, no remote viewing, or a “pay small-small” plan. Some Nigerians even opt for solar CCTV systems—comprising a camera, storage card, and customsied solar panel—though these have limitations indoors. “Sometimes, the kind of roofing or design of a building may not allow the panel to adequately receive sunlight,” says Fatunde, impacting the functionality of the installed system. Still, not every Nigerian who buys a CCTV does so solely to prevent theft. Adewole, who installed a camera to monitor guests in the other unit of her duplex, is a testament to this. The same applies to Tolu (whose name has been changed for privacy), based in Ogbomoso, Oyo State. She says owning a CCTV “has increased my sense of safety in such a way that I can confidently receive guests and also send my [domestic] staff home to run errands for me while I supervise her at the comfort of where I am.” Little hiccups Attempting to solve insecurity problems hasn’t come without its challenges for these Nigerians. Tolu and Mike both agree that poor internet connection is one of the biggest problems they face in implementing CCTV supervision in their homes. There’s also the question of whether to disclose their use of CCTV surveillance to guests or domestic staff. When asked if she tells her domestic help about the cameras, Tolu says she withholds this information for fear that they might “do something funny to the camera.” The same goes for Salami and Adewole, who say they don’t tell people outrightly, though visitors and domestic staff can see the cameras. Taking matters into their own hands Salami believes Nigerians are installing cameras because they don’t fully trust the Nigerian police or security services. Others like Adewole are more diplomatic: “It’s not about trust. It’s self-added protection.” Fatunde opines that Nigerians are only taking a more proactive approach to their security. Tolu is an example: she does not wait for an incident to happen before monitoring her CCTV feed. “I actively monitor the CCTV feed,” she says. Both Mike and Oyo-based Tolu—who spends close to ₦50,000 ($31.25) monthly on internet usage for her CCTV, and spent over ₦750,000 ($468.75) on installation—say they believe owning a CCTV at home is a necessity, not a luxury. In a country where citizens have turned towards private solutions to address systemic deficiencies, if Statista’s projections hold true, by 2029, millions more will join these Nigerians in proactively surveilling their homes especially for an increased sense of security and control over what takes place in their private spaces. *Exchange rate used is $1 to ₦1,600
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