Kredete raises $22M to launch Africa’s first stablecoin-backed credit card
Kredete, a Nigerian fintech that helps African immigrants build credit and access financial services, has raised $22 million in Series A funding to launch Africa’s first stablecoin-backed credit card and expand its credit-building infrastructure across multiple markets. The round was led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. This brings Kredete’s total funding to $24.75 million since its founding in 2023 and will also finance the company’s expansion into Canada, the UK, and key European markets. It follows a $2.25 million seed round in August 2024 led by Blockchain Founders Fund, with backing from Techstars, Tezos Foundation, Launch Africa, and others. Kredete’s new product is designed to help Africans abroad build credit while sending money home. By linking everyday financial activity, from remittances to rent payments, to a credit score, the company aims to close the gap that leaves many immigrants locked out of loans, mortgages, and other financial services in countries like the US, Canada, and the UK. Founded in 2023 by Adeola Adedewe, Kredete combines international money transfers with a proprietary credit-building engine. The platform allows users to send money to over 30 African countries while improving their credit history abroad. The stablecoin-backed card, set to roll out in more than 41 African countries, will enable users to spend globally, build credit, and avoid costly foreign exchange fees. Kredete is also introducing tools to help immigrants with little or no credit history save, borrow responsibly, and protect their earnings, including rent reporting, credit-linked savings, and access to foreign currency accounts to hedge against local currency volatility. Beyond consumer products, Kredete has built an API-based infrastructure for businesses to make secure, real-time cross-border payments into Africa. It is also developing what it calls the continent’s largest aggregation layer of banks and wallets, designed to make payouts cheaper and faster while giving businesses a single API to move money efficiently. “Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” said Adedewe, Kredete’s founder and CEO. “This raise is about scaling that infrastructure globally and making sure that millions of Africans abroad are finally seen, scored, and served.” Khaled Ben Jilani, Senior Partner at AfricInvest, said Kredete was solving complex problems for both consumers and payment operators. “Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa. It is one of those rare startups solving challenges for both sides of the ecosystem.” Since its launch, Kredete says it has reached more than 700,000 monthly users, facilitated $500 million in remittances, and helped raise users’ U.S. credit scores by an average of 58 points. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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Nigeria ordered the sale of NITEL’s successor. Here’s why it still hasn’t happened
The Asset Management Corporation of Nigeria (AMCON), the country’s national bad loan bank, has downplayed expectations of a quick sale of NatCom Development and Investment Limited (NATCOM)—the successor to Nigerian Telecommunications Limited (NITEL)—despite a presidential directive in February ordering its divestment, and repeated calls from the Nigerian Communications Commission (NCC) for the company to be sold, even “for scrap” if necessary. Instead, AMCON says its immediate focus is on stabilising NATCOM as a strategic national telecoms asset. “As you know, the telecommunications sector is a highly regulated industry, so AMCON is engaging with the regulators and at the right time will do what is best for NATCOM,” said Jude Nwauzor, Head of Corporate Communications at AMCON. “Presently, the alleged divestment from NATCOM is not on the table just yet, but it’s on the horizon.” According to two telecom industry executives who spoke to TechCabal, a divestment of NATCOM could unlock underutilised assets such as spectrum, fibre, towers, and data centres that are vital for Nigeria’s broadband expansion. Under AMCON’s control, NATCOM has been weighed down by debt, bureaucracy, and stalled investment. A successful sale to credible private investors could inject fresh capital and efficiency, allowing the company to play a bigger role in reducing costs for operators, expanding coverage, and driving connectivity—key foundations of Nigeria’s digital economy. AMCON currently owns about 55% of NATCOM, having stepped in as both creditor and shareholder after the company’s original private investors failed to raise new capital. Established in 2015 under a $252 million “guided liquidation” process managed by the Bureau of Public Enterprises, NATCOM—now trading as ntel—took over NITEL and MTEL’s core assets, including spectrum licences, fibre networks, towers, and real estate. But from inception, NATCOM was undercapitalised. The company estimated it needed more than $1 billion in new investment to rebuild a competitive network. Instead, early backers, led by businessman Tunde Ayeni, struggled to raise follow-on funding. AMCON’s intervention kept the company alive, but NATCOM, like other distressed AMCON-backed firms such as Arik Air and Aero Contractors, has failed to attract credible investors wary of government involvement. Its most visible activity has been leasing spectrum. In 2023, MTN Nigeria secured the NCC’s approval to use NATCOM’s 900MHz and 1800MHz bands to boost 3G and 4G services in 19 states. The deal was renewed in 2025 for nationwide coverage, making MTN the de facto beneficiary of NATCOM’s most valuable assets. Mounting debt and shrinking value NATCOM owes around ₦100 billion ($66.5 million), a debt that continues to depress the company’s value as negotiations with creditors drag on. The longer divestment is delayed, the more value erodes. Industry insiders say potential buyers are deterred not only by the debt but also by AMCON’s continued presence on the board. “Nobody wants to touch an asset AMCON is a shareholder in,” one telecom executive said. “If you want to buy, you want AMCON out completely.” President Bola Tinubu and the NCC have urged AMCON to sell, with the president instructing earlier this year that NATCOM should be disposed of “for scrap” if necessary, according to one person familiar with the letter. NCC itself wrote to AMCON in December 2024, urging divestment. Yet implementation has stalled, reflecting the bureaucracy and inertia often associated with government-controlled assets. What future investors will find The eventual buyer of NATCOM will acquire a company with three distinct business pillars. The first pillar is the ntel network itself. The buyers are likely to consider a network sharing deal similar to the one signed by MTN and Airtel, or the roaming deal between MTN and T2 (formerly 9mobile). “There are successful MVNOs in the UK and the US that don’t run their own networks,” said one telecom industry executive who chose to remain anonymous to speak freely. “They create products that target niche segments. That’s what we are trying to do.” NATCOM’s spectrum portfolio gives it some leverage. The company controls 5MHz in the 900MHz band and 10MHz in the 1800MHz band, assets now leased to MTN Nigeria under a two-year agreement approved by the NCC. This arrangement extends MTN’s coverage nationwide while generating short-term revenue for NATCOM. The second is its real estate portfolio, which has the potential to be converted into a real estate investment trust (REIT), similar to what UPDC has established. The third is infrastructure: NATCOM owns over 600 towers, fibre, submarine cable stakes in SAT-3, and a handful of data centres. These assets can be leased to mobile network operators (MNOs), creating a wholesale business model in an industry increasingly reliant on shared infrastructure. Fixing the structure before the sale In May 2025, AMCON appointed Soji Maurice-Diya as chief executive officer of NATCOM, tasking him with fast-tracking the company’s long-delayed divestment, according to one person with knowledge of the matter. NATCOM’s previous leadership had failed to either bring in new investment or initiate the divestment process, that person added. Maurice-Diya’s mandate is straightforward: oversee NATCOM’s divestment and prepare the company for new ownership. A comprehensive evaluation of NATCOM’s financial and operational health is underway, according to two people familiar with the deal. The company has declined to comment on the deal. A divestment deadline was initially set for December 2025, but progress has stalled. According to one person familiar with the matter, the sale has been slowed by an undisclosed administrative and legal challenge uncovered during the evaluation. Compounding the delay, NATCOM has not conducted a financial audit since 2021, leading to the appointment of Deloitte to complete the review. These hurdles, combined with ongoing technical restructuring, make it unlikely that AMCON’s December 2025 divestment target will be achieved. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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Digital Nomads: A Delaware incorporation does not make a startup global. So what does?
Global business has become a catch-all phrase in tech, but founders building across borders know it is not about flags on a website or registering an office in London. To be global is to move money seamlessly between Lagos and Hamburg, to convince regulators who have never met you that your company is credible, and to design products that work in Dar es Salaam as well as in Singapore. After months of conversations with African tech professionals abroad, a pattern stands out. Many choose to start companies outside their home markets, often incorporating overseas before building back home. Access drives this choice. Certain jurisdictions open doors to payment rails, investors, and customers that remain shut in African markets. Yet incorporation is not enough. Tech products can live on the internet and be accessible anywhere, but founders who call themselves “global” without aligning with local rules risk failure. In May, I spoke with a first-time diasporan founder whose embedded fintech product collapsed because they didn’t have the right licences. Regulators’ emails kept piling up until they were forced to shut operations. While global ambition is a well-worn territory in the venture capital space, the poser remains: what does it take to truly build a global business? This week’s Digital Nomads looks at what it takes to build without borders. Dayo Fagade, head of business partnerships at Cedar Money, a global cross-border remittance fintech company, and Abdulwaheed Yusuf, chief operating officer at Sidebrief, a Nigerian regtech startup that helps businesses stay compliant in new markets, share insights from inside the grind of building globally, showing how much harder the work is than the word—and tech—suggests. 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Fagade is precise about what it should mean. “‘Global’ in money movement isn’t just about entering new countries or flag lists on a website to sound fancy,” he said. “It is about truly seamless and frictionless flows. It means a business in Lagos can pay different and multiple suppliers in Johannesburg, Hong Kong, Hamburg, and Guangzhou the same day with similar speed, transparency, and predictability as a domestic transfer.” Achieving that requires an unglamorous amount of engineering. Behind the experience of a seamless cross-border transfer lies the hard work of stitching together fragmented payment rails, navigating volatile FX markets, and aligning compliance frameworks that rarely match. Building global payments, in his view, is less about expansion headlines and more about making disparate systems interoperate as if they were one. “They [founders] underestimate how non-linear it is,” said Fagade. “Going global in fintech isn’t copy-paste growth. It’s closer to building several local businesses that all need to interoperate. Every market has its own compliance culture, customer behaviours, and liquidity dynamics. There’s always a need to balance building fast and building right.” One of the biggest hurdles for location-independent founders is proving credibility in markets where they have no physical presence. “Trust comes from proof, not proximity,” he said. “For partners and suppliers, it’s about showing you understand their specific context and will not put them at regulatory or audit risk. For banks, financial partners and regulators, that proof is strong compliance processes, clear data trails, and a willingness to engage even when the rules are complex or ambiguous.” Trust is won through consistency, responsiveness, and transparency. Those
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“Our software runs over 55% of cinemas in West Africa” – Day 1-1000 of Fusion Intelligence
The last time I saw a movie, it was James Gunn’s Superman at EbonyLife Place. After I made the decision to see the movie, I opened my phone’s browser and bought a ticket online. It was easy, simple, and a far cry from the ticket-buying experience of two decades ago. I didn’t think about the mechanics of the ticket-buying process any more than I think about how electricity works when I turn on a switch. But that easy, straightforward process is an illusion, built and maintained by a system most people would never see. For this edition of Day 1-1000, I speak to Kolade Adewoye, whose Fusion Intelligence is responsible for the illusion that maintains Nigeria’s—and West Africa’s—cinema industry. This is the story of Fusion Intelligence, as told to TechCabal. Day 0: Before Fusion, there was Filmhouse I joined Filmhouse Cinemas in 2018. Honestly, I just wanted to do any work I could get my hands on. I worked on the core operating software they used, Vista. One day, I happened to walk past an invoice for that same software. It was for $80,000 a year. Even then, when the dollar was around ₦300 or ₦400, that was a lot of money. I remember thinking, “If I just gather five guys together, we can run this thing.” That was peak delusion, but it was the first spark. I also realised this was an invisible market. You can walk into a Chicken Republic and see them using a POS, but nobody ever asks, “What operating software are you using?” It’s a huge industry, but it’s 100% dominated by foreign companies because it’s seen as business-critical. But the real experience that defined my time there was the Avengers: Endgame premiere in 2019. The website broke from so many transactions. People were paying ₦20,000 and getting an ‘Oops’ error message without a ticket. I was basically the only support person. For three days straight, I didn’t go home. I slept at the cinema. I focused all my energy on supporting the cinema staff, telling them which transactions were successful so they could issue physical tickets. I built my reputation as the guy who would get stuff done, no matter what. Some people even thought I was the MD’s son. That period built the social capital I needed later. When I left to start Fusion, I could walk into any cinema manager’s office, and we’d joke about that crisis. They knew I understood the business from the inside out, and that’s why they trusted me with their first contracts. Day 1: The Call My day one wasn’t a day one; it was more of a night one. It was on a WhatsApp call with five other broke and depressed people. After Filmhouse, I had joined a startup that was failing. I wasn’t getting paid, but I was still bringing in revenue. The company owed the bank, and the money I worked for was going to pay off old debts. I was frustrated, depressed, and my parents were shouting at me for being jobless. I told the team I was leaving to start my own thing. The unbelievable thing was that they all wanted to come with me. I told them the truth: “I have no money. I can’t pay you.” They said, “We haven’t been paid for months either. Anywhere is better than here with a CEO we don’t trust.” That was it. That was the start. 2022. No money, no name, just a belief that it couldn’t get any worse. My first job was to get a contract, any contract, so we could start. 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The highest-paying tech jobs in Nigeria (2025)
Nigeria’s tech industry has seen turbulent shifts over the last few years, from the pandemic-era boom to the recent economic challenges. Despite the setback, some roles are still commanding eye-popping salaries and rapid career growth. Some senior tech roles in Nigeria are still making people earn ₦2 million ($1,333) and above monthly. To understand what skills are worth investing in, I spoke to Emmanuel Faith, a HR professional with experience in several Nigerian startups, including Cowrywise and Africhange; Deji Olowe, founder of Lendsqr and board leader at Paystack; and Toyin Olasehinde, co-founder and COO of skills platform Treford. “These factors depend on the level (entry, mid, or senior), as well as the company itself and the industry these roles are employed into,” Emmanuel says. Here’s what these experts revealed to me about the roles, skills, and strategies that lead to the biggest paychecks in Nigeria’s tech industry right now. Top highest-paying tech jobs in Nigeria (2025) 1. Cybersecurity analysts Average pay: An average of ₦450,000-₦900,000 ($300-$600) monthly at mid-level, and ₦1.5M–₦2M ($1,000-$1,333) monthly at senior level Why it pays: Rising cyberattacks in Nigeria have made security non-negotiable for fintechs, banks, and startups. Skills in demand: Network security, ethical hacking, cloud security certifications like Certified Information Systems Security Professional (CISSP), and Certified Ethical Hacker (CEH). 2. Data engineers Average pay: ₦1.8M–₦2.5M ($1,200-$1,667) monthly for mid to senior roles Why it pays: Firms are collecting more data than ever and need people to make sense of it. Since businesses can’t make decisions without good data, data engineers are the backbone that makes analysis possible Skills in demand: SQL, Python, Spark, cloud data warehousing, ETL pipelines. 3. Software developers (Especially Back-end Engineers) Average pay: ₦1.2M–₦2.5M ($800–$1,667) monthly for mid to senior roles Why it pays: They build the infrastructure that keeps apps and platforms running. Skills in demand: Java, Node.js, Go, databases, APIs, systems architecture. 4. Technical product managers Average pay: ₦1.5M–₦2.8M ($1,000–$1,867) monthly for mid to senior roles Why it pays: Technical product managers bridge business strategy and engineering to ship profitable products. Skills in demand: Agile project management, UX understanding, stakeholder management. Toyin says, “People are actually building like every time, and so they need people that can actually, like, manage products for them,” Olasehinde said. 5. DevOps engineers Average pay: ₦1.3M–₦2.4M ($866.67–$1,600) monthly for mid to senior roles Why it pays: They keep deployment fast, stable, and secure, essential for scaling startups. Skills in demand: CI/CD, Kubernetes, Docker, AWS/Azure, scripting. 6. Artificial intelligence roles Artificial Intelligence /Machine Learning Engineer: Designs, develops, and implements AI and machine learning models and systems. Average pay: ₦600,000- ₦1,200,000 ($400–$800) monthly Why it pays: Olasehinde points out that “because of the whole AI buzz in recent time, employers are looking for people who actually can draw up AI strategies and also implement” for their organisations. Skills in demand: Strong programming abilities (especially Python), expertise in machine learning algorithms and deep learning frameworks (like TensorFlow and PyTorch), robust mathematical and statistical foundations, skills in data preprocessing and analysis, proficiency with cloud platforms (AWS, Azure, GCP) 7. Chief Technology Officers (CTOs) Average pay: ₦3M–₦5M+ ($2,000–$3,333+) monthly for mid to senior roles Why it pays: They set the vision and manage entire tech teams, budgets, and product roadmaps. Skills in demand: Technical depth, leadership, fundraising experience, strategic planning. Most future-proof tech roles in 2025 According to Emmanuel, there are roles where demand far outweighs supply in many senior tech roles, largely because people are migrating or prioritising foreign opportunities. Emmanuel and Olowe list technical product management as a role to pursue for fresh graduates or career switches who want to pursue long-term growth in the tech industry. Emmanuel adds cybersecurity, full-stack engineers, and lifecycle marketing managers. Olasehinde says marketing roles in tech firms are relevant because “to bring in people to use or understand , you need people on the marketing side to be able to communicate the value of these products, to be able to even sell this product.” Degrees vs. hands-on skills Interestingly, formal education isn’t the main ticket to high pay. Emmanuel observed that “for most companies at entry level, formal degrees might not be a deciding factor.” Mastery of cloud and DevOps tools like Golang and Scala can also fast-track salary growth. Olowe added that certifications and claims of global exposure often don’t impress him and other employers: “ Referrals are the best. Good people know good people.” For him, attitude, accountability, and quality output matter far more than certificates. Olasehinde says AI-related and data analytics skills are surging in demand: “Employers are looking for people that can draw up AI strategies for them and also implement them… There’s also product management, cloud computing, software engineering, and even growth and marketing roles.” Career growth timelines How long does it take to hit high-paying territory? Emmanuel estimates 18 months to two years for driven professionals to move from entry-level to well-paying positions, if they build rare, valuable skills and position themselves for growth roles like product management, cybersecurity, or marketing leadership. Olowe adds that technical roles can open the door to lucrative leadership positions like CTO or Head of Engineering, while product managers often transition into strategic executive roles. 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Read MoreIs Apple’s slimmest iPhone a big deal in Africa? We asked 7 users in South Africa, Nigeria, and Kenya
On Tuesday, Apple unveiled the iPhone 17 series, headlined by the ultra-thin iPhone 17 Air, the company’s slimmest iPhone yet. Globally, much of the conversation is about the iPhone 17’s slimmer design, titanium frame, and on-device AI. But in Africa, the real question is whether this sleek new lineup resonates with consumers who balance interest in innovation with the realities of cost. To find answers, TechCabal spoke with seven (7) users and experts in South Africa, Nigeria, and Kenya. South Africa: “These features matter here too” In South Africa, pre-orders open September 12, with in-store sales beginning a week later. iStore, Apple’s local retailer, is teasing the lineup with trade-in deals and financing options to cushion prices expected well above U.S. retail. For John Arufandika, a digital transformation strategist at Aptiva AI—an agency specializing in language models, system upgrades, and AI compliance—the iPhone 17 isn’t just a luxury device. To him, its true relevance for Africa lies in how it represents technology convergence. “I see Apple doubling down on on-device AI, advanced chipsets, satellite-enabled connectivity, and energy-efficient design,” he said. “ These are not just consumer perks; they point to the direction of computing over the next decade.” Arufandika argues that features like offline AI and satellite access could be transformative in Africa, where cloud costs are high and connectivity is patchy. “Tools that can run offline, protect data sovereignty, and stretch battery life in areas with weak grids, these are precisely the kinds of innovations Africa needs at scale.” Still, he admits that affordability remains the barrier. The real challenge, he says, is bridging the gap between high-end demonstrations and mass-market reality. On the consumer side, the excitement is real, but so is the price shock. Tendai Mugabe, Director of Programs and Impact at the Africa Women in Finance Inclusion Initiative (AWFII), captures the tension with humor and honesty. “I am an Apple sheep, and I am already in love and want it. But to try to justify that amount and then fees, life and all, it is pricey.” Mugabe, who upgrades every two years, says she is due for a new device but admits the cost concerns. Nigeria: Prestige versus practicality In Nigeria, reactions are split between admiration and scepticism. Lagos-based developer Tesleem Amuda sees appeal in the titanium design and stronger battery. “It is actually a big deal, and from the list of the features, functionalities, and materials I listed, smartphone users in Africa would want to see it, switch to the latest quality, and see how it goes,” he said. However, some others are skeptical about its real impact, saying the model will remain out of reach for most Nigerians because of its high price. “New iPhones won’t make much difference for the majority,” said Muhammed Hassan, an Abuja-based media and communication strategist.“The iPhone 17 will get attention in Africa, but for most people, it’s not a big deal. The price is too high, and many Africans prefer cheaper phones that do what they need. Rafat Lawal, a Maiduguri-based fashion entrepreneur echoes a similar sentiment: “Everyone would love to use it, but the cost will push them more away, like other previous models like the iPhone 16.” However, there are pockets of optimism, particularly among Nigerian content creators who see the device as a tool for better productivity. Toheer Muftaudeen, a content creator, described the new iPhone model as “a new talk” for African creators. “Though many people may not afford it or have an interest in using it, those who do will leverage its features for work.” Kenya: An object of desire, not utility In Nairobi’s malls and upmarket neighbourhoods, the iPhone remains a status symbol. Among young professionals, influencers, and entrepreneurs, owning the latest model carries a social cachet that Android rivals, no matter how powerful, struggle to match. The iPhone 17’s improved camera systems, faster processors, and Wi-Fi 7 connectivity will strengthen its grip among this cohort, who rely heavily on their devices for work and content creation. Retailers in the capital are already reporting waiting lists from early adopters. But outside this narrow band of consumers, Apple faces a harder sell. The entry-level iPhone 17 is expected to retail above KES100,000 ($773), with Pro versions priced much higher. This comes at a time when the shilling has weakened against the dollar and inflation has eroded disposable incomes. By contrast, Transsion brands such as Tecno and Infinix dominate Kenya’s smartphone market with devices priced under KES30,000 ($232), offering features that are “good enough” for the majority. “Slim or not does not really determine the decision to buy. Some brands have slimmer phones but fall short in some features like the camera,” said Collins Opiyo, a digital creator in Nairobi. “The decision to buy will come down to whether I have the money or not.” Yet Apple has consistently managed to carve out a loyal niche in Kenya. Financing options from mobile operators, trade-in schemes, and the flourishing second-hand market help sustain demand. The iPhone 17 will not shift the market’s balance, but it will reinforce Apple’s role as the phone of choice for Kenya’s upwardly mobile elite—an object of desire first, and a device second. More symbol than smartphone Across Africa, Apple’s new lineup sparks excitement, but also resignation. For tech observers, it’s a signpost for the future. For loyalists, it’s an expensive upgrade. For most, it’s out of reach. The iPhone 17 Air won’t transform Africa’s smartphone market. But it will reinforce Apple’s role on the continent: not as a mass-market device, but as a cultural marker of aspiration, loyalty, and the high cost of prestige.
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How banks, fintechs refunded Nigerians ₦10 billion in six months
Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) says it helped dissatisfied customers reclaim over ₦10 billion ($6.66 million) in refunds from banks, fintechs, and other service providers between March and August 2025. The refunds came from 9,091 resolved complaints lodged on the commission’s consumer complaints portal, it disclosed on Thursday. The disclosure underscores just how deeply consumer frustrations are running across financial and essential services. Banking and fintech dominate the pile, both in the number of cases and financial impact, highlighting consumer vulnerability in essential, high-value services. Banking topped the list with 3,173 complaints, far ahead of fast-moving consumer goods (1,543), fintech (1,442), and electricity (458). Other sectors flagged included e-commerce (412), telecoms (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114). “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services,” FCCPC CEO Tunji Bello said. The commission noted that the growth in complaints reflects the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress. Banking and fintech were the biggest culprits by financial impact, dominated by loan deduction disputes, unfair charges, and unauthorised debits. “Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN),” the commission said. While there have been concerns about whether the commission is encroaching on the CBN’s territory, Bello, in 2024, revealed that under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery. Other consumer grievances, across sectors, included unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines. E-commerce disputes are smaller in value but rising fast, mostly tied to failed deliveries, refunds, and counterfeit goods. The FCCPC said these trends highlight the fragility of consumer protection in the digital economy. The commission noted that digital lending, investment schemes, and microfinance services complaints are also rising, coinciding with the unveiling of its new regulation, which aims to curb abuses in the digital lending sector. In July, the FCCPC warned that digital lenders face fines of up to ₦100 million ($66,572) or 1% of turnover for abusive practices. The consumer watchdog said it is intensifying monitoring, enforcement, and collaboration with sector regulators, with a focus on financial and utility services. “The Commission encourages regulated entities to study these data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably,” it added. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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South Africa’s online retail boom exceeds $7bn as Amazon, Shein, Temu shake up the market
South Africa’s online retail sector is entering a new era of growth and maturity, with e-commerce sales in 2025 projected to surpass R130 billion (nearly $7 billion), close to 10% of national retail sales, a dramatic jump from the sub-1% share in 2015. This is according to an Online Retail 2025 report by World Wide Worx, a tech research company, in partnership with Mastercard, Peach Payments, and Ask Africa. The report highlights that the sector is growing more than ten times faster than physical retail, with online sales jumping 35% in 2024 (R96 billion, over $5 billion), and expected to climb by a similar margin in 2025. Takealot remains the most frequently used platform overall, along with Shoprite (Checkers Sixty60), Pick n Pay, and Woolworths, and the fast-growing Foschini Group’s Bash reporting double-digit growth, especially in grocery and FMCG, where on-demand delivery platforms have transformed consumer expectations for immediacy and convenience. “Takealot was the only game in town in 2023. That shifted dramatically in 2024, despite the arrival of Shein and Amazon, Takealot still increased its share,” said Arthur Goldstuck, CEO of World Wide Worx, a tech research company. International entrants shake the market Global giants like Amazon, Shein, and Temu’s arrival forces local brands to up their game. Amazon launched its South African site in 2024, expanding into groceries and household goods, and opening a seller centre for SMEs in Cape Town. Shein and Temu shook up the fashion sector, capturing an estimated R7.3 billion (nearly $390 million) in turnover and 40% of online clothing sales by 2024, though new VAT and customs rules are curbing their growth going forward. Despite cross-border pressure, local retailers have posted robust growth. Regulatory changes closing import loopholes are helping level the playing field. Domestic platforms excel in delivery speed, returns convenience, and trust, factors crucial to South African consumers. The report’s surveyed retailers feel confident, with 65% seeing little impact from Temu or Shein, and 75% rate their capabilities better than global competitors. Who’s buying Young, urban consumers (ages 18–34) remain the core demographic, but middle-aged and higher-income South Africans are adopting fast. Middle-income earners now account for the fastest-growing segment of online buyers. Women are highly active in groceries and fashion, while men show growing participation in electronics and general retail. “Those earning more than R50,000 a year in 2023 made up 25% of online shoppers. In 2024, that moved up to 34%. Even the R40,000 to R49,000 segment jumped from 22% to 36%. So you can see all the upper-income segments dramatically increase penetration,” said Goldstuck. Online, South Africans buy everyday essentials like groceries (via Sixty60, Pick n Pay, Woolies Dash), and FMCG is the fastest-growing, due to on-demand delivery. Fashion and beauty also follow with platforms like Bash, Shein, Temu, and Woolworths, reporting strong year-on-year growth in these categories. Homeware, electronics, and personal care see expanded uptake, with higher value and frequency among urban and middle-income shoppers. Digital payments Trusted payment rails such as EFT, debit, and credit cards remain dominant, with growing interest in instant EFT (PayShap), mobile wallets, and Buy Now, Pay Later (BNPL). WhatsApp is a major engagement channel for South African online retailers, especially for customer support and promotions, but the platform faces significant integration and trust challenges when it comes to payment gateways[1]. While most retailers use WhatsApp for handling queries and marketing, actual transactions are rarely completed via in-chat payment links, with EFT invoices being the dominant method due to hurdles in gateway integration, reconciliation, and consumer confidence. 69% of retailers use WhatsApp primarily for customer support, and over half use it for promotions. But only about 16% complete payments via WhatsApp links; the vast majority revert to sending customers EFT instructions rather than enabling seamless, real-time payment within the app. Key barriers include technical integration problems, reconciliation with accounting systems, consumer trust issues, and concerns over fraud and regulatory compliance. AI on the horizon The report notes that, while AI is widely recognised for its transformative capabilities in e-commerce, most South African retailers are still at the early stages of experimentation and adoption, treating it as a marketing enabler rather than a comprehensive business solution. Retailers anticipate that, as trust in AI grows and platforms mature, adoption will spread into more technical and operational aspects, including fraud detection, dynamic pricing, and demand forecasting. What’s next for South Africa’s e-commerce? Online sales are poised to hit 12% of national turnover by 2027, cementing e-commerce as a structural force in South African retail. Retailers are aiming for blended approaches, combining digital, in-store, and new payment options to maintain their competitive edge. As consumer trust and convenience drive loyalty, retailers must simplify checkout, provide clear shipping costs, and test new payment and authentication solutions, including passkeys and biometric options. Rahul Jain, co-founder of Peach Payments, noted that the most exciting trend in the e-commerce space in the coming years will be the “democratisation of e-commerce, like bringing products and services, whether it’s remote areas in the country or on the continent, not the traditional formal mixing markets.” Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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Costly smartphones keep six in ten Nigerians offline
Six in ten Nigerians are offline because smartphones cost too much, according to a new report by GSMA, the global industry body for telecom operators. In low- and middle-income countries (LMICs) like Nigeria, mobile is the primary gateway to the internet, accounting for 84% of broadband connections in 2024. The mobile internet has become how people access healthcare, education, financial services, and commerce. Despite its significance, 130 million Nigerians were without mobile internet in 2024, 10 million more than the previous year. With a population of 216 million, this translates to 6 in 10 Nigerians. Nigeria is behind only India (690 million) and China (240 million), and on par with Pakistan (130 million). In a 2024 report, GSMA noted that only about 29% of Nigerians (about 58 million) use the internet. Nigeria mirrors Sub-Saharan Africa, the region with the world’s lowest mobile internet usage. Just 25% of people in the region use mobile internet, compared to over 75% in North America, Europe, and East Asia. Globally, 3.1 billion people—38% of the world’s population—still do not use mobile internet despite living in areas with broadband coverage. The affordability bridge One of the main barriers continues to be affordability, although literacy and digital skills also play a part. “Affordability plays a significant role in device ownership and is the top-reported barrier to mobile internet adoption across LMICs,” GSMA said. In rural Nigeria, only 39% of people have smartphones compared to 73% in urban areas. Smartphones are crucial in a country that had 138.22 million mobile internet connections in July 2025. However, currency swings caused by the Central Bank of Nigeria’s 2023 reforms have triggered the naira’s fall, making phones more expensive. In 2024, Karl Toriola, CEO of MTN Nigeria, said the high cost of mobile phones was hindering digital inclusion in the country. According to GSMA, the median cost of an entry-level smartphone in countries like Nigeria has increased from around $50 (₦44,077 at ₦881.53/$) in 2023 to around $54 (₦82,967 at ₦1536.42/$) in 2024. Nigeria’s smartphone market shrank by 7% in Q1, 2025, as consumers prioritised food over devices, according to Canalys, a global technology market analyst firm. In Sub-Saharan Africa, which accounts for a quarter of those not using mobile internet, an entry-level device costs 87% of average monthly income for the poorest 20%. In 2022, 63% of Nigerians (133 million) were multidimensionally poor. In 2025, the poverty rate among Nigeria’s rural population reached 75.5%. The monthly minimum wage is currently ₦70,000 ($46.48 at ₦1506.09/$). Adeolu Ogunbanjo, national president of the National Association of Telecoms Subscribers (NATCOMS), said, “The high cost of things isn’t peculiar to ICT. But mobile phones are a necessity. People need to get access as it enhances whatever they are doing.” The market responds The high cost of smartphones has led to a surge in entry-level phones in the country, with Chinese phone makers such as Transsion and Xiaomi stepping up. Transsion, makers of Tecno, Itel, and Infinix, is dominant with 65% market share, and its edge lies in the sub-$100 segment (₦151,487), “where it has recorded 69% growth by addressing first-time smartphone buyers,” according to Manish Pravinkumar, senior consultant for Middle East and Africa (MEA) at Canalys. Device financing is also gaining traction. Platforms like M-Kopa, Easybuy, CDCare, Jumia Flex, Slot, and Access Bank’s Device Finance Scheme are making it possible for more Nigerians to buy phones. “Models such as Buy-Now, Pay-Later (BNPL) and Pay-As-You-Go (PAYGO) are redefining affordability, enabling broader smartphone ownership and driving digital inclusion,” Pravinkumar said. This has translated to growth, with the country’s smartphone market rebounding by 10% in Q2, 2025. While this indicates growth, Pravinkumar noted that FX fluctuations and import duties remain an issue, but “vendors are navigating this through financing models and tighter partnerships with local distributors. However, GSMA argues that $30 (₦45,183) devices could change the game, potentially unlocking the internet for 1.6 billion people worldwide, including millions in Nigeria, who are currently offline despite living under network coverage. Achieving this will require expanding handset financing options, adopting tax policies, and providing targeted subsidies to promote uptake. Telcos are also experimenting: MTN joined a GSMA coalition in 2024 to drive down phone costs, while Airtel is negotiating with manufacturers to make 5G devices cheaper. “We are actively talking to device manufacturers,” CEO Dinesh Balsingh said at a recent media briefing. Expanding the mobile internet to more Nigerians is crucial, especially as the country aims to maximise its digital economy’s potential. But this won’t be possible until smartphones become affordable. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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After solving fresh flower deliveries, Oyemade Oyemaja is building a translation tool for Nigeria’s 500+ languages
In the biblical story of Babel, humanity’s most ambitious project failed when a single shared language fractured into thousands, making collaboration impossible. Today, Nigeria faces a modern echo of that ancient problem. With a population of 238.4 million people and 520 living indigenous languages, it is one of the most ethnically diverse countries in the world. As the world scrambles to build the next generation of language models like ChatGPT and Claude, Nigeria risks being left behind for one reason: we don’t speak the same language. For Oyemade Oyemaja, co-founder of Ennoble Technologies, this presents a peculiar problem. “It means that before we even start to talk about solving problems, we have to get on the same page first,” he said. “If you have 10 Nigerians in one room, the possibility that they all speak the same language is low. Say that the room is an escape room, the first puzzle to even solve is making sure that each person understands what the other is saying.” Ennoble Technologies is a venture studio that identifies acute Nigerian problems and builds the digital infrastructure to solve them. Their projects range from streamlining commerce—like Buyflowers.ng, which solves the logistics nightmare of getting affordable, fresh flowers across Nigerian cities within hours—to tackling foundational barriers like language. One of these products is Neoform AI, an AI tool to help transcribe and translate English to local Nigerian languages. “Everyone says AI this, AI that, but because the language of the internet is English, it means that people who don’t speak English are left out of the race before it even starts,” Oyemaja says. Unlike traditional translation tools—Google Translate, ChatGPT—NeoformAI utilises local speakers to develop the translation algorithm, incorporating cultural contexts into each translation. Neoform partners with native speakers to gather and vet translations, making sure to capture everything from regional dialects to culturally specific proverbs. This humanised process ensures that English phrases translate into their local equivalent rather than a clumsy, literal interpretation. 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His tech journey began in 2013, an era he describes as the ‘every man for himself’ of Nigerian tech. “The ecosystem was non-existent; it was just you and your YouTube,” he says. This solitary start, where people who built were either driven by fun or opportunity, laid the groundwork for his future ambitions. “It’s a far cry from what we have now, with everyone doing things and having a network of other tech enthusiasts like you. Ten, twelve years ago, it was almost like it was every man for himself.” This early introduction to tech informed Oyemade’s decision to study Computer Science at Kwara State University. “I won’t say it was easy, but it was easier to have passion for something you’ve already seen in action.” After university, he stayed on the path of tech, first as a hardware maintenance specialist, then a lead frontend architect for Accelerex, a fintech company. His experience as a hardware specialist gave him a well-rounded view of what tech truly entails. “When people think tech, they think of software, and while software is a part of technology, we often forget the hardware and infrastructural parts,” he says. “Nigeria doesn’t have the infrastructure for
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