Can buyers avoid Computer Village scams when merchants go online?
In May, Victor Adakole, a 22-year-old graduate of the University of Lagos (UNILAG), visited Lagos’ biggest ICT market, Computer Village, to buy an iPhone 13 and repair his PlayStation 5 (PS5). He’d asked a friend for advice on how to navigate the sprawling market and researched how to ensure the phone’s authenticity when buying. Still, he fell victim to fraud, losing ₦15,000 to a fake repairman and abandoning his plan to buy the phone altogether. Adakole says he’d walked into what appeared to be a legitimate shop. At the same time he entered, a young man followed him in, offering to repair the PS5. After a brief inspection, he told Adakole he needed ₦15,000 to buy a part for the repair. Adakole handed over the cash, trusting that the man was affiliated with the shop he stood in. “I gave him the money and he asked me to wait, but that was the last time I saw him,” Adakole says. “When I asked the shop owner, they claimed not to know the guy and even said they thought we came together since he followed me into the shop. I was confused and heartbroken.” Adakole’s story mirrors the experiences of many buyers who visit Computer Village to purchase or repair devices only to end up paying for empty parcels or items that develop faults shortly after. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe For decades, Lagos’ Computer Village has been known for affordable and resourceful gadget deals and repair services. But the market’s reputation has suffered, and it is now notorious for scams, counterfeit products, and bait-and-switch schemes that have eroded customer trust. Bello Lateef, a long-time gadget trader, believes that buyers unknowingly expose themselves to scams when they deal with merchants who have no physical shops and lure them with cheaper prices. “Most people come in, meet those boys standing outside shops, and hand over their devices or money that they may never get back.” Merchants are rethinking how they engage with customers in light of this reputation, and now leverage social media and e-commerce platforms like JiJi to improve transparency, rebuild trust, and expand their reach. Joseph Daniel, who has spent eight years selling phones and accessories at the market, said he turned to digital platforms as part of his business survival strategy, majorly relying on Jiji and WhatsApp to drive sales. “When people started hearing that scams and fake gadgets are common in Computer Village, they stopped coming, and that affected those of us running legit businesses,” he said. “Customers are now much interested to see your online activities, your store proof, and reviews from other buyers before they could trust you. They know you can’t run from your reputation online because just one bad review can ruin your credibility.” Double checking using online channels Although Yetunde David bought a laptop that went blank just a week later in 2023, she has continued to shop at Computer Village but with added caution. She double-checks vendors online, reviews their social media presence for customer feedback, confirms their contact number if reachable, before tracing them to their physical shops. “If they have no online presence or aren’t active, I just move on. That’s the safest option for me.” Still, this method isn’t foolproof as online footprints can disappear physically. “One time, I spoke with a seller and went to meet him at his supposed
Read More
Ethiopia to allow foreign banks for first time in 50 years
Ethiopia’s central bank has issued a long-awaited directive allowing foreign banks and investors to formally enter its financial sector, marking a major step in the country’s broader economic liberalisation programme. The move comes after years of reform commitments and follows the December 2024 ratification of a new banking law by parliament. It is the first time Ethiopia is opening its banking system to foreign financial institutions since the sector was nationalised under the Derg regime in 1974. Despite being home to over 128 million people and the largest economy in East Africa by GDP, Ethiopia has long maintained a closed banking sector. Analysts say the move could inject new capital, boost competition, and accelerate the development of a sector that remains heavily dominated by the state-owned Commercial Bank of Ethiopia. The new licencing rules were published by the National Bank of Ethiopia (NBE) on Wednesday, June 25. They now provide a clear regulatory path for foreign banks to set up subsidiaries, open branches, or establish representative offices in the country. Foreign strategic investors can also acquire stakes in existing local banks, with individual ownership capped at 30%, and total foreign ownership capped at 40%. The NBE framed the new rules as part of a deliberate reform sequence designed to deepen financial access and attract global players to a market with strong growth potential. “The Ethiopian banking sector is hereby open for foreign participation and applications by foreign banks and investors can be submitted to NBE from today onwards,” the central bank said in the directive. The licencing directive also introduces a shift in how representative offices are regulated, placing their licencing and supervision under the NBE for the first time. The development follows months of signalling by top officials, including central bank governor Mamo Mihretu, who in recent weeks said foreign banks could begin operations in the country before the end of 2025. Foreign banks such as Kenya’s KCB Group and South Africa’s Standard Bank have previously expressed interest in entering Ethiopia once the regulatory environment allows. The NBE has said it will admit a limited number of foreign players, up to five licences over the next five years. The move is expected to complement Ethiopia’s wider reform push, which includes ongoing debt restructuring talks and a $3.4 billion agreement with the IMF. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More
👨🏿🚀TechCabal Daily – Zuvy gets acquired
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF! This is not an ad. Meta has announced that a feature I like to describe as “long story short” is coming to WhatsApp. Do you get puzzled when people, out of the blue, send you long messages to read, or those chats that have been forwarded multiple times in your family group teaching you home-made remedial tips? I must confess, I’ve actually stopped to read a few of those. New-school CEO Mark Zuckerberg and his AI chefs are cooking up an AI-powered feature that lets you summarise long, boring (and frankly unnecessary) chats that otherwise feel like a violation on multiple fronts. Long story short. – Emmanuel. BAS Group acquires Nigerian fintech Zuvy Multichoice’s 50% price slash screams desperation Kenya blocks Telegram access amid June 25 protests World Wide Web 3 Opportunities M&A BAS Group acquires Nigerian fintech Zuvy L-R: Zuvy cofounders Ahmad Shehu and Angel Onuoha/Image Source: Zuvy, circa 2023 Whether you serve businesses or individuals, running a lending company will always be a risky terrain to operate in. Why? It’s hard to determine whether borrowers can pay you—or will ever pay you back. And it’s hard-to-operate terrains like these that develop innovative solutions to solve market-specific problems they have. We’ve seen it in bank statement verification and alternative data assessments, and asset-based financing for individuals. But what about invoice-backed loans for SMEs? Zuvy, a Nigerian fintech which was acquired by BAS Group, provided SMEs with invoice-backed loans. Like every other micro-lender, it struggled to issue loans directly. It’s the same case: borrowers want quick cash yet lack eligibility, and as a result, the startup struggled to grow its loan book. Without increasing your loan book size as a micro-lender, you struggle to make money on premiums and interest. And guess what? The timeline for the debt funding you raised—which is preferable for businesses like these with capital-heavy operations as opposed to tech and assets—is expiring. So, Zuvy pivoted to invoice-backed loans, which meant it excluded a huge chunk of businesses and targeted a specific group—vendors who sold to manufacturers. If you run a chicken poultry farm and supply to Chicken Republic? Check. Put your money credibility where your mouth is and get a loan. It’s similar to Rivy (formerly Payhippo), another Nigerian SME lender which shifted from direct lending to solar financing. What can SME direct lenders fundamentally fix about staying long-term in the market? Are niche-specific loans a better way to go, provided you keep recovery optimal? Well, this leaves one niggly problem: who takes care of the groups that have been excluded from these pivots? Zuvy’s acquirer, BAS Group, says it wants to do so. Read how the acquisition of Zuvy, which has disbursed “billions in loans,” went down. Save more on every NGN transaction with Fincra Stop overpaying for NGN payments. Fincra’s fees are more affordable than other payment platforms for collections & payouts. The bigger the transaction, the more you save. Create a free account in 3 minutes and start saving today. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Streaming Multichoice’s 50% price slash screams desperation MultiChoice shuffling through ideas—any ideas—to survive the winter/Image Source: Andertoons Three price hikes in 12 months. A staggering 1.2 million subscribers lost at the end of its last financial year. 1.4 million subscribers in Nigeria alone gone
Read More
11 remote workers in Malawi, Kenya, Nigeria, and South Africa share how they work and earn
Remote work adoption across Africa has grown significantly since the COVID-19 pandemic, with professionals in various fields now working for international clients from their home countries. This trend spans multiple industries, from technology and writing to consulting and data analysis. Earnings vary widely depending on skills, experience, and market demand. According to Hubstaff’s freelancer report, African remote workers charged an average of $22 per hour as of 2020, though individual experiences differ considerably based on factors like client base, experience, specialisation, and working arrangements. I spoke with 11 remote workers across Africa about their actual earnings, payment methods, and the daily realities of working internationally from the continent. Their experiences reveal the practical aspects of this growing employment trend. $700-$1,000 per month – Bob, 28 Location: Kenya Occupation: Freelance writer Work arrangement: Full-time freelance Clients: UAE, Japan, Australia How did you get started? I got started during university by offering academic writing and editing services on Upwork. How do you receive payments? PayPal, Payoneer, and M-Pesa How does this compare to local salaries? Locally, content writers might earn around $230–$530 per month, depending on experience and employer. So yes, freelancing internationally pays significantly more. What are your monthly expenses and does your income cover your expenses? My expenses total around $300 to $500 per month—that includes rent, groceries, internet, insurance, savings, and supporting a sibling’s education. My income covers these comfortably. Has remote work changed your lifestyle? Absolutely. I’ve been able to move out, support my family, and save for a master’s degree. I can also afford better healthcare and even travel occasionally. What challenges do you face? Power outages, unreliable internet in some areas, and currency exchange losses are common challenges. There’s also a lack of local legal protection when international clients delay or refuse payment. How do you maintain work-life balance? I set boundaries by defining my availability in each client’s time zone. I avoid late-night meetings and use tools like Calendly to stay organised. $2,000-$5,000 per month – Christopher, 26 Location: Nigeria Occupation: Structural engineer, voiceover artist & Linux programmer Work arrangement: Full-time remote plus part-time projects Clients: Audible, Carrillion Construction Company, plus own company How did you get started? I got started right from university. I was a member of the Google Developer Club. How do you receive payments? Chipper Cash How does this compare to local salaries? The difference is pretty clear… I mean, I’ve worked as a structural engineer in Nigeria, and I think the highest pay I ever received was about ₦300,000 ($200). What are your monthly expenses and does your income cover your expenses? My monthly expenses include domestic bills, family support, gadgets, etc. I can’t break it down precisely, but that’s roughly about ₦1-2 million ($650-$1,300) monthly. My jobs cover them perfectly, and I always have extra to invest in shares. I don’t do traditional savings. Has remote work changed your lifestyle? Yes, it has. I don’t worry about bills too much—I’ve got it covered. I live where I want because I don’t have to find accommodation close to work, and I get enough free time to hang out and take care of myself physically, mentally, and socially. What challenges do you face? None right now. It used to be network issues, electricity, and noise, but now it’s all sorted. How do you maintain work-life balance? I work at my own hours. Anything beyond that attracts a fee, and my clients are well-informed of that. So that helps me balance everything out. 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
Read More
Abdulhamid Hassan won’t stop building until Mono becomes a fintech backbone
On September 24, 2024, as venture capital funding for African startups plummeted and anxiety around the decline grew, Abdulhamid Hassan, the founder of prominent open banking startup Mono, posted a simple tweet: “don’t give up. don’t die.” It wasn’t just a quip but a philosophy that’s guided the rise of the five-year-old YC-backed company, whose Delaware-registered parent company is named Relentless Lab, and which powers seamless financial experiences for companies like Mastercard, Flutterwave, and Carbon. It’s the same philosophy that carried him from a small Ijebu town in southwest Nigeria to Lagos’ tech hub, then hubs in Egypt, Latvia, the UAE, and France, before returning him to Lagos, where he’s been at work building Mono. “It feels like we have failed if I open a fintech app today and do not see Mono,” says Hassan. “I want a world where, if I open any fintech application in Nigeria today, there is one particular feature that Mono powers. If that doesn’t happen yet, I won’t sleep.” More recently, Hassan’s sleepless ambition has led to Owo, a new product that lets anyone make a payment by sending a WhatsApp message. Yet to launch, Owo is seeing impressive traction already: Hassan claims that the product is processing ₦1 billion naira monthly. “In five years, Owo will be the biggest way Nigerians spend money,” he says. From Ijebu to the world I spoke to Hassan from his hometown in Ijebu Ode, Ogun State, in western Nigeria. He arrived on the call three minutes early. As we exchanged pleasantries, I took another look at his LinkedIn profile. Mono, his five-year startup, is the only work experience listed there. “That’s because Mono is my life’s work,” he says. It was easy to forget that we were not conversing in person. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Hassan’s tech journey began in his hometown with parents who were not only entrepreneurial but also particular about service quality. His late father was a pioneer in Ijebu’s rental business, setting up tents and chairs for parties with an obsessive attention to detail, Hassan recalls. “He’d make us wash the chairs, the tents. If there was a single spot, you’d start over. No half measures.” His mother, a fashion designer, who he says brought modern flair to Ijebu’s 1990s fashion, was his first teacher on user experience, instilling in him just how a product’s design could evoke trust and desire. “I got my sense of what a good user experience looks like from her,” he says. Those lessons shaped Abdul’s early forays into tech. After secondary school, he moved to Lagos to study computer engineering at the Nigerian Institute of Technology (NIT). The tech ecosystem was still a loose collection of forums and dreamers around the time, “not considered cool in Nigeria,” he recalls. Hassan found a home in Radar, TechCabal’s now-defunct popular forum for tech conversations, where he became a regular commentator. When Paystack launched in 2016, he was among those who first announced the news on the forum, a move that would later prove prophetic. His first startup, Washify, launched in 2014. It was an ambitious attempt to be the “Uber for laundromats,” connecting users to nearby laundry services. Washify didn’t pan out, but it introduced Hassan to Shola Akinlade, Paystack’s co-founder. At the time, Akinlade was an engineer at Klein Devort, a software development and consulting company.
Read More
BAS Group targets Nigeria’s $236 billion credit gap with Zuvy acquisition
BAS Group, a Nigerian investment company that controls businesses in healthcare, micro-insurance, and finance, has acquired a majority stake in Zuvy Technologies, a Lagos-based startup that provides short-term financing to small businesses through invoice discounting. The value of the all-cash deal was not disclosed, but BAS now owns more than 50% of the company and has assumed operational control. As part of the transaction, all institutional investors in Zuvy have been bought out. The startup’s co-founders, Angel Onuoha and Ahmad Shehu, will retain minority stakes but are stepping back from day-to-day operations. The deal signals BAS Group’s growing ambitions in Nigeria’s underserved SME finance market, where a $236 billion credit gap leaves many businesses struggling to access working capital. With the acquisition, the company adds invoice-backed credit to its offerings, allowing vendors that supply large companies—especially fast-moving consumer goods (FMCG) manufacturers—to access early payment on their invoices without needing traditional collateral. “Think of the Zuvy platform as another add-on under our finance arm,” BAS Group CEO and founder Abdulateef Hussein told TechCabal in an interview. “It’s going to be very seamless for us because it’s just a new product added to our lending offerings.” Zuvy provided short-term credit (60–90 days) after vendors submitted invoices verified with the large companies they supplied. BAS found Zuvy’s broad vendor list attractive as it seeks to diversify its SME lending portfolio. The company saw invoice discounting as a way to extend credit with greater confidence, using verified invoices from vendors that supply goods and services to heavyweight customers such as Dangote, Eat n’ Go’s fast-food outlets, and Rite Foods. That buyer-side credibility, Hussein believes, reduces risk and speeds up lending decisions. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe BAS Group, which also owns a micro-insurance (ALLY Microinsurance) business and holds a stake in a microfinance bank (ALLYCare), will layer Zuvy’s lending platform with services it already offers, such as banking products, health-maintenance cover, and credit-life insurance, to give small businesses a broader suite of financial options. “We are excited about this acquisition,” Hussein said. “A lot of the infrastructure is ready. It is just for us to scale it with our capital and institutional relationships in the market. A lot of the repayments we will be receiving will now be channeled through the Zuvy platform.” Founded in 2021, Zuvy began as a direct lender before pivoting to a loan origination model, helping over 1,500 businesses secure financing with support from partners like TLG Capital and Advancly. In 2023, the startup raised $4.5 million in a debt and equity round, with participation from TLG Capital, Dunbar Capital, Next Chymia Consulting HK, and angel investors David Mussafer, Khalil Osman, and several others. Zuvy has fully repaid the $4 million debt it raised in that round, according to Onuoha. Despite spending years building infrastructure for invoice-based financing and filling a short-term credit gap in Nigeria, Zuvy struggled to grow its loan book and scale rapidly, partly because its direct lending model depended on continuous fundraising. In search of a model that could support long-term growth, the startup shifted from direct lending to a loan origination model, weighing the trade-offs between control and scalability. “When you’re doing direct lending, you have full control over the exact types of loans you want to disburse, but it relies on constant fundraising to actually scale your loan book,” said Onuoha. “With loan
Read More
I asked Computer Village merchants what laptops are worth buying in 2025. Here’s what they said
If you’ve ever been to Computer Village, Lagos’ largest ICT market, you know the rules: hold your bag tight, your phone tighter, and ask the right questions, or you risk walking out with a purchase you’ll regret. When buying a laptop, for instance, the options are endless. Specs? Confusing. With so many brands available and choices to make, sometimes you just need someone who knows the streets to tell you what to buy. So I did the asking for you. You’re welcome. When it comes to buying a laptop, especially if you’re not loyal to a brand, it’s hard to know where to start. Should you go with HP, Dell, ASUS, Lenovo or a Mac? And about the processor? Should you get an i3, i5, or i7? How much RAM is enough? The questions never end. So I spoke to the people who actually know: retailers, repair guys, and behind-the-counter specialists at Computer Village. I wanted to find out: for tech bros, students, office and remote workers, gamers, and everyone in between, what laptops are worth your money in 2025? ‘Light work’ If your day-to-day involves Zoom calls, Google Docs, Notion, Excel, or several open Figma tabs, you need a laptop that won’t freeze or start overheating in the middle of an important meeting. When asked what really mattered when getting a laptop for users in this category, most merchants started with the same checklist: a Core i5 processor, with at least 4GB of RAM for speed and fewer problems a Core i3 processor if you’re mostly on Docs and web browsers HP, Dell, and Lenovo were the top recommended brands cited for their speed, availability, and quick repair. Among HP laptops, the EliteBook and ProBook series were strong recommendations. Most merchants recommend sticking to 6th-generation processors and above, especially if you want better speed and fewer Basic Input/Output System (BIOS) issues. What should you budget? For fairly used (UK/US-used) models, these merchants say their recommendations fall between ₦250,000 and ₦400,000, depending on the generation and condition. If you’re going for something new, Judith Asomugha of BeeLogic Communications says you should budget from ₦600,000. Heavy-duty laptops If you’re working with design tools like Adobe Premiere or AutoCAD, or you write code, game on weekends, or generally run multiple heavy apps at once, the laptops listed above won’t cut it. You’ll need a laptop built for performance with strong processing power, high RAM, and efficient cooling systems. When I asked about laptops like these, merchants reeled off a list of models from HP Omen and Dell Precision to MSI and Dragonfly. However, according to Adebayo Ibrahim of GoodLand Technologies, “the best gaming laptop right now is from ASUS.” Overall, the checklist included: Higher processors, from Core i7, at least 4GB RAM, and a large storage space. Laptops with dedicated graphics cards (NVIDIA cards). Nze, who has been selling at Computer Village since 2019, says that “NVIDIA cards help them [gaming systems] run smoothly, especially if you have gaming applications.” What should you budget? Fairly used (UK/US-used) gaming laptops typically start from ₦600,000 according to Ibrahim, depending on the brand and condition. For new gaming systems, the budget typically starts from ₦1,000,000. Popular doesn’t always mean powerful A particular laptop brand was consistently left out of the merchants’ list of sturdy laptops. One thing all the merchants I spoke to agreed on is that HP is the most asked-for laptop brand in Computer Village. It’s their go-to recommendation when someone walks in and asks for a good laptop. Ibrahim points out that this may be because of the laptop’s low maintenance. According to him, changing the battery of an HP laptop would cost from ₦25,000, compared to changing a Dell laptop’s battery, which costs from ₦40,000. But when I asked these same merchants which brands are actually more durable, many pointed to Dell and Lenovo. “HP is fashion[able] because of its structure and physical appearance. They are not rugged like Lenovo and Dell,” Emmanuel David, another merchant, says. Merchants say that Dell and Lenovo tend to last longer under heavy use: their bodies are more compact, and the hinges hold better. But they tend to be more expensive to buy and maintain compared with other brands. Merchants also sing the praises of ASUS laptops, though it is largely less popular due to their price among other reasons. Buying a laptop is not just about a brand or how sleek a device looks. It’s about knowing what your computing needs are and what your budget can get you. Whether you’re gaming, coding, typing, or Netflix-ing, the right laptop is out there. You just need to know what you’re looking for. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More
👨🏿🚀TechCabal Daily – Access Bank acquires Standard Chartered Tanzania
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. Bonjour from Cotonou! Day one of the Cyber African Forum finished yesterday and I saw more people in suits than I have ever seen at a tech conference. Apparently, Beninise (and people across Francophone Africa) dress the part. Panelists covered a range of topics, from the need for patient and blended capital on the continent, to the role of AI in driving Africa’s economic growth, and even how humans (yes, all of us!) remain the weakest link in cybersecurity. Thankfully, my translation device and Google Translate saved the day, allowing me to enjoy insights from every session—what would we do without technology? You can find my detailed recap in the third blurb of today’s newsletter. PS: Big shoutout to our readers who said hi—especially Quetin who showed me that he had just finished reading yesterday’s edition. – Faith. Starlink lands in Lesotho amid US tariff threat Access Bank acquires Standard Chartered Tanzania Cyber Africa Forum Day 1 Recap Lagos State wants to give every house a digital address World Wide Web 3 Opportunities Internet Starlink lands in Lesotho amid US tariff threat Starlink in Lesotho/Image Source: Google Elon Musk has planted Starlink’s flag in Lesotho, a country “nobody has heard of,” according to Donald Trump. On Monday, Starlink went live in the country, and resellers have started legally selling kits. Lesotho is under pressure after USAID cuts and a 50% hike in import tariffs—the highest tariff levied on any country. Since then, job losses have piled up in healthcare and the once-thriving textile sector. Lesotho’s garment sector employs 30,000 people and contributes heavily to the country’s $2 billion gross domestic product (GDP). At the heart of Starlink’s operations in Lesotho is T‑Connect, which has been licenced to resell Starlink kits. Backed by a 10-year licence and fresh to the market, the company promises to build AI-powered data centres and bring high-speed, low-cost internet to even the most remote schools. The decision to grant Starlink a licence wasn’t without controversy. Local telecoms like Vodacom Lesotho and advocacy group Section Two pushed back on Starlink’s licence application, insisting that foreign players should include local ownership like other global internet providers have. Yet, the country’s Prime Minister defended the approval, framing it as part of a broader plan to attract US investment and negotiate trade relief. But Lesotho’s economy is still reeling from the funding cuts and tariff hikes. Other internet providers, including Econet Telecom Lesotho and Vodacom Lesotho, still struggle under high costs and the challenging terrain. Starlink may offer Lesotho a lifeline, but its sustainability is unproven amid shaky macroeconomic foundations, political pushback over foreign dominance, and affordability hurdles. Save more on every NGN transaction with Fincra Stop overpaying for NGN payments. Fincra’s fees are more affordable than other payment platforms for collections & payouts. The bigger the transaction, the more you save. Create a free account in 3 minutes and start saving today. M&A Access Bank acquires Standard Chartered Tanzania operations despite CBN forbearance restrictions Image Source: Access Bank Access Bank is still under regulatory forbearance, a measure imposed by Nigeria’s Central Bank (CBN), that restricts certain financial actions like paying dividends, awarding bonuses to senior executives, or investing in foreign subsidiaries. This directive, issued in June 2025, is part of efforts to strengthen capital generation within the banking sector. But on Monday, Access Bank, Nigeria’s largest lender by assets, quietly announced on one of its Instagram accounts that it has completed the acquisition of Standard Chartered Tanzania’s consumer, private, and business banking division. This acquisition is key for Access Bank’s expansion across Africa, strengthening its earnings and fueling its ambition to become a pan-African heavyweight. So, how does a bank under CBN’s restriction close an offshore deal? The answer: timing. Although it comes just weeks before Access is expected to exit forbearance on June 30, the deal itself predates the CBN directive. Access and Standard Chartered first announced this divestment back in 2022. Standard Chartered, with its headquarters in the United Kingdom, has been gradually exiting select African markets to refocus its global wealth management and improve its profit. Since 2022, Access Bank has been the buyer. Starting with the acquisition of the international bank’s Angolan and Sierra Leonean subsidiaries. Then a few days after CBN’s June directive, the bank assumed ownership of Standard Chartered’s Gambian operations, ending its 130-year presence in The Gambia. And now, it has taken over the international bank’s Tanzanian division. Yet, the timing raises the question: will the CBN consider this a violation, or let it pass since the groundwork was laid years ago? Drive your business forward with Doroki Whether you are a retail store, restaurant, pharmacy, supermarket, salon or spa, Doroki helps simplify your operations so you can focus on what matters most: your customers and your growth. Manage your business smarter, start here. Features Cyber Africa Forum Day 1 Recap: Capital, AI, and Cybersecurity Realities An image taken from CAF 2024/Image Source: CAF Bonjour! Benin feels reminiscent of Lagos to me. Afterall, Lagos is just 2 hours 35 minutes away. Yesterday, the Cyber Africa Forum opened in style, as everyone turned up looking their best. Panelists talked about everything from the need for patient and blended capital on the continent, to how AI is driving growth in Africa’s economy, and how you and I might be the weakest link for Cybersecurity. During a panel discussion, investors argued that the continent needed more patient capital. However, over 80% of the funds on the continent are from foreign investors and the continent might need to turn to local investors to find patient capital. However, local investors are yet to catch on with the concept of VC investing. Panellists also agreed that getting local investors acclimatised with the concept of VC investing could close the gap for patient capital on the continent. One of my favourite conversations at the event was Irene Auma, Visa’s Head of Risk in Africa session on
Read More
Are AI assistants active on your smartphone without real consent?
Nyambura Kogi, Chairperson of the Association of Women Commercial Drivers of Kenya, sits on the edge of her couch, taps her two phones Redmi 12 Pro and Sumsung Galaxy A56 impatiently with a sigh. “I hate Gemini, especially because it makes both my phones really hang and there seems to be no way to disable it.” Kogi does not recall opting into Artificial Intelligence (AI) assistants. It was simply there—bundled in a phone update, learning from her daily habits. Across Africa, millions are in the same boat. From AI-suggested playlists to personalised news alerts and autocorrect that adapts to their slangs, AI assistants including voice, text, and search assistants, are now embedded in the apps and devices Africans rely on daily. But what feels like convenience masks a more troubling truth: users are rarely asked, explicitly, if they consent to this invisible data exchange. And for most, opting out can be unclear or nearly impossible. Consent without choice The promise of AI is personalisation. But it’s powered by data—your data. Every tap, scroll, and voice command potentially becomes a training input. And in many of the world’s most popular apps, this data is collected under vague terms or behind dense privacy policies most users don’t read nor fully understand when they “agree”. “As consumers we find ourselves in a situation where we are not in control of AI introduced in our gadgets because those who design the gadgets are the ones who decide whether to put AI tools or not,” said Zenzele Ndebele, a director of the Centre for Innovation and Technology (CITE). Even when tech companies disclose that their AI tools are collecting data, the process often remains opaque. Meta, for example, states that messages sent to its AI assistants “may be used to improve AI.” But what does that mean in practice? How long is data stored? Can it be deleted? Can it be sold? “These are questions users have a right to ask,” says Ndebele. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe The invisible cost of “free” products and services Jean-Pierre Murray-Kline, a business technologist based in South Africa, puts it plainly: “If the product is free, you are the product.” He describes AI as a digital mirror—one that reflects our behaviours back to us, but amplified. “It’s watching how we speak, what we type, what we search. Then it gives us more of the same—reinforcing habits, biases, even political leanings.” And yet, users often do not know what happens behind the scenes. Many apps do not just gather data—they harvest it continuously, sometimes even when the app is not open. Candice Grobler, community marketing strategist and a founder of Candid Collab, noted that “It’s really difficult as a user to really know what these AI assistants in apps are doing with our data. They have terms of service but they update automatically without always being clear on the real impact.” “Some developers design their apps specifically to avoid triggering permission requests,” says Murray-Kline. “If an app does not ask for any permissions at all, that should be a red flag—not a relief.” At the core, AI remains a business-driven tool. While everyone will eventually use it, companies prioritise profitability—optimising AI systems to extract data with little focus on empowering users with control. Ndebele cautions that while businesses invest heavily in AI, “users must be vigilant about what
Read More
Clunky investment apps push retail investors into riskier territory – Report
For the first time, everyday Nigerian investors surpassed institutional investors in Q1 2024, capturing 1.1% more of capital markets investments than the latter. It is an indication of a growing appetite for wealth creation among everyday consumers. Yet, despite this momentum, the market’s growth remains constrained by investment platforms that aren’t user-friendly, according to a new report from product research firm Check. The report found that 80% of retail investment platforms in Nigeria fall below global usability standards, citing slow, clunky, and confusing user experiences. This poor design pushes first-time investors away from credible platforms and into riskier alternatives like Ponzi schemes and crypto scams. According to the report, Nigerians have lost ₦90 billion to Ponzi schemes in the last two years, and more than ₦1 trillion in the past 25 years, underscoring the cost of weak investor education and poor digital experiences that fail to retain retail users on legitimate platforms. “The next wave of market leaders will be those who build seamless, mobile-first experiences that empower emerging investors through speed, simplicity, and education,” said Lanre Wright, Head of Innovation and Growth at Check, in the report. 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 TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe The report shows that Nigeria’s retail trading volume jumped from ₦618.79 billion in 2020 to ₦2.31 trillion in 2024, driven by macroeconomic pressures, improved mobile access, rising financial literacy, attractive interest offerings, and stronger market performance. This marks a 106.3% year-on-year increase from 2023. Still, active participation remains low: fewer than 500,000 Nigerians out of 3 million registered capital market investors actively trade. That figure lags behind platforms like PiggyVest and crypto apps, which have 5 million and 3 million users, respectively, highlighting how capital market platforms continue to lose ground in the battle for retail investor attention. Check’s usability audit of 10 do-it-yourself (DIY) investment platforms found that only two met the global usability benchmark score of 68. The rest suffered from clunky Know-Your-Customer (KYC) processes, confusing navigation, cluttered interfaces, and a lack of embedded user guidance, issues that erode trust and push users toward informal or riskier alternatives. For Nigeria’s capital investment market to be more accessible, the report concludes, investment platforms need to invest in user trust by building out seamless user experiences in their digital backends. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read More