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. 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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
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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. 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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
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Which transfer app gives South Africa’s migrant workers the best deal on their next $200 home?
Johannesburg is a magnet for Africa’s workforce. Migrants from Zimbabwe, Nigeria, the Democratic Republic of Congo (DRC), Uganda, and beyond flock to the city’s bustling economic corridors. Many work long hours in retail trade, salons or as gig economy workers. Their earnings power South Africa’s billion-dollar remittance economy. Over $1 billion flows each year to Southern African Development Community (SADC) countries alone; the actual figure may be even higher, with informal channels often bypassing traditional reporting. Zimbabwe alone receives almost half of these remittances. “In Zimbabwe, in any bank branch, 80% of customers in the banking hall are there for remittances,” said David Adlam, a fintech expert. For migrant workers in South Africa, several apps have launched to make it easier to send money back home. With a plethora of apps to choose from, migrants have to consider other factors when making remittances including which app will take the smallest cut of their next family support home. I recently took a quick street and online survey of 30 migrants from Zimbabwe, Nigeria, DRC, and Uganda living in the north of Johannesburg to find out what apps are popular. Zimbabweans, for example, tend to favour Mukuru and Hello Paisa, while Nigerians, Ugandans, and Congolese rely on Mama Money. Regardless of country-based differences, choices are driven by cost, convenience, trust, infrastructure to collect the money, and the specific needs of their families back home. 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Mukuru, in particular, has operated in South Africa since 2004 and is well-established in the remittance industry, making it a trusted option for many. In contrast, Nigerians, Ugandans, and Congolese often prefer Mama Money for its convenience, especially in terms of where recipients can collect funds, as well as its competitive fees and digital-first experience. Other platforms—WorldRemit, Sasai Remit, Clicksend Now, Taghill—and a range of informal channels round out the mix as users try to find the best deals. Efficiency and convenience are what users like Tony Manyangadze, a Zimbabwean communications professional, look for. “I use Hello Paisa because it’s all in one, short queues where my family stays and I can send mobile money and shop for groceries through the app.” For others, cost is king. “Mama Money is the cheapest for me,” said John Duru, a Nigerian trader. “I can send money either through my bank or at a shop and it is the closest to where my family stays.” On an average, most migrants send between $100 and $200 monthly, primarily to support families with food, school fees, and bills. Transfer fees vary widely across providers and corridors. Zimbabweans pay up to 9% in fees through Hello Paisa or Mukuru, while Mama Money charges 5%. In Nigeria, Mukuru’s fee drops to 0.81%, far below the World Bank’s 3% target. WorldRemit offers as low as R50 ($2.80) fee for $200, but Congolese refugees are locked out of these services due to asylum policies. Several remittance platforms require national ID or passports, locking out refugees, asylum seekers, and migrants in legal limbo. “I had to stop using WorldRemit after I applied for asylum,” said Emmanuel Bauma, a DRC national and e-hailing driver. “Now I use Mama Money — or I use informal sources when there is an
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Kenyan bank CEOs warn of cybersecurity talent shortage as attacks surge
Kenya’s top bank executives have warned of an acute shortage of cybersecurity experts, saying the talent gap has exposed lenders at a time when cyber threats are rising sharply. Bank chiefs said in the recent Chief Executive Officers Survey by the Central Bank of Kenya (CBK) that the crisis has been compounded by reliance on manual monitoring systems. The survey found that limited access to real-time security tech has left most financial institutions vulnerable to rising cyber threats. “Among the challenges that respondents noted concerning their endeavours to implement the cybersecurity guidelines included the high cost of attracting, retaining and motivating cybersecurity experts due to the shortage of cybersecurity experts,” CBK said. The survey is part of the Central Bank’s effort to assess how well the financial sector manages cyber risks seven years after it issued cybersecurity guidelines to banks in August 2017. The guidelines require annual IT audits and board-level reporting. According to the survey, implementation has been patchy as most banks still struggle to meet the baseline compliance requirements, mainly due to staffing constraints and ballooning costs for technology and training. 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 Despite Kenyan banks increasing their cybersecurity budgets, they’ve been unable to attract skilled staff and procure advanced monitoring technologies to mitigate cyber risks. The country has an estimated 1,700-2,000 cybersecurity professionals, far short of the 40,000–50,000 needed to secure the digital economy. “Commercial banks indicated that they have budgeted between Sh19 million ($147,000) and Sh600 million ($4.6 million) towards cybersecurity, indicating a growing awareness of the risks posed by sophisticated cyberattacks and a commitment to enhancing the security posture,” CBK said. The warning comes as Kenya records the highest spike in cyberattacks in its history. Data from the Communications Authority of Kenya (CA) shows that cyber threats more than tripled to 2.5 billion in the first quarter of 2025, a 202% increase from the previous quarter. Interpol has also flagged Kenya as a top target for cybercriminals in East Africa, citing increased smartphone penetration and rapid adoption of mobile and internet banking. Nairobi’s growing profile as a regional tech hub has made Kenya a magnet for international cloud, payments, and digital commerce firms. While it’s great for economic diversification, it has created a new battleground for cybersecurity hiring. Fintechs flush with VC dollars, and Big Tech players setting up regional bases, have upped the stakes, offering packages most Kenyan banks struggle to match. The sluggish talent pipeline has worsened the shortage. Universities and training institutions have struggled to produce job-ready cybersecurity experts. Despite a surge in funding and skills-building programmes, few graduates meet the specialised requirements banks now demand. Certifications like Certified Information Systems Security Professional (CISSP), Certified Ethical Hacker (CEH), and ISO standards remain costly. 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
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What’s next for African tech: A Moonshot 2025 agenda
Just a few years ago, Africa’s tech ecosystem was booming. In 2021, startups across the continent raised over $4 billion across 355 funding deals, buoyed by a global investment wave and the promise of leapfrog innovation. But the wave has since receded. By 2023, funding had dropped by over 40%. The funding winter began as global VC pullback, economic headwinds, and local currency instability created a tougher, leaner environment. The fallout was swift and painful — startup shutdowns, brain drain, layoffs, and widespread uncertainty. In 2024, it became evident that the world was moving fast, and Africa must move with it. To find the growth and total addressable markets that make for viable and VC-pleasing exits, African startups could no longer afford to think only locally. They had to think bigger and go further afield to truly thrive. That urgency informed the theme of Moonshot 2024 — Building for the World. And yet, despite the headwinds, the ecosystem didn’t collapse. Slowly, it began building momentum. The funding frenzy cooled, but in its place came a stronger focus on business fundamentals. Resilient startups adapted, restructured, and survived the downturn. Many emerged with leaner operations, sharper product-market fit, and clearer growth paths. By early 2025, green shoots began to appear. The market seemed to have corrected itself and turned a corner. Investor sentiment started shifting. Most notably, the emergence of two new unicorns in Q4 2024 and the strong funding kickoff in Q1 2025 signaled that the tide was rising again, albeit more cautiously and deliberately. The ecosystem is moving again, and this time, it’s moving smarter. That’s what Moonshot 2025 is all about. We aim to create a platform that examines the past, learns from it, and boldly co-creates the future together. Moonshot will be an experiential event that reflects a maturing ecosystem capitalising on existing gains to leap into the future, and unveiling Africa’s next great stories. A theme rooted in reality “Building Momentum” isn’t just a catchy phrase. It’s a pattern we observed across dozens of conversations with founders, investors, and policymakers on the continent and the globe, as we prepared for this year’s conference. “The ecosystem is bullish, as it is standing with little reliance on foreign capital,” said Wiza Jalakasi, Director of Africa Market Expansion at EBANX, capturing the prevailing sentiment during a pre-Moonshot conversation. The theme acknowledges the hard-won gains of the ecosystem while emphasising the urgent need to shift from survival to structured, scalable growth. It seeks to answer the question: What does scale look like for African startups? All through our research, expert insights, and conversations, it became clear that while the ecosystem is regaining steam, it is also important to learn from past cycles and prepare for its next leap forward. At Moonshot 2025, we’re assembling the operators and leaders moving the continent forward to address the key question of what scale looks like for African startups. What momentum looks like in Africa’s tech ecosystem Let’s be clear, the numbers aren’t yet explosive, but they are telling: Over $800 million in equity funding was raised in Q1 2025 alone, signaling cautious investor confidence returning. Sectors like climate tech and AI saw double-digit growth in startup creation and partnerships. More local capital is being mobilised through angel networks and sovereign funds, slowly replacing foreign VC dominance. And hubs within and beyond the “big four” continue to deepen their startup ecosystems with policy reforms, accelerators, and infrastructure investments. There’s no single breakout moment, but there is clear forward motion, and there needs to be sustained momentum as a collective. That’s why we’re centering Moonshot 2025 on the builders, believers, and institutions laying down the rails for Africa’s next leap. What to expect at Moonshot 2025 This year, Moonshot expands beyond a conference; it becomes a curated, living museum of Africa’s innovation journey. We get to tell the stories of what got us here and spotlight the people and ideas that will carry us forward. 9 Bold Content Tracks from the Creative Economy to the Future of Commerce, this year’s programming is laser-focused on sectors and ideas with real potential to shape Africa’s digital future. Each track is designed to answer with honest reflections and hopeful forecasts: What is the next concrete step forward for this sector? 100+ speakers from within and outside Africa, including policymakers, big tech leaders, early-stage founders, innovators, and investors making the boldest bet on Africa. Action-focused Conversations. Think less talk, more traction. We’re crafting deep-dive workshops, policy roundtables & pledges, and live showcases designed to move conversations into outcomes. TC Battlefield, Africa’s leading early-stage pitch competition, returns with stronger value and matchmaking sessions designed to connect the most promising startups with top African and international investors. Apply here Workshops & Roundtables, practical deep dives, live use-case walkthroughs, and policymaker-operator roundtables focused on solutions, not soundbites. Join the momentum Whether you’re a founder looking for your next investor, a policymaker charting digital growth strategy, or an operator building the next category-defining product, Moonshot 2025 is where momentum builds. We’ve just launched Early Bird Tickets, which are available now for a limited time. Secure your spot for Moonshot 2025 at a discounted rate and be part of Africa’s most purposeful tech gathering. Get your ticket here
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The fintech replacing banks in cross-border payments, one stablecoin at a time
Especially for businesses in the global south, cross-border transactions are still defined by slow wires, hidden fees, and clunky banking infrastructure. Conduit, a four-year-old fintech based in the US, has been attempting to rebuild the plumbing of international money movement using blockchain and stablecoins. And after a quiet pivot away from decentralised finance (DeFi), the company says it’s found product-market fit in the real economy. Conduit recently raised a $36 million Series A round led by Dragonfly Capital, bringing its total funding to $53 million. It claims to be processing over $10 billion in annual transaction volume for 5,000+ merchants globally, with an embedded presence in over 100 fintech platforms. But the backstory of how it got here, and how it plans to scale, reveals more than just another crypto-adjacent payments play. From DeFi dreams to TradFi trenches Founded in 2021, Conduit initially focused on providing DeFi tools to institutions by offering APIs for fintechs and neobanks to integrate yield-generating crypto products. The collapse of firms like Terra and FTX in 2022 didn’t directly cause Conduit’s pivot, but it pushed startups with similar models to rethink their approach. “We moved from focusing on building integrated decentralised finance tools, to enabling cross-border payments for businesses using stablecoins and harnessing the power of blockchain,” Kirill Gertman, Conduit CEO, told TechCabal in an email. The company’s shift was not just about distancing itself from a broken DeFi ecosystem, but finding a clearer, more pressing problem to solve. “When we shifted to a cross-border payments product, it was about realising we needed a more differentiated and defensible offering,” Gertman said, adding that “cross-border payments in emerging markets was a much more clear and urgent problem to solve.” How does Conduit earn revenue? Conduit’s model rests on stablecoins, which are crypto tokens pegged to fiat currencies like the U.S. dollar. These stablecoins are what the company uses to settle payments across borders. This model gives Conduit an edge in terms of speed, but the real trick lies in how it handles conversions and compliance across border lines. Unlike traditional providers that may charge separately for currency exchange and payment processing, Conduit says it keeps costs consolidated. “Our platform is built to move money across borders,” Gertman said. “FX is one of the pieces that makes that possible, but our customers aren’t being double-charged, they are charged for moving money from point A to point B.” In other words, Conduit bakes the FX and transaction costs into a single rate, rather than layering fees. This approach, it claims, helps reduce friction for customers and maintain price clarity. The firm earns revenue in two ways: it charges a fee each time a customer sends money, and it also earns from the difference between the rate it gets when converting currencies and the rate it offers to customers. This difference is known as the FX spread. So if Conduit converts stablecoins into local currency, say USDC to Kenyan shillings, it might get one rate from its bank partners but charge customers a slightly higher rate. That small margin becomes part of its revenue. But Conduit says its use of blockchain helps keep overall costs lower. It claims to offer better pricing and faster delivery than traditional systems by settling payments faster and cutting out some of the middlemen, like correspondent banks. 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 Growth
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At the 2025 Africa Technology Expo, stakeholders look to the future of African tech
Stakeholders, including C-suite executives, innovators, and tech entrepreneurs, gathered for the 2025 Africa Technology Expo (ATE) with the future of Africa’s tech industry at the centre of conversations. Held at the Landmark Event Centre in Lagos on Saturday, June 21, over 2,000 attendees and 50 — exhibiting companies spotlighted bold hardware, telecoms, and software innovation with real-world business outcomes. “We’re here to share the future together, and through this platform, we’re saying conversations are already on the way to export—to Kigali, Nairobi, and even Barbados,” said Clinton Nnaemeka, CEO of ATE, at the opening ceremony.“Africa’s story must be told everywhere. It’s not just what we do, but who does it with us.” Nnaemeka firmly positioned ATE not as a generic tech event, but as a high-stakes business platform built for enterprises ready to scale and solve big challenges on the continent. Africa’s next billion-dollar tech: Olumide Balogun’s roadmap to 2030 The keynote address was delivered by Olumide Balogun, Director at Google West Africa, who laid out a compelling framework for how Africa can build its next billion-dollar tech companies. His talk revolved around questions, predictions, and stakeholder groups that’ll move the continent toward efficiency, inclusion, and scalability. According to Balogun, key 2024 happenings in the ecosystem include: Unicorn Surge: In 2024, two new African unicorns—Moniepoint joined a growing list that includes Chipper Cash and Interswitch, signaling a maturing tech ecosystem. Venture Capital Shifts: While overall VC funding declined from 2023 to 2024, equity funding remained steady, with an increasing focus on profitability over growth at all costs. Talent Boom: Africa’s digital skills market is projected to grow significantly, thanks to 1,000+ firms ramping up upskilling programs across five key countries. Policy Push: Regional digital trade protocols and national startup acts in countries like Senegal and Nigeria are aligning legal frameworks to stimulate tech entrepreneurship. To build Africa’s next unicorns, Balogun advices: Solving fundamental, large-scale problems (healthcare, education, energy). Building mobile-first products that reach users via smartphones and feature phones. Prioritising accessibility and value for price-sensitive markets. Digitising the informal economy, especially retail and logistics sectors. Understanding policy & funding shifts in Africa’s evolving ecosystem. Predictions for 2030: What’s next? In his address, Balogun gave the following predictions for the next 6 years: Fintech 2.0: The next generation of fintech will go beyond payments to tackle comprehensive financial inclusion, especially for Africa’s underserved informal sector. AI-driven credit scoring, alternative data use, and mobile-based financial tools are the future. The rise of green tech: Solar infrastructure, investment in renewables, and the energy demands of data centers and AI will drive growth and policy. E-commerce + logistics: E-commerce is booming, but logistics is the enabler. AI-powered solutions in supply chain management, inventory prediction, and last-mile delivery are unlocking potential in informal retail and urban logistics. Stakeholder call to action: Balogun addressed three categories of people, giving directives of what needs to be done. Investors: Look beyond fintech, and explore climate tech, agritech, and AI-led solutions that solve core African problems. Entrepreneurs: Solve real problems. Prioritise accessibility, affordability, and impact, especially for the growing urban youth population. Governments: Accelerate infrastructure, harmonise regulations, and invest in human capital to reduce brain drain and build local capacity. Balogun closed with a quote by Peter Drucker: “The only way to predict the future is to create it.” Buy African or Bye Africa? Another highlight of the day was a fireside chat titled “Buy African or Bye Africa?”, hosted by Daniel Adeyemi, Editor-in-Chief at Condia. He was joined by Iyinoluwa Aboyeji, Co-Founder of Andela and Managing Partner at Accelerate Africa, and Bayo Adedeji, Group CEO, Wakanow. The session explored how protectionist trade policies and shifting global alliances are compelling Africa to redefine its production power and global competitiveness. The session emphasised that Africa has talent, and resources to build capital environment for African businesses to thrive The future starts now ATE 2025 made one thing clear: Africa is no longer just a market; it’s a builder of markets. From unicorn births to green energy pivots, AI-driven platforms to trade recalibration, the continent is writing its own tech story—with scale, ambition, and grit.
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👨🏿🚀TechCabal Daily – Starlink is live (again) in Kenya
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy salary week! Yesterday, our reporter, Muktar Oladunmade published an important article about Silverbacks Holdings and how the investment firm has found remarkable success backing growing startups in Nigeria. Silverbacks has benefitted from profitable exits in LemFi and OmniRetail in recent months. So, if you find yourself wearily asking, “Where are the exits?”, that article could provide a few pointers on how some investors are still spotting and backing rocketships. With that, let’s get into today’s dispatch. – Emmanuel. Starlink is live (again) in Kenya Chowdeck acquires Mira PaidHR bagged a $1.8 million seed round Takealot and Mr D hit $836 million in revenue World Wide Web 3 Opportunities Internet Starlink is live (again) in Kenya A Starlink store/Image Source: Reddit We wonder what the mood in Kenya is like now that Starlink has quietly resumed operations in the country. Seven months ago, Starlink, the satellite internet service provider (ISP) owned by Elon Musk, shut down activations and new user sign-ups on its app due to network congestion. As more people were buying Starlink kits in Kenya, this became problematic because the system’s capacity was built to support only a limited number of users in each satellite coverage area, and it quickly became overloaded. As of June, Kenyans in several affected regions have confirmed the satellite ISP is back online, promising rural coverage and speeds of up to 100 megabytes per second (Mbps). Starlink coming back likely means it has fixed its network issues and can now handle more users. People in rural areas can sign up again and expect faster, more reliable internet. Yet, Starlink faces turbulence ahead. Kenya’s regulators are mulling plans to hike licence fees for satellite ISPs by tenfold to $155,331 and introduce a 2% levy on their turnover. This will increase operating costs for smaller players, but for Starlink, the bigger concern may be sustainability. If regulatory pressure mounts and demand again outpaces capacity, users could end up paying premium prices for unreliable service. And let’s not forget: Starlink has no Kenyan office, no hotline, no repair vans—just an app, a dish, and Elon Musk’s Twitter feed. Customer support is often a black hole, as some users found during last year’s outage. For now, Starlink is back—and it will be re-igniting the chase in Kenya’s ISP market. 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 M&A Chowdeck acquires Mira to strengthen its grip on food delivery Chowdeck app/Image Source: TechCabal Since 2024, Chowdeck has crossed 1 million users, expanded to more cities across Nigeria, integrated AI services in its customer service operations, and expanded its operations to Ghana. And now? Nigeria-born on-demand YC-backed delivery platform has acquired Mira, the point-of-sale startup founded in 2023. The amount of the deal? Undisclosed. But what’s clear is that Chowdeck isn’t just delivering food anymore. The deal adds Mira’s inventory management, in-store payments, and financing tools to Chowdeck’s arsenal. Why does this matter? Chowdeck wants to embed itself into the heart of its vendors’ operations. This shift is key, especially in the delivery market where margins
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The 13x blueprint: How Silverbacks’ Africa strategy outperformed global markets
Between 2018 and 2022, Silverbacks Holdings, an Africa-focused private equity firm, made a series of investments in multiple tech startups primarily in the fintech and e-commerce sectors. Those investments are paying off. In the past month alone, the firm has secured two exits by selling part of its shares in Lemfi and Omniretail. Lemfi delivered a 29x return, while Omniretail delivered a more tempered but still strong 5x return. Though not structured as a traditional venture capital firm, Silverbacks Holdings invests with a VC-style risk appetite, and its portfolio reflects that. The firm backs some of Africa’s most valuable startups, including Flutterwave and Wave, alongside high-growth startups like Moove, Sabi, Kuda, Shuttlers, and Reliance. It also backs nine venture capital firms like Launch Africa and LoftyInc. Fintech has been its standout performer, generating a 13x multiple on invested capital (MOIC), a measure of unrealised returns, while e-commerce investments have returned a still-impressive 4x MOIC. The firm also invests in Africa’s media, sport and entertainment sectors, backing creator platform AMAKA, the Cape Town Tigers, and the African Warriors Fighting Championship (AWFC). “We view sports and entertainment as defensive assets,” Ibrahim Sagna, the firm’s executive chairman, told TechCabal. “While the multiples are lower than tech, these businesses have recurring revenue, especially since they are tied to platforms like Netflix or leagues like the NBA.” Nigeria has been Silverbacks’ most rewarding geography, with its local portfolio returning an average 10.7x MOIC, while Egypt has delivered a 9.7x MOIC, though over a shorter holding period. Overall, the firm’s African investments have returned nearly four times the capital deployed on the continent, far outpacing its global performance. Outside Africa, Silverbacks’ exits have yielded a more modest 1.3x MOIC. I spoke to Sagna to understand how the firm thinks about investing in Africa, its strategy of partial exits, why it prefers family offices as LPs, how it balances tech and non-tech businesses in its portfolio, and why it invests in VC firms like Launch Africa and LoftyInc. 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 This interview has been edited for length and clarity. What do these exits say about timing and liquidity events in Africa? First, these exits are indicators that follow-on rounds and liquidity are happening across multiple sectors. Most of the exits we’re seeing are tied to investments made between 2018 and 2022. That period, pre- and post-COVID, coincided with an exponential surge in the adoption of technology, both on the African continent and globally. The value being unlocked now is a reflection of that time frame. In many ways, it shows us the power of timing: most of these gains are from that COVID era, and we’re now three to four years removed from it. These exits tell us not just about timing but also show that startup businesses, when well-positioned, can deliver liquidity within a relatively short window. You’ve done partial exits in LemFi and OmniRetail instead of fully exiting. Why does this strategy make sense to Silverbacks? Silverbacks operates differently from most traditional fund managers. We use what’s best described as a permanent capital model. Most managers you follow operate within fund cycles—raising capital, deploying it, exiting, then raising a new fund. But Silverbacks is structured more like what’s called a continuation fund. Continuation funds are built to allow existing limited partners (LPs) who seek liquidity to exit, while giving new LPs
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10 years later, Luno reopens shop in Kenya amid push for crypto regulation
Luno, the UK-based crypto company which operates in Nigeria and South Africa, has relaunched in Kenya ten years after exiting the market. It previously operated locally under the name BitX before its exit in 2014. The company rebranded to Luno in 2017. Luno’s Kenya comeback reflects a growing confidence among crypto firms eyeing the market, as the government moves closer to introducing formal regulations for digital assets. It’s the clearest indication yet that the shifting regulatory stance—and engagement with regulators—may be improving how crypto companies view the country. “We’re excited to officially relaunch in the Kenyan market with a full suite of crypto trading services tailored for both individual investors and institutional users,” said Apollo Sande, country manager of Luno Kenya. “Our goal is to make crypto accessible, transparent, and trusted by offering the tools, education, and platforms users need to make informed investment decisions.” The relaunch will allow Kenyan users to buy and sell cryptocurrencies instantly. Kenyan crypto traders can use the Kenyan Shilling (KES) to access live trading pairs like BTC/KES, ETH/KES, USDT/KES, and USDC/KES, along with global pairs such as BTC/USDT. The setup supports both local transactions and arbitrage trading. Luno also offers referral rewards for users who bring others to the platform and stay active. 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 Kenya is currently weighing new rules to regulate the crypto industry. The country’s Parliament is reviewing the Virtual Asset Service Providers (VASP) Bill, 2025, which would require companies to register with both the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK). The bill proposes stricter oversight, including local offices, executive vetting, and compliance with anti-money laundering (AML) and consumer protection standards. It also seeks to cover stablecoins, wallets, exchanges, and token offerings. Yet, the road to regulation has been bumpy. In 2023, the government introduced a 3% digital asset tax on every transaction as part of its amended Finance Act. The move drew criticism from industry players, leading the government to revise the rate down to 1.5% in a pending bill. In a June 20 ruling, Members of Parliament (MPs) overturned the tax and replaced it with a new excise duty that will be charged on transaction fees. The change is expected to make trading more affordable, draw users back to local platforms, and support growth in the sector. Luno, which previously operated as a hybrid crypto platform, has recently been repositioning itself as a full-fledged cryptocurrency exchange app to attract savvy crypto investors. In 2024, the crypto firm was granted a crypto-asset service provider (CASP) licence in South Africa and is now awaiting a provisional licence in Nigeria through the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Programme (ARIP). As Kenya continues to pull the right regulatory strings, it could usher in more crypto players like Luno looking to expand into African markets amid the continent’s growing adoption of digital assets. 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
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