What we know about IBK Akinola, the money-moving woman at PiggyVest
This article was written by Elohozino Blessyn-Okpowo for Zikoko’s HER docu-series. The first episode of Zikoko’s HER docu-series is now out! If you need motivation or just want a quick glimpse of what it’s about before committing yourself to the episode, watch our trailer here. But to whet your appetite, here are a few things we think you’ll find interesting about the woman who’s earned the trust of millions of Nigerians, without taking the front seat. 1. IBK’s people and money management skills are probably generational Both her parents have backgrounds in finance, and she followed in their footsteps by studying Accounting at Covenant University (yes, she’s an Eagle). She topped that off with a Master’s degree in International Business from Coventry University. 2. PiggyTech, the money-moving machine, wasn’t IBK’s first start-up rodeo After completing her Master’s degree in 2013, IBK moved back to Nigeria and started a few businesses with her brother, Ayo Akinola, and their friends, Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze. These brilliant minds went on to build platforms like PUSH CV and 500 Dishes. With the support of mentors like Olumide Soyombo, they kept pushing till they made it. 3. As PiggyVest’s Payments Director, IBK understands the weight of her responsibility and power She describes herself as the person responsible for collecting your money and giving it back to you. She regularly speaks to about 700 processors to ensure Nigerians don’t take the company to the streets of Twitter. Beyond this, she’s incredibly proud of the milestones PiggyVest helps customers reach, and how it’s shaping Nigeria’s saving and spending culture on a larger scale. 4. Her friends describe her as “scarily intentional and fiercely loyal” IBK says she’s one of the luckiest people alive, thanks to the community she’s built. To her friends and family: if you’re reading this and you haven’t watched the episode yet, know that IBK loves you very much and says she couldn’t do life without you. 5. IBK steadies herself by being on the move Whether it’s tennis, running, or taking long walks, IBK processes life, work, friends, and family through these movements. They also act as moments of solitude for her, where she connects with herself and her faith. So, what’s next? For now, she’s focused on living in the moment and getting it right. What she’s most interested in is finding balance in the sweet middle of life. Whether it’s in her faith, her work, and her friendships. She’s searching for the sweet spot right in the middle, where everything just feels sweet. Click the link below to watch the full episode and tell us something we haven’t already told you. Meet the Woman Shaping Payments at Piggyvest – Ibukun Akinola | Her Docuseries: Episode 1
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My Life in Tech: I’m a blind journalist. Tech has changed my life, but there’s room for more inclusivity
One of my favourite moments as a journalist is when I reveal my disability after an interview. The silence on the other end is priceless. Just minutes earlier, we were having a seamless conversation—me taking notes, asking follow-up questions, everything flowing smoothly. Then, when I offer them a chance to ask me anything, they often say: “Tell us about yourself.” Usually, I struggle with what to tell them to avoid lengthy explanations. So, to keep the conversation short, I drop the bombshell: “I’m blind.” The disbelief is instant. “Wait… what? But how—” I turn on my camera. The shock as they see my white cane is something I never get tired of. Before they can recover, I’m already bidding them goodbye to go write their stories. My name is John Adoyi. I’m a blind journalist, poet, and disability advocate. I can give you a vivid description of Lagos, even though the last time I saw it was 15 years ago. I remember the anger, madness, and chaotic rhythm that make it unique. And technology, though never perfect, has made this rhythm easier to follow. But this seamless integration didn’t happen overnight. It required years of adaptation, starting with the most fundamental tool that shaped my relationship with technology. Braille revolution Life wasn’t always this seamless. When glaucoma took my sight in 2004—a tragedy worsened by counterfeit eye drops and medical negligence—I couldn’t imagine that technology would become my eyes. The years of migraines and double vision that led to my sight going on permanent vacation are a story for another day. As a blind person, Braille was my real introduction to tech. That six-dot system invented by Louis Braille became my lifeline when I had to leave mainstream school due to failing eyesight. By 2006, at Pacelli School for the Blind in Surulere, Braille, which allowed me to decode language through touch, became my window to the world. I consumed everything in Braille: magazines, books like J.P. Clark’s “The Wives’ Revolt”, Gabriel Okara’s “Piano and Drums”, and Shakespeare’s “The Merchant of Venice”, all in massive, bulky volumes that could take up a whole schoolbag. But I didn’t mind. It was my gateway to knowledge. However, Braille had one major limitation: it created a barrier between me and the sighted world. This realisation led to my next technological encounter, which would test my patience in ways I never expected. How Victor Ekwueme is helping the blind see through tech The typewriter that broke my heart Then came the typewriter—supposedly a bridge to the sighted world, since they couldn’t read Braille, and I could no longer write in ink. However, that mechanical beast became my nemesis. No matter how hard I tried, I couldn’t make it cooperate. Either the A4 paper wasn’t placed correctly, or the ribbon was faint. I’d type for hours, convinced words were appearing, only to be handed back blank pages or jumbled text. My highest typing score was 30 out of 100, while others scored 80 or even 100 per cent. The computer lab incident that changed everything As my feud with the typewriter continued, a ray of sunshine brightened my path. The school reintroduced computer learning, and I was elated—though my first day in the lab ended with me getting kicked out for sending keyboards crashing to the floor when my legs got tangled in cables. Banished from the lab, I thought my computer journey had ended before it began. But a teacher saw potential in me. During break time a week later, she brought me back to the lab. She showed me how to power on the system, then introduced me to Job Access With Speech (JAWS) and Narrator—screen readers that transformed text into speech. This was my turning point. I always looked forward to my days in the computer lab because just playing around with Microsoft Word 2007 and Notepad was fun for me. Still, I wasn’t a pro for many years. There were days I typed for hours only to discover my document was empty because a “Save As” dialogue box had silently intercepted my work. But I improved through constant practice, nearly destroying my father’s Dell laptop in the process. By secondary school in 2011, computers replaced Braille as my primary tool. I took notes, submitted assignments, and even wrote exams using my laptop at Loyola Jesuit College. This breakthrough in computer literacy opened the door to infinite possibilities, including my first steps into the world of mobile communication. Nokia nights and the mobile revolution My first phone wasn’t a touchscreen; it was my mother’s simple Nokia 1600 with a keypad in 2006. Without speech software, I memorised keypress sequences and the alphabetical order of contacts. I called many wrong numbers due to incorrect digit placement. I would press ‘2’ three times to get a ‘C’, or ‘7’ four times to get an ‘S’, hoping it was correct when nobody was available to double-check. I’ll never forget the 12:30 AM to 4:30 AM midnight calls on MTN—fertile ground for gossip and friendship for just ₦100. My first speech-enabled phone came in 2010: the Nokia N76, a Symbian phone where I could install third-party text-to-speech software. It changed everything, making phone communication easier and faster. Nokia N76Image source: Pinterest When smartphones arrived, I slowly transitioned. I now use an Android device with TalkBack, while some friends use VoiceOver on Apple devices. Even though text-to-speech still has quirks—freezing for no reason, requiring screen-reader gymnastics—I’ve become proficient at navigating Android. Google’s Gboard voice typing is a lifesaver, though it still struggles with African names and sometimes spells out punctuation instead of inserting symbols. As my confidence with technology grew, so did my career aspirations. These tools weren’t just helping me communicate—they were opening doors to possibilities I’d never considered. Finding my voice in journalism I never saw myself becoming a journalist. I viewed journalism as a profession requiring sight to be effective. That changed when I met Ayoola, a blind journalist working with Voice of
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Africa’s 500 million person question (Part 1)
What is the role of technology as 500 million African youth reach working age over the next 30 years? The text above represents the vision statement page of the website of a fictional venture capital firm I invented, “Strawman African Venture Capital Fund” (SMAVC Fund). Though entirely made up, its vision statement will likely sound familiar to many readers. SMAVC Fund’s optimistic perspective reflects a widely touted narrative in the African venture community that the ongoing wave of population growth in Africa will only create massive economic opportunities for all. This optimistic future is a viable possibility, and the one we hope to achieve. Still, there are other potential futures in which job and economic opportunities don’t keep up with population growth, leading to a reversion to subsistence economics and survival strategies. For investors (and for decision makers in general), we need to keep our optimism but also be realistic and nuanced to understand the challenges and headwinds if we want any hope of success. So, which future will emerge for Africa? No one can claim to know for sure. To explore these questions, we’ve written a two-part piece that we are posting on our Medium page, where we will examine the economic forces and trends that could push Africa toward one future or the other. Here we give you a flavor of part one and encourage you to read the deeper analysis on our blog. We’ll post the second part and hope you will follow along. Here is a summary of part 1 in broad strokes. The big population boom everyone is talking about. The data shows that Africa faces an urgent challenge: creating good jobs for the 500 million people entering its workforce in the coming decades. Yes, many African countries’ populations are facing a “demographic dividend.” This is the economic term for when large youth populations age into the workforce, get jobs, and see incomes rise, economic surpluses grow, and more women join the economy. Dependency ratio – the ratio of working-age persons (15–65 years) to older or younger non-working dependents from 1963-2100 But this happy scenario assumes those working-age people get jobs. Right now, most don’t. Three-fourths of job market entrants in Sub-Saharan Africa are self-employed or work in informal microenterprises, roughly 20% earn wages in services, and only 4 to 5% secure salaried jobs in industry. Is Africa headed for a “Demographic Dividend” or a “Demographic Markdown”? If we don’t create more jobs, the demographic dividend will fizzle and turn into a “Demographic Markdown”. At DFS Lab, job creation is one of the core tenets of our long-term strategy. We want to invest in sectors and value chains where massive long-run growth is possible, especially ones that can give economic opportunities to hundreds of millions of people and create the conditions for a thriving population. But this isn’t easy. Extractives and mining (a go-to for many African countries) put very few people to work, and manufacturing (a go-to globally for jobs-based growth in Asia and elsewhere) has not taken off. We begin by examining the reasons why the continent has yet to replicate the manufacturing-led growth achieved by the Asian Tigers, and is in fact falling behind. Topping the list are higher-than-expected labour costs, poor infrastructure, slow-moving value chains and port infrastructure, and a sometimes challenging policy environment. We surmise that Africa now faces the task of developing a unique economic model that can keep pace with its rapid population growth and expanding working-age population. Alternatives to manufacturing-led growth would (logically) need to emerge from the agricultural or services sectors. Yet, as we’ve seen, it’s not obvious how to make these options work. Historically, few countries have reached middle-income status through growth driven solely by agriculture or services. A quote from economist Dani Rodrik sums it up: “If African countries do achieve growth rates substantially higher than what I have surmised, they will do so pursuing a growth model that is different from earlier miracles based on industrialisation. Perhaps, it will be agriculture-led growth. Perhaps, it will be services. But it will look quite different than what we have seen before.” Our first piece concludes that there’s no doubt Africa needs to reinvent its growth model. It must find pathways that replicate the productivity-boosting features of export-led manufacturing that powered the Asian Tigers, Latin America, and Eastern Europe, though it may not have the option to rely on manufacturing itself. At DFS Lab, we believe the key lies in leveraging technology to drive bold initiatives that expand exports and cross-border services to reach markets beyond Africa’s borders. If you want to dig deeper into these issues, click here to read our full Medium Post. Then, come back next week for the second part of this series, where we identify four opportunity areas where we believe VCs should focus their efforts over the next decade to capture venture-scale returns and create jobs for Africa’s 500 million people! ________ Jake Kendall is a researcher, investor, and policy expert focused on Africa’s digital economy. He is currently co-founder and managing partner at DFS Lab, a Research Fellow at Cambridge University, and teaches at Sciences Po, with past roles spanning the Gates Foundation, World Bank, academia, and two years as an aquaculture extension agent in rural Zambia.
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Aniekeme Umoh is at the centre of Miva’s vision to enrol 1 million students in a decade
May 2025 has been a whirlwind for Aniekeme Umoh, chief operating officer of ULesson Group and Miva Open University, edtech companies founded by Sim Shagaya. In one of the most popular photos of the ribbon-cutting ceremony for Miva’s first physical study centre in Yaba, Lagos, Umoh’s honey blonde head is nearly all you can see of her among suited attendees, yet her understated presence belies her pivotal role in shaping the company. From drafting Miva’s first organisational chart to steering academic operations, she has become a linchpin of an edtech startup spanning K-12 to postgraduate education. In a May 2023 TED Talk, Umoh spoke about embracing new opportunities, reflecting her diverse career path from consulting at PwC, program management at Peloton, to founding an MBA admissions consultancy. Months later, she went on to join Miva’s ambitious goal to enrol 1 million students in its distance learning program. Aniekeme Umoh (3rd from right) at the ribbon-cutting ceremony of Miva’s Yaba study Centre In a virtual conversation from her Abuja office, Umoh shares how serendipity connected her with serial tech founder, Sim Shagaya, in 2023, launching her into the middle of Miva’s growth. She discusses how she joined the edtech startup, Miva’s innovative AI tool MIND, its Statista ranking as the third fastest-growing open university globally, and her vision for transforming African education. Ngozi: Your TED Talk likened career pivots to athletes breaking barriers. How did this mindset lead you to envision a leadership role in an educational platform like Miva or ULesson? Umoh: I’ve always been driven by a passion for education, sparked in primary school at Loyola in Abuja. Every Saturday, we ran an after-school program teaching local kids in surrounding villages, and I led it in my senior year. At Columbia University, I interned teaching disadvantaged youth in Harlem. I even championed education for African girls as a pageant platform and worked with a nonprofit focused on education in Nigeria. When I returned to Nigeria in 2023, I saw it as the perfect moment to channel this passion into a leadership role in education. Ngozi: Your adaptability shines through in your previous roles at (PricewaterhouseCoopers) PwC and Peloton. What projects did you tackle there, and how did they prepare you for Miva’s challenges? Umoh: At PwC, tech consulting felt like it was in my DNA. I worked on cybersecurity and cloud Enterprise Resource Planning (ERP) projects. I also joined PwC’s New Venture practice, where my team launched SecureTerrain, a security analytics tool that was delivered on time. At Peloton, I was a technical program manager, reviving a stalled app migration from React Native to Kotlin and improving their software development lifecycle. I also worked on a project for the senior VP of engineering to build Peloton’s SDLC [software development lifecycle]. It was a year-old project that had never been executed. It was fun and honed my ability to execute complex projects under pressure—skills I rely on daily at Miva to manage operations and drive growth. Ngozi: It sounds like you consistently revived stalled projects in past roles. What barriers typically caused those delays, and how did you overcome them? Umoh: Delays usually stemmed from two issues: lack of bandwidth—either the assigned person didn’t have time, or no one was available—or the person had time but couldn’t push it to completion. Execution is a skill, you know, and that’s not to bash anyone—we all have the things we’re best at. Ngozi: With such a traditional background, what drew you to an edtech startup like Miva or ULesson when you returned to Nigeria? Umoh: I hadn’t heard of Sim Shagaya when I landed in Nigeria. I knew of Konga vaguely, but not its founder. Researching the edtech sector, I discovered ULesson’s recent launch of Miva Open University—an innovative venture that excited me. I thought, “Who’s driving this?” A mutual friend, Iyin Aboyeji, connected me with Sim. Iyin and I attended Loyola together; he was a visionary even back in our speech and debate club days. When I called him, unsure of my next step, he said, “Who do you want to meet? I’ll set it up. Just show up.” That’s how I reached Sim. Ngozi: How did your connection with Sim Shagaya solidify your decision to join Miva and shape your leadership role? Umoh: My conversation with Sim was electrifying. Iyin emailed him at 9:50 PM, and Sim replied with his WhatsApp number within two minutes. I texted him the next morning, saying, “I just moved back and I’m eager to contribute to ULesson.” When he didn’t reply immediately, I sent my resume, which caught his attention. [Umoh earned an engineering degree from Columbia University and an MBA from Wharton, graduating in the 98th percentile. She worked at PwC in investment banking before launching her own successful business.] He called right away, and the next day, I interviewed with ULesson’s chief product officer, and even then, I didn’t know the role I was interviewing for. A week later, I was offered the role of leading Miva’s operations. Sim’s responsiveness convinced me I was joining someone passionate, invested, and someone I could learn from. We bonded over bold risks—he left banking and Google to build Nigerian ventures, I relocated without a plan—and our shared MBA experiences, laughing about business school quirks. Initially, there wasn’t a clear-cut role; they just thought, “This person is brilliant. Let’s get her in.” But it was clear the university needed operational support. I started on the first day of classes, and there were things to triage right away. My core responsibilities were ensuring academic operations ran smoothly—live lessons, faculty-student interactions—and managing content creation for the learning management system. Miva was a startup, so I filled gaps wherever I saw them: creating an org chart, handling minor HR tasks, supporting finance transitions, and building Miva’s 2024 budget from scratch. My role evolved from university operations to supporting ULesson too. I attended meetings with prospective government clients, started presenting at board meetings, and within months, I was operating
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Best Tecno phones in Nigeria (2025): specs, & prices
Tecno is one of the top phone brands in Nigeria today — and for good reason. As of early 2025, it holds over 23% of the smartphone market in the country. That’s almost one in every four people using a Tecno phone. But it’s not just about the numbers. It shows that many Nigerians trust the brand enough to keep choosing it repeatedly. What makes Tecno stand out? First, the prices. Tecno has figured out how to make affordable phones without removing the most essential features. From strong battery life to cameras that can take clear photos, the brand focuses on what people need in their daily lives. Tecno’s 2025 lineup Tecno makes choosing a phone that suits your needs easier by dividing their models into clear categories. In Nigeria, the five main Tecno series are: Phantom, Camon, Pova, Spark, and Pop.. Let’s break them down. 1. Phantom Series This is Tecno’s most advanced line if you’re looking for top-tier features. Tecno puts its boldest designs and latest technology in Phantom phones, like foldable screens and high-end chipsets. These phones are built for those who want something extra – sleek design, top performance, and a standout experience. 2. Camon Series Love taking pictures or shooting videos? The Camon series is made with you in mind. These phones focus on camera quality, often with AI photo features, better sensors, and editing tools. They’re perfect if you’re active on social media, create content, or enjoy crisp, high-quality photos. 3. Pova Series The Pova series is built for long hours. It usually comes with a big battery and firm performance, making it a smart choice for mobile gamers or people who are always on their phones. If power supply is challenging, Pova phones help you stay connected longer. 4. Spark Series Spark phones are great for people who want a good phone without breaking the bank. They offer solid features, stylish design, and reliable performance at fair prices. This series is popular in Nigeria and is a go-to for students, workers, and small business owners. 5. Pop Series The Pop series delivers if you’re just starting out with smartphones or want something simple for calls, browsing, and messaging. It’s Tecno’s most affordable option, giving you the basics in a neat package. These phones are also suitable for kids or as a second phone. Tecno Phantom Series The Phantom Series leads Tecno’s premium line, packed with advanced features. Here’s a look at the top Phantom models available or expected in Nigeria in 2025. 1. Phantom V Fold 2 5G Image Source: Fisayo Fosudo on YouTube Key Features: Price: Retail prices for the Phantom V Fold 2 5G in Nigeria generally range from approximately ₦1,610,000 to ₦1,900,000 USD Equivalent (Based on ₦1,673,800): ~$1,056.84 Display: Main: 7.85-inch AMOLED (2296 x 2000 resolution) Sub: 6.42-inch AMOLED (2550 x 1080 resolution) Both support a smooth 120Hz adaptive refresh rate for sharp visuals. Performance: Processor: MediaTek Dimensity 9000+ (Octa-Core, up to 3.2 GHz) RAM: 24GB (includes 12GB extended RAM) Storage: 512GB Camera: Rear: 50MP (Main) + 50MP (Portrait 2X Zoom) + 50MP (Ultra-wide) Front: Dual 32MP for selfies and video calls Battery: 5750mAh with 70W fast charging and 15W wireless charging Build and Extras: Android 14 Foldable design with aerospace-grade hinge (rated for 400,000+ folds) IP54 water and dust resistance Weighs 249g, just 5.5mm thick when open This phone is for users who want something bold and powerful. If you multitask a lot, love foldables, or simply want the best from Tecno, this one’s for you. 2. Phantom V Flip 2 5G Image Source: Tech Spurt on YouTube Key Features: Price: New units of the Phantom V Flip 2 5G are typically priced between ₦959,999 and ₦1,100,000 USD Equivalent (Based on ₦979,800): ~$618.17 Display: Main: 6.9-inch AMOLED, 120Hz refresh rate (1080 x 2640 resolution) Sub: 3.64-inch AMOLED (1056 x 1066 resolution) Performance: Processor: MediaTek Dimensity 8020 RAM: 16GB (includes 8GB extended RAM) Storage: 256GB Camera: Rear: Dual 50MP (Main + Ultra-wide) Front: 32MP autofocus camera Battery: 4720mAh with 70W fast charging Other Features: Android 14 Lightweight at 196g IP54 water and dust resistant This flip model is excellent if you prefer a compact phone with premium features. It’s stylish, fast, and easy to carry around. 3. Phantom X3 Image Source: tech shockin on YouTube Features: Display: 6.82-inch AMOLED 1080 x 2400 pixels 144Hz refresh rate Protected by Corning Gorilla Glass Victus Performance: Processor: MediaTek Dimensity 9200 (Octa-Core, up to 3.05 GHz) RAM: 12GB + 5GB virtual RAM Storage: 256GB UFS 3.1 (no memory card slot) Camera: Rear: 50MP (Wide) + 8MP (Ultra-Wide) + 2MP Front: 32MP with dual LED flash Supports 4K video recording Battery: 5500mAh with 67W fast charging Other Features: 5G support In-display fingerprint scanner NFC support No 3.5mm jack or FM radio The Phantom X3 is built for speed, clarity, and content creation. If you plan a premium upgrade in 2025, it’s a phone to watch. Tecno Camon Series If you’re big on photos, videos, or just want a phone that keeps up with your day, the Camon series might be your match. Tecno built this lineup for people who want more from their smartphone cameras without spending a fortune. Let’s break down what you get with each model and help you decide which fits your needs and budget. 1. Camon 40 Premier 5G Key Features: Price: New units of the Camon 40 Premier 5G are generally priced between ₦685,000 and ₦694,300 USD Equivalent (Based on ₦694,300): ~$438.20 Camera: Three 50MP rear lenses (main, telephoto, ultrawide) + 50MP selfie camera. Great for Instagram, YouTube, or your private gallery. Screen: 6.77-inch AMOLED with super smooth 120Hz refresh and always-on display. Performance: 24GB RAM (with virtual memory) + 256GB storage. Some even come with 512 GB. Battery: 5100mAh with 70W fast charging. Extras: Water-resistant, Gorilla Glass protection, dual speakers with Dolby Atmos, and Tecno promises updates up to Android 18. 2. Camon 40 Pro Key Features: Price: Prices for new units of the Camon 40 Pro show
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👨🏿🚀TechCabal Daily – Old Glo-ry
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy mid-week. Some good news, some not-so-good news. Let’s start with the not-so-good: one of my favourite apps, Lara.ng—a chatbot that helped Lagosians find their way around the city for free—has been temporarily paused. If you’ve ever tried to get around Lagos without losing your mind, you know Lara was clutch. I used it anytime I had to be somewhere new. I’ll take comfort in the fact that the data points collected over its eight years of operation will now be used to launch a new logistics platform, Motorspace. Now, the good news: after 15 years, WhatsApp is finally on the iPad. It works with iPadOS features like Stage Manager, Split View, and Slide Over, which means you can chat, browse, and binge YouTube without juggling apps like a circus act. Let’s get into today’s dispatch! -Faith Glo hits record low: Market share crashes to 11.9% Lara.ng hits pause, pivots into a logistics platform 22 Nigerian banks joined PAPSS Loan defaults in Kenya hit 20-year high Newsworthy Number World Wide Web 3 Events Telecoms Glo hits record low: Market share crashes to 11.9% Image Source: TechCabal Nigeria’s third-largest telecoms operator, Globacom, aka Glo, has recorded a plunge in its market share, sinking to an all-time low of 11.9% in April 2025. Data from the Nigerian Communications Commission (NCC) shows that the operator lost over 100,000 subscribers between March and April of 2025, bringing their total subscribers to 20.6 million. Why are users jumping ship, and fast? If you’ve seen a Glo user ranting about their network on X (Twitter) or TikTok, it is because the operator has had terrible service quality. Between January and May, the operator clocked 45 major outages, according to NCC’s incident tracker. These outages are often caused by vandalism, power failures, and fibre cuts which leads to prolonged service blackouts. While other mobile operators like MTN usually fix infrastructure issues within 1–3 hours, Glo sometimes takes up to four days—it’s no wonder MTN added 3 million users between January and April 2025. Glo used to glow. When Glo launched in Nigeria’s telecom market in 2003, it kicked the door down. While others milked ₦50-per-minute calls, the operator introduced per-second billing. Then came their chaos move: offering free SIMs in 2004, while competitors charged ₦2,000. Long before its competitors recognized that data was the industry’s future, Glo had begun offering 2.5G internet service to 70,000 users in 2004. I’m going to hold your hand when I say this; it’s not exactly good news.Glo’s shrinking market share increases the risk of duopoly with MTN and Airtel commanding 86% of the market. When just two players dominate, there’s less reason to compete, innovate, or keep prices friendly. Guess who pays for it? The reverse glow-up needs to be studied. If Glo wants to stay in the game, it needs more than a comeback. It needs to reconnect—fast. Otherwise, Nigeria’s once-vibrant third force in telecoms might just become another dropped line. Join Fincra for an Exclusive Side Event at Money20/20 Europe Fincra is co-hosting “Stablecoins & The Future of Payments” at Money20/20 Europe with Utila, Rail, Wirex & more. Join fintech leaders for insightful panels & networking. Limited spots – RSVP here. 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Read MoreKenya’s NCBA disbursed over $7.7 billion in digital loans in 2024
NCBA Group, Kenya’s third-biggest bank by assets, disbursed over KES 1 trillion ($7.7 billion) in digital loans in 2024, mainly through Fuliza and M-Shwari, underscoring how mobile credit has become a lifeline for households and small businesses as the economy slows and traditional lending dries up. Fuliza, NCBA’s overdraft service embedded in the M-Pesa mobile money platform, accounted for most of the lending. Disbursements rose 14.8% to KES 906 billion ($7 billion), up from KES 789 billion ($6.6 billion) a year earlier. While M-Shwari, the mobile savings-and-loans product launched in 2012, saw a 3.5% drop in disbursements to KES 98 billion ($758.4 million), the volumes remain substantial. Loop, NCBA’s digital banking app for younger and salaried users, doubled its disbursements to KES 2.5 billion ($19.3 million). The three platforms pushed the bank’s digital disbursements to KES 1.006 trillion—a record figure for a single year. NCBA’s growing mobile loans book highlights how digital lending has quickly filled the gap left by traditional credit. Many commercial banks, including NCBA, KCB Group, Co-operative Bank, and Equity Group, have tightened lending to small businesses and low-income households as defaults rise and interest rates remain high. NCBA’s digital lending success is attributed to the long-standing partnership with Safaricom, whose M-Pesa mobile money infrastructure forms the backbone of Fuliza and M-Shwari. Fuliza now has 33.4 million users, while M-Shwari serves 32 million—figures that overlap but also show the demand for short-term liquidity in an economy where millions live paycheque to paycheque. Many use the products not as one-off loans but as part of their everyday cash flow, buying groceries, paying rent, or covering school fees. Since its 2019 launch, Fuliza has disbursed KES 2.9 trillion ($22.4 billion), making it the largest single digital credit product by volume in Kenya. M-Shwari, launched in 2012, has issued KES 787 billion ($6.1 billion) over its lifetime. Loop, though smaller, has now disbursed KES 6.2 billion ($48 million) since 2017, rising steadily due to its focus on business clients and salaried professionals looking for flexible, unsecured credit. Kenya remains NCBA’s largest digital lending market, but the bank is replicating its model across borders through telecom partnerships. Since 2017, it has disbursed over KES 130 billion ($1 billion) through MoKash—its joint product with MTN in Uganda, Rwanda, and Ivory Coast. In Tanzania, NCBA has lent over KES 20.2 ($157 million) via M-Pawa, a partnership with Vodacom launched in 2014. The cross-border push could benefit NCBA from the anticipated growth in mobile money and digital banking as smartphone penetration rises and traditional banking infrastructure remains thin. 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 MoreCargoPlug’s infrastructure makes it easier to ship goods from abroad
In 2013, two Nigerian women—Kikelomo Fola-Ogunniya and Ujama Akpata—returned from university in the UK and came face-to-face with a problem that most diasporans know too well: shipping anything into Nigeria was slow, expensive, opaque, and deeply frustrating. The logistics experience was riddled with high fees, long delivery times, poor tracking, surprise customs charges, and no easy recourse when things went wrong. So the duo did what many founders do—they solved the problem for themselves and then turned it into a company, CargoPlug. CargoPlug’s first iteration was “Jand2gidi”— colloquial terms for ‘abroad’ and Lagos—but that identity quickly became too small for what the business was becoming. What started with suitcases and makeup boxes turned into thousands of international deliveries spanning the UK, US, Canada, China, Turkey, and beyond. Over time, they introduced domestic delivery, export services, freight consolidation, and e-commerce integrations. CargoPlug offers a lean, asset-light sea and air freight logistics model. The company owns a local fleet for intra-Lagos deliveries but partners with global freight players, last-mile agents, and clearing services for international and nationwide logistics. That allows CargoPlug to operate with lower fixed costs while maintaining control over their most critical routes. Their flagship model revolves around a “self-run hub” in the UK—a warehouse that consolidates packages sent by users ordering from e-commerce retailers like Amazon or ASOS. Once goods arrive at the hub, CargoPlug handles end-to-end shipping, customs clearance, and delivery to its Lekki, Lagos base. From there, customers can either pick up their goods or request doorstep delivery for a small additional fee. The model repeats across corridors: from the U.S., customers pay per kilogram with a lower minimum threshold; from China and Turkey, businesses importing in bulk get tailored quotes with a 20kg or 100kg minimum depending on the origin. CargoPlug doesn’t pretend to be the cheapest courier—but says it stands out by making pricing clear, and predictable. 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 Business revenue In a space where customers often discover the real cost of logistics after their shipment arrives, CargoPlug says it stands out by giving users transparent data about its pricing. Customers see the full breakdown on their dashboard before paying, including insurance options, delivery mode, and tracking. From the UK, the company charges a flat rate of £5 per kilogram, with a 5kg minimum—equivalent to £25 total. That fee includes shipping, customs clearance, and delivery to CargoPlug’s Lagos hub. From the U.S., the rate is $14.19 per kg, with a 1kg minimum. From China and Turkey, the company supports B2B bulk shipments starting at 20kg. Prices are quoted on a case-by-case basis, starting around $9/kg. From Europe and Asia, minimums start at 100kg, again with bespoke pricing. For doorstep delivery in Lagos, users pay a small add-on—typically ₦3,000–₦4,000 ($1.89–$2.5) depending on the location. Although much slower than the air freight, CargoPlug also offers sea freight options to its consumers at a much cheaper rate—about $2 per kilogram for general cargo in a 20-foot container. “If you need to turn over inventory quickly, you’ll pay for air,” Fola-Ogunniya said. “It’s not just about cost. It’s about speed and predictability.” Cargoplug is competing in a keenly contested space featuring both international and local players like players like Topship, Sendbox, DHL, and Courierplus. CargoPlug’s bet is that there is still undefended terrain between DHL’s speed-at-any-price and Topship’s freight-forwarding scale. Its risk-based pricing and APIs
Read MoreBlockchain.com to open Nigeria office, expand across Africa as crypto regulations take shape
Blockchain.com, a UK-based company that allows users to buy, sell, and trade cryptocurrencies, plans to expand into Ghana, Kenya, and South Africa and open a physical office in Nigeria in Q2 2025. The move, first reported by Bloomberg, marks a significant push into African markets amid growing regulatory clarity across the continent. The Nigeria expansion would make Blockchain.com the first foreign crypto firm to establish a physical presence in the country, a move that could reshape the competitive landscape for local players. “Nigeria has taken meaningful steps toward creating a clear framework for crypto,” Owenize Odia, general manager for Blockchain.com’s Africa operations, told Bloomberg. “Applying for a crypto exchange licence in Nigeria is a top priority.” The company’s African expansion comes as global crypto giants like Coinbase make deeper inroads into Africa. Opera, a Norway-based company, launched an iOS version of MiniPay, its stablecoin wallet app, in May 2025 to acquire more African users. As foreign players deepen their engagement on the continent, their presence could pressurise African regulators to accelerate the development of clear and consistent frameworks for digital assets. Africa’s crypto market is expected to generate over $2.9 billion in revenue in 2025. While Blockchain.com does not disclose its user numbers in Africa, it described Nigeria as one of its fastest-growing markets. Globally, the platform has over 37 million verified users. If Blockchain.com applies for a cryptocurrency licence in Nigeria, it would be the first foreign crypto firm to do so since the country’s Securities and Exchange Commission (SEC) made such licencing mandatory for foreign companies. Nigeria’s recently enacted Investments and Securities Act (March 2025) granted the SEC authority to regulate digital assets, formally recognising them as securities. It is a long-awaited move that could attract further investment and innovation in the sector. Elsewhere on the continent, Ghana and Kenya are also drafting frameworks to regulate cryptocurrencies, while South Africa has already implemented rules requiring crypto platforms to be licenced to operate. These developments, combined with the entry of firms like Blockchain.com, reflect a growing recognition among African governments that regulation is crucial to the crypto sector’s development on the continent, and this will pay off. For Blockchain.com, establishing a physical presence and investing locally will be the clearest display of its commitment to Africa.
Read More8 out of 10 South Africans buy their prepaid cellphones from Pepkor stores
Pepkor, a major South African retailer, now sells eight out of every ten prepaid phones in the country, up from seven last year, according to its interim financial results for the six months ending March 2025, released on Tuesday. The retailer’s prepaid phone sales rose 17% in the same period, as demand for affordable mobile devices surged. Pepkor stores are well-known for their affordability, catering to around 34.3 million low-income earners – about 63.5% of South Africa’s population. The group claims to be using its expansive network of about 5,975 stores across the country as a powerful distribution channel for prepaid cellphones, aiming for a 50.5 million share of smartphones. Pepkor plans to open between 250 and 300 new stores in 2025, further expanding its reach in prepaid cellphone distribution. During the six months leading up to March 2025, Pepkor sold 6.8 million prepaid phones, a 17% increase from the previous period. Smartphone adoption has risen as the group continues to make devices more affordable, with sales climbing to 65% of all handsets sold, up from 60% in the previous period. The active SIM card base increased from 29- 30 million, driven by the number of SIM cards sold by the group, and underpins ongoing revenue. FoneYam, the group’s newly developed cellular handset rental service, launched in 2024 and designed to make smartphones affordable for customers, continued to grow strongly. Pepkor says active customers reached 1.5 million by the end of the period. Monthly activations averaged 165,000 over the period, from 120,000. Pepkor reported a 12.4% rise in half-year earnings, while revenue grew 12.8%, supported by improved product availability and the strong growth in cellular connectivity. Group revenue grew by 12.8% to R48.8 billion (about $2.73 billion), with the clothing and general merchandise segment increasing revenue by 9.5% to R34.5 billion ($1.93 billion), and the furniture, appliances, and electronics segment up by 9.1% to R6.5 billion ($364 million). Its fintech business increased revenue by 34.5% to R7.9-billion ($442.8 million), driven by 67.3% growth in financial services.
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