How three Nigerian teens built AI-powered solution to protect forests
Nigeria is losing its forests at a staggering pace. Once home to about 20 million hectares of forest, the country has lost nearly 96% of its primary cover, according to Global Forest Watch. From 2001 to 2024, Nigeria lost 1.44 million hectares (Mha) of tree cover, equivalent to a 14% decrease since 2000, driven by logging, agriculture, and weak enforcement. Despite policies like the Reducing Emissions from Deforestation and Forest Degradation (REDD+) strategy adopted by the federal government aimed at reducing deforestation, and Nigeria’s climate commitments under the Paris Agreement, illegal logging continues especially in under-policed reserves across states like Edo, Cross River, Ogun, and Rivers. With no real-time monitoring tools or reliable forest patrols, most of it goes unnoticed. In the heart of this crisis, three 18-year-old teenagers from Port Harcourt—Lesley John Jumbo, Bright Sunday, and Blessed Pepple—are engineering what they hope will spark some change. Their invention, Reforest AI, is a low-cost forest-monitoring system that uses artificial intelligence, embedded systems, and IoT (Internet of Things) sensors to detect and deter illegal logging—even in areas without power or internet. L-R: Blessed Pepple, Bright Sunday, and Lesley John Jumbo are the co-inventors of Reforest AI, a tool which aims to monitor and deter logging activities in forests across Nigeria Their motivation wasn’t born in a lab or a climate conference. It began with a simple, hard-to-ignore question: why do we keep watching forests disappear without doing anything? Earlier this year, their innovation earned Top Honours at the 2025 Slingshot Challenge, a global competition hosted by the National Geographic Society and the Paul G. Allen Family Foundation. Selected from more than 2,700 entries across 96 countries, the Nigerian team received a $10,000 grant to further develop and deploy their solution. From hackathon to hardware The trio first teamed up at a Technoville Nigeria hackathon in Port Harcourt, the rivers state capital. John Jumbo and Sunday were classmates; Pepple was John Jumbo’s neighbour. What united them, the team explains, was “this shared drive to build cool, meaningful stuff with tech.” The turning point came at another hackathon, hosted by Techrity in Port Harcourt, when their conversations turned to the forests around them. “We realised that if we just keep watching environmental damage happen without doing anything, we’re part of the problem,” the group explained. That event gave them the urgency to turn a vague worry into a real solution. Instead of launching awareness campaigns, they decided to build a tool that could address a specific aspect of the problem they’d pinpointed. Research drew their attention particularly to illegal logging as a silent but devastating contributor to climate change in Nigeria. Forests like the Cross River Reserve, once part of a vast West African canopy, now exist in fragmented national parks. The Niger Delta’s mangroves are shrinking fast, degraded by both chainsaws and crude oil. So they got to work. Each member brings a complementary skill to the group: John Jumbo, an embedded systems engineer, focuses on the software and leads outreach and storytelling around the project. Sunday, also an embedded systems engineer, handles all things electronics. Pepple, a designer, ensures everything looks great and works intuitively. In a bold move to demonstrate their commitment, they paused their education to build Reforest AI full-time. “Where we’re from, climate action isn’t really taken seriously, so trying to build a solution for a problem most people don’t even recognise felt almost impossible. But that just made us double down,” John Jumbo explains. “Formal education didn’t really play a big role in what we built,” the team notes. “Everything—from coding to hardware—we taught ourselves.” Their first fund came from local believers: family, mentors, and fellow builders who had seen their work. That early support helped them take the idea beyond prototype. Reforest AI: A smarter, scalable forest guard The initial idea for Reforest AI was to strap individual sensors to trees using accelerometers and gyroscopes to monitor changes in their angles—so if someone was trying to cut one down, they’d know. But they quickly realised the obvious problem. “If there are a billion trees, are we really going to deploy a billion devices?” John Jumbo says with a laugh. “Not scalable.” So they pivoted. Instead of monitoring individual trees, they created smart sensor towers that form a mesh network. These sleek, minimal towers act as smart nodes in a distributed network, using GPS to triangulate positions and cover large areas efficiently. The breakthrough came when they made the system AI-powered. They trained a sound recognition model that can detect chainsaws, axes—basically the audio signature of illegal logging activities. 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Read MoreKwik’s parent company declared bankrupt after creditor dispute
Africa Delivery Technologies (ADTL), the Dutch parent company of Nigerian last-mile delivery platform Kwik, has been declared bankrupt and placed under administration by an Amsterdam court following a court dispute with a former executive to whom the company owes about $50,000. However, Kwik CEO Romain Peroit-Lellig insists that the company is financially sound. He says the filing does not affect Kwik’s operations in Nigeria, where it serves over 300,000 merchants, and recently raised $1 million in fresh funding. This is the second known case of bankruptcy of a prominent logistics startup in Nigeria. In January, Gokada, another prominent last-mile delivery startup, filed for Chapter 11 bankruptcy, which allows an organisation to protect itself from creditors while developing a repayment plan under court supervision. Kwik’s situation is different, it is an involuntary bankruptcy filed by creditors who suspect the business is both unable and unwilling to repay a debt. Adam Grant, a former head of sales at Kwik, filed the bankruptcy claim. Previously, Grant sued the company for wrongful termination and was awarded $120,000 in unpaid salaries, which were later renegotiated to $75,000. Court documents show that Kwik paid one of three $25,000 instalments agreed upon but withheld the rest, citing concerns over French income tax obligations. “We asked [Grant] to guarantee us that he will take care of his income tax obligations,” Peroit-Lellig told TechCabal. “As usual, he refused to do so and instead, he filed for bankruptcy for his balance.” However, the Dutch court rejected Kwik’s tax argument and ruled that no additional tax was due, according to the filing seen by TechCabal. Grant successfully initiated involuntary bankruptcy proceedings against Kwik, arguing that its parent company lacked the immediate liquidity to settle his debt and demonstrated an unwillingness to prioritise repayment. He contended that placing the company under administration, where a third-party administrator would oversee financial operations, was necessary to ensure creditors were paid. His claim was supported by similar allegations from other creditors regarding Kwik’s avoidance of due debt. A second creditor, B54, a Nigerian startup that provides credit lines to startups, claims Kwik defaulted on a $50,000 loan. In February 2024, the company petitioned a Nigerian Federal High Court to liquidate Kwik’s parent company over the loan, according to court documents seen by TechCabal. “B54 has had to institute legal proceedings against Kwik both locally and in Nigeria, and is joining other creditors in foreign proceedings,” B54 co-founder Lanre Oyedotun told TechCabal, declining further comment due to the ongoing case. Peroit-Lellig acknowledged the debt to B54 but downplayed its significance, arguing that no formal legal service had occurred. “It is typical for companies to draft court documents to pressure debtors into payment, but they never file them in court due to consequent legal expenses,” he explained. “Moreover, I have been trying to reach B54 for a while to no avail.” The CEO made similar claims in May 2024 when the Guardian Nigeria, a national publication, sued his company to collect millions of naira in unpaid rent for an Abuja warehouse. Tive Ibru, director of the Guardian and one of his lawyers, confirmed the case remains active but declined to comment under sub judice rules. Pelliot again claimed he had not been formally served. Despite these ongoing legal battles, Pelliot insists the company is solvent. According to him, Kwik has raised $6 million to date, including $1 million in 2025. He claims the company owes $2 million in convertible notes, convertible notes loans that convert into shares after some time or an event. He told TechCabal that Kwik is not in any significant debt to anyone other than its shareholders, and therefore not insolvent. “Whatever happened is not affecting the operations of the company,” Pelliot added. “The staff are getting paid from the Nigerian company, and riders are getting paid. Everybody’s getting paid. Fulfilment and delivery services are continuing without disruption.” The company says it is in talks with Grant’s legal team to resolve the dispute. Unlike Gokada’s voluntary filing, Kwik’s bankruptcy is involuntary, allowing its creditors to access and liquidate the company’s assets to recover their claims. Pelliot refuses any comparison with Gokada. He said the debt outside its shareholders is insignificant and well within the company’s capacity to pay off. He is also confident that this circumstance can be reversed. “We deeply appreciate the continued support from our customers, partners, delivery riders, and shareholders,” Kwik said in a statement. “We remain fully committed to delivering high-quality service and value to all stakeholders.”
Read MoreVendease CFO resigns as the YC-backed startup restructures, seeks fresh capital
Mohamed Chaudry, chief financial officer of Vendease, a Y Combinator-backed food procurement platform, stepped down in April 2025. His departure comes amid a restructuring effort as the company urgently bids to reach profitability and raise fresh funding. Chaudry has since launched an edtech platform, The Scale Up CFO Hub, that teaches founders how to become investor-ready. Chaudry, who also held the title of co-COO, spearheaded the restructuring in the months leading up to his resignation. This process saw Vendease reduce its workforce by 180 employees and was implemented alongside a new, aggressive employee pay structure. Vendease has moved to a performance-based system where unpaid salary portions will convert into an Equity Share Option Plan (ESOP). “Alongside my CFO role, I also took on a dual COO role, overseeing the entire supply chain and leading a comprehensive restructuring initiative,” Chaudry told TechCabal in a statement. “Whilst I am proud of helping Vendease navigate and stabilise through this period, my passion has always been in scaling businesses rather than restructuring them.” DevOps engineer, Osinachi Ibiam-Uro, is a mom in tech, and she is loving it here Appointed in January 2024, Chaudry was brought in to help the company expand across Africa and the Middle East. However, the sharp economic downturn, marked by the naira’s devaluation and rising costs, forced the company to reduce the scale of its operations. He was tasked with helping the company rein in costs and chart a course to profitability, including exiting operations in Ghana. Beyond layoffs, Vendease has significantly restructured its business model, notably enhancing its Buy-Now-Pay-Later (BNPL) offering to boost revenue. The company has shifted from a flat fee for this service to charging daily interest. These measures, including the workforce reduction and BNPL changes, are among several strategic moves Vendease has implemented to slash expenses and improve its margins. Vendease declined to comment on any part of this story. “I genuinely loved working with everyone on my team, probably the best team I have ever had the pleasure of leading,” Chaundry said in a message to TechCabal.
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Top 10 Android phones released in 2025
Android phones in 2025 are faster, last longer on a single charge, and come packed with smarter AI features. But beyond all the fancy features, what makes a phone great is how well it fits into your daily life. That’s what this guide is here for: to help you pick a phone that does what you need. No tech fluff. No confusing language. Just honest, straightforward advice based on what works for everyday use. If you’re wondering, “Which Android phones should I buy this year?” or “What features do I really need?,” you’re in the right place. What you should look out for when choosing an Android phone With so many Android phones out there, it’s easy to get distracted by popular names and shiny features. But what indeed makes a phone suitable? What should you be paying attention to before spending your money? 1. Display: How good does the screen look, and hold up? The screen is the first thing you notice on a phone; you use it for everything, from texting and scrolling to watching videos and playing games. So, it needs to look sharp, respond fast, and stay clear even when you’re outside under the sun. Here’s what you should check: Refresh rate (Hz): This affects how smooth your screen feels when you scroll or switch apps. Most top Android phones in 2025 now come with 120Hz screens. Some even go up to 144Hz, which gamers will love for the extra quick response. Brightness: Ever struggled to see your screen outside? Brightness matters. Phones like the Samsung Galaxy S25 Ultra and Vivo X200 Ultra hit crazy-high brightness levels, over 2,600 nits, so that you won’t squint in sunlight. AMOLED screens: This is now common in higher-end phones. It gives you rich colours, deep blacks, and better viewing angles, perfect for watching Netflix or editing photos. Adaptive refresh rate (LTPO): This tech helps save battery. Your screen knows when to slow down (like when reading) and when to speed up (like while gaming). Less power wasted, same great visuals. 2. Camera: Are the pictures and videos worth it? Forget the megapixel hype, excellent camera quality is about more than just numbers. What matters is how well the phone captures your moments, day or night. Look for: Multiple lenses: A good Android phone will have broad, ultra-wide, and zoom (telephoto) lenses. This gives you flexibility in how you take photos. Large sensors: Phones like the Xiaomi 15 Ultra have a 1-inch primary sensor. Bigger sensors mean more light, and more light means better photos, especially in low light or at night. OIS (Optical Image Stabilisation): This helps you take steady, blur-free shots, even when your hands aren’t completely still. Innovative features powered by AI: In 2025, the camera doesn’t just capture, it thinks. AI helps improve photos automatically. It fixes lighting, sharpens faces, improves video clarity, and even helps edit pictures in real time. So if you post on social media, shoot videos for fun, or just want sharp memories of your life, the correct camera setup can make a big difference. 3. Battery & charging: Will the phone keep up with your day? Nobody wants to carry a charger everywhere or panic at 10%. A phone’s battery needs to last and charge fast. Here’s what to focus on: Battery size: Look for 5,000mAh or more. That’s the sweet spot for all-day use. Real-life usage: Check for “screen-on time” and how long the phone lasts, not just the number. Fast charging: Many Android phones charge from 0–80% in under 30 minutes. Phones like the OnePlus 13 and Vivo X200 Ultra are leading here. Wireless charging: Handy if you hate cables. Just drop your phone on the pad, and it will power up. Silicon-carbon batteries: Some 2025 android phones now use this newer tech to pack more power into slimmer bodies. More battery, less bulk, nice win. Think about this: Do you often go hours without access to a charger? Then battery life should be high on your list. 4. Performance: Will it run smoothly, no matter what you do? You want a phone that won’t lag, freeze, or force-close your apps, whether you’re switching between emails, editing videos, or playing games. Focus on: The processor (CPU): The “brain” of the phone. Android phones in 2025 now run on powerful chips like the Snapdragon 8 Elite, MediaTek Dimensity 9400, or Google Tensor G5. RAM: This keeps your apps running smoothly in the background. 12GB is excellent. 16GB is even better if you’re a power user. AI processing (NPU): This is the part of the chip that handles innovative tasks, like voice commands, real-time translations, and faster photo editing, directly on your phone, not in the cloud. It makes everything feel quicker and more personal. Storage speed (UFS 4.0): Not just about how much space you have, but how fast apps open and files move around. This section greatly matters if you hate slow phones or want one that keeps up with your busy life. Top 10 Android phones of 2025: Which one is right for you? Here are 10 of the best Android phones in 2025, what makes each special, and why they might be worth your money. Samsung Galaxy S25 Ultra OnePlus 13 Google Pixel 9 Pro XL Xiaomi 15 Ultra OPPO Find X8 Pro Sony Xperia 1 VII ASUS Zenfone 12 Ultra Motorola Edge 60 Pro Vivo X200 Ultra Samsung Galaxy S25 1. Samsung Galaxy S25 Ultra Image Source: Marques Brownlee on YouTube If you want the absolute best of everything, the Galaxy S25 Ultra is hard to beat. It’s built for people who use their phone for work, creativity, and entertainment. The built-in S Pen is perfect for jotting down notes or editing photos, and the camera is one of the best on the market, especially in low light or when zooming in from far away. What stands out: Massive 6.9-inch screen that’s great for watching videos or working on the go 100x zoom camera for
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👨🏿🚀TechCabal Daily – Get a loan with carrot
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Mozilla just announced it’s sunsetting Pocket—yes, the beloved tool for stashing articles you swear you’ll read later (and sometimes actually do). Come July 8th, 2025, Pockets will stop working. The company says it’s reallocating resources to projects that “better match users’ browsing habits and online needs.” If you see me at Founder’s Connect today, please say hi—I’ll be the one grieving a bookmarking app like I lost a pet. Now, let’s get into today’s dispatch. – Faith Parent company of Nigerian logistics startup declared bankrupt in Amsterdam Carrot Credit secures $4.2M to scale asset-backed lending in Africa Mohamed Chaudry, Vendease CFO, steps down Funding Tracker World Wide Web 3 Events Startups Parent company of Nigerian logistics startup declared bankrupt in Amsterdam A Kwik logistics rider/Image Source: Kwik. The parent company of Nigerian logistics startup Kwik was declared bankrupt in Amsterdam. If this reminds you of Gokada’s Chapter 11 bankruptcy and you’re tempted to lament that the logistics sector is where venture capital goes to die, hold off for a moment. Kwik’s CEO, Romain Poirot-Lellig told TechCabal that the company is not insolvent and, in fact, raised $1 million this year. So, why the bankruptcy declaration? Bankruptcy filings vary. Gokada’s Chapter 11 filing in the U.S. is a reorganization process used when a company is running out of cash and needs protection from creditors while developing a repayment plan under court supervision. Kwik’s situation is different. Their bankruptcy was not initiated by the company but by a former employee, Adam Grant, who is owed approximately $50,000. Grant, previously head of marketing at Kwik, was fired and claimed wrongful termination. He sued Kwik, winning a court order for $75,000 to be paid in three installments. After Kwik paid the first installment, they withheld the second, citing concerns that Grant wouldn’t pay required income taxes, which would force Kwik to cover additional costs beyond the settlement. Frustrated, Grant returned to court, arguing that Kwik’s parent company was unable to pay him and couldn’t be trusted to do so. He supported his claim by pointing to Kwik’s significant debt to other creditors. The Amsterdam court sided with Grant, placing Kwik’s parent company under administration, meaning a third-party administrator will oversee financial operations to ensure creditors, including Grant, are paid. Another creditor, B54—a startup providing credit lines to other startups—collaborated with Grant in this filing. B54 had previously attempted a similar bankruptcy claim against Kwik in a Nigerian court in 2024 but was unsuccessful. Kwik’s CEO, Romain Poirot-Lellig, acknowledges the debt but insists the company is solvent and plans to pay its creditors. Reporter Ngozi has the full story—keep an eye out for it today. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. 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Nigerian fintech Carrot Credit is a digital lending platform that lets retail investors (that’s you, me, and every nonprofessional investor who
Read MoreMost Nigerian artists are still ignoring AI. New Mavin’s exec says that’s a mistake
As artificial intelligence reshapes the global music industry—powering everything from AI-generated vocals and full albums in the U.S. to virtual idols in South Korea and predictive hit-making in Scandinavia—Nigeria’s music scene remains strikingly slow to adapt. Despite being Africa’s most influential music market, only a few Nigerian artists and producers are exploring AI tools, missing out on a wave of innovation that is redefining how music is created, promoted, and consumed worldwide. This hesitation, if unchecked, could undermine Nigeria’s global cultural dominance in the long term. So, why is Nigeria lagging? Nigeria’s music industry, which generates over $2 billion annually, has played a central role in the global rise of Afrobeats. Yet, the industry still trails in adopting AI within its creative ecosystem. While Nigerian music has unmatched cultural influence and global reach, the slow AI adoption in the industry, driven by low investments in data centres, higher compute capacity, and internet infrastructure, reveals a disconnect between creative innovation and technological integration across the region. For Nkasiobi Chukwu, who created Africa’s first fully AI-assisted Afrobeats album in 2023 and now serves as Head of Marketing and Digital at Mavin Records, a subsidiary of Universal Music Group with a roster of A-list artists like Rema, Ayra Starr, and Johnny Drille, the reason is both structural and emotional. He describes a blend of frustration and hope, pointing to a local industry still hesitant to embrace tools already reshaping music worldwide. 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 “One of the shocking things for me is the fact that there are not that many Nigerian artists trying to utilise AI in the space of music,” he told TechCabal in an interview. “Even two years after all the work I’d done and the publicity it got, you just couldn’t find many people besides myself.” Chukwu, who previously spearheaded the creation of an AI-generated artist named Mya Blue, sees both the immense potential and cultural hesitation. Using tools like ChatGPT for lyrics and co-producer platforms for sound suggestions, he claims to have cut production time from months to three days, spending under $500. But few have followed suit. This reluctance stems from a mix of fear, lack of understanding, and deep-rooted ideas about artistic authenticity. “The real answer is emotional,” Chukwu explains. “It’s fear. We thought the creative industry was safe—that it couldn’t be replicated. And it was a shocker to find out it could.” In Nigeria, there’s a deeply rooted reverence for the soul of music—one tied to cultural ownership, traditional instruments, and the celebrated “imperfections” that define genres like Afrobeats and highlife. Many Nigerian artists and producers view AI with skepticism, believing it cannot replicate the emotional depth of an Igbo folk chant or the spiritual resonance of a talking drum. But this romantic attachment, while valid, may be limiting the industry’s evolution. Outside Nigeria, African creators are already amplifying their creativity with AI tools. South Africa’s Grammy-winning producer Black Coffee has dabbled in AI for rhythm mapping and genre fusion. Ghana’s M.anifest has experimented with AI to explore alternative songwriting structures. In 2025, Nigerian filmmaker Ope Banwo released Africa’s first AI-generated feature film soundtrack, in which AI handled every aspect from composition to mastering. Aside from music creation, platforms like Spotify and Boomplay have begun using AI-driven recommendation engines to introduce African music to global audiences. Rema’s “Calm Down” soared past a billion
Read MoreCarrot Credit raises $4.2 million seed to scale crypto- and stock-backed lending in Africa
Carrot Credit, a Nigerian fintech that offers loans backed by digital investment assets like stocks, ETFs, and crypto, has raised $4.2 million in seed funding. The fintech will use the funding to scale its credit infrastructure across Africa, expand its team, and deepen integrations with digital investment platforms. MaC Venture Capital led the round, with participation from Partech Africa and Authentic Ventures. Launched in 2023 by Bolu Aiki-Raji, Carrot Credit is a digital lending platform that allows retail investors to borrow money using investment assets—like stocks, ETFs, bonds, or cryptocurrencies—as collateral, without having to sell them or go through traditional credit checks. Through API connections, the fintech verifies users’ asset positions and places a lien on them, allowing users to draw down a percentage—up to 40% for stocks and as high as 70% for fixed-income assets—without liquidating. If a user has a portfolio of relatively stable stocks worth ₦1 million, Carrot can let them borrow up to 40% (₦400,000). For volatile stocks, Carrot offers a credit line of up to 10% of the portfolio and up to 70% for fixed-income assets like government bonds and treasury bills. “People were investing in all types of things—stocks, crypto, fixed income—but many didn’t recognize those investments as worth anything. That was the initial idea: why can’t this be collateral?” said Boluwatife Aiki-Raji, CEO and co-founder of Carrot. The company says it charges below-market average interest rates and offers flexible loan repayments. Users can opt for a fixed loan repayment (6 months, 3 months, or 12 months) or pay back monthly at their preferred timeframe. Carrot’s approach to lending on the continent has been popularised by global firms such as BlockFi and Robinhood. However, the model’s appeal is yet to catch on in Africa. Aiki-Raji says Carrot hopes to make the approach more accessible to retail investors across the continent. The startup’s embedded B2B2C model targets fintechs, brokerages, and digital wealth managers across Africa. The company, which generates revenue from the interest charged on its loans, says it has already processed over $2 million in loans and serves over 10,000 users. “Everyone writes a deck claiming a trillion-dollar market,” said Aiki-Raji. “I’d rather define our market as anyone who can put money aside in digital assets—that’s who we’re building for. That includes everyday investors.” The business competes with other digital lenders—Sycamore, Carbon, FairMoney, Aella Credit—across Nigeria, but claims its flexible repayment options and below-market interest rates further differentiate it from Nigeria’s crowded field of digital lenders, where most competitors focus on short-term credit rather than asset-backed lending. “What excites me about this investment is how Carrot is leveraging digital assets to create a seamless, low-barrier credit solution in markets where credit has traditionally been out of reach,” said Marlon Nichols, co-founder and partner of MaC Venture Capital. Carrot is among the first few startups offering an alternative lending model on the continent. As embedded finance gains traction in Africa, Carrot’s approach could expand access to credit for a new generation of digital investors and financial platforms.
Read MoreKenyan BNPL startup Watu profits drop 85% to $1.2 million as loan defaults rise
Watu Holdings, a Kenyan buy-now-pay-later startup, reported a sharp 84% drop in profit to $1.2 million (KES157 million) in 2024, according to disclosures by Car & General, which holds a 29% stake in the business. The decline from $7.6 million (KES985 million) a year earlier points to rising loan defaults and deteriorating repayment behaviour in Watu’s core markets of Kenya, Uganda, and Sierra Leone. Watu has built its model around lending to informal transport operators and other low-income earners, primarily boda boda riders, who lack access to formal credit. While that has helped it scale quickly, the business has become exposed to income shocks, currency swings, and competition from rivals like M-KOPA, Aspira, and Ampersand. Watu has five main product lines, anchored by its core motorcycle lending unit, Watu Boda, which finances two- and three-wheelers. It also offers mobile phone loans under Watu Simu, car financing through Watu Gari, and school fee loans via Watu Shule. More recently, the company entered the electric vehicle space, a small but growing segment to capture early demand for clean transport. However, the downturn was not uniform across markets. In Tanzania, where Watu operates through a separate subsidiary, Watu Tuu Limited, profits nearly doubled to $5 million (KSh650 million)—up 93% from the previous year. The company did not break down performance by market, but it signals favourable conditions in Tanzania. The startup is one of several non-bank lenders that have moved aggressively into asset-backed microcredit across East Africa in recent years. But as borrowing costs rise and repayment stress grows, the limits of the model are starting to show, particularly in Kenya, where informal sector incomes remain under pressure. Car & General, a Nairobi Securities Exchange-listed company that assembles and distributes motorcycles in the region, is a major beneficiary of Watu’s demand, and the lender’s performance has increasingly featured in its earnings reports. Watu remains privately held and does not publish standalone financial statements. Founded in 2015 by Andris Kaneps, a Latvian national, Watu has raised over $20 million across five rounds led by FMO, Gateway Partners, Verdant Capital, and AHL Venture Partners. Its latest funding round was a Series B round in February 2024. It is among the few startups in Kenya that have achieved consistent profitability.
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FX gains are drying up, and so are Nigerian banks’ profit margins
Nigerian banks are entering a phase of slower profit growth in 2025, as the windfalls from naira devaluation and aggressive interest rate hikes begin to fade. With foreign exchange (FX) gains normalising and credit expansion still weak, the sector’s once-robust earnings momentum is showing signs of fatigue. According to data from the Nigerian Exchange Limited (NGX), the combined after-tax profit of nine major commercial banks—Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, First Holdco Plc, Access Holdings Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, and FCMB Group Plc—rose slightly by 0.74% to ₦1.35 trillion ($847.3 million) in Q1 2025. This is a stark contrast to the 274.3% profit growth recorded in Q1 2024. Much of the record earnings last year were fueled by the federal government reform—such as the two rounds of naira devaluation in July 2023 and January 2024, and a sharp increase in interest income driven by the Central Bank of Nigeria’s (CBN) aggressive monetary tightening. The Monetary Policy Rate (MPR) rose by 875 basis points to 27.50% between July 2023 and May 2025. Now, as profit growth slows, analysts warn that underlying weaknesses in traditional banking functions—such as mobilising deposits, issuing loans, processing payments, and earning stable interest and fee income—are beginning to surface. “The era of abnormal profit growth for the banks is over,” said Tony Brown, an Abuja-based banking analyst. “In the last two years, profits were driven by external shocks. This year, we’re seeing a return to more organic and sustainable earnings patterns.” Still, some growth is expected. Mobifoluwa Adesina, an investment research analyst at Afrinvest West Africa Limited, projects after-tax profit growth of 30% to 40% for banks in 2025, although slower than in previous years. “We don’t expect any rate cuts until the second half of 2025, and we forecast that the MPR will remain above 26% by year-end,” he said. “Also, with the naira recording only a 4.3% depreciation year-to-date, FX gains won’t match the scale we saw in 2024.” Flattening income lines The moderation in earnings is already evident in Q1 results. FX revaluation gains—one of the key drivers of 2024 profits—have reduced from previous high levels following relative stability in the naira. Data from the CBN shows the average official exchange rate rose to ₦1,450/$ in 2024 from ₦645.10/$ in 2023. Since January 2025, the naira has traded within the ₦1,500–₦1,600/$ range. “Volatility in the exchange rate has dropped significantly—from over four percent a year ago to less than half of one percent now,” CBN Governor Olayemi Cardoso said at the 300th Monetary Policy Committee (MPC) meeting on May 20. As a result, combined FX revaluation gains for Zenith, GTCO, Access, UBA, Fidelity, and FCMB declined to ₦240.7 billion ($150.6 million) in Q1 2025 from ₦2.58 trillion ($1.6 billion) in 2024 and ₦723.9 billion ($453.8 million) in 2023. Also, the MPR—held steady at 27.50% in May—has begun to squeeze interest income growth. The nine banks posted interest income growth of 52.7% in Q1 2025, down from a blistering 137.4% in the same period last year. “The trend of high interest income is expected to plateau this year with the CBN maintaining current rates,” said Ola A., a Lagos-based banking analyst. Traditional drivers reemerge Before the FX reforms and interest rate shocks, banks relied more heavily on core revenue sources: fee and commission income from electronic transactions, account maintenance fees, and trade finance. In earlier years of lower interest rates, banks also enjoyed low-cost funding—particularly through current and savings accounts (CASA)—which helped sustain healthy net interest margins. These margins, defined as the difference between interest income earned on loans and investments versus interest paid on deposits relative to total earning assets, were a bedrock of profitability. Concerns on IT spend With profit growth slowing, concerns are emerging about potential cutbacks in capital and operational expenditures, especially around technology investments. This comes at a time when competition from fintechs and telco-backed digital banks is intensifying. Of the nine banks analysed, only GTCO and First Holdco reported profit declines of 45% and 22%, respectively, in Q1 2025. While First Holdco did not disclose its IT spending, GTCO reported a year-on-year drop in technology investment to ₦12.8 billion from ₦14.4 billion. GTCO did not respond to a request for comment. However, Brown emphasised that technology remains a core expenditure for banks. “The banks’ whole service structure depends on it. Whether you are raking in billions or not, IT expenditure determines profit growth,” he said. Cautious outlook With no major currency shocks or further rate hikes on the horizon, banks face a year of moderate returns and sharper cost discipline. While strong capital buffers and diversified income lines offer some resilience, the shift to a normalised earnings environment will test how well banks can adapt. For now, the days of record-breaking profit declarations may be over. The focus is shifting to how banks can maintain relevance and competitive strength in an environment of normalised earnings and growing digital competition.
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👨🏿🚀TechCabal Daily – Starlink can’t keep up in Kenya
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF! How has the week been for you? Emmanuel was supposed to write this intro, but after his team’s performance last night, he went off to bed early. The lesson here? Some clubs build character; others break your spirit. Anyway, while some folks were losing games, Sam Altman and Jony Ive were teaming up to create a first-of-its-kind AI device. It’s like nothing you’ve ever seen before. For some context, Jony Ive played a pivotal role in creating some of Apple’s devices (including the MacBook Pro and iPhone), and he says this is his best work yet. It’s definitely something to look forward to. Let’s get into today’s newsletter. – Faith Tanzania has blocked access to social media Safaricom launches two new loan products on M-Pesa Starlink’s Nairobi freeze MTN launches MoMo Pay World Wide Web 3 Events Internet Tanzania has blocked access to social media to curb misinformation President Samia Suluhu of Tanzania. IMAGE | IKULU. Tanzania has blocked access to X (formerly Twitter) after the country’s police account was hacked and used to falsely announce the death of President Samia Suluhu Hassan. Rather than clarifying the situation through official communication, authorities chose to restrict access to the platform entirely. Tanzania has cut off internet or social media four times since 2017, including during the 2020 election. Digital shutdowns—whether full blackouts or targeted platform bans—have become common responses to political unrest, elections, and, increasingly, efforts to control public narratives. In 2024, the continent saw a record 21 shutdowns across 15 countries. Some shutdowns, like Sudan’s during conflict or Ethiopia’s in regions like Tigray and Amhara, are linked to ongoing violence. Kenya, too, has previously banned Telegram during national exams as it alleged that the exam papers leaked on the platform; Uganda also banned Facebook for four years, citing political interference. Governments often claim they’re protecting national security or stopping misinformation. But many observers believe the real reason is to control information. These shutdowns are now used to silence dissent, prevent protests, and avoid scrutiny. The impact goes far beyond politics—businesses suffer, essential services are cut off, and public trust takes a hit. In 2024 alone, Africa lost an estimated $1.5 billion due to internet disruptions. Zoom out: Tanzania’s social media block this week is more than a reaction to a hack. It’s the continuation of a regional pattern where restricting access to the internet is no longer the exception—but increasingly the rule. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. 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Fuliza Biashara and Taasi Till: The telecom company has launched Fuliza Biashara, an overdraft facility, and Taasi Till, a short-term loan, offering credit of up to $3,089 (KES 400,000) directly through its mobile money app, M-PESA. It’s a move that reflects not just Safaricom’s growth strategy, but a wider shift in how Africa’s most influential telcos are positioning themselves in financial services. For Kenya’s 7.4 million small
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