Globacom will name former MTN Nigeria chief Ahmad Farroukh as CEO
Globacom will appoint Ahmad Farroukh, a former CEO of MTN Nigeria, as its new chief executive, three people with direct knowledge of the matter told TechCabal. It’s a major leadership shift for Nigeria’s third-largest mobile network operator and will mark the first time it will come under new leadership. Mike Adenuga has led Globacom since its launch on August 29, 2003. While Globacom has not yet made an official announcement, it has notified the Nigerian Communications Commission (NCC), two people familiar with the matter said. The company has also appointed a new board and has gotten approval from the regulator. Globacom did not immediately respond to multiple requests for comments. Farroukh’s extensive telecom career began in 1995 as CEO of Investcom Group in Lebanon, later acquired by MTN Group. By 1999, he was managing director of MTN Ghana and regional director for West Africa under Investcom, an MTN subsidiary. He then served as CEO of MTN Nigeria from 2006 to 2010 and was appointed CEO of MTN South Africa in 2014. In 2015, he became CEO of Mobily, Saudi Arabia’s second-largest telecom operator, where he served until 2017. He then joined Smile Communications Nigeria Limited as Group CEO until his Globacom appointment. Farroukh holds a Master’s in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant (CPA) from New York, USA. As CEO of Globacom, Farroukh faces a significant challenge after the network lost 41 million subscribers due to an industry-wide audit by the NCC. This reduction has left Globacom with 19.1 million subscribers, giving it only a 12.39% share of Nigeria’s telecom market. Farroukh’s announcement is expected in a matter of days.
Read MoreAccess Bank gets approval to acquire National Bank of Kenya in deal thought to be worth $100 million
The Competition Authority of Kenya (CAK) has approved Access Bank’s acquisition of the National Bank of Kenya (NBK) from KCB Group, provided it retains 80% of the staff for one year. The deal will now need the approval of the Central Bank of Kenya (CBK). “The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary,” CAK said in a statement sent to TechCabal. Regulatory filings show that NBK has 1,384 employees while Access Bank Kenya has 316. While the value of the transaction has not been disclosed, KCB Group announced in March 2024 that it agreed to sell National Bank for 1.25x of the bank’s book value. Given NBK’s book value of $79.77 million in 2023, the deal could be priced around $100 million. The deal is expected to be finalised in November. Access Bank currently has 23 branches in 12 counties in Kenya. NBK, which provides retail, corporate, and Islamic banking services in 77 branches in 28 counties, will increase Access’s footprint in East Africa’s largest economy. The bank’s current operations in Kenya are classified as tier 3, ranked 37 out of the 39 licensed commercial banks, while NBK is a tier 2 lender. CAK estimates that the merged entity will have a combined market share of 1.9% once the acquisition is complete. “The combined market size is unlikely to raise competition concerns since it is low. Additionally, the merged entity will face competition from the other banks in the market,” CAK said. “The merged entity will face competition from the other banks in the market. Based on the foregoing, the proposed transaction is unlikely to lead toa substantial lessening or prevention of competition in the market.” Access Bank did not immediately respond to a request for comments.
Read MoreAccess Bank gets approval to acquire National Bank of Kenya in deal thought to be worth $100 million
The Competition Authority of Kenya (CAK) has approved Access Bank’s acquisition of the National Bank of Kenya (NBK) from KCB Group, provided it retains 80% of the staff for one year. The deal will now need the approval of the Central Bank of Kenya (CBK). “The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary,” CAK said in a statement sent to TechCabal. Regulatory filings show that NBK has 1,384 employees while Access Bank Kenya has 316. While the value of the transaction has not been disclosed, KCB Group announced in March 2024 that it agreed to sell National Bank for 1.25x of the bank’s book value. Given NBK’s book value of $79.77 million in 2023, the deal could be priced around $100 million. The deal is expected to be finalised in November. Access Bank currently has 23 branches in 12 counties in Kenya. NBK, which provides retail, corporate, and Islamic banking services in 77 branches in 28 counties, will increase Access’s footprint in East Africa’s largest economy. The bank’s current operations in Kenya are classified as tier 3, ranked 37 out of the 39 licensed commercial banks, while NBK is a tier 2 lender. CAK estimates that the merged entity will have a combined market share of 1.9% once the acquisition is complete. “The combined market size is unlikely to raise competition concerns since it is low. Additionally, the merged entity will face competition from the other banks in the market,” CAK said. “The merged entity will face competition from the other banks in the market. Based on the foregoing, the proposed transaction is unlikely to lead toa substantial lessening or prevention of competition in the market.” Access Bank did not immediately respond to a request for comments.
Read MoreWasoko, MaxAB taps auto executive as technical advisor as valuation soars past $500 million
After their August 2024 merger, Wasoko and MaxAB told TechCabal that they had launched new business units beyond e-commerce and the development of AI systems powering pricing, product selection, and route optimisation. Wasoko and MaxAB, an e-commerce firm valued at over $500 million after their landmark merger in August 2024, have appointed Mo Elshenawy as an independent board director and technical advisor. Elshenawy was the president and chief technology officer (CTO) of autonomous vehicle company Cruise. In his new role, he will drive the development and scaling of Wasoko and MaxAB’s technology infrastructure and help the entity advance its artificial intelligence (AI) tools to improve business capabilities. “As an Egyptian-American, I feel deeply connected to this mission and the platform’s potential—not only to drive transformative impact within Africa but also to establish a powerful presence on the global stage,” said Elshenawy. In August 2024, Wasoko and MaxAB told TechCabal that the combined business will pave the way for a super app offering digital top-ups, e-payments, and credit financing to create a multi-service digital platform for their users. Wasoko and MaxAB raised over $230 million before the merger. MaxAB closed a $40 million pre-Series B round, while Wasoko raised $125 million in Series B, which valued Wasoko at $625 million. However, Wasoko’s valuation dropped to $260 million in 2023 as its sales to small informal retailers declined. After the August merger, which was first announced in December 2023, the entity is now valued at over $500 million, based on a financial report from VNV Global, one of its investors. VNV has a 2.4% stake in the combined entity and values its holding at $12.6 million, based on a revenue multiple of 2.6, benchmarked against similar companies.
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👨🏿🚀TechCabal Daily – Africa’s latest unicorn
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy mid-week! Tech giants used to be BFFs, but now it’s every AI for itself! First, it was Meta announcing it would build its own search engine to reduce dependency on Google and Microsoft. Now, OpenAI is planning to build its own AI chip. Whatever happened to playing nice and sharing toys? Moniepoint is Africa’s latest unicorn Access Bank to sell dollar-denominated securities Globacom sees 62% decline in active customers World Wide Web 3 Opportunities Funding Moniepoint reaches $1 billion valuation with new fund raise Image Source: Wunmi Eunice/TechCabal Africa has just minted its latest unicorn. For a continent that has witnessed reduced VC investment, yesterday’s announcement by Moniepoint, Nigeria’s leading fintech, was a breath of fresh air. The fintech company announced that it had raised $110 million in Series C funding, giving it a $1 billion valuation and making it the continent’s eighth unicorn. The valuation comes at a high praise as Moniepoint almost tripled its previous valuation of $400 million when it last raised $55 million. Moniepoint which already has a strong presence in Nigeria will use the new funding to expand across the continent. People familiar with the fintech’s plan say it will expand across the continent through strategic acquisition. The startup is expected to begin those acquisitions in Kenya, with talks underway. Moniepoint raise comes at a time when funding is particularly hard to come by on the continent. African start-ups attracted a total of $1.4 billion in the first three quarters of the year, down 38% on the same period last year, according to the funding tracker Africa: the Big Deal. The new fundraise is also a win for previous investors who might have exited in the new funding round. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Banking Access Bank to sell dollar-denominated securities Image Source: Google Access Bank, Nigeria’s largest tier-1 bank by asset base, will issue dollar-denominated bonds in the domestic market to fund its expansion and meet regulatory capital requirements set by the Central Bank of Nigeria (CBN). Access Bank’s Managing Director, Roosevelt Ogbonna, stated that these securities will be issued in two tranches, with one batch directed toward development finance institutions (DFIs) and the other available on the open market. The bank is likely to finalise the DFI-targeted tranche by mid-2025. This move is notable for a few reasons. Firstly, it positions Access Bank to tap into the growing local appetite for dollar assets as Nigerians and firms increasingly seek refuge from naira devaluation. When the country’s central bank issued the directive for banks’ recapitalisation in March, it gave lenders only three options: rights issues and offers for subscription, mergers and acquisitions, or downgrading their licences. Access Bank completed its rights issues and offered ordinary shares to existing shareholders on August 23. The lender planned to raise ₦351 billion ($213 million). Needing at least a further ₦149 billion ($90.4 million) to meet CBN’s ₦500 billion ($303.4 million) target for banks with international operations, the lender will likely look again into acquisitions—an art it has mastered after entering Tanzania this year. With plans to expand operations into Hong Kong by October and the United States by 2025 or 2026, Access Bank is doubling down on its goal of becoming one of Africa’s largest lenders, extending its reach across 24 countries. For investors, the bank’s dollar-denominated securities offer a promising hedge against the naira depreciation. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Telco Globacom sees 62% decline in active customers Image Source: TechCabal In September 2024, Nigeria’s telecom company Globacom saw a huge drop in its subscriber numbers. Over 41 million lines were removed, bringing its active users down from 62.1 million in March to 19.1 million. This was part of a major cleanup by the Nigerian Communications Commission (NCC), which targeted lines that hadn’t generated any revenue in the past 90 days. Due to this cleanup, active subscriptions across Nigeria fell from 217 million in March to 154 million in September. Globacom was the hardest hit among telecom providers, with its market share falling sharply from 27% to 12.39%. The main reason for this loss was Globacom’s misclassification of nearly 40 million inactive lines as active, inflating its numbers and violating NCC’s reporting rules. On the other hand, MTN and Airtel were less affected. MTN held its top position with a 50.50% market share, while Airtel’s share rose to 34.76%. NCC rules require an active line to generate revenue through activities like calls, SMS, or data use within 90 days. They also require SIMs to be verified with a National Identification Number (NIN). The cleanup delayed the release of industry data by six months. In response to NCC’s increased scrutiny, Globacom is expected to appoint a board of directors and a CEO soon, marking a new phase focused on transparency and accountability. Introducing Paystack Transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more → CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $72,365.58 + 2.12% + 12.29% Ether $2,642.12 + 0.99% + 0.40% AI Companions $0.1132 + 6.70% + 27.20% Solana $180.46 – 0.12% + 15.37% * Data as of 06:30 AM WAT, October 30, 2024. Opportunities Nearly 200 startups, including those from Nigeria, are vying for top honours in the world’s largest pitch competition,
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Football For Good: Cowrywise Combines Sports and Social Responsibility to Raise 1 Billion Naira to Support Education
Lagos, Nigeria – This weekend, Cowrywise held the inaugural Cowrywise Super Cup, a groundbreaking event uniting 12 corporate teams with a shared purpose to raise ₦1 billion to support underprivileged children’s access to quality education in Nigeria. The event, which took place at the Local Government Primary School in GRA Ikeja, brought together top corporations, local influencers, and football fans alike in a dynamic display of #FootballForGood. With this tournament, Cowrywise is pioneering a unique approach to Corporate Social Responsibility (CSR), channeling the universal passion for football to address Nigeria’s critical education gap. According to a 2024 UNESCO report, “Of a total 34.8 million children who are of primary school age, 9.6 million are estimated to be out of school, making Nigeria the country with the highest number of out-of-school primary school age children in the world”. By mobilizing corporate entities and the public around this cause, Cowrywise aims to ignite change in educational access and equity across the country. Transforming Lives Through Education At the event, Razaq Ahmed, CEO of Cowrywise, emphasized the organization’s commitment to meaningful, lasting impact: “We believe in the transformative power of education. Today, we proudly announce the launch of the Cowrywise Endowment Fund—an initiative born from our unwavering belief in every child’s potential, regardless of their background. We hope that the N1bn seed target for the fund will help shape the lives of many young people from low-income communities for generations to come. We are not doing this alone. We unite with like-minded partners who share our vision for a brighter, more equitable future. Together, we aim to leave a lasting imprint on the Nigerian educational landscape by providing targeted interventions for those who need access to quality education. We can’t wait to see the generational impact of this initiative.” This event acts as a beacon of hope for children whose futures, like that of Franklin Ayodeji from Ikorodu, once seemed limited by circumstances. Raised in a low-income community, Franklin’s path was transformed when he secured a scholarship after excelling in the National Common Entrance Exam. With this support, he moved on to excel at Lead-Forte Gate College, Lekki, and is well on his way to achieving his dream of becoming a scientist. His story exemplifies the struggles faced by many Nigerian children, but also the potential for impact when communities rally together. With this initiative, stories like Seun’s can change for the better. A Legacy of Social Responsibility Cowrywise has a demonstrated history of social impact, extending beyond education. In September 2019, the company led a healthcare initiative for Sagbokoji Island, a remote community with limited access to healthcare. Cowrywise’s app featured a donation campaign that raised ₦4 million, significantly improving medical facilities and services for 200,000 residents. This hands-on approach embodies Cowrywise’s dedication to uplifting underserved communities. In 2021 for International Women’s Day, the company launched the Design Fund for Women, an initiative that provided financial and professional support for 75 women pursuing careers in design. This program, developed in partnership with prominent design firms across Nigeria, offered participants access to one-on-one mentorship with industry-leading female designers. Many went on to secure internships and job placements, empowering women to advance in a competitive field. Other more recent initiatives include Cowrywise’s renovation of a football pitch for Ikeja Primary School, transforming it into a safe, vibrant community hub. Additionally, Cowrywise’s Football Savings Goals product offers football fans a chance to save in an engaging way, using each goal scored by their favourite teams as motivation to build healthier financial habits. Through initiatives like these, Cowrywise combines social good with financial literacy, empowering Nigerians to build a secure future. Harnessing the Power of Sports for Social Change: The Super Cup Story By leveraging sports, Cowrywise is establishing a platform that brings the public closer to CSR efforts and lends a voice to the challenges in Nigeria’s educational landscape with football serving as a unifying force, making this tournament an ideal vehicle for galvanizing support for educational equity. Grillo, Cowrywise’s Head of Growth & Marketing, commented on this approach: “We see football as a powerful medium for fostering connection and community. The Super Cup is just one example of how we can come together to create positive, lasting change in the lives of young Nigerians. Our focus on education today is central to building a more inclusive society.” Corporate and Community Involvement Leading companies like AltSchool Africa, Food Concepts PLC, Branch International, Lenco (YC W22), Dentsu Creative, 500chow, Mixta Africa, Sycamore.NG, ALX Africa, and Princeps Credit Systems Limited joined forces to support this cause, bringing a heightened awareness to the importance of accessible education. Oludamola Olubajo, lead convener of the event, echoed the impact of collective action: “This tournament is proof of what’s possible when we rally as a community around a meaningful cause. It’s a straightforward approach really: by leveraging something as universally enjoyed as football, we can bring critical attention and resources to the issue of educational access for underprivileged children.” A Day of Purposeful Play The Cowrywise Super Cup tournament, held on October 26, 2024, brought together 12 corporate teams in an exhilarating display of skill, teamwork, and passion. From the first whistle to the final goal, each team competed fiercely, embodying the spirit of Football For Good. Spectators gathered at the Local Government Primary School in GRA Ikeja, where they cheered on each match and celebrated the thrill of the game—all in support of the mission to drive educational development. Beyond the excitement on the field, the tournament underscored the impact of collaboration and community in addressing the nation’s educational crisis. With inspiring speeches, engaging fan activities, and corporate pledges made toward the Cowrywise Endowment Fund, the event provided a platform for companies and individuals to rally together for change. As the final trophy was awarded to the Mixta Africa football team, the tournament marked not only a celebration of football but also a milestone in Cowrywise’s commitment to education and social responsibility, empowering the next generation through the transformative
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How to record calls on iPhone & where to find the recordings (New)
Apple’s latest iOS 18.1 update in October 2024, among other features, introduces one of the most anticipated features on iPhone – the ability to record phone calls. This feature offers a seamless, privacy-conscious way to capture important conversations. Here’s how to use it and where to find your recordings once the call ends. 1. Activating the feature to record calls on your iPhone To record calls on iPhone in 2024, you must first update your iOS to 18.1. Also, note that not all iPhone models can update to the iOS 18 and above. You can find out the list of iPhone models compatible for 2024 iOS updates here. Once the recipient answers the phone, tap the Call Recording icon which you will find at the top left corner to start capturing the conversation. When recording begins, an automated voice notifies both parties, maintaining transparency and respecting privacy laws. This means you may not record calls without the knowledge of the other party. As such, it’s good practice to inform your contact before recording for consent. See demonstration video here below: 2. Locating call recordings in the notes app Once you’ve finished the call, the call automatically saves in the Notes app: Open the Notes app. Locate the folder titled Call Recordings. Find your recorded calls, labelled by name, date, and time, for easy reference. The Notes app stores recordings securely, allowing you to replay, organise, and even share them as needed. Apple’s integration of call recordings within Notes not only enhances accessibility but also keeps recordings organised and easy to locate. Tips for using the iPhone call recording feature Respect privacy: Always inform the other party of your intent to record. Organise in notes: Label or move recordings into specific folders for added convenience. Final thoughts on how to record calls on iPhone Being able to record phone calls in 2024 may not be a feature that’s new to people especially folks who have been using Android devices. However, the iPhone just rolling it out is definitely an e tea perk for iPhone users. Also, compared to other phones, the clarity of the call recording on the iPhone is pretty better. So maybe it was worth the wait eventually.
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New iPhone call recording feature and other new features in 2024
Apple’s latest iOS 18.1 update brings a long-awaited feature: iPhone call recording. This update transforms how users interact with calls, capturing conversations seamlessly. Here’s a deep dive into this feature and other notable enhancements in iOS 18.1. 1. The iPhone call recording feature With iOS 18.1, Apple introduces call recording functionality, a game-changer for many users. This new feature allows users to record phone calls directly from the device without third-party applications or external devices. Users can toggle the iPhone call recording 2024 feature on and off through a new option in the Control Center, making it accessible in seconds. No recording secrecy like Androids allow Recording calls comes with privacy protocols on the iPhone. When you activate the iPhone call recording feature, an automated alert notifies both parties that the call is being recorded. This applies to all calls, regardless of the recipient’s device. Apple’s approach ensures users remain within legal boundaries, preserving privacy while offering flexibility. As such, it’s always advisable to notify the other person before enabling this feature. 2. Apple Intelligence The new iOS version also enhances Apple Intelligence. This personal intelligence system is designed to assist users with intuitive suggestions and actions across their devices. The system learns from user behaviour while prioritising data security. Apple Intelligence now supports more contextual commands and tailored recommendations, making daily tasks simpler and more efficient. 3. New Siri interface and functionalities Siri receives a significant update in iOS 18.1 with a streamlined user interface. The refreshed design simplifies interactions, allowing users to navigate commands with ease. Additionally, Siri’s improved response system processes complex requests faster, integrating Apple Intelligence to suggest relevant apps and features. 4. Camera control enhancements The iOS 18.1 update brings enhanced camera controls, allowing users to capture spatial photos. The new features improve image depth, clarity, and flexibility for creative photography. Users can access these settings via the updated Control Centre toggle. 5. Improved writing tools iOS 18.1 introduces enhanced writing tools powered by Apple Intelligence. These tools provide advanced grammar and style suggestions in real-time, helping you compose clearer and more effective messages, emails, or notes. The suggestions cover everything from punctuation adjustments to style recommendations, allowing users to communicate more precisely. 6. New photo editing cleanup feature The photo editing capabilities in iOS 18.1 now include a precision cleanup feature that allows you to remove unwanted elements from images with ease. This feature provides pixel-level control, making it possible to touch up photos in great detail directly on the iPhone. From erasing a distracting background object to refining portrait details, the cleanup tool offers advanced creative freedom. 7. Bug fixes and security updates In line with Apple’s commitment to security, iOS 18.1 addresses critical bug fixes and introduces improved security measures. These updates safeguard user data across all new features, including the 2024 iPhone call recording update. How to get iOS 18.1 and iPhone call recording feature 2024 To access iPhone call recording 2024 and other iOS 18.1 features: Go to Settings > General > Software Update. Follow prompts to download and install the update. After updating, try placing a call. Once the person picks, you’ll find the record icon on the top left corner of your screen. Click it and accept the pop up prompt and your call should start recording. Final thoughts on the new iPhone call recording feature & more That’s about it on getting the new iPhone call recording feature and the other improved intelligence, communication, security, and personalisation updates on the new iOS 18.1.
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Globacom falls behind after new data shows subscriber count declined to 19.1 million
New data from the Nigerian Communications Commission (NCC) shows that Globacom, the Nigerian telecoms company that was shut out of emails and work applications after a ransomware attack, has lost significant market share. The NCC reviewed subscriber data and found that Globacom telco had only 19.1 million active subscribers in September 2024, a significant decline from the 62.1 million subscribers it recorded in March 2024. The steep decline came after the NCC adjusted subscriber figures to exclude users with no revenue-generating activity or inactive lines for 90 days. As a result, total active subscriptions in Nigeria dropped from 217 million in March 2024 to 154 million in September, according to NCC data. The NCC’s revised guidelines classify active subscribers as those engaging in revenue-generating activities, such as SMS, USSD, voice calls, or data usage. Corporate and individual data plan users also fall under this category. Under those 2021 rules, SIMs without a verified National Identification Number (NIN) cannot remain active. Verified subscribers must use their line at least once within a 90-day window to be considered active. “Even if you don’t make a call but receive one, the operator earns revenue, so your line is counted as active. Any qualifying activity within 90 days of activating a SIM makes it RG (revenue-generating),” said an NCC representative who asked not to be named. Despite the regulator’s clear directives, all leading telcos appeared to have engaged in spurious counting, “directly violating the Commission’s guidelines for identifying active subscribers, resulting in an inflated report of the operator’s subscriber count and skewing industry statistics,” one NCC insider told TechCabal. Globacom did not immediately respond to a request for comments. The Globacom breach: How hackers held Nigeria’s telco giant hostage The large-scale review by the NCC delayed the release of monthly industry statistics. Following that review, Globacom was the hardest hit, with 40 million inactive subscribers deleted from its overall subscriber count and shrinking its market share. Airtel also saw around 9 million inactive subscribers removed but retained 53 million users. Recently acquired 9mobile also experienced a substantial decline and now has 3.6 million active users. Market leader MTN Nigeria saw little impact, with less than 3 million inactive users. The telco maintains 78 million subscribers and has a 50.50% market share, up from 38% in March.
Read MoreMoniepoint gets $1 billion valuation in new funding round led by DPI
Moniepoint, a Nigerian fintech startup that processed 5.2 billion transactions in 2023, has raised $110 million in a funding round led by Development Partners International (DPI), according to two people with direct knowledge of the deal. The new financing round will almost triple the company’s valuation, which was around $400 million in a 2022 funding round in which it raised $50 million. Bloomberg reported at the time that the company was eyeing a valuation of $1 billion, but that was ultimately elusive, said two investors with knowledge of the matter. “They got the primary round at a $1 billion valuation,” one person with knowledge of the matter said, declining to be named so they could speak freely. That post-money valuation means Moniepoint, founded in 2015, will become the continent’s eighth unicorn. It will join a small club that has MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela as members. Exclusive: Moniepoint processed more than 5 billion transactions in 2023 The funding round also included a secondary sale with a discounted valuation, which was ideal for many investors. Moniepoint provides retail banking services and also caters to small and medium businesses. It is one of the market leaders in Nigeria’s agent banking space. In 2023, it was second on the Financial Times list of Africa’s fastest-growing companies. While the FT list showed Moniepoint had annual revenues of $62.6 million in 2021, three people with knowledge of the matter claimed the company’s annualised revenue has grown to over $100 million. While naira devaluation may have slowed growth in dollar terms, many investors consider Moniepoint a solid company with bright prospects. In 2023, it grew transaction value by over 205%, processing 5.2 billion transactions worth over $150 billion. Moniepoint declined to comment on any part of this story.
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