Lagos to Tokyo: Global startup lessons from Iyin Aboyeji and Akio Tanaka
At the fifth edition of Pitch2Win on July 30, Iyin Aboyeji, founding partner at Future Africa, and Akio Tanaka, founding partner of Headline Asia, a global venture capital firm, shared critical insights on the future of startups in emerging economies. The discussion, moderated by Osarumen Osamuyi, the founder of research publication, The Subtext, highlighted key lessons from their experiences as investors, including the fundamental role of a founder’s mindset and the transformative potential of artificial intelligence. The founder is the most important variable To start the conversation, Osamuyi asked both investors what their biggest lessons have been in the span of their careers. In response, Aboyeji said: “The founder is the most important variable in a transaction.” While a market might be great and the team and funding might be in place, Aboyeji argued that if the founder is not truly dedicated to building a large company, all is lost. He has seen people “squander unbelievable opportunities” because the founder lacked the necessary drive. Tanaka immediately agreed, reinforcing the point with a powerful story of his own mistake. In the early days of his career, he had the chance to co-invest with Jack Dorsey, the founder of Twitter, in a new fintech business, Square. The idea didn’t make sense to Tanaka at the time because the US market already had a giant like PayPal, so he passed on the opportunity. But six years after its founding, Square, now known as Block, went public with a market capitalisation of $2.9 billion. “Had I known this insight—you have to look at the entrepreneur—back then, I would have probably made a different choice,” Tanaka said. L-R: Osarumen Osamuyi, Akio Tanaka, Iyin Aboyeji. Image source: TechCircle Scaling beyond Nigeria: Opportunities and pitfalls The path to building a successful startup is rarely straightforward. Osamuyi noted that even the brilliant founder can have a vastly different outcome in a different market. This is especially important to think about in Nigeria, where the weakening naira is pushing founders to chase foreign currency and “build for the world.” Aboyeji noted that this trend comes with a significant risk. He cautioned against the temptation to scale globally without a deep understanding of the target market. As he bluntly put it, you can’t build a product for London if you’ve never been there and don’t understand the local culture, payment systems, or what customers truly care about. The core advantage of any startup, he argued, is its ability to solve a problem for a customer that everyone else has overlooked or forgotten. Aboyeji used the experience of Moove, one of his portfolio startups set to raise money at a billion-dollar valuation after expanding across Africa, to illustrate this point. In Lagos, Moove addressed a specific local problem: talented drivers lacked the financial means and credit access to purchase a car. By providing financing solutions, Moove filled a critical gap. When the startup looked to expand internationally, it recognised a universal truth it had unlocked in Nigeria. “We unlocked something that everybody else seemed to be forgetting, which was that, well, if the first job most people will do is driving on Uber, they probably don’t have enough money to buy a car, you know,” he said of the portfolio company’s strategy. This insight became the foundation for Moove’s global strategy. They successfully replicated their model in London, Dubai, and Germany because they had discovered a problem that resonated across different markets. Aboyeji advises that, like Moove, international expansion should be driven by a profound understanding of a local problem that has global relevance, not a blind chase for foreign currency. Tanaka offered a contrasting perspective from Japan, where many founders fail to scale globally. He explained that a common strategy is to “build for Japan first because we know this market well. Then, once we figure out Japan, we’ll go overseas.” However, he noted that most of these startups get stuck in Japan and never achieve the scale of companies like Uber. While Japan is a large market, it’s not big enough for companies to become global giants. Tanaka contrasted this with Germany, which has produced more unicorns than Japan in the last decade. He attributes this to a shift that occurred in Berlin about ten years ago, where founding teams became more international, including people from Africa, Latin America, and the U.S. This diversity enabled them to build global businesses with an international DNA from day one. Tanaka noted this lesson is particularly relevant for founders in Lagos, as it highlights that for startups in smaller markets, success lies in building a diverse, international team from the start. The problem with a “local-only” mindset Reiterating Tanaka’s point, Aboyeji noted that many Lagos-based companies and founders operate under the belief that everything must be built by Nigerians for the Nigerian market. This approach, however, has a significant downside, he says. A lack of diverse perspectives can stifle creativity and innovation, making it difficult for companies to scale beyond national borders. “If you look at the table of unicorns, most of those teams are not entirely Nigerian. Maybe except for Flutterwave, most of the founding teams are all international teams,” Aboyeji said. This diversity brings a wider range of experiences, knowledge, and perspectives, which are crucial for building globally competitive products and services. Despite these opportunities in Nigeria’s tech ecosystem, bureaucratic and infrastructural challenges deter many from coming to Lagos. The visa process is often expensive and unclear, making it difficult for foreign professionals to live and work in the country. Additionally, the city’s real estate market needs significant improvement to provide the kind of living and working environments that international talent expects. Aboyeji’s Itana is building free zones to attract global talent. Aboyeji says he has directly appealed to government officials, including the governor and commissioner of tech, to take action. “If Lagos wants to remain relevant in the next 5 years, the biggest issue it has to tackle is how it gets global talent to build from Lagos?”
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LemFi CEO shares origin story and lessons for founders at Pitch2Win
At the fifth edition of Pitch2Win on July 30, a yearly event where aspiring entrepreneurs showcase their ideas and learn from industry experts, Ridwan Olalere, CEO of remittance startup LemFi, shared the riveting origin story of his startup. Serving over 30 countries, Lemfi allows Africans in the diaspora to send money home. The global remittance market, valued at about $800 billion annually (with Africa accounting for roughly $100 billion), is rife with opportunity and complexity. LemFi’s success lies in navigating both. Olalere’s journey to founding Lemfi wasn’t a straight line. A decade ago, he was a developer at Hotels.ng, a Nigerian booking platform. He then founded ForLoop, a developers’ community. He went on to work as a senior software engineer at Flutterwave, and later moved to OPay, where he was director of payment. Eventually, Olalere became Uber’s country manager in Nigeria before going on to found his startup. In a candid, engaging keynote, Ridwan walked the audience through LemFi’s evolution from a pre-seed idea to a Series A success, revealing the scrappy journey of building a borderless banking platform for Africans in the diaspora. Minutes later, Pitch2Win convener Oo Nwoye—who also wrote LemFi’s first pitch deck—joined him for a lively Q&A. If you missed the event, here’s a deep dive into Olalere’s story and the top ten takeaways from his speech. L-R: Ridwan Olalere in a fireside chat with Oo Nwoye, convener of Pitch2Win. Image source: TechCircle The pre-seed: Embrace assumptions and start small LemFi is currently a leading remittance app for the African diaspora. But the idea wasn’t born fully formed. “We kept evolving the entire idea,” Olalere admitted, recounting how in 2020 the concept shifted from stock trading, inspired by Robinhood’s hype, to digital banking, and he finally settled on building a remittance app for Africans in the diaspora. The idea stemmed from his time at OPay, where he worked as payment director and launched an unsuccessful remittance product. “We didn’t like the P&L of Nigerian banking startups,” he explained. At OPay, charging 20 naira per transaction yielded an average revenue per user (ARPU) of just $10–$15, while acquiring agents cost $20. “Your payback period was going to be the second year,” he said. Remittances, with higher transaction values, promised better economics. But the pre-seed phase was chaotic. Ridwan and Nwoye, who wrote the first pitch deck, started with a blank slate and a lot of guesswork. “We were trying to raise a $3 million valuation, $500,000, without any product,” Nwoye recalled. Olalere pointed to the slide that claimed 170 million Africans were in the diaspora. “It’s a lie,” he laughed. They also listed giants like Western Union and TransferWise as competitors, prompting one investor to scoff: “You’re in Lagos. You’re telling me we should give you $500,000 to beat these guys. Please don’t waste our time.” Embrace imperfect circumstances The app’s early design was equally rough. “If you’re not embarrassed about your design pre-seed or when you’re starting the company, then you’re not starting early enough,” Ridwan quipped. The colour palettes were unsophisticated, bugs abounded, and the app did just one thing: move money between Canada and Nigeria. Olalere also pointed out that the choice to focus on Canada was more pragmatic than ideal. Only 100,000 Nigerians lived there, compared to over a million in the UK or US, but a Canadian licence was the easiest to obtain. “Should we wait six months to get the UK license, which was a 50/50 chance, or start in Canada, where we had a license within that month?” Ridwan asked. Starting a team in too many places at once can set you up for failure. While you might be tempted to launch in several markets simultaneously and spend a lot on marketing, this often leads to high user churn. At this early stage, your service isn’t great, and you miss the opportunity to learn and build confidence by perfecting your product for a smaller, more focused market. They chose the Nigeria-Canada corridor, a narrow scope that allowed LemFi to “build the muscle” for marketing, distribution, and debugging. In the early days, they also made wrong assumptions about their burn rate. The deck’s 12-month runway was optimistic. It lasted six months. A projected 2% transaction fee led to losses, and Flutterwave’s 4.5% processing costs ate into margins. The pre-seed deck, flaws and all, embodied Ridwan’s mantra: “The most important thing is just to start, no matter how small. Then you can figure out the rest later on.” Assumptions were okay, even necessary, as long as you kept moving. L-R: Ridwan Olalere and Oo Nwoye. Image source: TechCircle Have savings Years earlier, a mentor had given him a crucial piece of advice: have substantial savings before launching a startup. At the time, Ridwan had brushed it off. “I didn’t think it made sense,” he admitted. In hindsight, it was a lifeline. In a country like Nigeria, where safety nets like health insurance are often thin, personal savings provided the freedom to take a leap of faith. This was never more evident than in 2020, when Ridwan made his biggest personal sacrifice, leaving his role at Uber just one month before a significant amount of his restricted stock units (RSUs) were set to vest. There was a lot of money at stake. But for Olalere, the decision was simple. “I just felt too excited about the project,” he said. “This is it. This will work. We have to go all in.” He resigned, unwilling to be “dishonest with Uber” by juggling his startup with his corporate life. His savings, from his time at Uber and OPay, became the startup’s initial lifeline. He recalls wiring £19,000 to consultants and engineers, using some of it for licenses, which showed investors a level of commitment crucial for attracting their attention. “When you have savings, you have that to use to live your life while embarking on this very painful journey,” he reflected. It was this personal investment that signalled seriousness to investors and allowed LemFi
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👨🏿🚀TechCabal Daily – Your data, in your hands
In partnership with Lire en Français اقرأ هذا باللغة العربية It’s FriYay! Yesterday, one of my favourite companies made its debut on the US stock exchange. Fingers up if you were able to purchase the design software vendor’s stock on Bamboo yesterday? In other news, if you’re in Kenya, our friends at Communiqué are hosting a mixer event to discuss how data is shaping East Africa’s creative economy. Take a seat here. Our sister company, Zikoko, is bringing together different finance experts, industry leaders, creators, and entrepreneurs in one room to show you how to make your financial dreams a reality. Secure a spot by getting tickets here. Let’s get into today’s dispatch. – Faith Nigeria’s NIMC finalises new e-identity platform Sierra Leone’s tech minister says internet access should be a basic human right Wema Bank records 229% profit increase for H1 2025 MTN Nigeria bets on $377 million infrastructure investment World Wide Web 3 Events Government Nigeria’s NIMC has finalised its new e-identity platform, NINAuth Image Source: Zikoko Memes On June 30, the National Identity Management Commission (NIMC), the identity gatekeeper of Nigerians, announced that it had completed its new verification platform, NINAuth. Following the completion, it has reportedly migrated data from its old platforms to NINAuth. State of play: At its core, NINAuth will allow Nigerians to control their identity data. It has a tokenisation feature which grants Nigerians autonomy over their data; they can make authorisations directly to organisations and businesses that request for their National Identification Number (NIN). It also cuts out intermediaries that previously handled NIN verifications, reducing the risk of data leaks and speeding up authentication processes. NIMC says NINAuth will become the standard for all identity verification requests involving NINs going forward. Catch up: Recall in 2019, NIN became a thing of national priority when the government ordered that all SIM cards must be linked to an NIN. Previously a means of identification that was relegated to the background, the NIN has evolved to play a role that is far greater. Beyond SIM linking, Nigerians must use their NINs to make SIM swaps, port new phone numbers between two mobile networks, and its importance is even visible in banking and fintechs for KYC verification. However, despite its growing importance, many Nigerians still have no NINs; only about 60% have NINs. As a result—and sheer negligence in some cases—telecom companies have been forced to block SIM cards. Between the lines: NINAuth will work like Kenya’s Huduma Namba platform, but with a bigger emphasis on user-controlled data sharing, thanks to tokenisation. The platform is billed to help solve long-standing issues around identity duplication, slow verifications, and data insecurity. But if you’re still struggling with your NIN registration, the NIMC wants you to hold telecom companies responsible. Paying 2% or more on every transaction adds up fast. For businesses in e-commerce, logistics, travel, fintech, and more, every naira counts. Fincra helps you save more with 1% NGN fees capped at ₦300. Ideal for high-value or high-volume transactions. Get started for free with just your email address! 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 Internet Sierra Leone’s tech minister says internet access should be a basic human right Salimah Bah, Sierra Leone’s Minister of Communication, Technology, and Innovation/Image Source: TechCabal When Salima Bah was appointed Minister of Communication, Technology, and Innovation in 2023, she inherited a ministry with
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Nigeria needs to train more math olympiad talent if it wants to take AI seriously
Every Thursday, Delve into AI will provide nuanced insights on how the continent’s AI trajectory is shaping up. In this column, we examine how AI influences culture, policy, businesses, and vice versa. Read to get smarter about the people, projects, and questions shaping Africa’s AI future. Yes, Africa needs more computing power, but building the future of AI in Nigeria and the continent means more investment in math talent. Two weeks ago, when OpenAI announced that its latest AI model had won a gold medal at the International Maths Olympiad (IMO), the most prestigious global maths competition for secondary school students, it sparked a more profound curiosity in Wale Akinfaderin, a Nigerian AI researcher at Amazon. “Where are Nigeria’s own IMO stars today?” That question led Akinfaderin down an interesting rabbit hole. Shortly, his questions became a passion project of mapping the trajectories of former Nigerian participants from 2006 to 2021 at the International Mathematics Olympiad. “I wanted to put the report together; the idea for me is to shine light on stories that are usually untold,” Akinfaderin told TechCabal in an interview. After reading his report, I sought to ask an even deeper question: “Is there a pipeline of math olympiad alumni from Nigeria currently doing interesting things in AI?” The short answer is yes. After speaking with some of these IMO alumni, a deeper conclusion became clear. We talk a lot about AI infrastructure, regulations, and ethics. But foundational talent at the core of AI research, mathematical competency, is still overlooked. If Africa wants to shape its AI future, not just adopt one built elsewhere, we need to cultivate talent beyond coding skills across languages. 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 A true brain drain Williams Okeke represented Nigeria at the International Mathematical Olympiad (IMO) in 2017 and 2018. He also took part in the Pan African Mathematics Olympiad in 2016 and 2017, where he won a gold medal. His success at these competitions opened doors to a university scholarship in Russia, where he studied pure mathematics before pursuing graduate studies in Mathematics and Computer Science at another Russian university. Today, he works as an engineer optimising large language models at Huawei, a Chinese tech firm playing a leading role in the China AI race. “At the Olympiad, you’re often stuck on a single problem for hours, with no guarantee that you’ll solve it,” Okeke said. “ That mental resilience, sitting with ambiguity and thinking deeply, that’s what AI research work demands today. AI is still very experimental.” Mmesomachi Nwachukwu was also a participant at the IMO on four different occasions: from 2014 to 2018, until he was about to begin his tertiary education. He won silver medals at the Pan African Maths Olympiad. Like Okeke, he received a full scholarship to study mathematics at a Russian university, then went on to bag a master’s in Mathematics and Computer Science at Skoltech, an institution founded in collaboration with MIT. He has been working as a researcher at an AI lab in Moscow and hopes to begin his doctorate studies in AI-related research. “If I’m to make a serious breakthrough in my AI research,” Nwachukwu said, “it’s probably going to be the name of Russia.” Olympiad-level mathematics is one of the underrated assets in global AI talent pipelines. Students who train for these competitions eventually go on to do meaningful
Read MoreChowdeck hits 1,000 daily orders in Ghana in three months, a feat that took thrice longer in Nigeria
Chowdeck, a YC-backed Nigerian on-demand delivery platform, has surpassed 1,000 orders in a single day in Ghana, just three months after launching operations in Accra, a milestone that took 11 months to reach back home. “I see this achievement as more than just a number. It is proof that the vision propelling Chowdeck transcends borders,” CEO Femi Aluko said in a LinkedIn post on Thursday. Founded in October 2021, Chowdeck has emerged as a formidable player in Nigeria’s competitive $1 billion food delivery market, which is projected to grow to $2.4 billion by 2032, according to IMARC. The startup has served over 1 million users and employs about 20,000 riders across 11 Nigerian cities. Its expansion into Ghana, announced in May 2025, marks the first step in a broader pan-African strategy. The Chowdeck team celebrating the milestone in Ghana. Image source: Femi Aluko/LinkedIn Chowdeck’s Ghanaian operations, covering neighbourhoods like Osu, Cantonments, and East Legon, kicked off with a rider training program and a customer rewards scheme to drive adoption. Riders have been incentivised by “Rider Games,” a performance-based incentive system offering cash bonuses and access to loans up to GHC 1,000. Customers benefit from a referral program granting GHS10 discounts on initial orders and a tiered “ChowScore” loyalty system, which offers free deliveries and exclusive discounts. These initiatives have helped with market penetration. In Ghana, competition from established players like Bolt Food tests Chowdeck’s adaptability. The company’s strategic hire of Henry Whyte, its Ghana country lead and former Bolt Ghana operations manager, will help strengthen its position in a highly competitive market. With over ₦30 billion ($19 million) in deliveries in Nigeria and a growing vendor base, including a woman-led business achieving ₦2.3 billion ($1.5 million) in revenue, Chowdeck continues to show it may be able to put up a good fight for market share in Ghana. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Digital lending isn’t about pretty screens, it’s about trust
In African fintech, digital lending is often framed as a tech problem that sleek interfaces, fast APIs, and machine learning can easily solve. But anyone who’s spent time building these systems on the ground knows otherwise. At its core, digital lending is not about beautiful UI or complex scoring models. It’s about building trust in high-stress moments, and using design, logic, and infrastructure to reassure people in financial distress. Speed isn’t just UX, it’s psychology When users apply for loans, they’re not just clicking buttons; they’re often under pressure, uncertain, and anxious. In these moments, every second counts. A common misconception is that people expect instant approval. In reality, what they need is clarity and timely feedback. Simple status messages like “We’re reviewing your info” or “You’re on track” can reduce anxiety significantly. This isn’t just good UX, it’s a psychological safety net that improves trust, reduces drop-offs, and ultimately leads to better user retention. KYC should feel seamless, not painful Know Your Customer (KYC) requirements are critical for regulatory compliance, but they don’t have to ruin the user journey. In many African countries, identity verification is a hurdle, yet it’s also an opportunity. By integrating with local identity databases, using optical character recognition (OCR) to extract ID details, and auto-filling wherever possible, fintechs can dramatically improve completion rates. A good KYC flow should feel invisible to the user while doing all the heavy lifting in the background. Risk lives in the form design Form fields aren’t just user inputs; they’re data points that feed into credit decision engines. Every dropdown, input, or checkbox can improve a credit model’s predictive power or introduce noise. Smart product teams understand this and design forms in collaboration with risk and data teams. The goal is to collect data that’s clean, relevant, and structured in a way that serves the scoring logic. When UX and underwriting are aligned, decisions become faster and more accurate. Rejection is part of lending (so design for it) Too many digital lenders treat rejection as a dead-end. A flat “You’re not eligible” message sends users away confused and discouraged. In reality, rejection flows are an opportunity to build long-term trust. Designing empathetic rejection messages offering reasons, alternative options, or steps to become eligible can improve re-engagement rates and build credibility. Users are more likely to return when they feel respected and informed, even after a “no.” Field testing > Office testing A product that works well in a Lagos office might fail in a market in Ota or Kisumu. Real-world testing is not optional; it’s essential. In practice, this means usability testing with actual users: traders, transport workers, and small business owners. Feedback from these sessions often reveals insights missed during internal reviews, confusing language, unclear buttons, or form formats that break cultural expectations. The best lending products listen early and iterate fast based on real user behavior. Lending isn’t about screens (it’s about people) Behind every loan application is a story, someone trying to keep their business afloat, pay for school fees, or deal with an emergency. Digital lending products that succeed treat these moments with empathy and urgency, not just efficiency. In Africa’s fast-growing fintech ecosystem, the winners won’t be the flashiest apps; they’ll be the ones that earn and keep the user’s trust. That trust is built not just with credit limits and disbursement speeds, but with clarity, respect, and a design philosophy grounded in real human need. _______ Williams Adeyemi is a credit risk expert, credit risk consultant, and founder of Pivox Technology Limited, a credit infrastructure startup helping digital lenders launch and scale. With over five years of experience, he has built loan origination systems, decision engines, and underwriting models. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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“Access to internet should be a basic human right”: Minister Salima Bah on Sierra Leone’s tech ambition
When I spoke to Sierra Leone’s Minister of Communication, Technology, and Innovation, Salima Bah, last February, the ministry she led was less than a year old, and the country’s ambitions, though bold, were still largely on paper. “We are willing to learn how others have done it; we aren’t inventing the wheel,” she said at the time. Eighteen months on, the country has walked the talk. In that time, the government has invested more than $132 million directly into technology and innovation, covering policy, infrastructure, and funding projects like the Universal Access Development Fund. The IMF forecasts report internet users have risen from 1.84 million in early 2023 to around 2.32 million in 2025. In June, the country unveiled West Africa’s first open-access 5G standalone network. But for Bah, infrastructure is just the foundation. “You can’t talk about technology or innovation if your infrastructure isn’t there,” she told me in our latest conversation. “But you can’t just say you’re setting up and use that as an excuse not to deliver. So we’ve been simultaneously rolling out and implementing initiatives.” Still, the government’s tech ambition goes beyond infrastructure and digital service delivery. It’s underpinned by a broader vision: to position Sierra Leone as a regional hub for innovation. This interview has been edited for length and clarity. What has changed since we last spoke? What has the journey been like for you personally? A lot has definitely changed. I don’t know if it was clear in the first interview, but I was coming into a brand-new ministry. Some parts of the ministry existed in terms of communication, but technology and innovation were added to the mandate. And there were no structures in place within the institution to handle that. So a lot of work went into setting up the institution, developing strategies, roadmaps, and putting humans in place to lead the work. It’s not the sexiest part of the job. It’s not what people talk about, but it’s critical. Because without that, as they say, if you fail to plan, you plan to fail. That’s been really critical for us. But you can’t just say you’re setting up and use that as an excuse not to deliver. So we’ve been simultaneously rolling out and implementing initiatives. Since then, we’ve hosted two annual tech summits. They’ve been critical because, for a long time, the government wasn’t part of creating a platform for the ecosystem. It was largely private sector-led. We wanted to create a big platform to bring everyone together and have strategic conversations about the ecosystem and push the government’s agenda. We just concluded the second one a few months ago. And we could already see the progress both in the ecosystem and the nature of conversations. In communication, too, we’ve seen massive growth. For example, the launch of the Open Access 5G network. And when we talk about digital government, how government can leverage tech to deliver on the national development agenda, we’ve also seen significant progress across sectors. Let’s talk about infrastructure, that’s the bedrock of enabling an ecosystem. What are some of the challenges and opportunities in expanding fibre connectivity? You can’t talk about tech or innovation if your infrastructure is not there. For a long time, that’s what the government focused on. That’s why the ministry was only called the Ministry of Communication. The focus was on expanding infrastructure. Since 2018, we’ve seen an over 75% increase in fibre backbone penetration and international bandwidth capacity. We’ve also improved resilience and redundancy by interconnecting with neighbouring countries like Guinea. We negotiated emergency bandwidth capacity allocation as part of that. In rural areas, the number of mobile sites has almost doubled since 2018. Huge government interest and investment have gone into that. But the biggest challenge is financing. Infrastructure is cost-intensive. The government has put in financing, and so has the private sector and development partners. One lesson we learned from 2018 till now is the importance of creating an enabling environment for private sector participation. No government alone can do this. One of the most significant partnerships we had was the decoupling and privatisation of the undersea fibre cable. It used to be managed by a government vehicle called the Sierra Leone Cable Limited, SALCAB. But managing and maintaining it was a challenge. The government took a hard decision to privatise it, an unpopular move at the time. But now, we’ve been vindicated. The private partner introduced professional standards, and the government now sees returns on the cable. They’ve expanded the capacity from 90Gbps to over 500Gbps, increased the redundancy ring, built a metro network in Freetown, expanded into fintech, and launched OneMobile, a data-only mobile network on an open-access 5G infrastructure, the first in West Africa. We’ve also been able to sustain three mobile operators, now even a fourth. For a population of 8 million, that’s a big deal. Other countries with similar or larger populations have only one or two operators. I think that’s a testament to the government policies when it comes to the private sector. What is the government’s thinking behind its support for the tech ecosystem? What metrics are you using to measure impact? At the last summit, the president did a fireside chat where he talked about this. People always ask why we’re pushing tech so much when we have so many other problems. He told a personal story, how, during his first term as a minister, he had to go back to school, and that’s when he first touched a computer. His classmates were finishing tasks in 10 minutes; it took him three hours. And he traced that back to the disadvantage of coming from a country where opportunities like that weren’t available for everybody. That lesson stuck with him: that if we want to develop as a nation, people must have access to technology. We have to invest in technology and innovation, because that’s the only way that we get to do that. If you continuously become consumers, you’re just consuming
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How one telecom operator keeps users connected along Third Mainland
On a typical weekday morning, thousands of commuters crawl across Lagos’ Third Mainland Bridge, Nigeria’s busiest and longest bridge, stretching 11.8 kilometers across the Lagos Lagoon. Beneath the noise of engines and the buzz of city life lies a quiet but powerful network—one that keeps phone calls clear, internet speeds stable, and mobile services uninterrupted even in traffic gridlocks. At the heart of it is a sophisticated web of telecom engineering designed to connect millions in motion. “We have some sites that are providing coverage on the bridge,” Yahaya Ibrahim, Chief Technical Officer of MTN Nigeria, told TechCabal. “But because of the heavy traffic and the length of the bridge, we deployed a special solution in July 2025—a dedicated network designed just to cover the bridge.” This “special solution” involves a series of small but powerful distributed antenna systems (DAS) mounted across key intervals along the Third Mainland Bridge. These antennas, integrated into the larger MTN network, are strategically placed on either side of the bridge and around the median where utility ducts run. Hidden within these ducts are electrical lines and fibre optic cables—critical components that keep the bridge digitally alive. Connecting a city on the move The Third Mainland Bridge is widely recognised as the busiest roadway in Nigeria. According to recent traffic surveys and government data, between 117,000 and 133,000 vehicles travel across the bridge daily. This immense traffic volume underscores the bridge’s strategic importance as a link between Lagos Mainland and Lagos Island, serving a steady stream of commuters, primarily in light vehicles, headed to work, markets, or business districts. Given this level of usage, even minor maintenance or temporary closures on the bridge can cause significant disruptions to the city’s traffic flow and overall mobility. 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In most urban areas, fibre optic cables are installed underground. However, that approach isn’t practical on long-span bridges like the Third Mainland Bridge. Boring beneath large water bodies is not only technically complex but also extremely costly. Moreover, the bridge’s dense concrete structure limits space for underground routing. To overcome these challenges, telecom engineers turn to specialised above-ground installation techniques. On the Third Mainland Bridge, fibre optic cables are typically laid through protective conduits—such as fiberglass or high-density polyethylene (HDPE) pipes—mounted securely along the bridge’s underside or attached to its side beams. Fiberglass is often preferred due to its resistance to corrosion, ability to withstand temperature fluctuations, and strength in harsh marine environments, making it particularly suited for coastal infrastructure like this. “Right in the middle of the bridge, you’ll find all the electrical systems and fibre cables running through the utility ducts,” explained Ibrahim.“These cables provide power to the antennas and transmit data for the users on the move.” To accommodate the natural movements of the bridge, caused by heat expansion, traffic vibrations, and environmental factors, engineers install flexible joints and leave extra slack in the cables. This ensures that even as the structure shifts slightly over time, the delicate glass fibres inside the cable remain intact. Maintaining a seamless signal The success of this complex setup is evident in daily experience. As drivers move across the bridge or along expressways in Lagos, their mobile phones perform continuous “handovers”—shifting from one cell tower to another without losing connection. The process
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MTN MoMo joins South Africa’s rent-to-own smartphone market
MTN MoMo South Africa has launched a rent-to-own smartphone service that allows customers to own a 4G or 5G smartphone, from as little as R10 a day, with no credit checks or paperwork required. The move places the telecom alongside the growing group of fintech-telecom hybrids, such as Vodacom Easy2Own, Pepkor FoneYam, M-Kopa, Rentoza, and Teljoy, also offering rent-to-own models. FoneYam alone has helped over 1.5 million active customers acquire smartphones. The total value of the rent-to-own segment—including smartphones and other electronics—was estimated at around R5.4 billion ($296 million) for 2024. This number is expected to keep growing annually, at about 5.7%. The launch phase features 4G-enabled Samsung A05, A06, A16, and A26 smartphones, with more brands set to be introduced in August. The A05 and A06 are entry-level to lower mid-range models, focusing on affordability, while the A16 and A26 provide more advanced features such as higher refresh rates, improved cameras, and 5G support. Customers can access the service on the MTN MoMo App and select the Handset rent-to-own option to apply, paying a small upfront deposit.. Flexible repayment plans—spanning three to twelve months—are available, and once the final installment is completed, the device becomes theirs to own. “Smartphones are gateways to opportunity, education, and financial inclusion,” said Kagiso Mothibi, CEO, Fintech SA at MTN South Africa. “ By enabling rent-to-own through the MTN MoMo App, we’re placing that gateway into more hands than ever before.” This new offering follows MTN’s announcement of a R300 million (nearly $17 million) investment to upgrade its network infrastructure across Gauteng. It also complements the recent rollouts of Smartphone For All, a 4G smartphone offering for as little as R99 to over 1.2 million prepaid users, helping them transition away from outdated 2G and 3G devices, and Shesh@ 5G SIM delivery for home internet. Tandi Kuper, CEO of Airvantage, noted that, “Together with MTN, we are using data science and fintech to democratise access to smartphones. It’s technology with purpose, at scale.” Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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MTN invests $377 million to monetise network, lease infrastructure to competitors
MTN Nigeria is ramping up infrastructure investment to turn its network into a platform for other operators, betting that monetising access will unlock new growth beyond retail subscriptions. In the first half of 2025, MTN’s capital expenditure (excluding leases) jumped 288.4% year-on-year to ₦565.7 billion ($377.13 million at ₦1500), as the company accelerated deployment of 4G sites, expanded fibre rollout, and built out passive infrastructure. The strategy is clear: invest heavily in infrastructure, then lease it out to competitors, particularly mobile virtual network operators (MVNOs), seeking a foothold in Nigeria’s rapidly growing telecom market. By monetising assets like its 24,300 tower sites, extensive fibre network, and growing backend systems, MTN Nigeria is positioning itself as the landlord of Nigerian telecoms. Instead of competing solely in retail, the telecom giant is tapping into wholesale revenue by leasing infrastructure to MVNOs and other mobile network operators (MNOs). This approach allows MTN Nigeria to earn from the competition it enables, without the cost of acquiring subscribers. Building for others to ride “In line with the NCC’s vision of a fully connected Nigeria and deeper market inclusion, we have begun onboarding mobile virtual network operators (MVNOs) onto our network,” Toriola said. MVNOs typically operate with leaner business models, zeroing in on niche and underserved segments, such as youth markets, rural communities, or industry-specific verticals. Their offerings often include value-added services like content streaming, microloans, or enterprise bundles. Rather than building physical infrastructure, MVNOs lease network capacity from established operators like MTN Nigeria, allowing them to enter the market more quickly and at lower cost. This arrangement expands the user base on MTN’s infrastructure without adding the overhead of direct customer service. It boosts data traffic, increases network utilisation, and generates wholesale revenue, while MTN sidesteps the high cost of subscriber acquisition. One such player is London-based MVNO Lebara, which is set to launch in Nigeria in Q3 2025 using MTN’s network as its foundation. The numbers behind the bet MTN’s H1 2025 performance reflects strong momentum. Service revenue surged 54.6% year-on-year to ₦2.36 trillion ($1.57 billion), driven by a 6.7% increase in total subscribers (now 84.7 million) and an 11.8% jump in active data users (51 million). Data revenue soared 69.2%, thanks to rising prices and an explosive 46.4% growth in data traffic. Voice revenue also gained 40.3%. Infrastructure growth was central to those gains. The company added over 2,300 sites, expanded 4G coverage to 82.4%, and extended fibre into more cities and towns. Smartphone penetration has climbed to 60.7%, further boosting data demand. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose an impressive 119.5% to ₦1.2 trillion ($800 million), with margins up to 50.6%. Most importantly, MTN reversed its previous year’s loss, posting a ₦414.9 billion ($276.6 million) profit after tax in H1 2025. A key driver of that performance? Smart capital deployment. Capex intensity hit 23.8%, as MTN poured funds into network upgrades, fibre-to-the-home rollout, new data centres, and digital backend systems. It also renegotiated lease deals with IHS Towers and American Tower Corporation (ATC), which together manage over 16,900 of its tower sites. With additional agreements, ATC’s share may soon rise to 26%. Despite the massive spend, MTN generated a positive free cash flow of ₦409.8 billion ($273.2 million), up 18%. Toriola says capex will moderate in H2, aligning with full-year goals while supporting continued cash flow recovery. Why this matters For the average Nigerian, MTN’s infrastructure expansion means better coverage, faster internet, and more reliable service, especially as the company improves power backup and network resilience in the face of national grid issues. For competitors, especially MVNOs and smaller ISPs, it means access to a premium network without the sunk costs. For the telecom industry as a whole, it signals a shift toward shared infrastructure, open networks, and diversified revenue models. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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