Steemit is not out of steam: How the SocialFi app still powers crypto adoption in Africa
If you earned crypto for the first time ever during the mid-2010’s, chances are you made that money creating posts on Steemit. For many Nigerians and Africans, crypto publishing apps like Steemit and Publish0x provided the gateway to access crypto. Users made money by writing micro-blogs, grew their engagement and following, and earned money from being top contributors on the platforms. Platforms like Steemit and the much-changed Publish0x were social finance (“SocialFi” in Web3 lingo) apps that allowed users to monetise interactive activities. It was like using Facebook or Reddit, but in a way that you were paid for simply being online. At its peak between 2017 and 2018, Steemit had over 100,000 Nigerian users on its platform; in Africa, the number was slightly more. The SocialFi app claimed micro-bloggers could earn up to $2.11 for a day’s work. Nigerian users took it seriously. Influencers on the platform and community leaders hosted physical meet-ups in cities like Lagos, Ibadan, Kaduna, Uyo, and Port Harcourt to teach others how to use the app. They formed local support groups to help newcomers sign up, learn the basics, and grow their earnings. Physical hangout of Steemit users in Nigeria; circa 2017/Image Source: posted by now-inactive user, @vwovwe; retrieved by TechCabal on July 25, 2025 All that hype from several years ago has now died down. Users, impatient with Steemit’s reward system, began leaving the platform. In recent times, there’s been little sign of platform upgrades or efforts to fix ongoing issues. 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The Steem blockchain also has its digital token, $STEEM, currently priced at $0.1430. Outside of the Steemit platform, people hardly used $STEEM. People created posts—educational, inspirational, topical, or anything else—and earned money when others “upvoted” them. The more upvotes (similar to “likes” on Facebook or Instagram) your posts received, the more money you made—usually a few $STEEM tokens. During payout days, creators could then transfer their earnings from their Steemit wallet, a built-in custodial wallet, to other crypto wallets like Trust Wallet. This was before crypto exchanges such as Quidax, Busha, Luno, and the likes exploded in popularity. So, to get other mainstream crypto coins like Bitcoin or Ether, Steemit bloggers had to explore informal peer-to-peer (P2P) channels like WhatsApp groups, to find whom to exchange their $STEEM tokens with. In the same vein, they could also exchange $STEEM for fiat currencies like US dollars or Naira. Steemit had a feature called “Steem Power”—a locked-up version of the token that gave users more voting power. If you had more of it, your upvotes carried more weight and could help creators earn more. This meant that the people with the most Steem Power had a lot of influence on who got rewarded. Steemit also rewarded people for curating content. This means if you upvoted good content early enough, you earned a part of the payout too. Users also earned through comments, especially if their replies added value to a post or conversation. The more helpful your activity on the platform, the more likely you were to earn something from it. An example of how a “creator” and a “curator” earned on a popular Steemit post/Image Source:
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Backed by Nollywood heavyweights, Kava aims to succeed where Netflix, Amazon, IrokoTV fell short
On the evening of March 24, the launch of Kava, a new streaming platform for Nollywood and African content, brought together the worlds of music, film, and technology. Prodigy saxophonist Temilayo Abodunrin serenaded actor Shaffy Bello, who danced joyfully amid industry veterans, filmmakers, and investors. Set to launch in August 2025, Kava, a subscription-based platform, is a collaborative effort between InkBlot Studios, an industry heavyweight behind box office hits, and Filmhouse Group, West Africa’s largest cinema chain. “We’re building a platform that doesn’t just stream films—it fuels careers, drives innovation, and connects African creativity to audiences around the world,” said Kene Okwuosa, Kava’s co-CEO and head of Filmhouse Group. In a panel discussion, Kava’s co-CEOs, Okwuosa and Chinaza Onuzo, revealed the venture’s ambitious origins. What began as an idea five years ago only started taking shape three months prior. Onuzo, whose production company has collaborated with Filmhouse for nearly a decade, asserts the timing is now perfect for their vision: to build a sustainable digital ecosystem for African storytelling. Kava has a point to prove Nollywood has a remarkable history of reinvention, continuously adapting its distribution model from VCD rentals to cinemas and now, streaming. Today, global giants like Netflix and Amazon Prime, alongside YouTube and local pioneers like IROKOTV, offer vast movie catalogues. Despite Nollywood’s increasing popularity, especially among the diaspora, no platform has yet cracked the code on making African stories a global streaming staple and a sustainable business. U.S. giants like Netflix and Amazon Prime, after significant investments, are scaling back operations in Nigeria.. Homegrown platforms like IrokoTV also exited the Nigerian market, with founder Jason Njoku candidly stating, “Between the revenues we generated and the venture capital we raised $35 million over the first ten years, we easily spent $100 million trying to win. We were just there, in full survival mode, operating in the toughest conditions possible.” However, Damola Ademola, co-founder of Inkblot and Kava’s product head, remains optimistic. He told TechCabal that IrokoTV “may have been ahead of its time,” noting that when the company launched nearly a decade ago, “broadband networking was not as penetrative on the continent.” Now, he argues, “a lot more people are used to the concept of streaming. It’s an easier sell.” Ademola draws parallels to successful niche services like Crunchyroll for anime and Shudder for horror, asserting, “African movies can easily be just like that.” He even cites a surprising example of Nollywood’s global reach: “Before the Ukrainian war, every time we released a Nollywood movie, we would see a spike in Ukraine… it means that our content can be universal, can be global.” Kava Co-CEO Onuzo further emphasises the existing global consumption of Nigerian content: “One of the things that the streaming era showed us was that our content is consumed all over the world. I don’t know how many Nigerians are in Brazil, or Argentina, but you find that our content trots well and people engage it.” Kava aims to capitalise on this interest by delivering high-quality, diverse content at scale. “When we’re able to deliver content at scale to audiences that are not just us, they will understand and fall in love with the stories that we have. They just don’t know it yet, but they will fall in love with us.” At launch, Kava will feature over 30 premium Nollywood titles, with fresh releases weekly, including Alakada Bad and Boujee, Owambe Thieves (starring Zubby Michael, Odunlade Adekola, and Solo Sobowale), What About Us (featuring Kuni Remie and Uzor Arukwe), and House Job with Erica Nlewedim. Beyond licensing, the co-CEOs are committed to original content. Onuzo notes, “The beauty of this platform is that it allows us to scale our ability to tell stories…in different identities, different languages, different versions.” While Nigeria and Nollywood are the starting point, Kava envisions programming in many African countries. Funding the vision This ambition requires significant funding. Kava has secured initial investments from a “family and friends” round and financiers like Vested World and TLG Capital. While the specific amount wasn’t disclosed, product chief Adedamola told TechCabal the company will soon raise more funding for rapid expansion across Africa and into Europe, particularly the UK. This optimism aligns with a recent surge of investment in Nollywood from Nigeria’s tech sector. Since 2023, African startup founders and VCs have been increasingly backing films directly, with firms like Voltron Capital reportedly achieving up to 3x returns on projects like The Black Book and Gangs of Lagos. Dedicated film financing marketplaces like TalentX Africa are also emerging. Ladun Awobokun, Kava’s Head of Content Acquisition, encapsulates the platform’s expansive vision: “Kava will champion African music, movies, fashion, culture, and voices, creating a space where creators across Nigeria and the diaspora can shine.” The global success of Afrobeats and African fashion offers a compelling precedent for Nollywood. Onuzo reiterated, “One of the things that the streaming era showed us was that our content is consumed all over the world… you find that our content travels well and people engage with it.” Kava aims to leverage this existing global interest. “And we believe that when we’re able to deliver content at scale to audiences that are not just us, they will understand and fall in love with the stories that we have,” Onuzo concluded. “They just don’t know it yet, but they will fall in love with us. 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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Airtel Africa grows revenue in Q1 2025, but slows capital investment in key markets
Airtel Africa posted its highest revenue growth in recent quarters, but the telecom operator is scaling back on infrastructure spending. In Q2 2025, the company reported a 22% year-on-year jump in revenue to $1.42 billion, driven mainly by strong performances in its data and voice services. However, capital expenditure (capex) dropped by 18% to $121 million, the largest decline in four quarters. The pullback has raised concerns about whether the company can keep up with growing demand and maintain its network quality across its 14 markets. Nigeria, Airtel Africa’s biggest and most profitable market, generated $332 million—24% of the group’s total revenue in Q2—largely due to surging data usage. Yet the company invested just $39 million in Nigeria during the quarter, only slightly up from $38 million a year ago. This accounted for just 1.7% of Airtel Africa’s total capex, highlighting a disconnect between Nigeria’s importance to the business and the level of reinvestment it receives. In East Africa, capital investment fell significantly, from $77 million in Q2 2024 to $43 million in Q2 2025. Airtel’s Francophone Africa markets, on the other hand, saw a modest increase in investment from $23 million to $31 million during the same period. Still, the broader trend is clear: Airtel Africa has now recorded three consecutive years of declining annual capex. The company spent $670 million between June 2024 and June 2025, compared to $737 million the year before, and $748 million the year before that. On a quarterly basis, the $121 million recorded in Q2 2025 was a 56.% drop from Q1 2025, when the company invested $214 million, the highest it recorded in over three quarters. The company attributes the latest drop in spending to “timing differences,” suggesting that some projects may have been delayed and that higher spending could come in later quarters. Airtel has kept its full-year investment guidance between $725 million and $750 million. However, currency devaluation in countries like Nigeria, Malawi, and Zambia—along with rising energy and operating costs—has made the company more cautious. While preserving cash might seem wise in a tough economic environment, ongoing underinvestment could affect service quality in the long run. “We remain focused on improving customer experience,” said Airtel Africa CEO Sunil Taldar. “For example, we launched Airtel Spam Alert, an AI-powered tool to build trust and create a safer network. With smartphone usage still at 45.9%, we see plenty of room to grow and close the digital divide.” Airtel’s financials reflect strong business momentum. Data services brought in $549 million, while voice services generated $533 million. EBITDA rose 30% year-on-year to $679 million, with profit margins increasing to 48%, up from 45.3% last year. The company’s customer base grew 9% to 169.4 million, and its data users increased by 17.4% to 75.6 million. Smartphone penetration also improved, rising from 41.6% to 45.9%, and average data use grew by 47.4%. Still, the slowdown in infrastructure spending could become a serious issue. Airtel added over 2,300 new sites and expanded its fibre network by 2,700 kilometers in the quarter. But with 169 million customers now depending on 37,579 tower sites, each site supports about 4,500 users, a ratio of 22 towers per 100,000 people. While this ratio is in line with global averages of 15 to 25 tower sites per 100,000 people, it may not be enough for Africa’s rapidly growing urban and rural markets, where demand for high-speed internet and reliable service is accelerating. Airtel Africa has long positioned itself as a champion of digital and financial inclusion, expanding 4G coverage to 74.7% and growing its fibre backbone to over 79,600 kilometers. But keeping up with demand will require more than just small improvements. Without consistent and significant investment in physical infrastructure, especially in underserved areas, the company risks falling behind in its promise to bridge the digital divide. 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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How to spot and avoid crypto scams: What experts and victims told us
Table of contents Common crypto scams How to spot crypto scams How to verify crypto projects, tokens, and smart contracts A friend once called, panicked. He had just sent ₦50,000 ($32.75) worth of crypto to what he thought was a legitimate investment platform. The site looked polished. The returns seemed realistic. There were even video testimonials. But after he sent the money, the support chat went silent, and the dashboard stopped updating. That was when he realised he’d been scammed. He’s not alone. We spoke to people who lost their life savings, tech experts who trace scam wallets for a living, and a former employee at a crypto startup who witnessed firsthand how shady projects are built. What we learned was clear: scams in the crypto space aren’t always loud or obvious. They don’t always come with a sketchy message or a too-good-to-be-true offer. Sometimes, they look and feel real until it’s too late. That’s why we created this guide. It’s built on real stories, real insights, and a simple mental model we call PATH: Promises, Authority, Transparency, and Hygiene. Once you understand how to use PATH, spotting crypto scams becomes easier, and protecting your money becomes second nature. Common crypto scams and how they work To protect yourself in crypto, the first step is to be aware of the types of tricks scammers use. Many of these scams aren’t new; they’re just old tactics with a new look, now using crypto and digital platforms to do the damage. Once your cryptocurrency is gone, it’s almost impossible to recover it. So knowing what to look out for is your best defence. Here are the most common types of crypto scams: 1. Fake investment offers My friend Tomi fell for this one. It started with an Instagram DM about a “crypto investment platform” that promised double returns in 7 days. They showed him screenshots of other people cashing out, and even offered to “match” his first deposit as a bonus. He invested ₦50,000 (US$32.75). A week later, the account was gone. No money, no replies. “It looked real,” he said. “ They even had a Telegram group where people were posting fake withdrawal alerts. I thought, maybe this is my chance.” That’s the trap. These scams rely on creating a sense of urgency and using fake testimonials to lure you in. Once you send your money, they disappear, and there’s no way to get it back. 2. Ponzi schemes This is where early investors are paid with money from new investors. It all looks real at first. You might even get some profit early on. However, the entire setup relies on continually recruiting new individuals. Eventually, it crashes, and many people lose their money. 3. Rug pulls and pump-and-dumps Here, scammers hype up a new token, creating fear of missing out. As more people buy in, the price jumps. Then the scammers pull out all the money, crash the value, and vanish, leaving everyone else with worthless coins. 4. Fake tokens and projects Some scammers build fake coins or projects from scratch. The websites and whitepapers look legit, but everything is fake. Once people invest, the scammers take off with the funds. 5. Impersonation scams Scammers pretend to be someone you trust, a business, a government agency, or even a police officer. They might claim you owe money or that your account has issues, and then ask you to send cryptocurrency to resolve the issue. Watch out for: Calls or emails from “banks,” “IRS,” or “tech support” asking for crypto. Instructions to use crypto ATMs. Scammers pretending to be celebrities or influencers backing a coin or platform. 6. Romance and emotional scams A scammer might connect with you on a dating app or social media. Over time, they build trust and ask for money, maybe for a “business opportunity” or a fake emergency. In some cases, they even show you fake profits from a fake trading platform to get you to invest more. This type of scam is sometimes referred to as “pig butchering.” They fatten up the victim with fake love and trust, then take everything. 7. Phishing and fake websites Image source: cwatch.comodo.com This is where scammers replicate the appearance of a genuine crypto site or wallet app. If you’re not careful, you might enter your login details or send money to the wrong address. These fake sites often use URLs that are just slightly different from the real one. 8. Malicious smart contracts Some smart contracts are built to trap you. For example, they may allow you to buy a token but block you from selling it. Others might drain your wallet once you connect to them. Always double-check contracts and only use trusted platforms. 9. Blackmail and fake charities Some scams involve threatening emails in which the sender claims to have information about you and demands payment in cryptocurrency. Others set up fake charity sites and solicit cryptocurrency donations, especially after disasters. Why crypto scams are so effective The biggest danger with crypto scams is that once you send your money, it’s gone for good. Blockchain transactions can’t be reversed. That’s why scammers love crypto; it makes it much harder for victims to recover anything. This also means the pressure is on you to spot the warning signs before it’s too late. Table 1: Common crypto scam types & characteristics The PATH to safety: A simple way to spot crypto scams When it comes to spotting crypto scams, one of the best things you can do is pause and ask the right questions. That’s where “The PATH to Safety” comes in. It’s a straightforward model you can follow before investing your money in any crypto project. Each letter in PATH represents a key area to examine. “Scammers move fast and prey on emotion, greed, fear, and love,” said Jeremy, a blockchain security analyst who works with fraud investigators to trace stolen funds. “PATH helps you slow things down. It gives you a clear lens to look
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Mobile network with best call rates in Nigeria in July 2025
In Nigeria, a country of over 200 million mobile subscribers, call and internet charges have become a focal point for users trying to make the most of their airtime. While telecoms frequently promote bonuses and bundled deals, the base tariffs ultimately determine how far a user’s airtime can stretch. In this article, we compare prepaid call and browsing rates from Nigeria’s four major network providers: MTN, Glo, Airtel, and 9Mobile, to determine which offers the best value in July 2025. Cheapest network for calls: Glo offers the lowest call rate among Nigeria’s major mobile networks through its ‘Glo Super Talk‘ tariff plan, which charges 15.5 kobo per second (k/s) for calls. However, this rate applies after a ₦15 daily access fee is automatically deducted on the user’s first call of the day, making it a strong choice for users who make regular calls. Cheapest network for browsing with airtime: Glo also leads in pay-as-you-go (PAYG) internet browsing. It charges ₦1.50 per megabyte (MB) across all its tariff plans. This uniform rate makes Glo the best choice for users who browse the internet using their regular airtime balance rather than a dedicated data bundle. Best network for bonuses: Airtel takes the lead with its Ovajara Xtra tariff plan, offering a 200% bonus on every recharge: 100% for airtime and the other 100% for data. This means a ₦100 recharge gives users an extra ₦100 airtime and ₦100 worth of data. However, calls made from the bonus airtime are charged at 83.3 k/s (₦50 per minute), while the bonus data is deducted at a steep rate of 15MB per second. Following the January 2025 approval of a tariff increase by the Nigerian Communications Commission (NCC), mobile operators made changes to their tariff structures. This included the discontinuation of popular bonus-based plans and adjustments to call/data rates. However, you can still find the best rates that suit your needs. Here’s what each mobile network is offering under its tariff plans as of July 2025. Glo Super Talk: This Glo tariff plan offers national calls at 15.5 k/s. However, international call rates vary depending on the receiver’s country zone. Users on tariff are charged a ₦15 daily access fee, deducted on their first call of the day. Talk On: Glo’s Talk On tariff charges 22 k/s for national calls, making it a moderate plan for calls compared to other network call charges. Its international call rates vary based on the destination country’s zone. The plan is a balanced option for users seeking moderate call charges without a daily access fee. Data rate on airtime (PAYG): Glo offers the same airtime charge rate for browsing the internet for all of its tariffs, charging ₦1.5 per MB. What people are saying We spoke to a few users to understand their experiences with the actual charges and recent changes to these plans. Yusuf Nasiru, a Lagos-based civil servant, shared that Glo was previously his preferred network for making calls, largely because of the generous airtime bonuses it offered. However, since he was migrated to a new plan, Glo Talk On, he said its rate no longer meets his airtime needs. “I was on Glo Berekete, and I used to get ₦20,000 airtime and 2 gigabytes (GB) of data as bonuses whenever I recharged ₦5000. I mostly make calls, and the airtime would last me up to three weeks, as long as I kept topping it up with at least ₦100 every seven days,” he said. “Since the new tariff has no bonuses, it has reduced how often I make calls with the line, because it is almost the same thing as the other SIM I’m using.” MTN Pulse: MTN’s Pulse tariff is the most affordable plan the network currently offers, charging 23 k/s for national calls. International call rates vary depending on the receiver’s country zone. Pulse is placed among the lowest call rate tariffs offered by mobile networks. BetaGist: This MTN tariff plan charges 30 k/s for national calls, making it one of the most expensive among the network’s tariff plans. However, it comes with an exclusive reward where users get 3 minutes as a call bonus after every 6 minutes of outgoing calls. The bonus can be used on the next calls or accumulated and is valid for two days. XtraValue: This plan charges 30 k/s for national calls, the same as BetaGist, making it one of the most expensive call rates on the network. Unlike BetaGist, XtraValue does not offer any exclusive call-time rewards or bonuses. Data rate on airtime (PAYG): For internet browsing with airtime, MTN charges ₦3.07 per MB on all its tariffs. This is among the most expensive airtime for browsing among all tariffs offered by mobile networks in Nigeria. What you should know MTN currently does not offer any airtime or data bonuses on recharge under its existing tariff plans. The provider recently decommissioned some tariffs, including BetaTalk, which previously offered large airtime rewards to subscribers. “The best tariff MTN ever had was BetaTalk. It gave us real value for money,” said Zubair Onireke, a final-year Microbiology student at the University of Ilorin. “You can recharge, get bonuses, and still use your original airtime to buy a data bundle. But suddenly, they migrated us out of it.” Airtel SmartTalk is the cheapest call tariff offered by Airtel, charging 25 k/s (₦15 per minute) for national voice calls to all networks. International call rates vary based on the destination country’s zone. OverJara Xtra is Airtel’s only tariff plan that offers bonuses on recharge among all its plans. It charges 30 k/s (₦18 per minute) for national calls. With every recharge from ₦100 to ₦5,000, users receive a 200% bonus, split equally between airtime and data, and valid for two days. However, bonus airtime is billed at a higher rate of ₦50 per minute, and bonus data is charged at 15MB per second. SmartGist is the second most expensive tariff plan for call rate by Airtel, charging 33.33 k/s, which amounts
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👨🏿🚀TechCabal Daily – Ghana welcomes crypto
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF. We’ve got news for you! Kate Kallot—TIME 100 Most Influential People in AI, founder of Amini, and former NVIDIA executive—and Jade Abbott, CTO of Lelapa AI and co-founder of Masakhane, will be speaking at Moonshot this October! Join two leading women shaping Africa’s AI future as they unpack the endless opportunities surrounding it. Register now! We’ll see you there. Let’s get into today’s dispatch. Airtel Africa grows profit by 403% Ghana to licence crypto firms Luno to launch tokenised stocks for South Africans in August Ethio Telecom pretax profits soar by 80% World Wide Web 3 Opportunities Companies Airtel Africa grew profit after tax by 403% on strong CFA performance and stable naira Image Source: Airtel Yesterday, Airtel Africa, one of the continent’s largest telecom players with business in 14 countries, released its financial results for the three months ended June 30, 2025. Airtel saw green in every key metric. Profit after tax increased fivefold to $156 million from $31 million a year ago. Revenue increased 24.9% in constant currency. Earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed 30% to $679 million, with margin expanding to 48%. Operating free cash flow was up 48% to $558 millionAirtel attributed its strong performance. The top-line growth was powered by a 38% surge in data revenue and a 30% jump in mobile money. Nigeria, its largest market, grew revenue by 49% in constant currency thanks to higher data usage, tariff hikes (in Nigeria), and rising smartphone adoption. Though that same revenue growth reduces to 30% after currency conversion. Francophone Africa also contributed meaningfully to Airtel’s revenue. Revenue there rose nearly 18% in reported terms, buoyed by a stronger CFA Franc and 42% growth in data revenue. EBITDA in the region grew 25%. Airtel attributed its performance to steady demand, cost efficiency, and debt localisation. 95% of its operating company (OpCo) debt is now in local currency, up from 86% last year. Zoom out: With smartphone penetration still under 46% and mobile money adoption growing fast, Airtel says there’s plenty of room to do more. Despite its positive result—its strongest in recent times—Airtel’s performance has not elicited any reaction from retail investors. As of close of market on Thursday, investors only bought 25 shares of the telecom giant, even lower than the 200 from the previous trading day. The stock’s high price and illiquidity remains a major blocker for investor activity. 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! Cryptocurrency Ghana makes U-turn, moves to licence crypto firms from September 2025 Image Source: Bloomberg Ghana is finally moving to regulate crypto. For years, crypto firms operated in a legal grey zone, not banned, not approved, just tolerated, but now the Bank of Ghana plans to send a licensing framework to parliament by September 2025. State of play: That era of crypto’s legal limbo began with warning public notices in 2018 and 2022, where the central bank instructed commercial banks and licensed financial institutions to steer clear of crypto-related transactions. Still, crypto thrived in the shadows, unregulated, and running on informal platforms and peer-to-peer (P2P) channels. Between July 2023 and June 2024, Ghanaians moved $3 billion worth of crypto. Like Nigeria and South Africa, Ghana has accepted a basic truth that crypto isn’t going anywhere, and ignoring it won’t make it disappear. Now, the central bank wants to license local platforms and bring activity into the light. What will this new law do? The crypto law will track money flows, regulate digital assets used by millions, boost cross-border trade, attract strategic investment and improve financial data. Ghana bets that this new regulation will convince users to switch from untraceable P2P channels to regulated players, making it easier for the country to monitor transactions and harder for illicit money to move undetected. This move also pressures major global platforms like Binance, which powers most of Africa’s P2P trading, to either localise or leave. Zoom out: Across the continent, countries are exploring how to regulate the crypto space. Ghana has joined the ranks of Nigeria, South Africa, Kenya, Seychelles, Mauritius, and the Central African Republic (CAR) to regulate cryptocurrency transactions in Africa. The Bank of Ghana’s decision to regulate cryptocurrency transactions shows a clear shift in its policy stance. While regulation alone will not eliminate the bank’s perceived risks of the digital asset, it introduces a foundation for control. Paga Engine powers the boldest ideas in Africa “Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article. Cryptocurrency Luno’s tokenised stocks to let South Africans invest in Apple, others Image Source: Luno In more crypto news, Luno is bringing tokenised stocks and exchange-traded funds (ETFs) to South Africa in August 2025. This move gives South Africans 24/7 access to global equities like Apple, Alphabet, NVIDIA, and the S&P 500, using South African rands and without waiting for Wall Street to open. If you don’t know what tokenised stocks are, they are a blockchain-based representation of real shares, held in regulated custody by Luno’s integration with global partners, like Kraken’s xStocks and Backed Finance. What makes these stocks different is that they are available in rand, fractional, and instantly tradable. South Africans can invest from as little as $1.14 in globally valuable companies. Buying a tokenised stock does not give users shareholder rights. Investors do not have the right to vote and participate in annual general meetings (AGMs). This tradeoff might be worth it for everyday investors who get to buy and sell portions of large companies through blockchain technology. For South Africa, Luno’s launch solves a long-standing headache of slow and expensive global investing, wrapped
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South Africans can now buy Apple, Alphabet shares as digital tokens on Luno
From early August, Luno, a cryptocurrency and digital investment platform, will allow its users in South Africa to invest in tokenised stocks and exchange-traded funds (ETFs), making global equities like Apple and Alphabet accessible for as little as R20 ($1.13). The move positions Luno as a multi-asset investment platform and marks what it says is a first-of-its-kind offering in South Africa’s fast-evolving financial landscape. Tokenised stocks are digital representations of real shares, backed 1:1 by actual securities. By enabling access via rands, Luno is removing longstanding barriers such as currency conversion costs, high fees, and trading-hour restrictions for retail investors in emerging markets. “Until now, access to global financial markets has been locked behind red tape and legacy systems,” said Christo de Wit, Luno’s country manager for South Africa. “With tokenised stocks, we are offering South African investors easy access to global investments any time of the day or night.” The platform will support over 60 U.S. companies and market indices, including Apple, Alphabet, NVIDIA, and the S&P 500. These tokenised products are made available through partnerships with infrastructure providers like Kraken’s xStocks and Backed Finance, which Luno says will ensure regulatory compliance, secure custody, and alignment with global financial standards. How Luno tokenised stocks work Customers can start investing with as little as R20 ($1.13), even in companies like Apple and Google. Instead of paying nearly R4,000 ($226) for a full Apple share, they can buy just a piece. These tokens are digital versions of real stocks, and customers trade them through blockchain. “This represents a fundamental shift in how we think about investing,” explained de Wit. “We are not just digitising old processes, we are reimagining what is possible when you combine improved technology with investor needs.” Launched in 2013, Luno has grown to become one of Africa’s leading crypto exchanges, but now it’s adding tokenised stocks and ETFs. South Africa remains one of the continent’s most active crypto markets. Over 5 million South Africans are estimated to own crypto, with digital asset ownership expected to grow by nearly 8% annually through 2031. Luno competes with platforms like VALR, Binance, AltcoinTrader, and wealthtech apps like EasyEquities and Satrix that focus mainly on traditional stocks and ETFs. Still, the expansion into tokenised equities could bring Luno under closer scrutiny. As digital tokens backed by real-world financial instruments, these offerings may fall within capital market regulations, including investor protection and transparency requirements. South Africa’s Financial Sector Conduct Authority (FSCA) is already in the process of licencing crypto asset providers and building a clearer framework for digital securities. 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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User insights, new priorities: AI’s evolution in Nigerian banking operations
Every Thursday at noon (WAT), 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. For years, Sam*, a product manager at a Tier-1 Nigerian commercial bank, spent over two hours scrolling X to compile feedback about their latest bank app features. Now, he spends less than 10 minutes on this task, thanks to Grok, an AI assistant integrated with X. He simply types a prompt: “Summarise the top customer complaints on X for our bank app for the last two weeks.” A few seconds later, a summary of complaints and recent posts outlining real user discontent is displayed. “It’s like you have someone beside you who you can dig deep for you, present the data, and help you draw insights to make valuable decisions,” he said. Sam, who asked to go only by his first name, is part of a growing list of commercial bank employees who are increasingly relying on AI tools to help automate and speed up their daily tasks. Whether these banks’ leadership is open to embracing these tools internally remains an open question. 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In 2018, United Bank for Africa (UBA) released Leo, an AI-supported virtual banking assistant. Three years later, Zenith Bank launched Ziva, an AI-powered chatbot tool accessible via WhatsApp. But while these banking industry’s embrace of these customer-facing generative AI tools is forward-thinking, the reception from the public hasn’t been promising so far. According to a KPMG 2024 survey, 73% of retail banking customers in Nigeria rarely engage with these chatbots, raising more questions about their long-term value. This is causing a rethink in AI strategy at various commercial banks. “Before, it was: ‘How can we integrate this fun, interesting tool into our systems?’ But now, there’s a thought process around: ‘How can AI drive tomorrow’s sense of what banking should be?’” said Dr.Olumide Okubadejo, an AI strategist for commercial banks. With the rise of popular generative AI platforms, such as Grok and ChatGPT, there has been an increasing interest in redefining ways to adopt AI in the banking space. In December 2024, Bello Hassan, the head of the Nigeria Deposit Insurance Corporation (NDIC), encouraged banks to adopt AI tools to strengthen their fraud detection approaches. For some bank executives, there is a growing concern that delays in strategic AI adoption may leave them falling behind. At the Innovate AI conference in February 2024, Abubakar Suleiman, Managing Director of Sterling Bank, warned; “If we fail to pay attention to artificial intelligence, all our efforts at ease of doing business will come to nought.” He added; “Companies that fail to embrace AI will become less competitive and they will die.” Some banks are now exploring the practical applications beyond customer-facing tools. Banks are starting to look within and identify opportunities for internal adoption and workflow efficiency. One UBA staff member who preferred to remain anonymous noted that in the Q1 of 2025, the bank renamed its internal “Advanced Analytics” team
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“Motivation is my biggest tool for work”: 10 African freelancers on their tools of productivity
Freelancing can be a flexible and lucrative career option depending on what industry you work in. Freelancers don’t earn a fixed income, and because they work with different clients, often multiple at a time, they can negotiate better fees. They also set their own schedules and choose whom to work with. But how do they make it work? TechCabal spoke to 10 freelancers across Africa to understand how they work, what tools they use, and the challenges they face in their day-to-day. From creative professionals in Lagos, Nigeria to tech developers in Kigali, Rwanda and an IT Engineer in Rabat, Morocco, their stories paint a picture of a growing but uneven ecosystem. Gloria Chimelu – Web3 Content Marketer, Nigeria Gloria Chimelu is a Nigerian Web3 content marketer. She has written and consulted for multiple brands across the globe. Her freelance life is a mix of structured systems and the chaos that often comes with working in an emerging tech industry. “I use Google Docs, Notion, Google Keep, Twitter, and Discord to stay on top of my work,” said Chimelu. “Some clients prefer tools like Asana, so I adapt as needed.” Most of her payments come in cryptocurrency—usually stablecoins—which she converts to naira. When clients can’t pay in crypto, she turns to GeegPay to collect dollars and manage conversions. Her workflow starts on Twitter, where she either gets approached or finds job leads. After sharing her portfolio and going through up to three interview rounds, she signs a contract, delivers the work, and incorporates client feedback. “Once a project wraps up, I take the lessons and apply them to the next one,” she said. Being in Web3 means her earning potential often moves with the market. “When the charts are green, everyone’s hiring. When they’re red, rejections triple,” she explains. Payment delays or being paid in crypto tokens that drop in value are common, making income unpredictable. Despite this, Chimelu calls Twitter her most valuable tool. It’s where she finds jobs, tracks trends, and catches a break through meme threads when the hustle gets too loud. Stablecoins won’t “bank the unbanked”; so what are they for? Fabrice Bizimaan — Web Developer, Rwanda Based in Kigali, Fabrice Bizimaan works with global clients on full-stack web projects. He mostly gets hired through recommendations from platforms like Slack and LinkedIn. “When a new project comes in, I first meet with the owners or team to understand the scope and timeline. Once we agree, I start building,” he explains. His developer toolkit includes VSCode, Xcode, Android Studio, and frameworks like Next.js, Vue.js, NestJS, and Django. For collaboration, he sticks with Slack and Notion. Bizimaan prefers to receive payments through cryptocurrencies. He opts for Binance, the global crypto exchange app which, unlike Nigeria, is still operational in Rwanda. Other times, Bizimaan gets paid for his work through bank transfers. Equity Bank, Kenya’s second-largest bank by assets, allows Rwandans to accept international payments directly using SWIFT code. “Cypto takes seconds,” he said. “SWIFT transfers take longer when the sender is outside Africa; but they work, too. I also use Payoneer when needed.” One of his biggest hurdles to finding freelance work is geography. “Many opportunities exclude Africans. You’ll see: ‘Only open to US residents.’ That’s frustrating,” said Bizimaan. Despite the limitations, Bizimaan keeps building. His workflow is structured, his tech stack deep—and he’s proof that freelance developers on the continent are just as capable, even if the doors aren’t always open. Digital Nomads: Can you truly be hired from “anywhere in the world”? Itunu Obanla — Copywriter, Nigeria Itunu Obanla, a Nigerian freelance copywriter, builds his freelance pipeline mostly through Upwork, where competition is fierce and visibility now depends on bidding power. “Before submitting a proposal, I check client reviews. But now, whoever uses the most ‘Upwork Connects’ [a form of credit for applying to gigs on the app] gets their proposal seen first—it feels like a car auction,” he says. He supplements his work search with gigs on Fiverr and LinkedIn, but Upwork remains his primary platform. Payments pass through several layers: first to Payoneer, then converted to cryptocurrency, and finally to naira. “The platform is saturated,” said Obanla. “There’s nothing easy about it. I’m still doing this because I’m in the country.” His biggest pain working as a freelancer is the wait. Every finished job kicks off another round of proposal submissions on freelance websites, with no guarantee of what comes next. “You could be busy with work today, then wait months before the next project lands,” he said. Obanla doesn’t romanticise freelancing. It’s work, not freedom. But in a tight economy, showing up consistently is what keeps the wheels turning. Joshua Adeyemi — DevOps Technical Writer, Nigeria Joshua Adeyemi, a DevOps technical writer in Nigeria, focuses on writing clear, well-researched technical content for DevOps teams. His tools of choice—Google Docs, Grammarly, Fraser, and ChatGPT—help him stay organised and ensure his writing is polished and SEO-friendly. He gets paid in dollars through Grey or GeegPay, depending on what suits the client best. “Once the funds land in my account, I convert the money and withdraw to naira,” Adeyemi said. Most of his tasks are assigned via Trello. Each article begins with a round of research before he starts writing, usually taking about three days per task. Once done, the content goes through an internal review before being published. Staying productive, he says, is a mix of the right tools and the right mindset. “Trello keeps me on track, Google Docs makes collaboration seamless, and being eager to learn helps me handle tough subjects,” he said. His biggest challenge is managing multiple deadlines while keeping every piece accurate and digestible. “There’s a lot of pressure to be right and write clearly when you’re explaining technical topics to a non-technical audience,” he added. 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
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AfriLabs backs 280,000 entrepreneurs, bets big on Africa’s $1 trillion digital future
AfriLabs, the continent’s largest network of innovation hubs, says it has directly supported more than 280,000 entrepreneurs and startups through its expanding footprint, now spanning 519 hubs across 53 African countries and over 220 cities. The numbers, detailed in its 2024 Impact Report, reflect a quiet but substantial scaling of Africa’s tech ecosystem at a time when global venture funding is shrinking and investor interest in emerging markets has cooled. The organisation says it has helped create over 100,000 jobs through a mix of skilling initiatives, innovation support, and ecosystem-building in key markets like Nigeria, Kenya, South Africa, Egypt, and Cameroon. It has also empowered 444 women with business skills and funding access across five countries, and trained 173 young Africans through its Talent4Startups programme with digital skills to enhance career opportunities. “We are deeply committed to ensuring that every African innovator has the resources, the network, and the platform to succeed,” said Anna Ekeledo, AfriLab’s Executive Director. “We’ve enabled startups to access critical resources, build networks, and refine their solutions to address Africa’s most pressing challenges.” In 2024, it expanded its AfriLabs Connect, a pan-African digital platform that now links over 7,000 stakeholders across the continent’s innovation landscape, including startups, academia, governments, and media. Through the platform, founders can access training cohorts, pitch to partners, and collaborate with peers across borders. It also introduced Amari, an AI-powered tool that offers entrepreneurs curated learning content, grant alerts, and operational guidance. One of the organisation’s impacts was the implementation of Llama 3.1, an AI Hackathon, which gathered over 100 tech talent from across Sub-Saharan Africa to co-create solutions addressing social challenges, including gender equity and language inclusion. Participants who were mentored were tasked to use open-source AI models to develop tools that promote inclusivity, reduce regional bias, and tackle real-world problems. Funded by Meta and The Bill and Melinda Gates Foundation, the hackathon saw 19 emerging solutions developed by 19 teams. The report mentioned that the top eight teams have advanced to the next phase of the program, where they will receive additional mentorship and potential funding, based on product maturity and market readiness. “The project’s potential to contribute to development is substantial. By addressing gender bias in AI and ensuring linguistic inclusivity, it fosters a more equitable digital ecosystem,” the report said. At the same time, AfriLabs expanded its Greenovations Africa initiative, which supports climate-focused startups tackling issues like clean energy access, sustainable agriculture, and environmental monitoring. The report includes case studies of startups building AI-powered disease detection tools, solar energy platforms for off-grid communities, and agritech platforms improving market access for smallholder farmers. The report also highlights the organisation’s growing list of high-impact partnerships with global technology and development organisations to drive innovation in Africa. These include collaborations with the Bill & Melinda Gates Foundation, Intel Corporation, Digital Africa, Meta, Mastercard Foundation, UNDP, and Adaptation Fund. “There is the urgency in securing Africa’s digital independence every day to ensure that our startups have access to capital, our policymakers are shaping favorable regulations, and our innovators have the infrastructure to build world-class solutions,” said Ajibola Odukoya, the organisation’s Chief Operating Officer. Looking ahead, AfriLabs is aiming for scale. The network has set its sights on unlocking $1 trillion in digital economic value over the next decade through its Moonshot Initiative. The report outlines a roadmap for achieving this ambitious target, including deeper investment in data infrastructure, stronger support for local innovation hubs, expanded partnerships, and more inclusive digital participation. “The next phase of Africa’s growth will be defined by the power of its entrepreneurs and the ecosystems we build around them,” Ekeledo said. 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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