👨🏿🚀TechCabal Daily – Takealot wants a lot
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. It’s safe to say Multichoice Nigeria’s legal team isn’t having a good morning as they grapple with a hefty ₦766 million (500,000) fine from the Nigeria Data Protection Commission (NDPC) for violating the Nigeria Data Protection Act (NDP Act). On a different note, how’s your second half of the year going? If you’re Gen Z, odds are you’re venting on TikTok about low pay, zero flexibility, and office drama. Owl Labs’ 2024 report says 43% of workers are more stressed than last year and 89% see no improvement in their work-related stress. The grind isn’t getting easier. How’s work treating you? PS: If you’re curious about the tech ecosystem in Francophone Africa, sign up for our latest newsletter, TNW: Francophone Africa. We’ll bring the biggest insider insights and analysis of the region’s technology landscape bi-monthly. Sign up here and be the first to know. Let’s get into today’s dispatch! Nigerians can now swipe their naira card globally again Takealot wants to hire 18,000 new workers Egypt lands two new subsea cables NCC gives tower companies deadline to improve internet quality World Wide Web 3 Opportunities Banking Nigerians can now swipe their naira card globally again Image Source: Zikoko Memes After three years, Nigerian banks have finally opened the gates for naira debit cards to roam globally again. That means you can now pay for your Apple Music, Amazon orders, or even that random item on AliExpress with the same card you use for Jumia. United Bank for Africa (UBA) and Wema Bank are leading the comeback, confirming that their Premium Naira Cards and Naira Mastercards are once again enabled for international transactions—online transactions, POS machines, and ATMs abroad. Why was there even a restriction? The year was 2022 and the survival of key sectors in the Nigerian economy were under threat. Foreign exchange was scarce, oil revenues were shaky, and Nigeria’s Central Bank’s managed exchange rate wasn’t helping. Eventually, financial institutions pulled the plug on global naira transactions. To keep their playlists going, people turned to virtual dollar cards from fintechs like Chipper Cash, Eversend, Cardtonic, and Payday. What changed? It appears the confidence in Nigeria’s foreign exchange market is slowly creeping back to Nigeria’s Central Bank. The naira has shown signs of appreciation and diaspora remittances are now over $20 billion. This is a curveball for virtual card providers. When banks locked international payments, startups like Chipper Cash, Eversend, Cardtonic, and Payday, stepped in with dollar cards. But now? These companies will have to step it up: offer better rates, more flexibility, or risk becoming irrelevant. This is because not everyone will keep paying extra for what their naira card can now do natively. And in Nigeria’s fast-moving payment space, only the most adaptable will survive the next chapter. Save more on every NGN transaction with Fincra Stop overpaying for NGN payments. Fincra’s fees are more affordable than other payment platforms for collections & payouts. The bigger the transaction, the more you save. Create a free account in 3 minutes and start saving today. 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CBN’s open banking is the biggest shift since instant transfers — If we do it right
Every day in Nigeria, over 33 million instant transfers race across our banking rails—from buying fuel and airtime to paying rent. Whether it’s a corporate exec in Victoria Island or an okada rider in Kano, the money moves. But not the context. Each transaction tells a story: your rent pattern, salary cycle, and debt reliability. But that story is locked in silos. Banks hold it. Wallets replicate it. Fintechs rebuild it from scratch. None of it flows freely until now. The Central Bank of Nigeria’s Open Banking framework introduces a radical idea: your financial data belongs to you. And if you permit it, any licensed provider should be able to use that data to serve you better. Everyone wins when financial data is no longer siloed The biggest winners are the people who’ve had the least control until now: everyday customers. They’re no longer stuck with one provider holding their financial history. They can move freely, compare services, and choose what works best. This shift also opens the door for builders. Many who spent years working around data restrictions can now plug into verified, standardised APIs. Less time spent reverse-engineering statements. More time solving real problems. Banks stand to gain too, if they act fast. The ones that adapt can move beyond traditional products and become platforms. By exposing APIs, they stay relevant even outside their apps. At a broader level, the economy wins. Done right, Open Banking doesn’t just modernise the system; it makes it more inclusive, resilient, and responsive. From hacky, siloed workarounds to real scalable solutions Guess what happens when financial data moves safely, with customer permission. That data powers better products, faster decisions, and broader access. These are some examples: Credit that actually works Lending in Nigeria is mostly guesswork. That leads to high interest rates, collateral demands, and even public shaming when things go wrong. With open banking, a small business owner can grant access to a year’s worth of bank transactions. A lender reviews verified income data, decides in minutes, and sets up repayment via direct debit. No land documents. No guarantors. No friction. This is how we make credit cheaper and smarter. A national fraud radar Every fintech in Nigeria has war stories. Fraudsters exploit weak points, spread funds through mule accounts, and disappear. The damage is local, and the pattern is the same everywhere. Open banking makes it possible to share live fraud signals. If a bad actor gets flagged at one provider, others can detect and block them in real-time. Shared infrastructure, device hashes, IP patterns, account links, etc., make fraud detection collaborative. Each fintech player stops playing defense alone. Direct debits that travel with you Cards are great until they aren’t. Direct debit mandates don’t follow you when you switch banks or change devices. That’s why recurring billing with a bank is clunky and adoption is low. With open banking, you set up a reusable direct debit mandate tied to your identity. One dashboard shows every recurring instruction from Netflix to PHCN bills. You can cap, pause, or revoke them anytime. Need more control? Enable two-factor approval. Spot a suspicious charge? You can block it before it hits. Getting regulation right is key Compared to other countries, Nigeria is off to a solid start. The UK’s rollout faced governance issues and weak enforcement. Some banks dragged their feet, and adoption slowed because customers didn’t see enough value or protection. In Brazil, security concerns and uneven API quality made early adoption tricky. Many people still don’t know how Open Finance works or why they should care. Nigeria now has a chance to avoid those mistakes. Its rules, laid out in Section 11, outline how consent, security, and reliability should work in every real-world API call, are clear. Its structure is strong. But the real test is in how well providers follow through—and how quickly regulators respond when they don’t. The real risk: We waste the opportunity Open banking gives us a rare chance to redesign Nigeria’s financial rails with trust and interoperability at the core. But the system is only as strong as what we build on top of it. We’ve seen what can go wrong. The eNaira launched with big goals but didn’t take off, partly because people didn’t understand its value. If APIs are unreliable, if customers don’t understand what they’re consenting to, or if data hoarding continues under new labels, this momentum will stall. But if we build carefully and fast, we can enable a generation of financial products that are smarter, safer, and truly inclusive. The APIs are coming. The opportunity is open. The next move is ours. ___________ Lukman Bello is a payments infrastructure expert and Technical Solutions Lead at Paystack, where he has spent more than six years guiding businesses through the intricate world of African fintech. He has overseen integrations for hundreds of notable local and global brands, turning regulatory complexity into clear product strategies and robust code. 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 Nomads: The founder tackling the impossible intra-African payments problem
Cross-border payment is the most bankable buzzword in finance right now and pretty much the side of tech that deals with heft money. Globally, monies that crossed borders in 2024 reached $194.8 trillion. It’s becoming important in how we work. Freelancers need to get paid from global employers. Digital nomads need their money to cross borders with them. Businesses of all sizes make payments to bring shipments into their home countries. Students studying abroad want to withdraw the money sent to them from home, and diasporan Africans want to send the same back home. This demand is driving fintechs to build rails that allow money flow smoothly across borders. There is a joke that if you shake a tree, any tree, a remittance fintech will fall. But these startups are overlooking one critical aspect of cross-border payments: intra-African payments. The problem with intra-African payments Nnenna Nkata, a Nigerian who went to college in Ghana, and completed her master’s in the UK, has seen both worlds and witnessed the difficulty firsthand. Monirates was her solution to what she describes as “the harder problem.” “The idea [for Monirates] came when we realised that we could see different fintech startups out there and the various means of sending money from the diaspora to Africa,” said Nkata. “But as a student in Ghana, it was almost difficult to send money from Ghana to Nigeria.” Both countries are about a one-hour flight apart. It wasn’t just difficult. At one point, she had to move across borders with ₦150,000 ($750)* in her handbag—tuition fees in cash—because digital options were limited, unreliable, or inaccessible. The lack of alternatives wasn’t a bug in the system; it was the system. “As an undergraduate, I didn’t really realise the effect of this,” she said. “I took it as a norm.” That changed when she moved to the UK for graduate school. There, sending money back home meant opening five apps, comparing rates, and completing transactions in minutes. The arguments for why the problem with intra-African payments persists are familiar: there are 42 different currencies in Africa, and regulations, like payments, are fragmented. Where Europe has the Euro and North America spans only three main currencies, Africa is a patchwork quilt. 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 Finding workarounds Back in 2013, when Nkata schooled at Accra Institute of Technology in Ghana, she and her peers relied on Ecobank automated teller machines (ATMs) to withdraw cash. If you had a Nigerian-issued Ecobank card, you could withdraw cash in cedis from ATMs in Ghana and other countries where Ecobank operated. For a time, it worked. Then came Central Bank regulations in Nigeria that placed limits on international ATM withdrawals. First $300 per day. Then $100 per month. Eventually, transactions stopped altogether. “At some point—I think in my final year—I had to move with cash,” Nkata recalled. “There was no way to move the money. You couldn’t even open a bank account as a Nigerian student in Ghana.” Mobile money, while widely adopted in Ghana, had limits too. It couldn’t handle the large, one-time payments needed for tuition or rent. The fallback was to carry cash across borders, change it at the border unofficially, and hope nothing went wrong. “It felt like you were smuggling gold when traveling with cash,” she said, laughing. “It came with a lot of risk and stress.” Her
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“When we enter a bank’s boardroom, they know our name. Not our partner’s. Ours”: Day 1-1000 of Union Systems
In 2024, some of Nigeria’s biggest banks decided unanimously to change core software that powered their banking activities. In the TechCabal newsroom, we embarked on a project in response, to demystify these core banking software to our audience and to explain the implications of the change. It was after the project I encountered Albert Iloh, who had spent the five years prior selling Union Systems, Nigeria’s first indigenous core banking software, to fintechs and banks alike. I was intrigued by the idea of a local alternative to international software like Finacle and Finastra because local alternatives rarely came up in my earlier conversations with banking experts. Union Systems’ CEO, Chuks Onyebuchi, is my guest on the Day 1-1000 column. He shares with me how the company, which was first established in 1994 as a local partner to international core banking software providers, morphed into Nigeria’s first finance trade system. This is the story of Union Systems as told to TechCabal. Day 1: Emerging from the shadows For more than two decades, Union Systems lived in the shadows. We were the local face of a global software giant, installing and implementing core banking systems for Nigerian banks. We had no product of our own. Every pitch, every integration, every bank knew us by our partner’s name, not ours. If they ever dropped us, we’d be erased. But in 2017, we finally got a shot by solving a problem nobody else could solve. That piece of uncertainty gave us the chance to become a company with a name, a product, and a future. The journey would nearly break us. But it also saved us. Earlier in 2016 we had helped our foreign partner close a $30 million core banking deal with one of Nigeria’s biggest banks, Zenith Bank. The scope was massive: every layer from trade finance (financial services and products—like letters of credit and guarantees—that help companies buy and sell goods internationally) to treasury, risk, and corporate channels (digital and physical platforms that allow business clients to access banking services and manage their accounts). As Union Systems, we were tasked with implementing the International Trade Finance (specialised banking services and tools that support cross-border trade) and Corporate Channels modules. But when we reached user acceptance testing, the bank said something we didn’t expect: the Trade Finance module failed. Not just in a few places but across more than half of their requirements. The problem was structural. The bank had previously cobbled together six siloed applications to handle the unique requirements of Nigerian trade finance: form M compliance, bidding processes for FX access, local regulatory reporting. These nuances don’t exist in Europe or Asia. The software we were deploying, built for international trade finance, didn’t speak the language of Nigerian regulation. So the bank came to us: could we unify those six legacy systems into one Nigerian Trade Finance solution and then integrate it with the foreign software? We said yes. We didn’t even know how we were going to achieve it. We had no product or roadmap. But we said yes anyway. 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 Day 730: From Zero to TradeX We called it TradeX, short for Trade Extra. It wasn’t yet a product, just a bridge. Our team began meeting with the silo owners, many of whom saw us as a threat to their jobs. They fed us
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NCC gives tower companies August deadline to improve internet quality or face fines
The Nigerian Communications Commission (NCC) has directed tower companies to make urgent improvements in service quality or face regulatory penalties. The regulator set an August end deadline for these companies to address issues affecting internet quality, such as poor power supply, equipment failures, and a lack of sufficient technical support. Aminu Maida, NCC Executive Vice Chairman, gave the directive on Thursday during a high-level meeting in Abuja, attended by major tower infrastructure providers, including IHS Towers, American Tower Corporation (ATC), Pan-African Towers, and other key stakeholders like the internet network providers. The session focused on identifying bottlenecks in infrastructure delivery and improving the performance of shared telecom assets, according to two industry stakeholders who attended the meeting and asked not to be named to speak freely. NCC did not immediately respond to a request for comments. Tower companies, commonly known as TowerCos, form the structural backbone of Nigeria’s telecommunications industry. They provide the physical infrastructure—cell towers, rooftop sites, and associated facilities—on which mobile network operators (MNOs) like MTN, Airtel, and Glo deploy their radio and data transmission equipment. TowerCos are also responsible for ensuring a 24/7 electricity supply to these sites and securing them against theft and vandalism. Any failure at the tower level directly impacts the quality of voice and data services delivered by MNOs. “When there’s no power, the radios shut down. If the power fluctuates, the radios restart, and that leads to dropped calls, frozen data sessions, and frustrated customers,” explained one industry insider. “So, while the Commission rightly holds MNOs accountable for service quality, tower providers must also be held to the same level of operational reliability.” IHS Towers is the dominant tower infrastructure provider in Nigeria, managing between 16,000 and 19,000 sites, which accounts for roughly 62% of all co-located telecom infrastructure nationwide. American Tower Corporation (ATC) is the second-largest player, with about 8,270 towers, while Pan-African Towers—a smaller, indigenous firm—operates between 760 and 1,000 sites, although not all are currently active. Given their market size and role in connectivity, the NCC’s directive places the burden squarely on these companies to resolve issues of downtime, delayed maintenance, and poor power management that have plagued the network in recent months. Until 2024, the NCC’s Quality of Service (QoS) Regulations focused mainly on mobile network operators. However, in August 2024, the Commission revised the framework to include the entire connectivity value chain, including TowerCos. The updated regulations, which have since been gazetted, introduced new key performance indicators (KPIs) that infrastructure providers are now obligated to meet. “It’s been eleven months since those new regulations came into effect,” Maida said during the meeting. “That’s more than enough time for all parties to align with the performance standards expected of them.” The NCC is implementing a transparency-focused enforcement strategy, a source familiar with the matter said. As part of this approach, the Commission recently launched the Major Incident Reporting Portal, mandating all service providers to publicly disclose significant network disruptions. The regulator is also developing a set of performance dashboards to be hosted on its website, allowing consumers to track how well tower and mobile network operators are adhering to their Key Performance Indicators (KPIs). While some tower companies have attributed their failure to meet Service Level Agreements (SLAs) to delayed payments from mobile network operators, claiming that cash flow constraints limit their ability to maintain sites or invest in backup power systems, the NCC is no longer accepting these explanations. During the Abuja meeting, Maida made it clear that financial disputes are not a valid excuse for poor service delivery. “Operators must fulfill both their technical and financial responsibilities,” he said, stressing that performance expectations remain non-negotiable regardless of internal challenges. 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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WhatsApp AI bot Xara wants to make banking in Nigeria as easy as chatting
As mobile banking adoption surges across Nigeria, users demand faster and simpler ways to manage their money, without switching apps or dealing with clunky interfaces. Xara, a new WhatsApp-based AI assistant, is promising to change that. Xara, a multimodal artificial intelligence banking bot launched in June by Nigerian software engineer Sulaiman Adewale, allows people to send money, pay bills, and analyse spending as naturally as texting a friend. The bot is built entirely inside WhatsApp, used by 95% of Nigeria’s 31.6 million social media users. “I wanted an easier way that carries everybody along in banking, and if you look at it properly, you will see that WhatsApp is what even the oldest people among us use,” Adewale told TechCabal. The product enters Nigeria’s crowded fintech space with a different approach: cut out the friction and build on top of what consumers already use. The company considers Owo, an AI managed by Mono and designed to facilitate payments on WhatsApp, as its closest competitor. According to Adewale, Xara is powered by an existing large language model (LLM), the same underlying technology behind generative AI tools like ChatGPT. It is also trained on images and voices, especially accented Nigerian speech patterns, using open-source data tailored to its specific use case. The AI understands commands in natural language, interprets them appropriately to confirm details, and processes the transaction in real time. “Send ₦10,000 to Abubakar for breakfast,” a user might chat this with the AI, and it will process. “We have focused on just pidgin and English, but we are currently working on it to make it even understand our local languages like Hausa and Yoruba,” said Adewale. To make the AI a personal financial assistant, users add their WhatsApp number, and once onboarded, they are linked to a payment source, currently 9 Payment Service Bank (9PSB), which issues user account numbers. Adewale said the team is working on partnering with more banks, so users can choose their preferred bank. TechCabal tested the AI bot for two weeks and found that it understands and can process transactions with images, voice notes, text, and can analyse user spending and schedule payments. It remembers conversions with users and is capable of saving recipients as beneficiaries. About 10,000 users have been registered on the platform, and over ₦135 million ($88,200) worth of transactions have been recorded within the two weeks of its launch, Adewale claims. He added that his team is currently working on partnerships with other banks as its initial payment provider, 9PSB, could no longer handle the inflow of new users, causing it to pause new registrations Stella Adeboye, a server at Kilimanjaro restaurant in Ilorin, said Xara could serve as an alternative for easy payment for customers who had to raise their heads multiple times to check account details on the wall to make transfers for bill payment. “If this tool can take a picture of an account number and process the transfer instantly, I think it would help us and also make payments much easier for customers,” Adeboye said. To its early users, how their personal and financial data are secured has been a major concern. “Being able to bank via WhatsApp without opening another app is convenient, since it works even on a low network connection,” said Babatunde Hassan, one of the users. “But I’m worried about how our information is secured, and I’m sure that doubt may also hold other people back.” In response to how users’ data is secured, Adewale said that the AI is built to use WhatsApp’s existing end-to-end encryption to safeguard users’ data. This means that conversations are private and inaccessible to third parties. He also noted that it requires an optional 4-digit authentication PIN to authorise transactions to beat fraud or compromise accounts. “We don’t retain those personal banking details ourselves; the only data we log is related to payment transactions, just for tracking and resolution purposes, if any issues arise,” he said. “For extra security, we advise users to lock their WhatsApp using Face ID or a password, or even lock their chats with the AI to keep transactions private.” Adewale explained that in case of a WhatsApp account breach or lost phone, users can visit its customer support to “request that your account be blocked instantly.” Accounts can be reinstated once identification is provided. When asked about the type of licensing governing their multimodal AI service, Adewale stated that they currently “rely on banking partners’ license” for regulatory cover, indicating functions through existing compliance frameworks held by its financial institution partners. A game changer for financial inclusion? According to the Central Bank of Nigeria (CBN), over 28 million Nigerians lack access to financial products and services, including money transfer services, despite the country’s financial exclusion rate dropping from 46.3% in 2010 to around 26% in 2023. Financial analyst Victor Daniel said leveraging WhatsApp for banking services could encourage even further financial inclusion, especially since the platform works on low-end smartphones despite poor network connections. “In the past years, fintech innovations have helped reduce the financial exclusion in the country, but we need more innovations like this that can give us more alternatives to traditional systems to achieve more financial inclusion,” he said. Daniel added that tools like Xara may also offer a strong alternative to QR code payments, which have seen limited adoption in Nigeria due to technical know-how and fraud concerns. “By allowing users to simply snap an account number from a note or screen and initiate a transfer through natural language, that provides a simpler payment service.” While the focus is currently on Nigeria, Adewale said he envisions Xara AI banking assistant reaching more African countries where WhatsApp is dominant and banking remains a challenge. He also bets that the tool will disrupt the fintech landscape and “replace a lot of fintechs, hopefully.” “We are still working on integrating additional services like savings plans, utility payment, and even e-commerce and logistics, like telling it to order food for you,
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In its Kenya comeback, Luno targets crypto users who feel left out of risky P2P platforms
Luno, the UK-based crypto company which operates in South Africa, Nigeria—and recently, Uganda—now has a fourth horse to back in its Africa race: Kenya. On June 23, the company announced its re-entry into the East African country after a 2014 exit, expanding its regional presence. Luno, operating as BitX, first entered Kenya in 2013. It was one of the first startups to offer cryptocurrency trading services in the country, alongside then-competitors—both foreign and local startups—such as Kipochi (which shut down after Safaricom blocked its access to M-Pesa), BitPesa (now AZA Group), and early peer-to-peer (P2P) marketplaces such as LocalBitcoins and Paxful. The market Luno is returning to ten years later radically differs from the one it left behind. Over the past decade, Kenya has grown into East Africa’s most active cryptocurrency market. The rise of mobile money platforms like M-Pesa, coupled with increasing smartphone penetration and youth-driven digital adoption, has made Kenya a fertile ground for the sector. Regulatory uncertainty pushed Luno to exit in 2014, but today, that environment is cautiously evolving. A new Virtual Asset Service Providers (VASP) Bill is in the works, promising formal licencing under the oversight of the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA). In its comeback, Luno is betting on this regulatory shift—and its decade of experience across Africa. The company has grown to over 15 million global users and now holds a crypto licence in South Africa. Yet, it won’t be an easy ride for Luno, as Kenya has become a tougher market to compete in with deep-pocketed foreign players such as Binance, Huobi, and OKX, gaining a foothold in the market with their local presence. TechCabal spoke with Apollo Sande, Luno’s country manager for Kenya and Uganda, who has led the company’s expansion efforts in East Africa for six years. This interview has been edited for length and clarity. After more than a decade, why did it make sense to re-enter a market where there is still no licencing framework in place for crypto exchanges? In 2014, the Central Bank released a circular that stopped banks from working with crypto exchanges and crypto enterprises in Kenya. This made Luno leave the market. Kenya was actually Luno’s second launched market back in 2013, before it began a global expansion. Then sometime in 2019, Luno decided to take another look at its Africa expansion. I got onboarded and analysed the various markets in East Africa. We prioritised Uganda because it had regulatory certainty. It was easier to have discussions with the Bank of Uganda and other regulators—but Kenya was the prize. Kenya had always been in our sights given the size of its crypto market. We planned for it and waited while maintaining ongoing interactions with regulators. We were involved in many discussions with authorities in Kenya and Uganda. In December 2024, we decided to re-enter the market. A soft launch has been running since then, and we have now moved to a full launch. 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The biggest risk was the banking ban. It prevented the integration of crypto players with the formal financial system. Startups had to find alternative channels to on- and off-ramps, which led to the rise in P2P payment rails. P2P rails pose massive
Read MoreBest data plans in Nigeria in July 2025
Table of contents Daily data plans Weekly data plans Monthly data plans Unlimited monthly data plans Finding the right data plan in Nigeria can be challenging, prices continue to rise, and network quality varies across different locations. That’s why we’ve put together this comprehensive guide to help you make an informed decision. In this piece, we compare the best data plans in Nigeria, examining closely the price, value for your money, and overall network quality, based on what people are experiencing. Here are our top picks: Best budget monthly plan – Glo 3.9GB for ₦1,000: This plan offers a great price, but as Ugochukwu, a consultant who recently relocated to Lagos from Abuja, found, Glo’s network strength can be inconsistent, depending on exactly where you are. He noted, “Glo was good in my specific area in Abuja, but I’m still figuring out if it holds up where I am now in Lagos.” Best for heavy mobile users – Airtel 200GB for ₦20,000: This is a solid choice for those who consume a large amount of data. However, as Jennifer, who just returned from the UK, quickly learned, “You really have to make sure Airtel’s signal is strong in your specific area; there’s nothing worse than paying for big data you can’t properly use.” Best weekly plan – 9mobile 7GB + 100MB for ₦1,500: This plan offers good value, but some users, including Favour in Abuja, mentioned that 9mobile’s service can be weak in specific locations. “It’s a good price,” she said, “but if the signal isn’t there, it’s useless for my business.” Best unlimited home WiFi – FibreOne 30Mbps for ₦16,914: This option offers no data limits, a huge plus for someone like Moses, an HR professional at a digital marketing agency, who needs constant connectivity for video calls and file transfers. He said, “No data limits is a dream, but you need to check if it’s available in your city and watch out for setup fees.” Daily data plans Daily plans are great if you need data for just a short time, maybe to reply to messages, check a few things online, or hold you until payday. They don’t offer the best value per MB, but they help when you’re low on cash or just need a quick top-up. What the networks are offering (as of July 2025): MTN 75MB for ₦75 110MB for ₦100 230MB for ₦200 1GB for ₦500 2.5GB for ₦750 Social bundles: Facebook (20MB for ₦25), WhatsApp (40MB for ₦50), TikTok (150MB for ₦50) 2-Day options: 3.2GB for ₦1,000, 2GB for ₦750 Glo 45MB for ₦50 105MB for ₦100 235MB for ₦200 (2 days) 1GB for ₦350 2GB for ₦500 (includes bonus night data usable from 12 AM to 5 AM) Airtel 75MB for ₦75 100MB for ₦100 200MB for ₦200 (2 days) 300MB for ₦300 (2 days) Note: Airtel no longer offers weekend bundles. Their current plans are priced at ₦1 per MB. 9mobile 40MB for ₦50 83MB + 50MB for social apps at ₦100 150MB + 100MB night data for ₦150 1GB + 100MB social for ₦300 3-day plan: 2GB + 100MB social for ₦500 What people are saying We spoke to many users across different cities who consistently highlight how easy it is to quickly grab these small daily bundles, especially when their budget is tight. “It’s not about getting the most data, it’s about staying connected when you need to,” explained Tomiwa, who sometimes buys a daily plan if his main bundle runs out unexpectedly. The social media bundles, particularly WhatsApp for ₦50, are incredibly popular for quick chats and updates. “I just need to keep up with family messages and a few group chats, so ₦50 for WhatsApp is perfect for me when I’m on the go,” shared Favour, stressing how vital quick social access is for her thrift business. Even with the low data limits, most customers continue to buy these plans because they are genuinely affordable and offer the much-needed flexibility. It’s all about meeting immediate needs without overspending. Weekly data plans in Nigeria (July 2025) Weekly data plans are a wise choice if you don’t want to commit to a monthly bundle or spend money on daily top-ups. They provide more data for your money and are ideal when your usage fluctuates week to week, such as when you have projects, travel plans, or simply want to manage your spending. Best weekly plans right now MTN 1.2GB for ₦700 (MTN Pulse only) 1.5GB for ₦1,000 11GB for ₦3,500 MTN also offers ₦50 bundles for Facebook, WhatsApp, or Ayoba (40MB), as well as a free 300MB education plan. Glo 1.5GB for ₦500 3.5GB for ₦1,000 (includes 2GB bonus night data) 8.5GB for ₦2,000, 20.5GB for ₦5,000 Bonus: 1.1GB for ₦750, valid for 14 days. Airtel ₦1,000: 1.5GB + 2GB YouTube Night + 200MB for YouTube, IG, TikTok ₦1,500: 3.5GB + bonuses ₦2,500: 6GB + bonuses ₦3,000: 10GB + bonuses ₦5,000: 18GB + bonuses 9mobile 7GB + 100MB Social for ₦1,500 – One of the best weekly options based on value. 2GB for ₦500 – Valid for 14 days. What people think When we spoke to people who prefer weekly bundles, Glo often came up as an offering that provides solid value, especially for heavy users. “Glo’s weekly plans feel like you get more for your money, especially with the night bonuses,” Ugochukwu mentioned, thinking of how he might use a weekly plan when visiting family outside Lagos. Airtel’s plans were a big hit among YouTube and TikTok fans, who specifically mentioned the video bonuses. “I burn through data watching tutorials and creating content,” said Nkem, the online business owner, “and Airtel’s bonuses for YouTube and Instagram are really helpful.” Monthly data plans in Nigeria (July 2025) Monthly data plans are a solid choice if your internet usage remains consistent each month. They usually give you more data for less money per MB and are ideal if you work from home, study online, stream content, or share data
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Apps Nigerians are using to trade on the Nigerian stock exchange in 2025
Table of contents Bamboo Chaka Trove Finance i-invest Other platforms Nigerians use to access stocks Comparing stock investing apps in Nigeria Nigerians are seeking more effective ways to grow their wealth, and the stock market is capturing their attention. You’ve likely seen stories online about people turning small investments into significant gains, or heard about companies on the Nigerian Exchange (NGX) that more than doubled their investors’ money in just a few months. Image Source: Screenshot of X post by @oyinbby_ highlighting Honeywell stock gains For example, imagine investing ₦1 million in Honeywell stocks a year ago; today, that investment could be worth over ₦5.4 million. Or consider the companies on the NGX that have doubled or more than doubled in value between January and June 2025 – some returns are truly significant. Image Source: Screenshot of X post by @yaxmokwa displaying NGX companies that doubled investor money (Jan-Jun 2025) This growing interest isn’t surprising. With prices constantly rising, simply saving money is no longer enough. People are looking for more innovative ways to make their money work harder. That’s where stock investing comes in. Instead of just keeping your cash in a bank account, you can now easily put it into shares of companies you believe in. Apps make this shift straightforward. You no longer need a traditional broker or a suit and tie. All you need is your smartphone and internet to get started. Nigeria’s fintech sector is also experiencing significant growth. There are over 430 fintech startups in the country, and many of these apps offer stock trading as a core feature. At the same time, the Nigerian Exchange (NGX) is performing well, despite economic challenges. The local stock market has recently reached record highs, attracting local and international investors. Many Nigerians we spoke with told us they aren’t waiting for the “perfect time” to start investing. As Tolu in Lagos put it: “Once I saw MTN shares going up, I just opened an account and bought a small amount. That ₦5,000 is now like ₦8,000. It’s not a huge amount, but it feels good.” This mindset is pushing more people to explore apps that offer Nigerian and international stocks. But with so many options, how do you choose the right one? We examined the top stock investing apps in Nigeria, including Bamboo, Chaka, Trove, and i-invest. Our review covered their key features, fee structures, and current regulatory standing. More importantly, we engaged with Nigerian users across various states – from new investors to those active since 2020 – who candidly shared their experiences, highlighting what they appreciate, what needs improvement, and which platforms they confidently trust with their investments. These stock investing apps let you buy stocks on the Nigerian Exchange Nigerians can easily invest in local and foreign stocks via several apps. We reviewed the most popular ones, checking their licensing and, critically, getting direct feedback from users on how well these platforms truly perform. 1. Bamboo Image Source: Screenshots from the Bamboo app displaying trades for select Nigerian stocks, including MTN What it lets you do: Bamboo gives you access to Nigerian and U.S. stocks, and you don’t need a lot of money to start. You can buy fractional shares, meaning you can invest in big companies like Amazon or Tesla with as little as ₦15,000 or $20. How it’s regulated: Bamboo is registered with Nigeria’sSecurities and Exchange Commission (SEC) and works with Lambeth Capital for local stock trades. For U.S. stocks, your account is protected by Securities Investor Protection Corporation (SIPC) and Financial Industry Regulatory Authority (FINRA), which means your investments are insured up to $500,000. What Nigerians told us: Most people we spoke to praised Bamboo’s clean design and simple setup. Kemi, a user based in Port Harcourt, said: “Bamboo is my go-to. I started with ₦20k last year, and I’ve just been topping up small small. The app works well, and I’ve never had payment issues.” However, some also recalled when Bamboo was flagged by regulators in 2021. It caused panic back then, but the company adjusted its model and is now fully licensed. They say they’ve had a better experience since that time. 2. Chaka Image Source: Screenshots from the Chaka app displaying trades for select Nigerian stocks, including Unilever Nigeria PLC What it lets you do: Chaka gives you access to over 4,000 stocks, including both Nigerian and international ones. You can open a Naira or a Dollar account, depending on your preference. It also features a SmartInvest option, where experts help manage a ready-made portfolio on your behalf. You can start investing with as little as ₦1,000 or $10. How it’s regulated: Chaka was one of the first Nigerian apps to get a digital sub-broker license from the SEC. That means they’re legally allowed to offer stock trading to Nigerian users. Their local trades go through Citi Investment Capital. Fees: Nigerian stocks: ₦100 or 0.5% per trade Foreign stocks: 0.69% to 1.5% per trade No charges for deposits or withdrawals What Nigerians told us: We heard mixed reviews. Deji in Ibadan said: “I like Chaka because it looks serious, and they give regular updates. But getting verified took too long. I had to wait nearly two weeks to start investing.” Another Lagos-based user, Amaka, added: “I had to chase customer care for my withdrawal. They eventually sent it, but I switched to Bamboo after that.” People like the app, but slow Know Your Customer (KYC) and delayed withdrawals are common complaints. Big news: Risevest acquired Chaka. Risevest previously faced significant regulatory issues with the Securities and Exchange Commission (SEC) in Nigeria, and is now using Chaka’s license to offer Nigerian stock trading legally. So technically, when you trade NGX stocks on Risevest now, you’re using Chaka’s backend. 3. Trove Finance What you can do on Trove: Trove provides access to both Nigerian and U.S. stocks, as well as ETFs, bonds, and ADRs. One of its key selling points is fractional investing, allowing you to start investing without
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Why Benin’s digital future depends on patience, partnerships, and people
Benin’s Minister of Digital Economy, Aurelie Adam Soule Zoumarou, is pragmatic about the country’s ambitions. According to her, the government is focused on fundamentals: fiber infrastructure, national digital ID, platform interoperability, and inclusive access to services. At the core of building and strengthening Benin’s tech ecosystem is the API-An (Agence de Promotion des Investissements et des Exportations), which is the national investment agency that runs incubation programs, offers one-stop support for startups and actively promotes entrepreneurship. Across the country, several digital innovation hubs are backed by the API-An and the Ministry of Digital Development, focusing on ICT, skills training, and startup acceleration. Benin also has a state-backed innovation district, Sèmè City, which hosts the Sèmè One incubator, tech labs, and R&D centers. The innovation city also houses a digital transformation built in partnership with the German government. TechCabal spoke to the minister on the sidelines of the recent Cyber Africa Forum. The minister outlined Benin’s people-first digital strategy, the philosophy behind Semé City (its flagship innovation hub), and why African venture investment requires patience and contextual awareness. This interview has been lightly edited for clarity. Benin has made notable progress in digital transformation. What sets your approach apart? We’re not trying to set ourselves apart. Our core mission is to serve our citizens, whether they’re in a rural village or abroad. That’s why we’ve built a strong national fiber optic network, invested heavily in human capital, and rolled out digital platforms for public services. Citizens can now access government services from anywhere. We’ve also implemented a digital ID system to make this possible at scale. These are not headline-grabbing moves but they are critical infrastructure. Once those are in place, differentiation comes naturally. How is the government supporting startups, and how are you courting investors? Semé City is our flagship program for startups. It’s not just a building or a buzzword—it’s a full ecosystem. We provide training, access to talent, mentorship, and even virtual platforms for startups to showcase their work. On top of that, we’ve passed legislation to identify and “label” high-potential startups based on their innovation or business model. That label is a signal: the government believes in this company’s potential. We also work through our SME agency to support visibility and collaboration, especially with ecosystems in Nigeria, Kenya, and South Africa. But I want to be honest with investors, Africa requires patience. The continent doesn’t follow the same playbook as Asia, Europe, or the U.S. Investors need to understand our dynamics. It’s not about quick exits—it’s about deep impact. You mentioned digital public infrastructure. What role does that play? It’s foundational. Without infrastructure, startups won’t scale, services can’t reach remote areas, and governments can’t operate efficiently. Beyond the fiber network, we’ve focused on interoperability: ensuring systems can “talk” to one another and citizens don’t need to chase paperwork across departments. From the ministerial panel, one of her strongest points was this: “Benin’s digital transformation doesn’t stop at design, we focus on execution.” That includes data governance, AI readiness, and ensuring inclusion for rural populations and women-led businesses. What’s your message to global venture capital? If you don’t believe in our startups, why would anyone else? Our government is investing because we see potential. We’re de-risking these businesses. But we need partners who understand Africa, not just the hype cycles, but the hard realities. Come with patience. Come with context. And come with a willingness to build alongside 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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