South Africans ditch cash and cards for digital payments, new report shows
South Africans are changing how they pay for things faster than ever. A new “State of Consumer Payment in South Africa” report by Stitch in partnership with a global research firm, Censuswide, shows that consumers are quickly moving away from using cash and cards, and are choosing digital payments instead. The 2025 report, based on a survey of 2,000 South Africans, found that while cash and cards remain part of daily life, digital wallets and direct-from-bank payments are quickly becoming the preferred ways to pay, especially online. Pay by Bank options, such as Capitec Pay, have seen the fastest growth. These methods offer instant, secure transfers and are increasingly favoured over traditional cards and cash. Merchants are responding, integrating these solutions to meet consumer demand for speed and reliability. Digital wallets, including Apple Pay, Google Pay, and Samsung Pay, are also gaining traction. The report noted that, soon after their introduction, many consumers switched from using cards to digital wallets, drawn by the convenience of one-click payments and enhanced security features like biometrics. “When we launched our first report on consumer payments preferences in early 2023, PayShap and direct bank APIs such as Capitec Pay had not yet come to market, digital wallets and even mobile money remained nascent and Pay by bank (previously known as Instant EFT) was just starting to take on cards as the second most preferred online payment method,” Stitch noted The rise of Buy Now, Pay Later (BNPL) solutions is also notable. While not as widespread as digital wallets or bank payments, BNPL is popular for larger purchases, particularly among younger consumers. Retailers offering BNPL report higher average basket sizes and fewer abandoned transactions. However, not all payment methods are thriving. Cash usage continues to decline, especially for point-of-sale transactions. Some retailers, such as several Woolworths coffee shops, have stopped accepting cash. Manual EFTs are also falling out of favour due to slow processing times and higher risks of failed payments or fraud. These are being replaced by real-time bank APIs and instant payment rails. Traditional card payments are still widely used, but their dominance is fading. More consumers now see cards as less convenient compared to faster, more secure digital alternatives. What’s driving the shift? South Africans expect instant, frictionless payments on which digital wallets and bank APIs deliver, making them more attractive than cards or cash. Visible security features like biometrics and two-factor authentication are now standard expectations. Consumers actively look for these before completing a transaction. Shoppers want seamless payment options across online, in-app, and in-store environments. Businesses that offer these omnichannel (unified payment) experiences are seeing increased customer loyalty. Who risks being left behind? While the shift to digital is clear, it is not universal. Rural communities, older South Africans, and those without reliable internet access may be excluded from this rapid transformation. As more businesses go cashless, there is a real risk of leaving some consumers behind. On the brighter side, there are signs that people can adapt when given the right support. For example, millions of older and rural South Africans who once collected their SASSA grants in cash now receive their money on payment cards. Even Metrobus, popular with older passengers, has moved to a cashless system. These examples show that, with a bit of help and digital know-how, many people can successfully make the switch to new ways of paying. For South African businesses, integrating new payment methods and prioritising user experience are now essential. The winners will be those who deliver secure, instant, and seamless payment experiences, without forgetting the needs of customers who still rely on traditional methods. In the coming years, the ability to pay quickly and securely will not just be a convenience, but a competitive advantage. 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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👨🏿🚀TechCabal Daily – Starlink sets up shop in Lagos
In partnership with Lire en Français اقرأ هذا باللغة العربية What’s buzzin’? How did your week go? Have you gotten your Moonshot ticket just yet? We are bringing Ire Aderinokun and Odunayo Eweniyi to this year’s edition of Moonshot. Recognised as Nigeria’s first female Google Developer Expert and co-founder of YC-backed Helicarrier, Ire Aderinokun brings bold lessons on product innovation and navigating ecosystems. Odunayo Eweniyi, award-winning co-founder and COO of PiggyVest, shares sharp insights on operational excellence and building with purpose. Two tech trailblazers, one Moonshot stage. You don’t want to miss it. Let’s get into today’s dispatch. Zenith Bank, a Nigerian tier-1 bank, wants to test its might in Kenya Stanbic Kenya to raise $100 million to back startups Starlink now has an office in Lagos Funding Tracker World Wide Web 3 Opportunities Banking Zenith Bank, a Nigerian tier-1 bank, wants to test its might in Kenya Image Source: Zenith Bank After playing the status game and dominating home turf, Zenith Bank, Nigeria’s second-largest lender by assets—and the bank Nigerians unofficially call ‘the bank of the rich’—is ready to bring the competition to Silicon Savannah. The bank is in advanced talks to acquire a Kenyan tier-2 lender, giving it a regulatory foothold in East Africa and expanding its rivalry with fellow FUGAZ members: GTBank, Access Bank, and UBA. Unlike Access Bank, which has grown through a rapid-fire M&A strategy, Zenith has historically moved with restraint. Its international footprint includes the UK, UAE, Ghana, Sierra Leone, Gambia, a representative office in China, and most recently, a branch in Paris targeting Francophone Africa. A Kenyan acquisition would be its first expansion into East Africa and its first market entry by acquiring another bank. Why now? Kenya’s new banking law requires all banks to raise their minimum capital from $21 million in 2025 to $77 million by 2029. Smaller banks, especially tier-2s, are under pressure to merge, recapitalise, or sell to avoid a bank run. This presents an opportunity for Zenith. With a ₦614.65 billion ($402 million) capital base following its oversubscribed rights issue in January, the bank has the financial strength to move quickly. Porter’s Five Forces explains the logic: Kenya’s strict regulations make it hard for new banks to enter the market. Buying an existing bank gives Zenith a first-mover advantage among recap-hungry banks also looking to enter Kenya. Its strong balance sheet—being the most profitable bank in Nigeria—helps it to convince regulators, depositors, and insurers that it can operate in a terrain like Kenya. Zenith isn’t trying to go global. It is picking its fights. Executives from Zenith will visit Nairobi in three months to finalise the acquisition deal. 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. Banking Stanbic Kenya to raise $100 million to back startups Image Source: Google Stanbic Bank Kenya’s new side hustle is investing in startups, and it’s doing it boldly. The bank wants in on the startup game and is looking to raise $100 million to invest in startups across East Africa. Through its Catalytic Fund, Stanbic says it’s eyeing sectors that rarely get a seat at the venture capital table, like agritech, healthtech, manufacturing, and the creative economy.. Still, what’s the game plan? By shifting its focus to younger, riskier ventures, Stanbic Kenya is hoping to widen the pipeline and bring in the 80% of businesses that usually get left out. If you ask me, I think they’re trying to build loyalty early by betting on founders that might become big players tomorrow. Stanbic’s strategy stands out because most commercial banks simply avoid startup investing altogether. These banks prefer safer bets, like SME loans with lower risks. Take South Africa’s Absa Bank, which secured a $150 million facility to support women and youth-led SMEs. Stanbic Kenya is going further, choosing to take on the real startup risk that other banks shy away from. If they pull this off, they could rewrite the rules on how African banks engage startups. Drive your business forward with Doroki Whether you are a retail store, restaurant, pharmacy, supermarket, salon or spa, Doroki helps simplify your operations so you can focus on what matters most: your customers and your growth. Manage your business smarter, start here. Internet Starlink now has an office in Lagos Image Source: Tenor Starlink has resumed direct shipments of residential kits in Nigeria after a 7-month pause, and it’s doing so in style. The Satellite ISP just opened a walk-in centre in Victoria Island. It’s the ISP’s way of saying: We’re here. For real. But why did they pause direct shipments? It was a power move. After the regulator blocked Starlink’s attempt to raise prices of its product offerings by 97%, the satellite ISP responded by halting new residential kit orders entirely, a strategic pause to force the regulator’s hand. ICYMI: Starlink did the same thing in Malawi after a similar price hike was blocked by the Malawi Communications Regulatory Authority (MACRA). What does this new centre mean? Starlink’s physical space boosts the brand’s legitimacy and improves customer support. It signals long-term commitment to the market—important in earning regulatory goodwill. The centre will enable hardware servicing and partner engagement. It can also double as a community hub for events, education, and deepening local connections beyond just internet access. But here’s the twist: despite being Nigeria’s second-largest ISP, Starlink lost 6,000 subscribers over six months. Still, they’re not slowing down. With a physical office in Kenya already, and licenses across places like the Democratic Republic of Congo and Mozambique, Starlink is clearly laying bricks for something bigger. Starlink is staking territory. Despite regulatory pushback and subscriber losses, they’re not backing down. Accept in-person payments with Paystack Virtual Terminal! Anyone can sell in-person. With Paystack Virtual Terminal, you can accept secure payments anywhere using just a QR code.
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How I cracked connecting my phone to my smart TV
It started with Doctor Strange in the Multiverse of Madness. I was watching it on my Samsung phone, enjoying the chaos of collapsing dimensions, until I looked up at my 50-inch Samsung Smart TV. It was turned off, like it had nothing to contribute, even with its better pixels and sound system. I knew the movie experience would be richer on that screen. So, I decided I was going to cast my phone’s screen on my TV. I thought it would be simple. Instead, it turned into a mini tech expedition and a lesson in digital literacy. Like any reasonable person, I googled it. It didn’t help. No one explained the experience: where to tap or what to expect. I changed tactics. I opened my phone’s manual and stumbled upon an app I had never paid attention to: SmartThings. My first attempt with SmartThings (The long way in) The SmartThings app was new terrain, and I wasn’t sure where to start. The interface didn’t help—tabs, icons, device categories—it was overwhelming. Still, I spotted a plus sign (+) at the top-right corner of the app to add a device. That made sense. Two categories appeared: Samsung Devices and Partner Devices. My TV is Samsung, so I tapped it. Then came a buffet of device options: air conditioner, air purifier, fridge, robot vacuum. I tapped “TV” and waited for it to find nearby devices. Nothing. My TV didn’t appear, but only because it was turned off (rookie mistake). I turned it on, and finally, my TV popped up on the app. Then, I tapped on it for the connection to begin, and a PIN appeared on the TV screen. I entered it on my phone, and the app started installing a plugin. That plugin stalled at 100% for minutes. Eventually, it loaded. But not what I expected. Instead of showing my phone screen on the TV, it opened a remote interface. I could turn the TV on and off, switch channels, adjust the volume, but I still couldn’t mirror my phone. It was cool, but it wasn’t what I wanted. Then I spotted the three-dot menu in the corner (always a good sign in apps). That’s when I found a buried option: Smart View. I clicked it. That was the key. My phone was mirrored on my smart TV. Smart view (The shortcut I should’ve used all along) Later, I learned that Smart View is a shortcut on most Samsung phones. If I had just swiped down from the top of my phone screen and tapped Smart View, I could’ve skipped all that journey through SmartThings. A simple tap on the feature will find a nearby device and request permission to connect. A PIN entry and some seconds later, my phone was mirrored on the TV. I tried it on an iPad: Seeing my Android phone connect so easily got me curious: would my Apple device connect to my smart TV too? My first instinct was the control centre, because that’s where everything is, right? I swiped down and tapped the ‘Screen Mirroring’ icon—it looked like two overlapping rectangles, well, screens. After a quick scan, it found my Samsung TV. control center on ios screen mirroring feature on ios I tapped it, and a PIN appeared on my TV screen. I entered it into the empty field on my iPad, and it connected to my TV instantly. The Apple–Samsung rivalry meant nothing in that moment. What mattered was that the system worked. pin input field for screen mirroring on ios If your smart TV supports Apple AirPlay, you can mirror the screen of your iPhone or iPad on it. To do this: Swipe down from the top-right corner of your device to open ‘Control Centre’ Tap Screen Mirroring Wait for your TV to show up in the list and select it Enter the PIN that appears on your TV screen Your iPhone or iPad’s screen will start mirroring My journey through the maze of menus was a lesson, but yours doesn’t have to be. Here’s a simple, direct guide to get it done for other devices. Connecting your Samsung phone to a smart TV: quick settings on samsung Swipe down to open Quick Settings Tap Smart View Select your TV Enter the PIN displayed on the TV Confirm on your phone and accept on the TV You’re in To connect other Android devices to a smart TV: Open settings > Hotspot & Connections Navigate to ‘Cast’ or ‘Wireless Display’. Toggle it on It will scan TVs on the same Wi-Fi network as your phone. Click on your TV If it is your first time, you will have to give permission. Use the TV remote to click ‘Accept’ A couple of seconds later, you’re in! Troubleshooting If you can’t find your TV: Ensure that your TV is turned on Make sure your phone and smart TV are on the same Wi-Fi network Update your phone’s software Connecting your smart TV to a Wi-Fi network: For screen mirroring to work, you must ensure your mobile device and smart TV are connected to the same Wi-Fi network. That’s non-negotiable. On your TV remote, press ‘Home’ or ‘(icon)’ Navigate to Settings or Quick Settings Go to ‘Network’ and select ‘Network Settings’ You will have to choose whether you want a wired or wireless connection. For wired: plug in your Ethernet cable, and you’re good For wireless: choose your Wi-Fi from the list and input your password using the on-screen keyboard Once your smart TV is online, you’re ready to mirror your phone. This experience taught me not to overlook built-in apps. They might surprise you. Now, screen mirroring is part of my routine. Sometimes it’s movies or showing a room full of people with some photos from my gallery. Sometimes, it’s just that magical feeling of watching a tiny screen become big. Because when the tech works, it really works. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s
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USSD, trust, and the future of payments: What Africa can teach the U.S.
When people think of culture, they often picture language, food, or tradition. But after living and working in over thirteen countries, both developed and emerging, I’ve found that how people pay is just as telling. Payment habits are deeply cultural. They reflect trust, social norms, and economic realities. In the U.S., for example, credit cards are a way of life. They signal trust in deferred payments, access to rewards, and protection via chargebacks. Meanwhile, in many parts of Africa, like Nigeria or Kenya, instant payments are the norm. When I pay at a restaurant in Lagos using a mobile wallet or USSD, the business owner expects to receive the funds before I leave. This is not rude, nor is it an insult. It’s cultural: a reflection of a low-trust environment, where delayed payments are risky and unacceptable. This is more than anecdotal, as these cultural dynamics are driving the global fintech shift toward instant payments, and emerging markets are leading. What emerging markets already understand Across Africa and Asia, financial inclusion has long depended on innovation, not luxury. In Kenya, M-Pesa has enabled millions of unbanked people to access digital finance. India’s UPI is processing over 10 billion monthly transactions. These systems weren’t designed for convenience; rather, they were built out of necessity. The U.S. is now playing catch-up. The recent launch of FedNow and the Real-Time Payments (RTP) network marks a new era. But these systems still rely on cultural and institutional trust that isn’t evenly distributed across the country. Underserved communities in the U.S., especially Black, Latino, and low-income households, face barriers to accessing even basic banking services. According to the Federal Reserve’s 2022 Survey of Household Economics and Decisionmaking (SHED) report, while 81% of white households are banked, only 63% of Black and 68% of Latino households are. For these groups, instant payments could be transformative. Why the U.S. should look to USSD One of the most overlooked innovations from emerging markets is USSD (Unstructured Supplementary Service Data), essentially text-based banking. USSD allows people with basic phones and no internet access to make secure transactions. It’s fast, accessible, and resilient. In Nigeria, USSD is a backbone of mobile finance. You dial a short code, follow a menu, and transact instantly, no app, no data. It’s what helped millions leapfrog traditional banking systems. This kind of infrastructure would have real value in the U.S., especially in rural areas and as a redundant system in the face of outages. The recent CrowdStrike-related outage disrupted payment systems across major institutions. A lightweight, USSD-like option could act as a fail-safe. A cultural shift, not just a technical one What’s holding the U.S. back is not just outdated infrastructure, but cultural inertia. Americans are used to credit cards, ACH transfers, and delayed settlements. Trust in financial systems is relatively high, but that trust is not evenly shared. In contrast, low-trust societies often innovate out of urgency. In such environments, people can’t afford to wait days for a transaction to clear or rely on middlemen. They demand systems that are fast, transparent, and direct. This is why USSD, mobile wallets, and instant bank transfers have flourished across the African continent. The systems were designed to reduce friction, not add layers of verification. Building forward with inclusion and redundancy What’s holding the U.S. back is legacy infrastructure and cultural inertia. That means prioritising underserved users and designing systems that meet their needs first, partnering with telcos to deploy low-bandwidth, resilient payment channels, and learning from history: The U.S. Social Security Administration’s early use of ACH in the 1970s was a tipping point. A similar government push using FedNow or RTP, perhaps through stimulus or benefits disbursement, could accelerate adoption today. The tipping point is near Malcolm Gladwell’s concept of a “tipping point” is fitting. Instant payments won’t become the norm through infrastructure alone. It takes a cultural push grounded in urgency, necessity, and public trust. Emerging markets have proven that you don’t need a perfect system; you need a relevant one. If the U.S. wants faster, fairer, and more resilient financial access, it would do well to follow Africa’s lead. __________ Seun Yusuff is a fintech expert and partnerships leader with experience across emerging markets, helping scale unicorns in Africa and Latin America. A UNC Kenan-Flagler Fellow, he’s an endurance athlete who summited Mount Kilimanjaro to raise funds for Lupus awareness, and is currently learning to fly small planes in his spare time. He resides in NYC. 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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Despite June 25 payout promise, CBEX spins new Ponzi platform without refunding Nigerians
CryptoBridge eXchange (CBEX), the Ponzi scheme that tricked Nigerians out of millions of dollars, has once again broken its promise to repay its users. CBEX said it would begin processing withdrawals on June 25 and return 50% of users’ locked funds. That promise never materialised. In April, CBEX abruptly froze withdrawals on its platform. Weeks later, the company claimed that its system had been hacked. Around the same time, it introduced a new requirement for Nigerians to pay a verification fee to access “sub-accounts” that would supposedly enable withdrawals. These payments initially ranged from $100 for accounts with less than $1,000 to $200 for accounts holding more than that amount. CBEX later changed the requirement to a flat verification fee of $100 for all accounts. Four affected users told TechCabal they paid the fee, hoping it would unlock their funds. They never got their money. “Those guys [CBEX] have absconded with our money. They said they will be auditing till December 25, 2025,” said Jesi Treasury, one of the users. “CBEX has come up with a new scheme called HHHE Limited. They claim they are partnering with them [HHHE], but we know it’s all lies.” After missing the June 25 repayment deadline, CBEX told users it was conducting an audit to detect arbitrage traders on its platform. The audit, like the earlier explanations, is another excuse to delay repayments and keep users hopeful. TechCabal spoke to another user who claimed that he received three separate payments. Speaking on the condition of anonymity, he provided screenshots and transaction proofs, all of which TechCabal was able to verify as legitimate. He remains an outlier. TechCabal did not find other users who got paid since April; most of CBEX’s Nigerian user base has heard nothing from the platform. “I invested about $1,000 into CBEX in late November and withdrew in January, February, and March before letting my money compound,” said the anonymous user who claimed VIP status and was paid again on June 4, 5, and 9, 2025, after making withdrawal requests. “Each time I withdrew, CBEX took a 5% handling fee. I also opened accounts for my wife and two kids over 18, and the referrals pushed me to VIP. But I still haven’t made any gains from CBEX. I haven’t recovered the money I used to open those accounts.” Screenshots of the anonymous CBEX VIP user who got paid on June 4, 5, and 9, 2025/Image Source: The user, with payments verified by TechCabal on Tokenview.io CBEX continues to issue daily “trading signals”—alphanumeric codes users are instructed to copy and paste in the app at specific times. This daily ritual has become more of a distraction than a solution, as the company continues to buy time. The platform also shifted its repayment date from June 25 to December 25, 2025. It insists that it is still carrying out an audit. But this audit is increasingly looking like a smokescreen. While it asks for more time and trust, the platform has moved on to newer schemes. 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ST Technology, according to several checks, was a non-existent business entity. It produced no identifiable revenue and
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Starlink resumes direct shipments to Lagos, opens new office
Starlink has resumed direct shipments of residential kits to Lagos and other Nigerian cities, ending a seven-month suspension that began in November 2024. The company also announced the opening of a new walk-in office in Victoria Island, Lagos. The move marks a renewed push to expand its presence in its largest market by subscriber base in Africa. The reinstatement of direct hardware shipments began on Sunday, June 29, 2025, and means customers can now place orders for setup kits via Starlink’s official website or through approved third-party retailers within the country. Before now, customers faced delays and limited access due to regulatory reviews and pending approval from the Nigerian Communications Commission (NCC) over pricing adjustments. According to a Starlink representative, users in high-demand areas such as Lagos, Abuja, and Port Harcourt will now pay an additional ₦80,000 ($52.24) activation fee, bringing the total cost of the residential kit to ₦690,000 (approximately $455). This fee, the company explained, is to manage congestion in densely populated zones. Cities outside Lagos, Abuja, and Port Harcourt are exempt from paying the activation fee. The standard monthly subscription remains at ₦57,000 (about $38), while the Starlink mini kit—a smaller, more portable device—retails for ₦318,000 (around $210). The launch of a physical office marks a strategic shift for Starlink in Nigeria. With over 64,000 active users, it ranks as the country’s second-largest internet service provider (ISP) by subscriber base. Starlink entered the Nigerian market in early 2023, initially operating out of Ivie House on Ajose Adeogun Street in Lagos. Since then, adoption has grown steadily, especially in rural and peri-urban areas where traditional broadband infrastructure is limited or unreliable. The service’s ability to deliver high-speed, low-latency internet to remote regions has made it a vital tool in bridging Nigeria’s digital divide. The country’s connectivity challenges—worsened by fiber vandalism, inconsistent power supply, and poor legacy infrastructure—make satellite internet an attractive alternative. With regulatory bottlenecks now easing and local operations expanding, Starlink appears poised to deepen its footprint across Nigeria and use it as a launchpad for wider African expansion. While the walk-in center on Victoria Island will primarily serve as an information and support hub, hardware purchases will continue to be processed through the website and approved retailers. 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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“Uganda isn’t our side bet”: How Greenhouse Capital is rewriting its rules for Africa
On most maps of African venture capital, Uganda does not even make the key. Investors, accelerators, tech reporters—almost everyone has their gaze fixed on the so-called “Big Four”: Nigeria, Kenya, South Africa, and Egypt. These markets attract the headlines, the mega-funding rounds, the social media buzz. Kampala? Not on the radar. Bunmi Akinyemiju thinks that is a mistake. “Everyone else [is] looking west,” says the managing partner of Greenhouse Capital. “But the signal [is] coming from the east.” The firm has made Uganda one of its most active markets in the last four years. The VC fund, once synonymous with fintech in Nigeria, is writing early-stage cheques of $250,000 to $500,000 into Ugandan startups—seven of them so far. But the money is only part of the story. Greenhouse is not just betting on Ugandan founders. It’s betting on Uganda’s ambition to become the continent’s proving ground for deep tech, industrial infrastructure, and science-led innovation. While most investors chase markets with high-growth and billion-dollar valuation potential, Greenhouse is doing something less glamorous but potentially significant. In Uganda, the firm sees a chance to prove that African venture capital funding can build long-term value in manufacturing and help align policies and public institutions. Akinyemiju says it’s not another fast-money bet but a deliberate, thesis-driven experiment to create the conditions for innovation to root and endure, one that could redefine how Africa builds. The move is bold and a little unorthodox. Most African VCs still default to big population centres, large GDPs, and markets with short-term exit potential. Uganda, by contrast, is smaller, quieter, and not yet on the unicorn scoreboard. But that, Akinyemiju says, is precisely the point. “Uganda is one of the most underrated markets in Africa right now,” he says. “It’s politically stable, centrally located, and quietly laying the groundwork for science, technology, and innovation. We didn’t come because it was easy. We came because it was serious.” A different signal in Uganda Greenhouse’s bet on Uganda began with a policy redirection. Akinyemiju recalls watching closely when the Ugandan government, through its Ministry of Energy, announced a ban on the export of raw minerals, mandating local processing. “It told us Uganda was ready to build from first principles, not just import startup theatre,” he says. 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 That “first principles” framing runs through much of Greenhouse’s investments in the country. Instead of waiting for the market to mature on its own, the firm is working hand-in-glove with government actors like the Science, Technology and Innovation Secretariat (STI-OP) to co-create the infrastructure that startups will need to thrive, talent pipelines, shared back offices, and co-founder matchmaking services. This policy alignment runs deep. Greenhouse has secured formal cooperation with government-backed agencies to co-host pitch days, co-fund technical feasibility studies, and even co-create startup governance frameworks to reduce regulatory friction. Greenhouse calls this the “Capital Plus” model: money plus market-shaping. “Investors often look for obvious traction metrics but miss structural tailwinds like science funding, policy reform, and national IP pipelines,” Akinyemiju says. “We’re showing that Uganda isn’t behind, it’s just building differently.” From fintech to first-mile infrastructure You must understand Greenhouse’s roots to understand just how significant this shift is. The firm made its name during the fintech boom of the 2010s, backing early winners like Flutterwave and Paystack. It built infrastructure funds. It moved quickly. It made money.
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SIM registration halted as NIMC migrates to new identity platform
Nigeria’s telecom operators have temporarily suspended SIM-related services, including new registrations, SIM swaps, National Identification Number registration (NIN), and mobile number portability, after the National Identity Management Commission’s (NIMC) migration to a new identity verification platform. The disruption, confirmed by the Association of Licensed Telecommunications Operators of Nigeria (ALTON), has left millions unable to access essential mobile services. NIMC is moving to a new platform developed by Blusalt Financial Services, a Nigerian fintech specialising in embedded financial services and digital infrastructure. While officials say the system will enhance the speed and accuracy of identity verification in the long term, the immediate fallout threatens to delay digital inclusion and SIM compliance targets crucial to telecom coverage and financial access. NIMC did not respond to requests for comments on why it is moving to a new vendor. ALTON, which represents Nigeria’s mobile operators, advised subscribers to postpone all SIM-related transactions until further notice. “We understand the inconvenience this may cause to millions of subscribers who depend on these services for communication, business, and daily activities,” the statement read. “We sincerely apologise for the disruption.” NIMC, which has registered over 120 million Nigerians to date, is targeting 100 million more enrollees by year-end to meet its 95% national coverage target. To stay on track, authorities are under pressure to complete the migration and restore service functionality quickly. For now, Nigerians are being urged to remain patient as authorities race to restore SIM registration and identity verification services. 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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Stanbic Kenya to raise $100 million to back startups in rare VC-style move
Stanbic Bank Kenya, the country’s sixth biggest bank by assets, plans to raise $100 million (KES12.9 billion) to finance startups across East Africa, a rare move for a commercial bank in a sector dominated by venture capital and development finance institutions (DFIs). Through its Catalytic Fund, the bank plans to back startups and small and medium enterprises (SMEs) in agritech, the creative economy, healthtech, and manufacturing sectors that typically struggle to raise capital. Stanbic’s move signals a shift in Kenya’s banking sector, which has kept its distance from founders struggling to raise funds for government equities. By raising capital for onward lending to startups in the region, the bank could test whether commercial banks can support ventures requiring patience and local insights to grow. “We are in the market for $100 million (KES12.9 billion),” Stanbic Bank CEO Joshua Oigara told TechCabal. “We have learnt that if you keep just focusing on the businesses that are ready now, you are leaving 80% of the clients in the industry. We have to continue expanding the continuum by bringing such in.” Stanbic launched the Catalytic Fund in 2020 as part of its social impact strategy. Unlike conventional lending, the fund offers grant-like patient capital designed to de-risk early-stage ventures and help them scale sustainably. As of December 2024, the bank had disbursed KES182.4 million ($1.4 million) through the fund, with KES 63 million ($487,616) issued in 2024 alone, according to its disclosures. While the funding is modest in absolute terms, it targets non-traditional sectors where access to credit is scarce or expensive. Stanbic now hopes to raise ten times that amount to amplify its impact. “Energy projects tend to have the longest lead time from what we have seen, even 10 years. We’ve aligned with the biggest areas of the economy, like agriculture, because the model is similar, but energy projects tend to have the longest lead time,” Oigara said. Stanbic’s strategy contrasts with most commercial banks, which remain risk-averse and largely absent from startup financing. Most local founders still lean on VC funds, DFIs, and philanthropic capital from institutions like the Gates Foundation, a model now under strain. 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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👨🏿🚀TechCabal Daily – Okra’s off the menu
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF. It’s KPI review/appraisal season. Are you feeling the heat just yet? If you need someone to blame for that soul-sucking annual review, blame Frederick Taylor. In his 1911 book, The Principles of Scientific Management, Taylor laid the groundwork for performance measurement in industrial settings. In the 1950s, Peter Drucker added a new layer to performance measurement by choosing to measure performance by goals. By the 2000s, KPIs were everywhere—from sales floors to Slack dashboards—deciding who gets promoted and who gets passive-aggressively “coached.” Today, we’ve tried to make it cuter with OKRs and continuous feedback, but let’s be honest: KPIs are still the nosy aunt at the office party, quietly judging your every move. Anyways, we wish you the best of luck in your KPI reviews this season. – Faith. Fara Ashiru, Okra and Nebula founder, joins Kernel as head of engineering Flutterwave cuts half of its staff in Kenya and South Africa Nigerians are logging off as ISPs lose customers MTN MoMo launches digital insurance in Uganda World Wide Web 3 Opportunities Startups Fara Ashiru, Okra and Nebula founder, joins Kernel as head of engineering Fars Ashiru Jituboh/Image Source: LinkedIn Nine months after Okra, the Nigerian open banking fintech startup, changed its playbook to operate as a cloud service provider, it appears some cracks are appearing on the wall. In October 2024, Okra launched Nebula, a cloud platform designed to compete with global providers like AWS and Azure. It offered cloud services to local startups with pricing in naira, a strategy aimed at attracting Nigerian startups and to cushion them from dollar-based costs. But Nebula likely never found a market. By June 2025, CEO Fara Ashiru had taken a new role as head of engineering at Kernel, a UK-based revenue operations (RevOps) startup. While this is not surprising—many founders take on paid employment to keep the lights on—Ashiru has also left her roles as “founder, CEO, and CTO” of Okra in the same month. Per Techpoint, both Okra and Nebula platforms are now offline, which may signal the end of the company’s operations. However, Okra’s web platform remains online, signalling this might simply be a pause instead. Ashiru had earlier pointed out the cost challenges of building a cloud platform in Nigeria. Rising infrastructure expenses and the falling value of the naira made it hard for Nebula to recover its expenses on hardware. With a total funding of $4.5 million and its last raise in 2021, Okra possibly needed more capital to compete in such a demanding space. But without strong signs of traction, investors were likely not convinced to fund the startup’s new ambition. Looking back, we wonder what could have happened if Okra had remained an open finance startup. The startup shut down key products like Balance, Income, and Transaction due to regulatory uncertainty. Yet Nigeria’s open banking framework is finally set to launch in August, encouraging banks to join in. That change could have helped Okra grow if it had stayed the course. In the end, the company may have made a pivot too soon, in a market too hard to crack, with too little capital to survive it. 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. 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
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