Kenyan edtech Craydel expands to Rwanda, taps Nigerian talent in Pan-African push
Craydel, a Kenyan edtech that helps students apply to universities abroad, has launched in Rwanda and is expanding its Nigerian team as part of its ambitious pan-African expansion drive. Rwanda’s entry brings Craydel’s total footprint to five countries, joining Kenya, Nigeria, Uganda, and Zimbabwe. Craydel Co-founder Manish Sardana told TechCabal that the startup is now in its growth stage and expanding operations through partnerships with more overseas educational institutions as it broadens options for African students exploring various career options. Craydel provides a portal that matches students with education counselors who help them choose their career paths before selecting courses from partner universities. “Our study abroad tech allows us to scale seamlessly and rapidly across markets,” Sardana told TechCabal. “ Rwanda is now our 5th market in Sub-Saharan Africa, and the reception for Craydel from some of the top high schools in Rwanda has been phenomenal.” Craydel’s latest expansion makes it the first Kenyan edtech startup to expand across the continent. While most edtechs remain focused on single markets, the startup took the pan-African route, offering students in East, West, and now Central Africa a unified platform to explore, compare, and apply to universities and colleges. To meet growing demand, the company is also hiring education counselors across its teams in Nigeria and Kenya, a move Sardana attributes to rising demand for its tech-driven guidance platform. The company employs over 100 people, with Kenya and Nigeria remaining its largest and fastest-growing markets. Founded in 2021 by Sardana, John Nguru, and Shayne Aman Premji, Craydel has raised over $2.5 million in venture funding, with backing from Enza Capital, Angaza Capital, and other investors. Learners register for free, while the company earns revenue through commissions paid by institutions listed on the platform for each enrollment they receive. Its main competitors include IDP Education and Applyboard. “Craydel is building the digital rails for higher education choice and access across Africa, “ said Mile Mompi, Enza Capital managing partner. “Their rapid expansion into Rwanda and new high school partnerships is a testament to both the power of their technology and the strong market pull given the urgency of the problem they’re solving.” With an estimated 400,000 African students studying abroad each year, Craydel’s pan-African expansion positions it to tap into this growing market as it scales to achieve profitability. The startup estimates that the African edtech market is valued at about $30 billion annually.
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TechCabal Daily – Airtel bets on itself
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Your Gen Z co-worker doesn’t just want free snacks—they want company. So be extra nice to them today, they might just be lonely. 91% of the generation’s workers say they want more balance between virtual and in-person work, according to a survey from Harris Poll. Let’s dive into today’s edition. MTN’s BankTech, disburses $592 million in Q1 2025 Airtel plans to buy back its $55 million shares These 12 startups made the FT fastest-growing company list 2025 Fidelity Bank rejoins the trillion-naira market club World Wide Web 3 Events Telecoms MTN’s B2B loan service, BankTech, disburses $592 million in Q1 2025 Image Source: TechCentral If you’re Nigerian and you’ve ever had a serious mishap using MTN’s telecom service—like logging off a meeting or embarrassingly turning off your video during an interview so your internet spares your blushes—then you’d have asked, at least once, is MTN even serious about doing this telecom business? Or maybe it’s just us and we had to dramatise for effect. During the last decade, MTN made most of its money from voice calls—71% of revenue in 2014 came from it. However, voice revenue has slowed down over the years, dropping to 39% in 2023 and 32% in 2024. Last year, voice brought in R57.2 billion ($3.1 billion). By Q1 2025, it fell again by 0.1% year-on-year. On the other hand, its data revenue and digital services have taken off. Soon, as digital services began to expand, it opened up many sectors with it, such as fintech, entertainment, instant messaging, and education. MTN spotted these trends, and as a mature company, the telecom operator has dipped its fingers into all these businesses in hopes of increasing revenue and staying ahead of the curve. Already, as a data and infrastructure provider, MTN not only wanted to own the bakery, it was going after the bread, too. This was why it deepened its focus on fintech; it started with MoMo, which is a key business in some of its markets, and now, BankTech (which launched in August 2023)—a B2B platform that gives fintechs and digital platforms the tools (via APIs) to offer loans, savings, and insurance—is entrenching itself as an important money-spinner. For BankTech, MTN provides the liquidity, particularly in markets where it is permitted to offer digital loans. In Q1 2025, the group reported that it disbursed $592 million in loans. Juggling multiple ventures is no small task, but MTN’s scale and capital give it room to experiment. While it may not be as sleek as younger fintech startups, its reach and financial muscle make up for it. And for the businesses using its rails, what matters most is access, not who built the pipes. Yet, Nigerians can rest easy knowing MTN still has interest in offering solid telecom services after Q1 core network reinforcements. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Telecoms Airtel Africa plans to buy back its $55 million shares, signalling confidence Image Source: TechCabal Airtel Africa, the telecom company that operates in 14 African countries, has started the second phase of its $100 million share buyback programme, which began in 2024. The company plans to buy up to $55 million worth of its own shares from the open market to reduce the number of shares and return value to shareholders. Usually, when companies buy back shares, it’s a sign things are going well. Their books are solid, and there’s confidence in long-term growth. Airtel is in that position. In the full financial year that ended March 31, 2025, the company reported a profit after tax of $328 million; this was its highest cash pull in over three years, marking a turnaround from a $89 million loss in the previous period. Yet, the performance wasn’t a one-time wonder. Airtel has posted steady gains since mid-2024, helped by currency stability in Nigeria and better pricing on data. Tariff adjustments, cost controls, and easing FX pressure also helped it reverse course financially. The buy-back now doubles as both reward and signal—telling retail investors that the company is not only profitable but confident enough to reduce share count and concentrate future gains. Still, there’s a catch. Airtel is a famously illiquid stock, especially on the Nigerian exchange (NGX), largely because most of its shares are held by institutional investors, leaving little room for retail activity. As a result, trading volumes are thin, and retail investors may struggle to buy or sell shares quickly without nudging the price. This illiquidity means that investors must be prepared to play the long game. Paga is on the Financial Times List Three Times in a Row! Milestone achieved: 3x in a row! Celebrating 16 years of growth with our third consecutive appearance on the Financial Times’ Africa’s Fastest-Growing Companies list. Read more. Startups These 12 startups made FT fastest-growing company list for 2025 Image Source: TechCabal What does it take to be one of Africa’s fastest-growing companies? FT and Statista say it’s a combination of grit and an ambition to build durable businesses amidst volatile operating environments. You’d agree this is true, especially at a time when African startups are witnessing a decline in venture funding. Yesterday, the Financial Times in collaboration with research company Statista released its yearly list of fastest-growing companies on the continent, a list that has been revered by investors and PR folks alike. Now in its fourth year, 2025 rankings featured 130 African companies based on their revenue growth rate from 2020 to 2023. The 2025 list contains some very familiar names—Moniepoint, Paga, Mkopa and Palmpay—and some names you wouldn’t expect on the list—Nigeria’s 40-year-old Chams PLC. Overall 12 startups were selected for the list, with Nigeria having the most representation with 6 startups. Kenya had 3 companies on the list
Read MoreA priest, Oluwo Olawole Olakunle, is building an app to check fraudulent spiritualists
I locked myself in the office restroom to escape my colleagues’ chatter. Pacing, I needed a quiet place to listen to Oluwo Olawole Olakunle, a priest of Ifá—a revered Yoruba system of divination—deliver a virtual reading. In an interview days before, Olakunle, who holds degrees in information technology and electrical engineering, described Ifá as a “query system” akin to a computer algorithm. “Ifá has no emotion,” he explained. “It’s garbage in, garbage out. You ask the right question, you get the truth.” His analogy echoed the rise of technopaganism, a term for the many ways spiritual practice is merging with digital technology. Today, virtual reality, artificial intelligence, and social media allow spiritualists to conduct immersive rituals, join far-flung spiritual communities, and even consult AI-powered oracles. The ancient and the digital are fusing in ways that would have seemed impossible a generation ago. In the past, finding spiritualists meant relying on word-of-mouth recommendations and undertaking a journey to a shrine, like Olakunle’s in Epe. Now, diviners are gaining prominence on social media platforms and conducting consultations and rituals virtually. Olakunle, who rose to fame in 2021 after his podcast and social media posts earned him a documentary, is one such practitioner. He claims he has thousands of unattended divination requests dating as far back as three years ago. Fascinated, I asked him for a reading, posing the question in the minds of millions of young Africans: Why am I not making financial progress? His voice, steady and punctuated by soft Yoruba chants, shared answers that felt more like predictions: “Ifá says you’re destined for authority, but people who should be subjects slander and plot against you.” He mentioned threats to my family’s ancestral lands, a blackmail case, and the glimmer of sudden wealth on the horizon. He continued for half an hour. At the session’s end, he prescribed actions: practice greater hospitality, discard my old duvet, and pay ₦63,000 for him to procure items needed to “feed” the gods at his shrine in Epe, hours away, and an additional ₦270,000 to fund the design of a personal digital portal for daily divine guidance. The total cost, almost five times Nigeria’s minimum wage, gave me pause. As I stared at my scribbled notes, half-sceptical and half-mesmerised, I wondered if the predictions were a candid effort or educated guesses based on benchmarks typical of an assertive Nigerian woman navigating a culture where sexism, harassment, and patriarchy prevail. Nonetheless, worldwide, several seekers are doling out cash to online babalawos they meet on TikTok, Twitter, Facebook, or custom e-commerce sites where they list their services. Olakunle is building one such platform: Ifa Priest Africa. However, his goal goes beyond facilitating virtual divination. 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It has also fostered fraudsters—individuals posing as spiritualists without proper initiation or training and extorting unsuspecting seekers. Some of them are encouraging criminal practices like human sacrifice, which several practitioners have stated do not align with the doctrines of the Yoruba gods. Olakunle hopes that Priests of Africa will curtail this problem. It is an online platform that aggregates vetted spiritualists through background checks, mentor verification, and test divinations. The application also functions as a messaging
Read MoreSouth African fintechs Paymenow, TymeBank, Omnisient make FT’s Africa fastest-growing companies list
Three South African fintech startups, Paymenow, TymeBank, and Omnisient, have been named in the Financial Times (FT) Africa’s Fastest-Growing Companies 2025 ranking. Now in its fourth year, the FT ranking, developed in collaboration with research firm Statista, evaluates businesses based on their compound growth rate from 2020 to 2023, providing a retrospective analysis of corporate expansion across Africa. This year’s list featured 130 high-growth businesses, and the three fintech startups were among the 51 South African companies listed. Paymenow Ranked sixth, Paymenow is a fintech startup in financial services and insurance. Established in 2019, the company offers innovative solutions that improve financial accessibility for employees and consumers alike. Paymenow has experienced phenomenal growth, with an absolute increase of 3756.1% and a compound annual growth rate (CAGR) of 237.8% between 2020 and 2023. The company’s revenue surged from $0.14 million in 2020 to $4.86 million in 2023, and its team has grown significantly, from 7 employees in 2020 to 38 employees in 2023. 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A deeper look at its growth metrics reveals key changes in its financial performance and expansion trajectory over the past year. Between 2020 and 2023, TymeBank’s revenue soared from $10.67 million to $67.70 million, representing a 610.9% absolute growth rate in the 2025 ranking. Comparatively, in the 2024 list, its revenue had increased from $4.65 million in 2020 to $40.41 million in 2023, reflecting an 885.69% absolute growth rate at the time. The bank’s CAGR fell from 114.41% in 2024 to 92.3% in 2025. TymeBank’s workforce grew significantly, increasing from 350 employees in 2023 to 602 employees in 2025. Omnisient Omnisient is a financial services and insurance startup founded in 2019. The company focuses on data-driven financial solutions, helping businesses and financial institutions use secure and ethical data-sharing practices for customer insights and risk analysis. Omnisient’s ranked 30 and was not listed in the 2024 ranking list. Between 2020 and 2023, Omnisient’s revenue surged from $0.32 million to $2.00 million, reflecting an absolute growth rate of 604.9% and a compound annual growth rate (CAGR) of 91.7% in the 2025 FT ranking. Omnisient’s employee count increased from 10 in 2020 to 39 in 2023, indicating consistent investment in talent and operational capacity. 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Read MoreMTN’s BankTech disburses $592 million in Q1 loans amid rising credit demand
BankTech, the digital lending arm of MTN Mobile Money unit, disbursed a record $592 million in loans in Q1 2025, according to MTN Group’s financials, its highest since launching in August 2023. The surge highlights growing demand for microloans and the rising role of telcos in closing Africa’s credit gap. The lending platform is MTN’s strategic push into banking-as-a-service (BaaS), offering APIs that enable fintech startups, businesses, and digital platforms to integrate financial services, such as lending, savings, and insurance, directly into their ecosystems. Loans are primarily issued to individuals and small businesses through MTN’s BankTech platform. BankTech highlights the growing role of telecoms in driving financial inclusion. Before MTN joined the digital lending space, platforms like Safaricom’s M-Shwari (launched in 2012), KCB M-Pesa (in partnership with Kenya Commercial Bank), Airtel Money Loans across East Africa, and Vodacom’s M-Pesa in South Africa had already paved the way for mobile-based consumer lending in Africa. Collectively, these telco-led platforms represent a consumer lending marketplace valued at approximately $247 million, all aiming to bridge Africa’s estimated $782 billion credit gap as of 2024. BankTech’s growth reflects a shift in consumer confidence, showing that users are increasingly embracing telecom-driven financial solutions as credible alternatives to traditional banks. The platform started gaining momentum in 2024, disbursing $371.7 million in loans in the first quarter, followed by $359.9 million in Q2, $461.5 million in Q3, and $546.8 million in Q4. This steady growth led to a record $731.6 million in loans disbursed in Q1 2025. According to MTN’s financial reports, the surge was largely driven by strong performance in Ghana, Uganda, and Cameroon—markets where MTN’s fintech services are growing quickly and digital lending is becoming more established. 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 <!– Next Wave –> <!– Entering Tech –> Subscribe Despite being MTN’s largest market by subscribers, Nigeria has yet to meaningfully participate in this lending surge due to regulatory constraints. MTN Nigeria operates under a Payment Service Bank (PSB) licence, which limits it to providing basic financial services such as deposits, transfers, and mobile wallets. The Central Bank of Nigeria prohibits PSBs from offering credit products, keeping MTN’s lending ambitions in the country on hold. This means MTN’s BankTech cannot operate its lending business in Nigeria, even as demand for credit continues to climb. Instead, the company relies on Xtratime, an airtime advance service that lets subscribers borrow airtime and repay it on their next recharge. Though not classified as a cash loan, Xtratime plays a similar role for low-income and unbanked users needing short-term value. Despite regulatory constraints, Xtratime has become a crucial driver of MTN Nigeria’s fintech revenues. In Q1 2025, MTN Nigeria reported a 57.9% year-on-year increase in fintech revenue, hitting ₦36.1 billion. This was largely fueled by the growth of airtime lending via Xtratime. The growth was bolstered by a revamp of MTN’s customer acquisition strategy starting in Q3 2024. The company optimised incentives, strengthened distribution oversight, and focused on attracting high-value users, leading to deeper service penetration and better customer retention. As of Q1 2025, MTN Nigeria’s subscriber base grew by 8.2% to 84.1 million, adding 3.2 million new users—many of whom are potential Xtratime users. One way MTN would have expanded its fintech services in Nigeria is to spin off its fintech unit and have it run like an independent fintech company, but progress has been slow. MTN Group CEO Ralph Mupita recently acknowledged that the process is
Read MoreMoniepoint, PalmPay, OmniRetail, Paga make FT Africa’s fastest-growing companies list
Six Nigerian startups—Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga—have been listed on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the continent. The annual FT ranking, produced in partnership with research company Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023. The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent. Last year, five Nigerian startups—Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone—were named on the 100-company list. The FT ranking has become a key barometer for investor interest and global visibility. At a time when African startups are navigating declining venture funding and volatile operating environments, the recognition underscores these companies’ ability to build durable businesses with wide-scale user adoption. Here is the list of the Nigerian startups that made the list: Moniepoint The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions. In 2023, we reported Moniepoint served over 1.6 million small businesses across Nigeria and processed more than $100 billion in annualised transactions. It also recently announced expansion plans into East Africa. “We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world’s leading financial publication—the Financial Times,” said Tosin Eniolorunda, Group CEO of Moniepoint Inc. “We like to let statistics speak for themselves, and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team—and I thank them all for their continued dedication.” PalmPay Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards. Paga A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent. “This milestone coincides with our 16th anniversary, a testament to our team’s dedication and the trust our customers place in us,” said Tayo Oviosu, CEO and co-founder of Paga. “We’ve built a profitable business scaling at venture growth levels and are on an exciting trajectory.” OmniRetail OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets. Termii Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa. Remedial Health Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform. In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country. “This recognition is a reflection of the tremendous impact our technology is having on healthcare delivery in Africa, starting in Nigeria,” said Samuel Okwuada, CEO and Co-founder of Remedial Health. “We are building the infrastructure for a more efficient, data-driven, and profitable healthcare ecosystem, and we are just getting started. Our commitment is to deliver innovative solutions that empower the frontline providers and strengthen healthcare businesses at every level.”
Read MoreRoam, M-Kopa top Kenyan firms on FT’s Africa fastest-growing companies list
Three Kenyan startups—Roam Electric AB, M-KOPA Holdings Ltd, and Victory Farms Ltd—have been named among Africa’s fastest-growing companies in the latest ranking by the Financial Times and Statista, a list dominated by South African and Nigerian firms. The three startups were among 11 Kenyan companies featured in the 2025 FT Africa Fastest Growing Companies list, which evaluated revenue growth between 2020 and 2023 across 130 private and public businesses on the continent. Roam Electric, which designs and assembles electric motorcycles and buses for the African market, was the highest-ranked Kenyan startup at 36th. The company has seen surging demand as Nairobi and other East African cities seek climate-friendly transport alternatives. At 68th place, M-KOPA, a digital asset financing platform that allows low-income customers to acquire smartphones and solar kits through pay-as-you-go models, continued its position as one of East Africa’s standout fintechs. The company, which has expanded to Nigeria, Uganda, South Africa, and Ghana, has onboarded over 5 million as of December 2024. Victory Farms, a sustainable aquaculture company based in Western Kenya, ranked 91st. The vertically integrated fish farm has capitalised on the rising demand for affordable protein across East Africa and recently began scaling operations into Rwanda and the Democratic Republic of Congo. While tech startups have previously dominated the FT ranking, this year’s edition saw a notable rise in traditional brick-and-mortar businesses from Kenya. From banks and supermarkets to hospitality and data centres, the 2025 ranking points to growth beyond the tech sector, showing how long-established companies are adjusting in a difficult economy. Kenya’s TPS Eastern Africa, the operator of Serena Hotels, was ranked 41st, signaling a post-pandemic rebound in regional tourism. Quickmart, one of the country’s fastest-growing supermarket chains, came in at 79th, marking the only major retail player on the list. In the financial sector, KCB Group and Co-operative Bank were ranked 112th and 127th, respectively — a sign that even well-established companies can deliver rapid growth for investors. Other Kenyan firms featured included Pan African IX Data Centres Ltd (101), East African Business Company Ltd (100), Kofisi Hospitality Group Ltd (110) — a flexible workspace operator — and Impax Business Solutions Ltd (82), which provides enterprise software systems. The FT ranking listed 130 companies, up from 125 last year, ordered by the highest compound annual growth rate (CAGR) in revenues between 2020 and 2023. To qualify, companies had at least $100,000 in revenue in 2020 and $1.5 million by 2023.
Read MoreFidelity Bank reclaims trillion-naira market cap as stock rises to ₦21
On Friday, April 4, 2025, Fidelity Bank Plc—a tier-2 Nigerian commercial bank—crossed the ₦1 trillion market capitalisation mark, joining the ranks of tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it slipped below that threshold on Monday, April 7, before reclaiming its position on April 23. The bank dropped out again on May 12, but reentered the elite club after its share price rose by 5.3% to ₦21.00 from ₦19.95 on April 4, according to data from the Nigerian Exchange Limited (NGX). This development also increases the total number of Nigerian companies with a trillion-naira market capitalisation to 19. Market capitalisation, or market cap, represents a publicly listed company’s value on the stock market and is calculated by multiplying the total number of outstanding shares by the current share price. For Fidelity Bank, with 50.2 billion outstanding shares, this calculation results in a market cap of one trillion naira. The midsize lender’s growth positions it as a likely tier-1 Nigerian bank, attracting wider investor interest and improving its capital raising ability. Analysts say the bank is well-placed to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity, increasing its stock market investments. “The bank’s financial performance, particularly their strong Q1 results, suggests a potential for continued share price increase,” said Nabila Mohammed, a research analyst at Chapel Hill Denham, an investment banking firm in Lagos. “Maintaining this momentum could elevate their market value, attract greater investor interest, and reflect a higher level of investor confidence.” On what drove Fidelity’s share price which rose by 141% from ₦8.70 in May 13, 2024, Meksley Nwagboh, the company’s chief marketing officer attributed it to its 2024 strong after-tax profit performance which recorded the highest growth of 189% among the 10 major banks, improving investors’ appetite for the bank. “Our 2024 results showed the highest percentage increase, and this momentum continued into Q1 2025 with triple-digit percentage growth,” Nwagboh said. “This strong performance reflects positive market sentiment.” 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 <!– Next Wave –> <!– Entering Tech –> Subscribe In its Q1 financial results, the bank reported a 190% after-tax profit growth to ₦91 billion ($56.8 million), up from ₦31.4 billion ($19.4 million) in the same period of 2024. This sharp growth was fueled by a combination of higher interest income, forex exchange gains, and improved cost efficiencies. “Fidelity’s rise is partly due to significantly lower credit loss expenses, which boosted net interest income,” said Olamide, a Lagos-based banking and macroeconomic analyst who asked to be identified by first name only. “Lower loan defaults generally enhance bank performance.” She added that the bank’s rally was also spurred by its 2024 full-year results, as investors anticipated dividend payouts. “The broader uptick in the banking sector and a resilient Q1 performance on the NGX added to the momentum.” A recent report by Proshare, a market intelligence firm in Nigeria, noted that the NGX All-Share Index (ASI) gained 2.66% year-to-date by the end of Q1 2025, despite broader market volatility. The banking sector, in particular, posted a 6.96% gain, fueled by recapitalisation efforts that collectively raised ₦2.4 trillion in fresh capital. “This has driven a rally in the sector and contributed to the broader market uptrend, as most banks are now in the second phase of their recapitalisation plans,” the report noted. According to African Stock Exchanges,
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TechCabal Daily – You could pay 5% more for data
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Let’s dive in. Spar enters the mobile space backed by MTN MVNO Nigerians could pay 5% more in telecom fees Kenyan microfinance banks are cutting jobs in their innovation departments World Wide Web 3 Opportunities Companies Spar enters the mobile space backed by MTN MVNO Image Source: Spar Spar Group, the South African retail giant, is expanding into telecoms with the launch of Spar Mobile, a prepaid mobile virtual network operator (MVNO) built in partnership with megsApp and backed by MTN. The MVNO will offer prepaid voice, data, and SMS services and also allow customers to earn free mobile data when purchasing select promotional items at Spar and Tops! stores, potentially reducing costs by up to 50%. To participate, customers will have to buy Spar Mobile SIM cards, priced at R15 ($0.80), and come with 300MB of data and R10 ($0.54) in airtime. The service supports eSIM functionality, number porting, and seamless integration with the Spar mobile app for easy account management. The model is designed for South Africa’s price-sensitive, mobile-first market, where loyalty programs and value-driven bundles are already reshaping retail and telecom competition. Why is Spar doing telecoms? Short answer. A huge demand. South Africa’s MVNO market is projected to hit $90.91 million in 2025, according to industry estimates, driven by growing demand for flexible, low-cost mobile alternatives. Spar follows in the footsteps of other retailers, such as Pick n Pay and TFG Connect, that have launched MVNOs via MTN’s platform. Since 2020, MTN has played a key role in enabling retail-led telecom services in South Africa, where MVNOs are projected to generate $90.91 million in 2025. If successful, Spar Mobile could extend to other markets where both Spar and MTN operate, including Botswana and Zambia. With retailers leveraging mobile services to deepen customer loyalty and attract price-sensitive consumers, this innovative model could redefine telecom affordability in the region. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global 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 Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events <!– Next Wave –> <!– Entering Tech –> Subscribe Telecoms Nigerians could pay 5% more in telecom fees after senate passes tax bill Image Source: Imgflip/TechCabal Nigerians, your telecom data is about to get a little bit more expensive, but the government says you’ll be okay; it’s just another 5%. It is slowly becoming expensive to stay digitally connected. One moment, you feel you’re easing into the 50% telecom tariff hike that happened in February. The next minute, it’s more taxes. After the Nigeria Tax Bill (2024) was passed in the Senate on May 8, we may soon see a 5% excise duty on telecom services—especially for calls and data. That’s on top of the 54 other taxes operators already pay. Telecom companies like MTN and Airtel, fresh off recovery from currency devaluation and 2024’s brutal losses, say they have no room to absorb this one. So, guess who gets to pick up the tab? You. Globally, telecom taxation is common; across parts of Africa, governments tax telecom and digital services to funnel the money to other aspects of the economy. Zimbabwe taxes airtime and plans to use it to fund healthcare plans. Zambia slaps on a 17.5% excise duty on consumers,
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CBN licences in Nigeria: types, costs & what fintechs should know
If you’re building a fintech startup in Nigeria, one of the first things you’ll need to figure out is this: what CBN licences do we need to operate legally, and how much will it cost? Whether you plan to launch a digital wallet, a mobile money app, a savings platform, or a full-scale digital bank, the Central Bank of Nigeria (CBN) requires you to be licenced. And not just any licence. The type you apply for depends on your services, how you move money, and whether you’re holding customer funds. This guide breaks everything down clearly. You’ll learn: The different types of CBN licences available What each licence allows you to do The capital requirements and actual costs involved So, what kind of licence does your startup need? Let’s find out. The main types of fintech CBN licences in Nigeria Before investing time or money into your fintech product, you must know what licence aligns with your services. Below are the main types of licences issued by the CBN, what they’re used for, and the kinds of startups that apply for them. We’ve also included capital requirements, so you know what to expect upfront. 1. Switching and Processing Licence Who needs this: Companies that process payments, settle transactions, or serve as payment gateways (e.g., Paystack, Flutterwave). What it allows you to do: Transaction switching, card processing, clearing, and settlement services. Minimum capital: ₦2 billion Other requirements are PCI-DSS certification, a disaster recovery plan, risk frameworks, and agreements with banks or merchants. Application fee: ₦100,000 (non-refundable) CBN deposit (escrow): ₦2 billion (returned after the licence is issued) Is your startup building infrastructure that connects banks, wallets, and payment platforms? Then this is likely the licence you need. 2. Mobile Money Operator (MMO) Licence Who needs this: Wallet-based platforms that allow users to store and transfer funds (e.g., Paga, OPay). What it allows you to do: Offer wallets, send/receive money, pay bills, and more. Minimum capital: ₦2 billion CBN deposit (escrow): ₦2 billion Other requirements: 5-year business plan, KYC/AML procedures, data protection policies, and agreements with telcos or banks. Planning to run a mobile wallet or build a money transfer app? This licence is mandatory. 3. Payment Solution Service Provider (PSSP) Licence Who needs this: Gateways and APIs that facilitate online transactions for other businesses (e.g., Remita). It allows you to provide backend services for payment processing between banks, merchants, and consumers. Minimum capital: ₦100 million Escrow deposit: ₦100 million Extra requirements: Card security certifications, partner agreements, robust IT, and risk policies. If your startup supports merchants with checkout systems or payment APIs, this is the licence for you. 4. Payment Terminal Service Provider (PTSP) Licence Who needs this: Companies that manage and distribute POS terminals. It allows you to deploy and maintain point-of-sale devices across Nigeria. Minimum capital: ₦100 million Escrow deposit: ₦100 million Key requirements: PCI-DSS/PA-DSS compliance, draft technical agreements, and a detailed project rollout plan. Does your business manage POS terminals or build POS solutions? You’ll need this licence before you expand. 5. Payment Service Bank (PSB) Licence Who needs this: Institutions focused on providing banking services to the unbanked and underbanked, often in rural areas. What it allows you to do: Accept deposits, transfer funds, operate savings products, and issue debit cards. Minimum capital: ₦5 billion Special requirement: At least 25% of banking agents must be in rural or underserved areas. Thinking of launching a digital bank that targets financially excluded populations? This is your go-to licence. 6. Super-Agent Licence Who needs this: Platforms managing a network of smaller agents (not necessarily customer-facing). What it allows you to do: Create and manage an extensive agent network for financial services. Minimum capital: Varies (often ₦50 million+ depending on reach) Additional requirements: Operational structure, risk controls, signed agreements with agents and financial partners. If you’re building a last-mile distribution model using field agents or kiosks, this licence gives you the legal framework to scale. 7. CBN Regulatory Sandbox Who needs this: Early-stage startups testing innovative ideas that don’t clearly fall under existing CBN licences. It allows you to test new financial products under CBN supervision without full licencing. Cost: No capital deposit required during testing Process: Application-based, with approval timelines of 45–60 business days Still figuring out your model? The sandbox allows you to validate your idea before spending big on a licence. CBN fintech licence summary table Here’s a quick table showing the most common fintech CBN licences in Nigeria, their use, and the capital required. What does it cost to get a CBN fintech licence? Getting a licence in Nigeria doesn’t just mean filling out forms and waiting for approval. It means spending real money. If you don’t budget properly, the process can stall or fail. Let’s break down the actual costs you should expect. 1. Application fees These are non-refundable and must be paid to start your licencing process. Depending on the licence, most application fees range from ₦100,000 to ₦500,000. Some licences, like Payment Service Banks, may require additional administrative or inspection fees during the review stage. Tip: Don’t confuse this with the capital deposit. Application fees are paid upfront and are separate from your operational funds. 2. Capital requirements This is where it gets serious. Switching/Processing and MMO: ₦2 billion (escrow deposit) Payment Service Bank (PSB): ₦5 billion PSSP and PTSP: ₦100 million Super-Agent: Varies, but often ₦50 million or more Digital banks: ₦2 billion+ Microfinance banks: ₦20 million to ₦100 million (Tier-based) These amounts are either: Held by the CBN during processing, then refunded Or required as minimum paid-up share capital, meaning you must own the funds and reflect them in your financial statements. 3. Legal, compliance, and consulting fees You’ll likely need legal experts, compliance advisors, and sometimes former regulators to review your documents and structure. Expect to spend ₦2 million to ₦10 million on: Legal counsel Drafting partnership agreements Developing KYC/AML policies Reviewing tax and ownership documentation This is one of the most underestimated costs. Cutting corners here could lead to
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