Quick 
Fire with Ilamosi Ivienagbor
Ilamosi Ivienagbor is a senior sales manager at Big Cabal Media, where she leverages her diverse skills to create and implement effective sales strategies. Ilamosi previously worked in the business development team at Flutterwave. With a background in mass communication (BSc and MSc), Ilamosi has a fine blend of experience across media, sales, admin, and people operations. Outside of her corporate role, she runs a footwear business, designing custom footpieces for both men and women. Ilamosi also takes on freelance voice-over projects, appears in TV commercials, and hosts shows. Explain your job to a five-year-old. I help people buy cool things from us, like when you want a new toy. But instead of toys, I sell ideas and services to companies. My job is to find out what they need (in terms of advertising) and then tell them how we can help them get the visibility they need. What is your sales superpower and why? I think my superpower would be “listening with empathy.” It’s like having the ability to understand exactly what someone is feeling and needing, even if they don’t say it out loud. It helps me find the right solution, even if it’s something they didn’t know they needed yet. What is the worst part about working in sales? The worst part is when people don’t follow through. It’s frustrating when you put a lot of time and effort into a deal, only for it to fall apart at the last second. Also, there’s a lot of rejection, which can be tough on days when things don’t go your way. Why did you get into the media industry and how has the journey been? I’ve always loved storytelling, whether it was presenting or hosting shows. (I mean, not to brag, but I have 2 degrees in mass communication.) Media is something I’m very passionate about. I got into the media industry because it’s dynamic and always evolving, and it gave me the chance to connect with people. The journey has been a rollercoaster with lots of learning, growth, and finding new ways to be creative while staying grounded in business. What’s one sales strategy you swear by that most people overlook? Building real relationships. It’s easy to get caught up in the numbers, but trust is everything in sales. People want to do business with people they like and trust, so I spend a lot of time nurturing relationships and making sure I’m genuinely invested in helping them succeed, not just closing a deal. In tough sales cycles, what’s your go-to move to revive a cold lead? I always try to go back to the original value proposition, why they were interested in the first place. Sometimes, a fresh angle or a personalised approach can reignite interest. If that doesn’t work, I keep the door open by offering something of value, like a helpful article or a new insight, just to stay top of mind. What is the wildest or most unexpected “yes” you have ever gotten in sales? There was one time I went to a client’s office (actually, at the start of the year) to pitch a tier of sponsorship for one of our events (HERtitude by Zikoko), and somehow, I ended up convincing them to come onboard as the headline sponsor (the highest tier) mid-pitch. It was totally unexpected, but it taught me the importance of taking risks and going for exactly what you want. Try it first. What’s the worst that can happen? What is your strongest opinion about tech sales? You need to understand the deeper needs of your client. It’s not just about the product; it’s about how it solves a problem or adds value. Tech is always changing, but human connection and problem-solving will never go out of style. What is one moment in your tech sales career you are proud of? I’m really proud of a partnership I closed last year for moonshot that came with visibility in countries like Kenya, South Africa and Ghana. That exact coverage was what we needed to shine light on the good we were doing with the Moonshot conference here in Nigeria. Let’s try a #SellMethisPen elevator pitch about sales: sell your footwear brand in a short sentence. You know how you always wish you could find footwear that are both comfortable and durable, but without paying a crazy price? That’s exactly what we do at Efia By Illy. Affordable, long-lasting comfort and you don’t even have to break the bank for it. How many pairs should I make for you?
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TechCabal Daily – Jumia keeps profitability dream alive
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF. Congratulations to Cardinal Robert Prevost on becoming Pope Leo XIV, the 267th pope in history. His selection process was one of the fastest in history. My colleague joked that the cardinals were itching to get back their phones. If you’re curious about the tech that safeguards the conclave’s secrecy, WIRED has a beautiful explainer for you. Don’t forget to take time out to recharge this weekend and maybe see the Conclave movie if you haven’t. Let’s get into today’s dispatch! Quick Fire with Ilamosi Ivienagbor Jumia set profitability target for 2027 Airtel Money to go public in 2026 Seven African healthtech startups Join i3 programme Funding Tracker World Wide Web 3 Job Openings Features Quick Fire with Ilamosi Ivienagbor Image: Ilamosi Ivienagbor Ilamosi Ivienagbor is a senior sales manager at Big Cabal Media, where she leverages her diverse skills to create and implement effective sales strategies. Ilamosi previously worked in the business development team at Flutterwave. With a background in mass communication (BSc and MSc), Ilamosi has a fine blend of experience across media, sales, admin, and people operations. Outside of her corporate role, she runs a footwear business, designing custom footpieces for both men and women. Ilamosi also takes on freelance voice-over projects, appears in TV commercials, and hosts shows. Explain your job to a five-year-old. I help people buy cool things from us, like when you want a new toy. But instead of toys, I sell ideas and services to companies. My job is to find out what they need (in terms of advertising) and then tell them how we can help them get the visibility they need. What is your sales superpower and why? I think my superpower would be “listening with empathy.” It’s like having the ability to understand exactly what someone is feeling and needing, even if they don’t say it out loud. It helps me find the right solution, even if it’s something they didn’t know they needed yet. What is the worst part about working in sales? The worst part is when people don’t follow through. It’s frustrating when you put a lot of time and effort into a deal, only for it to fall apart at the last second. Also, there’s a lot of rejection, which can be tough on days when things don’t go your way. Why did you get into the media industry and how has the journey been? I’ve always loved storytelling, whether it was presenting or hosting shows. (I mean, not to brag, but I have 2 degrees in mass communication.) Media is something I’m very passionate about. I got into the media industry because it’s dynamic and always evolving, and it gave me the chance to connect with people. The journey has been a rollercoaster with lots of learning, growth, and finding new ways to be creative while staying grounded in business. What’s one sales strategy you swear by that most people overlook? Building real relationships. It’s easy to get caught up in the numbers, but trust is everything in sales. People want to do business with people they like and trust, so I spend a lot of time nurturing relationships and making sure I’m genuinely invested in helping them succeed, not just closing a deal. What is one moment in your tech sales career you are proud of? I’m really proud of a partnership I closed last year for moonshot that came with visibility in countries like Kenya, South Africa and Ghana. That exact coverage was what we needed to shine light on the good we were doing with the Moonshot conference here in Nigeria. Let’s try a #SellMethisPen elevator pitch about sales: sell your footwear brand in a short sentence. You know how you always wish you could find footwear that are both comfortable and durable, but without paying a crazy price? That’s exactly what we do at Efia By Illy. Affordable, long-lasting comfort and you don’t even have to break the bank for it. How many pairs should I make for you? 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. 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Read MoreLegend, Nigeria’s first publicly listed ISP, has bigger plans than just selling internet
When Legend Internet Plc rang the bell on the trading floor of the Nigerian Exchange (NGX) on April 24, 2025, it made history as the country’s first and only internet service provider (ISP) to go public. Unlike many IPOs, Legend Internet was listed by introduction, meaning no new shares were sold at the time of listing. Instead, the company made two billion ordinary shares available at ₦5.64 each, instantly adding ₦11.28 billion ($8.68 million) to the NGX’s market capitalisation. Since its listing, Legend’s shares have surged over 58%, landing in the NGX’s top 10 gainers. Legend Internet was founded in 2014 with a mission to democratize internet access in Nigeria. For years, the company quietly built out its fiber infrastructure in Abuja, laying over 250,000 meters of cable and connecting more than 10,000 homes. By 2024, Legend had grown into Nigeria’s fastest-growing last-mile fiber provider, with a footprint covering 250,000 homes in the capital city alone and a vision to reach one million homes nationwide within five years. Legend Internet provides high-speed internet, TV, and voice services through a single fibre optic cable directly to homes. At each location, an Optical Network Terminal (ONT) is installed, functioning as both modem and router to deliver wired and wireless connectivity. Users manage subscriptions and payments digitally via the MyLegend platform, which links to LegendPay for seamless renewals and customer support. Going public The path to public listing was anything but straightforward. Nigeria’s broadband market, while full of potential, is notoriously difficult for ISPs. Despite the country’s mobile connectivity boom, the fiber broadband penetration growth remains under 1%, starkly contrasting South Africa’s 30% annual growth. The reasons are many: high right-of-way costs, rampant vandalism of infrastructure, heavy taxation, and fierce competition from deep-pocketed mobile network operators. These challenges have forced over half of Nigeria’s licensed ISPs to shut down in recent years, leaving just 106 active players in a market of 20 million homes. Legend Internet, led by CEO Aisha Abdulaziz, understood from the outset that survival and scale would require more than technical expertise. Before going public, Legend Internet was privately funded through a mix of equity investments from founding partners, strategic investors, and reinvested operational revenues. Legend did not share the numbers. The focus was on building the network, customer acquisition, and digital platforms. As operations matured and the demand for capital increased to support long-term infrastructure growth and nationwide expansion, the company went public to raise more capital and strengthen its market position. “We’re an infrastructure-intensive business, and to expand, you need long-term capital,” Abdulaziz said. “The only place to find that is the capital market.” The company spent six months preparing for its listing, meeting the NGX’s rigorous requirements, including the 20% free float rule to ensure enough shares are available for public trading. Raising capital to fund expansion The listing on the NGX is just the start of a much larger play for Legend Internet. The company is aiming to raise an additional ₦150 billion ($93 million) through a mix of debt and equity to fund an ambitious expansion plan. That capital will support the extension of its fiber network beyond Abuja to Lagos and eventually to 31 states across Nigeria. The company will also upgrade its technology, hire talent, and scale operations. At the core of Legend’s strategy is a focus on affordability. Understanding that high costs remain a major barrier to internet adoption for millions of Nigerians, the company has pledged not to increase its subscription prices, which currently start at ₦21,521 ($16.55) per month. Instead, it’s focusing on driving operational efficiencies, building a local supply chain, and limiting exposure to foreign exchange volatility to maintain competitive pricing. According to its 2024 financial report, the company sharply reduced its cost of sales by 21%, which lifted its gross profit by 8.56% and boosted its gross margin to 59.5%. The company has focused on sourcing locally to reduce reliance on foreign exchange, which is volatile in Nigeria. Turning WiFi users into digital economy participants Legend is hoping to win with an aggressive push into free public WiFi. With 180 active hotspots across Abuja and more than 200,000 monthly connections, Legend is using free WiFi not just as a goodwill gesture, but as a strategic gateway into its wider ecosystem of digital services. “Free WiFi is more than charity, it’s strategic,” Abdulaziz said. “It’s marketing, it’s outreach, and it’s a bridge to the digital economy for underserved Nigerians.” Through its free public WiFi network, Legend introduces users to its broader ecosystem of digital services: LegendMail, Nigeria’s first indigenous email platform; LegendPay, a digital payments solution; and the upcoming MailPay, which will enable money transfers via email. The company’s goal is to turn these free WiFi users, especially from the 10 million low-income households with limited internet access, into long-term paying subscribers by offering valuable, easy-to-use services at their first point of digital contact. While free public WiFi initiatives in Nigeria have largely struggled due to operational costs, regulatory issues, and lack of sustainability, Legend believes its integrated model can succeed where others have failed. Past efforts by Google Station, Surfwella, and state-led projects relied mostly on advertising and government funding and failed due to a lack of a clear revenue stream and user engagement. But by linking free access with core services, Legend is hoping to guarantee consistent revenue and increased user engagement. For the company, the listing is just the start. It wants to build what Abdulaziz calls the “foundation layer” of Nigeria’s digital economy.
Read MoreJumia predicts profitability in 2027 as Q1 results reflect consumer gains
Jumia, Africa’s leading e-commerce platform, expects to generate enough revenue to cover all operating expenses by 2027. This is not equivalent to net profitability, as taxes could still impact the projected bottom line, but it is a significant milestone for a public company that has historically reported losses. “Driven by strong underlying growth in our core consumer business and decisive actions to improve efficiency, we are updating our financial outlook,” Dufay shared in the SEC filing. He projects that 2025’s loss before income tax is expected to be $50–55 million and will shrink further to $25–$30 million in 2026. Jumia’s bold ambition to hit profitability by 2027 comes despite a rocky first quarter in 2025. Revenue slid to $36.3 million, a 26% year-on-year decline, which the company attributes to a slump in Egypt’s corporate sales, while total platform sales dipped 11%. Yet, the e-commerce giant is gaining ground with consumers, with orders increasing by 21%—the strongest growth in two years—fueled by a pivot away from unprofitable markets and a push into rural regions, where consumer sales climbed 10%. Fewer high-margin corporate deals dented gross profit, but easing currency pressures in Nigeria and Egypt slashed the pre-tax loss by more than half. Smarter logistics kept delivery costs and a leaner marketing strategy cut advertising expenses by 17%. A 61% boom in products from international sellers enriched Jumia’s catalogue, while 45% of new customers from late 2024 returned for more, up from 40%. JumiaPay’s payment volume held steady, covering 28% of sales, up from 25% last year. “We anticipate physical goods orders to grow between 20% and 25%, up from the previous range of 15-20%,” Dufay said in the report. “GMV is projected to be between $795 million and $830 million in 2025, a year-over-year increase of 10% and 15%, respectively, excluding foreign exchange impact.” Despite the company’s raised guidance and positive operational highlights, Jumia’s share price has experienced a decline. As of the time of publishing, the stock price is $2.40, down about 4.76% (a drop of $0.12) from the previous close of $2.52. Investors may be weighing its long-term potential against Africa’s economic uncertainties.
Read MorePalmPay to expand to 4 African markets after processing 1.35 bn transactions in Q1
Nigerian fintech PalmPay will expand into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025, building on momentum from processing over 15 million daily transactions in its home market during the first quarter, Managing Director Chika Nwosu said at a press conference on Wednesday. He declined to disclose the value of the transactions. The expansion will bring PalmPay’s footprint to six African countries, following earlier launches in Ghana and Kenya. If successful, the broader presence could scale the company’s growth and position it for a future public offering. In Tanzania, the company will offer business-to-business services, but did not specify its product offerings for other new markets. PalmPay, which says it has more than 35 million users in Nigeria, will face stiff competition in its new markets. In South Africa, it will compete with MTN’s MoMo platform, which has 11 million registered users, and TymeBank, which has 9 million. In Côte d’Ivoire, fintech unicorn Wave dominates with over 20 million accounts and roughly 70% of the market. Uganda’s mobile money space is largely controlled by telecom heavyweights MTN and Airtel. Nwosu also shared that customers now perform an average of 50 transactions—including bank transfers and airtime purchases—monthly with a 99.5% success rate. “Mobile money wasn’t always perceived as viable, but we identified a core problem: system reliability, especially for simple things like free and seamless transfers,” he said. “So we invested in technology that’s efficient and reliable.” PalmPay also paid out over ₦4 billion ($2.4 million) in 2024 to 9 million users with its wealth product, which allows users to earn daily interest fees. Given that PalmPay offers users up to 22% annual interest on deposits in its wealth product, a ₦4 billion interest payout in 2024 means the fintech held over ₦18 billion ($11 million) in customer deposits on its wealth wallet alone. Customers also hold deposits outside of the fintech’s wealth wallet. Despite the limitations of its mobile money license, PalmPay users can earn interest and purchase treasury bills through its partnerships with insurance companies like Leadway Assurance and investment houses like ARM. “We have effectively built a super app that integrates banking, investment, insurance, and payments,” Nwosu said. “Think of it like a one-stop financial marketplace that is fully compliant through layered partnerships.” The fintech will also deepen its reach in Nigeria’s underserved regions despite being present in all of Nigeria’s 774 local governments and open an office in the six geopolitical zones, Nwosu said. After launching its first debit card in partnership with Verve in March, Nwosu told reporters that the company is on course to distribute over 5 million cards before the end of 2025. Palmpay will distribute the cards through its network of over one million agents nationwide, who serve over 13 million customers monthly. PalmPay will not rest on its Q1 numbers, as it is investing in technology, listening to customers, and continuously improving security, reliability, and product depth to attract more customers, Nwosu said. According to the Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators like PalmPay and OPay processed ₦71.5 trillion in transactions in 2024, a 53.4% increase from 2023’s ₦46.6 trillion.
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8 things African VC firms are looking for in a startup
If you’ve ever wondered what African VC firms are looking for when investing in startups, you’re not alone. There’s a lot of talk out there, but few resources break it down backed by data. This piece is based on a deep analysis of the Investor Guide, a working document created by TechCabal in partnership with investors across Africa to help founders and operators better understand how venture capital works on the continent. We pulled out eight key insights that show what really matters when African VCs decide to bet on a startup. 8 things African VC firms are looking for in an investment 1. Solve a real, local problem VCs want startups that solve problems in their communities, not just copy-pasting a global trend. Products that deeply understand the local market and show traction in their environment are much more attractive to investors. So, before considering raising money, ask yourself: Is this a real pain point, or just a nice-to-have? 2. Build in sectors that matter If you’re deciding what industry to build in, pay attention to where the capital is going. According to the Africa Investor Guide, the sectors with the most significant investment opportunities are those attracting the highest volumes of venture capital over the past five years. These “Big Six” sectors are: Fintech Logistics & Transport E-commerce & Retail Healthcare Agriculture & Food Energy & Water The selection isn’t arbitrary. It’s based on disclosed venture funding data from 2019 to Q1 2025. For instance, fintech alone secured over $7.6 billion, nearly half of all funding during that period. Energy & Water followed with $2.8 billion, while Logistics & Transport drew in $1.8 billion. These numbers reflect where investor confidence and opportunity are most substantial. These sectors don’t just raise capital, they solve foundational problems, which means they’re more likely to attract long-term investor backing. 3. Think beyond borders VCs aren’t just funding ideas, they’re funding growth. African investors want to see that your business has the potential to grow across countries or even go global. Having a clear expansion plan can significantly increase your appeal. 4. Be ready for the long game Unicorns don’t happen overnight, especially in Africa. It takes time, grit, and consistent growth. Investors are open to waiting but want a clear plan for long-term success. So don’t just pitch short-term wins, show that you’re thinking about how to build something that lasts. 5. Show a clear path to returns At the end of the day, investors want to know how they’ll make their money back. Whether it’s an acquisition, IPO, or a secondary sale, having an exit strategy is key. Don’t wait till due diligence to figure this out; weave it into your story early. 6. Be smart with your spending Several startups shut down recently due to weak operations and poor financial discipline. VCs are now placing a premium on founders who can manage resources well and make decisions based on data, not vibes. Lean teams. Clear budgets. Realistic projections. That’s what wins trust now. 7. Get your governance right It’s not just about the product. VCs also examine how you run your company, especially around governance, transparency, and leadership. Clean cap tables, resolved co-founder disputes, and defined roles all give investors peace of mind. Start acting like a board-ready company from day one, even if you’re still early. 8. Choose the right partners It’s not just about who gives you money but who builds with you. African investors want alignment. They’re not only putting in capital, but also their time, networks, and support. Make sure you’re choosing VCs who understand your market and your mission. The right investor isn’t just a bank; they’re also a builder. Related posts: Pros and cons of VC funding in 2025 Telecom Salaries in Africa: A Comprehensive Guide for 2025 Final thoughts Raising capital in Africa is tough, but not impossible. It requires more than a good idea; it takes clear execution, deep market knowledge, and the ability to build trust. The investor guide gives a clear picture of what African VC firms are looking for right now, and hopefully, this piece has helped you understand those expectations more practically. If you’re currently raising or just preparing, revisit these eight points and ask yourself honestly: Am I building what investors are looking for? And more importantly, am I building something people genuinely need?
Read MoreAirtel plans 2026 IPO for mobile money unit in push against M-Pesa, MoMo
Airtel Africa plans to list its mobile money unit, Airtel Money, in the first half of 2026 as the telecoms giant seeks to capitalise on the growing demand for digital payment services across the continent. On Thursday, Airtel confirmed the listing plan amid growing investor appetite for Africa’s fintech sector, particularly mobile payment platforms that offer millions of unbanked users access to transactions, credit, and remittances. Airtel Africa, listed in London and operating in 14 African countries, told Reuters the IPO would give Airtel Money the independence and visibility to scale its operations. The planned IPO signals Airtel Money’s move to close the gap with rivals like Safaricom’s M-Pesa and MTN’s MoMo in the booming digital payments market. By getting autonomy and raising capital from the IPO, Airtel Money hopes to compete with heavyweights that enjoy large user bases and deep market penetration. While the company did not disclose the exchange or fundraising target, it reaffirmed its intention to go public, first announced in 2024 when it began exploring a potential spin-off of the fast-growing unit. The company had initially set a target of July 2025. “We are committed to the IPO timeline of July. We still have six months to figure out the details for it,” Sunil Taldar, Airtel Africa CEO, said in January. “Our overall priority remains to invest in the strong growth of the business.” Airtel Money has emerged as a key engine of growth for the group, with revenues from the service rising 20.7% in 2024. The platform processed $112 billion in transaction value last year, driven by growing adoption in key markets. Airtel is betting that a standalone listing will accelerate Airtel Money’s expansion in countries like Nigeria, Tanzania, Uganda, and the Democratic Republic of Congo — markets where mobile money usage continues to climb but remains far from saturation. With over 30 million active users across 14 markets and partnerships with banks, Airtel Money wants to take on regional competitors like Kenya’s Safaricom and South Africa’s. Despite its rapid growth in recent years, Airtel Money has ground to make up. Safaricom’s M-Pesa continues to dominate in Kenya and neighbouring Tanzania, processing more than $300 billion a year and remaining the preferred option for mobile transactions in many households and businesses. MTN’s MoMo enjoys a larger footprint across West and Central Africa. M-Pesa has an estimated 66.2 million active users, while MoMo has 65 million.
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TechCabal Daily – Delete our data
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF. Remember thinking your 20s were the peak of happiness? Turns out, you’ve been selling your future self short. New research shows that aging, happiness, and well-being don’t just bounce back after midlife; they keep climbing well into your 70s. Your 30s will probably feel better than your 20s, your 40s even better than that, and so on. Forget the midlife crisis myth; life satisfaction is more of a steady uphill climb than a U-shaped rollercoaster. So next time you dread another birthday, remember: you’re not just getting older, you’re leveling up in happiness. – Faith African startups raised $343 million in April Kenyan high court orders WorldCoin to delete biometric data of Kenyans inDrive to share user data with South African government Ghana’s inflation eases in April World Wide Web 3 Events Funding African startups raised $343 million in April, driven by exits and mega deals Image Source: Zikoko Memes Africa’s startup ecosystem saw a strong rebound in April 2025, with 39 startups raising a total of $343 million across equity deals above $100,000, including debt and grants, according to data from Africa: The Big Deal. This marks a sharp recovery from March’s funding dip and makes it the second-highest April on record for tech funding on the continent, trailing only the April 2022 surge. The surge was fueled by a few standout mega deals. The big hitters: South African healthtech startup hearX led the charge, securing $100 million through a merger with US-based Eargo. Egypt’s Islamic fintech Bokra raised approximately $59 million via a sukuk issuance, one of the largest Sharia-compliant fundraising rounds in the region. Meanwhile, South African payments infrastructure startup Stitch pulled in $55 million from existing investors as it ramps up efforts to offer end-to-end payment solutions across Africa. April’s surge brings total funding for African startups to $803 million across 163 ventures in the first four months of 2025—up 43% from the $563 million raised by 147 startups during the same period in 2024. After a sluggish January, this rebound signals renewed investor confidence and a strengthening appetite for African innovation. In April, over four exits were recorded, mostly involving fintechs. These exits underscore a maturing African tech ecosystem that not only builds strategic value but also attracts cross-border investor interest, reassuring stakeholders about the continent’s return potential. Egypt’s ADVA was acquired by UAE-based Maseera; Nigeria’s Bankly was bought by C-One Ventures; and South Africa’s Peach Payments snapped up Senegalese fintech PayDunya to enter Francophone West Africa. These exits, spread across North, West, and Southern Africa, not only signal pan-African consolidation but also validate investor confidence in strategic acquisitions as a pathway to scale. Together, these exits complement April’s $343 million funding surge, reinforcing investor confidence in Africa’s tech ecosystem. They reflect a growing appetite for sustainable growth, strategic expansion, and ultimately, the return potential that has long underpinned the continent’s innovation story. 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. 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Read MoreHow Nigerian banks’ market cap tripled to ₦10.5 Trillion in six years
This article was originally published on TechCabal Insights. In just six years, the total market capitalisation of Nigerian commercial banks has more than tripled from ₦3.2 trillion in 2020 to ₦10.5 trillion in 2025. This reflects a combination of digital transformation, monetary policy shifts, and strategic banking reforms that have reshaped Nigeria’s financial sector. The Central Bank of Nigeria’s (CBN) aggressive monetary policies are a key driver behind this growth. As of February 2025, the Monetary Policy Rate (MPR) stands at 27.5%, following a series of hikes to stabilise the naira and curb inflation. While high interest rates have made borrowing costlier for businesses, they have also boosted banks’ profitability by increasing lending margins. At the same time, Nigeria has witnessed a boom in digital payments. The Nigeria Inter-Bank Settlement System (NIBSS) reported that in 2024 alone, the total value of electronic transactions hit ₦1.07 quadrillion, a 79.6% increase from ₦600 trillion in 2023. This surge in cashless transactions has significantly boosted banks’ revenues through transaction fees, fintech partnerships, and digital banking services. The role of commercial banks in Nigeria’s digital economy Nigerian banks have been at the heart of the country’s transition to a cashless economy. Investments in digital payment infrastructure, mobile banking apps, and fintech collaborations have driven financial inclusion and enhanced transaction efficiency. One of the biggest indicators of this shift is the growth of Point-of-Sale (PoS) transactions, which reached ₦19.4 trillion in 2024—an 81% jump from ₦10.73 trillion in 2023. This increase not only reflects changing consumer behavior but has also strengthened banks’ revenue streams through transaction fees and partnerships with fintech startups like Flutterwave, OPay, and Moniepoint. By capitalising on the digital boom, Nigerian banks have positioned themselves as key players in Africa’s evolving financial ecosystem. Market capitalisation shifts over the last six years Between 2020 and 2025, the market capitalisation of Nigerian commercial banks has seen significant shifts. The years before President Bola Ahmed Tinubu’s administration were marked by steady growth with occasional market corrections. However, post-2023, the sector witnessed accelerated growth, reflecting increased investor confidence and supportive policies to strengthen financial institutions. For example, in 2020, Zenith Bank and GTCO led the market with valuations around ₦740 to ₦780 billion. By 2023, these figures had surged, with Zenith Bank crossing the ₦1 trillion mark. The Tinubu administration’s emphasis on relative macroeconomic stability, fiscal reforms, and support for digital finance created an environment where banks thrived. Post-2023, commercial banks experienced robust growth as investors responded positively to economic reforms and increased digital payment adoption. The 2025 market capitalisation of Nigerian commercial banks As of March 22, 2025, the combined market capitalisation of Nigeria’s top commercial banks reached a historic ₦10.5 trillion. GTCO leads the sector with a valuation of ₦1.99 trillion, followed closely by Zenith Bank at ₦1.87 trillion. UBA commands a market cap of ₦1.26 trillion, while Access Bank stands at ₦1.15 trillion. FirstHoldCo follows at ₦969.2 billion, with Fidelity Bank reaching ₦898.7 billion and Stanbic IBTC at ₦796.9 billion. Among these, Fidelity Bank has been one of the most impressive climbers, skyrocketing from a market cap of just ₦73 billion in 2021 to ₦898.7 billion in 2025—an astonishing 1,100% increase. These gains reflect a mix of sound financial management, increased adoption of digital banking, and regulatory policies that have strengthened the financial sector. Key challenges exist Despite this impressive growth, Nigerian banks face challenges such as failed transactions, settlement delays, and high transaction fees. Other critical issues include a high Non-Performing Loans (NPL) ratio, limited access to finance for SMEs, weak regulatory environments, cybersecurity threats, and infrastructure gaps. These pain points highlight the need for reforms and technological upgrades to sustain growth. Amid these challenges, Nigerian commercial banks are expanding across other African countries, increasing their footprints and regional influence. Strategic collaborations with fintech platforms have further eased transactions and enhanced customer experience, positioning Nigerian banks as key players in Africa’s financial future. Want deeper insights or a custom report on this topic? Fill out our quick form, and the TechCabal Insights team will get in touch with you.
Read MoreFood delivery startup OyaNow is targeting the 1% to break even by Q1 2026
OyaNow, a seven-year-old Nigerian food delivery startup, projects it will break even by Q1 2026, according to founder Abbas Dayekh. This is a big win for the bootstraped startup, which has seen deep-pocketed competitors like Jumia Food, Bolt Food, and Uber Eats exit or shut down due to unsustainable unit economics. Its strategy? Abandoning the mass market to bet on the rich. Nigeria’s food delivery market, valued at over $1 million in 2024, faces intense pressure for profitability. Although startups like Chowdeck, HeyFood, and FoodCourt claim to make a profit on each delivery, these profits do not cover broader operating expenses; they do not equal breaking even. OyaNow, one of the country’s oldest food delivery platforms, is projecting that its new focus will cause it to break even by 2026. Dayekh says this goal is feasible because the business is moving away from price wars for mass-market appeal to focus instead on less price-sensitive consumers. The former approach would have driven the bootstrapped start-up into debt, as promotion-driven customers are often disloyal, switching platforms before businesses can recoup acquisition costs. In contrast, high-earning customers are less price-sensitive and remain loyal when offered convenient, high-quality service. “I had to make a forceful choice to tailor to the rich,” he told TechCabal. He clarified that while OyaNow’s mobile app remains generally accessible, its strategy and marketing now target a more affluent consumer base. With experience in providing tracking solutions and insights about Nigeria’s e-commerce space, Versa Research’s team lead, Busola Akin-Olawore, argues that the ideal customers of food delivery platforms will not be swayed by low prices and expressed wariness about businesses that rely on price wars to turn a profit. Food delivery startups that share and have adopted unique strategies to tackle this. Heyfood, a Y Combinator-backed startup based in Ibadan, is taking a similar approach to OyaNow by allocating less than 5% of its marketing budget to discounts and targeting young urban professionals with disposable income to outsource domestic tasks, according to its CEO and co-founder, Taiwo Akinropo. OyaNow has expanded revenue streams from solely offering food delivery to providing diverse services, including logistics, laundry, car rentals, and errands via its upcoming “Oya Concierge,” which will be launched via WhatsApp, offering vetted handymen and service providers to users. Dayekh acknowledged that this focus results in a smaller market share than competitors like Glovo and Chowdeck. OyaNow has over 50,000 users, a fraction of Chowdeck’s 500,000 users, Glovo’s estimated 500,000 –700,000 users, FoodCourt’s 100,000 users, and Heyfood’s 50,000 users in Nigeria. However, Dayekh claims OyaNow’s market share among affluent consumers surpasses its competitors’. He noted that with his consumer base being higher spenders, OyaNow holds more significance, with the 1% of the market, than its competitors – citing partnerships with high-end vendors like RSVP, Aldo’s, Cilantro, and an average basket value of ₦25,000, ($15.56) compared to competitors’ ₦5,000 ($3.11) – ₦8,000 ($4.98). For deliveries, the app charges ₦1800 ($1.12) for the first 3km and an additional ₦200 for every extra km, compared with competitors’ ₦500 ($0.31) – ₦1,000 ($0.62) cost for short-mile deliveries. OyaNow has outlasted most of its popular rivals. Dayekh launched the company in 2017 after a poor experience with Jumia Food, the dominant food delivery platform at the time, alongside smaller players like Eden Life. Identifying a gap in Nigeria’s delivery market, he started OyaNow despite lacking logistics or tech experience. Without institutional funding, he relied on personal savings and his network, limiting scale but allowing flexibility in a sector he was new to. The 2020 lockdowns provided a significant opportunity; with cities shut down and roads empty, demand for delivery apps surged. OyaNow achieved 202% annual growth and $344,000 in revenue by 2020, Dayekh told TechCabal. This success attracted acquisition interest from a prominent African payments technology company – name kept off record – in 2021, but the deal collapsed due to market conditions, including Nigeria’s currency devaluation, rising inflation, and investor caution following the global tech stock downturn, which reduced appetite for high-risk acquisitions. Dayekh faced significant burnout. He left Nigeria for a year, stepping back from active management. During this period, OyaNow experienced a “year of dullness,” with slowed growth as shareholders, primarily friends and personal contacts, sought to exit. Dayekh personally reinvested in OyaNow, buying back equity from departing shareholders. He described this as a blessing, freeing him from pressure to chase unsustainable growth metrics. The logistics business was capital-intensive, and competing with deep-pocketed start-ups would have driven OyaNow into debt. Dayekh returned to restructure the company. Deciding that the unit economics of mass-market food delivery in Nigeria were unsustainable, OyaNow abandoned heavy subsidies and free delivery. “By changing the way I did it, I went from an extremely loss-making operation to almost breaking even,” Dayekh noted. OyaNow maintains a lean operation with about 80 employees, including in-house riders, but collaborates with third-party riders during peak seasons, scaling to 120 – 140 riders, Dayekh noted. The company prioritises organic channels over costly traditional marketing, such as billboards. In November 2024, OyaNow launched a podcast, OyaGistme, to cross-promote the brand and discuss the country’s business ecosystem. Dayekh believes this suits its strategy to attract high-value customers. Ultimately, OyaNow is playing the long game: localising its operations and patiently waiting for market dynamics to shift in its favour. As Dayekh puts it, “The only reason I’m betting on it is because I know that eventually dynamics will adjust and an opportunity will arise.”
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