Costly smartphones keep six in ten Nigerians offline
Six in ten Nigerians are offline because smartphones cost too much, according to a new report by GSMA, the global industry body for telecom operators. In low- and middle-income countries (LMICs) like Nigeria, mobile is the primary gateway to the internet, accounting for 84% of broadband connections in 2024. The mobile internet has become how people access healthcare, education, financial services, and commerce. Despite its significance, 130 million Nigerians were without mobile internet in 2024, 10 million more than the previous year. With a population of 216 million, this translates to 6 in 10 Nigerians. Nigeria is behind only India (690 million) and China (240 million), and on par with Pakistan (130 million). In a 2024 report, GSMA noted that only about 29% of Nigerians (about 58 million) use the internet. Nigeria mirrors Sub-Saharan Africa, the region with the world’s lowest mobile internet usage. Just 25% of people in the region use mobile internet, compared to over 75% in North America, Europe, and East Asia. Globally, 3.1 billion people—38% of the world’s population—still do not use mobile internet despite living in areas with broadband coverage. The affordability bridge One of the main barriers continues to be affordability, although literacy and digital skills also play a part. “Affordability plays a significant role in device ownership and is the top-reported barrier to mobile internet adoption across LMICs,” GSMA said. In rural Nigeria, only 39% of people have smartphones compared to 73% in urban areas. Smartphones are crucial in a country that had 138.22 million mobile internet connections in July 2025. However, currency swings caused by the Central Bank of Nigeria’s 2023 reforms have triggered the naira’s fall, making phones more expensive. In 2024, Karl Toriola, CEO of MTN Nigeria, said the high cost of mobile phones was hindering digital inclusion in the country. According to GSMA, the median cost of an entry-level smartphone in countries like Nigeria has increased from around $50 (₦44,077 at ₦881.53/$) in 2023 to around $54 (₦82,967 at ₦1536.42/$) in 2024. Nigeria’s smartphone market shrank by 7% in Q1, 2025, as consumers prioritised food over devices, according to Canalys, a global technology market analyst firm. In Sub-Saharan Africa, which accounts for a quarter of those not using mobile internet, an entry-level device costs 87% of average monthly income for the poorest 20%. In 2022, 63% of Nigerians (133 million) were multidimensionally poor. In 2025, the poverty rate among Nigeria’s rural population reached 75.5%. The monthly minimum wage is currently ₦70,000 ($46.48 at ₦1506.09/$). Adeolu Ogunbanjo, national president of the National Association of Telecoms Subscribers (NATCOMS), said, “The high cost of things isn’t peculiar to ICT. But mobile phones are a necessity. People need to get access as it enhances whatever they are doing.” The market responds The high cost of smartphones has led to a surge in entry-level phones in the country, with Chinese phone makers such as Transsion and Xiaomi stepping up. Transsion, makers of Tecno, Itel, and Infinix, is dominant with 65% market share, and its edge lies in the sub-$100 segment (₦151,487), “where it has recorded 69% growth by addressing first-time smartphone buyers,” according to Manish Pravinkumar, senior consultant for Middle East and Africa (MEA) at Canalys. Device financing is also gaining traction. Platforms like M-Kopa, Easybuy, CDCare, Jumia Flex, Slot, and Access Bank’s Device Finance Scheme are making it possible for more Nigerians to buy phones. “Models such as Buy-Now, Pay-Later (BNPL) and Pay-As-You-Go (PAYGO) are redefining affordability, enabling broader smartphone ownership and driving digital inclusion,” Pravinkumar said. This has translated to growth, with the country’s smartphone market rebounding by 10% in Q2, 2025. While this indicates growth, Pravinkumar noted that FX fluctuations and import duties remain an issue, but “vendors are navigating this through financing models and tighter partnerships with local distributors. However, GSMA argues that $30 (₦45,183) devices could change the game, potentially unlocking the internet for 1.6 billion people worldwide, including millions in Nigeria, who are currently offline despite living under network coverage. Achieving this will require expanding handset financing options, adopting tax policies, and providing targeted subsidies to promote uptake. Telcos are also experimenting: MTN joined a GSMA coalition in 2024 to drive down phone costs, while Airtel is negotiating with manufacturers to make 5G devices cheaper. “We are actively talking to device manufacturers,” CEO Dinesh Balsingh said at a recent media briefing. Expanding the mobile internet to more Nigerians is crucial, especially as the country aims to maximise its digital economy’s potential. But this won’t be possible until smartphones become affordable. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com
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After solving fresh flower deliveries, Oyemade Oyemaja is building a translation tool for Nigeria’s 500+ languages
In the biblical story of Babel, humanity’s most ambitious project failed when a single shared language fractured into thousands, making collaboration impossible. Today, Nigeria faces a modern echo of that ancient problem. With a population of 238.4 million people and 520 living indigenous languages, it is one of the most ethnically diverse countries in the world. As the world scrambles to build the next generation of language models like ChatGPT and Claude, Nigeria risks being left behind for one reason: we don’t speak the same language. For Oyemade Oyemaja, co-founder of Ennoble Technologies, this presents a peculiar problem. “It means that before we even start to talk about solving problems, we have to get on the same page first,” he said. “If you have 10 Nigerians in one room, the possibility that they all speak the same language is low. Say that the room is an escape room, the first puzzle to even solve is making sure that each person understands what the other is saying.” Ennoble Technologies is a venture studio that identifies acute Nigerian problems and builds the digital infrastructure to solve them. Their projects range from streamlining commerce—like Buyflowers.ng, which solves the logistics nightmare of getting affordable, fresh flowers across Nigerian cities within hours—to tackling foundational barriers like language. One of these products is Neoform AI, an AI tool to help transcribe and translate English to local Nigerian languages. “Everyone says AI this, AI that, but because the language of the internet is English, it means that people who don’t speak English are left out of the race before it even starts,” Oyemaja says. Unlike traditional translation tools—Google Translate, ChatGPT—NeoformAI utilises local speakers to develop the translation algorithm, incorporating cultural contexts into each translation. Neoform partners with native speakers to gather and vet translations, making sure to capture everything from regional dialects to culturally specific proverbs. This humanised process ensures that English phrases translate into their local equivalent rather than a clumsy, literal interpretation. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe The genesis of a builder Oyemade is solving a problem that would adjust Nigeria’s position in the global AI race immensely, but it didn’t always start that way. His tech journey began in 2013, an era he describes as the ‘every man for himself’ of Nigerian tech. “The ecosystem was non-existent; it was just you and your YouTube,” he says. This solitary start, where people who built were either driven by fun or opportunity, laid the groundwork for his future ambitions. “It’s a far cry from what we have now, with everyone doing things and having a network of other tech enthusiasts like you. Ten, twelve years ago, it was almost like it was every man for himself.” This early introduction to tech informed Oyemade’s decision to study Computer Science at Kwara State University. “I won’t say it was easy, but it was easier to have passion for something you’ve already seen in action.” After university, he stayed on the path of tech, first as a hardware maintenance specialist, then a lead frontend architect for Accelerex, a fintech company. His experience as a hardware specialist gave him a well-rounded view of what tech truly entails. “When people think tech, they think of software, and while software is a part of technology, we often forget the hardware and infrastructural parts,” he says. “Nigeria doesn’t have the infrastructure for
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Every product announced at Apple Event 2025 including the iPhone 17
Table of contents iPhone 17 iPhone Air iPhone 17 Pro iPhone 17 Pro Max Apple Watch Series 11 Apple Watch Ultra 3 Apple Watch SE 3 AirPods Pro 3 Pricing Apple’s “Awe Dropping” event on Tuesday, September 9, was all about tying its products together into a stronger ecosystem. Instead of one big headline device, Apple focused on three big themes: AI built directly into devices, a reshaped iPhone lineup, and tougher hardware that lasts longer. The iPhone 17 lineup stole the spotlight, with the slimmer iPhone Air replacing the old Plus model and every iPhone now starting with 256GB of storage. Apple also introduced the Apple Watch Series 11 with new health tools, the Apple Watch Ultra 3 with enhanced connectivity, and the AirPods Pro 3 with improved sound quality and live translation. On the software side, iOS 26 got a fresh “Liquid Glass” redesign, and Apple showed practical ways you’ll use Apple Intelligence every day. However, not everyone was impressed. Apple’s stock slipped 1.5% after the event, a sign that investors want more than yearly product refreshes. For you as a consumer, though, this event laid out the clearest picture yet of Apple’s future: phones, watches, and earbuds that work closer together, run smarter with AI, and give you more value in both design and storage. The iPhone 17 lineup: Four (4) new iPhones Apple has launched four new iPhones: iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max. Each model brings improvements in performance, AI, cameras, and design, while the Air introduces a fresh, ultra-thin option for those who value style and portability. Every iPhone 17 now starts at 256GB of storage, giving you room for apps, AI features, and more demanding media. iPhone 17: The iPhone 17 features a 6.3-inch Super Retina XDR OLED display with ProMotion and an adaptive refresh rate up to 120Hz, reaching a peak brightness of 3,000 nits. It runs on the A19 chip with a 6-core CPU, 5-core GPU, and a 16-core Neural Engine, delivering 20% faster performance than the previous generation. With 8GB of RAM and a 3,692 mAh battery supporting 35W fast charging, it balances power and efficiency. The camera system includes a 48MP Dual Fusion rear setup and an 18MP front-facing Centre Stage camera. You get sharper selfies, improved Night Mode, and new Photographic Styles for real-time photo edits. The iPhone 17 is also built tough, featuring Ceramic Shield 2 for three times more scratch resistance and reduced glare. It comes in five colours: black, lavender, mist blue, sage, and white. iPhone Air: Slimmest iPhone ever At just 5.5mm, the iPhone Air replaces the old Plus model and is Apple’s thinnest iPhone ever. It sports a 6.5-inch Super Retina XDR display with 120Hz ProMotion, runs on the A19 Pro chip, and includes a new N1 wireless chip for Wi-Fi 7 and Bluetooth 6, plus a C1X cellular modem. With 8GB of RAM and a 3,149 mAh battery that reaches 50% charge in 30 minutes, it offers both speed and portability. The Air’s camera system mirrors the iPhone 17, featuring a 48MP Fusion rear camera and an 18MP Centre Stage front camera, which deliver high-quality photos and video. Its lightweight design and titanium frame make it both sleek and durable. With its focus on slim design and portability, the Air is ideal for users who prioritise style and comfort over Pro-level photography. iPhone 17 Pro: The iPhone 17 Pro packs advanced hardware for photography and AI tasks. It has a 6.3-inch Super Retina XDR display with ProMotion up to 120Hz and 3,000 nits brightness. Powered by the A19 Pro chip, featuring a 6-core CPU, 6-core GPU, and 16-core Neural Engine, along with an N1 wireless chip for Wi-Fi 7 and Bluetooth 5, it delivers 40% faster performance than older Pro models. RAM is upgraded to 12GB, and the 4,252 mAh battery keeps up with demanding tasks. Photography receives a significant boost with a triple 48MP Fusion rear camera system, featuring a telephoto lens with a new tetraprism design that allows for up to 8x optical zoom. The front camera is 18MP with Centre Stage for stable video calls. The iPhone 17 Pro features a new aluminum unibody with a vapour chamber for cooling during intensive use and a full-width camera plateau on the back, protected by Ceramic Shield 2. iPhone 17 Pro Max: The iPhone 17 Pro Max is the largest iPhone yet, with a 6.9-inch Super Retina XDR display supporting 120Hz ProMotion and 3,000 nits peak brightness. It also features the A19 Pro chip, a vapour chamber cooling system, and 12GB of RAM. Battery life is the longest among all iPhones, featuring a 5,088 mAh battery that supports 40W fast charging, reaching 50% in just 20 minutes, and providing up to 39 hours of video playback. Its camera setup mirrors the Pro but adds enhanced telephoto optics for detailed zoom shots. The front camera is 18MP with Centre Stage. With a slightly thicker build to house the larger battery, it offers durability and performance for users who demand the best. Design and accessories across the lineup All iPhone 17 models now feature Ceramic Shield 2 for extra scratch resistance and glare reduction. The Air and Pro models have titanium frames for added durability. Apple also introduced TechWoven cases, made from 100% recycled polyester, which support MagSafe and include attachment points for a cross-body strap, allowing you to carry your iPhone like a camera. These designs highlight Apple’s attention to both functionality and lifestyle. Apple Watch Apple Watch Series 11: The Apple Watch Series 11 introduces Apple’s most significant health upgrades yet. It introduces a hypertension tracker that utilises a heart sensor and a machine learning algorithm trained on data from over 100,000 individuals. While it awaits FDA clearance, it’s expected to roll out in the U.S. and Europe. You’ll also receive a new sleep score system, along with enhanced cycle tracking and mental health monitoring. On the hardware side, the watch now supports 5G,
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Insurance, airtime, and data: Safaricom’s new pitch to Kenya’s drivers
Kenya’s transport economy runs on long days and risky work by boda boda riders and ride-hailing drivers, most of whom lack insurance or any safety net. On Tuesday, Safaricom, the country’s largest telco, launched bundles that mix data, airtime, insurance, and even fuel discounts to offer some stability in a trade that rarely provides it. The packages bring together several players. Safaricom provides mobile networks and reach. Turaco, an insurance start-up in Nairobi, covers health and life risks through a plan called Tuunza Mapato, developed alongside the telco. Shell stations will provide fuel discounts, while ride-hailing platforms will benefit if drivers stay active and online. The goal is to combine services into a package that riders and drivers might actually use, instead of each company acting independently. Insurance is the core of the product, allowing riders and drivers to pay weekly or monthly premiums in exchange for cash payouts if admitted to a hospital, and funeral support for dependents if they pass away. A boda boda rider can choose between daily options of KES 50 ($0.38) for data and airtime, or larger weekly and monthly bundles that include insurance, such as KES 1,000 ($7.70) for 8GB of data, credit, and cover. Drivers have their own package at KES 2,000 ($15.40) a month, which includes insurance, 25GB of data, and KES 300 ($2.30) in airtime. Still, affordability remains a challenge. Most boda riders earn between KES 500 ($3.85) and KES 1,500 ($11.50) a day. Ride-hailing drivers face their own struggles with fuel prices and platform commissions. For many, paying KES 1,000 ($7.70) or KES 2,000 ($15.40) upfront monthly is tough when daily earnings are already stretched. Two riders who spoke to TechCabal said the insurance’s value will only be clear if payouts are made quickly and fairly. “The insurance aspect is not new, as Safaricom has been trying to create awareness about it. It was only officially announced today, but we have known about it for a while,” said rider Paul Sakwa on a phone call. Kenya has more than 2.4 million motorcycles in operation and tens of thousands of ride-hailing drivers. The sector generates close to KES 1 billion ($7.7 million) in income daily, according to a Safaricom disclosure, yet most workers have no safety net. While Safaricom’s bundles don’t solve broader issues such as low pay or road safety, they do introduce a structured form of cover that reduces some of the risks riders and drivers face. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now moonshot.techcabal.com
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With $61.6 million fund, Accion Ventures doubles down on early-stage fintechs
Accion Ventures, a global early-stage fund, has closed a $61.6 million fund to double down on its thesis of backing early-stage fintechs in developing markets like Latin America, Africa, and Southeast Asia that widen access to finance for underserved consumers and businesses. The new fund supports Accion Ventures’ belief that early-stage fintechs can eventually reshape financial access in underserved markets, a thesis it has been refining for more than a decade. The fund is already active on the continent and its current African bets are Nigeria’s PaidHR, which streamlines HR for SMEs, and Kenya’s Flowcart, an AI-powered e-commerce startup. Accion raised the fund from a mix of commercial and impact asset managers, DFIs, foundations, family offices, and strategic financial services firms like FMO, Proparco, ImpactAssets, Ford Foundation, MetLife Asset Management, and Mastercard Worldwide. Since launching its investment strategy in 2012, Accion Ventures has deployed $59.4 million into 76 companies across 39 countries, with 13 exits to date. The firm’s recent exits include Apollo Agriculture, which provides inputs, financing, and insurance to smallholder farmers in Kenya and Zambia; Lula, a South African digital lender serving SMEs; and Pula, which delivers agricultural insurance solutions across Africa and Asia. Beyond capital, Accion Ventures also positions itself as a hands-on partner as its portfolio engagement team supports startups with governance, market access, fundraising connections, and operational guidance, drawing on the firm’s experience as both investors and operators. For this week’s Ask an Investor, I shared some questions with Amee Parbhoo, the managing partner of Accion Ventures, via email. My questions covered how much the fund invests, its follow-on strategy, how Accion delivers exits, and the support the fund will offer startups. This interview has been edited for length and clarity. 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With recent investments like PaidHR (Nigeria), Foyer (US), FinFra (Indonesia), and Flowcart (Kenya), how are you balancing geographic diversification with your mission of financial inclusion? Our team will continue to support investments across Africa, Latin America, South and Southeast Asia, and the US. diversification has always been a central tenet of our strategy, and we actively work to maintain a balance of companies across our key geographies. We believe our investments across the globe make us stronger investors. Not only does the diversification help manage any volatility we may see in a single market, but the global reach brings rich insights on fintech from across the globe to our portfolio companies. PaidHR and Flowcart are your latest investments in Africa—what attracted you to the startups? At Accion Ventures, we’re investing in strong founders who are not only building at the cutting edge of fintech but are solving the biggest problems for underserved consumers and small businesses. Both Flowcart and PaidHR are led by strong, experienced founders who are solving major pain points for these populations – helping small businesses operate more efficiently and better digitise. Small businesses are, as we know, the backbone of Africa’s labour market and the broader economy. PaidHR is providing small and medium-sized enterprises in Nigeria with access to the tools and infrastructure they need to manage, retain, and support their teams effectively. With more than 450 million people expected to enter Africa’s labour force by 2035, enabling these job creators to operate efficiently and offer financial services to their employees is both
Read MoreAirtel Nigeria wants a slice of ₦20.7 trillion mobile money market
This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs and financial institutions. A new edition drops every Monday. With over 56 million subscribers, Airtel may be Nigeria’s second-biggest telco, but mobile money-wise, it is still playing catch-up. Mobile money is the country’s fastest-growing financial services segment. Transactions hit ₦20.71 trillion ($13.49 billion) in Q1 2025, according to data from the Nigeria Inter-Bank Settlement System (NIBSS), a 1,518.64% jump from the ₦1.28 trillion ($833.43 million) recorded in Q1 2021. Yet Airtel is trying to claw its way into a sector already dominated by fintech heavyweights OPay and PalmPay. “In Nigeria, it is a well-developed fintech market, compared to many other markets,” said Sunil Taldar, Airtel Africa’s CEO, on the company’s fiscal Q1, 2026 earnings call in July 2025. Regulatory restrictions, higher capital requirements, and a late start may have slowed its progress, but Airtel is betting on its brand, agent network, new digital capabilities, and existing customer base to help it carve out a profitable slice of Nigeria’s mobile money market. Fintechs lead While 17 companies are licenced by the Central Bank of Nigeria (CBN) to operate as mobile money operators, OPay and PalmPay dominate the sector. OPay reported 10 million daily active users and 100 million daily transaction volumes in 2024. PalmPay recently disclosed that it now processes 15 million daily transactions. Telcos, by contrast, dominate mobile money in Kenya and Ghana but are struggling in Nigeria. Since 2013, mobile money accounts in Nigeria have doubled, according to GSMA, the global telco body, and by 2023, over a third of new registered and active 30-day accounts globally were from Nigeria, Ghana, and Senegal. In 2024, global mobile money transaction values grew by 15% to $227 billion, led by Sub-Saharan Africa. Nigeria’s mobile money sector is driven by both Mobile Network Operator-led and non-MNO-led providers, each with different types of licences. While these licences permit similar activities, differences in what each can offer cap growth potential. The CBN’s 2021 framework split the sector into bank-led and non-bank-led models, pushing telcos into the role of infrastructure providers. By 2018, the CBN introduced Payment Service Banks (PSBs), allowing telcos to offer limited financial services under strict rules: at least 25% of operations must target rural areas, loans are off-limits, and capital requirements are steep—₦5 billion ($3.30 million) for PSBs versus ₦2 billion ($1.32 million) for other operators. PSBs licenced so far include MTN’s MoMo, Airtel’s SmartCash, 9mobile’s 9PSB, Globacom’s Money Master, and Unified Payment’s Hope PSB. GSMA noted that “higher capital requirements and rural operation mandates” for PSBs may be a key reason telcos lag behind fintechs. It added that regulatory restrictions can reduce competition and limit the broader impact on financial inclusion. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Industry leaders have also argued that Nigeria’s bank-led model is slowing adoption. When the CBN announced this direction, Gbenga Adebayo, chairman of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), said, “We think penetration will be slow. We are convinced that we are the industry with the ready infrastructure all over the country. If you talk about mobile penetration, the use of mobile phones for financial services, the last mile is handled by the operators.” In Kenya, telcos had a freer hand, enabling M-Pesa to become a runaway success. Airtel’s slow progress Nigeria
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🔥 Quick Fire with Ayodeji Alaran
Ayodeji Alaran is the founder and CEO of PBR Life Sciences, a healthtech company working to fix Africa’s healthcare data problem. After years of seeing drug oversupply, expiry, and waste across the continent, he launched PBR to help pharmaceutical companies make better decisions using clean, anonymised data from pharmacies. Before PBR, Ayodeji built a 16-year career across global pharmaceutical and health data giants like Pfizer, GSK, AstraZeneca, IQVIA, and Cegedim, before moving on to launch PBR in 2022. Backed by Techstars, PBR has raised $1 million across one publicly disclosed funding round (pre-seed). The startup is also spread across different markets, including Nigeria, Ghana, Kenya, and the UK (headquartered). With a team spread across multiple markets, Ayodeji is leading a product that helps life sciences firms reduce drug waste, forecast better, and plan smarter. He holds a pharmacy degree from the University of Lagos, an MBA from London Business School, and executive training in marketing and pharmaceuticals. Explain your job to a five-year-old. Think about a big and messy pile of LEGOs and imagine building a cool spaceship. My company is like that for medicine. Companies that make medicines need information, but these are like a billion billion LEGOs all mixed up—but if we arrange this properly, it will help us know which medicines people need and how much of these should be made in the factory. My job is to lead a team that has a super-smart brain and a robot called AI. We feed the robot called AI all that scattered LEGO.. The robot arranges all the LEGOs super fast, and it says, “Aha! I found a secret pattern! This tiny piece is the key to stopping the sickness!” We tell the companies that make the medicine and their scientists what we found, so they know exactly which “LEGO pieces” to use to build the new medicine. So, I don’t build the medicine myself. I’m the boss of the team that finds the secret instructions hidden in all the information. We help the companies that build medicines build the right medicine, faster. 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A pharmaceutical company in Lagos once told us they destroyed medicines that had expired in their inventory worth $700,000 and had to pay the regulatory agency before they could destroy them. This is one company out of thousands in Africa that experiences the same challenge. And what is the root cause? Lack of data to understand disease and treatment patterns, and to effectively identify and quantify which medicines to import or manufacture. Annually, the industry loses more than $10.2 billion in Africa to expiry and missed opportunities. Even more disturbing is that as the global pharmaceutical industry accelerates towards the use of big data in healthcare for training AI tools now being deployed in drug discovery, these tools exclude African patients. By the year 2100, 8 out of every 10 people in the world will reside in Africa and Asia, yet these are the ones not being included in AI-driven drug discovery and innovation simply because quality data on their disease and treatment patterns for AI training are not available. You’ve worked with global pharma giants. What made you decide to leave that world and start your own company? In my roles within
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👨🏿🚀TechCabal Daily – NALA goes to Kenya
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! If you don’t know yet, I’m going to hold your hand when I say this: Moonshot by TechCabal is next month! I’ve never been to a big tech event, but I can’t wait to meet the people shaping Africa’s tech ecosystem. At Moonshot, I’m looking forward to experiencing innovation from startups and understanding the policies that guide them. You don’t have to be a “tech person” to attend. There is tech in everything, and you’ll see it for yourself. Speaking of innovation, the NBA’s Triple-Double Accelerator is backing African startups solving real-world problems. Across fintech, healthtech, and sports-tech, this programme is helping African startups scale globally while building locally. Accelerators like these show just how exciting Africa’s tech scene is right now. I’m excited for Moonshot 2025. You should be, too. And who knows, we might bump into each other in one of the content tracks. Until then, stay jiggy. – Yemi Let’s dive in. Quick Fire with Ayodeji Alaran NALA goes to Kenya iXAfrica secures $200 million debt Funding Tracker World Wide Web 3 Events Features Quick Fire with Ayodeji Alaran Ayodeji Alaran of PBR Life Sciences Ayodeji Alaran, founder and CEO of PBR Life Sciences, is tackling Africa’s healthcare data problem. After 16 years at Pfizer, GSK, AstraZeneca, IQVIA, and Cegedim, he launched PBR in 2022 to help pharmaceutical companies cut waste and improve drug supply using anonymised pharmacy data. Backed by Techstars, the startup has raised $1 million in pre-seed funding and operates in Nigeria, Ghana, Kenya, and the UK (HQ). With a global team, PBR helps life sciences firms forecast demand and plan smarter. Alaran holds a pharmacy degree from UNILAG, an MBA from London Business School, and executive training in marketing and pharmaceuticals. Explain your job to a five-year-old. Imagine a giant pile of LEGOs. Drug companies need those pieces to build medicines, but everything is scattered. My team and I use AI, a kind of robot brain, to sort the pieces, spot hidden patterns, and reveal which ones matter most. We then share those insights with scientists so they can build the right medicines faster. I don’t make the drugs myself; I lead the team that finds the secret instructions hidden in the data. What problem in healthcare data for Africa drives you every single morning? A pharmaceutical company in Lagos told us it destroyed $700,000 worth of expired medicines and still had to pay regulators for approval to do so. This is one company out of thousands in Africa that experiences the same challenge: poor data on disease and treatment patterns. Without it, pharma firms misjudge demand and the continent loses over $10.2 billion annually to waste and missed opportunities. You’ve worked with global pharma giants. What made you decide to leave that world and start your own company? In my roles across Africa, the Middle East, Europe, and Asia, it was painful to see data driving innovation for patients in Europe while emerging markets were left out. It often felt like patients’ lives were valued differently, all because of poor data. I could not accept that and chose to act, so future generations would not ask why we stood by while the rest of the world advanced. PBR helps reduce drug wastage and improve forecasting. What’s one story from the field that stuck with you? A pharmaceutical company once struggled with inflation, forex pressures, and pricing. Import too much and drugs expired, import too little and patients went without. Using our data, we analysed price elasticity for 30 products, tracking how patients responded to price changes, how doctors prescribed, and how pharmacies profited. This helped the company set optimal prices and quantities, contributing to revenue increase and product uptake by patients. The experience reinforced how big data, when mined for insights, can transform healthcare and create value for everyone. What was the toughest part of building your data platform, and how did you solve it? The toughest part is cleaning unstructured healthcare data at scale. There are no standardised healthcare database dictionaries or AI models in Africa to guide data transformation. When we started, the 10,000+ drug brands and 480,000+ drug molecules in Nigeria were not classified according to WHO standards, which are the minimum for research and analysis. Cleaning these unstructured datasets took 8-10 months on average, even as new data appeared every three months. The manual cycle was unsustainable. We built our own AI models and infrastructure, trained on initial datasets, and now we can clean new databases in 30 minutes, meeting global standards for research-quality data. How do you balance running a fast-growing startup across multiple countries while staying focused? I have learnt how to quiet the noise and focus on the most important thing at every time. My core job is leading and empowering our people to ensure they are doing the best job of their lives and finding it fulfilling. Outside of work, what brings you joy or keeps you grounded? My faith as a Christian, spending time with my family, and playing the piano. Ayodeji Alaran is a confirmed speaker at TechCabal’s Moonshot, happening on October 15–16, 2025. Connect with Alaran at Moonshot. Get your tickets. eCommerce Without Borders: Get Paid Faster Worldwide Whether you sell in Lagos or Nairobi, customers want local ways to pay. Let shoppers check out in their local currency, using cards, bank transfers, or mobile money. Set up seamless payments for your global online store with Fincra today. Fintech NALA makes debut in Kenya Image Source: NALA NALA, a Tanzanian cross-border payments fintech, has entered Kenya through a partnership with Equity Bank and the national interbank payment system, Pesalink, to plug into the country’s booming remittances. This move will allow NALA route remittance through Pesalink’s payment rails, with Equity Bank handling settlements. For Kenyans, this means receiving diaspora funds in real time, directly into their wallets. It’s a smart bet. Kenya pulled in $4.94 billion in remittances in 2024.
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Safaricom is quietly adding utility services into M-PESA super app
Safaricom is quietly changing how its customers use digital products by moving everyday services into its flagship M-PESA app, raising questions about the future of its long-running self-care platform, the mySafaricom app. This week, users began noticing that functions once exclusive to the mySafaricom app—such as airtime purchases and home internet management—appear inside the M-PESA super app. The overlap looks minor, but the shift signals a deeper rethink of how Kenya’s largest telecom operator wants subscribers to interact with its digital ecosystem. Launched in 2016, mySafaricom app was marketed as the all-purpose self-care app for anyone with a Safaricom line. Five years later, Safaricom introduced the M-PESA app, which the company described as a financial tool for payments, savings, loans, and global transactions. mySafaricom has M-PESA services, but only in stripped-down form. The super app, by contrast, has evolved into a broader marketplace, hosting mini apps for ticket booking, shopping, insurance, and more. It also carries PayPal withdrawals and GlobalPay, a Visa-backed virtual card that lets customers pay international merchants like Netflix. Yet gaps remain. Subscribers can’t configure Safaricom’s 4G and 5G routers directly on the M-PESA super app; Home Fibre, for instance, is still accessible only via a mini app, leaving mySafaricom still relevant. Safaricom has been experimenting internally for months to close these gaps, according to people familiar with the telco’s operations. The company is now seeking customer feedback on the updated M-PESA app’s design, look, and navigation. This step may test whether users are ready to manage everything—from internet and airtime to loans and global payments—inside one platform. For now, Safaricom hasn’t said whether it plans to retire the mySafaricom app. Another complication is that the two apps are developed by separate teams. The telco did not respond to a request for comment. M-PESA remains Safaricom’s biggest growth driver. The platform now commands over 35 million active users in Kenya, with millions relying on the M-PESA app for daily transactions. In the year to March 2025, the app processed KES 2.3 trillion ($17.9 billion), pushing M-PESA’s revenue up more than 15.2% to KES 161.1 billion ($1.26 billion). That lift, combined with rising spend per user at KES 395.22 ($3.10), means the service now brings in nearly half of Safaricom’s Kenyan revenue, well ahead of the shrinking voice and SMS business it once depended on. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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GITEX Nigeria: Resilience, a word used one too many
Two years after Lagos governor Babajide Sanwo-Olu first floated the idea of hosting GITEX Africa, the continent’s biggest startup show, in Lagos, his dream has finally materialised. He was beaming with happiness as he toured the exhibition area at Eko Hotel and Suites on Wednesday, and later declared on stage, “Lagos is not just a city for today – it is Africa’s innovation nerve centre and a launchpad for Africa’s tomorrow.” Many speakers who came before and after him echoed Lagos’s potential—home to over 600 startups and the birthplace of unicorns—and almost all tagged Nigerian founders with the familiar label: resilient. That word, resilience, hung heavily in the air and was offered as both an explanation and a badge of honour for why Nigerian founders survive. Over the course of two days, Lagos hosted dual events: GITEX Nigeria Tech Expo and Future Economy Conference at the Eko Hotel Convention Centre, and GITEX Nigeria Startup Festival at the Landmark Centre simultaneously. Image Source: @NITDANigeria/X. Trixie LohMirmand, EVP of Dubai World Trade Centre and CEO of KAOUN International, organisers of GITEX Nigeria, described Lagos as “a mega high-speed technology testbed that is dense, diverse, and demanding, where SMEs, startups, and entrepreneurs succeed not by conventional rules but by distinctiveness and necessity-driven innovation.” Kashifu Inuwa, Director-General/CEO of National Information Technology Development Agency (NITDA), admitted that while founders in other parts of the world used capital infrastructure to fuel innovation, those in Nigeria needed resilience. “Because we have no options, and we need to create the solutions. We are ready for it. As a nation, our vision is clear,” he said. “Nigeria and Lagos in particular are a crucible of innovation, where raw talent meets the unshakeable will to succeed, a factory of unicorns. Lagos is the place where people use talent and come up with solutions without infrastructure.” While this rhetoric made sense on the surface, ecosystem players are tired, and during the first panel session at GITEX Nigeria in Eko Hotel, Olu Olufemi-White, CEO of Alami Capital, an investment and advisory firm, put it plainly: “We need a federal government innovation fund. A fund that is intentional, that is of the standard that you would find at the top institutions across the world.” Directing a plea to NITDA, she said, “We want you to fund those who will build the today and the future of this nation. For a nation to progress, it must intentionally invest in innovation. When the public sector moves, private capital follows.” Nigerian startups raised $410 million in foreign capital in 2024, with fintech Moniepoint raising $110 million to achieve unicorn status. She noted that the government needs to start using its money as a signal, not just words: “We are resilient, but support us by backing us with capital. Because what you do is you signal to the world that you have confidence in our innovation.” Government-backed funds are needed in startup ecosystems as they serve as patient capital and help strengthen public-private sector relationships. Image Source: GITEX Nigeria/X. For Iyinoluwa Aboyeji, founding partner, Future Africa, a pan-African-focused fund, investment in startups is not just nation-building but also lucrative. “It is necessary for the government to actually invest, because they will make a lot of money from it.” He said beyond investing in startups, the government must urgently fund human capital, while noting the work it is already doing with the Three Million Technical Talent (3MTT) program. “We cannot afford to graduate fewer than 4,000 STEM graduates while China is graduating 3.8 million,” he said. Aboyeji noted that many unicorns from the country were the result of exceptional talent. “Talent is very key, but we need to fund talent. So we need capital,” Olufemi-White of Alami Capital added. NITDA’s Inuwa argues that the government has not been passive. He pointed to the Nigeria Startup Act and even the Central Bank of Nigeria’s 2012 cashless policy, which he credited with sparking the rise of fintechs in Lagos. He, however, noted that the need to further reinvent the social contract between the government and the tech ecosystem still exists. In March 2025, Nigeria and Japan announced plans to establish a $40 million fund investing in early-stage technology startups. The Nigeria Startup ACT has provisions for seed funding of up to ₦10 billion annually. Lagos, meanwhile, isn’t waiting. “Here in Lagos, we are creating that future,” Sanwo-Olu said. The state wants to fill that gap with its proposed innovation fund—1.5% of its annual capital budget—to replace fragmented pools like the ₦1 billion Lagos State Science Research and Innovation Council (LASRIC) fund and provide a real lifeline to over 600 startups and research institutions, especially as foreign investments dry up. Startups in Lagos attracted over $252 million in 2024, and as of December 2024, LASRIC had disbursed $330,000 to support more than 40 startups. “Governance in the 21st century must be digital, inclusive, and data-driven,” Sanwo-Olu added. While GITEX Lagos is meant to serve as a bridge between local startups and foreign investors, it also presents the perfect platform for the ecosystem to ask the government to put its money where its mouth is. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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