Comparing virtual dollar cards in Nigeria (2025)
Table of contents Chipper Cash Geegpay Cardtonic Dantown Eversend ALAT by Wema Bank In 2022, a crippling dollar shortage forced Nigerian banks to suspend or severely limit international transactions on Naira debit cards, making it nearly impossible for freelancers, digital marketers, students abroad, and remote workers to pay for global services. Fintechs like Chipper, Payday, and Barter by Flutterwave quickly filled the gap with virtual dollar cards, providing short-term relief for subscribers to Canva Pro, Netflix, Upwork, and more. But regulatory scrutiny, funding delays, hidden FX spreads, and unpredictable fees soon turned many of these platforms into unreliable stopgaps. In 2025, Nigerian commercial banks began reactivating international spending using Naira cards, though often with tight spending limits, some capped at $500 per month. This guide blends research, firsthand testing, and user insights to help you navigate what remains a volatile landscape, where the key isn’t just finding a card that works, but one that will continue to work tomorrow. Virtual dollar card providers in Nigeria (2025) Here’s a closer look at some of the top virtual dollar card options available in Nigeria, based on pricing, limits, user experience, and their compatibility with international platforms. 1. Chipper Cash Chipper Cash is one of the most popular options in Nigeria. It charges a $5 card creation fee and a $1 monthly maintenance fee. The card is reloadable, with a daily limit of $2,500 and a monthly limit of $10,000. The card works for major platforms like Netflix, Apple, Google, Spotify, and AliExpress. “It’s fast and reliable. I’ve never had to wait long for transactions to go through,” says Boluwatife, a B2B and SaaS content writer. But not everyone’s had it as smooth. Jemimah, a master’s student, recalls hitting a wall after deleting her card. “When I tried to create a new one, it wouldn’t let me. I ended up paying another $5 just for support to remove the old card,” she says. 2. Geegpay Geegpay is built for freelancers, remote workers, and people who make international payments regularly. It offers very high spending limits, up to $20,000 per day and $60,000 per month for users at the highest KYC level. Card creation fee: $3 No monthly fees Funding charge: $0.50 per top-up “Compared to Payoneer, Geegpay’s rates are way better. Payoneer’s rates are just poor,” says Afolayan, a Lagos-based graphic designer. Still, the onboarding process can be tough for some. “The signup and KYC process stressed me out. Then my funds were frozen temporarily. They explained it was anti-money laundering compliance, but it was still frustrating,” says Chinenye, a nutritionist in Abuja. 3. Cardtonic Cardtonic started as a gift card platform but now offers a solid virtual dollar card service. Card creation fee: $1.5 No monthly fees Funding fee: 2% per Naira deposit Customers can fund their cards directly from their Naira wallet, and Cardtonic claims to use some of the best available exchange rates. “It takes me less than a minute to fund my card,” says Afolayan. Boluwatife adds, “It works perfectly for paying for X (formerly Twitter) verification.” 4. Dantown Dantown markets its card as the cheapest in Nigeria, and it might be right. Card creation fee: $1 No funding fees No monthly fees There are no official spending limits. Jemimah says: “Mine works fine on AliExpress, Amazon, Netflix, Spotify, and YouTube Premium without issues.” Afolayan also likes the low activation cost:“I’ve rarely experienced card rejections. It’s a solid choice for everyday online payments.” 5. Eversend Eversend gives you more flexibility with currencies, allowing you to hold USD, EUR, and GBP in one wallet. Card creation fee: Free Maintenance: $1/month or a one-time $3 Penalty fee: $0.35 for failed transactions due to low balance But there’s a catch: if your card fails 2–4 times, it may be revoked. “My card was revoked after a series of failed transactions. I wish there had been more warning,” says Chinenye, a nutritionist. Reviews were mixed. Boluwatife praised the company’s support: “The team is responsive.” But Jemimah noted: “Bank transfers can be slow, and exchange rates are sometimes higher than expected.” 6. ALAT by Wema Bank ALAT, Wema Bank’s fully digital platform, lets users manage their finances and make international payments through a virtual dollar card. Card creation fee: ₦2,260 (around $1.5) Funding fee: 2% + ₦100 No annual fees Max balance: $20,000 Afolayan says, “I use ALAT’s card mainly for Facebook Ads and Google Ads. I like knowing it’s backed by a bank, so there’s an extra layer of security.” Chinenye adds, “I can manage everything online without having to visit a branch. For me, it’s the perfect mix of bank trust and fintech convenience.” Other virtual dollar card providers These providers offer alternative features that may fit your specific needs: Bitnob – Best for users who want to spend Bitcoin or convert it to USD. Payday – Good for freelancers and remote workers. It provides virtual accounts and a global Mastercard. Cleva – A new option offering quick card creation and affordable fees. Grey – Offers USD, GBP, and EUR accounts, but some users report slow funding and support issues. UfitPay – Allows international spending of up to $2,000/month and comes with API access for developers. Kuda – Offers only a virtual Naira card, not a dollar card. Be sure not to confuse it with other options. How to choose the right virtual dollar card Everyone has different needs, so the right virtual dollar card depends on how you spend. For people who spend big monthly If you’re a freelancer, remote worker, or digital marketer, look for cards with high monthly limits. Geegpay offers up to $60,000/month for verified users. Chipper Cash allows up to $10,000/month. For people who shop or subscribe online sometimes If you only make a few purchases or pay for subscriptions: Dantown and Cardtonic are great because they don’t charge monthly fees. Eversend charges a one-time fee of just $3. For people who want full banking features If you want more than just a card, ALAT by
Read More
AI in cybersecurity: A double-edged sword for Nigeria’s financial sector
Nigeria’s financial sector is rapidly digitalising, embracing mobile banking, fintech, and digital currencies. While this interconnectedness is a strength, it also creates significant vulnerabilities. Artificial Intelligence (AI) has emerged as a double-edged sword, offering unprecedented defensive capabilities yet simultaneously empowering sophisticated new threats. As CISO, my focus is on safeguarding sensitive data and critical infrastructure in this escalating AI arms race. The sharp edge of defense: How AI bolsters our security The sheer volume of financial data overwhelms human capacity, making AI indispensable for security. Our institution leverages AI extensively. Advanced threat detection uses machine learning to analyse vast real-time datasets, identifying anomalous patterns in network traffic, user behavior, and transactions. This flags suspicious activities, significantly reducing fraud and detecting “zero-day” attacks. In an attack, automated incident response systems powered by AI can automate initial responses—isolating affected systems or blocking malicious IPs—drastically reducing impact and freeing human analysts for strategic tasks. AI also excels in fraud detection and prevention, where its ability to analyse intricate transaction patterns and detect subtle deviations is invaluable in preventing fraud across all channels. Beyond this, AI revolutionises enhanced customer authentication through biometrics (facial, fingerprint, and voice), offering superior security over vulnerable password-based methods. Our proactive stance is bolstered by proactive vulnerability management, using AI-powered autonomous penetration testing to identify weaknesses before attackers exploit them, enabling proactive patching. Lastly, AI tools automate compliance and risk management, assessing regulatory risks and monitoring cybersecurity law changes, ensuring adherence to crucial frameworks like the Nigeria Data Protection Act (NDPA) 2023. The blunting threat: AI as an enabler for cybercriminals While AI offers immense defensive potential, its accessibility means malicious actors increasingly wield it for sophisticated and impactful attacks. We’re witnessing a concerning rise in hyper-realistic deepfakes and voice clones, used to impersonate officials and defraud organisations through social engineering scams. AI also drives advanced phishing and social engineering attacks, crafting highly personalised emails that are harder to detect, increasing risks like credential harvesting. Threats escalate with automated malware generation and evasion, as AI generates novel, evasive malware variants at unprecedented rates, rendering traditional detection obsolete. This adaptive threat is further amplified by reinforcement learning for attack optimisation, where malicious AI learns from defensive responses, constantly refining its strategies. Finally, AI automates various scalable fraud operations, from creating fake accounts to manipulating cryptocurrency markets, dramatically increasing cybercrime efficiency. Navigating the ethical and operational minefield AI adoption in cybersecurity presents unique challenges in the Nigerian context that we must address head-on. A primary concern is data quality and bias, as AI model effectiveness depends entirely on the data it’s trained on; biased data can lead to skewed outcomes or missed threats, making representative Nigerian financial data crucial. Another significant hurdle is algorithmic transparency (explainable AI – XAI), as understanding why an AI system made a decision is vital for compliance and incident response, necessitating a focus on XAI. Furthermore, Nigeria faces a significant talent gap in AI and cybersecurity experts, which can hinder effective implementation and response. While the NDPA 2023 is a commendable step, evolving regulatory frameworks are still developing comprehensive legal guidelines addressing AI’s use and misuse in cybersecurity, which are essential for responsible innovation and risk mitigation. Lastly, the cost of implementation for cutting-edge AI cybersecurity solutions is substantial, especially for institutions managing other technological upgrades and infrastructure limitations. The path forward: A collaborative and proactive Approach As information security leaders, we must navigate this AI-driven landscape with vigilance and strategic foresight. Our path forward involves strategic investment in AI-driven solutions, prioritising those offering advanced threat intelligence, anomaly detection, and automated response, while continuously evaluating their efficacy. Crucially, we must focus on building human capacity, investing heavily in training cybersecurity teams to understand, manage, and leverage AI tools, and fostering data science and machine learning expertise within our ranks. Cross-sector collaboration is paramount; actively engaging with industry peers, regulators (Central Bank of Nigeria and the Nigeria Data Protection Commission), law enforcement (the Economic and Financial Crimes Commission and the Nigeria Police Force), and local tech innovators to share threat intelligence and best practices will strengthen our collective defense. We are committed to promoting AI governance and ethics, developing internal policies ensuring ethical and responsible AI deployment, focusing on data privacy, algorithmic fairness, transparency, and accountability. Recognising the human element remains a critical vulnerability; employee cybersecurity awareness is key, requiring continuous education for all staff on identifying AI-powered social engineering attempts. Finally, we must foster localised threat intelligence, training AI models on Nigerian-specific fraud patterns and cybercrime tactics, tailoring defenses to our unique landscape. The integration of AI into cybersecurity is a strategic imperative for Nigeria’s financial sector. By fostering innovation, building capacity, and upholding robust ethical frameworks, we can ensure AI serves as a formidable shield, protecting Nigeria’s digital future from cybercrime. Ayowole Popoola is the Chief Information Security Officer at FCMB. He is a results-oriented IT & InfoSec leader with 20+ years protecting business-critical networks and data within the highly regulated financial services industry. 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
Read More
South Africa’s Street Wallet raises $350,000 to expand QR payments for informal traders
Street Wallet, a South African mobile payment fintech, has raised $350,000 (R6.2 million) in funding at a valuation of $2 million (R35.5 million). The raise, led by undisclosed investors, will help the company deepen its reach into South Africa’s informal economy, grow sales, and expand operations nationwide. Founded in 2021 by Kosta Scholiadis, Street Wallet aims to solve what he calls “a simple but critical problem” in the informal economy. The company targets informal traders and service providers, from street vendors to car guards and township shopkeepers—many of whom cannot accept cards or digital payments because of their working environments, unreliable data, and security on the streets. Street Wallet offers vendors lanyard cards with QR codes linked to their profile. Customers who want to pay or give a tip scan the code using their smartphone and pay via Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay. Vendors get instant SMS confirmations, and the day’s takings are converted overnight into Standard Bank Instant Money Vouchers, withdrawable at ATMs or retail partners the next morning. According to the South African Reserve Bank (SARB), the country has about 3.9 million unbanked and underbanked, many avoiding formal banking due to costs, complexity, and mistrust. Scholiadis said that Street Wallet is banking on the fact that traders value speed and liquidity above all else. “If a street vendor sells stock today, they need that cash tomorrow to buy more. Waiting two to three days for settlement, as with many POS providers, kills sales momentum,” Scholiadis said. Street Wallet charges a 5% transaction fee in its street market segment, with reduced rates for business-to-business partnerships that bring in large user volumes. Current use cases range from car washes and petrol attendants to tip-based services, with plans to move into tourism and wage disbursements. The South African payments space is crowded with players like SnapScan, Zapper, PayShap, Yoco, and mobile money platforms. But Scholiadis said Street Wallet has carved out a niche in low-cost devices like a QR card instead of an R1,000 (about $57) card machine, and quick access to cash. Street Wallet plans to grow across three verticals, including individual street traders, business-led merchant networks, and wage payments, which the company aims to roll out in Johannesburg by year-end, following its Cape Town and Durban launches. Street Wallet is also building AI-driven analytics tools to give merchants personalised transaction insights without needing a dedicated data team. “This funding is a strong vote of confidence in our vision to empower informal traders,” said Scholiadis. “We are building a financial ecosystem for those left out of the digital economy, and we are just getting started.” 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
Read More
Digital lenders face up to ₦100m fine for unethical conduct under FCCPC new rules
Digital lenders in Nigeria now risk fines between ₦50 million and ₦100 million, or 1% of their annual turnover, for unethical conduct and other violations under new rules introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The newly issued Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, released in July, represent the commission’s latest effort to regulate the country’s $2.1 billion consumer lending market, which even banks have long avoided due to high default rates. It builds upon its 2022 framework, which aimed to curb illegal activities and improve regulation in the sector. It also aligns with regulatory shifts in the continent’s approach to consumer lending, with the Central Bank of Kenya recently publishing a draft non-deposit-taking credit providers regulation. Previously, penalties for unethical behaviour—such as threatening debtors and their contacts— in Nigeria’s digital lending space consisted of office raids, app delistings, and operational disruptions. Now, the FCCPC has clearly defined standard penalties. An individual guilty of breaching any of its regulations can be fined up to ₦50 million, while a company could face ₦100 million or 1% of its previous year’s turnover, whichever is higher. Company directors also risk sanctions for up to five years. “Any person or undertaking found to be in contravention of the provisions of these Regulations shall be liable to sanctions, which may include fines, suspension of operations, or delisting of their registration, or revocation of approval,” the commission stated. In addition to fines and penalties, the new law introduces registration and renewal fees and requires fair treatment of customers. It applies to all business entities—physical or electronic—that provide lending services, including those licensed by states but operating across state borders, and extends to players in already regulated industries. Airtime lending, which powered MTN’s ₦83.19 billion fintech revenue in H1 2025, is now under the FCCPC’s purview. Only microfinance banks are exempt, and even they must seek a waiver, according to lending software firm Lendsqr. Licence applications cost ₦100,000, with approval fees set at ₦1 million for mobile money operators such as MTN’s MoMo and Airtel’s SmartCash, or as determined by the commission. Existing digital lenders — 461 as of early August — will also pay ₦1 million, or as determined by the commission, for approval, covering only two apps. Extra apps cost ₦500,000 each, and ownership is capped at five. Initial approvals will expire after three years and must be renewed by 31 March of the following year. “An approval issued by the Commission in accordance with these regulations shall expire on 31st December of the third calendar year from the issuance date…” it added. Approvals must be renewed every 36 months from the date of the first renewal, and companies are now subject to a ₦500,000 annual levy, or a fee set by the commission. A significant aspect of the regulation centres on customer safety. It stipulates that lenders must limit advertising, cease unsolicited marketing, be transparent about all fees, and approve loans only for borrowers capable of repayment. Interest rates—many of which have been described as exploitative—will now be monitored by the FCCPC. “The Commission shall periodically monitor interest rate for services of consumer lending, and ensure rates are not exploitative and inimical to consumer interest,” it said. Operators must also adhere to the Nigerian Data Protection Act 2023, the Nigerian Communications Act 2003, and other applicable laws. Lenders must undergo audits, submit biannual reports to the FCCPC, file annual returns, and produce records within 48 hours of request. Entities already operating in the sector have 90 days to comply. Gbemi Adelekan, president of the Money Lenders Association (MLA), commended the new regulation, noting that it seeks to establish stability within the sector and protect consumers. “However, some of the rules as stated may have a significant impact on the cost of service provision, technology, accessibility of financial services, which in turn can influence pricing of our services and consumer behaviour,” he said. He called for a balanced and adaptable regulatory environment that can adapt to changing consumer needs. Adedeji Olowe, founder of Lendsqr, highlighted that the new law reflects the maturing of the sector. “Digital lending isn’t a side hustle anymore. It is part of the financial system, and it is going to be treated that way,” he wrote in a LinkedIn post on Monday, August 11. 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
Read More
Our opportunity to service the African diaspora and beyond
Look to the African sky and be inspired. It is very easy to become discouraged by thinking about the world’s problems. They can seem overwhelming, but the same problems also present us with opportunities to find innovative solutions which help millions of fellow Africans – and people beyond our shores – realise their dreams. I fundamentally know this to be true due to my experience at Moniepoint – working with a fantastic team to empower people I don’t know and might never meet; enabling them to access the financial system, help their family and friends, and build their businesses. Looking back to 2015, we couldn’t anticipate the growth Moniepoint has achieved over the last decade; servicing millions of businesses and individuals, raising $110 million on the capital markets, and entering international markets to serve customers around the world. We were simply looking to bring financial happiness to Nigeria and then the rest of Africa. A decade later, we have seen tangible success in meeting this mission – from pioneering virtual accounts payments in Nigeria via Monnify to becoming Nigeria’s largest merchant acquirer; processing 1 billion+ transactions monthly, with total payments volume of over $22 billion; whilst playing an instrumental role in helping the Nigerian’s government’s efforts to improve financial inclusion. In building the country’s most robust distribution network for financial services, we have been able to create immense value and a life-changing impact in reaching the underserved and unbanked populace. The capital we have raised across this period, from investors such as Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock, is a result of Moniepoint’s impact in driving digital and financial inclusion, and our ability to foster economic activity and development. The investment also speaks to our growth and profitability; our revenue has grown at over 150% CAGR, and the Company has been widely recognised as one of Africa’s fastest growing fintechs. Naturally, as Moniepoint continues to grow, our goals have changed. Now, for the first time, we are helping the African diaspora – our family and friends living in other countries (such as the UK) – achieve their financial goals. The diaspora is a critical component of many economies across Africa – sending remittances back to their home countries to support families, friends, and communities. For instance, the global Nigerian diaspora remitted over $20 billion in 2024; an increase of 9% on 2023. This figure is equivalent to c. 3.5% of Nigeria’s entire GDP – helping to grow businesses and drive economic development. The economic value of the diaspora underlines why African companies should seek to service the African community living in other countries. As most of us know, it takes incredible bravery and confidence to move to another country and start a new life – traits which I believe explain why the diaspora boasts so many entrepreneurs and business leaders. However, these entrepreneurs consistently want to remain connected to their homeland(s), often looking to create a positive impact for their communities at home. This rationale is undoubtedly why we’re starting to see more and more financial products catering to the diaspora – such as our recent solution, MonieWorld – and this is just the beginning. For us, MonieWorld addresses the fragmented financial needs of the African diaspora, starting with Nigerians in the UK, by creating a seamless bridge between their financial lives in both their home country and their country of residence. Whether they’re long-settled expats, recent migrants still finding their financial footing, or individuals who split their time between Nigeria and the UK, there’ll be needs – school fees, medical expenses, business support, or everyday living – to be met. We want to be front and centre in uplifting lives, helping to build emotional and financial connections to the places that matter. Over time, I expect the links between the diaspora and our home countries to be increasingly formalised and easy to access, embodying a positive form of globalisation for Africa. This change will help maintain the growth momentum many countries are seeing, drive adoption of innovative products and solutions, and provide opportunities to grow Africa’s share of global capital and economic resources. Simultaneously, the visibility of servicing the African diaspora will also drive reputational change, as the real and positive impact of Africans in the global economy will become more visible and better understood. To summarise our approach to business, we believed in a world where every African everywhere could access and enjoy financial happiness. By strengthening our resources, we are ready and committed to making this a reality. To everybody who’s been part of our journey, a genuine and humble thank you. Now we are eager to keep powering more dreams! Keep looking to the sky and find your inspiration. ________ Tosin Eniolorunda is a leading innovator in African fintech, with a passion for creating financial happiness and a track record of groundbreaking contributions to financial technology in Africa. He is the Founder and Group CEO of Moniepoint Inc., an all-in-one digital payments and banking platform and Africa’s fastest-growing fintech. 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
Read MoreNigeria nets ₦84.97 billion in six months after extending transfer levy to fintechs
When Kemi Michael, a corporate compère, attempted to transfer money to her usual PoS agent in late 2024, the attendant had a tip for avoiding an extra charge: “Send ₦9,500 instead of ₦10,000 so I don’t have to add ₦50 to the withdrawal fee.” According to her, it worked for a while but was not sustainable. That ₦50 charge, the Electronic Money Transfer Levy (EMTL), was extended to fintechs like Opay, Palmpay, and Moniepoint in December 2024, and in six months, increased government revenue by ₦84.97 billion, according to Federation Account Allocation Committee (FAAC) data. Between December 2024 and May 2025, EMTL revenue reached ₦185.86 billion, an 84.22% rise from the ₦100.89 billion recorded during the corresponding period of 2024, confirming the government’s motivation for extending the levy to fintechs. In 2024, the government required fintech operators to comply with EMTL in line with the Federal Inland Revenue Service (FIRS) regulations. Although the levy was initially set to start in September 2024, implementation began in December. The EMTL, introduced in the Finance Act 2020 as an amendment to the Stamp Duty Act, imposes a ₦50 charge on electronic transfers of ₦10,000 and above, initially applying only to banks. The levy was meant to diversify revenue away from oil and tap into Nigeria’s booming e-payments market, which hit ₦1 quadrillion in 2024. As banks struggle to meet digital demand, fintech firms have stepped in, processing ₦46.91 trillion worth of transactions in 2023 and ₦79.55 trillion in 2024. These mobile-first neobanks have become vital for the roughly half of Nigerian adults who remain unbanked or underserved, especially in rural areas. Olayemi Cardoso, the Central Bank of Nigeria governor, noted that the adoption of digital payment channels using mobile technology has been a transformative tool for financial inclusion, which stood at 64% in 2023. “There is still a gap in the number of adult population that is unbanked, and this responsibility falls on fintechs,” said Chika Nwosu, managing director of Palmpay, during a recent TV interview. Transaction values through mobile money platforms such as Opay and Palmpay increased by 2,507.94% between 2020 and 2024. The appeal of neobanks lies in the promise of near-instant, low-cost, or free transfers. “Fintech services, like transfers, are provided free of charge, or nearly so,” Nwosu emphasised. Initially, extending EMTL to fintechs was seen as a potential deterrent for users. According to GSMA, the global organisation for the telecom sector, additional taxes could threaten the success of e-payments. In a study, the organisation revealed that additional taxes on mobile money transactions in Uganda caused a 24% drop in overall industry transaction values in 2018. In 2019, new taxes on mobile money led to decreases in transaction values and volumes in the Republic of Congo. However, Nwosu noted that customers have since adapted. “This is a government policy, there is nothing we can do about it, and customers are okay with it and are not complaining anymore,” he said. While the government aims to increase tax revenue from EMTL, the bigger challenge remains incentivising transfers of ₦10,000 and above, as microtransactions — which gained prominence after the CBN’s unsuccessful cashless policy initiative — dominate. “Transfers below ₦6,000 make up about 45% of transfer transactions. Those in the range of ₦10,000 are around 25%,” an industry source commented. PalmPay, Opay, and Moniepoint grew rapidly on small-ticket transfers, offering speed at almost no cost. While these transfers might not generate more taxes for the government, it bodes well for financial inclusion. “The goal remains financial inclusion,” added Nwosu. 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
Read More
A financial tool for South Africa’s gig workers left out of formal banking systems
It started with curiosity and a handful of conversations in the back seats of ride-hailing vehicles. “That’s where we noticed a fundamental gap in the market,” says Busisiwe Ndlovu, Co-Founder, Brown Financial Service, a new startup building financial tools for South Africa’s gig workers. Despite steady daily earnings, Ndlovu found that many South Africa’s gig workers, particularly ride-hailing drivers fell outside of traditional banking systems, often denied credit or forced into high-interest informal loans. “Many of our users have stable and substantial incomes but have been turned away by banks,” Ndlovu says. “Others have been forced into predatory lending situations. We hear repeatedly that no one understands their industry or income patterns.” Brown Financial Services launched in 2024 and introduced its first product just six months ago—a fuelling loan and credit card designed specifically for e-hailing drivers. It gives drivers access to short-term loans ranging from R1,000 to R5,000 to cover fuel costs, with repayments matched to how they earn. “Fuel is their biggest operational expense, but they have no tools to manage that cash flow,” Ndlovu says. “We saw an opportunity to build something that actually works for how they live and work, rather than forcing them into systems designed for nine-to-five employees.” Ndlovu noted that the sign-up process is simple and mobile-friendly, and once approved, drivers can use the card at major fuel stations across South Africa. Drivers apply via a website form, and a dedicated WhatsApp channel keeps communication clear. A driver-focused mobile app is in the works, set to launch soon. Betting on the gig economic boom The startup is betting on South Africa’s fast growing gig workers economy. According to Stats SA, over 3 million South Africans now rely on some form of informal or gig work, and Bolt and Uber alone employs over 60,000 drivers. While gig workers like ride-hailing platforms offer fuel incentives, Ndlovu sees those as temporary fixes. “Brown Financial Services is building something permanent. We are not trying to disrupt for disruption’s sake. We are solving real problems for real people,” she noted. Beyond fuel, a full financial toolkit While fuel cards are the company’s first product, they are laying the foundation for a much broader gig economy financial system. Plans are underway to expand into vehicle maintenance financing, insurance, and eventually, full earnings-based financial tools. The company says it is yet to integrate AI into its operations and is focused on building human-centred systems that work for drivers in real time. All fees are upfront, and the company claims there are no surprises. “Our vision is to be the complete financial partner for gig workers throughout their careers,” Ndlovu says. 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
Read More
Funding is flowing North, and Enza Capital is paying closer attention
After landmark acquisitions like InstaDeep and Expensya, proof of the region’s growing ecosystem maturity, North Africa has drawn increased investor attention over the past two years. Its proximity to Europe’s vast consumer market and access to deep Middle Eastern capital pools only add to the allure. In 2024, Egypt recorded the fastest growth in equity deal activity in Africa, with 48% more rounds than in 2023. Morocco was the sixth most active African country and one of the few markets outside the top four to raise over $50 million. So far in 2025, Egypt trails only South Africa in funding, having raised $339 million in the first half. Investors have parked their capital in the region’s fintech sector, especially with payments and credit, alongside the proptech and consumer commerce sectors. Amidst all this activity, firms are racing to hire and deploy capital. Among them is Enza Capital, a pan-African fund that invests between $250,000 and $5 million in startups across multiple sectors. Unlike typical early-stage investors, Enza can deploy up to $20 million in follow-on rounds and take long-term positions in its portfolio companies. This week, I spoke to Abdelrahman Hassan, the principal at Enza, to understand how Enza thinks about North Africa and why it has tripled its regional portfolio in two years. Although Enza is headquartered in Nairobi, Hassan is based in Cairo, where he leads the firm’s North African strategy and has backed regional startups such as PharmacyMarts, Olive, and Manzil. “At Enza, our core thesis is backing founders and teams using technology to solve large, meaningful problems across Africa,” he said. ”We back entrepreneurs reimagining how Africans live, work, move, earn, and thrive, often where infrastructure is broken, outdated, or nonexistent.” His firm focuses on financial services, logistics, healthcare, climate, and human capital. Hassan describes them as sectors where compounding advantages build moats over time. “Capital is just part of the puzzle. We also support founders with talent, product strategy, narrative, and governance,” Hassan said. “The reality is investing in Africa often means building the conditions for success. We help our companies fill the gaps. Our conversation covers Enza’s investment strategy in North Africa, how it supports founders, how the firm thinks about exits, how limited partners think about North Africa, and what to avoid when entering the region. This interview has been edited for length and clarity. You moved from an impact-first fund (Imaginable Futures) to a return-driven VC (Enza). How did that shift your mindset? The biggest mindset shift was recognising that the two are not mutually exclusive. A company that can not generate sustainable returns will eventually lose its ability to deliver impact, no matter how strong its mission. Similarly, an impact-first startup will lose its ability to deliver impact at scale unless it finds ways to build a sustainable commercial business. For example, the neobanks we back serve mostly unbanked users. Affinity Bank in Ghana serves first-time users. Credo democratises education access. Even though we optimise for financial return, impact is baked in. Revenue is not a dirty word. It does not mean abandoning values. It means building them into a business model that can survive market cycles, so the impact compounds instead of disappearing when the funding tap stops. We believe the next generation of breakout companies will come from solving the hardest problems – the kind that touch millions of lives. In Africa, those opportunities are everywhere. Technology gives us the reach, but it’s the founders who turn ambition into reality. We’re here to find, back and support those teams in North Africa and across the continent. 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
Read More
Inclusive design is key to onboarding Nigeria’s unbanked and unconnected
Imagine trying to pay for your electricity online, but the text on the call-to-action button is too small to read, or your aunt in the village who wants to use her mobile banking app, but the app doesn’t support her native language. For many Nigerians, this is their daily predicament while using a digital product. Despite the country’s huge population and multitude of tribes, languages, cultures, and socioeconomic characteristics, very few digital platforms take note of these unique differences while developing products. The price for this? Millions of Nigerians who could benefit from digital tools, potentially left out. Nigeria’s diversity calls for knowing your users’ constraints The problem of digital exclusion in Nigeria affects many groups. People living with physical disabilities struggle with navigating websites and apps that are incompatible with assistive technology such as screen readers. Less tech-savvy users and people with low literacy levels face challenges, as many digital platforms rely heavily on unfamiliar tech terms, with little to no support for local languages. In rural areas, many individuals still rely on non-smart phones, yet most digital services prioritise only smartphone users. Additionally, people in remote areas with poor internet access are often excluded due to high data-consuming apps that are slow and expensive. A typical example of an accessibility concern is a young professional in Ibadan who wants to watch an online course; however, upon realising that the video will consume a lot of data, he misses an opportunity to upskill himself. Similarly, a trader in Kano who prefers to read in his local language, Hausa, but most government websites provide information only in English. These scenarios highlight how technology in Nigeria often fails to be inclusive. Inclusivity is key to reaching the underprivileged Some Nigerian companies are taking steps toward inclusivity. Most Nigerians have adapted to USSD banking services, which were pioneered by eTranzact but made popular by banks like GTBank and FirstBank, allowing users to transfer money and pay bills without an internet connection. This benefits rural traders, elderly Nigerians, and those who prefer simple text-based banking. In the banking sector, ATMS with voice guidance have been introduced by some banks, which help visually impaired users withdraw money independently and seamlessly. Similarly, e-learning platforms like ULesson allow students to download lessons for offline learning, supporting students in remote areas with limited internet access. An important area that needs urgent attention of digital inclusivity is the Micro Pension Plan for the informal business sector, which accounts for 76.7% of Nigeria’s workforce. Most employers and employees in this sector, mainly traders, artisans, and small business owners, do not have access to structured pension plans due to the bottlenecks of existing financial systems. This is an opportunity for tech innovators to develop solutions to digitalise the Micro Pension Plan and make it more user-friendly. Digitalising this untapped market can ensure that millions of informal workers have financial security when they retire. Digital industry-wide need for inclusive designs Inclusivity in digital platforms extends beyond the financial sector and spreads across the transportation sector. Many navigation apps primarily use Western accents for voice directions, which are unfamiliar to Nigerians. Adapting Nigerian accents into these systems would make them more user-friendly. Accurate pronunciation of place names and familiar directional expressions in Pidgin or indigenous languages would improve accessibility. In 2019, Google Maps introduced Naija accent in its map app, helping commuters to hear travel advice in a local voice, which has greatly improved the user experience. Clear, culturally relevant voice navigation can enhance travel safety and usability for many Nigerians, particularly commercial drivers and those with lower literacy levels. Product designers like me must champion the cause of digital inclusivity, as many businesses do not see accessibility as a priority. Investing in accessibility at the early stages of product development is one of the ways a product can reach a larger customer base, as more people can use the product, increasing revenue. It also improves brand reputation, as businesses seen as inclusive gain public trust. Furthermore, with many countries enforcing accessibility laws, Nigerian companies that adopt inclusive design early will be ahead of future regulations. Nigeria’s digital space is growing fast, but not everyone can fully participate. The most successful companies will be those that prioritise accessibility, not just for social good, but for long-term growth. Companies should test their apps with real users, including those with disabilities and low literacy. Government agencies should promote accessible digital services, and designers and developers must think beyond urban, tech-savvy users. By making digital platforms accessible, we can build a Nigeria where technology works for everyone. ______ Olufemi Ayandokun is a senior product designer passionate about accessibility and digital inclusion. He has created user-centred digital products for Moni Africa, Xchange Box, and several tech startups, consistently prioritising inclusive design to ensure equitable user experiences. 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
Read More
“Culture isn’t what you say, it’s what you allow”: Day 1-1000 of Haul247
Sehinde Afolayan, founder of logistics platform Haul247, was one of the first founders I interviewed as a journalist for TechCabal. The startup, launched in 2020, had just raised $3million at the time. In a space ravaged by big name logistics startups struggling and shuttering, Haul247 has held its own. Afolayan knows the space is tough. He’s been the commodities trader whose goods rotted in storage. He knows what it’s like to feel helpless within a system you depend on, and that first-hand frustration fuels everything Haul247 does. He tells me Haul247 survived by refusing to treat logistics as a series of disconnected pieces. “It can’t be a standalone,” he says. “You have to make it all talk to each other.” That means connecting warehouses, trucks, and tech so clients actually know where their goods are—something he could only wish for when he faced his own supply chain disasters. Afolayan is my guest for today’s edition of Day 1-1000, he tells TechCabal how Haul247 has morphed from solving one man’s supply chain pain to building a logistics operating system for Africa, one real, integrated solution at a time This is the story of Haul247 as told to TechCabal. Day 0: Entrepreneur in training My real journey started long before Haul247—it started at Obafemi Awolowo University (Ile-Ife, Nigeria), where I studied Agriculture. It wasn’t just about learning from textbooks; it was the kind of place where you could get your hands dirty—literally. I remember one day, my head of department got an urgent call from the dean while we were in the lab. She was in the middle of artificial insemination work, which involves using a microscope to handle spermatozoa and eggs. She said, “Can you help me with this? I need to quickly go and meet the dean.” I was 20, maybe 21. I was nervous, but also curious. I’d never done this before. But I did it well—the survival rate was 98%, which was very high. I was a rookie, but I succeeded. She was really impressed. She gave me my first 1,000 fingerlings to rear within the faculty building, which I did. My entrepreneurial journey started there. I realised that if you take responsibility and deliver, people will trust you with more. But university wasn’t just about grades. This was also where I met my co-founders, Tobi Obasa and Akindele Phillips. We’d become friends for life, but at the time, it was just three young men figuring out life, thinking about what Nigeria could be. No one told us how hard starting a business would be, but the hunger was there. The lessons from those days—taking responsibility, solving real-world problems, working with people—shaped how I thought about entrepreneurship. After Obafemi Awolowo University, I went on to Lagos Business School for an MBA in 2016. That was another layer—learning not just how to do things, but how to lead, how to grow an organisation. But I always carried the spirit of those university days with me: the curiosity, the hunger, the willingness to own the outcome. When I jumped into business—first farming, then commodities, and finally logistics—I kept that mindset. If you’d asked me at 20 if I’d be building a logistics company, I’d have said no. But looking back, the roots were always there. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Day 1-30: Launch and pivot It starts with a
Read More