Africa’s tech ecosystem must break free from digital feudalism
A quiet but profound struggle is playing out within Africa’s tech ecosystem—one not over code or innovation, but over control. It is the battle for digital sovereignty: the right of African nations to own their digital infrastructure, govern their data, and shape the future of their technological ecosystems. Yet as it stands today, much of Africa’s digital success story rests on a fragile foundation built not on autonomy but dependency. And if we’re not careful, what we are hailing as a digital transformation may turn into a new chapter of digital feudalism. In this new digital order, global technology giants control the platforms, own the infrastructure, and extract the value, while African governments, startups, and citizens rent access to systems they neither designed nor can meaningfully govern. For all our innovation and growth, we remain tenants in someone else’s house. Access without agency It’s easy to be dazzled by the vibrancy of Africa’s tech scene. Nigeria’s unicorns—Flutterwave, Andela, and Moniepoint—have made international headlines. Kenya’s Silicon Savannah has redefined mobile finance through M-Pesa. Egypt has emerged as a fintech and e-commerce hub in North Africa. But beneath this success lies a sobering truth: we don’t own the pipes. Take Nigeria, where federal ministries and universities rely on Microsoft’s cloud to run their operations. Public biometric data, national IDs, and educational platforms are hosted on foreign servers—often beyond the reach of Nigerian law. Despite the 2023 Data Protection Act, most of this infrastructure remains externally owned and governed. Nigeria’s burgeoning digital identity system may empower service delivery, but without true data sovereignty, it risks becoming another extractive tool, where Nigerian data fuels AI models and analytics from which Nigerians gain little benefit. In Kenya, M-Pesa has been a revolutionary force. Yet many forget that it was developed not by Kenyan engineers, but by Vodafone UK in partnership with Safaricom. The IP and core infrastructure remain abroad. Kenya’s data protection law (2019) is promising, but enforcement remains weak and foreign platforms dominate digital transactions, communications, and content consumption. In Egypt, we see rapid digital expansion: smart cities, digitised health systems, and artificial intelligence strategies. However, many of these projects are being implemented through Chinese and European partnerships, where the core technologies, platforms, and data hosting remain outside Egypt’s control. Telecom Egypt’s collaboration with Huawei underscores a wider trend: outsourcing infrastructure without long-term guarantees of national ownership. What unites these cases is a fundamental imbalance: Africans are connected, but not in control. Infrastructure must create value, not just extract it We would never dream of outsourcing our roads, ports, or hospitals without legal safeguards and local benefits. Yet we hand over control of digital infrastructure—the backbone of our economies—with little more than a handshake or memorandum of understanding. We must change that. Digital infrastructure is public infrastructure. And just like roads and power grids, it should serve the public good, create local jobs, protect rights, and build institutional capacity. Yet too often, it is built and owned by outsiders, governed by foreign laws, and monetised for offshore shareholders. This is not innovation; it is dependency in disguise. Sovereignty is not repression To be clear, digital sovereignty does not mean state control or internet shutdowns. Some African governments have misunderstood this principle, weaponising it to surveil activists, censor dissent, or block platforms under the guise of national security. That’s not sovereignty, that’s authoritarianism wearing digital camouflage. True digital sovereignty is about empowering citizens. It means having the infrastructure, skills, and policies to ensure African data works for African development. It means protecting the digital rights of citizens—privacy, freedom of expression, and access to information—whether the threat comes from Big Tech or Big Brother. AI: The next frontier of exploitation? Artificial Intelligence is quickly becoming the engine of global power. From medical diagnostics to financial modeling, these systems are trained on vast datasets, including African text, images, and voices. Yet most African countries don’t know how their citizens’ data is used in global AI training pipelines. Worse still, they have no legal power to challenge biased systems that may reinforce inequality. We risk being digitally colonised not just by platforms, but by algorithms: AI systems trained elsewhere, governed elsewhere, and deployed here without accountability. This is why local investment in AI must be a continental priority. Nigeria’s National Centre for Artificial Intelligence and Egypt’s AI strategy are commendable. But they are not enough. We need local datasets, African language models, open-source alternatives, and ethics frameworks rooted in our values. What a people-centered digital ecosystem looks like The good news is that change is possible. Senegal is building a national data center in Diamniadio to host government services locally. Rwanda’s Irembo platform delivers over 100 public services online while keeping citizen data under national jurisdiction. These are models we must scale, not exceptions we admire. Africa also needs stronger regional regulation. The African Union’s Data Policy Framework and the Smart Africa Alliance are important steps, but they need teeth: shared standards, joint infrastructure projects, and enforcement mechanisms. We must stop acting like 54 disconnected markets and start thinking like a single digital bloc. The road ahead Africa’s tech ecosystem is at a fork in the fiber-optic road. We can continue down the path of digital feudalism where our innovation is leased, our data exported, and our digital futures outsourced. Or we can choose the harder, bolder path of digital sovereignty—owning our infrastructure, governing our platforms, and protecting the digital rights of our people. Yes, it will require regulation, investment, coordination, and imagination. But it is the only path that ensures our digital future is built by us, for us. The servers are humming. The data is flowing. The platforms are expanding. Now we must ask ourselves: Will they serve Africa, or will Africa continue to serve them? ________ Faiz Muhammad is the Executive Director of Blue Sapphire Hub, leading innovation and enterprise development across Africa’s Sahel region. He champions digital inclusion, startup growth, and policy reform to drive sustainable, tech-enabled development. Mark your calendars! Moonshot by
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Kenya’s central bank to licence non-bank lenders with loan books exceeding $155,000
Kenya’s credit market is set for its biggest shake-up in years, with the Central Bank of Kenya (CBK) preparing rules that would bring every non-deposit-taking lender under its direct control for the first time. The proposed regulations will require any credit-only provider with at least KES 20 million ($155,000) in capital, borrowings, or loan book to obtain a CBK licence. Smaller players will still need to register with the regulator, creating a two-tier system to close regulatory gaps that left parts of the industry largely unchecked. Once the rules are gazetted, players will have six months to comply, a short runway for an industry about to come under far closer scrutiny. This move will affect lenders operating outside CBK oversight, including buy-now-pay-later firms, hire purchase businesses, credit guarantors, peer-to-peer platforms, and pay-as-you-go operators. The new regime would set baseline standards for lending operations, price loans, handle customer data, and resolve complaints, areas that have, until now, relied more on self-policing than formal rules. Under the draft framework, firms seeking a full licence will face detailed disclosure requirements. These include corporate and ownership records, sources of capital, consumer protection measures, anti-money laundering controls, pricing models, and technology systems. They must also submit policies on credit risk, data security, and complaint handling, alongside proof that their funds are legitimate and not linked to criminal activity. Registered firms below the KES 20 million ($155,000) threshold will undergo a lighter process, but must still provide key corporate, policy, and governance documents. Once they cross the threshold, either by raising more capital, borrowing, or growing their loan book, they must convert their registration into a full licence. CBK will monitor for under-reporting of capital and can compel a fast upgrade if it sees rapid growth or incomplete disclosures. The existing 126 licenced digital credit providers won’t need to reapply. Another 574, still awaiting approval, will have their applications assessed under the new rules The regulations are designed to standardise consumer protections across all credit-only providers. Lenders must sign and follow a code of conduct covering fairness and transparency. The CBK’s wider mandate, granted through amendments to the Business Laws (Amendment) Act 2024, is part of Governor Kamau Thugge’s push to bring consistency to a sector where borrowers face varied practices and opaque pricing. 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 MoreThese 8 AI startups from Africa have raised over $1 million this year, Egypt takes the lead
Africa may only account for 2.5% of the global AI sector, but there is still an opportunity for African startups to enter the market. This year, the continent’s AI market is estimated to be worth $4.51 billion and is projected to reach $16.53 billion in the next five years. In 2025, tech startup funding so far in Africa has seen a 78% increase compared to the first half of last year, after the funding slump of 2023 and 2024. This momentum is spilling into AI, where some early-stage startups are now securing multimillion-dollar rounds on the continent. The release of open-source models like DeepSeek in January and OpenAI’s open-weight offerings just this month presents an opportunity for AI startups on the continent to lower infrastructure costs for building applications. African startups are becoming increasingly well-positioned to prototype and scale AI software products, especially in sectors like logistics, healthcare, customer services, and fintech. Egypt takes the lead This piece looks into eight AI startups from Africa that have raised over $1 million so far this year. According to data from Africa: The Big Deal, Egypt accounts for the most, with three startups. The North African country has been witnessing an increase in deeptech innovation, possibly due to its early policy decisions. Egypt launched its national AI strategy in 2021, well ahead of regional peers like Nigeria and South Africa. In the second edition of this strategy, released in 2025, the Egyptian government plans to enable and support the establishment of 250+ successful AI companies in the country by 2030. Another Egyptian-led startup that recently made the news was PlayAI, a voice tech startup that was acquired by Meta last Month for an undisclosed amount. The team, which started in 2021, eventually moved to Silicon Valley to pursue further growth opportunities at Y Combinator. Their acquisition is a signal that African-born AI startups are capable of building globally relevant products. Below, you’ll find the list of eight early-stage African startups focusing on AI that have raised at least $1 million this year. This list paints a picture on what kinds of startups are receiving investor interest and gaining traction in an evolving AI development landscape on the continent. Infinilink– $10 million Infinilink is an Egyptian semiconductor startup that focuses on building chips for AI-driven data centres. It was founded in 2022 by two engineers: Ahmed Aboul-Ella and Botros George. MediaTek, a Taiwanese semiconductor company, and Saudi VC firm Sukna Ventures led the funding round. The $10 million in seed funding will be used to improve the development of its optical connectivity solutions, which allow for a faster and energy-efficient way to transfer data between chips and servers in data centres. This is the only startup on this list that is mainly focused on hardware design and manufacturing. As revenue from data centres in Africa alone is expected to reach $8.96 billion for this year, there’s a growing interest in energy-efficient hardware needed to power these data centres. Infinilink could be one of the Africa-based startups positioned to take advantage of this opportunity, both on the continent and beyond. Kera Health– $10 million Kera Health Platforms is a Senegalese e-health startup co-founded in 2023 by Moustapha Cissé, a former AI research scientist at Google and Facebook, Papa Sow, a former CEO of MTN Guinea, and Hosam Mattar, former Chief Medical Officer for AXA. Kera Health offers an AI-powered integrated platform that digitises core services, from electronic medical records to prescriptions and payments. The startup raised $10 million from the International Finance Corporation (IFC), an arm of the World Bank focused on supporting the private sector in developing countries. Kera Health plans on using the funds to expand its software capabilities and improve its corporate governance standards. Cerebium– $8.5 million Cerebium is an AI startup that originated in South Africa and is now based in New York. It was founded in 2021 to simplify infrastructure for AI developers. The co-founders, Michael Louis and Jonathan Irwin, both worked as senior developers at OneCart, a South African online grocery platform. Cerebium helps developers deploy and manage AI applications by streamlining development cycles and saving costs on expensive servers. The team raised $8.5 million in seed funding to expand its engineering team, strengthen its core platform, and meet growing enterprise demand. The funding round was led by Gradient, Google’s AI venture fund, with participation from Y Combinator, Authentic Ventures and other angel investors. Leta – $5 million Leta is a Nairobi-based AI-powered logistics startup founded by Nick Joshi in 2021. It provides businesses with tools for intelligent route optimisation and shipping insights. In March 2025, the company secured $5 million in a seed round led by Speedinvest, with participation from Equator VC and Google’s Africa Investment Fund. The startup will be used to expand into new countries like Ghana, improve their technology stack, and increase reach in existing markets across Kenya, Nigeria, Uganda, Zimbabwe, and Zambia. Qme – $3 million Qme is an Egyptian startup, founded in 2022 by Maged Negm, a former executive at Orange Egypt, a leading telecoms operator on the continent. Qme built an AI-powered platform to tackle inefficiencies in customer queueing and appointment booking. In February 2025, the company secured $3 million in seed funding in a round led by AHOY. The funding will be used to improve the startup’s technology stack, extend its market reach across the MENA region, and build stronger partnerships with businesses and governments to broaden its reach. Widebot AI – $3 million Widebot AI was initially founded in Egypt but is now based in Saudi Arabia. It is an Arabic-focused AI startup building enterprise-level language solutions for corporations and government institutions in the Middle East and North Africa. The company recently raised $3 million in a pre-Series A round led by Keheilan Asset Management and Enza Capital. Widebot aims to use the funding to develop AQL Mind, an Arabic large language model. NeedEnergy – $1.1 million NeedEnergy is a Zimbabwean energy-tech startup that runs a platform using
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Website not loading? Here’s what that error message really means
We’ve all been there. You are trying to open a website, perhaps to catch up on work or just scroll in peace, and suddenly, a strange error code pops up, some confusing combination of numbers and words that can be both irritating and hard to understand. These so called “browser errors” are not usually problems with your browser at all. Most are HTTP status codes, short messages from a website’s server explaining why it could not load the page, or connection errors that prevent your browser from even reaching the site. To make sense of these all too‑common internet roadblocks, I spoke with two IT experts: Afolabi Ibrahim, a developer who works extensively on web applications, and Munachi Eze, an IT support specialist. They explained that most browser errors fall into three groups: client side errors (usually issues with the way your browser or device sends a request), server side errors (problems with the website’s server), and network or DNS errors (issues that stop your browser from even reaching the server). “Client errors are 4xx, while server‑side errors are 5xx,” Afolabi said. “The client, in this context, is the browser. The server is the remote location somewhere on the internet that has the resource your browser is trying to load.” What do these error messages mean? When a webpage fails to load, your browser displays an error message with a short code. These codes help explain what went wrong. They generally point to one of three issues: a problem with the way your browser or device sent the request, a failure on the website’s server, or a network issue preventing your browser from connecting to the server. Types of browser errors Client‑Side Errors (4xx) Client‑side errors refer to issues that originate on the client’s (user’s) side, typically within their web browser or device, rather than on the server. These errors are often indicated by HTTP status codes in the 4xx range. “These happen when your browser makes a request that the server cannot fulfil,” Afolabi explained. “It could be something as simple as typing the wrong URL, missing login details, or trying to access a deleted page.” They include: 400: Bad Request The server did not understand what your browser was asking for. This often happens because of typing errors in the website address, corrupted browser data, or requests that do not follow the server’s rules. Check the URL carefully, clear your browser cache with Ctrl+Shift+Delete, and try refreshing the page. 401: Unauthorised You need to log in first to access the page. This often occurs when you try to open a protected page without valid credentials or when your login session has expired. Log in with the correct username and password or refresh your session by signing back in. 403: Forbidden You do not have permission to view this page. Sometimes this is because your account lacks the required permissions or because the website has restricted access from your location. Make sure you are logged in if necessary. If the page should be public, contact the website administrator. 404: Not Found This is very common. It says the page you are trying to reach does not exist. It may have been deleted, moved, or the URL was typed incorrectly. Check the address for spelling mistakes or navigate from the homepage to find what you need. 429: Too Many Requests You have sent too many requests in a short time. This usually happens when refreshing a page repeatedly or when automated tools make multiple requests too quickly. Pause for a few minutes and then try again. This usually solves the error. Server‑Side Errors (5xx) Server‑side errors occur when the problem originates from the website’s server rather than your browser or device. These errors are represented by HTTP status codes in the 5xx range and typically mean the server is struggling to process your request. “It could be because the server is overloaded, the site is under maintenance, or a coding error broke something,” Afolabi said. They include: 500: Internal Server Error The website’s server ran into an unexpected problem. This can be caused by bugs in the website’s code, server overload, or broken database connections. Most times, refreshing the page solves the error. If the error continues, check if the site is down using tools like DownDetector and wait before trying again. 502: Bad Gateway The server your browser is talking to got a bad response from another server it depends on. This often happens when the server is very busy or during high traffic or server maintenance. You cannot do much here apart from reloading the page or checking back in a few minutes. 503: Service Unavailable The website is temporarily offline. This usually happens when the server is overwhelmed with traffic or undergoing maintenance. Wait for a while and try again later. Checking the site’s social media pages may provide updates. 504: Gateway Timeout The server took too long to respond to your request. This is often due to slow servers or heavy network congestion. Refresh the page. If the problem continues, try again during off peak hours. DNS & Network errors DNS and network errors are different from HTTP status codes. They occur when your browser cannot even connect to the server to make a request. According to Munachi, DNS stands for Domain Name System. It works like the internet’s phonebook, translating website names like www.example.com into the IP addresses that computers use to connect to each other. When DNS fails, your browser cannot find the website you are trying to visit. He explained that they are different from the HTTP status errors. They include errors like: DNS_PROBE_FINISHED_NXDOMAIN The browser cannot find the domain name you are trying to visit. This can happen if the domain does not exist, your DNS server has issues, or your internet connection is unstable. Restart your Wi‑Fi router, flush your DNS cache, or switch to a public DNS like Google’s (8.8.8.8 and 8.8.4.4). ERR_CONNECTION_TIMED_OUT The connection to the server took
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Nigeria’s $2 million animation bet
Cyprian Ekwensi’s The Passport of Mallam Ilia was published in 1960, but for Ferdinand “Ferdy” Adimefe, producer and co-founder of Magic Carpet Studios, the story is still fresh and worthy of attention. “I read that book years ago and thought, if I ever get a million dollars, I’ll use it to make this into a film,” Adimefe says. Make a film he did. This is the story of how Adimefe assembled an animation team from scratch and a 7-year animation project that is in its final production stages. The why There are a number of reasons Adimefe was compelled by the novel. In a sea of African literature heavy with political and postcolonial weight, The Passport of Mallam Ilia stood out with its action and rich portrayal of culture. “It is a travelogue. The story moves from Nigeria and then jumps into Cameroon and, eventually, Saudi Arabia. Having a movie that touches three countries made a very good case for [the team],”Adimefe says. When Magic Carpet Studios ran a poll in 2018 to test the Nigerian audience’s interest in an animation of the book, the response was positive. Netflix later ran a similar poll in 2024, and 95% of respondents voted for Mallam Ilia as the Nigerian book they most wanted adapted. The studio realised they weren’t the only ones haunted by the impressiveness of the story. “People in different parts of Africa, including Ghana and East Africa, wanted to do something with the book. We didn’t realise how much of an audience already existed.” With this new revelation, the team got to work in 2018. First things first: Talent Magic Carpet Studios’ teamSource: Magic Carpet Studios The production began with a small but dedicated team of animators, illustrators, writers, and editors willing to experiment and learn on the job, according to Adimefe. As the vision became clearer and the demands of production grew, so did the team. Over time, it expanded to include more illustrators and animators, many of whom were trained internally or came on board through recommendations from within the community. In an early bid to institutionalise animation training and increase the number of talent, Adimefe’s team approached the Yaba College of Technology hoping to spark a conversation that would birth an Animation Department. When told such a move needed National Universities Commission (NUC) approval, which usually takes up to five years, they wrote directly to the NUC. What followed next was not action from NUC, but word from Yabatech’s head of the art department. He allowed some students to join Adimefe’s team. Many of the team members had never worked on a feature length animation project before, according to Adimefe. “Some guys quit after a while because it was really difficult, but some kept coming,” he says. “Everybody that works with us in the studio was trained on the project. At one point, the studio turned into a ‘boys’ hostel’ of a sort.” Magic Carpet Studios has also collaborated globally with teams from South Africa, India, the UK, and US on different aspects of production. “We worked with 70% Nigerian talents and 30% were foreign hands,” Adimefe says. Started in 2018, the studio says it is now finalising frames, merging scenes, and polishing music with an April 2026 release date in mind.Image Source: Magic Carpet Studios How is animation made, really? Finding the right team is not enough. The most gifted individuals, if they don’t understand or refuse to adhere to established workflows for writing, production, post‑production and distribution, can doom a project. One illustrative example comes from the early “video‑film era” in Nollywood, where a flood of filmmakers entered the industry without understanding the process or respecting timelines. Director Lancelot Oduwa Imasuen and others once recalled how films were sometimes shot in just three or four days. The result was a glut of low‑quality films: poorly written, hastily edited, and often failing to find distributors or audiences. This breakdown in process, and not necessarily in talent, led to burnout, abandoned projects, and a culture of cinematic mediocrity which some industry experts claim are still existent today. Adimefe says that for animation, the process “all comes down to the script”. Writing for animation is very different from writing for a live action film. “There’s an economy of words. You leave room for the picture and sound to tell the story,” he explains. The studio spent eight months developing the script, written by Nigerian animation screenwriter M.I. Thomas, including a month in Kano for historical accuracy. The next step was animatics. Simply put, animatics are animated storyboards that are used to visualise the timing, pacing, and overall flow of an animation project before the final animation is done. In Magic Carpet Studios’ case, this process lasted from 2021 to 2022, because the team drew every single frame. With a two-hour feature 2D animation at 24 frames per second (24fps), that’s nearly 173,000 drawings. The team’s next step was dummy voicing. Afterwards, the team went into the animation process by delegating different assignments to different talents on the team: The “less talented guys” worked on the less complex scenes, the “very talented guys” sat on the complex scenes, while foreign hands worked on special effects. “It’s really like a matrix in that you have to figure out how you put the whole thing together,”Adimefe says about the entire animation process. A $2 million dream Initially at $1 million, the film’s budget ballooned to $8 million when South African collaborators joined and pegged a higher standard for international co-productions. After different conversations, both teams settled for a $2 million budget. After setbacks, fundraising attempts, and multiple investor walkouts, Magic Carpet Studios eventually raised about $1.4 million, partly by reinvesting money earned from commercial projects like work done for Cartoon Network. “We knew the potential of the movie. When we sat back to estimate, we realised what we needed was $500,000 to finish: $400k for post-production and $100k for marketing.” Still, the team faced a major roadblock: distribution. “We could not
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Licensed, banned, undecided? Here’s the state of crypto licensing in Africa
Say the word “cryptocurrency” in a room full of finance elites, and you might ruffle feathers. Due to its untraceability—thanks to blockchain—central banks find it difficult to grant legal status to digital assets. Funds are hard to trace, undermining their responsibility to issue effective monetary policies. However, this uncertain stance has not stopped the adoption of cryptocurrencies in Africa, where people use digital currencies as a means of payment, investment, or for real-world retail purchases. The state of crypto licensing across African countries in 2025 is highly varied, with a small but growing number of countries establishing clear legal regimes for crypto businesses, while others ban or severely restrict such activities. Many countries remain undecided or lack formal frameworks entirely. Here’s the state of crypto licencing in Africa: Botswana Botswana earns a top spot on this list for being the first African country to issue any form of crypto licence. In 2022, Botswana enacted the Virtual Assets Act, becoming the first African country to issue a crypto licence. Yellow Card Botswana, a subsidiary of the stablecoin service provider, became the inaugural licencee in September 2022, under the oversight of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). Yellow Card Botswana remains the only officially licenced operator in the country. Though other firms have shown interest, no further licences have been publicly issued as of 2025. South Africa The Financial Sector Conduct Authority (FSCA) began accepting applications for crypto-asset service provider (CASP) licences in June 2023 under the Financial Advisory and Intermediary Services Act. By the end of 2024, 248 licences had been approved out of 420 applications. A further 106 applicants withdrew, nine were declined, and 56 remained under review. South Africa’s licencing process aims to ensure that service providers meet standards related to business conduct, financial soundness and operational capability. Prominent licenced crypto companies include VALR, Luno, Altcoin Trader, ChainEX, Kotani Pay and Wealth Tap. These platforms are authorised to offer advisory, intermediary and asset management services. VALR alone serves more than 600,000 retail and 1,000 institutional customers and is eyeing expansion beyond Africa. In South Africa, banks are also open to providing services to crypto firms, which is critical for operations, allowing customer deposits, and maintaining liquidity. Absa and Standard Bank service some of these licenced crypto firms. Both banks have also been exploring partnerships with decentralised finance (DeFi) platforms to offer blockchain-based financial services to businesses and consumers. 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However, the country has since made a U-turn. In December 2023, it lifted the ban. But banks—fearing fines—are still wary of providing financial services to crypto players due to the unclear stance of the Central Bank of Nigeria (CBN). On the regulatory side, Nigeria’s Securities and Exchange Commission (SEC) began granting provisional licences in August 2024. Quidax and Busha were the first crypto firms to be provisionally approved under an incubation programme, with more startups in the pipeline. In March 2025, crypto received legal status in Nigeria as “securities” after President Bola Tinubu signed the Investment and Securities Act (2025). Nigeria is the only other country, apart from Malaysia, that treats cryptocurrencies as securities, and there has been debate over the accuracy of this classification. According to the SEC, crypto companies must also
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Leon Kiptum, fintech executive who believed in people and purpose, dies at 44
When Leon Kiptum left his role at Flutterwave in June, his goodbye post on LinkedIn didn’t read like the end of a chapter; it felt like a gentle turning of the page. He wrote about slowing down, prioritising health, and reflecting on two intense years leading the East Africa business for one of Africa’s most high-profile fintechs. “My time at Flutterwave,” he said, “has been incredibly insightful.” A month later, he was gone. Kiptum passed away on August 3, aged 44, after a long battle with cancer. News of his death has hit the Kenyan fintech community hard. In the hours after it was announced, tributes poured in—from startup founders he mentored, former colleagues, board members, and friends—each remembering a different version of the same man: calm, wise, generous with his time, and quietly ambitious. “He was a wonderful mentor to me at the start of my banking career, always cheering me on and offering invaluable guidance,” wrote Rosemary Muriungi, a customer relationship manager at Equity Bank. He joined Flutterwave in 2023, at a tricky time for the company in Kenya. Regulators had started paying closer attention to the payments giant, as questions swirled around licensing and compliance. With his banking background and reputation, Kiptum was tapped to steady the ship. He spent over a decade in the country’s major banks, rising through the ranks at Barclays (Absa), KCB Group, Credit Bank, and Family Bank, before leading digital banking at Sidian. He later shifted into fintech, leading Chipper Cash’s operations in Kenya. Then came a stint at Betway, where he helped introduce online casino gaming to Kenya and ran local sports CSR campaigns. But it was at Flutterwave that Kiptum faced some of his most complex leadership moments. As Senior Vice President and East Africa Regional Lead, he was tasked with not only growing the business but also navigating regulatory relationships, patching reputational gaps, and rebuilding trust with partners. Leadership approach Kiptum’s leadership approach was about building effective teams, as reflected in his LinkedIn posts. “Customer-centricity is paramount. Innovation is a daily grind. Your team is your greatest asset. These aren’t just ideas, they’re hard-earned truths,” Kiptum wrote in one of his last posts. Colleagues and friends say what made Kiptum different was his groundedness. In a world where careers hinge on projection, he stood out by being deeply present, focused on the work, the people, and the purpose. Outside his executive roles, Kiptum was a board member and deputy secretary general at the Association of Fintechs in Kenya (AFIK), where he chaired partnerships and marketing. His fingerprints were all over the organisation’s more mature, unified posture in recent years. At AFIK, he pushed for stronger industry representation, better engagement with policymakers, and more honest conversations between startups and regulators. “Leon was more than a colleague; he was a transformative leader. His mission was to activate, inspire, and motivate everyone around him to be their best selves,” AFIK wrote in a tribute. “His dedication to our fintech ecosystem extended beyond his professional role. As a Board Member of AFIK and advisor to numerous tech startups, Leon believed deeply in the power of innovation to create positive societal impact.” Kiptum had just begun a new chapter at Rigour Africa, focused on helping startups grow with intention. He wanted to reshape how venture capital works for African founders, deepen coaching ecosystems, and show the next generation of leaders that it was okay to slow down. Kiptum is survived by his three children—two boys and a girl—whom he frequently described as his greatest motivation. 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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Top Bolt and inDrive drivers earn over ₦1 million monthly amid growing discontent
Bolt, a leading ride-hailing platform in Africa, announced that its top 50 drivers in Nigeria earned an average of ₦9.6 million ($6,300) in the first half of 2025. This figure, which includes gross trip revenue and bonuses, is 26% higher than the ₦7.6 million ($4,996) average reported by rival inDrive for its top 50 drivers during the same period. This marks the first time both platforms have publicly disclosed driver earnings, underscoring intensifying competition in Nigeria’s ride-hailing market, projected to reach $380 million by 2028. Bolt top drivers earn ₦1.6 million ($1,050) per month, while inDrive top drivers earn ₦1.2 million ($787). Urbanisation, increased smartphone penetration, and inadequate public transport continue to fuel demand. InDrive’s spokesperson, Oladimeji Timothy, noted that the platform’s driver payouts rose by 39.65% compared to the previous year, stating, “As inflation rises and job opportunities remain scarce, platforms like inDrive provide essential livelihoods for thousands across Nigeria.” Despite these record-high earnings, driver discontent is growing. Strikes over escalating fuel costs, perceived unfair commissions, and insufficient platform support have surged in 2025. In May, app-based drivers in Lagos staged industrial action, threatening to abandon Bolt, Uber, and inDrive unless demands for lower commissions and fairer conditions were met. Lagos drivers reveal the most profitable ride-hailing apps The Amalgamated Union of App-Based Transporters of Nigeria (AUATON) has accused ride-hailing giants of implementing fare cuts and pricing strategies that exacerbate drivers’ struggles with volatile fuel prices and rising maintenance costs. In response, regulatory scrutiny is intensifying. On June 17, the Lagos State House of Assembly summoned major operators—including Bolt, Uber, inDrive, and Rida—for hearings on labour practice violations, mandating detailed audits of driver contracts and earnings. While they await court intervention, drivers have found means to maximise their earnings. Drivers are increasingly “multi-homing,” switching between apps to secure better deals. inDrive’s lower commissions and fare-negotiation model have gained traction among drivers and riders grappling with Nigeria’s cost-of-living crisis. Bolt, an early market entrant alongside Uber, has countered by offering bonuses, including fuel subsidies, rewards, and, more recently, by Bolt, lower commissions for high-performing drivers, and a crackdown on offline trips. To protect its network of users, Bolt also trialled a fare-negotiation tool in late which was popularised by Indrive. The pilot was discontinued to the dismay of some drivers. “Negotiation gives us more control, like we’re finally being heard,” said a Lagos-based Bolt driver, who expressed regret over the pilot’s termination. Ride-hailing platforms face dual pressures: keeping rides affordable for riders and profitable for drivers. Surging fuel and spare part prices, regulatory ambiguity, and eroding platform trust have pushed some drivers and riders towards off-platform. There is no clear sign that this pressure will abate as the gig economy and ride-hailing sector continue to reshape mobility. Despite these challenges, there is a silver lining. In a country where less than 1% of workers earn ₦1 million ($656) monthly, platforms like Bolt, where top drivers up to ₦1.6 million ($1,050) will always be in demand. 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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‘Ghana is open for business—if you have guts, insight, and a long-term mindset’ – Amma Gyampo
In April 2025, Ghana became the first African country to legally mandate a minimum allocation of private capital from local pension funds to domestic private equity and venture capital firms. While other African countries have caps, Ghana’s law makes it compulsory for pension funds to invest at least 5% ($337 million) into Ghanaian PE and VC firms by 2026. When I first wrote about it, I thought it was great for Ghana’s tech industry, especially as Ghanaian startups raised only $102 million across 17 deals in 2024, amid a 7% decline in overall African venture funding from the previous year. By mandating capital allocation to the local private equity and venture ecosystem, the policy can significantly boost funding for Ghanaian startups. The law also reduces Ghana’s dependence on foreign capital, which might come with priorities misaligned with the realities and needs of the local startup ecosystem. But while the law is firm on how much should be invested, it’s not clear on how it should be done. For this week’s Ask an Investor, I spoke with Amma Gyampo, the executive director of the Ghana Venture Capital and Private Equity Association (GVCA), about how local capital should be invested in Ghana. Our conversation covers how local growth-stage businesses have been delivering real returns, what growing businesses and institutional investors do not understand about the venture capital asset class, and how Ghana’s portfolio of deals in recent years is rewriting the narrative. Many people claim that VC and PE have not delivered at scale for Africa. Too few exits and mismatched expectations. Do you think that criticism holds water in the Ghanaian context? I think that criticism misses a crucial point about the role of venture capital and private equity in Africa, especially in Ghana. Unlike grants or concessional financing, VC and PE require us to bet on ourselves—on our entrepreneurs, our markets, and our long-term potential. This means accepting that building sustainable businesses here is a longer journey with unique challenges. For example, exits are indeed less frequent compared to mature markets like the US or Europe. African markets are still emerging, infrastructure and regulatory frameworks are evolving, and scaling businesses takes more time. So while the volume and speed of exits won’t match places like Silicon Valley or London just yet, that’s a natural stage in ecosystem development, not a failure. Second, the “foreign playbook” critique is valid to some extent. Models imported from mature markets don’t always fit Africa’s unique challenges and opportunities. But rather than reject these frameworks outright, many African investors and fund managers are adapting and innovating to create locally relevant approaches that reflect our realities. Third, on mismatched expectations, there’s often a gap between what investors expect and the pace and nature of growth in African startups. Some expect quick returns or IPO-style exits, which are rare here. Instead, many exits come through strategic acquisitions, secondary sales, or longer-term value creation—all of which require patience and a deep understanding of market dynamics. Despite these challenges, venture capital and private equity are already driving significant impact in Ghana. Beyond financial returns, they foster job creation, formalise businesses, enable technology adoption, and encourage governance and operational discipline. These outcomes are essential to building sustainable companies that can scale regionally and globally. So, while it’s fair to critique areas for improvement, dismissing VC and PE as failing Africa overlooks the steady progress and evolving maturity of our ecosystem. The real work now is aligning expectations realistically with emerging market dynamics and continuing to build the infrastructure and know-how that will enable more consistent exits and lasting impact. 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Read MoreInside MTN Nigeria’s path to ₦5 trillion revenue
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. MTN Nigeria, the country’s largest telecom provider, is on track to record over ₦5 trillion ($3.26 billion) in revenue after posting its highest-ever half-year revenue of ₦2.38 trillion ($1.55 billion at ₦1,533.74/$) in H1 2025. This positions MTN to surpass the ₦3.36 trillion it earned in 2024, as it unlocks a new revenue benchmark, supported by its 52.33% share of the country’s 172.48 million mobile subscriptions. If MTN reaches its N5 trillion revenue target, it would be earning nearly as much as the entire telecoms sector, including internet service providers, infrastructure firms, and other telcos, made in 2023 (₦5.30 trillion), according to the Nigerian Communications Commission (NCC). The company’s improved performance follows years of economic headwinds and currency devaluation that slashed telcos’ average revenue per user (ARPU) in the country from $3.08 in 2023 to $1.89 in 2024. “Revenue in naira has stopped growing as the number of subscribers has increased. Falls in ARPUs indicate pressure on prices and reductions in average usage,” GSMA, the global body for mobile operators, said in 2024. However, macroeconomic conditions have improved in 2025, aided by a more stable naira and regulatory support for market-reflective pricing. MTN says this will support continued operational and financial momentum in H2, as demand picks up and the full effect of recent price adjustments and network investments kicks in. “Given the strong momentum in our business performance, we have revised up our FY 25 guidance and now target service revenue growth of ‘at least low-50%’,” said Karl Toriola, MTN Nigeria CEO, in the company’s H12025 earnings report. The H1 2025 performance marks a 54.5% increase from the ₦1.54 trillion ($1 billion) recorded in H1 2024, and a 200.5% surge from ₦791.26 billion in H1 2021. MTN’s income growth has been largely driven by a 50% hike in telecom service prices and a surge in data adoption. “During the period, we completed the phased implementation of the new price adjustments across voice and data bundles, largely benefiting Q2,” Toriola noted. The tariff boost After a decade of lobbying for cost-reflective pricing, punctuated by losses and investment slowdowns, the NCC approved tariff hikes on January 20, 2025. This raised the floor price of calls from ₦6.40 to ₦9.60 per minute, SMS from ₦4 to ₦6, and 1GB of data from ₦287.50 to ₦431.25. When this first kicked in, MTN projected a ‘mid-40%’ boost in service revenue for 2025. “Our tariff adjustments will take effect through the course of the coming year and will anticipate revenue growth in the range of mid-40s percent, with a similar range expected for EBITDA margins to also mid-40 percent,” Toriola said on an investors’ call in early 2025. A 40% growth would have translated to an additional ₦1.34 trillion in revenue, with the telco’s 2024 service revenue totalling ₦3.36 trillion. This would have brought total revenue for 2025 to ₦4.71 trillion. However, the revised forecast of 50% growth translates to ₦1.68 trillion, bumping total revenue to ₦5.04 trillion. Beyond recording a boost in revenue numbers, MTN’s stock prices have rallied since the beginning of 2025. An investment of ₦1 million in MTN at the end of 2024 would have grown to ₦2.4 million by August 1, 2025, driven by a 140% rise in share price from ₦200 to ₦480. Its market capitalisation crossed the ₦10 trillion mark from ₦3.29 trillion at the end of 2024, making it the second Nigerian company to do so after Dangote Cement in January 2024. “The tariff review contributed, and MTN itself has been very strategic in stabilising its earnings,” said Abiodun Keripe, the managing director at Afrinvest Consulting. More data, more money With 51 million active data users, MTN’s record revenue is driven by surging internet demand. Data revenue hit ₦1.23 trillion ($802.32 million) in H1 2025, up from ₦727.33 billion ($474.22 million) in H1 2024. Data traffic grew by 41.2%, while average usage per subscriber increased 26.3% year-on-year to 13.2 gigabytes (GB). “We added approximately 3.7 million smartphones to the network in H1, raising smartphone penetration to 62.6%,” Toriola stated, reflecting a broader trend of increasing smartphone penetration in the country. MTN’s data usage is not isolated, as data from the NCC shows that national internet usage hit a record high of 1,043,431.98 terabytes (TB) in May 2025, up from 771,993.56 TB in May 2024, despite the spike in data costs. The growth is largely driven by video streaming and social media usage. GSMA, the global body for telcos, reports that 85 percent of Nigerians using mobile internet use it for video calls, 75 percent for watching free online videos, and 54 percent for listening to free music. YouTube reported a more than 50 percent increase in watch time in Nigeria between May 2023 and May 2024, according to official figures. MTN, which already carries more internet traffic than its peers, expects to be the biggest beneficiary. While it generated ₦1.23 trillion from data in H1, Airtel Nigeria, its closest competitor, earned ₦464.72 billion ($303 million). The telco is also expanding its data offerings for enterprise customers who use most of it. It recorded a 39.7% growth in enterprise revenue, supported by growth in fixed connectivity, data services, and converged solutions. According to Toriola, data will drive revenue growth for the next 10 years. “We are positioning ourselves to capture the opportunities of growth for the next 10 years,” he said. “We are just getting started. Nigeria has one of the largest youth populations in the world — a population that is digital-native, mobile-first, and increasingly online. Broadband penetration still has room to grow. Smartphone penetration is also increasing,” Yahaya Ibrahim, chief technical officer at MTN Nigeria, added. Fintech bet begins to pay off While fintech operators like OPay and PalmPay led Nigeria’s ₦79.55 trillion mobile money market in 2024, MTN’s fintech unit is showing traction. It generated ₦83.19
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