Nigeria to earn $41 million from MTN’s $406 million dividend payout
The Nigerian government is set to be the second-biggest beneficiary of MTN Nigeria’s ₦545.89 billion ($406.37 million) dividend payment scheduled for September 7. On July 30, MTN disclosed that its board had approved an interim dividend of ₦26 ($0.019) per 2-kobo ordinary share, subject to withholding tax. The dividend will be paid to shareholders whose names appear in the company’s register as of August 20, 2026. As of the end of H1 2026, MTN Nigeria had 20.99 billion shares outstanding, meaning the ₦26 ($0.019) dividend will distribute about ₦545.9 billion ($406.37 million) to shareholders before tax. But shareholders will not receive the full amount. Dividends in Nigeria are subject to a 10% withholding tax, meaning MTN Nigeria’s payout will result in ₦54.59 billion ($40.64 million) going to the government before shareholders receive their dividends. The Scale of a Billion MTN’s ₦545.89 billion dividend triggers a massive ₦54.59 billion withholding tax. See what that number looks like in two entirely different contexts. What MTN’s dividend means What ₦54.59bn means to Govt MTN Total Dividend Pool ₦545.89 Billion Investors’ Net (₦491.3B) 10% Tax (₦54.59B) Before a single investor receives their money, the government secures ₦54.59 billion. This mandatory 10% withholding tax is subtracted directly from the total payout, leaving ₦491.3 billion for shareholders. Govt 2026 Tax Target ₦40.71 Trillion Already Collected (₦27.1T) MTN Tax Windfall MTN’s tax windfall is 0.13% of the government’s 2026 tax-revenue target. While ₦54.59 billion is a massive expense for a single company’s dividend payout, it represents just a tiny fraction of the ₦40.71 trillion the country aims to raise this year. Data source: NRS 2026 Projections & MTN Financials As corporate earnings and dividend payments rise, profitable listed companies are becoming an increasingly important source of tax revenue for a government broadening its tax base. How much of MTN’s dividend actually reaches you? Enter your shares below to see exactly what lands in your account, and how your payout compares to the scale of the government’s total tax windfall. Number of MTN shares owned: Try 100, 1,000, or 10,000 shares. For 1,000 shares, your gross dividend is ₦26,000.00. After the government takes its 10% withholding tax (₦2,600.00), your net payout is: ₦23,400.00 The scale of the system You are one of over 336,000 retail investors holding up to 10,000 shares. Collectively, this entire group will receive a net dividend of roughly ₦3.22 billion. Meanwhile, from the total dividend pool across all shareholders, the government secures a staggering ₦54.59 billion. The Government Collects 17× MORE than every everyday retail investor combined. And unlike investors, the government does not need to own a single MTN share to collect it. Government’s cut is second only to MTN The ₦54.59 billion ($40.64 million) withholding tax is larger than the dividend payment to any shareholder group except MTN International (Mauritius) Limited, which owns 73.39% of MTN Nigeria. MTN International holds 15.41 billion shares, giving it a gross dividend entitlement of ₦400.65 billion ($298.25 million). After the 10% withholding tax, about ₦360.58 billion ($268.43 million) will reach the company. The next-largest shareholder group, consisting of two shareholders with 1.11 billion shares, is entitled to roughly ₦28.92 billion ($21.53 million) before tax. The largest block of shareholders, 336,608, collectively holds about 137.77 million shares and is entitled to ₦3.58 billion ($2.67 million) before tax. Who Actually Owns MTN Nigeria? MTN Nigeria has over 346,000 shareholders. But looking at the sheer number of investors tells a very different story from looking at who holds the actual capital. By % of shareholders By % of shares Retail Investors (1 – 10,000 shares) 97.23% Other Shareholders (10,001 – 1,000,000,000 shares) 2.77% Majority Owner (MTN International) < 0.01% 97.2% of shareholders ↳ hold just 0.66% of the company’s shares. 0.66% of shares ↳ belong to the 336,000+ retail investors. 73.39% of shares ↳ belong to MTN International (a single corporate entity). Data source: Table 48, Shareholders and their interest (Screenshot 2026-08-19 110218_2.png) MTN Nigeria, with a market cap of more than ₦16.90 trillion ($12.58 billion), returned to dividend payments in 2025, declaring an interim dividend of ₦5 per share in October 2025, its first since August 2023, after restoring positive retained earnings and shareholders’ equity. It later proposed a final dividend of ₦15 per share for 2025, bringing its total dividend for the year to ₦20 per share. The payouts followed a sharp financial turnaround. MTN Nigeria’s revenue rose 54.93% in 2025, while profit after tax surged to ₦1.11 trillion ($805.50 million), reversing the loss recorded a year earlier. That momentum continued in the first half of 2026, when the company reported revenue of ₦2.99 trillion ($2.23 billion), up 25.9% year-on-year, and profit after tax of ₦707.54 billion ($526.71 million), up 70.6%. While the ₦54.59 billion ($40.64 million) withholding tax is significant, it is only a fraction of the taxes MTN Nigeria has already paid to the government. The company paid ₦384.05 billion in taxes during the period. For investors, the amount that ultimately lands in their accounts will be ₦23.40 per share after the 10% withholding tax, rather than the announced ₦26. For the government, the payout offers a ₦54.59 billion ($40.64 million) revenue boost without owning a single share of MTN Nigeria. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks.Get 20% off Early Bird tickets for a limited time.
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He was almost a bricklayer. Now Amin Ajao is building in tech
Al-Amin Ajao knew one thing about the career he wanted: he did not want a white-collar job. The routine of waking up every morning, dressing for work and spending Monday to Friday in an office did not appeal to him. He wanted something different, although he was not quite sure what that would be. “I don’t like the corporate lifestyle. I cannot remember the last time I wore suit,” he says. So, when Ajao entered Lagos State University (LASU) in 2016 to study electronic and computer engineering, he was not necessarily thinking about becoming a software engineer. He had chosen the course because he liked science and had followed the example of his elder brother, who was interested in computers. That began to change when he met a group of friends who were learning to code. He started writing code, building projects and attending hackathons while still in school. As he spent more time coding, he discovered something that made software engineering even more attractive: he could work while still having room for the rest of his life. That flexibility appealed to Ajao and eventually convinced him that software engineering was something he wanted to pursue long-term. From play to code Ajao says he was not always this focused. Growing up, play was the only thing that appealed to him, so much so that his parents were not sure he would eventually go to university. His father worked in the building construction industry, and the family began considering whether Ajao might be better off learning a trade, including bricklaying or furniture making. Years later, when his parents told him they had once discussed his future that way, Ajao laughed. “They didn’t even know I was going to gain admission or I was going to be able to scale through the process,” Ajao says. “It was really funny hearing them say that.” Looking back, he understood why they had reached that conclusion. In secondary school, Ajao says he was not the most serious student. While others might spend a week preparing for exams, he could wait until Sunday, spend about 10 minutes reading, and consider himself ready. “I’m not talking of one subject,” he says. “I mean the entire subjects we would write their gexam for that term.” That changed when he began preparing for the Unified Tertiary Matriculation Examination (UTME) in 2015, Nigeria’s university entrance exam administered by the Joint Admissions and Matriculation Board (JAMB). He began taking his studies more seriously and eventually got into LASU. By his second year, however, his attention was shifting beyond his coursework. Ajao met friends who were learning to code, and watching them develop things made him curious enough to start learning himself. “I started learning through some online courses and also from my friends. Then I did a lot of practical work,” he says. “From there, I started building projects, attending hackathons and doing some freelance gigs.” His interest quickly moved beyond learning. By his fourth year, Ajao undertook his industrial training at Divergent Innovation Hub in Ikoyi, where he worked alongside other engineers and gained professional experience in software engineering. Towards the end of his time at university, Ajao and some friends also noticed a problem at LASU’s Epe campus. Students had limited options for ordering food and other items, so they began building a delivery platform that would bring vendors onto one platform. Students could then order what they needed and have it delivered to them. “We did not finish the project because graduation came and everyone left school,” he says. “I also got a job after graduating, so I left the university myself.” By the time he graduated in 2021, Ajao says he had already found a career that gave him the freedom he had been looking for. He could work, build things and earn money while still having room for other parts of his life. “I was working and still juggling school activities. That was when I realised that this is something I want to do for a long time.” Learning the ropes After graduating in 2021, Ajao joined Woodcore, a Lagos-based fintech platform that provides core banking infrastructure and software for financial institutions, as a frontend engineer. It was his first full-time role after university. At Woodcore, Ajao says he led the frontend experience, taking charge of key features, reviewing code and helping other engineers improve. The role gave him his first sustained experience of working within a professional engineering team and helped him grow as an engineer. “I was able to work within a team that valued growth. I learned a lot and also I was able to improve as an engineer as well,” he says. Woodcore also changed how he thought about the possibilities of a career in tech. The company operated remotely, and some of the friends who had introduced him to coding were already working for international companies. Seeing their experiences made him realise he could work for companies outside Nigeria without leaving the country. That realisation pushed Ajao to look beyond the Nigerian job market. In 2022, he joined Offscript, a Swedish company, as a senior software engineer. From front stack to full stack At Offscript, Ajao began working on the backend as well as the frontend, eventually becoming a full-stack engineer. He already had some backend experience from personal projects, but the company’s backend had little documentation. He had to learn how the different systems worked and how they interacted with one another. “That moment was how I started understanding some of those things, learning and all. After that period, I didn’t stop. I continued learning my back-end skill,” Ajao says. Ajao began enjoying backend development more as he spent time working on it. After years of frontend development, he had started to find the work repetitive, while backend engineering gave him new problems to solve. “I’d been doing front-end for a long time. And for me, it was already getting boring. Back-end was just something I started enjoying and started
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👨🏿🚀TechCabal Daily – OPay gains an admirer
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy midweek. For millions of informal workers in Central Africa, earning money isn’t the problem. Getting a loan is. This week in Francophone Weekly, we look at how Cameroonian startup BEE is using motorcycles and other everyday assets to help informal workers get formal credit. Go read it. Meanwhile, Nigeria wants the government to become a much bigger customer of local cloud infrastructure. Its new cloud policy makes cloud the default for government systems and sets out how ministries, departments, and agencies (MDAs) will buy cloud services, where sensitive data can be stored, and how the government plans to attract $750 million in private investment into the sector over two years. Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. Read previous editions here first and subscribe below. Subscribe Standard Bank wants OPay pre-IPO stake Absa eyes pan-African expansion SA to telecom firms: make public-benefit websites free New VAT rules proposed in South Africa World Wide Web 3 Opportunities Fintech Standard Bank wants a piece of fintech company OPay Image Source: Zikoko Memes Standard Bank Group, South Africa’s largest lender with a market cap of R534 billion ($33 billion), is in talks to acquire a stake in Chinese-backed OPay, ahead of the fintech’s planned initial public offering (IPO) in the United States, where it is seeking a $4 billion valuation. What happened? OPay, the Nigeria-focused fintech famous for its army of green handheld point-of-sale (PoS) devices, is working with underwriters such as Citigroup, Deutsche Bank, and JPMorgan to list in New York later this year. According to Bloomberg, Standard Bank is seeking a pre-IPO stake in the company. Backed by SoftBank and Sequoia, OPay has scaled to over 50 million users, becoming a cornerstone of Nigeria’s mobile money and digital payments economy. Explain like I’m new here: Standard Bank would be buying into OPay before the fintech goes public. If OPay gets its $4 billion valuation on the US stock market, an early stake could become more valuable, and Standard Bank gets a direct relationship with one of Nigeria’s biggest digital payment platforms. OPay, meanwhile, gets a major African bank as a strategic investor just as it prepares to make its case to global investors. Between the lines: This is a strategic hedge. In H1 2026, Standard Bank reported record headline earnings of R26.1 billion ($1.59 billion), but it knows that traditional banking scale is being challenged by fintech agility. By buying into OPay, the old guard could be paying for a seat at the table of the new guard that has mastered high-volume, low-margin transactions in Nigeria. Zoom out: This is bigger than Standard Bank wanting a slice of OPay. Africa’s banks and fintechs are moving from competition to coexistence: banks bring capital, licences, and institutional trust; fintechs bring distribution, speed, and millions of digital customers. The biggest example of this in 2025 was FirstRand and Optasia’s partnership. If this deal closes and OPay pulls off its US listing, one of Africa’s biggest banks will have effectively bought a front-row seat to the next version of African banking. Every business owner needs to watch this. The business questions you Google, answered by experts. Watch for free. Banking Absa’s home ground keeps the lights on Image Source: Tenor After a strong half-year performance where its key African markets—South Africa, Ghana, and Kenya—powered it to a good result, Absa Group, the tier-1 bank, is eyeing further expansion outside its home markets, Bloomberg reported. Combined, its three main African markets contributed 80% of its profit. Between the lines: In the six months to June, the bank recorded R58.8 billion ($3.60 billion) in revenue, growing 4% compared to the previous year. However, it was its South African lending operations that accounted for its growth, more than in other African countries. During the period, Absa’s South African business grew its earnings by 17% to R9.19 billion ($564.8 million). The group recorded R12.8 billion ($788 million) in half-year headline earnings, increasing by 8% from the previous year. Celebrating its run, the bank said it would pay shareholders R8.5 ($0.52) in dividends per share. Explain like I’m new here: Absa makes money from two broad engines: lending and fees. South Africa, its biggest market, did most of the heavy lifting this time. Earnings from its other African operations fell 10%, partly because interest rate cuts in markets such as Kenya—early in the year before they steadied—and Ghana squeezed lending income. When central banks cut interest rates, banks typically earn less on the loans they give out, narrowing the spread between what they charge borrowers and what they pay to fund those loans. State of play: Absa still wants to grow outside South Africa. It sought to increase its stake in Absa Bank Kenya to 85% through a $238.7 million tender offer, but only raised its stake to 71.99% after minority shareholders took up 21.1% of the shares offered. It is also looking at Tanzania, Uganda, and Zambia as part of its wider pan-African expansion strategy. The challenge is making that expansion translate into stronger earnings rather than simply a bigger footprint. The results show an interesting tension in Absa’s African strategy: South Africa is currently carrying the group, even as the bank is betting on the rest of the continent for future growth. That makes its next expansion moves worth watching closely. Naira Life 2026 is here! The Naira Life Conference 2026 is bringing together Nigeria’s top finance minds, industry leaders, creators, and business strategists for a full-day of specialised sessions and masterclasses designed for ambitious Nigerians who want to make, keep, grow, and pass on real wealth. Happening on August 22 at the Jewel Aeida, Lekki, Lagos. Secure a seat in the room. Telecoms South Africa’s mobile operators have five months to make websites free Image Source: Zikoko Memes If you’ve ever opened a health or government website and received a notification pop-up that you will be browsing (that
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Nigeria’s new cloud policy puts government at the centre of its cloud market
Nigeria’s new National Digital Cloud Policy will require federal ministries, departments and agencies (MDAs) to prioritise cloud infrastructure when building new digital systems and services, potentially making the government a major new customer for the country’s cloud providers. On Monday, Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy released the National Digital Cloud Policy, a framework for how Nigeria will build, regulate and use cloud infrastructure. The policy is the government’s latest effort to reduce reliance on overseas systems and bring more of its cloud infrastructure in-country. Over 90% of Nigeria’s digital data and enterprise workloads are currently hosted on offshore servers, resulting in an estimated $850 million in annual capital flight. The implementation of this policy will expand Nigeria’s cloud and data centre market, projected to reach $782 million by 2031. “Nigeria must move from being primarily a consumer of global cloud infrastructure to becoming a competitive location for the infrastructure, investment, skills and digital services that will define the next phase of the global digital economy,” Bosun Tijani, Minister of Communications, Innovation and Digital Economy, said in a statement. The policy is a bet that collectively moving government systems to the cloud would make them faster and more reliable. This means that the government platforms Nigerians rely on to access public services, manage records and verify their identities could become less prone to disruptions. The policy makes cloud the default deployment model for government workloads and requires MDAs to assess their existing systems and develop phased cloud migration plans. It also sets rules for where sensitive government and regulated data can be stored and processed, how the government buys cloud services, how cloud providers are registered, how businesses can move data between providers, and what incentives the government will offer to attract investment in data centres and other digital infrastructure. The new policy supersedes the Nigeria Cloud Computing Policy 2019, which first introduced the Cloud First principle for federal public institutions. The new policy noted that the 2019 principle was implemented unevenly because there was no single framework coordinating government cloud demand, procurement, funding, security and monitoring. The policy attempts to close those gaps with aggregated procurement, a government-wide cloud marketplace, cloud provider registration and binding compliance requirements. “The National Digital Cloud Policy therefore provides a balanced framework — one that promotes investment and competition, strengthens indigenous capability, modernises Government and applies sovereignty requirements only where they are genuinely necessary,” the minister noted. Under the policy, all MDAs must, by default, design new digital systems, services, and workloads for cloud deployment. An MDA can only skip this by securing a published, time-bound exemption, which must be assessed by the National Information Technology Development Agency (NITDA) according to section seven of the policy. “Applications for exemption will be assessed by NITDA against published criteria and determined within published timeframes,” the policy stated. “Exemptions will be time-bound, subject to periodic review, and recorded in a register maintained by NITDA.” Galaxy Backbone Limited (GBB), the agency that builds and runs digital infrastructure for government services, will aggregate cloud demand from multiple registered providers, including domestic and international companies. Rather than each government institution negotiating for capacity separately, GBB will pool that demand and negotiate framework agreements The government will manage the procurement through a National Digital Marketplace. NITDA will handle provider registration and listing; the Bureau of Public Procurement (BPP) will oversee procurement compliance; and GBB will handle aggregation, framework agreements, and commercial arrangements with MDAs. The policy also created a four-level classification system that sorts government and regulated data by sensitivity and the degree of national control required. Data classified at Level 4, covering national security, defence and critical infrastructure information, must be hosted exclusively on infrastructure physically located in Nigeria. Level 3 data, which includes financial, health, biometric and identity data, must be stored at rest in Nigeria, with processing permitted elsewhere only under strict regulatory safeguards. Level 2 data, covering internal government operational records, can be deployed in hybrid environments, including approved infrastructure outside Nigeria, but only with prior authorisation. Level 1 data, intended for public access or otherwise low-risk, can be hosted anywhere without residency restrictions. “Classification takes precedence over data type: the same category of information may attract different treatment depending on the context in which it is held and the consequence of its compromise,” the policy stated. The policy does not impose a blanket rule that all data generated in Nigeria must remain in the country. The classification and residency requirements apply to data generated by the Federal Government itself, or data generated under a federal regulation, licence, permit or directive that has been formally designated as sovereign data. For regulated businesses that generate data, including fintechs and healthtechs, being regulated does not automatically mean that every category of data they hold becomes subject to the sovereignty rules. However, a regulator such as the Central Bank of Nigeria or the Nigeria Data Protection Commission can apply to have a category of data it regulates designated as sovereign data, bringing that data category under these residency rules. The policy creates a division of responsibility among government institutions. The National Information Technology Development Agency (NITDA) will provide regulatory oversight, standards, and assurance. Galaxy Backbone Limited (GBB) will be responsible for operational delivery, shared infrastructure and aggregation, while the Bureau of Public Procurement (BPP) will oversee alignment with public procurement requirements. Providers and MDAs that fail to comply can face remediation directives, deployment suspensions and, for providers, sanctions or suspension and revocation of registration. Material breaches involving Level 3 or Level 4 data can be escalated to the Office of the National Security Adviser and other competent authorities. The government now has a 24-month roadmap to move the policy from a framework into implementation. During the first six months, it will focus on activating the policy, conducting baseline assessments, issuing implementation directives, establishing the required institutions and putting investment-facilitation measures in place. Between the sixth and twelfth month, the government plans to operationalise the National Digital
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Kuda was the ‘bank of the free.’ Now it wants to be more.
“The bank of the free.” That was Kuda’s promise when the Nigerian digital bank launched in 2019, selling a simple idea: banking should not mean transfer fees, queues or trips to a branch. Its purple branding and standalone “K” quickly became shorthand for a new kind of Nigerian bank. Seven years later, Kuda is leaving that identity behind. On August 6, the digital bank unveiled “More Life,” its biggest brand overhaul since launch, replacing its familiar standalone “K” with a full wordmark and introducing a new typeface, colour palette, photography and visual language. “People are no longer just trying to break free in 2026,” Emmanuel Femi-Adejobi, Kuda’s senior brand manager, told TechCabal in an interview. “People are trying to move up, to rise financially, socially, professionally, and they are trying to be more. They are trying to live more.” Kuda says the redesign reflects a shift in who its customers have become. When it launched, the pitch was freedom from the frustrations of traditional banking, including slow transaction times, hidden charges, long queues in banking halls, and network downtimes. Now, the digital bank says those same customers are building businesses, juggling multiple income streams, and looking for more from their money. The ambition behind the new look is to move from being just the app customers use to spend to the one they use for everything. In Kuda’s new identity, the instantly recognisable standalone purple ‘K’ has been replaced by the full Kuda name, spelt out in geometric letterforms. The colour purple remains, but the palette now includes lavender, off-white and a darker grey. In the imagery, instead of using obvious banking cues such as cards, phones, transfers or money, the new brand uses scenes of everyday Nigerian life, from beaches to markets. Kuda’s repositioning comes as Nigeria’s fintech market enters a more mature phase. The features that helped digital banks win customers—instant transfers, mobile-first banking and low fees—are now standard across much of the financial system. Fintechs are increasingly looking beyond their original products and licences to capture a larger share of how customers save, borrow, invest and move money. In January, Nigerian payments startup Paystack restructured into a holding company, the Stack Group, which now houses Zap, Paystack Microfinance Bank and a venture studio, TSG Labs. Flutterwave has also been expanding beyond payments, acquiring open-banking startup Mono in January, a deal that gave the fintech access to a national microfinance banking licence and a route into deposit-taking and other banking services. As payments become more competitive, Nigerian fintechs are seeking licences, products and distribution that allow them to capture more of their customers’ financial lives. The Access to Finance (A2F) 2023 survey report found that Nigeria’s formal financial inclusion improved to 64% from 56% recorded in 2020, fuelled by the use of non-bank financial institutions such as fintechs. With 26% of adults still financially excluded, it leaves room for fintechs like Kuda to sell customers more financial products, including credit, savings, investments, and insurance. Kuda said the repositioning will also come with product changes. The bank is doubling down on Kuda Premium, its existing rewards programme, with discounts, exclusive experiences and partnerships built around customers’ lifestyle interests. “Our customers have levelled up. Now their bank has to,” Femi-Adejobi said. What changed with Kuda? Dropping the standalone ‘K’ for the full Kuda name in geometric letterforms drew inspiration from Nigerian art and architecture, the company said. “We knew that the K was very iconic and stood out, and people could tell this was Kuda from the jump,” Adeniyi Okeowo, Kuda’s head of creative, told TechCabal. “But the main reason we went with the name stack instead was legibility. We are in the age of social media, and attention is very crucial. We felt spelling the name on the logo would stand out the most.” “We still wanted that connection with our customers, who have identified us as the bank that uses purple a lot, so we wanted to keep that consistency and introduce complementary colours,” Okeowo said, explaining why the brand’s purple stays, but the company introduced lavender, off-white and a darker grey to the logo. What appeals most about Kuda’s new identity is what it chooses to illustrate through its imagery. The new identity is filled with scenes that have little to do with making payments or transfers, including images of people at Tarkwa Bay, Lagos markets and other everyday Nigerian spaces. Kuda’s creative team said they deliberately avoided making the financial transaction the hero. Kuda billboard showing new logo. Image source: Kuda “We didn’t want it to just be your typical photographs where somebody’s doing a fist bump after making a transfer,” Okeowo said. “We didn’t want to show things that were literally financial but to show things that money can enable you to do.” That makes the new identity feel more like a brand trying to insert itself into the life around the transactions people make with money. Kuda is not the first African fintech to find that its old identity no longer fits what it is becoming. In November 2025, Moni became Rank after acquiring AjoMoney and Zazzau Microfinance Bank, as it moved from its community-based lending model to providing more regulated financial services. In March that same year, Payhippo became Rivy and pivoted from lending to small businesses to financing solar systems for businesses struggling with unreliable electricity. Out with “bank of the free,” in with “More Life” Kuda’s creative team framed the new platform around a single idea that money is not the destination. “For us, More Life is basically our commitment to the customers. We feel money enables life,” Okeowo said. “It enables you to do things. When you have money, you can go on holidays, you can take care of your family, you can save for the future.” They noted that the idea came from research Kuda conducted before the redesign, including a pan-Nigerian study that asked customers who they had become since 2019 and what they now expected from
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Millions earn daily. This Cameroonian startup wants banks to lend to them.
18 août 2026 Hello , Welcome back to Francophone Weekly by TechCabal, your weekly deep dive into the tech ecosystem across French-speaking Africa. For readers who want to understand Francophone Africa beyond headlines—through markets, startups, and systems. New editions of the newsletter will land directly in your inbox every Tuesday at 12 PM WAT. By default, this newsletter is in French. If you’re reading this in your email inbox, click the “Read in English” button below to switch to the English version. If you’re reading on our website, you can either click the button below or toggle the language selector at the top right-hand side of the page to view the English edition. Read in English Au Cameroun, les conducteurs de moto-taxi appellent ça le « bend-skin ». Le nom vient des nids-de-poule : on plie la peau à chaque secousse, en serrant fort ses affaires et son cœur encore plus fort. Les moto-taxis ont envahi les rues camerounaises après la dévaluation du franc CFA en 1994, quand le pays a laissé se dégrader les infrastructures de transport public et qu’une génération entière de jeunes sans emploi a trouvé dans la moto le chemin le plus rapide vers un revenu. Plus de trente ans plus tard, cette moto reste l’actif qui sépare un conducteur d’un salaire. La plupart des conducteurs ne la possèdent toujours pas. Ce simple constat — qu’on retrouve chez les vendeurs de smartphones, les couturières, les aviculteurs et les commerçants — est le point de départ pour comprendre pourquoi une entreprise comme BEE existe, et pourquoi la région de la Communauté Économique et Monétaire de l’Afrique Centrale (CEMAC), ainsi que la République Démocratique du Congo (RDC), est devenue un terrain d’essai grandeur nature pour une nouvelle génération de plateformes de financement d’actifs. 1. Une région bâtie sur le revenu informel Mory Diané (à droite), fondateur de Scanning Systems, et le commissaire Ngabo Seli Mbogo, chargé du marché commun de la CEMAC. Source de l’image : Financial Afrik. La CEMAC, l’union monétaire d’Afrique centrale à six pays ancrée autour du Cameroun, du Gabon, du Congo, du Tchad, de la République Centrafricaine (RCA) et de la Guinée Équatoriale, fonctionne au rythme du travail informel. Près de 90 % de la main-d’œuvre du Cameroun se trouve dans le secteur informel. Dans la région CEMAC au sens large, la Banque mondiale estime que plus de 65 % des emplois sont informels, concentrés dans des activités de services à faible productivité, avec un taux de chômage régional d’environ 9,7 % — soit plus de quatre fois celui de la zone de l’Union Économique et Monétaire Ouest-Africaine (UEMOA) voisine. La croissance en CEMAC continue de reposer sur le pétrole et d’autres secteurs extractifs à forte intensité de capital qui créent peu d’emplois pour une population jeune et en croissance rapide. Pourtant, en Afrique centrale, la RDC se situe en dehors de l’union monétaire de la CEMAC mais partage la même réalité économique sous-jacente : une population largement payée en espèces, jour après jour, sans trace écrite qu’une banque reconnaîtrait. Cette informalité ne signifie pas une absence de mouvement d’argent. Le mobile money est devenu le tissu conjonctif du commerce quotidien à travers le continent. L’Afrique subsaharienne est en tête mondiale de l’usage du mobile money. À travers l’Afrique, en moyenne 28 %des adultes possèdent un compte mobile money, soit plus du double de la moyenne des économies en développement, selon la Banque mondiale. Plusieurs pays, dont le Ghana, connaissent une croissance de l’usage du mobile money. Les gens transactent. Ce qu’ils ne font pas, en grand nombre, c’est emprunter de manière formelle. Selon le rapport Global Findex de la Banque mondiale, plus de la moitié des adultes d’Afrique subsaharienne ont empruntéde l’argent dans l’année précédant l’enquête de 2021, et pourtant l’emprunt informel auprès de la famille et des amis reste la source de crédit la plus courante. Une tontine, un prêteur informel, un cousin qui a de quoi dépanner. Le crédit formel est en progression, mais de façon inégale. Le marché du crédit lié au mobile money au Kenya est l’exception, pas la règle. En Afrique centrale francophone, l’écart est encore plus large — et c’est précisément ce que BEE a été conçue pour combler. Pourquoi les banques et les institutions de microfinance ne parviennent pas à atteindre le travailleur journalier Les institutions de microfinance (IMF) d’Afrique subsaharienne détiennent quelque chose de précieux : du capital et un mandat légal pour prêter exactement à cette population. Ce qu’elles n’ont pas, c’est la technologie ou l’infrastructure de gestion du risque pour le faire en toute sécurité. Un conducteur sans relevé bancaire, sans bulletin de salaire et sans adresse fixe est, sur le papier, inéligible au crédit. Prêter quand même fait grimper les taux de défaut au-delà de 15 % — un niveau suffisant pour effacer la marge du portefeuille de prêts. Tenter de recouvrer une créance auprès d’un client qui a déménagé, changé de numéro de téléphone, ou simplement cessé de répondre, se heurte à l’absence de moyen peu coûteux de faire respecter le paiement dans une région aux adresses incertaines et aux recours juridiques limités pour les petites créances. C’est cet écart que Patrick Timani, cofondateur et directeur général de BEE, a d’abord affronté avec son propre argent, des années avant la création de BEE. Patrick Timani, cofondateur et directeur général de BEE. Source de l’image : BEE.Il a monté une activité de financement informel au Cameroun destinée aux vendeuses de vêtements, aux restaurateurs, aux coiffeuses, aux agriculteurs et aux éleveurs de volaille, financée au départ par un prêt allemand à 4 % par an et reprêtée à 2,5 % par mois. Face à une demande croissante, il a levé de l’épargne auprès d’amis à 12 % par an et fait grimper son portefeuille à près de 300 000 euros (347 300 dollars) de crédit, selon lui. Il a entamé les démarches pour obtenir un agrément de microfinance, jusqu’à ce que la Commission Bancaire de l’Afrique Centrale (COBAC) du Cameroun relève le capital minimum requis à 500
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Redmi 15C vs Redmi 17C: Full comparison
Table of contents Redmi 15C vs 17C price in Nigeria Redmi 15C vs 17C specs compared Redmi 15C vs 17C full specs comparison Which one should you buy? Where to buy Redmi 15C and Redmi 17C in Nigeria Xiaomi built the Redmi 15C and Redmi 17C for budget-conscious buyers. Both phones share the same chipset and a close price range, but the newer 17C cuts corners in places you might not expect. This guide breaks down every spec, so you can pick the phone that fits your needs. Redmi 15C vs 17C price in Nigeria You can buy the Redmi 15C in Nigeria right now. Jumia, Slot, Konga, and Jiji all stock it. Prices range from ₦140,000 to ₦200,000. Your final price depends on the RAM and storage you choose. 4GB/128GB: around ₦142,000 to ₦154,000 6GB/128GB: around ₦153,000 to ₦190,000 8GB/256GB: around ₦170,000 to ₦228,000 UK-used units: from ₦80,000 The Redmi 17C only ships in China right now. Xiaomi has not confirmed a global release date. Any 17C you find in Nigeria comes through grey market importers. NaijaAndroidArena estimates it at around ₦155,600. Treat this figure as a rough guide, not a confirmed price. Naira prices shift often. Exchange rate swings can move prices by ₦5,000 to ₦20,000 within weeks. Check current prices before you buy. Redmi 15C vs 17C specs compared 1. Design and build The 15C carries an IP64 rating. This shields your phone from dust and light splashes. The 17C skips this protection completely. Keep your 17C away from water and dust to protect it. Both phones weigh close to 205 grams. Both use a plastic frame with a glass front. 2. Display Both phones use a screen close to 6.9 inches with a 120Hz refresh rate. The 15C hits 810 nits at peak brightness. The 17C reaches only 600 nits. Pick the 15C if you spend a lot of time outdoors, since its brighter screen stays visible under direct sun. 3. Performance Both phones run the same Helio G81 Ultra chipset. You get identical raw performance either way. RAM tells a different story. The 15C offers up to 8GB of RAM, while the 17C caps out at 4GB. Storage follows the same pattern. The 15C starts at 128GB. The 17C starts at just 64GB. 4. Camera Camera quality drops hard on the 17C. The 15C packs a 50MP rear camera and an 8MP front camera. The 17C cuts the rear camera to 13MP and the front camera to 5MP. Pick the 15C if photos and video matter to you. 5. Battery and charging Battery capacity favours the 15C too. The 15C carries a 6,000mAh battery and charges at 33W. The 17C carries a smaller 5,160mAh battery and charges at only 18W. Xiaomi even ships a 10W charger in the 17C box, so full charges take longer. 6. Software Software gives the 17C its one clear win. The 17C ships with Android 16 and HyperOS 3 out of the box. The 15C ships with Android 15 and HyperOS 2, but Xiaomi already lists HyperOS 3 firmware for the 15C. Your 15C catches up to the 17C’s software within months. Redmi 15C vs 17C full specs comparison Which one should you buy? Pick the Redmi 15C for nearly every situation. You get a bigger battery, faster charging, stronger cameras and more storage for a similar price. Consider the 17C only if you find it in Nigeria at a much lower price than the 15C and value fresh software over everything else. Where to buy Redmi 15C and Redmi 17C in Nigeria Buy the Redmi 15C from Jumia, Slot, Konga or Jiji. These retailers stock it in several colours. Slot Nigeria also runs physical stores across Lagos, Abuja, Enugu, Port Harcourt, Kano, Kaduna and Ibadan, so you can inspect the phone before you buy. The Redmi 17C is not yet available in Nigerian stores. Treat any 17C listing you find as a grey import. Confirm you’re buying the 4G version with the Helio G81 Ultra chip. This chip separates it from the unreleased 17C 5G, which carries a different chipset. Follow these steps to buy safely: Check the IMEI before you pay Inspect the phone in person if you buy from Computer Village Choose Jumia, Slot or Konga for warranty protection Expect prices to move by ₦5,000 to ₦50,000 as the naira shifts True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
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👨🏿🚀TechCabal Daily – Mega Terra
In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup. It’s Tuesday. Africa’s startup ecosystem has apparently decided that seed funding should no longer be small. Nigerian defence-tech startup Terra Industries has closed a $52 million seed round, one of the continent’s biggest early-stage bets yet. We talk about it in today’s dispatch. Let’s dive in. Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. A new edition drops today. Read previous editions here first and subscribe below. Subscribe Terra raises Africa’s largest seed round EBRD, IFC eye Egypt’s Banque du Caire Egypt’s e-finance acquires 8% stake in Wilzy Are ATMs making a comeback in Nigeria? World Wide Web 3 Opportunities Funding Terra raises Africa’s largest seed round Image Source: Tenor On Monday, Terra Industries, the Nigerian defence-tech startup, announced its third raise of the year, closing what has become the largest and most covered seed round in Africa’s tech ecosystem. With $18 million raised, the two-year-old company is now the seventh most-funded startup in Africa in 2026, after closing its seed round at $52 million. Why this matters: Raising that much this early signals real investor confidence in Africa’s biggest defence tech startup, particularly in a funding market that has seen companies like GoLemon and Gigbanc shut down. But it also sets a bar. Money raised at this scale eventually has to come back to investors through an exit. While talks of exits are premature given that Terra just closed its seed round, it is worth talking about because with great capital come great responsibilities. What will it use the money for? Terra says it will use the money to open a London office, and with this much capital available, the company is well placed to hire experienced people who can open doors in international markets. This can be particularly useful for the startup that has to acquire relationships and contracts in a sector dominated by billion-dollar incumbents, where credibility and the right introductions often decide who gets a hearing. The startup will also expand its manufacturing capacity, deploy its products across the Global South, and hire engineering, operations, and business development staff. What does this mean? It is tempting to look for one reason Terra has raised so much this year, but several things set it apart. It builds both the hardware and the software. It already protects critical commercial and government assets across West Africa. It allows African governments to use a system where the security data stays inside the country—an argument that won Terra its first Nigerian federal contract and edges it over international competition. Every business owner needs to watch this. The business questions you Google, answered by experts. Watch for free. Banking EBRD and IFC want a slice of EgyptBanque du Caire Image Source: Tenor Egypt is preparing to sell part of Banque du Caire, one of its oldest and largest state-backed financial institutions, to public investors, and investor interest is circling. Two international development institutions, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), want in; both investors are eyeing a combined 10% stake in the state-owned bank when it lists on the Egyptian Exchange (EGX) in November 2026. The stake could be split roughly down the middle, with EBRD taking up to 5%, while IFC mops up the rest, according to local publication EnterpriseAM. Wait, who are these guys? The EBRD is a multilateral bank that invests in emerging economies to build up their financial markets, and the IFC is the arm of the World Bank Group that bankrolls private-sector projects in developing countries. Explain like I’m new here: This is part of Egypt’s effort to increasingly privatise its economy, bringing in more private and foreign investors as the state reduces its stakes in those institutions. For the country, the name of the game is to raise money, attract foreign currency, deepen the local stock market, and give private investors a bigger role in companies that have traditionally been controlled by the state. The government has been doing this by selling stakes in existing companies and listing others on the Egyptian Exchange. In 2021, Egypt sold a 51% stake in Arab Investment Bank, the first time it privatised a bank in over a decade. In October 2024, it listed United Bank—which was heavily state-owned—selling a stake to public investors. More recently, in April 2026, Egypt temporarily listed six state-owned companies on its stock exchange to broaden the market and attract investor interest. The country is looking to raise between $3 billion and $4 billion from initial public offerings (IPOs) and stake sales by the end of 2026. A long time coming: The government had been considering selling up to 49% of Banque du Caire as of April, but the latest plan puts the IPO in November. The real reason could be that the banks running the deal asked for extra time to widen the pool of investors before going back out to pitch it. The new plan is to restart the investor roadshow in September or October and complete the listing in November. Why does this matter? For Banque du Caire, an IPO means fresh capital and a broader shareholder base. Having EBRD and IFC potentially buy in could make the offering easier to sell to other investors who may be wondering whether they want a piece of an Egyptian state-owned bank; it makes the IPO attractive to everyone else. Naira Life 2026 is here! The Naira Life Conference 2026 is bringing together Nigeria’s top finance minds, industry leaders, creators, and business strategists for a full-day of specialised sessions and masterclasses designed for ambitious Nigerians who want to make, keep, grow, and pass on real wealth. Happening on August 22 at the Jewel Aeida, Lekki, Lagos. Secure a seat in the room. Fintech Publicly listed e-finance acquires 8% stake in Wilzy, an Egyptian retail investment company Image Source: Tenor Days after it acquired Egyptian micro-lender Tamweely, e-finance, the Egyptian-listed fintech
Read MoreNigerians are returning to ATMs as PoS transactions fall 20%
After years of losing ground to Point-of-Sale (PoS) agents, Automated Teller Machines (ATMs) are making a comeback as transaction volumes rise while PoS volumes decline. In the first quarter of 2026, Nigerians made 438.6 million ATM transactions, up 6.6% from the previous year, according to data released on Friday by the Central Bank of Nigeria (CBN). Transaction value grew 64.6% year-on-year to ₦26.3 trillion ($19.4 billion). PoS transaction volumes fell 19.9% year-on-year to 2.92 billion in Q1 2026, while transaction value fell 16.4% to ₦59.3 trillion ($43.7 billion). These changes could redraw Nigeria’s cash-access network. PoS agents spent years filling the gaps left by scarce and unreliable ATMs, becoming the preferred way for millions of Nigerians to get cash. But as ATM transactions rise and PoS volumes decline, banks are beginning to reclaim a role agents had steadily taken from them. ATMs are making a comeback Nigeria’s first ATM was installed in 1989 by Société Générale Bank, a French commercial bank, and through the early 2000s, commercial banks and independent ATM deployers accelerated growth. By 2021, there were about 22,600 ATMs across the country. But years of underinvestment, out-of-service machines, empty cash trays, and network problems had reduced the number of active ATMs to 16,714 by mid-2024. As ATM availability declined, PoS terminals, led by fintechs like Moniepoint and OPay, increasingly filled the gap. In March 2025, Nigeria had 8.36 million registered PoS terminals, with 5.90 million active or deployed. With an estimated population of 237 million, Nigeria has about one PoS terminal for every 28 people, compared with 13 ATMs per 100,000 adults in 2024, according to the World Bank. Nigeria’s cash crisis in 2023, triggered by the CBN’s currency redesign and cash withdrawal limits, turned PoS agents into a crucial part of the country’s cash network. As Nigerians struggled to withdraw money from banks and ATMs, agents became the more accessible option for getting cash, transferring money and carrying out other basic financial transactions. At the height of the crisis, there were 2.32 million PoS terminals in the country. But a new set of CBN rules is changing the operating environment for both channels. How much will it cost to get cash? Enter what you need and compare the cost of an ATM with what your local PoS agent charges. 1. Amount needed ₦ 2. ATM you’re using My bank’s ATM Another bank’s ATM — on-site Another bank’s ATM — off-site 3. What does your PoS agent charge? ₦ Enter the fee your agent quoted you.We’ve pre-filled an estimated market rate. Replace it if your agent charges differently. Your options ATM PoS One thing to know: PoS cash-outs are subject to CBN limits. An amount above the permitted cash-out limit cannot be completed as one transaction. ATM fees are based on CBN rules. PoS fees are user-entered and can vary by agent. Powered by TechCabal. up to ₦500 surcharge ₦${baseAtm.toLocaleString()}–₦${maxAtm.toLocaleString()} possible cost `; posBreakdownEl.innerHTML = ` ₦${posFee.toLocaleString()} agent’s fee `; } else { atmBreakdownEl.innerHTML = ` Base withdrawal fee ₦${baseAtm.toLocaleString()} `; posBreakdownEl.innerHTML = ` Your agent’s fee ₦${posFee.toLocaleString()} `; } // 4. Calculate and Render The Verdict const verdictTitle = document.getElementById(‘tc-verdict-title’); const verdictReason = document.getElementById(‘tc-verdict-reason’); if (atmType === ‘other-off’) { if (posFee > maxAtm) { let maxSavings = posFee – baseAtm; verdictTitle.innerText = `ATM could save you up to ₦${maxSavings.toLocaleString()}`; verdictTitle.style.color = ‘#151515’; } else if (posFee < baseAtm) { let minSavings = baseAtm – posFee; verdictTitle.innerText = `PoS saves you at least ₦${minSavings.toLocaleString()}`; verdictTitle.style.color = ‘#EA2D2E’; } else { verdictTitle.innerText = `The cheaper option depends on the ATM surcharge`; verdictTitle.style.color = ‘#151515’; } verdictReason.innerHTML = `Why: Your selected ATM costs ₦${baseAtm.toLocaleString()}, with a possible surcharge of up to ₦500, while your agent charges ₦${posFee.toLocaleString()}.`; } else { if (posFee > baseAtm) { let savings = posFee – baseAtm; verdictTitle.innerText = `ATM saves you ₦${savings.toLocaleString()}`; verdictTitle.style.color = ‘#151515’; } else if (baseAtm > posFee) { let savings = baseAtm – posFee; verdictTitle.innerText = `PoS saves you ₦${savings.toLocaleString()}`; verdictTitle.style.color = ‘#EA2D2E’; } else { verdictTitle.innerText = `Costs are equal`; verdictTitle.style.color = ‘#151515’; } verdictReason.innerHTML = `Why: Your selected ATM charges ₦${baseAtm.toLocaleString()} for this withdrawal, while your agent charges ₦${posFee.toLocaleString()}.`; } // 5. Enforce Regulatory Context Rules const regulatoryAlert = document.getElementById(‘tc-regulatory-alert’); if (amount > 100000) { regulatoryAlert.style.display = ‘block’; } else { regulatoryAlert.style.display = ‘none’; } // 6. Show Output outputSection.style.display = ‘block’; }
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Africa is building a single payments market but its currencies remain divided
Africa is building regional payment systems that could make cross-border money transfers faster and cheaper, but its fragmented currencies remain a problem that payment rails alone cannot solve. The continent has more than 40 currencies, many of which are not directly convertible, forcing banks and payment providers to rely on settlement banks, correspondent banking and pre-funded accounts to move money between markets. Cross-border payments already work despite Africa’s currency fragmentation. A payment can appear instant to the sender while banks and payment providers handle currency conversion and settlement in the background. When currencies cannot be exchanged directly, those extra steps make transactions more expensive. Sabine Mensah, deputy chief executive officer of AfricaNenda, a pan-African organisation working to expand instant and interoperable payment systems, says the answer is not necessarily a single African currency. Regional payment systems are already emerging across the East African Community (EAC), West Africa, Central Africa and the Southern African Development Community (SADC). Connecting these systems could eventually extend interoperable payments to more than 60% of African countries. But payment infrastructure is only part of the problem. Mensah says regulators also need to harmonise rules around payments, licencing and settlement if Africa wants to reduce its reliance on hard currencies such as the dollar and make intra-African trade cheaper. This interview has been edited for clarity and length. Can interoperability succeed if African currencies remain fragmented? The fact that countries have different currencies does not stop cross-border transactions from happening. Take Kenya and Tanzania. Someone in Kenya can send money to someone in Tanzania even though the Kenyan shilling and Tanzanian shilling are different currencies. Cross-border transactions are already happening across Africa. There are two levels of interoperability involved. The first is technical interoperability. This allows the payment message to move from the provider being used in Nairobi to the provider being used by the recipient in Dar es Salaam. Information and technical communication between the two systems can function even when the countries use different currencies. The second layer is settlement. This is what happens in the background to actually move the money. If a provider in Kenya is sending money to a provider in Tanzania, a settlement bank between them can convert Kenyan shillings into Tanzanian currency. The private sector has already taken up much of this work. Several providers are making cross-border payments and have established arrangements with various commercial banks to handle settlement. Typically, these providers hold pre-funded accounts with banks in different countries and in different currencies. Those accounts allow them to settle cross-border payments. The same principle applies at a higher level when countries and central banks are involved. Central banks can act as settlement agents for large-value transactions, while commercial banks also participate in the settlement process. Different currencies can still be settled through arrangements such as pre-funded accounts on both sides. So I would not say that because Africa has multiple currencies, it cannot have cross-border payments. That argument is not really valid. Cross-border payments are already happening in large-value systems through banks and the correspondent banking ecosystem. They are also happening at the retail level through private-sector cross-border providers that have built hubs and connected with multiple mobile money providers. What we are saying is that having more than 40, or around 42, currencies in Africa makes the process more difficult. If those currencies aren’t convertible with one another, providers need settlement arrangements to complete transactions. This means cross-border transactions become more expensive. Are policymakers solving the wrong problem by focusing on payment rails rather than currency markets? I absolutely agree that policymakers and regulators, and particularly central banks, are focused on enabling cross-border payments, especially at the retail level. Systems already work at the high-value level through the correspondent banking ecosystem, so one gap is making retail cross-border payments easier. We are seeing a lot of investment in regional instant payment systems that are designed to enable cross-border payments at a sub-regional level. In East Africa, the East African Community has released a master plan to enable interoperability within the region, including work toward establishing a regional instant payment system for the EAC. We are seeing the same thing in other parts of the continent. In West Africa, the West African Economic and Monetary Union has put out a regional instant payment system connecting eight countries. In Central Africa, GIMAC Pay is connecting six countries in the Central African Economic and Monetary Community. In SADC, the Transactions Cleared on an Immediate Basis (TCIB) ecosystem aims to provide the infrastructure for cross-border payments across the region’s 16 countries, with roughly six to eight countries already onboarded. So the investment is happening. More central banks are looking at how to enable instant cross-border payments. If we can connect those four systems, we could already reach more than 60%, and potentially 70%, of African countries. That would create much wider interoperability. Someone sitting in Kenya could transact with someone in Cameroon, Côte d’Ivoire and other countries through connected systems. Our advocacy is therefore at a continental level, so to fast-track the path towards seamless cross-border transactions in Africa, there needs to be regulatory harmonisation. Regulators need to come together to identify the roadblocks, particularly around payment system regulation, instant payment systems, interoperability, and the licencing of different stakeholders in different countries. There is also an opportunity to passport licences across countries. That could help fast-track the process towards a level playing field where, regardless of where you are in Africa, you can use one tool on your phone to send money across different African countries. Think about what that could mean for the African Continental Free Trade Area. AfCFTA aims to increase intra-African trade from around 15% today to roughly 50% or 60%. If we make it easier to pay across borders, the economic impact could be significant. Will cross-border payment systems reduce dependence on the dollar, or simply mask it? I think that is the pathway we are moving towards because we recognise that the current system adds
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