Smartphone prices in Nigeria could jump 30% this year, hitting entry-level buyers
Nigeria’s smartphone market grew 8% year-on-year in Q1 2026, supported by demand for affordable 4G and 5G smartphones in the $200 to $299 segment, according to Omdia, a global technology market research firm. But that growth was smaller than the 25% recorded in Q4 2025, when the sub-$200 segment dominated. This will further worsen in 2026, with smartphone prices forecasted to rise by up to 30%, threatening affordability for millions who rely on mobile phones to get online. Rising global component and memory costs will drive this increase as manufacturers pass higher production expenses into retail pricing, according to Manish Pravinkumar, Principal Analyst at Omdia. “Pricing pressure also appears far from fully reflected at retail: with component and memory costs rising, Nigeria could still see another 15 to 30% upward pricing adjustment through the remainder of the year, particularly in the mass market,” Pravinkumar told TechCabal in an email. “Premium demand should remain comparatively resilient because the affordability impact is concentrated at the entry and lower-mid tiers.” BT, the British multinational telecommunications company, said in May that smartphone costs could rise as technology firms competing in the artificial intelligence race buy up semiconductor chips, adding pressure to already strained supply chains. The country is particularly exposed to supply chain pressures because it relies heavily on imported devices. Roughly 90% of smartphone volumes sold in the country are imported, according to Pravinkumar. Smartphones enabled 153.15 million mobile Internet subscriptions in Nigeria in March 2026. Local assembly, operator-backed financing, and telco-led device subsidies remain limited compared to some African markets. Phones priced below $150 account for more than 60% of smartphone volumes in the country, according to data from Omdia. Four in five smartphones sold in Nigeria and across Africa were priced below $200. The average smartphone selling price in the country rose to $134 in Q1 2026, up 2% year-on-year, according to Pravinkumar. “This leaves the market highly exposed to even modest pricing adjustments,” Pravinkumar said. With inflation eroding purchasing power and naira volatility raising import costs, higher global device prices could further strain household budgets. The most vulnerable segment is the $80–$150 price band. Pravinkumar said price increases in this category could push some consumers toward slightly higher tiers, supported by device financing where available, while others delay upgrades until late 2026 or even Q1 2027. “This creates a difficult near-term environment for vendors as replacement demand softens while first-time smartphone conversion also becomes more price sensitive,” Pravinkumar said. Nigeria is not alone. Across Africa, the affordable smartphones that have powered much of the continent’s digital growth are becoming harder to sustain commercially. Smartphone shipments across Africa grew 3% year-on-year to 19.9 million units in Q1 2026, according to Omdia, but the market is expected to face increasing pressure through the rest of the year. “Africa’s ultra-affordable smartphone market is entering a structurally more challenging phase in 2026 as margin compression strains entry-tier device economics to a breaking point,” Pravinkumar said. On a per-manufacturer basis, Nigeria remains one of Transsion Holdings’ most important global markets, but it is also among the most exposed to entry-level pricing pressure. The Chinese manufacturer, whose brands include Tecno, Infinix, and itel, grew shipments by 26% year-on-year in Q1 2026, outperforming the broader market, according to data from Omdia. Yet its dominance in affordable devices could also make it more vulnerable if consumer demand weakens at the lower end of the market. “While Transsion’s unmatched nationwide distribution, deep retail relationships and strong after-sales infrastructure continue to provide a major competitive advantage, its category leadership also makes it most vulnerable to affordability-led demand weakness,” the principal analyst at Omdia said. As margins tighten, market attention could increasingly shift toward vendors with stronger supply-chain advantages. Pravinkumar expects Samsung to be better positioned because of its scale in component sourcing and memory integration. With vendors already scaling back aggressive discounting and marketing spending, device financing may become an increasingly important competitive tool for boosting smartphone sales. “Nigeria remains one of Africa’s largest smartphone opportunities, but near-term growth will increasingly depend on how effectively brands manage affordability,” Pravinkumar added.
Read MoreSpectranet, Starlink, and FibreOne control nearly 70% of Nigeria’s internet market
Spectranet, Starlink, and FibreOne now control nearly 70% of Nigeria’s internet service provider (ISP) market, highlighting the growing dominance of a handful of large operators as smaller providers struggle with rising costs and intense competition. According to the latest ISP subscriber statistics released by the Nigerian Communications Commission (NCC), Nigeria recorded 352,006 active ISP subscribers in the fourth quarter of 2025. Of that figure, Spectranet, Starlink, and FibreOne accounted for a combined 244,929 subscribers, representing 69.58% of the market. Spectranet remained the market leader with 108,525 active subscribers, followed by Starlink with 91,991 and FibreOne with 44,413. The figures reflect a market becoming increasingly concentrated around a handful of providers despite the presence of more than 200 licenced ISPs in the country. The trend has been building throughout 2025. NCC data for the first half of the year showed that Nigeria had 313,713 active ISP subscribers by the end of June 2025, up 9.84% from 285,605 users recorded at the end of December 2024. Even then, the market was dominated by the same three players. Spectranet, Starlink, and FibreOne accounted for roughly 65% of all ISP users in the country. The latest figures suggest the dominance of the trio has only deepened, with their combined market share rising to almost 70% by the end of 2025. Starlink has emerged as one of the biggest beneficiaries of this market shift. Official NCC data showed the satellite internet provider had 66,523 subscribers at the end of the first half of 2025. By the fourth quarter, that figure had jumped to 91,991 subscribers, reflecting strong demand for Although the NCC maintains a registry of more than 220 licensed internet providers, only 133 operators were active enough to submit performance reports during the second quarter of 2025. This suggests that a significant number of licensed providers have either become dormant or operate at a very limited scale. Industry operators have long cited high bandwidth costs, expensive right-of-way charges imposed by state governments, foreign exchange pressures, and rising diesel prices as major obstacles to growth. Competition from mobile network operators has further intensified the pressure. Throughout 2025, telecom companies such as MTN and Airtel expanded their 5G networks and fibre-to-the-home offerings, attracting enterprise customers and households that traditionally relied on independent ISPs. Their larger scale, nationwide infrastructure, and ability to offer bundled services have made it increasingly difficult for smaller providers to compete. The result has been a steady consolidation of Nigeria’s ISP market. While overall subscriber numbers continue to grow, much of that growth is being captured by a few dominant players.
Read MoreUganda’s central bank caps cash withdrawals in digital payments push
Uganda’s central bank has imposed new limits on over-the-counter cash withdrawals and slashed cheque transaction thresholds in a sweeping push to accelerate the country’s transition to a cashless economy. In a May 29 circular sent to commercial banks, credit institutions, and microfinance deposit-taking institutions, the Bank of Uganda (BoU) said individual customers will only be allowed to withdraw up to UGX50 million ($13,700) daily and UGX250 million ($68,500) weekly in cash over the counter. The new rules will take effect from January 1, 2027. Businesses and corporate customers will face daily withdrawal caps of UGX500 million ($137,000) and weekly limits of UGX2.5 billion ($685,000). The measures mark the clearest signal that Uganda’s financial regulators want to reduce the economy’s reliance on cash and move transactions onto digital payment rails such as mobile money, internet banking, and real-time settlement systems. “These interventions align with our strategic commitment to fostering a modern, digital-first financial landscape by encouraging a shift from traditional paper- based instruments to secure electronic channels,” BoU said in the circular. “During this six-month transition period, the Bank of Uganda shall, in collaboration with all stakeholders, conduct comprehensive public awareness and information dissemination campaigns.” The central bank is also tightening cheque usage limits, further discouraging paper-based payments. Under the new rules, the maximum value for Uganda shilling-denominated cheques has been reduced from UGX10 million ($2,740) to UGX5 million ($1,370). US dollar cheque limits have been cut from $2,750 to $1,375, while euro cheque limits will fall from €2,250 to €1,125. Pound sterling cheque limits have similarly been reduced from £2,200 to £1,100, and Kenyan shilling cheque limits from KES 300,000 to KES 150,000. The restrictions come as digital payments continue to expand in the country. According to Bank of Uganda data, electronic money transactions grew 28% in 2025 to UGX366 trillion ($100.3 billion), while transaction volumes increased 17.3% to 9.1 billion transactions. In 2025, mobile money transaction volumes rose 21.1% to 301.1 million transactions, while transaction values surged 40% to UGX66.1 trillion ($18.1 billion). The number of active mobile money customers climbed to 36.3 million, supported by an agent network that expanded 27.5% to more than 1.16 million agents nationwide.
Read MoreMultiChoice offers $4.25 DStv Stream deal to former Showmax users in Kenya
MultiChoice is offering former Showmax subscribers in Kenya access to DStv Stream Compact at a heavily discounted KES 550 ($4.25) monthly rate for one year, as the pay-TV company works to retain streaming customers following Showmax’s shutdown in April. Eligible former Showmax users will pay KES 550 ($4.25) monthly for 12 months before the package reverts to its standard KES 4,200 ($32.50) monthly price, according to a MultiChoice statement seen by TechCabal. The discount reflects MultiChoice’s attempt to migrate streaming users into its broader DStv ecosystem after discontinuing Showmax on April 30, a move that consolidates live television, sports, movies, and original streaming content onto a single platform. The strategy also gives the company a way to retain lower-cost streaming users while gradually introducing them to DStv’s higher-priced subscription tiers. The transition began in May with eligible customers receiving free access to DStv Stream Compact through the end of the month before being moved onto the discounted plan. The offer applies to direct Showmax subscribers, including Showmax Premier League users, provided they maintain active subscriptions and keep payments up to date. Existing DStv customers are excluded because they already receive Showmax content through their packages. The promotion gives MultiChoice a pathway to move former Showmax customers onto its flagship streaming platform while exposing them to a broader package that includes live television channels, movies, series and SuperSport programming. “Our priority is to ensure customers continue to have a home for the stories they love,” said Nzola Miranda, Managing Director, MultiChoice Kenya. Showmax, which became MultiChoice’s flagship streaming platform in recent years, has been folded into DStv Stream following Canal+’s acquisition of the pay-TV broadcaster. Its original productions for the Kenyan market, including Single Kiasi and Adulting, are now available through a dedicated Showmax section within the DStv Stream app. The change also expands access to sports content. While Showmax Premier League was available only on mobile devices, DStv Stream subscribers can watch Premier League matches and other SuperSport content on smart TVs and connected devices. Former Showmax customers must create new DStv Stream accounts to access the service because subscriptions were not transferred automatically. Customers who opted not to migrate were eligible for refunds on unused portions of their Showmax subscriptions.
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The Next wave: We seem to miss the point about African tech conferences
Cet article est aussi disponible en français <!– In partnership with –> First published 31 May, 2026 It is not every day you watch very smart people deliberately contradict themselves, but if you were at the 3i Africa Summit in Accra earlier this month, you might have seen it happen. Premier Oiwoh is the chief executive officer of the Nigeria Inter-Bank Settlement System (NIBSS), Nigeria’s largest payment switch, which moves almost every naira between Nigerian banks. On the second day of the summit, which the Bank of Ghana convenes each year, he said something you rarely hear from someone in his position. He had grown tired, he said, of conferences like this one. They promise solutions that never arrive. Panels at conferences are essentially formulaic in this sense: organisers put four or five decision-makers on stage, add a respected field moderator, and, for 30 or 40 minutes, work through a series of questions. Then the session ends, the room applauds, and little appears to change. Oiwoh’s panel was about stitching African countries into a single financial bloc, modelled on how money moves across the European Union. Africans have tried and are still trying. PAPSS, the Pan-African Payment and Settlement System, already exists, but a borderless African payment rail still feels as distant as it did five years ago. Yet Oiwoh still boarded a flight to Accra. He cleared space in a calendar most people would fight for. He travelled across the continent to attend another conference and another panel discussing a problem that remains unsolved. Why? The answer has little to do with the stage, but who else is in the building. Get smarter about Francophone Africa with our newsletter, Francophone Weekly—the startups, tech policies, and institutions building the pipelines for ecosystem growth. Subscribe Oiwoh did not travel to Accra for the panel. He came for the people the conference gathered in one place at one time. Other central bankers. Regulators from a dozen markets. Operators he might otherwise spend months trying to reach. Olugbenga “GB” Agboola, who runs Flutterwave, arrived at a similar conclusion. We spoke shortly before lunch on one of the summit days, and he was direct about it. He attended with his chief legal officer and chief compliance officer because they could not afford to miss the opportunity to be in the same room as regulators from across the continent. For a payments company that depends on regulatory approval and partnerships in every market, that room matters more than any panel discussion. It is also why I went to Accra. It was my second time at the summit and my first as a speaker. The opportunity to meet new sources, founders, regulators, and industry operators, and to share a bit about the work that I do, outweighed everything else. For decision-makers like Oiwoh and GB, the chance to spend a few days with regulators, customers, partners, and peers is what makes the fifth or sixth conference worth attending. What you should actually expect If a conference is a product, we should be clear about what it contains, because it is not the same for everyone. For a founder, the room holds capital and customers. Take Moonshot by TechCabal, for example. More than $5 billion in capital is represented by attending investors, and one in seven attendees is a funder, investor, or ecosystem enabler. A ten-minute conversation with a fund partner can achieve more than a cold email. Meeting a potential enterprise client can shorten a sales cycle by months. For a regulator, the room holds the people they govern in a setting relaxed enough for formalities to fall away. A central banker can often learn more about where the market is heading from conversations with executives than from a stack of filings. For companies like Flutterwave, a conference compresses months of travel into a few days. Instead of chasing regulators across multiple capitals, they can meet many of them under one roof. For reporters, the room holds the one thing the job depends on: people willing to talk. A source met in person at a conference is more likely to answer your call six months later. A regulator who recognises your face is more likely to reply to your email. Next Wave continues after this ad. We’re thrilled to announce the official theme for Moonshot 2026: “Courage & Conviction: Building for a New World.” This year, we’re calling on the African tech scene to back bold ideas and dig deep to build an ecosystem that solves African problems on a global scale. The continent’s most ambitious founders, investors, LPs, operators, creatives, and policymakers will converge at Moonshot 2026 to chart Africa’s next era. You don’t want to be left out. Secure Your Spot! There is, of course, a limitation. The room is not open to everyone. The people who gain the most from these gatherings are often those who already possess capital, influence, or titles that secure invitations. Conferences can project inclusion through diverse panels and ambitious themes, while much of the practical value circulates among people who can afford the ticket, flight, and hotel bill. That criticism is fair. But it is not the whole story. Conferences also create opportunities for people outside the executive ranks. Of the more than 12,650 people who attended the last three Moonshot editions, most were not founders, investors, or chief executives. Many still found customers, collaborators, mentors, employers, employees, and new professional relationships. Panels need to be re-worked At this point, it helps to be honest about why the stage cannot deliver what many people expect (and this does not diminish the value of panels in any way.). A panel is a performance, and everyone on it understands the limits. Nobody is going to solve Africa’s cross-border payment problem under stage lights. Nobody is going to make a concession that costs their organisation money while cameras are recording. Problems that have persisted for years cannot be resolved in forty minutes (but it helps to talk about them so
Read MoreSouth Africa unveils plan to commercialise $1.8 billion research spending
South Africa has unveiled a new strategy to commercialise more of its R30 billion (US$1.8 billion) annual research and development spending, as the government pushes to turn research into businesses, jobs and new industries. The Technology Innovation Agency (TIA), a government-backed innovation fund under the Department of Science, Technology and Innovation, on Tuesday launched TIA 2.0, a new commercialisation-focused strategy designed to help more locally developed technologies survive the so-called “Valley of Death”—the gap where promising research fails to reach the market. “South Africa is spending about R30 billion on research and development every year. Unfortunately, much of this investment goes into what is called the Valley of Death,” TIA chief executive officer Titus Mathe said at the launch event. TIA 2.0 represents a structural overhaul of South Africa’s innovation system, shifting the agency from a project funder to a commercialisation catalyst. The agency is deploying capital into strategic sectors such as AI, electric vehicles, climate tech and critical minerals, while targeting the country’s R30 billion ($1.8 billion) annual research spend that too often fails to reach the market. “How can we capitalise on this investment and take research that is promising and commercialise it? That was really the main idea behind the formation of TIA,” Mathe said. He stressed that under TIA 2.0, the agency is shifting from funding individual projects to supporting large-scale innovation programmes capable of creating industries and driving economic growth. “We are moving away from just managing projects to managing programmes that deliver high impact,” he said. The strategy is backed by a significant financial boost following TIA’s receipt of R1.2 billion ($73 million) from a successful biotechnology investment made nearly two decades ago. The agency invested R24 million ($1.4 million) in Kapa Biosystems around 20 years ago and recently realised a $73 million return after the company commercialised its technology. “The payout is one of the government’s biggest innovation investment success stories and a model for future technology investments,” said Mathe. A key pillar of the programme is black empowerment and transformation within South Africa’s venture capital ecosystem. TIA has earmarked R473 million ($27.8 million) for venture capital and innovation funds, including investments into black-owned and women-led fund managers that often struggle to access institutional capital despite being closer to underserved entrepreneurs. Among the beneficiaries is Mamor Capital, a women-led investment firm focused on digital connectivity and financial inclusion. Founder Mamokete Ramathe said the R40 million ($2.3 million) TIA’s backing helped the fund reach a critical fundraising milestone after a difficult three-year capital-raising journey. “We believe technology-enabled businesses have the potential not only to create commercial value, but also opportunities for millions of South Africans that continue to be left outside of the digital economy,” she said. “Mamor Capital can now support entrepreneurs tackling digital exclusion and financial access challenges.” Another beneficiary, Aions Ventures, said TIA’s intervention demonstrates how ecosystem collaboration can unlock innovation. “TIA today is a trailblazer in demonstrating what ecosystem collaboration looks like in practice,” said Karabo Makete, Principal Investment Officer. Mathe added that TIA is also investing approximately R62 million ($3.6 million) into sovereign AI initiatives, including support for Mzansi Mindz, a locally developed large language model aimed at reducing South Africa’s dependence on foreign AI platforms. “We want to develop our own locally developed large language models,” Mathe said. “AI is here to stay. We have to embrace it, but we cannot be left behind.”
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Africa’s creator economy has a payment problem. These startups want to fix it.
2 juin 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 L’Afrique abrite des millions de créateurs de contenu numérique, un paysage des réseaux sociaux en plein essor, et l’une des populations les plus jeunes de la planète. Pourtant, les infrastructures financières permettant de les rémunérer équitablement sont quasi inexistantes. Mais les choses commencent à changer. L’économie des créateurs sur le continent connaît une expansion fulgurante. Selon l’International School of Advertising, le marché de l’économie des créateurs était évalué entre 3 et 5,1 milliards de dollars en 2025. Il devrait atteindre 29,84 milliards de dollars d’ici 2032, avec un taux de croissance annuel composé (TCAC) de 28,7%. Les smartphones se multiplient à grande vitesse. Les audiences de TikTok, Instagram et YouTube progressent plus rapidement sur le continent africain que partout ailleurs dans le monde. Pourtant, pour l’immense majorité des créateurs africains — en particulier ceux d’Afrique de l’Ouest francophone — une question reste sans réponse claire : comment se faire payer ? 1. Le mur de la monétisation Source de l’image : Fourthwall. L’expression la plus visible de ce fossé, c’est l’exclusion de la majorité des pays africains des programmes de monétisation directe des plateformes sur lesquelles les créateurs construisent leur gagne-pain. En 2026, le Programme Partenaire YouTube est disponible dans plus de 120 pays, mais l’éligibilité n’est pas universelle — les créateurs doivent résider dans une région prise en charge pour accéder à la monétisation. Pour les créateurs de Côte d’Ivoire, du Cameroun, du Bénin ou de la République Démocratique du Congo (RDC) — des pays comptant des dizaines de millions d’utilisateurs de réseaux sociaux — les revenus publicitaires YouTube restent structurellement inaccessibles par les voies classiques. Les raisons se cumulent : les grandes plateformes mondiales proposant la monétisation exigent souvent un compte bancaire international, ou n’acceptent pas les banques locales pour les versements. La couverture de PayPal est partielle, voire inexistante. Stripe demeure indisponible dans la plupart des marchés d’Afrique francophone. Un créateur avec 500 000 abonnés à Abidjan, qui construit des audiences pour des marques internationales, ne peut toujours pas recevoir un virement de YouTube directement sur un compte bancaire local. Bien que l’Afrique représente 18 % de la population mondiale, le continent ne capte qu’environ 5,4 % des revenus mondiaux liés à la création de contenu — un écart qui ne s’explique ni par le volume de production ni par l’engagement des audiences, mais bel et bien par les défaillances de l’infrastructure de paiement. Le problème dépasse la seule question des versements des plateformes. Le marketing d’influence dans la région fonctionne à travers un réseau fragmenté de négociations par WhatsApp, de paiements en espèces, d’arrangements en nature — des dîners offerts et des nuitées d’hôtel en guise d’honoraires — et de virements ponctuels informels pouvant prendre des semaines à être exécutés. Il n’existe ni contrat standardisé, ni infrastructure de suivi des performances, ni système de paiement transfrontalier fiable. Le résultat : un marché économiquement significatif, mais qui fonctionne encore de manière artisanale. Construire les tuyaux : Akuna, Mainstack et les nouveaux acteurs de l’infrastructure Une nouvelle génération de plateformes tente de construire cette infrastructure manquante, en attaquant le problème sous différents angles. L’initiative la plus médiatisée ces derniers temps est l’Akuna Wallet. Créée par The Akuna Group, fondé par Idris Elba, et développée en partenariat avec la Stellar Development Foundation (SDF), l’Akuna Wallet a lancé son pilote au Ghana avec pour ambition de lever les obstacles auxquels font face les créateurs africains pour recevoir des paiements internationaux, et de leur ouvrir de nouvelles portes vers l’économie créative mondiale. Ce portefeuille numérique basé sur la blockchain fonctionne sur le réseau Stellar, permettant aux créateurs de recevoir des paiements internationaux, de conserver de la valeur numérique et de la convertir en monnaie locale. L’Akuna Wallet a été admise dans le Bac à Sable Réglementaire des Actifs Virtuels de la Banque du Ghana, ce qui en fait l’une des premières entités sélectionnées dans le cadre de la loi ghanéenne sur les Prestataires de Services d’Actifs Virtuels (2025). Les tests supervisés ont débuté en février 2026, avec un déploiement public plus large prévu dans le courant de l’année. L’ambition est de s’étendre progressivement à l’ensemble du continent. L’un des principaux problèmes adressés par le portefeuille est l’impossibilité pour les créateurs de recevoir correctement les revenus de TikTok, Google ou d’autres plateformes en raison d’incompatibilités bancaires. Sur le volet commerce et storefronts, Mainstack est devenue l’une des plateformes de l’économie créative les plus visibles sur le continent. Fondée en 2021 par Ayobami Oyaleke, elle se positionne comme le système d’exploitation des entrepreneurs numériques africains, proposant outils de boutique, traitement des paiements, abonnements, construction de communautés et gestion de portfolio en une seule plateforme. La conférence annuelle Moment — qui a réuni des milliers de créateurs à Lagos en mars 2026 — est devenu le point de convergence des ambitions du secteur, avec des panels traitant explicitement des paiements en actifs numériques comme infrastructure. Une discussion intitulée « Beyond Banks: How Digital Assets are Powering the Next Generation of African Creators » reflétait le basculement en cours : ne plus attendre les banques traditionnelles, et considérer les stablecoins et les systèmes de paiement hybrides comme la voie pragmatique pour être payé. La newsletter continue après cette publicité. Fondateurs. Investisseurs. Décideurs politiques. Leaders d’entreprise. Moonshot 2026 rassemble les personnes qui façonnent l’écosystème technologique africain en matière d’IA,
Read MorePick n Pay breach puts South Africa’s retail cybersecurity under scrutiny
A cyberattack on South African retail giant Pick n Pay has exposed customer data linked to an older version of its on-demand delivery platform, raising fresh concerns about how companies manage legacy systems long after they have been retired. The breach, which Pick n Pay has confirmed, involves customer information from the retailer’s former delivery app, originally launched as Bottles and later rebranded as Asap! The compromised data included sensitive customer information and payment card details. While Pick n Pay acknowledged the breach, it disputed claims that complete card information was exposed. The incident highlights a growing challenge facing companies undergoing digital transformation: retired systems can remain vulnerable long after they disappear from public view. Pick n Pay began notifying affected customers on May 30, warning that users who registered for the delivery service on or before 2022 may have been impacted. “The affected data comes from an earlier version of our on-demand app, first known as Bottles and later as Pick n Pay Asap!, which has since been replaced,” the retailer said in a customer notification. According to the supermarket giant, the exposed information includes names, contact details, delivery addresses and limited payment card information. The company stressed that full payment card numbers and CVV security codes were not stored on the affected system. “This means the leaked data cannot be used to make fraudulent transactions on customer cards,” the retailer said. Despite those assurances, customers remain uneasy about the exposure of personal information that could be exploited in phishing attacks and identity fraud schemes. “The biggest victims of poor cybersecurity are always ordinary working people,” said Pick n Pay shopper Dzungi Mudzunga. “Executives apologise in emails while citizens deal with fraud attempts for years.” Cybersecurity expert Dr Nishal Khusial said the breach may have stemmed from weaknesses in the retailer’s legacy infrastructure. “What has happened in this case is that there was an old system connected to an old app that did not necessarily have the current protection mechanisms to defend against modern-day penetration attacks,” Khusial told TechCabal. The breach has also renewed scrutiny of how organisations handle customer data once platforms are retired. Samantha Hanreck, founder and director of IT solutions provider Data Sync Global, argued that the incident points to a broader governance problem rather than a purely technical failure. “The Pick n Pay incident isn’t really a story about hackers,” she said. “It’s a story about data that didn’t need to exist anymore. The platform was retired in 2022, but the customer records stayed reachable. That’s a governance failure, not a technology failure.” For some customers, the retailer’s response has not gone far enough. “This is a serious invasion of privacy,” said Trevor Dube, a Johannesburg-based security company owner and frequent Pick n Pay shopper. “As customers, we expect these big companies to keep our private information safe. There should be serious consequences when they fail to protect us.” Phetho Ntaba, spokesperson for South Africa’s National Consumer Commission, advised affected consumers to lodge complaints with the Information Regulator, the statutory body responsible for enforcing the Protection of Personal Information Act (POPIA). “That is the body empowered to deal with illegal access to people’s personal information,” she said. Nomzamo Zondi, communications manager at the Information Regulator, said the regulator stands ready to assist affected consumers. “Should you feel that your personal information has been violated, please visit our online management services page or come to our offices to register your grievance,” she said. Zondi also urged Pick n Pay to ensure the incident is formally reported to the regulator. The company said it has already initiated that process while working to determine the full extent of the breach. “All appropriate processes were and are being followed, including notifying the Information Regulator,” said Enrico Ferigolli, Pick n Pay’s Executive Online. “We are working closely with cybersecurity specialists and undertaking a broader review of historical data management and retention practices as part of our ongoing investment in customer data security.”
Read MoreFlutterwave promotes 25% of its global workforce in talent retention move
Flutterwave, the Nigerian payments fintech that acquired a microfinance banking licence in April, has promoted over 100 of its employees globally and introduced employee support packages as it marks its tenth operational year. The company said it promoted about 25% of its global workforce, offering cost-of-living adjustments, tax support for employees in Nigeria, and a one-time economic relief payment for employees globally. The company did not disclose the levels or functions of the promoted staff. The move underscores Flutterwave’s focus on talent retention at a time when several Nigerian fintechs, including Branch, Kuda, and Quidax, have reduced headcount in efforts to improve operational efficiency and cut costs. “I often say our people are our secret sauce,” Olugbenga Agboola, Flutterwave founder and chief executive officer, said. “They are the ultimate engine behind everything we build, giving us the capacity to create solutions that power businesses, unlock opportunities, and move money seamlessly across Africa and beyond.” The move highlights how Flutterwave is evolving from one of Africa’s fastest-growing startups into a larger financial infrastructure company focused on scaling operations and retaining talent. It also reflects a broader shift across the industry, where fintechs are leaning on long-term incentives to retain talent. In South Africa, GoTyme Bank, which became Africa’s latest unicorn in December 2024, recently announced plans to introduce an employee ownership programme as part of a similar push to align staff with long-term business growth. Founded in 2016, Flutterwave built its business by helping merchants accept payments across African markets. The company became one of the continent’s most valuable startups after raising $475.3 million from investors including Tiger Global, Avenir Growth, and B Capital, according to funding tracker Crunchbase. Over the past decade, Flutterwave has expanded beyond payment processing into remittances, consumer financial services, and banking infrastructure. In April, the company deepened its push into financial services after securing approval to acquire a Nigerian microfinance banking licence, giving it a regulated banking vehicle in its home market. Flutterwave said it has processed more than 1 billion transactions and moved over $40 billion in total payment value (TPV) since launch, as it rolled out its employee recognition programme. “Our goal has always been to build an environment where our people can focus on doing their best work, rather than being weighed down by economic anxiety,” Annette Akpolo, Flutterwave’s head of people and culture, said. “Pairing merit-based individual growth with supporting the collective needs of the whole team [is an] essential part of how we build a company culture where people genuinely want to stay and grow over the long term.” The company also said it recorded strong growth across local payment channels over the past year, with wallet-based collections rising 289% in transaction count and bank transfer value increasing 184%, reflecting growing adoption of local payment methods across its markets. The announcement adds to a busy year for Flutterwave. In January, it acquired Mono, a Nigerian open banking startup, in one of the most significant consolidation deals in Africa’s fintech sector this year. The acquisition expanded Flutterwave’s access to financial data infrastructure and strengthened its account-to-account (A2A) payment capabilities. For Flutterwave, which is entering its second decade, the latest employee initiative serves as both a reward for staff and a signal that the company expects continued growth. “At Flutterwave, growth is earned through meaningful contributions to the business and to the mission we are building together,” Agboola said. “As we continue to grow, the people who will shape our future are those who consistently step up, solve hard problems, support others, and move the company forward.”
Read MoreOui Capital’s Pius Bankong on evaluating founders through an operator’s lens
Oui Capital, a Lagos-based venture capital firm, has built one of the most recognisable portfolios in Africa’s tech ecosystem, with bets on startups like Moniepoint and Cauridor. The firm built its portfolio with one operating philosophy: invest early, work closely with founders after the cheque clears, and run a small, hands-on team. In January, Oui added Pius Bankong as its newest investment associate. He comes from the kind of background that increasingly matters and is becoming prevalent in African venture capital. Bankong had spent his career as an operator, leading business operations at fast-growing early-stage startups and working closely with founders and CEOs on product-market fit, fundraising, strategic partnerships, expansion, and team building. He has also been a founder himself through the fintech startup Stead Money. He also advises early-stage companies on the side, several of which later raised capital, grew revenue, and expanded their customer base. That background matters because it speaks to a quiet shift in how African VC is being staffed. For years, the dominant entry route into the asset class was a financial one: investment banking, consulting, or a foreign MBA. Increasingly, funds are recruiting operators who have built and run companies on the continent into investment seats. The argument is that founders are easier to evaluate, support, and align with when the person across the table has sat in their chair. In a young tech market where post-investment support often determines whether a company makes it from seed to Series A, that lived operational experience may be one of the few real differentiators a fund can offer. In our conversation, Bankong explains why he switched from being an operator to investing, what he looks for in a founder that a non-operator might miss, and how his weeks have changed now that the job is more analytical than executional. This interview has been edited for length and clarity. You said leading business ops was “pretty much like building the startup from inside.” What part of that work made you curious about the investor side? I do not think it was just one thing. I did several things leading business ops: launching new products, driving global partnerships, expanding into new markets, supporting fundraising, working with leadership to run the internal organisation, and shaping and driving strategic initiatives. That exposure to product, business development, operations, and management provides a solid entrepreneurial foundation. Working in a fast-growing startup also exposed me to insights that could help other founders at slightly earlier stages navigate issues like product-market fit, go-to-market strategy, or general operational strategy. I started advising a few early-stage startups, and I could see the impact it had on both the founders and their companies. They were getting funded, growing revenue, and acquiring more customers. I found that interesting, and I could see how it would be useful as a VC. There is also the fact that building a startup requires you to go deep into one industry. As a VC, you learn about a lot of industries through the deals you work on, and that market education is vital—whether as a VC, as a founder, or as an operator. You mentioned your background helps with identifying, sourcing, and evaluating deals. When you sit across from a founder, what do you read differently because you have sat in their seat? All these nuances come into play. Sometimes you have a great founder who is still figuring out a crucial piece of their product or their market. It is easier to see that and help them think through it. Other times, you might recognise a pitfall or challenge you have experienced and help them avoid making common mistakes. This is because I have been both a founder and an operator who worked very closely with founders in similar situations, so I have some level of firsthand experience. Being both an operator and investor helps me relate more easily to founders while also acquainting them with the investor’s perspective. Founders and investors play different roles, but they are on the same team, and aligning objectives is crucial. Having an operating background also helps with supporting founders post-investment as they look to grow their businesses and expand into new terrains or verticals. Does having built things make you more sympathetic to founders, or harder on them? Why? Neither. It makes me more empathetic. I often understand what they might be experiencing, and I try to offer feedback that is helpful and actionable and hopefully translates to tangible outcomes in a way that is both thoughtful and honest. Is there a blind spot operators bring into VC that you have had to watch out for in yourself? I do not think any specific one comes to mind right now, but just like with any role, you have to think from the perspective and objectives of the organisation and industry and leverage your unique perspective to advance them. An investor is in the business of returns. There are cases where a business might be performing well—which would naturally excite an operator—but it might not be a fit, based on several factors ranging from fund strategy to market dynamics. Being able to make the right call in those situations requires thinking in the context of your role as a VC, and not solely through your operator lens. What does a normal week look like now versus when you were running ops? There are certainly overlaps, and also some divergences. In almost every role I have had, relationship-building was an important piece of it. Likewise, entrepreneurial thinking, the ability to get up to speed on new domains rather quickly, and developing cross-domain expertise have always been at the core of what I do. The difference is that operating in a startup requires a level of depth within the industry related to that startup. In VC, you need to get up to speed on all industries where deals surface, because you have to make informed decisions. I spend a lot of time meeting founders and getting
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