👨🏿🚀TechCabal Daily – Mediamax, max layoffs
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. A major change in e-commerce we’re tracking this week: Jumia Nigeria now has a new captain, Temidayo Ojo. The former Jumia Ghana CEO has taken over from Sunil Natraj, returning home to steer Jumia’s Nigerian ship through the wild waters of e-commerce. Let’s get into today’s dispatc Kenya’s Mediamax has cut jobs six times in four years Safaricom fixes router loophole that let users access free internet for years GTCO surpasses ₦100 price per share on NGX Nigeria’s Inflation eases for the third consecutive month World Wide Web 3 Opportunities Layoffs Kenya’s Mediamax has cut jobs six times in four years Image Source: Mediamax Capitalism strikes again. Or more accurately, economic headwinds are flogging media businesses in Africa, and employees are getting the boot. Following a series of alarming layoffs in the Kenyan media industry, Mediamax, a company famous for political breaking news stories, has joined the fold. The media company has laid off employees for the sixth time in four years—that’s about one layoff every 8 months. Harsh economic conditions and restrictive policies, according to Mediamax, are factors driving businesses to the ground. Why’s the axe swinging without mercy? Blame the usual suspects. The media house says Kenyans are consuming news differently and sales are falling. It’s not just about TikTok eating into the audiences or advertisers moving online. The old models aren’t working anymore. Mediamax wants to adapt or risk packing up. Between the lines: 500 journalists and media workers have been laid off. Nation Media Group (NMG), in August 2023, saw 15 employees cut from their jobs—the company’s fifth round of job cuts. In July of that same year, over 300 employees of Standard Group received one-month notices to be laid off. Even though layoffs have become a default response to pressure, companies are also trying to reinvent themselves by pivoting to digital mediums and experimenting with new formats. But what happens to the workers left behind? Many may transition into adjacent fields like communications, content strategy, or digital marketing. Roles that tap into their skills but exist outside traditional newsrooms. As legacy media adapts, so must its people. Even though they are often without a clear roadmap, and enter into sectors that are equally changing fast. Paying 2% or more on every transaction adds up fast. For businesses in e-commerce, logistics, travel, fintech, and more, every naira counts. Fincra helps you save more with 1% NGN fees capped at ₦300. Ideal for high-value or high-volume transactions. Get started for free with just your email address! Telecoms Safaricom fixes router loophole that let users access free internet for years Peter Ndegwa/Image Source: Safaricom Some Safaricom users had free internet for years, and the streets kept quiet (side-eye). For years, thousands of Safaricom’s fibre-to-the-home (FTTH) network users accessed internet services without paying the full price or any price at all. This was due to a technical loophole that had existed since 2018. Users exploited weak router authentication protocols to stay online illegally. Now, it has been fixed. The error: Safaricom’s routers required a unique username, but accepted one generic password for all accounts. That meant anyone with an account number—expired, recycled, or borrowed—could log in and get internet access without paying. In some cases, Safaricom’s outsourced agents helped customers do this for as little as $7.72. The result? Safaricom lost millions of Kenyan shillings in unpaid subscriptions. Beyond the revenue hits, this loophole revealed a major weakness in the telecom operator’s internal control and backend infrastructure. The resolution. Fixing this issue proved difficult for Safaricom. Parts of the system relied on the infrastructure from the operator’s early fibre deployment days. This means fixing the problem would have required deep changes in their backend. Plus, Safaricom’s internal team knew about this problem for years, but could not act because of this legacy infrastructure. In 2024, the company enforced unique passwords that heightened restrictions on browsing sessions to shut out freeloaders. It leaves questions hanging about how a vulnerability of this scale went unchecked and quiet for so long. Paga Engine powers the boldest ideas in Africa “Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article. Companies GTCO surpasses ₦100 price per share on NGX Image Source: GTCO 2025 is shaping up to be a good year for retail investors. First, MTN Nigeria doubled its share price since the start of the year; then, GTBank became the first bank to cross ₦100 price per share after closing Wednesday at ₦101 ($0.07). Only Stanbic Bank comes close to that feat at ₦99.20 ($0.065). Are you holding company shares on the Nigerian Exchange (NGX)? Because it seems investors are having a blast this year. Between the lines: GTBank, Nigeria’s most capital-efficient bank, is playing 3D chess. One week ago, it listed its shares on the London Stock Exchange (LSE), becoming the first Nigerian bank to dual-list across two bourses. State of play: The bank plans to appeal to local and foreign investors, raising capital abroad, and expanding its revenue basket overseas. The market seems to be responding well to GT’s selective expansion strategy. Its FUGAZ classmates have been making interesting moves lately. Zenith Bank is trying to go to Kenya, while Access Bank is deepening its play in East Africa and setting up a foreign capital base in the UK. UBA announced its ‘strategic expansion’ to key markets across Africa, and First Bank expects to meet their recapitalisation target before the end of this month. Zoom out: Overall, Nigerian commercial banking stocks—all twelve of them—have surged by 36.65% since the start of the year. This is more than the 12.57% they did in 2024—and it’s only mid-year. The banks’ momentum could just be as a result of the NGX’s strong performance so far. Investors seem to be rewarding the performance with more bag grabs. For example, retail investors bought 48
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My Life in Tech: Benita Riagbayire’s journey from dog blogger to a tech unicorn marketer
Social media is rife with videos and tweets encouraging job hunters to “fake it until you make it”. This means confidently nod to any job requirement and figure things out on the fly upon employment. At 24, Benita Riagbayire, a law graduate with a resume packed with wins—campaigns that boosted app downloads, an award naming her Most Promising Product Marketer—could have bluffed her way through an interview for a marketing operations role at Oyster HR, a global payroll unicorn. The role was managerial and promised a pay cheque that far exceeded her prior five years of working with Nigerian companies. However, as the interview progressed, Riagbayire realised how starkly different the role was from the kind of marketing she had done previously. This was a more technical, behind-the-scenes position, involving everything from managing user lifecycle workflows to ensuring GDPR (General Data Protection Regulation) compliance and troubleshooting automation tools. It diverged significantly from the more front-facing, creative work she had done in content creation and campaigns. She had been taking courses to upskill and knew the right terms to use to convince them she was ready to hit the ground running, but she did the unpopular thing: she chose candour. This paid off. In a surprising twist, the company, considering her theoretical knowledge and eagerness to learn, offered her a lower-level role that accommodated her need to learn on the job. “All my life, I had worked towards becoming a global talent,” Riagbayire, who took the call from Agbani, a remote village in Enugu where she was visiting for a while, told me. “It is a cherry on top that the job pays me enough money that I do not have to work several jobs to make ends meet.” Riagbayire’s journey to a seven-figure role at Oyster HR seems like a natural progression now, but in 2020, as a 300-level law student at the University of Lagos, her resume was far from polished. The pandemic had upended the world, and the ASUU strike closed campuses, leaving students with uncertainty about the future and a lot of time on their hands. 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Though she has gone on to be a marketer in three startups, at the time, she wanted to be a programmer and had initially tried her hand at software engineering and was learning programming languages like Flutter, HTML, and CSS. She’d tried software engineering because it was touted as a more lucrative career. The average salary of marketing personnel hovered at ₦200,000 ($131) or less, while software engineers were paid significantly more at the entry level. She took up courses on FreeCodeCamp and recruited a friend as an accountability partner. Soon, she realised that software development was too boring for her, especially when she saw the way her friend’s eyes lit up when he talked about projects and debugging. Then came a quirky opportunity: a freelance gig writing about dog breeds on WordPress for ₦15,000 ($9.8) a month. It was her first paid foray into digital content for a business. She’d write about different breeds—Lhasas, Shih Tzus, Rottweilers—detailing their features and what prospective owners should look out for before purchasing. It was modest, but writing the posts and tweaking them for search engine optimisation (SEO) tickled her fancy. “I found those interesting—like when
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Glo’s 3.2 million subscriber loss could open door for 9mobile comeback
Globacom lost over 3.2 million internet subscribers between December 2024 and May 2025, the steepest decline among Nigeria’s four major mobile operators during that period. New data from the Nigerian Communications Commission (NCC) indicate that Glo’s internet subscriber base decreased from 17.1 million to 13.9 million, resulting in an average loss of more than 21,000 users per day. This sharp decline pulls its subscriber base back to levels last seen in November 2013. While the losses signal a major blow to Glo’s market position, it presents a rare opportunity for 9mobile, Nigeria’s smallest mobile network operator by user base, to gain ground after years of stagnation. With just 1.4 million subscribers—less than 1.5% of the internet market—9mobile could begin to close the nearly 10 million user gap through improved service and strategic marketing. A net gain of 250,000–300,000 users monthly could significantly alter its market standing within three years. At the heart of this optimism is 9mobile’s landmark national roaming agreement with MTN Nigeria, signed in July 2025. The three-year deal grants 9mobile’s customers access to MTN’s 2G–4G network infrastructure, extending the company’s reach into underserved regions and improving data and voice reliability. Meanwhile, Glo’s subscriber losses are rooted in both regulatory and structural challenges. The telco’s sharp subscriber loss began following the NCC’s enforcement of the SIM-NIN linkage policy, which aimed to sanitise Nigeria’s mobile subscriber database. In March 2024, Glo reported 62.1 million active voice subscribers. But by mid-September, that figure had dropped to just 19.1 million—a loss of roughly 43 million users, the largest decline among all operators. Much of this reduction was due to Glo’s inflated subscriber numbers, which included inactive or unregistered SIMs that failed to meet the new compliance standards. Globacom did not respond to requests for comments. But regulation tells only part of the story. Globacom has consistently underinvested in its network infrastructure compared to its peers, laying just 13,800 km of fibre, far behind MTN Nigeria’s 31,972 km and Airtel Nigeria’s 16,112 km. This shortfall has left Glo especially vulnerable to sector-wide challenges such as fibre cuts, vandalism, and unreliable power supply. Unlike its rivals, which outsource their tower infrastructure to specialised firms with the capacity for quicker maintenance and upgrades, Glo operates its 8,550 telecom towers in-house. This decision, combined with aging infrastructure and slower response times, has severely limited its ability to deliver consistent quality and coverage. Glo users are feeling the impact. Sullivan Emerald, a software developer based in Owerri, told TechCabal that Glo’s service in the Imo State capital is unreliable. “Only a few areas like the Imo State Government House and the World Bank area get a usable signal,” he said. Data from Uptime shows that between January and May 2025 alone, Globacom experienced 102 major network outages nationwide. The operator’s governance structure has also come under scrutiny. The company remains tightly controlled by its founder, Mike Adenuga, with little separation between ownership and management. This centralised structure has hindered innovation and made it difficult to attract top-tier leadership. In May 2025, newly appointed CEO Ahmad Farroukh resigned just one month into the job, reportedly due to disagreements over management autonomy. Globacom’s credibility has also taken a hit from regulatory run-ins. In addition to being penalised for failing to register over 40 million subscribers with valid National Identification Numbers (NINs), the company has faced disconnection threats over unpaid interconnection fees owed to MTN and Airtel. In contrast, 9mobile is beginning to chart a turnaround. Its roaming agreement with MTN, endorsed by the NCC as a model for infrastructure sharing and digital inclusion, allows it to expand coverage without heavy capital outlays. The move is a key pillar in 9mobile’s $3 billion recovery plan. 9mobile did not respond to a request for comment. Still, not everyone is convinced that 9mobile’s rise is guaranteed. Wole Adetuyi, CEO of Swift Telephone Network (STN), a fixed landline telephone company, cautioned that 9mobile’s success will depend on sustained investment and clear governance. “9mobile has a properly constituted board,” he noted, “but the question is whether they have—or are willing to give—the financing needed to scale.” Adetuyi adds that Glo could still recover with the right reforms. The operator could still regain its footing if it addresses its corporate governance issues, appoints an independent board and CEO, and allows new investors to come in with real decision-making power. Also, 9mobile is not very clear about how it intends to raise the $3 billion capital and what it would do with it should investors agree to provide capital. Equally important is that following the deal with MTN, 9mobile would need to share a bulk of its revenue with MTN Nigeria for the next three years. Hence, raising $3 billion from its revenue is unlikely unless it quickly diversifies into other businesses, starting with its fintech vertical, 9PSB. Telecom experts like Diseye Isoun, CEO of Content Oasis, an internet service provider, and Ladi Okuneye, CEO of UniCloud Africa, a cloud computing technology provider, said the best approach to rapid recovery for 9mobile is focusing on building out a mobile virtual network operator (MVNO) model. “They essentially need to look at themselves as an MVNO,” Okuneye said. “It is best they leverage someone else’s infrastructure.” For now, the race between Globacom and 9mobile is less about dominance and more about survival. But with the right moves, 9mobile may finally be able to break from the bottom of the pack. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Africa’s digital dependency crisis: How USAID cuts exposed the fragility of Africa’s digital infrastructure
Following funding cuts to USAID by President Donald Trump and Elon Musk’s Department of Government Efficiency, Kenya can no longer access its health data systems – a stark realisation of the digital dependency crisis experts have warned about for years. When critical national infrastructure is hosted on foreign servers, this vulnerability is inevitable. The Kenya Health Information System (KHIS2), Kenya Master Health Facility List (KMFL), KenyaEMR, and other platforms central to disease surveillance, vaccine tracking, and patient records became inaccessible not due to technical failure, but due to foreign policy decisions made thousands of miles away in Washington, D.C. This isn’t just about healthcare. When your ability to track malaria outbreaks, manage HIV treatment programs, or coordinate rural clinic operations depends entirely on the goodwill of foreign governments, you’ve ceded fundamental sovereignty over your citizens’ well-being. Digital infrastructure is national infrastructure Critical data infrastructure demands the same strategic thinking as electrical grids, water systems, or telecommunications networks. Kenya’s situation demonstrates that digital dependency can be weaponised as quickly as traditional economic or military pressure. The $2.5 billion USAID commitment to Kenya seemed like generous support but created a single point of failure that could be – and was – switched off overnight. The impact reverberates across all levels: potential disruption to essential services, uncertainty about data access for businesses, and loss of informed decision-making capacity for policymakers during public health crises. Health officials cannot now track HIV/AIDS or malaria outbreaks because of a foreign country’s domestic political decisions. When disease surveillance systems go dark due to geopolitical tensions, data location becomes a matter of national security. African nations must immediately audit their data pipelines and identify critical dependencies that could be severed without warning. Nigeria’s NITDA is already developing national cloud infrastructure with data localisation requirements – the proactive approach other African nations must urgently adopt. The technical reality: Complex but not impossible Addressing these vulnerabilities extends far beyond political rhetoric. Moving systems like KHIS2 isn’t simply copying files – it requires rebuilding entire ecosystems, including data integration protocols, user training programs, and system interoperability standards, while maintaining service continuity. But if not now, then when? As AI accelerates across sectors, the stakes only get higher while African nations become increasingly dependent on foreign goodwill for access to their own data and decision-making capabilities. Kenya faces migrating years of critical health data while ensuring rural clinics don’t lose patient record access. The Ministry of Health estimates a $403.8 million funding gap. But waiting until dependencies deepen further will only make the eventual reckoning more costly and difficult. The question isn’t whether this transition is challenging; it’s whether we’ll address vulnerabilities proactively or wait until the next geopolitical shift forces our hand under less favourable circumstances. Crisis as a catalyst: The innovation opportunity Within this crisis lies an unprecedented opportunity. Kenya’s forced transition opens doors for local tech companies to build indigenous solutions tailored to African contexts. This creates space for homegrown startups to develop health information systems that understand local workflows, operate in local languages, and meet African regulatory requirements – something foreign-built systems often struggle to achieve. However, these solutions must be truly local – not just in branding, but in architecture, governance, and control. Digital infrastructure must be locally owned, governed, and operated without hidden bottlenecks that replicate the dependencies we seek to escape. This doesn’t mean rejecting global partnerships but building relationships based on cooperation rather than dependency. ICT ministers frequently discuss accelerating local tech leadership. Now is the moment to translate rhetoric into action through targeted innovation challenges that identify and support the continent’s best technical minds. Regional partnerships between African nations could fundamentally transform the economics of data sovereignty. By sharing costs and expertise, African countries can create a continental data infrastructure serving African interests first. The recently signed Africa Declaration on Artificial Intelligence provides the roadmap. With 50+ African nations committing to ‘distributed sovereign compute infrastructure’ and an ‘Africa-first approach to AI procurement’, the political will for digital sovereignty already exists. The $60 billion Africa AI Fund shows the investment scale needed for truly independent digital infrastructure. Kenya’s crisis should catalyse the implementation of these commitments, turning the Declaration’s vision of regional data centres and cross-border AI collaboration from aspiration into urgent necessity. Beyond healthcare: A continental reckoning Kenya’s health data crisis is merely the opening chapter. Every African nation must immediately audit digital dependencies across all critical sectors and develop comprehensive data sovereignty roadmaps that systematically transition critical systems to local or regional control. This is a bellwether moment that should mark how African leaders think about digital infrastructure. The question isn’t whether foreign technology partnerships have value – they do. The question is whether Africa will maintain strategic control over its digital destinies or continue accepting the vulnerabilities of digital dependency. The choice is ours. The time is now. _________ Kojo Apeagyei is an award-winning AI Consultant and Policy Analyst facilitating AI innovation across Africa through Qhala, and driving responsible AI adoption in the UK energy industry. His work spans government advisory, business consulting, and research. Kojo earned an MSc in Data and Society from the London School of Economics. Dr. Fred Mutisya is a practising medical doctor and an award-winning AI developer, currently undertaking a master’s in data science at the University of East London, and in Field Epidemiology, sponsored by the CDC. He is the Health Tech Lead at Qhala, leading work around Health AI sandboxes and AI models. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Nigeria’s top government officials reach just 17 million people on social media, report finds
Nigeria has 141.5 million internet users. Yet its president, chief of staff, and top ministers collectively reach just 17 million people across five major social platforms, according to a new report by digital communications firm Column. The report highlights a growing disconnect between the government and its citizens in digital spaces. Despite social media being a powerful tool for dialogue, accountability, and transparency, the lack of digital presence signals a missed opportunity to engage Nigerians, especially young people, in the platforms where public discourse, criticism, and civic participation are most active. It noted that across Twitter (now X), Facebook, Instagram, TikTok, and LinkedIn, the President, Chief of Staff, and a few high-profile ministers dominate the landscape, while most other ministers have a very low or no social media presence. While a few rely entirely on just one, Twitter (X) leads in usage and influence by the cabinet. Twitter (X) recorded over 9.3 million followers from 51 ministers present on the platform, accounting for more than half of the cabinet’s total digital footprint. Facebook followed with 4.8 million from 45 ministers, then Instagram with 2.1 million from 46 ministries. TikTok and LinkedIn, with enormous potential among Nigerian youth and professionals, are being largely ignored by the cabinet, with just 7 and 17 ministers, respectively, active on them. TikTok accounts for 537,000 total followers, while LinkedIn trails with just 117,000. It revealed that only five ministers, President Bola Tinubu, Chief of Staff Femi Gbajabiamila, Health Minister Muhammad Ali Pate, Aviation Minister Festus Keyamo, and FCT Minister Nyesom Wike, made up over 60% of the cabinet’s entire social media reach, with Tinubu alone drawing 4.5 million followers (26.6%), followed by Gbajabiamila with 1.6 million followers (9.5%). In stark contrast, some ministers overseeing critical portfolios have almost no digital presence; two have zero followers, and several others attract fewer than 500 followers. The imbalance reflects rising concerns about the inclusivity and reach of government communication to the citizens. The report noted that for a government steering digital transformation through policies like the Nigeria Digital Economy Strategy (2020–2030), digital platform gaps are more than a missed opportunity; they reflect an internal misalignment between intention and execution. Ministries are also missing online The report also reveals the social media presence of the Nigerian ministries. It found that few of the ministries are carving out meaningful online identities, many others, especially those with highly relevant mandates, are trailing. It stated that ministries like Youth Development, Education, Women’s Affairs, and even Information lack strong digital visibility, despite their audience being among the most digitally engaged in the country. It noted that the absence of these ministries online for engagement contributes to the country’s struggles with youth unemployment, public distrust in institutions, and limited access to real-time information. It warned that digital silence could further erode confidence in governance. The report argues that being findable, reachable, and responsive on digital platforms is fundamental to modern leadership, adding that ministers who show up online signal openness over others who appear out of reach. For example, Health Minister Muhammad Ali Pate’s multi-platform strategy and consistent updates during public health campaigns have earned him 1.46 million followers and a reputation for transparency. In contrast, the ministers of Justice, Finance, and Petroleum Resources, despite managing critical sectors, fall below the median digital reach of 64,600 online audience. The report stressed that the problem isn’t just presence, it’s infrastructure, stating that many ministers maintain dormant or unverified accounts, with no links on ministry websites or official directories. It flagged 22 ministers with missing links to at least one verifiable social media account, while two are absent from all five platforms. It noted that unverified accounts were flagged inactive because they created confusion about whether an account is official or even real, and may open up space for misinformation, impersonation, and missed feedback loops. It advised ministries to devise dedicated digital communications strategies across major social media to foster citizen engagement. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Kenya’s Mediamax to lay off undisclosed number of staff in latest job cuts
Mediamax Network Limited, the parent company of K24 TV and People Daily, has announced plans to lay off an undisclosed number of employees, its sixth round of job cuts in four years. The media company cited shifting consumer habits, accelerated digital disruption, and what it termed as punitive government regulations as reasons for the latest restructuring. Mediamax CEO Ken Ngaruiya said in an internal memo seen by TechCabal that a challenging macroeconomic environment, rapid digital disruption, and a significant drop in sales volumes have forced the company to reassess its business model. The affected employees will receive salaries for days worked up to the termination date, salary in lieu of notice, payment for accrued leave not taken, and severance pay calculated at 15 days for each completed year of service, minus any outstanding amounts owed to the media company. Mediamax’s troubles mirror a shake-up in Kenya’s media industry, where outlets grapple with shrinking ad revenues, growing digital competition, and increasing government pressure. As legacy business models falter, more than 500 journalists and media workers have been laid off in the past two years, with newsrooms racing to pivot to digital-first strategies. “These issues have further been aggravated by factors affecting the media industry in Kenya, including delays in the settlement of pending bills from both the national and county governments,” Mediamax CEO Ngaruiya said. “The national government’s decision to single-source one media entity for advertising, and the introduction of unfavourable conditions on betting and gambling advertising have affected sales.” In May and June 2024, Nation Media Group (NMG) laid off 16 employees in its fifth round of job cuts under then-CEO Stephen Gitagama. A few months later, Standard Group laid off more than 300 employees in August 2024 after struggling to turn a profit in a difficult operating environment. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Safaricom fixes years-long router flaw that let users access home fibre for free
Safaricom has fixed a long-standing technical loophole in its Home Fibre network that allowed thousands of customers to access internet service for free or at a heavily discounted rate. The issue dates back to at least 2018 and was only fully resolved in 2024. The flaw, which insiders say cost the company tens of millions of shillings in lost revenue, exposed critical weaknesses in Safaricom’s broadband infrastructure when the telco was expanding rapidly. It also raises questions about internal controls, especially as Safaricom cements its dominance in Kenya’s fixed internet market. The loophole stemmed from weak router authentication protocols on Safaricom’s fixed broadband network, two engineers familiar with the matter told TechCabal. The system used Point-to-Point Protocol over Ethernet (PPPoE), which required both a username and a password. But while usernames were unique to each user, a single, generic password was accepted across the board. “People would often use someone’s account number as the username and apply the general password,” said one of the engineers who spoke on condition of anonymity. Safaricom did not respond to a request for comment. The workaround was quietly exploited by users and, in some cases, aided by Safaricom’s outsourced sales agents. When a subscription lapsed, customers could pay agents—sometimes as little as KES 1,000 ($8)—to reset the router and input new credentials. This would restore service without any official payment to Safaricom, bypassing the full monthly charges that typically range between KES 2,999 ($23) and KES 20,000 ($155). “It became common in certain areas,” another engineer added. “The router would be reset, and someone with access to credentials would get the customer back online without Safaricom ever getting paid.” Because the system only allowed one session per account, this workaround worked best with unused or expired accounts, many of which were hijacked without the knowledge of legitimate users. In other cases, users were knowingly complicit in the scheme. Internally, the Safaricom fibre team knew about the abuse, but the vulnerability proved difficult to resolve quickly. Parts of the system relied on legacy infrastructure from the telco’s early fibre deployment days, and fixes would have required deep changes across the network backend. “This wasn’t something you could patch with one update,” said the engineer. The issue persisted for years as Safaricom rapidly scaled its fixed broadband business, adding thousands of new connections monthly. But by 2024, Safaricom implemented long-overdue changes: unique, complex passwords were enforced for every account, and session restrictions were tightened to ensure that no more than one connection per account could be active at a time. It “If one were to somehow get hold of the username and password, they would still not be able to use it as only one session is allowed,” the engineer said. While Safaricom has not disclosed the exact revenue loss, internal estimates suggest that the loophole cost the company tens of millions of Kenyan shillings—probably more, over several years. Insiders say the losses could have been far greater had the vulnerability not been quietly managed and eventually resolved. According to the latest regulator data, Safaricom controls 36.5% of Kenya’s fixed internet market and serves 678,118 customers, making it the country’s largest internet service provider. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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👨🏿🚀TechCabal Daily – BEE-n there, earned that
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. We’re basically South African today. Three out of four stories in today’s TC Daily edition come from the southern tip of the continent. We’re still proudly pan-African, but today, South Africa is driving the headlines. Let’s dive in. South Africans will earn $0.17 per share on MTN’s BEE scheme Safaricom CEO Peter Ndegwa buys more shares in the telecom company Chery’s iCAUR electric cars to debut in South Africa in 2026 Uber drivers plan fresh protests on Tuesday World Wide Web 3 Opportunities Companies South Africans will earn $0.17 per share on MTN’s BEE scheme Image Source: MTN Few countries are as stringent as South Africa when it comes to the Black Economic Empowerment (BEE) scheme. For more than 20 years, the policy, designed to increase participation of blacks and people of colour in the country’s economy, has defined who freely operates—and who does not—across different sectors. In telecoms, South Africa mandates companies, especially foreign players, to give up 30% ownership in their local business to operate in the country. But when that started a kerfuffle among players, South Africa brought an alternative. If companies didn’t want to give up their stakes, then they had to invest in the country’s economy by providing opportunities for locals—and this even included homegrown companies. MTN, South Africa’s largest telecom company, has complied with this alternative through its Zakhele Futhi (MTNZF) Fund, which launched in 2016. It allowed locals to hold shares in the company. But nine years later, the scheme is wrapping up and paying out. From July 28, 2025, shareholders will receive their original investment of $1.10 per share with an extra $0.11–$0.17 as ‘modest gains.’ MTN has other BEE efforts, like the earlier MTN Zakhele, which was launched in 2010 and had stronger returns (R77 per share) when it ended in 2016. Why is MTNZF paying so little this time? The market was volatile. The scheme should have shut down earlier due to poor performance, but MTN’s share price was too low in 2024 to repay investors fairly, so it stayed open. In 2025, things improved; MTN paid off its debts and set aside funds to repay investors. Now, the scheme is winding down. Once the fund finally settles investors, MTN plans to shut it down and delist it from the Johannesburg Stock Exchange (JSE) where it is currently listed. In its final act, the MTNZF could bring joy to faces, and perhaps, another scheme could be on the cards. Paying 2% or more on every transaction adds up fast. For businesses in e-commerce, logistics, travel, fintech, and more, every naira counts. Fincra helps you save more with 1% NGN fees capped at ₦300. Ideal for high-value or high-volume transactions. Get started for free with just your email address! Telecoms Safaricom CEO Peter Ndegwa buys more shares in the telecom company Peter Ndegwa/Image Source: Safaricom Safaricom’s CEO Peter Ndegwa has increased his stake in Kenya’s telecom giant by 40%. At Tuesday’s closing price of $0.20 (KES 25.60) per share, Ndegwa’s 8.7 million shares are now worth around $1.72 million (KES 222.72 million). Why does it matter? 8.7 million shares is a significant jump from the 895,000 Ndegwa held in 2021. When company executives like Ndegwa, who’s also Safaricom’s board chairman, bullishly cop large volumes of shares, it indicates that they believe their stock is undervalued and likely to increase in value. Safaricom may not be every investor’s cup of tea, especially after recent Ethiopia losses, but this could be a strong signal to retail investors that growth lies ahead for the telecom giant—or this could just be irrational optimism; it’s hard to tell, or even bet against a Safaricom. ICYMI: Ndegwa has steadily grown his stake in the company through additional purchases and the telecom’s Employee Performance Share Award Plan (EPSAP), an incentive scheme that grants stock at no cost to high-performing employees. State of play: In March 2025, he received $349,955 worth of shares as part of his $2.2 million pay package. This has further cemented his position as the highest-paid CEO among publicly-listed companies in Kenya. This year, Safaricom CFO Dilip Pal also increased his holding by 65%, now owning 2.2 million shares valued at approximately $435,647. The big picture: The increase in executive shareholding comes at a time when Safaricom’s earnings continue to recover. The telecom firm posted an 11% increase in net profit to $540 million. This growth is primarily attributed to a strong growth in data services and mobile money, alongside reduced losses in its Ethiopia expansion plans. Paga Engine powers the boldest ideas in Africa “Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article. Mobility Chery’s iCAUR electric cars will ride on South African roads in 2026 iCAUR/Image Source: Google There’s no doubting it anymore; South Africa may just be the undisputed destination for electric vehicle (EV) brands. Yesterday, Chery, a Chinese car maker, announced that it will launch iCAUR, its EV sport cars, in South Africa by Q1 2026. State of play: The move cements South Africa’s status as the continent’s leading EV market. In Q1 2024 alone, EV sales jumped by over 80% year-on-year, while the government began rolling out new tax incentives to attract foreign manufacturers. Chery’s iCAUR will debut with the iCar 03 and iCar V23, available as both battery-powered electric vehicles (BEVs) and range-extender hybrids. Both are targeted at younger, urban buyers, with a bold, lifestyle-forward design. Between the lines: Chery is not betting blindly. South Africans are warming up to EVs, with policy support and infrastructure development helping shift consumer habits. Chery will open 15 dedicated iCAUR dealership lots in major metropolitan cities, giving it an advantage over newer entrants. Though pricing will exceed iCAUR’s Chinese prices due to duties, the iCar 03 is likely to undercut many competitors in the compact EV segment. Catch up: Chery
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After nine years, MTN’s BEE scheme, Zakhele Futhi to deliver payouts to investors
After nearly nine years, MTN Zakhele Futhi (MTNZF), a Black Economic Empowerment (BEE) investment scheme, will begin distributing returns to shareholders from July 28, 2025. The scheme confirmed this in a statement on Tuesday, noting that while investors will receive their full initial investment back, gains will be modest. Each shareholder will get R20 ($1.10) per share from the scheme, with further R2 to R3 per share expected later. In total, that’s R22 to R23 ($1.20 – $1.27) per share, representing a full return of their original investment and a modest gain. MTNZF was launched in September 2016 to expand ownership among Black South Africans, including individuals and Black-owned entities. Backed by external funding, the scheme enabled broader participation than individual investor contributions alone would have allowed. Cash applicants needed to purchase a minimum of 100 shares, costing R2,000 ($110.00) at the time of the public offer. “The scheme enabled thousands of investors to participate in the company’s growth through accessible shareholding. Supported by additional funding, MTNZF allowed for a larger stake in MTN than shareholder contributions alone could have achieved,” it said. Despite years of market volatility, MTNZF delivered some financial returns. With improving market conditions in 2025, the board opted to fully wind down the scheme while aiming to preserve shareholder value. The scheme delivered a “modest return” to shareholders, “despite the volatility we have seen in the market over the years”, said MTNZF board chair Belinda Mapongwana. Most of MTNZF’s MTN shares were sold last month as part of the scheme’s conclusion. The proceeds are being used to settle outstanding debts. After covering costs and taxes, the remaining funds will be distributed to investors. Originally set to close earlier, the scheme was extended in 2024 due to MTN’s share price slump. Ending it then would’ve risked eroding shareholder value. MTN confirmed that MTNZF is now a cash-only entity focused solely on distributing final proceeds. Once complete, it will be delisted from the Johannesburg Stock Exchange (JSE) and deregistered. “MTNZF is now essentially a cash-only entity and will no longer operate as an investment vehicle,” MTN said. “Its sole purpose now is to distribute the remaining proceeds to shareholders before being delisted from the JSE and deregistered.” Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Village Capital taps local partners to deploy $4 million fund for early-stage African startups
Village Capital, a global nonprofit known for backing high-impact startups across emerging markets, has selected five entrepreneur support organisations (ESOs) in Ghana, Nigeria, and Tanzania as venture partners in a new $4 million fund. This move, in partnership with the Dutch Entrepreneurial Development Bank (FMO) and the Netherlands Enterprise Agency (RVO), is part of its new initiative: the Africa Ecosystem Catalysts Facility (AECF). The AECF is designed to channel capital into early-stage startups offering local solutions for economic mobility and climate resilience—two of the region’s most pressing challenges. Ghana’s Reach for Change, Nigeria’s Africa Fintech Foundry and Fate Foundation, and Tanzania’s Anza Entrepreneurs and Ennovate Ventures will now serve as venture partners under the program. By partnering with locally rooted organisations in this investment initiative, Village Capital says it’s taking a context-first approach, one that leverages community knowledge and matches local realities rather than one-size-fits-all strategies. They believe this move will de-risk funding and unlock more targeted investments. “This isn’t just about sourcing deals, it’s about making smarter, more informed investments by working alongside those already building and strengthening their entrepreneurial communities, “said Nathaly Botero, Innovations Manager at Village Capital. The AECF aims to bridge persistent funding gaps in the early-stage ecosystem by giving ESOs a seat at the table as co-evaluators and ecosystem builders. In 2024, Village Capital invested $850,000 in two African agritech startups: Aquarech (Kenya) and Coamana (Nigeria). Since its founding in 2009, Village Capital has raised over $7 billion in investment capital to support about 1800 startups Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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