Fincra gets South African payments licence to deepen African reach
Fincra, a payment infrastructure provider that serves remittance companies and businesses, has obtained a Third Party Payments Provider (TPPP) licence in South Africa, allowing the company to process key local payment methods including debit and credit card transactions, electronic funds transfers (EFTs), real-time clearing (RTC), and rapid payments. The licence aligns with Fincra’s ambition to expand its cross-border payment infrastructure and deepen its footprint across the continent through multiple payment rails. In South Africa, Fincra competes with other fintech startups, such as Yoco, Ozow, and Peach Payments, offering similar services. “Securing the TPPP licence in South Africa is a significant step toward realising our mission to build the rails for an integrated Africa,” said Ayowole Ayodele, CEO and Co-founder of Fincra. “It reinforces our commitment to building compliant, reliable infrastructure that powers cross-border trade at scale. We’re excited about the opportunities this opens for businesses across the continent.” The licence gives Fincra’s clients—including e-commerce platforms, logistics providers, B2B marketplaces, and travel companies—access to faster settlements, greater reliability, and full compliance with South Africa’s stringent financial regulations. Emmanuel Babalola, Fincra’s Chief Commercial and Growth Officer, described the development as a “game-changer for businesses looking to expand or operate in the region, and a strong signal of Fincra’s continued focus on enabling growth for our customers.” This regulatory milestone comes three months after the company appointed former Bundle CEO Emmanuel Babalola as chief commercial and growth officer. Fincra’s regulatory progress is complemented by its partnerships with Tier-1 banks and its innovative suite of APIs, which enable businesses to collect payments globally and make payouts locally. The company has processed over $10 billion in transactions since 2023 and continues to expand its reach across Ghana, Kenya, Uganda, the UK, Europe, and North America. 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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Sycamore is raising ₦1 billion to complete $1.5 million debt funding round
Sycamore, a Nigerian digital lender, is raising ₦1 billion ($628,000) to complete a $1.5 million debt funding round, just one week after securing ₦1.5 billion ($943,000) debt from Cascador, a Nigerian entrepreneurship accelerator. The six-year-old company will use the capital to expand its loan book amid surging demand for credit from individuals and businesses. The Lagos-based lender disbursed over $5.5 million in loans in 2024 and has generated over $3.5 million in revenue, with over $1.5 million earned in 2024 alone, a 115.19% year-on-year growth. Sycamore currently serves 300,000 users through its peer-to-peer lending platform and plans to issue over 10,000 loans with the combined $1.5 million over the next year and hopes to serve an additional 5,000 to 10,000 businesses. Founded in 2019, Sycamore offers businesses working capital loans starting from ₦500,000 ($314) and could go as high as ₦20 million ($12,500). Raising local debt allows lenders to recycle capital into higher-yielding loans, which helps scale operations and returns without diluting ownership. Casador’s debt funding is 10% cheaper than the local market rate, and with its private debt round, Sycamore can structure longer repayment terms of up to a year. “Debt allows us to grow the loan book without giving up equity,” Babatunde Akin-Moses, Sycamore CEO, told TechCabal. “That became a priority because we saw an increase in loan demand. Our traditional method of financing wasn’t keeping up.” Economic reforms and record inflation have caused the naira to lose 75% of its value over the past 18 months. For startups that raised capital in dollars but earn revenue in Naira, this sharp devaluation makes it significantly harder to deliver venture-scale returns in dollar terms. Sycamore is bypassing that headache by raising in Naira, and the startup joins a growing list of Nigerian startups that have turned to the local debt market to finance their operations. Fairmoney, another Nigerian lending startup, has increasingly turned to commercial papers to finance its loan book. “The Cascador deal was initially supposed to be $1 million. But we thought that if the Naira hits ₦2,000 to the dollar, do we really want to be repaying ₦2 billion? Eventually, we all agreed to structure the deal in Naira, and we approximated it to ₦1.5 billion,” Akin-Moses said. If Sycamore can successfully raise ₦1 billion in the private debt market, it will join a growing group of startups turning to debt financing. In 2024, at least a third of the $3.2 billion raised by startups across the continent came from debt, with 77 debt deals in Africa, a slight 4% growth from 2023, according to Partech. 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 Equity Group fires 1,200 staff after internal $1.5 million fraud probe
Equity Group, Kenya’s second-biggest bank by assets, has fired more than 1,200 employees in a sweeping internal purge to crack down on fraud, CEO James Mwangi said on Wednesday. This marks one of the largest anti-fraud moves by a Kenyan bank in recent years. The mass dismissal follows a months-long internal investigation into staff collusion with fraudsters, which has cost the bank more than $1.5 million (KES 2 billion) over the past two years. Some funds were illicitly wired to offshore accounts, including a high-profile case involving transfers to Abu Dhabi last year. The probe found that staff across multiple departments had either facilitated or ignored suspicious transactions involving bank clients. While Equity’s new zero-tolerance stance will likely get regulators and public backing, it reveals deeper governance challenges within Kenya’s banking sector, which has been plagued by high-profile fraud cases. Few financial institutions have taken such a public and far-reaching approach to addressing internal fraud. “The moment of reckoning has come,” Mwangi told Business Daily in an interview. “It doesn’t matter how many I will lose. I don’t even care. I have just started the journey. I will protect the customers and the bank. I will be ruthless.” The cleanup began quietly on May 20 when Equity dismissed an initial group of 200 employees, according to Mwangi. But the scale of this week’s layoffs—affecting more than 1,200 staff—signals a significant shift in the lender’s internal culture and tolerance for misconduct. Mwangi said the investigations would extend to the bank’s seven markets, signalling that more dismissals could follow. The bank employs over 14,000 staff. “I want to encourage customers not to compromise staff,” Mwangi said. “Because we have zero tolerance for anybody who is conflicted.” Since April, the bank has scrutinised employee transactions, including personal M-PESA activity and bank accounts, to identify staff with links to ongoing fraud cases and customers. An internal source familiar with the probe said even minimal transactional contact with known fraud suspects or ordinary bank customers was grounds for dismissal. “This is not a toll station,” Mwangi said, condemning a culture where customers routinely offer bank staff tips or gifts to expedite services. “If you have ever eaten Mama Mboga’s chicken, the moment has come.” Equity Group has positioned itself as a financial inclusion champion, growing from a cooperative society into one of Africa’s biggest banking groups, operating in seven countries, including Kenya, Uganda, Tanzania, South Sudan, the Democratic Republic of Congo, and Rwanda. However, rapid digitisation and rising transaction volumes have exposed vulnerabilities, especially internal controls and staff conduct. 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 – Cape Verde dreams in code
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! It’s Friday. Just to repeat: it’s Friday. We made it. If you’re a CEO, founder, VC, or a leader in Africa’s tech ecosystem, there’s no better way to close out the week. Our industry mixer is happening today. TechCabal is bringing together the sharpest minds—top leaders, innovators, and key decision-makers from tech, media, and related industries—for an evening of real conversations, fresh connections, and bold ideas that could shape the future of business and innovation across Africa. Want in? There’s still time to register—but seats are limited, so move fast. Cape Verde says it can become the tech capital of West Africa Telkom users in South Africa suffered a network outage Ebonyi rolls out e-hailing taxi service, EBOCAB Funding Tracker World Wide Web 3 Events Features Cape Verde says it can become the tech capital of West Africa An aerial view of Cape Verde/Image Source: Cape Verde Tourism Institute Cape Verde wants to become the tech capital in West Africa—yes, the region where Nigeria dominates without any peers. But before you raise your eyebrows at this ambition, here are a few reasons why this isn’t just irrational optimism. Cape Verde lacks natural resource reserves. This allowed it to monetise something else it has: beautiful sceneries. For years, the island nation has been dependent on tourism and in 2020, it launched a digital nomad (remote working) visa class to lure travellers and remote workers. And today, 4.7% of Cape Verde’s 500,000 population are foreigners. While the perception as a top tourist destination helped boost Cape Verde’s economy, it also chased away natives who saw the country as a place that lacked jobs. But two things are shifting in Cape Verde’s favour: first, the policy tightening around immigration in countries like the UK and the US could push diasporans to return to their home country. Second, with its reputation as a digital nomad-friendly country, Cape Verde could attract tech natives who are keen on building their product ideas from the island. Think about it: great beach scenery, stable internet connectivity, slightly cheaper cost of living than in Nigeria, and with its planned digital regulatory policies that are tax and startup-friendly, it will add to Cape Verde’s pull for talent. Imagine having a bad day, and you choose to work from a cool tourist spot? That could get your brain juices flowing again. Who knows if African tech founders don’t already live and work out of Cape Verde? Yet, the country needs more than fancy locations. To attract the capital it is looking for, it needs heavy government participation to find, groom, and support innovation. It is currently doing this with its recently launched free zone, TechPark CV. Time will reveal the results these efforts yield. Read more about Cape Verde’s tech ambition as told by our reporter, Adonijah Ndege. Join Fincra for an Exclusive Side Event at Money20/20 Europe Fincra is co-hosting “Stablecoins & The Future of Payments” at Money20/20 Europe with Utila, Rail, Wirex & more. Join fintech leaders for insightful panels & networking. Limited spots – RSVP here. 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But it’s a double whammy
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Startups on Our Radar: 10 African startups rethinking ride-hailing, credits, and banking no one’s talking about yet
Startups on Our Radar is a bi-weekly column that spotlights new startups across Africa taking unconventional approaches, filling fundamental gaps, and creating value in a way that feels fresh, focused, and meaningful. Know a startup we should feature next? Please nominate here. In our second edition, we featured 10 African startups opening markets, cutting CO₂, and seafarming no one’s talking about yet. If you missed it, catch up here. Expect the next dispatch on June 12, 2025. Let’s get into today’s picks. 1. Tendo is unlocking entrepreneurship by removing inventory risk for thousands (E-commerce, Ghana) I first heard about Tendo while doomscrolling on LinkedIn. Someone was raving about how it’s helping everyday Ghanaians start online businesses without the usual headaches of inventory or capital. Founded in 2021 by Felix Manford, Evans Boateng, Derrick Mungai, and Primerose Katena, Tendo enables tens of thousands of individuals to launch and grow online businesses without upfront capital. The platform connects aspiring entrepreneurs with suppliers, handles inventory and delivery, and empowers users to sell directly via social channels like WhatsApp and Facebook. Why we’re watching: By removing inventory risk and simplifying operations, the company is unlocking entrepreneurship for people who’ve traditionally been sidelined by capital and logistics challenges. This model could redefine how digital commerce scales across Africa’s informal economies, especially for women and youth. The company is also backed by Y Combinator and Renew Capital.. 2. eMaisha Pay is building a neobank tailored for agribusinesses (Fintech, Uganda) When I came across eMaisha Pay, I was fascinated by its focus on agribusinesses. Unlike most neobanks chasing urban SMEs, eMaisha is laser-focused on farmers and small agribusinesses who’ve been left out of the financial system for too long. Founded in 2021 by Sserubiri Joseph Uhuru, its mobile app and prepaid card make it easy for these businesses to save, transact, and get loans without the usual paperwork nightmare. Why we’re watching: Agriculture remains the heartbeat of Africa’s economy, yet financial services for farmers and agribusinesses are still stuck in the past. eMaisha’s laser focus on this underserved segment means it offers a lifeline for rural entrepreneurs who need tailored financial products that fit their unique cash flows and risks. By integrating savings, payments, and credit into one seamless platform, eMaisha could unlock a wave of productivity and resilience in African agriculture, with ripple effects on food security and rural livelihoods. 3. Zeeh Africa is bringing AI-powered open banking to Nigeria’s fragmented financial landscape (Fintech, Nigeria) Zeeh Africa came into my radar when I attended the Ibadan Startup Fest last year. The startup was a headline sponsor. I had a quick chat with the founder and was struck by how the company is building tools that let people link all their financial accounts, get personalised advice, and unlock credit opportunities—all in one place. Launched in 2022 by David Adeleke and Frank Uwajeh, Zeeh Africa’s AI-powered open banking platform lets individuals and businesses link all their accounts, track spending, receive personalised financial advice, and unlock new credit and investment opportunities in real-time. By aggregating financial data and providing actionable insights, Zeeh is one of the open banking startups breaking down silos and giving users the tools to make smarter financial decisions Why we’re watching: With Nigeria finally opening the door to open banking, Zeeh Africa is perfectly positioned to help shape what this new era looks like. The startup feels like one of the few teams genuinely trying to make all the messy bits of personal finance—multiple accounts, scattered spending, random loan offers—make sense for regular people. If it can pull off what it’s building could mean less financial chaos and maybe even smarter money decisions for everyday Nigerians. 4. Carrot Credit lets you borrow against your crypto and stocks without selling (Fintech, Nigeria) I first met Bolu Aiki-Raji, Carrot Credit’s founder, while interviewing the team for its $4.1 million seed raise. On that call, I was fascinated by the startup’s idea. He told me about the company’s approach to letting people borrow against their crypto and stock holdings without selling. It stuck with me because it’s such a fresh take on liquidity, giving investors access to cash without losing exposure to their assets. Why we’re watching: In markets where traditional credit is scarce or inaccessible, being able to borrow against crypto or stocks without selling is revolutionary. This model not only preserves investment upside but also introduces a new form of collateral that’s native to Africa’s growing digital economy. As crypto adoption rises, Carrot’s frictionless, no-paperwork lending could become the go-to credit option for millions. 5. Kapsule is turning healthcare data into actionable insights (Healthtech, Rwanda) An investor first introduced me to Kapsule, the Rwandan healthtech startup. And within minutes, I was drawing parallels to PBR LifeSciences, a Nigerian startup with a similar business model. Founded in 2020 by David Chen and Hannan Hashmi, Kapsule is helping hospitals and pharmacy groups turn raw data into insights to improve patient care. The platform captures, processes, and analyses health data, providing multinational pharmacy groups with data and insights to make informed decisions, like product pricing, forecasting, and new product development, in the African markets it operates. Why we’re watching: Healthcare in Africa is often hampered by poor data, fragmented, incomplete, or inaccessible. Kapsule is quietly building the infrastructure to change that by turning raw health data into insights that can save lives and improve care. Its work is foundational, enabling hospitals and health startups to make evidence-based decisions, optimise resources, and track outcomes. Pharmaceutical companies often struggle with excessive production volumes due to a lack of understanding of actual market demand. PBR gathers anonymised data—drug quantity, prices, and how frequently they are purchased—from various pharmacies to enable pharmaceutical companies to better match production with actual market demand. 6. Recital Finance is automating financial operations for Africa’s fintechs and corporates (Fintech, Nigeria) I came across Recital Finance during Accelerate Africa’s pitch event in Lagos. What stood out was the company’s pitch: automating the messy, manual financial operations that slow
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Glovo vendors in Nigeria have generated ₦71 billion in revenue since 2021
Over 6,000 vendors in Nigeria have generated ₦71 billion ($42 million) in revenue through Glovo since the on-demand delivery platform launched in the country in 2021, the company revealed at its Future of Commerce 2025 summit in Lagos on Wednesday. The milestone highlights the company’s growth in Nigeria’s competitive e-commerce market and its ambitions to expand beyond food into a broader retail marketplace. The vendors represent 13% of the 45,000 African businesses supported by Glovo across Africa. Since launching on the continent in 2018, Glovo has invested €200 million and built operations in 75 cities across six countries—Côte d’Ivoire, Kenya, Morocco, Nigeria, Tunisia, and Uganda. In Nigeria, Glovo operates in 11 cities, with Lagos driving the majority of its activity. Glovo’s 2,400 riders across Nigeria earn two to three times the national minimum wage of ₦70,000 ($43), comparable to Chowdeck’s reported earnings for its 10,000-rider network. At the summit, Glovo awarded an Abuja-based rider for completing 14,000 deliveries since 2021. “We’re fostering a tech-driven, inclusive marketplace that scales Nigerian SMEs through data, logistics, and financial tools,” Lamide Akinola, Glovo Nigeria’s General Manager, said at the event. The company exited Egypt and Ghana due to profitability challenges, a move echoing Jumia Food’s withdrawal from the latter amid economic headwinds. The platform reported a 76% surge in quick-commerce gross merchandise value (GMV) in 2024, fueled by diversification into non-food items like electronics, beauty products, and pharmaceuticals, with 20% of users now purchasing beyond food. This aligns with global and local trends of food delivery startups like Chowdeck and HeyFood evolving into marketplaces for electronics, medicines, and other essentials. A notable shift toward digital payments saw cash transactions drop from 88% of Glovo orders in 2021 to 39% today, a 55% decline, aligning with Nigeria’s cashless economy push. Unlike competitors such as Chowdeck and FoodCourt, which have restricted cash payments to curb losses from uncompleted orders or driver fraud, Glovo’s continued acceptance of cash may reflect a strategy to build user trust. At the summit, Glovo also unveiled its Yellow Effect Report, which claims the platform has enabled €1 billion in economic value for 45,000 African businesses—90% of them SMEs—between 2020 and 2024. In fireside chats and panel discussions, executives from Chicken Republic, Burger King, Sweet Sensation, and financial providers like Moniepoint and WEMA Bank discussed SME financing. Popular vendors and virtual kitchen owners like 500Chow, Toasties, and FireWood Jollof shared how essential the platform has been for the distribution of their product by solving the pain of logistics. 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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The best Itel phone in Nigeria for 2025: Specs, & reviews
If you live in Nigeria, chances are you’ve either used an Itel phone or know someone who does. That’s not a coincidence; Itel has become one of the most popular smartphone brands in the country because of its affordable prices. Itel, along with Tecno and Infinix, belongs to Transsion Holdings, the Chinese conglomerate that dominates Nigeria’s smartphone market. Transsion holds over 60% of the market share in Nigeria and is now one of the leading smartphone sellers globally. This piece highlights the best Itel phone in Nigeria for 2025, including their key features, real-life performance, and which one might suit you best. How we picked the best Itel phone in Nigeria for 2025 You might be wondering: “Out of all the Itel phones out there, how did we decide which ones made the cut for this list?” Good question. We didn’t just pick phones randomly or follow hype. Every Itel phone on this list was chosen using straightforward, practical criteria, focused on what matters to you. 1. Latest Itel releases for 2025 First, we focused on the newest Itel smartphones. If you’re searching for an Itel phone 2025, you want fresh models, not phones from two years ago. That’s why we included only devices released in late 2024 and early 2025. Phones like the S25 Ultra, P70, A90, A80, P65, and A50C all fall in this category. 2. What people are buying and talking about Next, we looked at popularity. Which Itel phones are trending in Nigeria right now? Which ones are people buying and recommending? We scanned tech blogs, user reviews, online forums, and significant sales platforms in Nigeria to find out. If Nigerians are talking about it or buying it, we pay attention. 3. Useful features for different needs Not everyone wants the same thing from a phone. Some people need strong battery life. Others care about camera quality. Some are students on a budget. Others want a smooth experience for browsing, chatting, and light gaming. We made sure this list covers all the bases: Phones with long battery life, like the Itel P70 Phones with great cameras like the S25 Ultra Budget-friendly options like the A50 And even 5G-ready phones like the P55 5G That way, no matter what you need, there’s something here for you. 4. Real feedback from real users We didn’t just rely on what the brands say. You and I both know that ads don’t always tell the whole story. That’s why we dug deep into honest user feedback, what people liked, what they didn’t, and what surprised them after using the phone. For example: A phone might promise a 6000mAh battery, but does it last all day? A 50MP camera sounds great, but how good are the photos in real life? Is the software smooth, or does it lag when switching apps? We looked for honest answers to these kinds of questions. That way, you’re not just reading specs, you’re getting real help before you spend your money. Best Itel phone in Nigeria (2025) This section provides a detailed examination of the top Itel smartphone models available in Nigeria for 2025, covering their specifications, features, and real-world user experiences. 1. Itel S25 Ultra The Itel S25 Ultra was launched in the Nigerian market in November 2024 and costs between ₦225,000 and ₦231,000. One of the most significant upgrades here is the 6.78-inch AMOLED display. It’s bright (up to 1400 nits), super clear (FHD+), and refreshes at 120Hz for smooth scrolling. Gorilla Glass also protects it and comes with a fingerprint scanner built right into the screen. Under the hood, it runs on a Unisoc T620 processor with 8GB of RAM and storage options ranging from 128GB to 512 GB. It’s got a 50MP main camera at the back and a 32MP selfie camera in front. You can shoot videos in 1440p, and it runs on Android 14. Battery-wise, it packs a 5000mAh battery with 18W fast charging and even supports bypass charging to reduce heat. It’s also dust- and water-resistant (IP64 rated). 2. Itel S25 The Itel S25 was also launched in November 2024 and costs around ₦200,800. It’s almost the same size and has the same 6.78-inch AMOLED display, but it gets even brighter at 1800 nits, which makes a difference under the sun. It uses the same Unisoc T620 processor, with 6GB or 8GB of RAM and 128GB of storage. Cameras? You still get a 50MP rear camera and a 32MP front camera, just like the Ultra. Battery, charging, and Android version? All the same as the Ultra. It’s rated IP54 for water and dust, so it’s slightly less protected than the Ultra. Top Infinix phones in 2025: Latest models, specs & prices in Nigeria 3. Itel P70 The Itel P70, launched in March 2025, is priced at around ₦124,900. What makes this phone stand out is its massive 10,000mAh battery setup. It combines a 6,000mAh built-in battery with a 4,000mAh charging case, which is included in the box. This setup offers a significant advantage if you live in an area with power issues or frequently travel. It also supports 18W Type-C fast charging, so you won’t wait forever to top it up. Display: 6.67-inch HD+ screen, bright even in sunlight, with a 120Hz refresh rate. Processor: Helio G50 Ultimate chip. RAM: Up to 16GB with memory fusion. Storage: 128GB or 256 GB. Cameras: 13MP back camera, 8MP selfie. Software: Android 14. Extras: IP54 rating, drop-resistant case, 4-year battery health guarantee. 4. Itel P65 Released in August 2024, the Itel P65 costs between ₦129,900 and ₦165,000, depending on the storage option. Like the P70, it comes with a charging case; this one adds 2,400mAh, bringing total battery power to 7,400mAh. Display: 6.67-inch FHD+ or 6.7-inch IPS LCD with a smooth 120Hz refresh rate. Processor: Unisoc T615. RAM: Options from 4GB to 8GB (with up to 2.4GB expandable). Storage: 128GB or 256 GB. Cameras: 50MP dual rear camera, 8MP front camera. Software: Android 14 with Itel OS. Extras: Side fingerprint
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The key to unlocking Africa’s fintech future
Africa’s fintech revolution is at a critical juncture. The sector has grown an impressive 180% since 2020 and is projected to reach $65 billion in revenue by 2030. However, one major opportunity remains: regulatory harmonisation. Streamlining financial regulations across the continent could propel fintech innovation and enhance financial inclusion. This growth is fueled by Africa’s unique landscape—a continent where over half of adults lack access to traditional banking, yet mobile phone penetration in Sub-Saharan Africa exceeds 80%. Fintech companies have leveraged mobile technology to provide essential financial services, from mobile money transfers to digital lending, reaching previously unbanked populations from bustling Lagos to vibrant Dar es Salaam. The challenge of fragmented regulation For multinational companies expanding across Africa, seamless and predictable payment systems are essential. However, fintechs and financial service providers must navigate a complex web of regulatory frameworks, obtaining separate approvals in each country. This fragmented system burdens businesses with high compliance costs and impacts millions of Africans through increased cross-border transaction fees and limited access to financial services. These challenges are amplified by Africa’s economic diversity. The continent comprises 54 countries, each with distinct financial systems. Among them, four nations—Nigeria, Kenya, South Africa, and Egypt—stand out as the “big four” fintech markets, attracting the majority of investment. Other countries, such as Ghana and Rwanda, are also making strides in digital transformation. Despite these differences, intra-African trade reached $192 billion in 2023, underscoring the need for more seamless financial flows. A model for Africa: The EU Passporting Rule Solutions for regulatory integration exist globally. Take the European Union’s Passporting Rule, which allows financial service providers authorised in one EU country to operate across all member states. A similar system in Africa would enable fintechs licensed in Nigeria to expand to Kenya, South Africa, or Egypt without additional regulatory hurdles. The benefits would be transformative. Consider cross-border payments—one of Africa’s biggest financial challenges. Currently, sending money across African borders is costly and inefficient, leading many to turn to cryptocurrency alternatives. A harmonised regulatory framework would reduce these costs by enabling payment providers to operate seamlessly across multiple markets. A promising example of this approach is the recent Memorandum of Understanding (MoU) between Ghana and Rwanda on regulatory passporting. This agreement allows fintechs licensed in either country to expand their services without additional approvals, reducing compliance costs and fostering financial inclusion. If successfully implemented, it could serve as a model for broader regional harmonisation across Africa. Steps toward harmonisation Progress is already underway. Initiatives like the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) are pioneering cross-border payment solutions, proving that continental coordination is possible. However, these efforts will only succeed with a supportive regulatory environment. Achieving harmonisation requires bold leadership from Africa’s fintech sector. Fintech companies must actively engage regulators, sharing insights on business models and building relationships that foster regulatory understanding. At the same time, financial regulators must embrace open dialogue and create flexible policies that support innovation while ensuring consumer protection. As a first step, regional harmonisation among the big four markets—Nigeria, Kenya, South Africa, and Egypt—could set a precedent for others to follow. These countries already dominate fintech investment and could establish regulatory standards that drive broader continental adoption. The road ahead The stakes are high. As we move into 2025, Africa has an opportunity to create a regulatory framework that fuels innovation while protecting consumers. The alternative—maintaining the status quo—risks stalling the continent’s fintech momentum. The technology is ready. The market is waiting. Now is the time for fintech innovators, policymakers, and regulators to collaborate and make harmonisation a reality. By taking decisive steps today, Africa can unlock its full fintech potential and drive a more inclusive financial future for millions. ____ Oluwabankole Falade is the Chief Legal, Regulatory, and Public Policy Officer at Flutterwave, with over 20 years of experience in legal, regulatory, and government affairs across Africa’s financial and telecom sectors. He has held leadership roles at Visa, IHS Towers, and MTN Nigeria. Falade holds law degrees from the University of Ibadan and the University of Aberdeen. 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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Two years of Tinubunomics: How Nigerian banks became one of the biggest winners of economic reforms
Two years into President Bola Tinubu’s administration, Nigeria’s banking sector has emerged as one of the biggest beneficiaries of its bold economic reforms aimed at stabilising the economy and achieving a $1 trillion Gross Domestic Product (GDP) target by 2030. While many Nigerians—and especially businesses in the manufacturing sector—are reeling from double-digit inflation, high living costs, and record-high interest rates, the country’s banks have posted record profits, attracted renewed foreign investment, and cemented their position as key players in Nigeria’s economic growth. “I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging naira, and an economy in a free-fall,” President Tinubu said in his second anniversary speech on Thursday. He acknowledged the pain caused by rising living costs but insisted that “we have made undeniable progress.” Reform winds fuel capital inflows While various sectors reel under pressure, the financial services industry is thriving. According to Nabila Mohammed, a research analyst at Chapel Hill Denham, banks are the biggest gainers from the reform-led environment of high interest rates and currency devaluation. “The banks’ recapitalisation efforts, combined with these macroeconomic tailwinds, have helped revive foreign participation in the equity market—an interest that had been largely absent in recent years,” she said. “Notably, some of these foreign investors are now taking positions in banking stocks.” Foreign capital inflows—driven by portfolio and foreign direct investments—jumped by 303.9% to $2.06 billion in January 2025, up from $0.51 billion in January 2023, according to the Central Bank of Nigeria (CBN). Data from the National Bureau of Statistics (NBS) further showed that the banking sector accounted for $1.12 billion (43.2%) of all capital imported in Q2 2024, rising from $194.6 million in the same period of 2023. “The banking sector is one of the major instruments that could help the administration to achieve the target of a one trillion dollar economy by 2030,” Mohammed added. In dollar terms, Nigeria’s GDP reduced from $476.5 billion in 2022 to $187.6 billion in 2024 due to naira devaluation, but real GDP growth hit a three-year high of 3.4% in 2024. Financial services were a major driver, expanding by a record 30.89%. Record profits, FX gains, and a windfall tax Data from the Nigerian Exchange Limited (NGX) show that the combined after-tax profits of nine top banks—including Zenith, GTCO, First Holdco, Access, UBA, Fidelity, Wema, Stanbic IBTC, and FCMB—rose to ₦4.79 trillion ($3 billion) in 2024, up from ₦1.19 trillion ($749.9 million) in 2022. In Q1 2025 alone, profits jumped to ₦1.35 trillion ($847 million), nearly quadrupling from ₦358.9 billion ($226.2 million) in Q1 2023. Aggressive monetary tightening played a major role. The CBN raised its Monetary Policy Rate (MPR) by 875 basis points to 27.5% between July 2023 and May 2025. Total bank interest income rose to ₦14.6 trillion ($9.2 billion) in 2024, from ₦6.61 trillion ($4.2 billion) in 2022. The average official exchange rate also ballooned to ₦1,450/$ in 2024 from ₦645/$ in 2023, generating a combined ₦2.58 trillion ($1.6 billion) in FX revaluation gains for banks with foreign currency assets, up from ₦723.9 billion ($454 million) a year earlier. GTCO and Zenith crossed ₦1 trillion ($630.1 million) in profit for the first time Among the major lenders, GTCO and Zenith Bank made history last year by posting over ₦1 trillion in after-tax profits for the first time since their establishment in 1990. Zenith Bank led the pack with ₦1.03 trillion, closely followed by GTCO with ₦1.02 trillion. “The bank’s impressive performance reflects effective management and pricing of risk assets, as well as an optimised treasury portfolio—reinforcing its position as a leader in Nigeria’s banking industry,” said Adaora Umeoji, group managing director/CEO of Zenith Bank, in a recent statement. Segun Agbaje, group CEO of GTCO, noted that the bank had proactively strengthened its balance sheet. “We have prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, while fully accruing for the windfall tax. This has further enhanced our financial resilience.” The surge in profitability across the sector prompted the federal government to propose a one-off windfall tax on bank earnings, with proceeds earmarked for infrastructure, healthcare, education, and social welfare. In 2024, nine top banks, including GTCO and Zenith, paid a combined ₦313 billion ($197.2 million) in taxes. However, some industry analysts have raised concerns about the strain this could place on the sector. “Despite posting bumper profits and emerging as major beneficiaries of the reforms, the windfall tax places a significant burden on banks,” said Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), a business advocacy group. “At the same time, their ability to support the real sector has been constrained by the high Cash Reserve Ratio (CRR), which currently stands at 50%. Recapitalisation and investor confidence In March 2024, the CBN mandated all banks to increase their capital bases by March 2026. This directive triggered a new wave of capital-raising and consolidation in the sector. So far, GTCO, Access, Zenith, Fidelity, and FCMB have collectively raised ₦1.27 trillion ($800.3 million) in the first phase of their recapitalisation programs. The sector’s strong financial performance has also lifted investor sentiment. The NGX banking index has more than doubled, reaching 1,164.3 points as of May 28, 2025, compared to the same period in 2023. Rising fintech pressure prompts tech investments Traditional banks are also increasing technology spending to counter growing competition from top fintech players such as OPay, PalmPay, and Moniepoint. In 2024, six major banks spent a combined ₦268.7 billion ($171.5 million) on IT and digital infrastructure, up 74.5% from ₦153.8 billion ($98.2 million) in the previous year. The bulk of that investment went into core banking upgrades and digital platforms as lenders seek to improve customer experience and back-end efficiency. Cost pressures mount despite strong earnings Despite strong top-line performance, banks are grappling with rising operational costs. Operating expenses jumped 76.1% to ₦4.42 trillion ($2.7 billion)
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Tech on a budget: Best smartphones under ₦200,000 in Nigeria
Smartphones, once viewed as luxury items in Nigeria, are increasingly within reach of the average consumer as rising competition, particularly from Chinese brands like Infinix, Techno, Itel, and Huawei—drives prices down to as low as ₦200,000 ($126). The influx of budget-friendly devices has reshaped the market, enabling broader access to essential digital services such as internet browsing, mobile banking, social media, and productivity apps. Yet, for many Nigerians, the smartphone has become a practical tool rather than a status symbol. Here are some of the best smartphones under ₦200,000 ($126) in Nigeria. Samsung Galaxy A14 – ₦ 130,000 ($82.01) The Samsung Galaxy A14 is a budget-friendly smartphone that features a 6.6-inch Full HD+ display, ensuring clear and colourful visuals for videos, browsing, and gaming (~80.2% screen-to-body ratio). Samsung Galaxy A14 Another standout feature is its 5000mAh battery, which provides extended usage without frequent recharging. Photography enthusiasts will appreciate its triple rear camera setup featuring a 50MP main sensor and the 13MP front camera, which ensures quality pictures and selfies. It is coupled with 4GB RAM with 64GB or 6GB of RAM with 128GB of internal storage, depending on the model you want. In Nigeria, the Samsung Galaxy A14 is available in prices starting from ₦116,900 for the 4GB RAM and 64GB storage model, and ₦126,900 – ₦130,000 for the 4GB RAM and 128GB storage variant. Tecno Camon 20 Premier- ₦135,000 ($85.16) Priced at ₦135,000, the Tecno Camon 20 Premier offers great value for budget-conscious users seeking premium features. Powered by MediaTek Helio G99 processor, it handles multitasking efficiently without “hanging”. Techno Camon 20 Premier Its 5000mAh battery ensures all-day use without frequent charging. With its sleek design and well-rounded specs, the Camon 20 Premier is a top pick for users who want style, performance, and camera quality at an affordable price. Itel Vision 3 — ₦150,350 ($94.84) One of the smartphones under ₦200,000 is the Itel Vision 3. Priced at ₦150,350, the Itel Vision 3 features a 6.6-inch IPS LCD, which is generally considered to be eye-friendly because it emits less harmful blue light compared to other display technologies. It also offers a Unisoc processor that handles basic tasks efficiently. The 8MP main camera is suitable for casual photography, while the 5000mAh battery provides all-day usage. What sets it apart is its 18W fast charging, a first for Itel, offering hours of use with just a quick top-up. It also includes face unlock and a rear fingerprint scanner for added security, expandable storage up to 128GB, and AI camera features like portrait and night mode. Running on Android 11 (Go Edition) with a lightweight OS, the Vision 3 is ideal for users who want a large screen, long battery life, and a few smart extras at an affordable price. Infinix Smart 8 -₦128,000 ($80.74) If you are looking for a smartphone that combines affordability with durability, the Infinix Smart 8 is a compelling choice. Priced between ₦105,0000 to ₦128,000 depending on the RAM and storage. It offers 4GB RAM and 128GB internal storage or less, expandable via microSD card, which ensures efficient multitasking and storage of apps and media. The smartphone runs on Android 13 with Infinix’s XOS 13 overlay, offering a user-friendly interface. Redmi Note 12 4G—₦139,500 ($86.68) Priced at ₦139,500, the Redmi Note 124G delivers a quality display of pictures and a good battery life. It features a 6.67-inch AMOLED display. Some of its standout features are its 1200 nits peak brightness, making it perfect for clear outdoor viewing. Also, it is powered by the Snapdragon 685 processor, which makes it handle multitasking efficiently without “hanging”. It offers 8GB RAM, 128GB storage, and support for expandable storage up to 1 TB. Photography is a strong suit for the Redmi phone with a 50MP main camera and 13MP selfie camera. A 5000mAh battery with 33W fast charging ensures long use with quick top-ups. Extra perks include a side-mounted fingerprint sensor, IP53 splash resistance, a 3.5mm headphone jack, and MIUI 14 based on Android 13. Oppo A74 — ₦113,000 ($71.29) The device has a sleek design and weighs up to 175g, which makes it comfortable to hold and use. The smartphone comes with 128GB of internal storage, which is expandable via a microSD card, providing enough space for apps, photos, and media files. It includes an in-display fingerprint sensor for secure and convenient unlocking. It supports 33W fast charging, capable of charging up to 54% in just 30 minutes. In Nigeria, the Oppo A74 is available with prices starting around ₦113,000. Huawei Y9a—₦120,000 ($75.70) The Huawei Y9a is a mid-range smartphone with a combination of flagship-inspired design, advanced camera capabilities, and rapid charging technology. It has a quad-camera setup, including a 64MP main sensor, an 8MP ultra-wide lens, a 2MP macro lens, and a 2MP depth sensor. This allows for versatile photography, from expanded landscapes to detailed close-ups. Huawei Y9a With 8GB of RAM and 128GB of internal storage, the Huawei Y9a ensures smooth multitasking and enough space for apps, photos, and media files. The storage is expandable via a Nano Memory (NM) card, accommodating up to 256 GB. In Nigeria, the Huawei Y9a is available with prices starting around ₦120,000. Infinix Hot 30i—₦78,300 ($49.39) One of the smartphones under ₦200,000 is the Infinix Hot 30i, priced at ₦78,300, is an entry-level smartphone powered by the Unisoc T606 processor, which, while modest, handles day-to-day tasks with ease. The device features a 6.6-inch IPS LCD with a 90Hz refresh rate, offering smoother visuals than most other phones in its price range. Infinix 30i Its 13MP main camera is capable of capturing decent shots in well-lit conditions. One of its strongest features is the 5000mAh battery, which ensures extended usage for users who are always on the move. It’s especially favoured by first-time smartphone buyers or users in need of a reliable secondary device. For under ₦80,000, it brings a good mix of modern features and everyday use. Realme Narzo 60 5G—₦190,000 ($119.86) Realme tends to focus on stylish aesthetics, and
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