Mukuru users to get instant loans after JUMO partnership
Mukuru, one of Africa’s largest digital financial services platforms, has partnered with AI-powered banking platform JUMO to launch Fast Loan, a mobile-first credit product for South African users, particularly immigrants who face barriers to accessing credit. According to Stats SA, South Africa is home to around 2.4 million immigrants, representing 3.9% of the population in 2022, up from 2.1% in 1996. Many of these individuals remain excluded from formal credit systems due to documentation and visa challenges. Through WhatsApp, Mukuru users can now apply for loans ranging from R100 ($6) to R8,000 ($460) with funds instantly disbursed to their Mukuru Card. Borrowers have 30 days to repay, and can use the funds for purchases at POS terminals, online stores, or Mukuru’s value-added services. Cash withdrawals are also available at ATMs and more than 11,000 partner retailers including Spar, Pick n Pay, Boxer, and Shoprite. “Fast Loan is built on years of deep engagement with South Africa’s informal economy,” said Andy Jury, Group CEO of Mukuru. “It reflects our understanding of how customers earn, transact, and manage financial pressure. Partnering with JUMO allows us to scale responsibly, combining trust, technology, and insight to deliver meaningful financial solutions where they’re needed most.” The loan includes an 11.5% initiation fee, charged once when the loan is issued. For example, borrowing R1,000 would incur a R115 fee. Interest is applied only after the repayment period ends, 5% for first-time borrowers and 3% for repeat customers. Borrowers who settle their loans early pay no interest at all. With over 100 million transactions processed, 320,000 pay-in and payout points, and 150 information centres across South Africa, Mukuru’s scale positions it to bring formal financial access to those operating in the informal economy. The partnership uses JUMO’s AI-driven “banking-as-a-service” infrastructure, which powers next-generation credit products across Africa. JUMO’s technology enables responsible lending decisions using real-time behavioral data and has earned a 92.2% Cerise + SPTF Customer Protection Certification score, one of the highest in the industry. Andrew Watkins-Ball, founder and CEO of JUMO, noted that “we are proud to support Mukuru’s mission. Their products are trusted by millions, and our role is to provide the infrastructure that helps them deliver even greater value to their customers.” Beyond immediate access to credit, Fast Loan will help users build formal credit histories as all loans are reported to credit bureaus. The insights gathered from repayment behavior and financial activity will inform future enhancements, such as longer loan terms, higher limits, and flexible repayment options, marking another step toward inclusive financial empowerment in South Africa.
Read MoreMTN’s fintech has made ₦131.62 billion so far this year, thanks to airtime lending
MTN Nigeria’s fintech arm made ₦131.62 billion ($91.64 million) in the first nine months of 2025, but mostly on the back of airtime lending (Xtratime). The why is understandable. MTN has a subscriber base of 89.64 million, and many depend on borrowed airtime for connectivity. Core fintech revenue (excluding Xtratime) stood at ₦6.8 billion ($4.73 million), a 142.86% jump from ₦2.8 billion ($1.95 million) in the previous year, driven by an increase in interest income and usage of advanced services, a slide presentation during MTN’s investors call on October 31, 2025, revealed. The telco knows it can’t rely on airtime lending forever, especially as the country’s two mobile money giants, OPay and PalmPay, continue to dominate mobile payments. To compete, MTN is betting on advanced services, value-chain digitisation, and high-value customers to shift from quick wins to long-term fintech growth. “We still see substantial opportunities for growth and diversification,” Karl Toriola, CEO of MTN Nigeria, said on the call. “With disciplined execution, we are accelerating advanced services, expanding our ecosystem, and deepening customer engagement. MTN’s MoMo Wallet Challenge Out of 89.64 million subscribers, only 2.9 million (about 3.2%) actively use MoMo wallets. 3.2% Active Wallets Simulate wallet penetration: Active MoMo Wallets: 2.9M Other Subscribers: 86.74M Source: MTN Nigeria Q3 2025 Financial Statements The race to catch up Mobile money is one of Nigeria’s fastest-growing financial services segments. In Q1 2025, transactions reached ₦20.71 trillion ($14.42 billion), according to the Nigeria Inter-Bank Settlement System (NIBSS). This sector is dominated by OPay, which reported 10 million daily active users and 100 million daily transactions in 2024, and PalmPay, which processes 15 million daily. Despite their larger subscriber bases, telco-backed payment service banks—the Central Bank of Nigeria’s mobile money solution for telcos—MTN’s MoMo, Airtel’s SmartCash, 9mobile’s 9PSB, Globacom’s Money Master, and Hope PSB from Unified Payments have struggled to scale. On Airtel Africa’s fiscal Q1 2026 earnings call in July 2025, CEO Sunil Taldar attributed this to the maturity of Nigeria’s fintech sector, saying the market is well-developed “compared to many other markets.” Shifting models To adapt to this, telcos are changing their fintech operating models. Airtel is leaning on its agent networks and new digital capabilities, betting that its customer base will help it capture a share of Nigeria’s mobile money market. MTN is focusing on what it terms ‘advanced services’ and high-value customers, while expanding its physical presence. Its active agent network grew by 73.6% and merchant network by 42.6% between December 2024 and September 2025, part of what it calls a “deliberate focus on optimising distribution quality and building a more sustainable fintech ecosystem for long-term growth.” Active MoMo wallets are up 1.6% to 2.9 million, and customer deposits jumped 146.43% year-on-year to ₦6.9 billion ($4.80 million). Inside MTN’s fintech playbook According to Phrase Lubega, CEO of MoMo PSB, MTN is digitising value chains and solving real-world payment challenges. “We see continuous usage of customers coming to make payments through those value chains, and that has helped drive the momentum that we expect,” he said on MTN’s investors call. On the agent side, the company is leveraging already existing networks rather than chasing new numbers. On the distribution side, the company is leveraging existing agent networks to drive growth. “This has enabled us to actually drive some level of growth without necessarily going so aggressively on distribution acquisition,” he explained. The company is banking on advanced services to drive higher-value and repeat transactions. “As we onboard or deliver additional advanced services, more high-value customers actually come in to engage and interact with those services, thereby driving the additional momentum and increasing the flow that we are seeing,” Lubega added. The company believes that its strategy calibration is beginning to pay off. “Our fintech strategy is focused on unlocking significant long-term value and advancing financial inclusion, and on the quality of our wallets and customers that we acquire,” Karl Toriola said on the call. “We are focused on building a scalable, sustainable fintech platform that delivers attractive returns and supports our broader growth ambitions.” Long road ahead When the CBN introduced Payment Service Banks (PSBs) licences in 2018, it expected telcos to replicate M-Pesa’s success in Kenya. But that hasn’t happened. Airtel Nigeria’s mobile money business processed only $1.5 billion between April and September 2025, just 1.7% of Airtel Africa’s $88.8 billion in total mobile money transactions. Revenue from Nigeria contributed a mere $4 million, or 0.64%, of Airtel Africa’s $623 million fintech earnings, despite the country’s size. Yet, Airtel’s Taldar believes PSBs will eventually get their day in the sun. “Nigeria is taking its time, but given the strength of this market, the size of the opportunity in this market, it is only a matter of time,” he said on the company’s earnings call in July 2025. GSMA, the global industry body for telcos, shares that view, arguing in this report that telcos’ scale, technology, and capital base will eventually help them catch up. Note: exchange rate used: ₦1,436.34/$
Read MoreNYSC Batch C 2025: Registration Opens November 4 — Here’s Everything You Need to Know
The National Youth Service Corps (NYSC) has officially confirmed that registration for Batch C Stream 1 will open tomorrow, November 4, 2025, marking the start of the final mobilisation for the year. This update affects thousands of graduates, both from Nigerian and foreign institutions, who are expected to begin their online registration through the NYSC portal. Sticking to customary procedures, the commission will be following a digital verification process and documentation checks. In this article, we will explore everything you need to know before the NYSC 2025 batch C1 registration. Save the article; the tips will come in handy for other NYSC registrations. NYSC 2025 registration requirements: complete list of documents for all categories NYSC classifies Prospective Corps Members (PCMs) into three categories: Home-trained students (Nigerian students) Foreign-trained students Married women For each of the categories, the commission requires a different set of documents. Documents required for home-trained Nigerian students These are PCMs who attended Nigerian tertiary institutions. If you fall into this category, these are the things you’ll need: Passport photograph NIN slip Other requirements such as D.O.B, primary school, etc, are hand-filled. NYSC registration documents for foreign-trained graduates The category is for PCMs who attended tertiary institutions outside the country. If you fall into this category, these are the documents you will need: International passport Original certificate (not statement of result) Original O-level result Passport photograph Evaluation letter (if you’re yet to be evaluated) Resident permit to study in the country NIN number NYSC registration documents for married women For Nigerian women married to either a Nigerian man or a foreigner, you will need to provide the following documents: Marriage certificate Newspaper change of name Utility bill Husband’s domicile letter NIN number O-level result Essential tips for NYSC batch C1 online registration 2025 Before taking the journey to an NYSC-accredited cafe, study the tips below. Errors during registration might lead to disqualification, penalties, or a strenuous correction procedure. Register via the official NYSC portal. To find accredited NYSC registration cafes around you, click here. Do not thumbprint by proxy (no one should thumbprint on your behalf). Married female PCMs who want marital concessions must upload marital documents online during registration. PCMs with health challenges or disabilities should upload supporting documents during online registration. Date of birth, graduation date, and course of study will be on your certificate or exemption letter. They can’t be corrected after camp registration. PCMs serving in the armed forces should upload valid service documents during online documentation. Important NYSC batch C1 links: Senate list, JAMB matriculation & graduation list To confirm if you’re cleared to register for NYSC, use the links below. If your name doesn’t appear on one of the three lists, contact your school for rectification. Jamb matriculation list NYSC senate list Graduation list Latest NYSC 2025 batch C1 mobilisation updates and registration timeline The NYSC has announced key updates for Batch C Stream I 2025 ahead of registration. To stay informed about the latest mobilisation process, deadlines, and important dates, review the key points below. The Senate portal is now live for Batch C, with institutions like OAU already completing their uploads. Prospective Corps Members should log in regularly to confirm their names. Online registration will start on the 4th of November. The official deadline for the Senate list upload is the 9th of November. PCMs who didn’t receive their call-up number or letter in the previous batch will be included in Batch C. Keep checking the NYSC portal for updates. If you did your registration with the last batch, make all data corrections now. If you want to register but defer your call-up till next year, it is allowed without penalties. Essential items to pack for the orientation camp Before heading to the NYSC camp, here are the things you would need: Documents: Call-up letter (5 copies), green slip, school ID card, statement of result (3+ photocopies), medical fitness report, passport photographs (8 copies), and professional license for PCMs who study medical courses. Stationery: Writing pen, jotter, permanent marker (optional). Clothing: Plain white round neck, plain white short knickers, carnival/cultural wears (optional). Other needs: Toiletries, bed sheets and blankets, beverages, body cream, mosquito net, waist pouch, power bank, your medication (if any), food flasks, etc. What you should not bring to the orientation camp These are the list of things you are not allowed to take to the NYSC camp: Mattress. Car, tricycle, bicycle, and similar items. Sophisticated items such as a laptop, a gas cooker, a stove, etc. All electrical appliances. Metallic cutlery. Weapons of any kind Do you know NYSC allowance is tax-free? Many prospective corps members wonder if their monthly NYSC allowance is taxable. The Nigeria Tax Act 2025 does not specifically name NYSC corps members or their allowances as a category. NYSC allowances have traditionally been tax-free. Under the Personal Income Tax Act (PITA), only individuals earning above ₦800,000 annually after statutory relief are taxed. Since the NYSC allowance totals ₦924,000 annually and reliefs apply, it still falls below the taxable threshold. Conclusion Prospective Corps Members can now proceed with their registration, ensure all documents are complete, and comply with NYSC rules and regulations. For official updates and further enquiries, visit the official NYSC website.
Read MoreTechCabal’s Frank Eleanya, 14 others make Digital Public Infrastructure Journalism Fellowship
Fifteen Nigerian journalists, including TechCabal’s Frank Eleanya, have been selected for the 2025/2026 Digital Public Infrastructure (DPI) Journalism Fellowship, an initiative designed to strengthen public understanding of digital governance and innovation across Africa. The 15 fellows, drawn from 14 media outlets across print, broadcast, and online platforms, were chosen after a rigorous selection process that reviewed nearly 200 applications and shortlisted 45 candidates. The final cohort features a balanced mix of eight males and seven females, reflecting gender inclusion in media capacity development. Organised by the Media Foundation for West Africa (MFWA) in partnership with Co-Develop, the fellowship aims to promote media-driven awareness, accountability, and participation in the evolution of Digital Public Infrastructure (DPI) and Digital Public Goods (DPGs). Through hands-on training, editorial mentorship, and access to a continental information hub, participants will gain the tools to produce high-quality journalism on digital identity, payments, data exchange, and interoperability systems shaping Africa’s digital future. Each fellow will receive a monthly stipend of $250 for the first three months, while their newsrooms will be supported with $1,000 under a DPI/DPG Newsroom Partnership Agreement. Fellows who excel will be eligible for investigative reporting grants and international travel opportunities to global DPI convenings. Running from October 31, 2025, to April 30, 2026, the six-month fellowship will require participants to publish at least six original stories exploring inclusive and accountable digital infrastructure. Graduates will be awarded Certificates of Honour recognising their role in advancing transparency and governance in Africa’s digital transformation. According to MFWA’s Executive Director, Sulemana Braimah, the fellowship is a “strategic investment in fostering informed and independent media narratives” around DPI and DPG developments.
Read MoreDigital Nomads: Milton Tutu on building with continent-wide ambition
In the last five years, Milton Tutu has called three countries home. From the bustling city of Lagos, Nigeria, to the serene scapes of Kigali, Rwanda, and now, the vibrant Nairobi, Kenya. In that time, he was building and redefining marketing systems at Selar, while growing Blurpe, a talent pool for no-code talents in Africa. But beneath the multi-country moves, creator conferences, marathons, and a growing love for Kenyan house music, is a vision for pan-African tech solutions and scale. “What I’ve seen in Africa, [is that] there are so many opportunities,” Tutu said, “I really love that people are travelling to the States, people are travelling to places like Canada. [But live in] Africa, and see for yourself, see the opportunity that is back home.” The genesis of Tutu’s exodus At 23, Tutu was offered a role as the growth and marketing manager for a product he was already a natural evangelist for, Selar, an e-commerce tool built to help digital creators sell. Tutu’s commitment to the product was clear, so clear that within a year, he’d been invited by the Youthspark Pan African Development Foundation to speak about the creator economy. “I was invited to come speak about the creator economy; how can African youths tap into the digital economy, or start selling digital products?” His first flight out of Nigeria into Kigali, Rwanda’s capital, introduced him to an easy-going clime with systems crafted for businesses to thrive. On his return to Nigeria, Tutu determined that Rwanda was his next move, and within a year, he settled in Kigali. It was in that same year that Tutu launched Blurpe. “Living in Kigali, starting a business in Kigali, was actually a defining moment in my life,” Tutu said. “They have systems that will help your business grow. They have opportunities that you can tap into.” He didn’t stop there. In 2024, as the chief marketing officer for Selar, Tutu laid the groundwork for Selar’s expansion into the Kenyan market. And later that year, he relocated to Nairobi. “There is nothing as good or better than being present in the markets that you want to expand to.” “When I’m building businesses, I’m not just thinking about the Nigerian markets [alone]. [I’m thinking] how can I get my stuff down to Nairobi? How can I get my stuff down to Kigali? How can I get into Ghana? How can I get down to Francophone Africa?” Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Three ecosystems, one vision. For visitors who intend to explore business opportunities in Rwanda, the W2 entrepreneurship visa grants them access to launch and run a business in the country. It also provides some access within the region, and for Tutu, the W2 visa allowed him to explore Uganda and Kenya. While building for the markets across these three countries requires somewhat different playbooks, there are strong similarities, Tutu argues. Opportunities abound in Kenya, though some are oblivious to them. In Rwanda, the business and tech ecosystem still have much development to do but initiative such as the East African Rwanda Innovation Funds, managed by Angaza Capital, and the Rwanda Rise Fund—launched by BK Group PLC—show the government and private sector’s commitment to investing in East African businesses with a focus on Rwanda. “Rwanda, they are doing the best that they can with all the resources at their disposal, to
Read MoreThe empathetic debt collector: Day 1-1000 of DebtRecuva
When people think about debt recovery and debt collection in the Nigerian context, the image that comes to mind is one of harassment: the use of thugs to intimidate, incessant calls to shame and threaten, and sometimes the use of security agencies to imprison defaulters. Despite this, loan app advertisements continue to flood the internet, and Nigerians continue to borrow more. This is the industry that DebtRecuva has chosen to play in. According to co-founders Peace Obule and Gafar Iyowu, DebtRecuva is a tech-based solution to the problem of debt collection. With an app-based framework in major Nigerian cities, DebtRecuva aims to help financial institutions with address verification and loan collection processes. But it didn’t always start that way. In the beginning, DebtRecuva was just an idea between two best friends who wanted to change how the debt collection industry worked for the better. This is the story of DebtRecuva. Day 1 DebtRecuva was born out of a dissatisfaction with how debt recovery worked. Peace Obule and Gafar Iyowu, best friends since secondary school, who both worked in financial institutions—Obule as a business development expert, and Iyowu as a risk management expert—decided to take DebtRecuva to the market after being ghosted by a potential client. “It started out as a project for someone who had asked for our assistance, and then when there were issues surrounding the execution, I spoke to Peace and we decided to make the project our own,” Iyowu says. The initial setup was lean. The “office” was the two founders and three initial employees. The technology was a spreadsheet, and the strategy was sheer persistence. Before they automated their processes, every single step had to be done manually. “In the beginning, it was extremely mechanical,” Obule recalls. “Manual means that if you have a list of 300 people, you have to dial their numbers on your phone physically. Imagine calling 300 people in a day, the headache was out of this world. Sometimes we’d get a list of 2,000 people we were supposed to call in one week.” Their first clients came from their network in the financial industry, attracted by a risk-free proposition— DebtRecuva only got paid a percentage of what they successfully recovered. “The client would say, ‘You know what, we have nothing to lose,’” Obule explains. “So let’s give you the accounts. If you don’t recover anything, you don’t get paid anything. So that’s a win-win.” The core of DebtRecuva’s disruption lies in a simple but radical shift: treating debtors as customers, not criminals. They systematically categorised defaulters into buckets based on willingness and capacity to pay. “There are customers who are willing to pay but have capacity issues. Some customers are unwilling to pay, but they have the capacity to pay,” Obule explains. “Harassing the first one doesn’t work because he doesn’t have the capacity, except you’re going to kill him.” For those willing but unable, empathy took tangible forms. “We’ve helped people secure jobs. We’ve collected CVs from certain customers, passed them along to people within our network that needed them, and they’ve gotten jobs,” says Obule. “And what happens when they get those jobs is that they prioritise our payments.” This long-term relationship-building stood in stark contrast to the industry’s short-term threats. For the unwilling but able, the strategy became “moral persuasion” and financial literacy, educating them on the real-world implications of a damaged credit history. “We discover that they require a lot more education. It’s what we’ve done in the market,” Obule notes. “Harassing the customer doesn’t feature in our strategy.” Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region
Read MoreAfter hiring Raise’s founder, Carta sets out to fix Africa’s private capital infrastructure
Carta, the global startup that provides software for managing equity ownership, valuations, and fund administration, is building localised products for the African private capital market as it expands into the continent. The growth push is anchored on its full product suite and a focus on smaller startups after hiring Marvin Coleby, the former CEO of Raise. Coleby, now Carta’s head of product for Asia, the Middle East, and Africa, has joined his former investors to build the plumbing for investing in Africa after shutting down Raise, his Nairobi-based startup that helped African startups raise over $1 billion with its equity management and fundraising software, in September. Coleby is the only former Raise employee who works at Carta. Rather than simply importing its U.S. model, Carta will take the localisation and regional insight route. “We know how much goes into building software for an underserved market. He’s (Coleby) established many partnerships and relationships across Africa over that time that we think would accelerate our ability to support the market further,” Bhavik Vashi, Carta’s managing director for Asia, Africa, and the Middle East, told TechCabal. “What Marvin brings to the team from a product and an engineering perspective is hugely valuable when we think about how we want to localise our product to be fit for purpose.” After raising a record $6.5 billion in 2022, African startups have failed to hit the same heights, raising $3.5 billion in 2023 and $3.2 billion in 2024, and are on pace to raise similar figures this year. Despite this drop, local fund managers have increased funding to African startups, reaching 30% in 2024, before surpassing foreign investors in the first quarter of 2025. Carta began noticing this increased local activity in Africa’s tech ecosystem from its Middle East office, which sparked its curiosity about Africa. That curiosity led to an investment in Raise, allowing the startup to monitor Africa’s private capital market closely. “As Carta matured and grew over the last three years, it just seemed like a somewhat natural marriage of sorts to join forces and have Marvin join our team to expand what we had already built in the Middle East,” said Visha. Coleby’s hiring will also solidify the Middle East and African corridor “in terms of capital deployment and talent movements.” Once competitors, Raise users have the option of moving to Carta with more features accessible to them, while Carta will offer free software to African founders with less than $1 million raised and 25 shareholders on their cap table. Carta will also publish Africa-focused reports once there’s sufficient adoption, said Vashi. In other markets, Carta’s data-rich reports guide investment decisions, valuation standards, and portfolio strategies. In Africa, where the absence of reliable data has long constrained venture capital activity, such reporting could help reshape global perceptions of risk and attract more international investment into the continent’s startups. “Accurate data means models with local nuances, which means foreign investors get a truer picture of the value they can get from investing in the market, a win for funds and startups,” said Taiwo Obasan, an African venture capitalist (VC) who uses Carta but noted its lack of local context. “Better data will help limited partners gain confidence investing in Africa-focused funds, more capital will flow into startups, and VCs can finally benchmark performance with metrics that fit the realities of the market.” Launched in 2012 as America’s venture capital industry rapidly grew, Carta became a unicorn by digitising startup ownership for startups and the firms that invested in them. The startup now offers cap table software, allowing founders to see who owns shares in their company; fund accounting software that allows them to track fund performance; and reporting software for limited partners and loans. In recent years, the startup has reportedly seen stronger growth from selling software to private equity firms than from other revenue sources. In a LinkedIn post, Coleby shared that while Raise could not make it work with African venture capital, private equity “made the most sense, but doing that alone wouldn’t scale.” Carta’s expansion playbook In January 2021, the same year it hit a $7.4 billion valuation, Carta opened its first office outside America in Singapore as an anchor to the broader Asian market. The office was meant to help the startup capitalise on Asia’s record fundraising momentum, as Carta used years of data to build products that could help startup employees own more shares and simplify fundraising. “We realised as a company that some of the success that we had in the U.S. was basically a playbook in many ways,” said Vashi. “A lot of the things that we had learnt about how private capital works scaled really well globally.” Since then, Carta acquired two startups in Europe—Vauban and Capdesk—and opened offices in the United Arab Emirates and Australia. This global presence has shown the startup that while the principles of private capital are universal, execution can be nuanced and unique to each market. Carta counts several African startups among its customers, including Moniepoint. When two senior Moniepoint employees sold $870,000 worth of shares in the unicorn, the transaction was executed on Carta, according to documents seen by TechCabal. But that segment of large, growth-stage startups is shrinking. As fewer companies reach scale, Carta is shifting its focus to smaller startups, which make up the majority of Africa’s ecosystem. “In most cases, (the large companies) found us and found out about how we could help them,” said Vashi. “As we know from every other ecosystem, (large startups) represent only the tip of the iceberg when you think about the total startup ecosystem. We really want to extend our reach all the way through to the very earliest points. We want to support founders from inception to IPO and beyond.” To attract smaller startups, Carta will partner with some of the leading African VC firms, law firms, auditors, private equity firms, and accelerators, offer free products, and educate founders on different topics like the fundamentals of a cap table.
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Top 10 midrange smartphones under ₦150,000
Smartphone prices in Nigeria have risen sharply over the past year, driven by inflation, foreign exchange volatility, and rising import costs. Even midrange devices outside the Samsung and iPhone ecosystems sell for as much as ₦600,000 ($378), putting them out of reach for many consumers. For buyers unwilling to compromise on performance, brands such as Infinix, Tecno, itel, Huawei, and Redmi have stepped in to fill the gap, offering handsets that balance price, performance, and battery life. Below is a look at ten of the best smartphones available in Nigeria for under ₦150,000 ($94). Samsung Galaxy A07 – ₦147,000 ($92.75) Samsung Galaxy A07. Image Source: Jumia An upgrade to last year’s A06, the Galaxy A07 introduces Samsung’s reliable Helio G99 chipset, a refreshed camera module, and a smoother 90Hz 6.7-inch display. Running Android 15 with One UI 7, Samsung promises six years of updates, a rare feature at this price point. Add IP54 water resistance and a 5,000mAh battery, and the A07 offers one of the longest support cycles for a budget phone. Redmi 15C – ₦147,000 ($92.75) Redmi 15C 4GB RAM/128GB ROM. Image Source: Jumia Redmi continues to punch above its weight. The 15C’s 6.9-inch, 120Hz display and Helio G81 Ultra processor deliver fast, fluid performance. It offers up to 8GB RAM, 256GB storage, and a 50MP dual camera setup. With 33W fast charging and a 6,000mAh battery, the 15C is one of the most feature-rich phones under ₦150,000. itel P70 – ₦120,000–₦140,000 ($75–$88) itel P70. Image Source: Jumia itel has quietly refined its value lineup. The P70’s 6.67-inch, 120Hz screen and Helio G50 Ultimate processor handle daily tasks with ease. It packs 8GB extended RAM, 128GB storage, and runs Android 14 with itelOS 14. The 6,000mAh battery supports 18W fast charging, and durability is aided by IP54 splash protection. Infinix Smart 10 Plus – ₦145,000 ($91.46) Infinix Smart 10 Plus. Image Source: Jumia Infinix has built a reputation for pushing the boundaries of the entry segment. The Smart 10 Plus offers a 6.67-inch, 120Hz LCD display, Unisoc T7250 processor, and 6,000mAh battery with 18W charging. The software, Android 15 (Go Edition) with XOS 15.1, is optimised for smooth use even with lighter hardware. Stereo speakers and dual-SIM support round off the package. Huawei nova Y70 – ₦143,000 ($90.18) Huawei nova Y70. Image Source: Intertec Group Despite the challenges of operating without Google services, Huawei’s Nova Y70 remains a strong contender. It combines a 6.75-inch HD+ display, Kirin 710 processor, and 48MP triple rear camera with a 6,000mAh battery supporting 22.5W SuperCharge. It’s one of the more refined devices in this price tier, ideal for users prioritising camera performance and long battery life. Tecno Pop 10 Pro – ₦129,000 ($81.39) Tecno Pop 10 Pro. Image Source: AIkay The Tecno Pop 10 Pro offers a 6.67-inch HD+ display with a 120Hz refresh rate, powered by the Helio G81 chipset. Running Android 15 with HiOS 12.6, it features 128GB of storage and a 6,000mAh battery with 18W fast charging. The dual-camera system led by a 13MP main lens delivers respectable photos for the price. Vivo Y04 – ₦135,000 ($85.28) Vivo Y04. Image Source: Vivo Vivo’s Y04 keeps things simple but efficient. The 6.74-inch 90Hz display and Unisoc T7225 processor make for reliable daily use. The 5,500mAh battery ensures endurance, while FuntouchOS 14 (Android 14) provides a clean, intuitive interface. A solid option for users who value stability over flash. Realme Note 60X – ₦120,000 ($75.70) Realme Note 60X. Image Source: Jumia Realme continues to undercut rivals with well-rounded entry devices. The Note 60X runs on a Unisoc Tiger T612 chipset and features a 90Hz, 6.74-inch display, 4GB RAM (expandable to 12GB), and a 5,000mAh battery. It’s designed for dependability and simplicity — ideal for first-time smartphone buyers. Realme 13 5G – ₦149,000 ($94.00) Realme 13 5G. Image Source: Realme One of the few 5G-ready phones in this price range, the Realme 13 5G uses the Dimensity 6300 chipset and supports up to 12GB RAM and 256GB storage. The 6.72-inch FHD+ 120Hz screen and 50MP OIS main camera make it a standout performer for under ₦150,000. It also supports 45W fast charging, giving it an edge in speed and longevity. Tecno Spark 40 – ₦134,000–₦142,000 ($84–$89) Tecno Spark 40 smartphone. Image Source: Techno Mobile Rounding off the list, Tecno’s Spark 40 offers flagship-like fluidity with a 120Hz display, Helio G81 processor, and up to 16GB dynamic RAM. The 50MP rear camera, 45W charging, and infrared blaster make it a feature-rich option. Running HiOS 15.1 (Android 15), it also boasts IP64 dust and water resistance, a rare bonus at this price. A rising market for affordable tech Nigeria’s midrange smartphone market has become intensely competitive as consumers tighten spending. While exchange rate fluctuations continue to pressure prices upward, brands such as Tecno, Infinix, itel, and Redmi prove that affordability need not mean compromise. For under ₦150,000, today’s buyers can expect high-refresh-rate displays, massive batteries, and long-term software updates — once features reserved for flagship phones.
Read MoreMTN Nigeria declares first dividend since 2023 after returning to profitability
MTN Nigeria Communications Plc posted a 245.7% year-on-year rise in profit after tax to ₦750.19 billion ($522.06 million) for the nine months ending September 2025, from a ₦514.9 billion ($358.34 million) loss in the same period last year, solidifying its return to profitability. The telecoms giant also restored its positive retained earnings and shareholders’ equity positions and announced its first dividend payout since August 2023, when it paid ₦5.60 per share. “An Interim Dividend of ₦5 per 2 kobo ordinary share has been approved by the Board of Directors of MTN Nigeria Communications Plc, subject to appropriate deduction of withholding tax. It will be paid to shareholders whose names appear in the Register of Members as at the close of business on 20 November 2025,” MTN said in a regulatory filing on Thursday. It noted that this dividend will be paid electronically on November 28, 2025, to shareholders whose names appear on its register and have completed their e-dividend registration. “This is a significant milestone that demonstrates strong operational momentum and disciplined execution,” said Karl Toriola, MTN Nigeria CEO, in the company’s financial report for the nine months ending September 2025. Return to profit after a turbulent period MTN Nigeria reported a ₦400 billion loss after tax in 2024, its largest ever, following a ₦137 billion loss the previous year. The losses wiped out retained earnings and left the company unable to pay dividends. The financial picture began to change in early 2025. Stabilisation of the naira, easing inflation, and a more favourable monetary policy environment created a tailwind for recovery, the implementation of a 50% tariff increase, By September 2025, headline inflation had dropped from 34.8% to 18%, while the naira appreciated to around ₦1,475/$, helping MTN reduce forex exposure and lifting revenue to a record ₦3.73 trillion ($2.59 billion). Earnings per share climbed to ₦35.77 from a negative ₦24.51 in the previous year, while retained earnings and shareholders’ equity stood at ₦142.7 billion ($99.31 million) and ₦293.1 billion ($203.97 million), respectively. What drove the ₦750 billion profit turnaround MTN Nigeria’s turnaround has been powered by strong operational momentum, particularly in its data segment. Data usage across its 51.1 million active users surged, pushing data traffic up 36.3% year-on-year and driving a 73.2% jump in data revenue to ₦1.98 trillion ($1.38 billion). Voice revenue grew by 41.9% to ₦1.35 trillion ($939.48 million). Data growth drove infrastructure investment to ₦757.4 billion during the first nine months of 2025, more than triple the ₦217.6 billion spent the previous year. Toriola described the results as a validation of MTN’s long-term strategy: “Our performance underscores our ability to accelerate investment in our network to improve quality of service in line with our commitment to customers and the government. The board’s approval of an interim dividend reinforces our focus on delivering sustainable value to shareholders.” Sustaining growth while managing risks While optimism is rising, sustaining profitability will depend on stable macroeconomic conditions and disciplined capital management. Continued investment in network expansion, 5G readiness, and digital services remains essential to capture Nigeria’s fast-growing data demand. Potential risks include renewed currency volatility, regulatory pressures, and infrastructure costs, particularly energy and leasing expenses. However, with improved liquidity, a stronger naira, and cost-control measures already in place, MTN Nigeria appears well-positioned to navigate these challenges. “We are on track to close the year on a stronger note and to position MTN Nigeria for long-term success,” added Toriola. Note: exchange rate used: ₦1,436.97/$
Read MoreTanzania’s internet blackout halted payments as Nala went offline for 18 hours
A nationwide internet outage in Tanzania on Wednesday disrupted international money transfers and digital services, prompting the remittance platform Nala to temporarily shut down its operations. For over 18 hours, Tanzanians were cut off from online services, leaving thousands unable to receive funds from relatives abroad. The blackout coincided with protests and unrest in parts of the country as voting took place. Benjamin Fernandes, the founder and CEO of Nala, said the shutdown had devastating consequences for millions of Tanzanians who rely on the platform. “For 18 hours, families in Tanzania couldn’t receive money from loved ones abroad. Why? Internet blackout,” Fernandes wrote on X. “This isn’t about tech — it’s about food, medicine, and survival.” Fernandes said he received calls from people abroad trying to send money for hospital bills, but were unable due to the outage. The shutdown has exposed just how much Tanzania now relies on the internet. What used to be a political switch to control information has become an economic trigger — one that can instantly choke off mobile money, banking, logistics, healthcare, and everyday livelihoods in one of East Africa’s fastest-growing digital economies. According to internet observatory NetBlocks, national connectivity fell sharply around midday Wednesday, plunging to nearly 90% below normal levels. The drop coincided with reports of protests in several towns, including Dar es Salaam and Sirari, amid tensions around the electoral process. Impact beyond social media In a post quoting NetBlocks, Fernandes warned that the impact of shutdowns extends beyond social media. “When the internet goes dark, the economy follows,” he said. “In Africa, it’s not just tweets that stop — it’s mobile money, deliveries, jobs, hospitals, startups, tech, and livelihoods. Shutting down the internet during elections doesn’t silence people — it frustrates them even more.” Founded in 2018, Nala allows users in the UK, US, and Europe to send money to several African countries, including Tanzania, Kenya, Uganda, Rwanda, and Ghana. The blackout froze those inflows for hours, exposing the vulnerability of Africa’s digital economies to state-imposed internet controls. In Tanzania, where remittances exceeded $700 million in 2024, such shutdowns can have a direct effect on households that rely on relatives abroad for school fees, rent, and healthcare. Bloomberg reported on Thursday that Tanzanian authorities have lifted the internet blackout. The Tanzanian government has not provided an official explanation for the outage, which digital rights groups say reflects a growing pattern across parts of Africa where authorities restrict access during politically sensitive moments. Similar disruptions have been reported in Uganda, Ethiopia, and Sudan during elections or protests.
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