Six months on, Starlink still can’t serve new customers in Nairobi
Starlink, the SpaceX-owned satellite internet service, has been unable to onboard new customers in Nairobi since demand exceeded its network capacity in November 2024. Six months later, the freeze is still in effect, leaving users who bought hardware without service. This growing problem raises doubts about whether satellite broadband can keep pace with demand in dense urban areas. It also signals a mismatch between Starlink’s promise of reliable high-speed internet and the technical and operational limits of satellite networks in rapidly growing markets. “If we just kept letting people sign up, it would degrade everybody’s service,” Lauren Dreyer, VP Starlink Business, told CNN’s Africa correspondent Larry Madowo in February, when asked why the company paused sign-ups in Nairobi. At least ten customers in Nairobi told TechCabal they’ve been locked out since late last year, despite buying kits to use Starlink internet services. “I was put on a waitlist months ago,” Eric Maina, a civil engineer in Nairobi, told TechCabal. “I was told that Starlink is over capacity in Nairobi and isn’t accepting new users.” A spot check in nearby counties, including Kiambu, Machakos, Kajiado, and Murang’a, found the same problem. Several residents have failed to activate their kits because the network is “full” in their areas. Starlink did not immediately respond to a request for comments. The issue isn’t new in satellite internet: capacity depends on satellite coverage and ground support infrastructure. Starlink added a ground station in Nairobi that went live in January 2025, a move expected to improve speed and reduce latency in the region. But the congestion hasn’t eased so far, and new users still can’t get online. And while Starlink has ramped up launches—it had 7,135 satellites in orbit by March 2025—demand in Kenya is outpacing what the system can handle. “I want to install Starlink at my parents’ house, but I cannot because the area is full or locked,” said Isaac Migiro, another customer in Nairobi. Despite the growing user base, Starlink does not have a local office in Kenya where customers can get updates or support. Communication is limited to online channels, leaving frustrated users with few options when facing delays or activation issues. Resellers and local hardware suppliers stocking Starlink kits are also feeling the heat. Another spot check by TechCabal found that some supermarket chains such as Carrefour have reduced or cut the sale of the kits. Others, including Naivas, have started offering Safaricom 5G routers, which target the same customer base Starlink is chasing. “They’re not moving that fast,” Dr. Kanyuira, who runs Essential Accessories, an online electronics shop in Nairobi, told TechCabal. “Sales peaked between June and July last year, but that could change if more capacity becomes available.” Starlink could also be subject to regulatory pressure in Kenya, which plans to raise satellite internet licence fees from $12,302 to $115,331 and add a 0.4% turnover levy, a move that could squeeze out smaller satellite ISPs such as Viasat and NTvsat. Recent data from internet analytics firm Ookla showed that users in countries like Botswana recorded median download speeds above 100 Mbps in early 2025. Rwanda and Ghana followed closely with over 75 Mbps. In Kenya, speeds hovered just below 50 Mbps, still more than double most local fibre providers, but well behind the regional leaders. A full Starlink setup in Kenya costs around KES 30,000 ($232) for hardware and KES 6,500 ($50) monthly for its fastest plan. That’s pricier than local fibre-to-home packages, which go for KES 3,500 ($27) to KES 5,000 ($39) monthly for 10–30 Mbps, depending on the ISP. But most fibre providers don’t serve remote or peri-urban areas where Starlink is supposed to thrive. By December 2024, Starlink had 19,146 active users in Kenya, up from 16,786 in September, a 14% jump in three months. That growth made it the seventh-largest internet service provider in the country and pushed it past established players like Liquid Telecom. But new growth may be hitting a wall. A network engineer at one of Kenya’s top telcos, who asked not to be named, told TechCabal the congestion could slow Starlink’s African expansion, especially in urban markets, where it’s gaining more users than in its intended rural base. For now, hundreds or thousands of would-be customers remain stuck, waiting for a service that’s already in their hands but still out of reach.
Read MoreOmniRetail raised $20 million. Here is what it means for 78% of its customers who are women
Joyce Moses, owner of a modest corner shop, faced the daily grind of sourcing everyday necessities like sachet beverages, grains, and toiletries from a multitude of vendors. It was a laborious process: endless phone calls to confirm stock, tiresome trips to various suppliers, and unexpected price hikes. She says things changed in 2022 when she started using OmniRetail, an app which connected her to hundreds of manufacturers and distributors. Now, Moses orders directly, bypassing layers of suppliers and their markups, at lower prices. The platform allows her to compare costs across brands, tailoring purchases to her budget. When cash is tight, she can buy on credit, a crucial financial tool she likely wouldn’t have accessed through traditional lenders due to her limited credit history and systemic biases. What’s more, the goods arrive at her doorstep the next day. OmniRetail, recently ranked Africa’s fastest-growing company, recently secured $20 million in funding. While this capital will fuel the company’s rapid growth, the biggest impact will be seen by women like Moses, who represent 78% of OmniRetail’s customer base. Buy now, pay later (BNPL) OmniRetail is one of several start-ups connecting retailers to manufacturers, and providing access to capital, the lack of which has been a persistent challenge, especially for women in Africa’s informal retail sector. Women are less likely than men to secure loans due to limited credit histories and systemic biases in traditional banking. Many rely on predatory money lenders with exorbitant interest rates or face outright rejection from banks. An African Development Bank Group report also claims that women do not apply for loans because they have a low estimation of their creditworthiness. Buy Now, Pay Later (BNPL) services offered by e-commerce startups like OmniRetail offer collateral-free credit based on retailers’ order history and transaction behaviour. This allows traders to stock up without upfront cash, ensuring continuity in sales and income. 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The women contribute to the platform’s remarkably low non-performing loan rate of less than 0.5%. By providing access to working capital, OmniRetail enables women retailers to bridge cash flow gaps, particularly after covering household expenses, and maintain razor-thin margins in an economy plagued by currency devaluation and inflation. “We’ve seen countless women micro-retailers in our network grow from operating a single kiosk to managing multiple outlets, or even moving up the value chain to become distributors,” the company said. “These are not isolated stories; they reflect a broader trend when the right tools and support systems are in place.” Investors in the sector have expressly described venture investment in start-ups as an investment in women. TradeDepot, a start-up that offers the same services as OmniRetail, raised $10 million in 2020. The company, at the time, claimed that 75% of the retailers on its platform were women. Hanh Nam Nguyen, a programme manager at Women Entrepreneurs Finance Initiative, one of the firms involved in the fundraising, described the investment as an opportunity to “catalyse more private capital for women.” Scaling impact with $20 million OmniRetail’s $20 million raise will enable the company to reach more women as it expands to more cities, establishes additional distribution hubs, broadens product assortments, and scales its credit and payment infrastructure. The company says it aims to enhance its data
Read MoreSafaricom targets SMEs with new M-PESA overdrafts and loans up to $3,000
Kenya’s biggest telco, Safaricom, has launched new credit products for small and medium-sized enterprises (SMEs), introducing overdraft and short-term loans through its M-PESA platform with limits reaching $3,089 (KES400,000). The new products signal the telecom giant’s increasing focus on financial services as growth in its core voice and data business slows. The new products include Fuliza Biashara, an overdraft facility allowing M-PESA merchants to draw funds from $7.72 (KES 1,000) up to $3089, and Taasi Till, a short-term loan product ranging from $11.59 (KES 1,500) to $1,931 (KES 250,000). Both services offer flexible repayment terms, with funds credited directly to users’ M-PESA wallets or tills, making them instantly accessible. The expansion is part of Safaricom’s strategy to diversify beyond its traditional telecom business, which faces slowing revenue growth. With revenues from traditional telecom services under pressure, the company is leveraging M-PESA—its mobile money platform with over 40 million users—to generate new revenue streams through lending, payments, and other fintech services. “Businesses play a pivotal role in Kenya’s economy and make a significant impact in our communities,” Safaricom CEO Peter Ndegwa said on Tuesday at the launch. “Leveraging the power of technology, Taasi will offer convenience and access to credit for MSMEs, allowing them to focus on scaling their businesses.” Safaricom is keen to tap into the over 30 million active users who transact over $11.6 billion (KES1.5 trillion) monthly to grow its financial services, including savings, unit trusts, and insurance products, to offset a decline in calls and text revenue. In 2024, M-PESA accounted for 44% of the $2.8 billion (KES 364.3 billion) service revenue after posting a 15.2% growth to $1.2 billion (KES 161.1 billion), compared to a similar period. The telco will be hoping to replicate the success of Fuliza for individual loans, which averages $19.3 million (KES2.5 billion) daily disbursements, earning it an estimated $46.4 million (KES6 billion).
Read MoreMTN enters payments market with MoMo Pay targeting cash-heavy informal sector
MTN South Africa has entered the competitive payments market with MoMo Pay, a low-cost digital payment platform designed for informal merchants. Over 95% of transactions in South Africa’s informal sector are still cash-based, exposing traders to theft, limiting access to credit, and excluding millions from the formal economy. MTN says MoMo Pay is a response to this gap. “We are not just digitising payments, we are unblocking a pathway to financial dignity and scalable opportunity,” said Kagiso Mothibi, fintech CEO at MTN South Africa. MTN’s push comes as South Africa’s banks have already invested heavily in digitisation, and fintech startups like Yoco and iKhokha are also vying for a share of the payments market. Social media giants and rival telecom operators are entering the fray, intensifying competition. MTN’s edge lies in its established mobile network, a rapidly growing user base—now at 13 million registered MoMo users in South Africa—and its focus on low-cost, high-access solutions. MoMo Pay allows merchants to accept instant payments via QR code, merchant ID, or payment request, at a minimal fee of just 0.5% – significantly lower than most existing services. The platform also enables users to sell airtime, prepaid electricity, and transport tickets, earning commission with each transaction. MoMo Pay removes traditional barriers to entry – no paperwork, no registration fee, and a mobile-first experience. “Just a smartphone and a vision to grow,” said Mothibi. MTN has already onboarded thousands of merchants, with rapid adoption seen in townships, rural communities, and high-footfall urban areas. A dedicated merchant acquisition team supports onboarding and training. MTN has outlined an ambitious roadmap for MoMo Pay, positioning it as the foundation of a broader digital financial ecosystem aimed at integrating informal businesses into the formal economy. Beyond facilitating low-cost digital transactions, the platform is expected to evolve to include services such as access to microloans, savings products, and insurance—tools that are typically out of reach for many informal traders. According to Mothibi, the company views informal merchants as critical nodes within their communities. “We see MoMo Pay merchants not just as sellers, but as community hubs,” he said, noting the potential for the platform to enhance economic participation through accessible financial services. Over the next three to five years, MTN plans to digitise a significant portion of the informal sector by onboarding hundreds of thousands of small businesses. This expansion strategy is aimed at addressing long-standing barriers to financial inclusion and creating pathways for micro-enterprises to access formal financial infrastructure. “MoMo Pay represents a strategic step in enabling digital participation for informal traders,” Mothibi said. “The objective is to support sustainable growth at the grassroots level, where traditional financial services often do not reach.
Read More9mobile, MTN worst hit as fibre cuts, power failures cause record network outages in May
Nigeria’s telecommunications networks experienced a sharp rise in major service disruptions in May 2025, as fibre cuts, power outages, and system failures pushed network outages to their highest point this year. According to data compiled by Uptime, a network monitoring platform, the worst-hit operators were 9mobile and MTN Nigeria, raising concerns about the quality of telecom services in Africa’s largest mobile market. From January 1 to May 19, 2025, 9mobile reported 31 major outages across several states, followed by MTN Nigeria with 25. Approximately 70% of these incidents were traced to fibre cuts caused by roadworks or vandalism. The resulting downtime severely impacted core services, leaving millions of subscribers offline. While all major mobile network operators (MNOs) experienced outages—Globacom had 20 and Airtel 13—9mobile not only faced the highest number of incidents but also recorded the longest service restoration times. These major outages often result in the complete shutdown of critical services such as SMS, voice calls, mobile data, and USSD, sometimes lasting for hours. While less severe incidents occur more frequently, they can still degrade service quality depending on their scope. In an earlier interview with TechCabal, Yahaya Ibrahim, Chief Technical Officer at MTN Nigeria, disclosed that the network handles up to 30 such incidents daily. When disruptions occur, operators typically reroute traffic—if the fibre cut is not on a major line—before dispatching engineers to identify and fix the issue. However, cuts to major fibre routes, once infrequent, have become increasingly common this year. Network outages in Nigeria are more frequent and prolonged than in many African peers, largely due to infrastructure gaps, power instability, and regulatory hurdles. In contrast, countries like South Africa and Kenya have more resilient networks, backed by stronger infrastructure and faster incident response systems. For example, in urban areas like Johannesburg and Pretoria, businesses can expect emergency WiFi support response times ranging from 35 to 80 minutes, while rural areas may experience longer response times of 80 to 240 minutes. The growing frequency of outages in Nigeria directly impacts customer experience and business operations of telecom subscribers. In a digital economy increasingly reliant on stable connectivity, extended downtime doesn’t just mean missed calls; it disrupts banking, business communications, logistics, emergency services, and access to basic information. Many of these outages, according to Uptime, were triggered by fibre cuts—often due to construction work—as well as grid instability and vandalism. For instance, on May 14, 9mobile suffered one of its worst outages when power issues crippled its network across Lagos, affecting multiple local governments including Agege, Eti-Osa, and Apapa. The blackout lasted over 8 hours. Just days earlier, a fibre cut disrupted 9mobile’s data services in the FCT, Kano, Jigawa, Katsina, and other northern states for nearly 3 hours. In another severe case, a power outage that began on April 29 in parts of Kebbi and Sokoto wasn’t resolved until May 14—more than 15 days later—after 7,000 litres of diesel were delivered to the affected base stations. While all operators faced technical challenges, there was a stark difference in how quickly these issues were addressed. MTN, despite its high outage count, generally resolved incidents faster than its peers, according to resolution hours tracked by Uptime. One example: a fibre cut in Bayelsa and Rivers on May 11 that affected data, voice, and SMS services was fixed within just over an hour, the Uptime report showed. The longest turnaround time for MTN was a fibre cut incident in Benue that affected 12 communities and took the telco 3 hours and 12 minutes to resolve. In contrast, 9mobile’s outages—especially those involving power supply—tended to linger much longer, like the Lagos power failure on May 14, which lasted over 8 hours, suggesting slower crisis response and weaker infrastructure redundancy. MTN also faced non-technical challenges. In April, the Kogi State government, through its Utility Infrastructure Management and Compliance Agency (KUIMCA), sealed 16 MTN sites, cutting off access to 155 additional connected sites. This standoff, which lasted nearly 23 days, was only resolved in early May after negotiations, highlighting the regulatory and political risks telcos face beyond technical failures. In response to the mounting service challenges, MTN Nigeria is ramping up its infrastructure investments. The company has committed ₦800 billion for network improvements in 2025, with ₦200 billion already spent in the first quarter alone, marking a 159% increase compared to the same period last year. Ugonwa Nwoye, MTN Nigeria’s Chief Customer and Experience Officer, said in a statement to TechCabal that the investment aims to “translate this into better customer experience, reduced congestion, faster internet speeds, and wider network reach.” Part of this strategy includes deploying motorcycles to help engineers navigate heavy traffic in urban centres like Lagos, allowing them to reach incident sites more quickly. These motorcycles are also used for daily fibre cable inspections, enabling early detection and resolution of issues before they escalate into service disruptions. However, the surge in outages and uneven restoration times raises broader concerns about the reliability of telecom services. For many Nigerians—over 140 million of whom rely on mobile networks for internet access—telecom infrastructure is essential to daily life, powering financial services, education, entertainment, and healthcare. When networks fail, trust in service providers erodes quickly. 9mobile’s performance is particularly concerning. With a dwindling subscriber base—down to 2.96 million as of March 2025 from over 20 million in 2015—the operator is under intense pressure to rebuild credibility. Frequent outages and prolonged service restoration only exacerbate customer dissatisfaction and hinder any potential recovery. As Nigeria advances its digital inclusion goals and seeks to expand broadband access, the strength and reliability of its telecom infrastructure become even more critical. While the Nigerian Communications Commission (NCC) has licensed over 40 Mobile Virtual Network Operators (MVNOs) to enhance competition, lower costs, and spur innovation, the success of these new entrants depends heavily on the resilience of the underlying networks provided by the incumbent MNOs.
Read MoreQuidax, Yellow Card, Busha bet on B2B crypto payments to grow market share
If you swipe across the social media pages of Quidax, Yellow Card, and Busha—three prominent crypto startups operating in Nigeria—in recent months, you’d notice one common detail: they are heavily promoting their B2B crypto payments business. Yellow Card and Quidax have run paid promotional campaigns for their B2B application programming interfaces (APIs), targeting businesses and fintechs; Busha has mostly promoted this service organically. The push toward businesses reflects a stronger focus on a part of their operations that has long been active but less visible. These crypto companies are now spotlighting their B2B payment solutions to meet growing demand from African fintechs that want to offer crypto payments without taking on regulatory burden. These startups prioritise B2B services to complement the retail side, as it offers a more stable and scalable way to grow their market share. “There was a gap in the market,” said Tochy Emereole, marketing lead at Quidax API Business. “There’s been high crypto adoption, especially in Nigeria, and many people have been interested in building crypto products. But the talent gap has been a problem.” According to a Hashed Emergent report, Africa lags behind other regions in blockchain talent. While Nigeria leads the continent in the number of Web3 developers, they still make up only 4% of the global developer workforce. Building a traditional fintech and building in Web3 require different skill sets, like knowing how to work with blockchains, write smart contracts, and use new programming languages like Solidity, Rust, or Move. Handling the technology in Web3 is more technical and requires a steeper learning curve—something few engineers in Nigeria are willing to embrace, said Emereole. Yet, the increasing adoption of cryptocurrencies across Africa’s big four—Nigeria, Kenya, South Africa, and Ethiopia—has also pressured fintechs to integrate crypto and stablecoin payment rails to meet customer demand. Since 2023, African traditional fintechs, including Flutterwave, Chipper Cash, Onafriq, Grey, and Eversend, have integrated stablecoin payment rails for different reasons. On the customer side, fintechs are looking to solve cross-border payment needs for their users, while businesses-serving fintechs are exploring crypto liquidity as a workaround for FX shortages. This makes stablecoins a practical choice for retail and enterprise use cases, hence why API providers are shifting toward this segment. Their pitch is simple: crypto startups can build full-stack applications and digital asset exchanges by connecting to these APIs and riding on their technology. Traditional fintechs that want to offer stablecoin-to-fiat payments tap into this technology, bypassing the need to build these apps. 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Quidax, Yellow Card, and Busha are betting on the ease and simplicity they provide for startups, especially businesses just starting out. With these APIs, developers only need to know how to make API calls, handle responses, and test their applications in sandbox environments provided by the crypto platforms. This makes it easier for traditional fintechs, mobile apps, and even neobanks to introduce crypto payments and trading features without overhauling their systems or hiring blockchain engineers. These API providers either charge an
Read MoreOnafriq appoints former PPRO chief Simon Black as board chair
Onafriq, a pan-African digital payments network, has named Simon Black as chair of the board of its UK holding company following his appointment as an independent non-executive director. Black previously served as chief executive of PPRO, a Germany-based payments infrastructure provider, from 2015 to 2023. Under his leadership, the company expanded internationally, surpassing $113 million in annual revenue. Before PPRO, he was CEO of Sage Pay, a UK-based payments firm focused on small and medium-sized businesses. With a presence in over 40 African markets, Onafriq is at the center of the continent’s fragmented payments ecosystem. Black’s experience running global fintech businesses is expected to support Onafriq’s efforts to expand cross-border services and deepen its position in connecting digital wallets, banks, and financial platforms across Africa. “Simon’s appointment comes at a transformative moment in Onafriq’s journey,” said Dare Okoudjou, founder and CEO of Onafriq. “To fulfil our mission of making borders matter less across Africa, we must build upon our strong foundations to create an even more resilient and innovative business.” Onafriq — formerly known as MFS Africa — positions itself as a “network of networks,” integrating banks, mobile wallets, and fintech apps to facilitate interoperability and cross-border transactions across the continent. It claims to connect more than 500 million mobile wallets and 200 million bank accounts across 42 African markets. The company plays a growing role in corridors such as intra-African trade payments, diaspora remittances, and merchant payments, which are expanding in volume and complexity as digital commerce gains ground. Black is expected to provide strategic oversight to the company’s executive leadership and help guide its cross-border growth ambitions. “Simon’s exceptional track record of scaling fintech leaders and navigating complexity makes him the ideal Chair to guide this next phase,” Okoudjou said. “His expertise will be instrumental as we strengthen our position as Africa’s payments infrastructure backbone and accelerate financial inclusion throughout the continent.” Despite raising over $200 million in capital from investors including AfricInvest, Goodwell, and Admaius Capital, Onafriq operates in a challenging environment. Currency instability, uneven regulation, and high transaction costs make scaling cross-border payments across African markets difficult. Black’s appointment could bring board-level experience to help the startup navigate cross-border scaling challenges.
Read MoreAfrican e-commerce startups raise $11.3M in Q1 as investor caution grows
Investor appetite for e-commerce startups in Africa is dwindling as year-on-year funding figures dropped by 47.2% in Q1 2025. According to data from Africa: The Big Deal, a database for startup deals, the total funding received by African startups in the e-commerce sector in the first quarter of 2025 dropped to $11.3 million, down from $21.4 million during the same period last year. The tightening of investments reflects a cooling of private markets and a reassessment of the sector by investors in terms of competition, unit economics, and general growth. Uncertainties in these areas may have pushed investors to make more conservative bets in other sectors. While a few notable rounds were still closed—such as Egypt’s Taager, a social e-commerce platform that supports online merchants with end-to-end logistics, raising $6.8 million in a Pre-Series B round led by Breyer Capital, and Kenya’s Kapu, a grocery-buying service focused on group purchases, securing $2 million in a Pre-Series A from Base Capital—the average deal size shrank compared to the first quarter of 2024. Seed funding rounds in this sector were nought, compared to the $3 million raised by Badili and Dawa Mkononi in Q1 2024, signalling a waning appetite for risk. African e-commerce startups face increasing challenges, including difficulty gaining market share due to intense competition from established giants like Jumia, Zando, and Konga, and the rising cost of acquiring customers. These challenges may contribute to the pullback in investment as investors want to prioritise profitability over high growth, opting for sectors with stronger unit economics. This decline in e-commerce startup investment may persist if investors remain cautious. The size of Africa’s e-commerce market was valued at $317 billion in 2024 and is expected to cross $1 trillion in 2033. With increased internet penetration and evolving consumer preferences, the long-term outlook for investments in this sector remains positive.
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👨🏿🚀TechCabal Daily – Starlink is (finally) coming to SA
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! You can get just about anything in the world—if you’ve got enough charm, pressure tactics, and a little Elon-sized audacity. Just ask Musk. After a year-long standoff with South African regulators, his satellite internet company, Starlink, might finally get the green light to operate in the country. Meanwhile, in Mountain View, Google pulled off its annual flex: Google I/O 2025. If you slept on it, here’s what you missed—AI, AI, and more AI. The company dropped Project Mariner, a web-surfing AI agent; Veo 3, a video generator that adds sound; and Stitch, an AI that designs full web and mobile front ends on command. But the biggest curveball? Search as we know it is getting AI-ified. Google is betting big on a future where all searches are handled by AI—and it’s bundling access to its most advanced tools into a $249.99/month subscription. Here’s everything you need to know from Google I/O 2025. Elon Musk, Cyril Ramaphosa to hold key meeting to discuss black ownership rule for Starlink Kenya’s supreme court: No AI in judgments—yet Twiga Foods, a Kenyan e-commerce startup pivots to an asset-light model Nigeria leaves Interest rate unchanged World Wide Web 3 Opportunities Internet Elon Musk, Cyril Ramaphosa to hold key meeting to discuss black ownership rule for Starlink Musk “evil overlord” meme/Image Source: ReactionGIF. Starlink may be finally getting a licence to operate in South Africa. On Tuesday night, President Cyril Ramaphosa is expected to meet Musk to break the deadlock that’s kept Starlink, the satellite internet service company now operating in 21 African countries, out of South Africa. (Fun little detail: we wrote this blurb at 6PM WAT.) Starlink has been unable to enter South Africa due to a regulation requiring foreign telecom operators to be at least 30% owned by blacks or historically disadvantaged groups. Musk, the CEO of Starlink, has pushed back, calling the rule exclusionary—and so far, Starlink hasn’t even applied for an operating licence. This standoff has been brewing for over a year. There were talks between Musk and Ramaphosa multiple times in 2024, but no results followed. However, there was a complete fallout between the two in February 2025. US President Donald Trump had accused Ramaphosa over South Africa’s land reform policy, claiming it unfairly targets white South Africans. Amid the fallout, Musk also posted on X that the country favoured blacks more than white, citing the Starlink delay. This added tension to the diplomatic relations between South Africa and the USA. However, in what seems like a timely intervention, Ramaphosa will visit Trump in Washington to discuss foreign policies, which puts pressure on the South African president to fix the Starlink mess. Will it finally bend its black ownership rule for Starlink? South Africa is only trying to hold on to a policy that has worked for it for over two decades. Regardless of what’s said in both meetings, it is likely that the country won’t completely grant Musk and Starlink a free pass. South Africa could propose the “equity equivalent” model. Instead of handing over equity, Starlink would invest in social projects—like bringing free internet to rural schools or clinics. It’s not a new idea: in 2019, foreign car-makers like BMW and Toyota signed a similar deal to operate in the country. Ramaphosa may be looking to cool tensions and boost internet access at the same time. Offering Starlink a tailored deal could ease diplomatic strains, expand rural connectivity, and avoid a public policy U-turn with Trump. We will know the outcome of this meeting on Wednesday. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. 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Read MoreFidelity Bank loses trillion-naira market cap after Supreme Court fine ruling
Fidelity Bank Plc, a tier-2 Nigerian commercial bank, has dropped out of the elite ₦1 trillion market capitalisation club, following a sharp decline in its share price triggered by a Supreme Court ruling. As of market close on Tuesday, May 20, 2025, the bank’s market capitalisation fell to ₦954 billion, after its share price slipped by 5% to ₦19.00 from ₦20.00 the previous day, according to data from the Nigerian Exchange Limited (NGX). The drop came after the Supreme Court ordered Fidelity to pay ₦225 billion ($140.6 million) in damages to Sagecom Concept Limited. The judgment, tied to a long-standing dispute involving the defunct FSB International Bank—which Fidelity acquired—spooked investors despite immediate reassurances from both the bank and the Central Bank of Nigeria (CBN). This marks the second time in May, the lender has lost its trillion-naira status, although this time the trigger was not market sentiment or profit-taking, but regulatory and legal uncertainty. “The decline in share price is most likely from the initial reactions to the Supreme Court fine news,” said Nathanael Disu, investment research analyst at Afrinvest West Africa Limited. He noted that legal overhangs like this tend to cloud valuation, especially in a retail-driven market: “The bank’s share price might possibly pick up tomorrow because its financial performance still remains strong.” Fidelity had surged into the trillion-naira club and valuation tier on April 4, becoming the only tier-2 Nigerian bank to join the ranks of tier-1 giants like Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First Bank HoldCo, and United Bank for Africa (UBA). With its exit, only five banks remain in that category. In a statement, the bank said that the Supreme Court judgment relates to a legacy transaction and does not reflect the bank’s current financial position. The bank also noted that it is pursuing judicial clarification, stating the actual payable amount may be closer to ₦14 billion ($8.7 million). The CBN also dismissed media reports of bankruptcy, saying “the Nigerian banking sector remains resilient, safe, and sound.” The timing of the court’s decision is significant as Fidelity recently reported a 190% year-on-year increase in after-tax profit for Q1 2025, reaching ₦91 billion ($56.8 million). The strong performance helped drive investor confidence and justified its earlier ascent into the trillion-naira club. The bank is also in the middle of its recapitalisation drive, as mandated by the CBN’s ₦500 billion ($311.9 million) minimum capital requirement. Analysts previously expressed confidence that the bank could meet this target through equity raises, citing its 237% oversubscribed capital offering in 2024 and strong retail investor support. Despite a share price dip, Fidelity remains one of the most active stocks on the NGX. According to African Stock Exchanges, a real-time market data platform, Fidelity is the second most traded stock between February 14 and May 20, 2025, with 2.5 billion shares exchanged in over 31,000 deals valued at ₦47.8 billion ($29.9 million). Fidelity Bank’s brief departure from the trillion-naira club may prove temporary, but it underscores how swiftly legal and regulatory developments can reshape investor perceptions, even for banks with strong earnings and strong ambition. *This is a developing story
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