10 African startups opening markets, cutting CO2 & seafarming 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 debut, we featured 10 startups from Nigeria, Algeria, South Africa, Zambia, Kenya, Tanzania, and Egypt, spanning e-commerce, logistics, SaaS, fintech, EV, AI, and social commerce. If you missed it, catch up here. Expect the next dispatch on May 29, 2025. Let’s get into today’s picks. Mystocks.africa wants to put every African stock market in your pocket (Fintech, Botswana) I first met Humphrey Mwamba, founder of Mystocks.africa, at Accelerate Africa’s demo day on Friday, May 2, 2025. Twice, I watched him pitch, and both times, I was genuinely impressed. Launched in 2024, Mystocks.africa is an AI-powered investment platform that enables Africans to invest in stocks, bonds, ETFs, and funds across major African exchanges, regardless of location. The platform addresses the long-standing challenge of fragmented and inaccessible African stock markets for retail investors. With thousands already on the waitlist, Mystocks.africa is among the first to offer seamless, cross-border stock trading for Africa’s retail investors. Key features include AI-driven analytics, real-time market data, customisable charting tools, and a mobile-friendly interface. Users can also access a demo trading account, educational resources, and 24/7 support. Pricing is accessible, with both free and $5/month pro plans. Why we’re watching: Mystocks.africa is a first-mover making Africa’s capital markets accessible to everyday investors. Humphrey’s finance background (he helped build the East African Commodity Exchange) gives this startup serious credibility. 2. ZOOMe wants to keep electric delivery bikes moving with three-minute battery swaps (EV, Nigeria) EV adoption in Africa is accelerating. Launched in 2023 by Adedayo Odunlami, ZOOMe is a Nigerian startup that offers a network of battery swap stations and electric motorcycles for logistics firms and fleet operators. ZOOMe addresses two of the most significant barriers to EV adoption in Africa: range anxiety and operational downtime. Their battery swap technology allows riders to exchange depleted batteries for fully charged ones in under three minutes at any of their nine stations, ensuring fleets stay on the road with zero waiting time. ZOOMe’s infrastructure-first approach is complemented by after-sales and maintenance support, a digital monitoring app for real-time fleet management, and partnerships with leading players like Spiro to further scale battery-swapping access and drive sustainable logistics. In just over a year, ZOOMe has completed over 19,000 battery swaps, enabled 1.4 million kilometres of emission-free travel, and helped avoid over 140 tons of CO₂ emissions. Why we’re watching: EV adoption is accelerating across Africa, and ZOOMe’s infrastructure-first model is precisely what’s needed to make electric vehicles viable for businesses on the continent. Nigeria’s EV market is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2031. With over 27 million motorcycles already on African roads and two- and three-wheelers expected to account for over 50% of new sales by 2040, ZOOMe is well-positioned to capture a significant share of a market worth billions as electrification accelerates. 3. Reasy wants to make paying and vetting overseas suppliers as easy as mobile money (Fintech, Cameroon) I met Brice Mba, co-founder of Reasy, at a lively mixer during the just concluded Africa’s Venture Capital Week. Within minutes, I was drawing parallels from his business model to Middleman in Nigeria. Launched in 2023, Reasy offers supplier verification, rapid cross-border payments, escrow, and logistics support, making it easier and safer for local businesses to source internationally. Through a recent partnership with Savana, a leading microfinance institution, Reasy now enables merchants to pay Chinese suppliers directly from any Savana branch in Cameroon, bridging the gap between traditional finance and modern trade needs. Why we’re watching: Reasy is equipping Cameroonian importers with the tools they need to trade confidently and efficiently across one of Africa’s largest commercial corridors. Reasy is helping local businesses overcome fraud risks, payment delays, and shipping hassles, unlocking new growth opportunities in a $295 billion trade ecosystem. 4. Konnect Networks wants to let North African freelancers get paid online like it’s 2025 (Fintech, Tunisia) I first heard about Konnect Networks, founded by Amin Ben Abderrahman, from an Egyptian investor who couldn’t stop raving about their impact. Konnect is building the “Stripe for North Africa,” making it easier for businesses and freelancers to get paid online despite a conservative banking sector. With over 27,500 users and $478,000 in revenue in its first two years (2023, 2024), Konnect recently raised $1.5 million to scale its payment gateway across North Africa. Why we’re watching: Konnect is solving a critical problem in North Africa’s conservative banking sector. The startup’s rapid growth and recent investment from VISA signal that global players are finally paying attention to North Africa’s fintech scene. 5. MazaoHub wants to boost smallholder yields with AI soil tests and on-site support (Agritech, Tanzania) I first read about MazaoHub in a “why we invested” blog post by Mercy Corps Ventures. Co-founded by Geophrey Tenganamba and Adelard Josephat Urassa, MazaoHub empowers smallholder farmers with AI-driven recommendations, climate data, and a Farm ERP platform. The company blends advanced technology like real-time soil analytics, AI-driven crop and fertiliser recommendations, and a full-featured Farm ERP with on-the-ground support through a network of extension officers and Farmer Excellence Centres. This “Tech and Touch” approach ensures farmers receive actionable insights and the hands-on help needed to adopt new practices. MazaoHub’s platform covers the entire farming cycle: soil testing and input optimisation to pest scouting, weather risk intelligence, supply chain management, and financial record-keeping. Farmers use the mobile-accessible system to plan, track, and analyse their operations, access credit, and connect directly with buyers, boosting yields, reducing costs, and improving market access. MazaoHub has helped over 14,000 farmers increase yields by an average of 150%, cut fertiliser expenses by 30%, and boost organic manure use by 500%. Why we’re watching: MazaoHub is closing the productivity gap for Africa’s 33 million smallholder farmers by making
Read MoreKenya bars Safaricom, Airtel, regulator from future internet shutdowns
The High Court of Kenya has barred the government, telecom operators, Safaricom and Airtel, and the country’s communications regulator, from disrupting internet access, marking a significant step in the fight for digital rights in East Africa’s most connected country. Seven civil society organisations are suing the Communications Authority (CA), the Attorney General, the Ministry of ICT, Safaricom, and Airtel Kenya, challenging the legality of past and potential internet shutdowns. On May 14, Justice Bahati Mwamuye issued an order restraining state agencies and telcos from interfering with digital communications until the case is fully heard. The petitioners include the International Commission of Jurists (Kenya Section), Bloggers Association of Kenya (BAKE), Paradigm Initiative, Kenya Union of Journalists, Katiba Institute, Law Society of Kenya, and CIPESA. Mwamuye ruled against “shutdown, blockage, denial of access or service, or causing to become offline as disclosed in the Application and the Petition.” The judge also ordered the preservation of all documents linked to previous shutdowns, setting the stage for deeper scrutiny. Kenya’s internet disruptions have been allegedly used to silence dissent and disrupt communication, exposing the fragile state of digital rights protections. This case could therefore force a legal assessment on the limits of state power in controlling digital spaces. “We got orders blocking everyone we sued or their agents, or departments within them, from restricting internet in any way or form. They are also not allowed to limit phone calls as well,” James Wamathai, Director, Partnerships and Advocacy, Bloggers Association of Kenya (BAKE), told TechCaba. Kenya witnessed internet disruptions during critical moments, including the 2024 #RejectFinanceBill protests and the 2024 pre-college examinations. Evidence from Cloudflare, IODA, and OONI pointed to deliberate throttling and the blocking of Telegram, claiming that the app was being used to facilitate cheating, which raised serious questions about abuse of power. The petitioners argue that these disruptions violated fundamental rights, freedom of expression, media freedom, access to information, and broader economic and social rights. They also cite Kenya’s obligations under the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights. The organisations want the court to declare internet shutdowns without due process unconstitutional. They are also seeking court-ordered frameworks to enforce judicial oversight, transparency, and accountability in digital governance. “The outcome of this case will have far-reaching implications for millions of Kenyans who rely on unimpeded connectivity for livelihoods, education, and civic engagement,” Kennedy Kachwanya of BAKE said. The next court hearing is scheduled for June 23.
Read MoreNigeria’s inflation eases to 23.71% in April on energy, FX pressure
Nigeria’s headline inflation eased in April due to high energy and telecom costs, alongside currency depreciation, and a slowdown in food inflation. Headline inflation slowed to 23.71%, according to the National Bureau of Statistics, from 24.23% in March. While food inflation may have stabilised on improved supply and softening demand, core inflation—excluding food and energy—cooled to 23.39% due to rising costs in utilities, telecoms, and other import-heavy sectors. Food inflation for April was 21.26%. “Core inflation is likely to remain the key driver [of inflation], sustained by the pass-through effects of the naira’s depreciation on import-dependent goods,” said Felicia Awolope, Senior Investment Research Analyst at Meristem. “Conversely, food inflation may continue to moderate, supported by stable supply levels and subdued demand.” The naira, though more stable in April than in the first quarter, remains significantly weaker year-on-year. Importers and service providers continue to adjust prices upward in response to past FX volatility, especially in urban centers. “The absence of a meaningful decline in food prices has also limited any potential relief on the headline number,” said Victor Onyema, Head of Investment Management at Norrenberger. While energy and transport costs have shown some stability, any renewed naira weakness or external shocks could reignite broader inflationary pressures, Onyema said. “Inflation may follow a broadly moderate path if currency stability holds and global commodity prices ease,” Awolope said. “Still, imported cost pressures and FX risks remain key concerns.” April inflation data will shape the outcome of the Central Bank interest rate setting meeting when its Monetary Policy Committee meets on May 19. After a series of hikes aimed at stabilizing the naira and curbing inflation, analysts expect a more measured stance. “We expect the MPC to hold rates, especially given recent FX and price stability,” Awolope added. “But with oil prices softening and external inflows under pressure, maintaining investor confidence remains critical.”
Read MoreWhy Flour Mills, Nigeria’s 64-year-old food giant, joined OmniRetail’s $20 million round
In April, Flour Mills of Nigeria (FMN), a 64-year-old manufacturing titan, transitioned from customer to shareholder in OmniRetail, a B2B e-commerce startup that has been ranked the fastest-growing business in Africa twice. FMN, one of the 145 manufacturers that use the platform to sell to retailers, co-invested $20 million in the startup. That was an uncommon step for traditional Nigerian companies, most of whom prefer to collaborate with rather than buy equity in local startups. Globally, this kind of investment, corporate venture capital (CVC), where large companies fund startups, has been on the rise. It has tripled between 2014 and 2024, accounting for over 46% of venture capital deal value. Some foreign CVC firms, like Axa Venture Partners, Mobility54, and Coinbase Ventures, and some non-Nigerian ones like South Africa’s Absa Bank, have extended their interest to Nigerian startups. However, CVC activity from Nigerian traditional businesses continues to lag, despite exits delivering as much as 29x returns. Flour Mills’ recent investment adds to a small but growing number of traditional firms embracing startup investments, driven by financial returns and the need for strategic leverage. As technology reshapes commerce—from mobile point-of-sale systems overtaking ATMs to innovations in last-mile logistics—such investments may become lifelines for legacy companies seeking to stay competitive. “Traditional companies don’t always have the flexibility to build these capabilities internally,” said Akwugo Onuekwusi, an expert in fundraising and financial advisory. “Investing in startups offers them optionality and a moat, especially when the technology touches a core operational pain point.” OmniRetail is solving a big problem for Flour Mills Africa’s retail market is a sprawling headache: 90% of Nigerians shop at informal kiosks, market stalls, and mom-and-pop stores. In Nairobi, the number is 87%. Manufacturers like Flour Mills go through a cascade of wholesalers and distributors to reach these traders. The cost of the items increases at every handoff, while inflation, currently at 23.71%, erodes consumer purchasing power. OmniRetail is one of several startups trying to solve this problem. The platform currently connects 145 manufacturers, including Flour Mills, to 150,000 retailers through an asset-light “network of networks.” With 85 partner warehouses and 1,100 third-party trucks, OmniRetail delivers goods directly to retailers’ doorsteps. Its collateral-free financing model allows cash-strapped vendors to stock up, ensuring consistent demand for manufacturers’ products. Beyond logistics, the startup’s real-time data on demand trends, stock levels, and retailer preferences enable manufacturers to find and meet demand. Flour Mills has had first-hand experience of the impact of this system on its business. “Distribution is key in the fast-moving consumer goods (FMCG) sector, and OmniRetail seems well on its way to building the engine that powers distribution of the future,” Oo Nwoye, an angel investor, told TechCabal. Nwoye notes that this will deepen its alliance with the startup and give the company better insight into the distribution value chain, across pricing, demand, and logistics. It could also give Flour Mills a foothold in the future of the FMCG industry. OmniRetail told TechCabal that the investment was a vote of confidence from Flour Mills and a sign of shared long-term interest. “It came after years of partnership where we demonstrated measurable value—improved sell-through, real-time data insights, and reduced logistics costs,” the company said in an email to TechCabal. “[The investment] reflects FMN’s broader strategy to deepen its distribution footprint, digitise its route-to-market channels, and strengthen retail intelligence, particularly in segments where traditional systems lack transparency and speed. This [investment] deepens our alignment beyond supply chain support—it’s now a strategic partnership for growth.” Moniepoint, PalmPay, OmniRetail, Paga make FT Africa’s fastest-growing companies list A key partner in a new era for Flour Mills Flour Mills’ investment comes at a pivotal moment in its 64-year history. In 2024, the company, majority-owned by a shipping conglomerate, delisted from the Nigerian Exchange Limited (NGX) and plans to restructure its 22 business units into five standalone entities and pursue a pan-African expansion under the African Continental Free Trade Area (AfCFTA). “We aim to attract both technical and financial partners to support the growth of our sugar operations and food business,” said John Coumantaros, the company’s chairman. OmniRetail told TechCabal it is positioned to support Flour Mills’ expansion plans. Nigeria is its biggest market, as the platform already supports cross-border operations in Ghana and Francophone West Africa for all its manufacturers. With OmniRetail’s technology, FMN can manage multi-country distribution, local demand forecasting, and view real-time product performance across regions from a single dashboard—key capabilities for any expansion. Beyond distribution and credit, B2B platforms offer real-time market data: demand trends, stock levels, and customer preferences. This gives manufacturers a clear view of the pulse of new markets, enabling faster entry and sharper operations to compete better with other manufacturers. Nwoye told TechCabal that this acquisition could be a proactive defensive move against their competition in the future. “Any FMCG company that acquires the platform would have access to better insight, distribution tech, and network than other competitors, even those who use the platform.” This echoes the dynamics of Microsoft’s investment in OpenAI. Just as Microsoft understood the future significance of advanced AI and sought to embed itself within its development in the leading AI startup, Flour Mills likely sees OmniRetail’s asset-light network and data capabilities as a critical infrastructure for the future of FMCG distribution in Africa. Their investment ensures they have a strong voice in its evolution and prevents competitors from leveraging its unique advantages to gain an insurmountable lead. However, this investment poses a question about what Four Mills’ new relationship means for competitors who also use OmniRetail. As a significant investor, Flour Mills’ influence over OmniRetail’s development and data could create an uneven playing field for other manufacturers relying on the same infrastructure. But OmniRetail told TechCabal that it will continue to operate as a multi-manufacturer platform and that Flour Mills’ investment does not come with exclusivity around product distribution or access to competitor data. “We’re committed to maintaining a level playing field for all manufacturers on our platform, ensuring trust, neutrality, and fair access
Read MoreMoonshot by TechCabal returns in October 2025
We’re thrilled to announce that Moonshot by TechCabal, our flagship conference that brings Africa’s tech ecosystem together under one roof, is back for its third edition! Get ready to network, collaborate, share insights, and celebrate the incredible innovation happening across the continent. We’re also excited to share that Sabi is returning as our headline sponsor for the third consecutive year, alongside platinum sponsors Raenest, Cardtonic, Roqqu, Opay, Busha, and Flutterwave. This year’s edition, themed “Building Momentum,” is a reflection of the pivotal moment Africa’s tech ecosystem is experiencing. We’ve seen significant progress, and now the focus is on scaling that growth in a sustainable and structured way. We seek to answer the questions: What is next for African tech? And what does scale look like for African startups? At TechCabal, we believe in convening the brightest minds—innovators, investors, business leaders, creators, and even regulators—shaping Africa’s future. Moonshot is our platform to make that happen, a global launchpad where transformative ideas take flight. In 2024, we explored what it means to build for the world. In 2025, we aim to explore how the African tech ecosystem can collectively build on its past achievements to gain momentum and drive future growth. Last year, we hosted over 4,000 of you in Lagos, Nigeria. We spent two packed days diving into insightful discussions and exploring the wins and potential of African innovation. Moonshot 2024 featured over 90 speakers and 9 diverse tracks, including exciting new additions like Climate Tech, Government Regulation & Policy, and FUEL: The Investor Conference. We were honored to welcome an incredible lineup of speakers, including Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Juliet Ehimuan, Iyin Aboyeji, Layi Wasabi, among many other leaders from tech, business, and the creator spaces. If you missed Moonshot 2024, you can catch the highlights on TechCabal’s YouTube channel. This year, Moonshot by TechCabal is evolving beyond the traditional conference format. We’re creating a curated, immersive experience of Africa’s innovation journey. This storytelling-driven approach will influence everything from the event design and session formats to the networking opportunities. We will be introducing TC’s column-inspired live sessions, curated roundtables & private room discussions, community-driven sessions and structured deal rooms, and investors’ matchmaking sessions. We’re retaining the nine content tracks from last year, but with updated formats and focus. The number of sessions within each track will be tailored to the depth and relevance of the discussions. The tracks are grouped into two tiers: Tier One, which includes Future of Commerce, Creative Economy, Emerging Tech (AI & ML), Startup Festival, and FUEL: The Investors Conference, and Tier Two, which includes Clean Tech & Climate, Big Tech & Enterprise, Entering Tech, and Government & Policy. Mark your calendars for October 15th and 16th, 2025, because we’ll be back at the Eko Convention Centre in Lagos, Nigeria, for two days of sharper and more engaging conversations with industry leaders and innovators. Tickets are on sale. Click here to get your early bird tickets. We can’t wait to see you at Moonshot 2025!
Read MoreKenyan edtech Craydel expands to Rwanda, taps Nigerian talent in Pan-African push
Craydel, a Kenyan edtech that helps students apply to universities abroad, has launched in Rwanda and is expanding its Nigerian team as part of its ambitious pan-African expansion drive. Rwanda’s entry brings Craydel’s total footprint to five countries, joining Kenya, Nigeria, Uganda, and Zimbabwe. Craydel Co-founder Manish Sardana told TechCabal that the startup is now in its growth stage and expanding operations through partnerships with more overseas educational institutions as it broadens options for African students exploring various career options. Craydel provides a portal that matches students with education counselors who help them choose their career paths before selecting courses from partner universities. “Our study abroad tech allows us to scale seamlessly and rapidly across markets,” Sardana told TechCabal. “ Rwanda is now our 5th market in Sub-Saharan Africa, and the reception for Craydel from some of the top high schools in Rwanda has been phenomenal.” Craydel’s latest expansion makes it the first Kenyan edtech startup to expand across the continent. While most edtechs remain focused on single markets, the startup took the pan-African route, offering students in East, West, and now Central Africa a unified platform to explore, compare, and apply to universities and colleges. To meet growing demand, the company is also hiring education counselors across its teams in Nigeria and Kenya, a move Sardana attributes to rising demand for its tech-driven guidance platform. The company employs over 100 people, with Kenya and Nigeria remaining its largest and fastest-growing markets. Founded in 2021 by Sardana, John Nguru, and Shayne Aman Premji, Craydel has raised over $2.5 million in venture funding, with backing from Enza Capital, Angaza Capital, and other investors. Learners register for free, while the company earns revenue through commissions paid by institutions listed on the platform for each enrollment they receive. Its main competitors include IDP Education and Applyboard. “Craydel is building the digital rails for higher education choice and access across Africa, “ said Mile Mompi, Enza Capital managing partner. “Their rapid expansion into Rwanda and new high school partnerships is a testament to both the power of their technology and the strong market pull given the urgency of the problem they’re solving.” With an estimated 400,000 African students studying abroad each year, Craydel’s pan-African expansion positions it to tap into this growing market as it scales to achieve profitability. The startup estimates that the African edtech market is valued at about $30 billion annually.
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👨🏿🚀TechCabal Daily – Airtel bets on itself
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Your Gen Z co-worker doesn’t just want free snacks—they want company. So be extra nice to them today, they might just be lonely. 91% of the generation’s workers say they want more balance between virtual and in-person work, according to a survey from Harris Poll. Let’s dive into today’s edition. MTN’s BankTech, disburses $592 million in Q1 2025 Airtel plans to buy back its $55 million shares These 12 startups made the FT fastest-growing company list 2025 Fidelity Bank rejoins the trillion-naira market club World Wide Web 3 Events Telecoms MTN’s B2B loan service, BankTech, disburses $592 million in Q1 2025 Image Source: TechCentral If you’re Nigerian and you’ve ever had a serious mishap using MTN’s telecom service—like logging off a meeting or embarrassingly turning off your video during an interview so your internet spares your blushes—then you’d have asked, at least once, is MTN even serious about doing this telecom business? Or maybe it’s just us and we had to dramatise for effect. During the last decade, MTN made most of its money from voice calls—71% of revenue in 2014 came from it. However, voice revenue has slowed down over the years, dropping to 39% in 2023 and 32% in 2024. Last year, voice brought in R57.2 billion ($3.1 billion). By Q1 2025, it fell again by 0.1% year-on-year. On the other hand, its data revenue and digital services have taken off. Soon, as digital services began to expand, it opened up many sectors with it, such as fintech, entertainment, instant messaging, and education. MTN spotted these trends, and as a mature company, the telecom operator has dipped its fingers into all these businesses in hopes of increasing revenue and staying ahead of the curve. Already, as a data and infrastructure provider, MTN not only wanted to own the bakery, it was going after the bread, too. This was why it deepened its focus on fintech; it started with MoMo, which is a key business in some of its markets, and now, BankTech (which launched in August 2023)—a B2B platform that gives fintechs and digital platforms the tools (via APIs) to offer loans, savings, and insurance—is entrenching itself as an important money-spinner. For BankTech, MTN provides the liquidity, particularly in markets where it is permitted to offer digital loans. In Q1 2025, the group reported that it disbursed $592 million in loans. Juggling multiple ventures is no small task, but MTN’s scale and capital give it room to experiment. While it may not be as sleek as younger fintech startups, its reach and financial muscle make up for it. And for the businesses using its rails, what matters most is access, not who built the pipes. Yet, Nigerians can rest easy knowing MTN still has interest in offering solid telecom services after Q1 core network reinforcements. Seamless Global Payments With Fincra. Issue accounts in NGN, KES, EUR, USD & more with one integration. Send & receive funds seamlessly across borders; no more banking hassles or complex conversions. Create an account for free & go global today. Telecoms Airtel Africa plans to buy back its $55 million shares, signalling confidence Image Source: TechCabal Airtel Africa, the telecom company that operates in 14 African countries, has started the second phase of its $100 million share buyback programme, which began in 2024. The company plans to buy up to $55 million worth of its own shares from the open market to reduce the number of shares and return value to shareholders. Usually, when companies buy back shares, it’s a sign things are going well. Their books are solid, and there’s confidence in long-term growth. Airtel is in that position. In the full financial year that ended March 31, 2025, the company reported a profit after tax of $328 million; this was its highest cash pull in over three years, marking a turnaround from a $89 million loss in the previous period. Yet, the performance wasn’t a one-time wonder. Airtel has posted steady gains since mid-2024, helped by currency stability in Nigeria and better pricing on data. Tariff adjustments, cost controls, and easing FX pressure also helped it reverse course financially. The buy-back now doubles as both reward and signal—telling retail investors that the company is not only profitable but confident enough to reduce share count and concentrate future gains. Still, there’s a catch. Airtel is a famously illiquid stock, especially on the Nigerian exchange (NGX), largely because most of its shares are held by institutional investors, leaving little room for retail activity. As a result, trading volumes are thin, and retail investors may struggle to buy or sell shares quickly without nudging the price. This illiquidity means that investors must be prepared to play the long game. Paga is on the Financial Times List Three Times in a Row! Milestone achieved: 3x in a row! Celebrating 16 years of growth with our third consecutive appearance on the Financial Times’ Africa’s Fastest-Growing Companies list. Read more. Startups These 12 startups made FT fastest-growing company list for 2025 Image Source: TechCabal What does it take to be one of Africa’s fastest-growing companies? FT and Statista say it’s a combination of grit and an ambition to build durable businesses amidst volatile operating environments. You’d agree this is true, especially at a time when African startups are witnessing a decline in venture funding. Yesterday, the Financial Times in collaboration with research company Statista released its yearly list of fastest-growing companies on the continent, a list that has been revered by investors and PR folks alike. Now in its fourth year, 2025 rankings featured 130 African companies based on their revenue growth rate from 2020 to 2023. The 2025 list contains some very familiar names—Moniepoint, Paga, Mkopa and Palmpay—and some names you wouldn’t expect on the list—Nigeria’s 40-year-old Chams PLC. Overall 12 startups were selected for the list, with Nigeria having the most representation with 6 startups. Kenya had 3 companies on the list
Read MoreA priest, Oluwo Olawole Olakunle, is building an app to check fraudulent spiritualists
I locked myself in the office restroom to escape my colleagues’ chatter. Pacing, I needed a quiet place to listen to Oluwo Olawole Olakunle, a priest of Ifá—a revered Yoruba system of divination—deliver a virtual reading. In an interview days before, Olakunle, who holds degrees in information technology and electrical engineering, described Ifá as a “query system” akin to a computer algorithm. “Ifá has no emotion,” he explained. “It’s garbage in, garbage out. You ask the right question, you get the truth.” His analogy echoed the rise of technopaganism, a term for the many ways spiritual practice is merging with digital technology. Today, virtual reality, artificial intelligence, and social media allow spiritualists to conduct immersive rituals, join far-flung spiritual communities, and even consult AI-powered oracles. The ancient and the digital are fusing in ways that would have seemed impossible a generation ago. In the past, finding spiritualists meant relying on word-of-mouth recommendations and undertaking a journey to a shrine, like Olakunle’s in Epe. Now, diviners are gaining prominence on social media platforms and conducting consultations and rituals virtually. Olakunle, who rose to fame in 2021 after his podcast and social media posts earned him a documentary, is one such practitioner. He claims he has thousands of unattended divination requests dating as far back as three years ago. Fascinated, I asked him for a reading, posing the question in the minds of millions of young Africans: Why am I not making financial progress? His voice, steady and punctuated by soft Yoruba chants, shared answers that felt more like predictions: “Ifá says you’re destined for authority, but people who should be subjects slander and plot against you.” He mentioned threats to my family’s ancestral lands, a blackmail case, and the glimmer of sudden wealth on the horizon. He continued for half an hour. At the session’s end, he prescribed actions: practice greater hospitality, discard my old duvet, and pay ₦63,000 for him to procure items needed to “feed” the gods at his shrine in Epe, hours away, and an additional ₦270,000 to fund the design of a personal digital portal for daily divine guidance. The total cost, almost five times Nigeria’s minimum wage, gave me pause. As I stared at my scribbled notes, half-sceptical and half-mesmerised, I wondered if the predictions were a candid effort or educated guesses based on benchmarks typical of an assertive Nigerian woman navigating a culture where sexism, harassment, and patriarchy prevail. Nonetheless, worldwide, several seekers are doling out cash to online babalawos they meet on TikTok, Twitter, Facebook, or custom e-commerce sites where they list their services. Olakunle is building one such platform: Ifa Priest Africa. However, his goal goes beyond facilitating virtual divination. 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It has also fostered fraudsters—individuals posing as spiritualists without proper initiation or training and extorting unsuspecting seekers. Some of them are encouraging criminal practices like human sacrifice, which several practitioners have stated do not align with the doctrines of the Yoruba gods. Olakunle hopes that Priests of Africa will curtail this problem. It is an online platform that aggregates vetted spiritualists through background checks, mentor verification, and test divinations. The application also functions as a messaging
Read MoreSouth African fintechs Paymenow, TymeBank, Omnisient make FT’s Africa fastest-growing companies list
Three South African fintech startups, Paymenow, TymeBank, and Omnisient, have been named in the Financial Times (FT) Africa’s Fastest-Growing Companies 2025 ranking. Now in its fourth year, the FT ranking, developed in collaboration with research firm Statista, evaluates businesses based on their compound growth rate from 2020 to 2023, providing a retrospective analysis of corporate expansion across Africa. This year’s list featured 130 high-growth businesses, and the three fintech startups were among the 51 South African companies listed. Paymenow Ranked sixth, Paymenow is a fintech startup in financial services and insurance. Established in 2019, the company offers innovative solutions that improve financial accessibility for employees and consumers alike. Paymenow has experienced phenomenal growth, with an absolute increase of 3756.1% and a compound annual growth rate (CAGR) of 237.8% between 2020 and 2023. The company’s revenue surged from $0.14 million in 2020 to $4.86 million in 2023, and its team has grown significantly, from 7 employees in 2020 to 38 employees in 2023. 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A deeper look at its growth metrics reveals key changes in its financial performance and expansion trajectory over the past year. Between 2020 and 2023, TymeBank’s revenue soared from $10.67 million to $67.70 million, representing a 610.9% absolute growth rate in the 2025 ranking. Comparatively, in the 2024 list, its revenue had increased from $4.65 million in 2020 to $40.41 million in 2023, reflecting an 885.69% absolute growth rate at the time. The bank’s CAGR fell from 114.41% in 2024 to 92.3% in 2025. TymeBank’s workforce grew significantly, increasing from 350 employees in 2023 to 602 employees in 2025. Omnisient Omnisient is a financial services and insurance startup founded in 2019. The company focuses on data-driven financial solutions, helping businesses and financial institutions use secure and ethical data-sharing practices for customer insights and risk analysis. Omnisient’s ranked 30 and was not listed in the 2024 ranking list. Between 2020 and 2023, Omnisient’s revenue surged from $0.32 million to $2.00 million, reflecting an absolute growth rate of 604.9% and a compound annual growth rate (CAGR) of 91.7% in the 2025 FT ranking. Omnisient’s employee count increased from 10 in 2020 to 39 in 2023, indicating consistent investment in talent and operational capacity. 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Read MoreMTN’s BankTech disburses $592 million in Q1 loans amid rising credit demand
BankTech, the digital lending arm of MTN Mobile Money unit, disbursed a record $592 million in loans in Q1 2025, according to MTN Group’s financials, its highest since launching in August 2023. The surge highlights growing demand for microloans and the rising role of telcos in closing Africa’s credit gap. The lending platform is MTN’s strategic push into banking-as-a-service (BaaS), offering APIs that enable fintech startups, businesses, and digital platforms to integrate financial services, such as lending, savings, and insurance, directly into their ecosystems. Loans are primarily issued to individuals and small businesses through MTN’s BankTech platform. BankTech highlights the growing role of telecoms in driving financial inclusion. Before MTN joined the digital lending space, platforms like Safaricom’s M-Shwari (launched in 2012), KCB M-Pesa (in partnership with Kenya Commercial Bank), Airtel Money Loans across East Africa, and Vodacom’s M-Pesa in South Africa had already paved the way for mobile-based consumer lending in Africa. Collectively, these telco-led platforms represent a consumer lending marketplace valued at approximately $247 million, all aiming to bridge Africa’s estimated $782 billion credit gap as of 2024. BankTech’s growth reflects a shift in consumer confidence, showing that users are increasingly embracing telecom-driven financial solutions as credible alternatives to traditional banks. The platform started gaining momentum in 2024, disbursing $371.7 million in loans in the first quarter, followed by $359.9 million in Q2, $461.5 million in Q3, and $546.8 million in Q4. This steady growth led to a record $731.6 million in loans disbursed in Q1 2025. According to MTN’s financial reports, the surge was largely driven by strong performance in Ghana, Uganda, and Cameroon—markets where MTN’s fintech services are growing quickly and digital lending is becoming more established. 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MTN Nigeria operates under a Payment Service Bank (PSB) licence, which limits it to providing basic financial services such as deposits, transfers, and mobile wallets. The Central Bank of Nigeria prohibits PSBs from offering credit products, keeping MTN’s lending ambitions in the country on hold. This means MTN’s BankTech cannot operate its lending business in Nigeria, even as demand for credit continues to climb. Instead, the company relies on Xtratime, an airtime advance service that lets subscribers borrow airtime and repay it on their next recharge. Though not classified as a cash loan, Xtratime plays a similar role for low-income and unbanked users needing short-term value. Despite regulatory constraints, Xtratime has become a crucial driver of MTN Nigeria’s fintech revenues. In Q1 2025, MTN Nigeria reported a 57.9% year-on-year increase in fintech revenue, hitting ₦36.1 billion. This was largely fueled by the growth of airtime lending via Xtratime. The growth was bolstered by a revamp of MTN’s customer acquisition strategy starting in Q3 2024. The company optimised incentives, strengthened distribution oversight, and focused on attracting high-value users, leading to deeper service penetration and better customer retention. As of Q1 2025, MTN Nigeria’s subscriber base grew by 8.2% to 84.1 million, adding 3.2 million new users—many of whom are potential Xtratime users. One way MTN would have expanded its fintech services in Nigeria is to spin off its fintech unit and have it run like an independent fintech company, but progress has been slow. MTN Group CEO Ralph Mupita recently acknowledged that the process is
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