Airtel plans 2026 IPO for mobile money unit in push against M-Pesa, MoMo
Airtel Africa plans to list its mobile money unit, Airtel Money, in the first half of 2026 as the telecoms giant seeks to capitalise on the growing demand for digital payment services across the continent. On Thursday, Airtel confirmed the listing plan amid growing investor appetite for Africa’s fintech sector, particularly mobile payment platforms that offer millions of unbanked users access to transactions, credit, and remittances. Airtel Africa, listed in London and operating in 14 African countries, told Reuters the IPO would give Airtel Money the independence and visibility to scale its operations. The planned IPO signals Airtel Money’s move to close the gap with rivals like Safaricom’s M-Pesa and MTN’s MoMo in the booming digital payments market. By getting autonomy and raising capital from the IPO, Airtel Money hopes to compete with heavyweights that enjoy large user bases and deep market penetration. While the company did not disclose the exchange or fundraising target, it reaffirmed its intention to go public, first announced in 2024 when it began exploring a potential spin-off of the fast-growing unit. The company had initially set a target of July 2025. “We are committed to the IPO timeline of July. We still have six months to figure out the details for it,” Sunil Taldar, Airtel Africa CEO, said in January. “Our overall priority remains to invest in the strong growth of the business.” Airtel Money has emerged as a key engine of growth for the group, with revenues from the service rising 20.7% in 2024. The platform processed $112 billion in transaction value last year, driven by growing adoption in key markets. Airtel is betting that a standalone listing will accelerate Airtel Money’s expansion in countries like Nigeria, Tanzania, Uganda, and the Democratic Republic of Congo — markets where mobile money usage continues to climb but remains far from saturation. With over 30 million active users across 14 markets and partnerships with banks, Airtel Money wants to take on regional competitors like Kenya’s Safaricom and South Africa’s. Despite its rapid growth in recent years, Airtel Money has ground to make up. Safaricom’s M-Pesa continues to dominate in Kenya and neighbouring Tanzania, processing more than $300 billion a year and remaining the preferred option for mobile transactions in many households and businesses. MTN’s MoMo enjoys a larger footprint across West and Central Africa. M-Pesa has an estimated 66.2 million active users, while MoMo has 65 million.
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👨🏿🚀TechCabal Daily – Delete our data
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-TGIF. Remember thinking your 20s were the peak of happiness? Turns out, you’ve been selling your future self short. New research shows that aging, happiness, and well-being don’t just bounce back after midlife; they keep climbing well into your 70s. Your 30s will probably feel better than your 20s, your 40s even better than that, and so on. Forget the midlife crisis myth; life satisfaction is more of a steady uphill climb than a U-shaped rollercoaster. So next time you dread another birthday, remember: you’re not just getting older, you’re leveling up in happiness. – Faith African startups raised $343 million in April Kenyan high court orders WorldCoin to delete biometric data of Kenyans inDrive to share user data with South African government Ghana’s inflation eases in April World Wide Web 3 Events Funding African startups raised $343 million in April, driven by exits and mega deals Image Source: Zikoko Memes Africa’s startup ecosystem saw a strong rebound in April 2025, with 39 startups raising a total of $343 million across equity deals above $100,000, including debt and grants, according to data from Africa: The Big Deal. This marks a sharp recovery from March’s funding dip and makes it the second-highest April on record for tech funding on the continent, trailing only the April 2022 surge. The surge was fueled by a few standout mega deals. The big hitters: South African healthtech startup hearX led the charge, securing $100 million through a merger with US-based Eargo. Egypt’s Islamic fintech Bokra raised approximately $59 million via a sukuk issuance, one of the largest Sharia-compliant fundraising rounds in the region. Meanwhile, South African payments infrastructure startup Stitch pulled in $55 million from existing investors as it ramps up efforts to offer end-to-end payment solutions across Africa. April’s surge brings total funding for African startups to $803 million across 163 ventures in the first four months of 2025—up 43% from the $563 million raised by 147 startups during the same period in 2024. After a sluggish January, this rebound signals renewed investor confidence and a strengthening appetite for African innovation. In April, over four exits were recorded, mostly involving fintechs. These exits underscore a maturing African tech ecosystem that not only builds strategic value but also attracts cross-border investor interest, reassuring stakeholders about the continent’s return potential. Egypt’s ADVA was acquired by UAE-based Maseera; Nigeria’s Bankly was bought by C-One Ventures; and South Africa’s Peach Payments snapped up Senegalese fintech PayDunya to enter Francophone West Africa. These exits, spread across North, West, and Southern Africa, not only signal pan-African consolidation but also validate investor confidence in strategic acquisitions as a pathway to scale. Together, these exits complement April’s $343 million funding surge, reinforcing investor confidence in Africa’s tech ecosystem. They reflect a growing appetite for sustainable growth, strategic expansion, and ultimately, the return potential that has long underpinned the continent’s innovation story. 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. 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Read MoreHow Nigerian banks’ market cap tripled to ₦10.5 Trillion in six years
This article was originally published on TechCabal Insights. In just six years, the total market capitalisation of Nigerian commercial banks has more than tripled from ₦3.2 trillion in 2020 to ₦10.5 trillion in 2025. This reflects a combination of digital transformation, monetary policy shifts, and strategic banking reforms that have reshaped Nigeria’s financial sector. The Central Bank of Nigeria’s (CBN) aggressive monetary policies are a key driver behind this growth. As of February 2025, the Monetary Policy Rate (MPR) stands at 27.5%, following a series of hikes to stabilise the naira and curb inflation. While high interest rates have made borrowing costlier for businesses, they have also boosted banks’ profitability by increasing lending margins. At the same time, Nigeria has witnessed a boom in digital payments. The Nigeria Inter-Bank Settlement System (NIBSS) reported that in 2024 alone, the total value of electronic transactions hit ₦1.07 quadrillion, a 79.6% increase from ₦600 trillion in 2023. This surge in cashless transactions has significantly boosted banks’ revenues through transaction fees, fintech partnerships, and digital banking services. The role of commercial banks in Nigeria’s digital economy Nigerian banks have been at the heart of the country’s transition to a cashless economy. Investments in digital payment infrastructure, mobile banking apps, and fintech collaborations have driven financial inclusion and enhanced transaction efficiency. One of the biggest indicators of this shift is the growth of Point-of-Sale (PoS) transactions, which reached ₦19.4 trillion in 2024—an 81% jump from ₦10.73 trillion in 2023. This increase not only reflects changing consumer behavior but has also strengthened banks’ revenue streams through transaction fees and partnerships with fintech startups like Flutterwave, OPay, and Moniepoint. By capitalising on the digital boom, Nigerian banks have positioned themselves as key players in Africa’s evolving financial ecosystem. Market capitalisation shifts over the last six years Between 2020 and 2025, the market capitalisation of Nigerian commercial banks has seen significant shifts. The years before President Bola Ahmed Tinubu’s administration were marked by steady growth with occasional market corrections. However, post-2023, the sector witnessed accelerated growth, reflecting increased investor confidence and supportive policies to strengthen financial institutions. For example, in 2020, Zenith Bank and GTCO led the market with valuations around ₦740 to ₦780 billion. By 2023, these figures had surged, with Zenith Bank crossing the ₦1 trillion mark. The Tinubu administration’s emphasis on relative macroeconomic stability, fiscal reforms, and support for digital finance created an environment where banks thrived. Post-2023, commercial banks experienced robust growth as investors responded positively to economic reforms and increased digital payment adoption. The 2025 market capitalisation of Nigerian commercial banks As of March 22, 2025, the combined market capitalisation of Nigeria’s top commercial banks reached a historic ₦10.5 trillion. GTCO leads the sector with a valuation of ₦1.99 trillion, followed closely by Zenith Bank at ₦1.87 trillion. UBA commands a market cap of ₦1.26 trillion, while Access Bank stands at ₦1.15 trillion. FirstHoldCo follows at ₦969.2 billion, with Fidelity Bank reaching ₦898.7 billion and Stanbic IBTC at ₦796.9 billion. Among these, Fidelity Bank has been one of the most impressive climbers, skyrocketing from a market cap of just ₦73 billion in 2021 to ₦898.7 billion in 2025—an astonishing 1,100% increase. These gains reflect a mix of sound financial management, increased adoption of digital banking, and regulatory policies that have strengthened the financial sector. Key challenges exist Despite this impressive growth, Nigerian banks face challenges such as failed transactions, settlement delays, and high transaction fees. Other critical issues include a high Non-Performing Loans (NPL) ratio, limited access to finance for SMEs, weak regulatory environments, cybersecurity threats, and infrastructure gaps. These pain points highlight the need for reforms and technological upgrades to sustain growth. Amid these challenges, Nigerian commercial banks are expanding across other African countries, increasing their footprints and regional influence. Strategic collaborations with fintech platforms have further eased transactions and enhanced customer experience, positioning Nigerian banks as key players in Africa’s financial future. Want deeper insights or a custom report on this topic? Fill out our quick form, and the TechCabal Insights team will get in touch with you.
Read MoreFood delivery startup OyaNow is targeting the 1% to break even by Q1 2026
OyaNow, a seven-year-old Nigerian food delivery startup, projects it will break even by Q1 2026, according to founder Abbas Dayekh. This is a big win for the bootstraped startup, which has seen deep-pocketed competitors like Jumia Food, Bolt Food, and Uber Eats exit or shut down due to unsustainable unit economics. Its strategy? Abandoning the mass market to bet on the rich. Nigeria’s food delivery market, valued at over $1 million in 2024, faces intense pressure for profitability. Although startups like Chowdeck, HeyFood, and FoodCourt claim to make a profit on each delivery, these profits do not cover broader operating expenses; they do not equal breaking even. OyaNow, one of the country’s oldest food delivery platforms, is projecting that its new focus will cause it to break even by 2026. Dayekh says this goal is feasible because the business is moving away from price wars for mass-market appeal to focus instead on less price-sensitive consumers. The former approach would have driven the bootstrapped start-up into debt, as promotion-driven customers are often disloyal, switching platforms before businesses can recoup acquisition costs. In contrast, high-earning customers are less price-sensitive and remain loyal when offered convenient, high-quality service. “I had to make a forceful choice to tailor to the rich,” he told TechCabal. He clarified that while OyaNow’s mobile app remains generally accessible, its strategy and marketing now target a more affluent consumer base. With experience in providing tracking solutions and insights about Nigeria’s e-commerce space, Versa Research’s team lead, Busola Akin-Olawore, argues that the ideal customers of food delivery platforms will not be swayed by low prices and expressed wariness about businesses that rely on price wars to turn a profit. Food delivery startups that share and have adopted unique strategies to tackle this. Heyfood, a Y Combinator-backed startup based in Ibadan, is taking a similar approach to OyaNow by allocating less than 5% of its marketing budget to discounts and targeting young urban professionals with disposable income to outsource domestic tasks, according to its CEO and co-founder, Taiwo Akinropo. OyaNow has expanded revenue streams from solely offering food delivery to providing diverse services, including logistics, laundry, car rentals, and errands via its upcoming “Oya Concierge,” which will be launched via WhatsApp, offering vetted handymen and service providers to users. Dayekh acknowledged that this focus results in a smaller market share than competitors like Glovo and Chowdeck. OyaNow has over 50,000 users, a fraction of Chowdeck’s 500,000 users, Glovo’s estimated 500,000 –700,000 users, FoodCourt’s 100,000 users, and Heyfood’s 50,000 users in Nigeria. However, Dayekh claims OyaNow’s market share among affluent consumers surpasses its competitors’. He noted that with his consumer base being higher spenders, OyaNow holds more significance, with the 1% of the market, than its competitors – citing partnerships with high-end vendors like RSVP, Aldo’s, Cilantro, and an average basket value of ₦25,000, ($15.56) compared to competitors’ ₦5,000 ($3.11) – ₦8,000 ($4.98). For deliveries, the app charges ₦1800 ($1.12) for the first 3km and an additional ₦200 for every extra km, compared with competitors’ ₦500 ($0.31) – ₦1,000 ($0.62) cost for short-mile deliveries. OyaNow has outlasted most of its popular rivals. Dayekh launched the company in 2017 after a poor experience with Jumia Food, the dominant food delivery platform at the time, alongside smaller players like Eden Life. Identifying a gap in Nigeria’s delivery market, he started OyaNow despite lacking logistics or tech experience. Without institutional funding, he relied on personal savings and his network, limiting scale but allowing flexibility in a sector he was new to. The 2020 lockdowns provided a significant opportunity; with cities shut down and roads empty, demand for delivery apps surged. OyaNow achieved 202% annual growth and $344,000 in revenue by 2020, Dayekh told TechCabal. This success attracted acquisition interest from a prominent African payments technology company – name kept off record – in 2021, but the deal collapsed due to market conditions, including Nigeria’s currency devaluation, rising inflation, and investor caution following the global tech stock downturn, which reduced appetite for high-risk acquisitions. Dayekh faced significant burnout. He left Nigeria for a year, stepping back from active management. During this period, OyaNow experienced a “year of dullness,” with slowed growth as shareholders, primarily friends and personal contacts, sought to exit. Dayekh personally reinvested in OyaNow, buying back equity from departing shareholders. He described this as a blessing, freeing him from pressure to chase unsustainable growth metrics. The logistics business was capital-intensive, and competing with deep-pocketed start-ups would have driven OyaNow into debt. Dayekh returned to restructure the company. Deciding that the unit economics of mass-market food delivery in Nigeria were unsustainable, OyaNow abandoned heavy subsidies and free delivery. “By changing the way I did it, I went from an extremely loss-making operation to almost breaking even,” Dayekh noted. OyaNow maintains a lean operation with about 80 employees, including in-house riders, but collaborates with third-party riders during peak seasons, scaling to 120 – 140 riders, Dayekh noted. The company prioritises organic channels over costly traditional marketing, such as billboards. In November 2024, OyaNow launched a podcast, OyaGistme, to cross-promote the brand and discuss the country’s business ecosystem. Dayekh believes this suits its strategy to attract high-value customers. Ultimately, OyaNow is playing the long game: localising its operations and patiently waiting for market dynamics to shift in its favour. As Dayekh puts it, “The only reason I’m betting on it is because I know that eventually dynamics will adjust and an opportunity will arise.”
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MIVA, Nigeria’s first private open university, targets 100,000 students with new Lagos study centre
It was 4 PM on a rainy Tuesday afternoon, April 29th, 2025, when scores of people trooped into the premises of a four-story building at the heart of Nigeria’s startup capital, Yaba, skittering to get shade from the unrelenting rain, which had been falling all afternoon. Those people hurrying inside were not simply seeking shelter. They were attending the launch of the newly built study centre of Nigeria’s first fully accredited private open university, MIVA. Launched in 2023 by edtech pioneer uLesson, MIVA offers undergraduate and postgraduate degrees in computing and management courses such as computer science, software engineering, accounting, economics, business management, public policy & administration, data science, and cybersecurity. Two years and over 9,000 learners later, MIVA is bringing learning closer to its students. “There are many things more important than just studying. Having a community is one of them,” Sim Shagaya, chancellor of the university, said as he welcomed the crowd to the opening ceremony of the study centre launch. “The university is not just a place to study; it is a community where you connect with like-minded people,” the renowned entrepreneur continued, delivering his remarks in a manner reminiscent of distinguished, Ivy League addresses. The crowd, mostly MIVA students, journalists, and would-be learners who came to explore the newly opened space, cheered in applause after his speech. From a modest 500 students in 2023, MIVA is on track to surpass 10,000 by May, with plans to reach 20,000 by year’s end and a bold target of 100,000 students by 2027. Rolling out more study centres like this one will be key to achieving that vision. 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 <!– Next Wave –> <!– Entering Tech –> Subscribe MIVA Open University is one of the open universities solving the capacity problem in Nigeria’s tertiary education system. Of the 1.8 million students who sat for the Joint Matriculation Board (JAMB) exams, an entry exam into Nigerian tertiary institutions in 2022, only 600,000 were admitted. Nigeria’s 170 universities can only hold 1.8 million students, and there are not enough places for even those who pass college entry exams. The study centre—one of many that the university plans to launch—sits in a four-story high-spec space housing study rooms, co-working spaces, a gym (although not yet equipped at the time of this report), a CBT centre, and a rooftop for events. MIVA is required by Nigerian universities’ law to have one of these centres to conduct examinations for undergraduate students. However, the physical centres are an acquisition play for the university to attract new learners. MIVA uses its physical hubs to mimic the “micro-campus” strategy pioneered by U.S.-based National University, which operates over 250 centres and serves half a million students. “We’re inspired by how physical presence can correlate with user growth,” Iheanyi Akwitti, MIVA’s registrar and chief academic officer, told TechCabal, citing data that showed a direct relationship between campus footprint and enrollment spikes. Akwitti says the launch of the study centre is not motivated by profits, although it will make money by leasing out some of the facilities for external use. The registrar added that MIVA will launch similar study centres in underserved rural locations across the country, areas without access to the internet and electricity. While tuition remains Miva’s core revenue stream, the study centres open new income verticals. The centres will double as public co-working spaces and event venues during non-exam periods. Gym memberships and other
Read MoreGoogle-backed Platos Health raises $1.4 million pre-seed to roll out preventive health device across Nigeria
Platos Health, a Lagos-based health-tech startup that allows people to monitor their body fat and other health metrics from the comfort of their homes, has raised a $1.4 million pre-seed round to scale its AI-driven metabolic health platform, Platos Monitor. Google for Startups led the round, with participation from Invest International and a group of angel investors from Google, Tesla, and Unicredit. The company will use the funding to roll out its hardware medical-grade device, Platos Body Monitor, in Nigeria. Launched in 2020 by Joseph Fakayode, Platos Health is a preventive health platform that allows users to monitor their metabolic health from the comfort of their homes using a medical-grade device, Platos Body Monitor. The device provides personalized health insights by measuring key metrics such as heart rate, weight, body mass index (BMI), fat levels (including both visceral and subcutaneous fat), and hydration status. Users can track up to 49 quantifiable indicators that comprehensively show their overall health status. The Platos platform comes with Platos Monitor Software and is available on Android, iOS, and the web. The software also integrates well with popular health ecosystems like Apple Health and Google Health Connect, allowing users to consolidate all their health data in one place. Platos Body Monitor, which is distributed through 300 pharmacies—including Medplus, Justrite, and Alpha Pharmacy—across Nigeria, is priced between ₦80,000 ($50) and ₦120,000 ($80). Platos is among the Nigerian healthcare startups helping to address the country’s rising burden of chronic diseases like diabetes, hypertension, and metabolic syndrome. With about 30% of Nigerian adults now living with at least one chronic condition and more than 8 million diagnosed with diabetes, the need for innovative, accessible solutions has never been more important. Nigeria’s severe shortage of medical professionals—just 500 cardiologists for over 200 million people—and the ongoing exodus of doctors further strain the health system. By leveraging technology to empower individuals to monitor and manage their health, startups like Platos are filling critical gaps in care, making preventive and chronic disease management more accessible and effective for millions. The company believes this is a $30 million market opportunity. However, it will have to fend off established competitors like Omron, whose medical devices have decades of clinical validation and are widely recommended by healthcare professionals globally. However, Platos has scored some early wins. The platform, which makes money primarily from the sale of its devices, claims 33% of its users achieved clinically significant weight loss within three months, and 59.4% of users in a recent survey said they’d be disappointed without Platos. Unlike competitors—Omron, Withings, Fitbit, and Qardio—which focus on measuring health data primarily for people already diagnosed with illnesses such as cardiovascular risk or hypertension, Platos targets both the visibly ill and the millions of Africans living with hidden fat and undiagnosed metabolic risk. Platos helps users to identify and address silent threats before they escalate, shifting the focus from reactive care to proactive prevention. When asked about its choice to launch in Nigeria, the startup points to these gaps in care and prevention. “We saw a gap. Health isn’t just clinical; it’s personal,” Fakayode said. “Platos Monitor brings that power to Nigerians first.” Platos also uses Google’s Gemini to provide users with personalized insights and health summaries, such as distinguishing between ‘good’ and ‘bad’ fat. Fakayode says these tools help users manage weight, improve metabolic health, prevent disease, and address age-related muscle loss. The Platos software is designed for urban women and health-conscious men, groups often affected by poor diet and inactivity. With the fresh funding, Platos is ramping up research and expansion efforts. The company works with scientific advisors, including Professor Hanno Pijl, an expert in metabolic health and lifestyle medicine, and Dr. Jimoh Itopa, to study how diet affects body fat and metabolism. These initiatives draw on research by Dr. William Li, whose work focuses on the body’s natural defense systems, as Platos seeks to build a more evidence-based approach to preventive health. Although its devices currently cost more than Nigeria’s minimum wage ( ₦70,000 or $43.56), Platos is betting that it can capture the majority of Nigeria’s high-income-earning households. But if history is any guide, today’s luxury could become tomorrow’s necessity. For Platos, the real test will be whether it can turn a premium product into a mass-market prescription for better health before the next silent epidemic hits.
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👨🏿🚀TechCabal Daily – Safaricom’s $309 million bet
In partnership with Lire en Français اقرأ هذا باللغة العربية Howdy. Yesterday, millions of Nigerians woke up to a digital blackout: MTN, the country’s largest telecom operator, went dark, leaving subscribers stranded. The disruption, which started Monday night and stretched into Tuesday, didn’t just kill memes and doomscrolling; it froze businesses, banking, and the daily hustle for millions. As for me? I got a taste of fleeting internet fame when my tweet quoting a Nigerian singer’s raunchiest lyrics hit nearly a million eyeballs. So if you spot me today, feel free to call me “one-time banger boy,” but don’t ask me to retweet your complaints. Want the inside scoop on how outages like this ripple through Nigeria’s digital economy? Or just want to vent about your own MTN horror story? Ask away. – Faith 80,000 online platforms get flushed in Tanzania Five Kenyan banks refuse to cut their loan rates Why Safaricom is spending $309 million annually on M-Pesa World Wide Web 3 Opportunities Government Tanzania’s big digital detox: 80,000 online platforms get flushed Image Source: Google Around Tanzania, parents clutch their pearls at the amount of unethical content their children may have been exposed to. Over 80,000 online platforms, including blogs, websites, and social media accounts, have been shut down in Tanzania after its communications regulatory authority—Tanzania Communications Regulatory Authority (TCRA)—identified their content as a risk to children’s mental health. Not its first rodeo: Before now, Tanzania has always stood on business in matters concerning published online content. In 2017, the country’s parliament passed the Electronic and Postal Communications Regulations (amended in 2020) that criminalised indecent, hateful, and disruptive content. This policy also mandated that content creators had to obtain a licence in order to publish content or face consequences including prison time, a fine, or both. Last year, Tanzania suspended the digital unit of its biggest media house, Mwananchi Communications, over an animated video that depicted a woman—who is ostensibly the nation’s president—flipping through television channels of family members searching for missing loved ones. Critics say that the government is hiding behind child protection for a wider crackdown on dissent and freedom of speech. This crackdown raises more questions than it did answers: What qualifies as harmful content, and who makes the call? How were these websites flagged? How was this decision reviewed? Were shutdown creators warned? Why did the parliament ignore the penal measures stated in its online content regulatory policy? Can licenced platforms appeal this takedown? How did the regulatory authority grant licences to so many questionable platforms? Answers, when they come, will come from Tanzania’s parliament. Until then, it’s anyone’s guess. 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. 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Since August 2024, the CBK has been pleading with banks to reduce their lending interest rates so Kenyans can get cheaper loans. To show commitment, the regulator has even cut its own benchmark rate (CBR) five times in
Read MoreCWG eyes East Africa, Middle East expansion after posting record profits in 2024
CWG Plc, one of Nigeria’s biggest IT services and infrastructure firms, is expanding to new markets in East Africa and the Middle East after recording its first billion-naira profit in 13 years. With operations in Nigeria, Ghana, Uganda, and Cameroon, the 32-year-old company which reported a 428% jump in profit to ₦3.04 billion ($1.89 billion) in 2024, is increasingly positioning itself as a pan-African tech enabler, moving beyond its traditional role as a systems integrator to develop homegrown digital platforms for banks, cooperatives, and Small and Medium Enterprises (SMEs). “We are poised for even more significant revenue and profit growth in 2025,” A CWG spokesperson said in an email to TechCabal. “As we move into 2025, we are diversifying our offerings to more sectors, strengthening our presence in our existing markets, and expanding operations into other East African countries and the Middle East.” Although CWG has yet to name the specific countries it is entering, Group CEO Adewale Adeyipo noted in the 2024 annual report that the group is targeting two additional markets to extend its tested offerings into new economies. According to the report, the spike in technology consumption across West Africa drove improved performance at CWG Ghana, with a recorded revenue of ₦8.4 billion ($5.0 million) in 2024 from ₦4.13 billion ($2.6 million) in 2023. CWG Uganda’s revenue more than doubled to ₦7.34 billion ($4.6 million) while Cameroon reported ₦11.9 million ($7,407) from zero revenue. Beyond geographical expansion, the group is increasing its focus on innovation through its software arm, Fifthlab. This division experienced a 558% revenue growth in the past year, driven by the creation of its platforms designed to solve practical problems within crucial economic sectors. “This is our next frontier, where we are applying everything we have learned and built, creating something truly transformative for CWG, the businesses, and the economies we serve across Africa,” Adeyipo said. In 2024, Finedge, the company’s banking and digital arm, onboarded nearly 20 new financial institutions. KuleanPay, its escrow and transaction management platform, experienced substantial growth, marked by a 2,000% increase in transaction volume. SMERP, CWG’s cloud-based business solution, which helps SMEs streamline their operations, recorded a 1,000% growth rate, and BillsnPay, its vending platform, processed over 30.5 million transactions worth ₦18.6 billion ($11.6 million). UCP, its cooperative management platform, expanded its customer base by 140%, processing 500 million transactions—a 50% year-on-year increase. Banking sector still drives growth In Q1 2025, CWG posted ₦1.48 billion ($921,281) in after-tax profit, up 368% from ₦316.1 million ($196,706) in the same period of 2024. Revenue rose to ₦15.3 billion ($9.5 million), an 83% surge from ₦8.38 billion ($5.2 million), largely fueled by IT spending from Nigerian banks. The banks, including First Bank of Nigeria, United Bank for Africa, GTBank, Fidelity Bank, First City Monument Bank, Stanbic IBTC, and Wema Bank, spent a combined ₦60.3 billion ($37.5 million) on IT and digital services in Q1, up from ₦45.3 billion ($28.2 million) a year earlier. A breakdown of CWG’s revenue sources shows IT infrastructure services accounted for the largest revenue share, contributing ₦6.2 billion ($3.7 million). Software revenue followed closely with ₦4.418 billion ($2.8 million), while ‘managed and support services’ contributed ₦4.415 billion ($2.7 million). “In 2024, several Nigerian banks decided to invest in IT infrastructure, particularly Finacle, cloud-based solutions, managed IT services, to mention a few,” the CWG spokesperson said. The group also expanded the Finacle footprint last year by adding three new sites in partnership with Infosys and supported MTN Nigeria in launching digital self-service kiosks in Lagos and Abuja. While CWG benefits from deep client ties and growing regional demand, it faces increasing competition from global IT consultancies such as Accenture and Microsoft. These firms offer bundled, end-to-end services that could pressure local players. CWG’s success will depend on its ability to scale quickly, localise effectively, and sustain innovation across its proprietary platforms. If it delivers, 2025 could be its most transformative year yet, financially and geographically.
Read MoreThe AI agency helping Kenyan companies find on-ground applications of AI in their businesses
Ai Kenya started as a grassroots initiative in 2017. Back then, it was just a loose group of enthusiasts trying to demystify artificial intelligence (AI) for local developers and students. Today, it’s a full-blown AI agency with paying clients, policy influence, and a growing catalogue of services. It’s run by Alfred Ongere, who recently left his day job at a local fintech and neobank to focus on the company full-time. The shift matters. With governments drafting national AI strategies and global firms looking to outsource more AI-adjacent work to African teams, the race is on for who gets to shape the narrative and build the tools. AI Kenya wants in on both. What does Ai Kenya do? Ongere describes it as a “360-degree agency” that covers the business and policy ends of AI. That includes corporate training, AI summits, hackathons, readiness assessments, software development, and advisory services. The idea is to offer something practical, not just theoretical, to organisations trying to figure out where to start. “Ai Kenya operates as a for-profit company,” he said. “Our community program is a form of CSR that we provide to contribute towards the economic and technological development of the country.” Funding and staying afloat The company sits under a parent entity called Mind Intelligence. No outside investors. No grants. “So far it’s mostly self-funded,” Ongere told me two weeks ago. “I was working on Ai Kenya part-time till last year, October. Now, however, I am dedicated full-time and focused on expanding the team.” Ongere is not rushing to raise venture capital either. Instead, he is betting on client revenue to fuel the next phase of growth. “We want to show that AI services can be a viable business in this market,” he told me. “If we get the structure right, we can replicate it beyond Kenya.” That’s where things get interesting. Most African AI startups are either research labs chasing grants or early-stage product builders looking for global scale. Ai Kenya doesn’t quite fit that mould. It’s not trying to build the next ChatGPT, rather, it is trying to help businesses understand what AI can actually do for them, then build it with them. That includes enterprise-facing events like the AI Business Breakfast Summits. 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 <!– Next Wave –> <!– Entering Tech –> Subscribe “We want more businesses to intentionally experiment and grow their AI adoption, and break the barriers of efficiency that they currently have,” he said. “So we provide well-curated discussions and spaces that speak a language that they can understand.” Ai Kenya also makes revenue from consulting services, including corporate trainings on AI, AI advisory services, AI readiness audits, hackathon as a service, and candidate screening. Ongere is betting that Kenya’s private sector is ready for that kind of support, and not just from flashy pitch decks, but from people who’ve been close to the ecosystem for years. “The more businesses leverage AI correctly without making many mistakes and errors, the more the economy grows,” he said. Shaping AI policy Still, Ai Kenya isn’t ignoring the policy side. According to Ongere, the team contributed to Kenya’s newly released National AI Strategy under the Ministry of ICT. In 2024, tt also helped push back against a proposed Robotics and AI Society Bill earlier this year that critics say lacked public engagement. Ongere and his team joined other voices in calling for a more inclusive process. “We collaborate
Read MoreWhy Safaricom is spending $309 million annually to future-proof M-Pesa
By any measure, M-Pesa is a success story. It is one of Africa’s most consequential financial innovations in the last two decades. The mobile money platform, launched by Safaricom in 2007, now processes over 21 million transactions per day and touches nearly every facet of Kenyan life, from taxi fares to school fees to utility bills to small business payrolls. But scale comes with its challenges. With M-Pesa’s core infrastructure under increased pressure from high transaction volumes, growing cyber threats, and high expectations from users, the mobile money platform has entered maturity, one that demands more than tweaks. It requires reinvention. Safaricom’s decision in March to invest over $309.6 million (KES 40 billion) annually into M-Pesa’s overhaul is not merely a technical upgrade. It is a strategic repositioning — a recognition that M-Pesa is no longer just a product but a crucial payments infrastructure. And in the digital age, infrastructure must be invisible, resilient, and ruthlessly efficient. “This year we will be going to what we are calling M-Pesa 2.0 which is the next phase of the M-Pesa platform,” Safaricom CEO Peter Ndegwa told TechCabal. “It’s about investing for capacity, for functionality, for stability and also for resilience which is about ensuring that customers can always rely on our ecosystem.” Ndegwa said that at the heart of the investment is an ambitious goal to reduce downtime to zero, boost stability, enhance security, and have the capacity to scale beyond its current ceiling. In some respects, Safaricom is facing the same existential tension that other tech giants confront — the burden of ubiquity. As more people and institutions come to rely on M-Pesa, the cost of failure rises exponentially. Today, a one-hour M-Pesa outage is no longer an inconvenience; it’s an economic disruption. Warding off competition M-Pesa 2.0 is expected to move the mobile money platform from legacy systems into a cloud-native, API-first architecture, a systems engineer with knowledge of the upgrade told TechCabal. The shift could have implications for speed, security, stability, and interoperability, which have recently become a focus for regulators like the Central Bank of Kenya (CBK). CBK is pushing for greater integrations across commercial banks, mobile money operators, fintechs, microfinance financial institutions, and Savings and Credit Co-Operative Societies (SACCOs). In October 2024, the regulator announced plans to roll out a new fast payment system (FPS), allowing users to send and receive money across all digital payment systems. If M-Pesa 2.0 delivers on its technical promise, it could become a critical pillar of the interoperability push. Unlike in the early years when Safaricom resisted integration efforts to shield M-Pesa from competition, it appears to align itself with the regulators, to comply and remain indispensable. The more seamlessly it connects with other players, the harder it becomes to bypass — a strategic play that could preserve its dominance in a more open and contested market. The size of Safaricom’s annual investment in M-Pesa points to a defensive and offensive posture. For years, the mobile money platform held a commanding lead in the market, enjoying first-mover advantage and network effects. But today, its dominance is under pressure. Banks, fintech startups, and even global tech players are encroaching on its territory, offering slicker apps, lower fees, and cross-border capabilities, which is weakening its historical lock-in. M-Pesa’s mobile money market share fell to 91% in 2024 Q4, down 2.3 percentage points from the previous quarter, as rivals continued to gain ground. Airtel Money, its closest competitor, rose 8.9% from 7.6% — its fifth consecutive quarter of growth. Securing trust While cyberattacks on Kenya’s financial institutions go unreported, reports by the Communications Authority of Kenya (CA) indicate that digital payments are becoming targets of such attacks. In Q1 2025, the CA detected over 2.5 billion cyber threats, a 201.85% increase from the previous quarter. With digital fraud rising in Kenya, M-Pesa’s scale makes it a high-value target for hackers. Ndegwa said the company is addressing the threat by deploying ethical hackers to test the system, beefing up system audits, and embedding fraud prevention into every layer of the platform. But the stakes go beyond technology. M-Pesa holds more than just user data; it holds livelihoods. The reputational damage from a major breach could be devastating, not just for Safaricom but also for digital payments. “Our customers trust us, and for us to actually secure that trust, we have to continue to keep ahead of the crooks,” Ndegwa said. “For you to have reliable, always-on, safe, secure, commitment to customers, it takes a lot of investment.” Safaricom sales agents interact with customers in Nairobi’s Kibra during celebrations marking M-Pesa’s 18th anniversary on March 7. IMAGE | SAFARICOM With over 34 million customers, M-PESA handled over 30 billion transactions in 2024 valued at an estimated $309.4 billion (KES40 trillion). It has over 160,000 agents spread across Kenya, exposing it to cyber fraud at many levels. “It’s not that we don’t normally have cyber threats. They are usually there, but we have enough guard rails that allow us to continue to build resilience,” Ndegwa said. Quiet upgrades M-Pesa’s last major system overhaul was in 2021 when Safaricom upgraded the platform from Release 4 to Release 6, which enhanced its handling of growing volumes of transactions and improved the platform’s performance. It was an extensive upgrade that took over 10 hours, with some service disruptions. Ndegwa said that because of the high investments the company has made since the last upgrade, Safaricom can do upgrades in under 10 minutes today. In contrast, most Kenyan banks shut services for close to 48 hours over the weekends to undertake upgrades. “We want, in six to 12 months, by the time we are done with M-PESA 2.0, there will be zero-customer downtime. We will be able to upgrade in the backend without customers realising that we are upgrading, which is the future of technology,” Ndegwa said. Safaricom may be setting the standard for what modern fintech infrastructure must look like— reliable, secure, and resilient. Its $309.6 million annual bet
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