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Guaranty Trust (GTBank), a tier-1 Nigerian bank with a market capitalisation of ₦1.68 trillion, has been granted a court order to recover ₦1.9 billion mistakenly credited to customer accounts between October 28 and 29, 2024. The error occurred when the bank processed duplicate transactions while handling unapplied NIP (NIBSS Instant Payment) inflows. Upon discovering the error, GTBank began an internal investigation, which revealed that some of the funds had been moved to other banks, according to court filings. GTBank asked the court to place restrictions on accounts that received duplicate funds. That order was granted by Justice F.N Ogazi of the Federal High Court, Lagos, on Thursday and has been served on receiving banks, clearing the way for the funds to be returned. Guaranty Trust Bank did not immediately respond to a request for comments. The incident coincided with a period of significant disruption in GTBank’s services following its decision to switch its core banking application from Basis to Finacle in September 2024. Developed by Infosys, Finacle is the most popular banking application in Nigeria’s banking industry, and GTBank’s leadership visited India as part of the process of deciding on the switch. While the switch to Finacle was expected to streamline operations and enhance customer experience, it was fraught with difficulty. After the bank announced the completion of the migration in October 2024, customers began reporting erroneous transaction alerts, and for weeks, the bank’s banking channels were either unusable or unstable. While the court documents do not explicitly tie the duplicate transactions to the migration, documented incidents of customers completing without receiving credit or debit alerts may suggest a link. GTBank customers shared their frustrations over the disruptions and the bank’s silence on social media platforms like X between September and November. The bank issued a public apology in November 2024. Technology challenges centering around core banking upgrades were a major theme of 2024, with at least four commercial banks switching or upgrading their software. This led to weeks of customer disruption and a central bank directive stating that banks must first receive regulatory approval before commencing such upgrades in the future.
Read MoreIn 2024, TechCabal’s big stories on the Kenyan startup ecosystem signalled mixed fortunes for founders. While shutdowns and downsizes topped our headlines, some startups bucked the trend with millions in fundraising, mergers and acquisitions, and ambitious cross-border expansions. Copia, a B2C e-commerce startup, and iProcure, a B2B agritech startup, entered administration in H1 2024 after failing to secure new funding. Copia’s co-founder, Tracey Turner, said she would launch a new entity, but this has not taken shape. M-KOPA navigated a complex tax claim in Kenya and increased its investment with an expanded phone assembly facility in Nairobi and an e-bike plant. “We are now profitable as an organisation and have been profitable for several quarters,” Mayur Patel, M-KOPA Fintech MD, told TechCabal in November 2024. In 2024, Kenya also witnessed the first two startup acquisitions, with Kopo Kopo and Hisa welcoming new owners. Craydel, a Kenyan ed-tech, also expanded to Zimbabwe, making it its fourth market on the continent. Here are our choices for Kenyan startups to watch in 2025: M-KOPA In September 2024, M-KOPA announced it had reached five million customers across five African markets as the company continued its pan-African expansion. This milestone makes it the first Kenyan financial services startup to record such impressive customer numbers. Founded in 2010 by Nick Hughes, Chad Larson and Jesse Moore, M-KOPA is a PAYGO fintech that provides affordable smartphones, solar panels and electric motorcycles to low-income earners. With Kenya’s tax claim now behind it, the company is keen to expand the market for its locally assembled smartphones and electric motorcycles. “We think about our success in terms of the scale we can achieve. We are financing progress in the lives of everyday earners, and that’s important for us because our customers are primarily self-employed individuals working in the informal economy,” Patel said. KopoKopo In August 2023, Nigeria’s newest unicorn, Moniepoint, finalised its acquisition of Kenya’s payments and credit startup, Kopo Kopo, for an undisclosed value. The transaction extends the fintech’s presence to East Africa’s biggest economy. Founded in 2012 by Ben Lyon and Dylan Higgins, Kopo Kopo offers payments solutions and credit facilities to small businesses and mid-size enterprises. Banks and mobile money control a significant chunk of Kenya’s payments and credit market. Regulators like the Central Bank of Kenya (CBK) have been tough on fintech, delaying critical approvals for operation. Moniepoint’s entry into Kenya will be closely watched and scrutiny from regulators will only increase. Craydel In November 2024, Kenyan ed-tech startup Craydel entered Zimbabwe, bringing to four the market the startup operates. The company has built a unified university applications platform for learners in Africa. Its university matchmaker offers the most personalised recommendations for students. Founded in 2021, Craydel assists African students to apply universities abroad. Craydel operates in Kenya, Uganda, Nigeria and Zimbabwe, with 600 partner universities across 45 countries. “The study abroad market in Africa is a multi-billion dollar, rapidly growing market. It is currently dominated by a large number of unorganised, fragmented and analogue study abroad agents,” said Manish Sardana, Craydel founder and CEO. Hisa In another major acquisition this year, Rise, a Nigerian fintech that gives customers access to selected global investments, acquired Hisa, a Kenyan investment startup. Hisa, which has retained its brand and operations after the acquisition, hopes to grow its customer base and introduce new products. Founded in 2020 by Eric Asuma and Eric Jackson, Hisa is a platform that allows users to invest in Kenyan and global assets including stocks, bonds and ETFs. “Hisa’s growth since the Risevest acquisition has been incredible. We’re scaling fast, fixing technical issues, and rolling out big changes,” said Asuma.”Interestingly, Hisa hit record-breaking trading volumes in the last week of November, highest in over a year, driven by the buzz around the US election.” Sukhiba Shukhiba, a Kenyan social commerce startup, raised $1.5 million when most players in the sector were downsizing or shutting down. Shukhiba is a B2B conversational e-commerce platform that allows customers to order for products on WhatsApp. Founded in 2020 by Ananth Raj and Abhinav Reddy, the startup claims that shoppers trust its platform more than e-commerce websites that do not “seem like there is a person behind that you can have a conversation with prior to purchase.”
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If you think the media industry’s failures with the “clicks and pageviews over everything” model have cured it of its obsession with numbers, think again. Numbers matter. Take The New York Times, with 11 million subscribers, or The Washington Post, which had 2.5 million subscribers before a rash of cancellations followed Jeff Bezos’ controversial refusal to endorse a presidential candidate. These numbers reflect business performance, but they also signal impact. Imagine mattering to 11 million people. In 2023, TechCabal set an ambitious goal of reaching 1 million unique monthly users, a huge jump from the 370,000 users we ended 2022 with. By October, we surpassed 1 million, and we’ve continued to grow well beyond that target. In 2024, our core focus was a deeper commitment to quality journalism—aiming to become the publication of record for every company leveraging technology. This was more challenging than tripling our user base. Depth means taking the time to fully understand a story, building expertise, and revisiting sources until we’re sure of the story’s full implications. Thorough, nuanced coverage is what sets us apart. In Nigeria’s tech ecosystem, there are only a few real secrets. Many of the stories that never get published exist in private group chats. Because people don’t always trust the media to treat these stories fairly, they keep these impactful stories to themselves. We’ve worked hard to change that and earn trust, allowing our nearly 2 million readers to engage with the same conversations and understand the issues as industry insiders. One area where this trust-building has been critical is banking. Nigeria’s top banks are worth trillions of naira and have become experts at controlling the media narrative. Yet there’s a gap in reporting—few stories help everyday customers understand the banks’ thinking. We’ve sought to fill that gap. For example, we reported on GTBank’s switch to a new core banking system—a move fraught with complications that even station attendants in Lagos discussed while customers tried to pay for fuel. We also covered Sterling Bank’s ambitious decision to build a custom core banking application. And while the jury’s still out on Sterling’s bold move, building your core banking product and offering it to others as a service is wise. It’s what Amazon did with AWS, turning a cost center into a product and profit center. If you’re wondering how much some of those changes cost, we reported it here. There’s still much to be done, but we’ve challenged traditional banking coverage and are excited to see other publications following suit. Fraud in the financial services sector remains a persistent problem. While many assumed fraud was limited to fintechs, our 2024 reporting showed it’s an industry-wide issue. Bad actors are more sophisticated than ever, collaborating on large-scale cyberattacks. In November, the Economic and Financial Crimes Commission (EFCC) arrested over 400 individuals allegedly involved in such schemes. While the bad guys unite, there’s a troubling lack of unity between fintechs and banks. Regulators have struggled to enforce consistent rules, making it easier for fraud to flourish. While the Central Bank’s emphasis on compliance is a step in the right direction, bad actors will continue to thrive without greater cooperation across the sector. Despite these challenges, there have been bright spots in the industry. This year, Africa’s newest unicorn, Moniepoint, raised $110 million in a Series C funding round. We reported on Moniepoint’s impressive growth before the hype, with insights into its profitable partnership with card scheme Verve and its commercial banking ambitions. Telecommunications, like banking, is an underreported sector in Nigeria. In 2024, we focused on bringing much-needed clarity to the industry. Frank Eleanya joined us early in the year with a mandate to peel back the layers of Nigeria’s telecoms sector. We reported on a massive hack at Globacom, the company’s leadership change, and the struggles of 9Mobile, which is under new ownership and hoping to address its many challenges. Meanwhile, Mafab, which holds Nigeria’s first 5G license, has done little with the technology since acquiring it but plans to launch 5G services in early 2025. There’s still an untapped market, with only a small portion of the country using 5G networks. For the observant—we saw some of your tweets—a theme for 2024 was expanding our coverage because technology isn’t just about startups. There’s technology in everything. While TechCabal focuses heavily on tech startups—we have two reporters focused on finding new and interesting startups, ideas, and the innovation that powers them—technology is integral to every aspect of modern life. That’s why we’ve expanded into banking and telecommunications, sectors where technology offerings impact people’s everyday experiences. TechCabal is a publication for everyone, and these industries—shaping how we communicate, transact, and interact—are vital to understanding the technology that drives our world. Pan-African ambitions Our coverage in Kenya coverage also grew in 2024 with reports on the acquisition of Hisa by Rise, AltSchool’s expansion to Kenya, and Access Bank’s acquisitions. This helped us expand our readership in Kenya and South Africa, bringing us closer to becoming a genuinely pan-African publication. The biggest story in Kenya in 2024 was the protest against the Finance Bill, which proposed taxes on remittances and other everyday goods. While this might seem like a political story, it’s also deeply connected to the tech landscape, as many of these taxes directly affect digital payment platforms and remittance services that rely on technology to function. The bill posed a leadership test for President William Ruto, whose popularity has waned significantly, and our coverage of this issue was crucial in understanding its implications on the tech ecosystem. To cover this story effectively, we had boots on the ground—remote reporting simply couldn’t capture the full context of how these proposed taxes would impact both the people and the digital infrastructure driving Kenya’s economy. A Look Ahead This letter is not a comprehensive overview of our 2024 coverage but a glimpse into how we approach our journalism. Our goal is to help you make sense of the complex issues shaping Africa’s tech and business landscape.
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