This Week in African Tech 🌍

Hey everyone, Darius here with your Sunday roundup.

This week, we saw a fascinating tale of two forces shaping African tech: local rule-makers and global validators. On one hand, central banks in Nigeria and Kenya got busy, introducing new rules to geo-tag PoS devices and make bank loans more transparent.

On the other, the world is taking notice. Nigeria's tech minister, Bosun Tijani, was just named one of TIME’s 100 most influential people in AI, while the London Stock Exchange is actively wooing more African companies to its shores.

It’s a dynamic push-and-pull between building guardrails at home and building bridges abroad.

But before we explore who's setting the pace; let’s tell you about…

Tech Roundup

• The Central Bank of Nigeria (CBN) has issued a new directive to curb fraud in the country's booming PoS industry. All licensed operators, including Moniepoint, OPay, and PalmPay, must now geo-tag their terminals with exact GPS coordinates within 60 days. This means that a PoS device can only be used within a 10-meter radius of its registered business address. The directive aims to stop the use of cloned or unauthorized terminals and improve transaction tracking.

• The Central Bank of Kenya (CBK) is shaking up how commercial banks price loans. Beginning September 1, all new variable-rate loans will be pegged to a new benchmark called the Kenya Shilling Overnight Interbank Average (KESONIA). This reform is designed to make lending rates more transparent by forcing banks to clearly separate the benchmark rate from their own fees and risk premiums.

• Nigeria's Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has been named one of TIME’s 100 most influential people in AI for 2025. He was recognized for spearheading the 3 Million Technical Talent (3MTT) program, which is training Nigerians in high-demand digital skills, and for leading the creation of a National AI Strategy. This global recognition validates Nigeria’s ambitions to leverage AI for national development.

• A growing number of Nigerian retail investors are tapping into the country’s stock market, with trading volume jumping 88% month-on-month to ₦516.50 billion ($336 million) in July. This surge is being driven by fintech and brokerage firms that are making investing more accessible by lowering minimum investment thresholds. As a result, the Nigerian Exchange (NGX) is seeing a rise in new brokerage accounts, especially from younger, tech-savvy Nigerians looking for alternatives to traditional savings.

• Following a rebrand and a new roaming agreement with MTN Nigeria, T2 Mobile (formerly 9mobile) has gained subscribers for the first time in nearly two years. In July, T2 added 290,601 users, while the rest of the telecom industry, including MTN, Airtel, and Globacom, saw a decline in customer numbers. This rebound marks the first net growth for the company since late 2023.

•  Ethiopia’s state-owned Ethio Telecom projects its full-year revenue to increase by 45.5% for the year ending June 2026. This forecast is based on an expected growth in subscribers, bringing its total to 88 million, along with a 14% increase in users for its mobile money service, Telebirr. The company’s projected growth comes amid increasing competition in the market from rivals like Safaricom.

• Superteam Nigeria, a Web3 community that connects local tech talent with global opportunities, has earned over $1 million for its members since its launch in June 2023. The earnings come from various sources, including jobs, grants, and bounties, with payments often made in USD. This "work-to-earn" model positions the community as a significant talent bank for the Solana blockchain ecosystem and a case study for effective community building.

• Hassanein Hiridjee, the founder and CEO of Axian Group, has joined Jumia's supervisory board, signaling a deepening partnership between the two companies. This appointment comes as Jumia continues its push toward profitability, having cut annual losses and exited unprofitable markets. Axian, which now owns a significant stake in the e-commerce company, is reportedly exploring a full acquisition.

• The UK is actively encouraging more African companies to list on the London Stock Exchange (LSE). Over the past decade, more than 100 African companies have raised over £17 billion on the LSE. This effort is part of a broader strategy to position London as a primary hub for global capital, with recent successful listings including a $500 million eurobond by Africa Finance Corporation and a $105 million IPO from Nigeria's Guaranty Trust Holding Company (GTCO).

• eBee Africa, a Kenyan mobility startup, has laid off most of its 50 employees and scaled back operations due to a "substantial decline in revenue" and high costs. Despite promising to put one million electric bicycles on African roads by 2030, the company's electric bikes have struggled to compete with more affordable petrol motorbikes, which are a popular choice for many customers.

Deal Roundup

• A Qatari royal, Sheikh Mansour Bin Jabor Bin Jassim Al Thani, is touring Africa and pledging billions in investments for various sectors. In Zimbabwe alone, his firm, Al Mansour Holdings, promised $19 billion for projects in energy, agriculture, and infrastructure. Similar pledges have been made in Botswana and other African nations, signaling a major push by Qatar to invest in the continent's development.

• VEA Capital Partners has made a strategic investment in StraTech, a South Africa-based fintech that builds deeply integrated financial infrastructure for high-volume industries like gaming and logistics. Unlike typical fintech platforms, StraTech's platform helps large enterprises manage complex payments, automate reconciliation, and gain real-time oversight of their cash flow. The new capital will be used to expand into new industries and African markets.

Post of the Week

@techsafarihq

African startups are quietly building the next wave of global tech companies. #businesshacks #cofounder #startupgrind #techstartups #busin... See more

Other Events and Opportunities

• In Cape Town this week? Swing by Founders & Friends, a no-frills startup meetup. Chill vibes, smart people, and great chats with founders, operators, and investors. Wednesday the 8th from 6pm. Register here!

• The AfricArena Tour 2025 is coming to Nairobi for the Africa Climate Tech Week summit. The event will feature a pitch competition for over 20 ClimateTech startups, with winners securing a spot at the Grand Summit finale in Cape Town. The summit connects startups with a network of 100+ investors, VCs, and corporate partners from Africa, Europe, the US, and Asia. Get your tickets here.

• Applications are now open for the MEST Africa Challenge (MAC) 2025. This year, the competition is calling on fintech startups from Ghana, Kenya, South Africa, and six other African nations that are building solutions in areas like digital payments and financial inclusion. The winner will receive a grand prize of $50,000 in equity funding, the opportunity to run a pilot project with Absa Bank, and a spot in the MEST Africa incubation portfolio. Apply by September 26.

• The Africa Money & DeFi Summit returns to Accra on September 24–25, bringing together 500+ fintech and Web3 leaders. Applications are open for its Investment Showcase, where selected African startups will pitch to investors for funding and partnerships.

And that's a wrap!

That’s it for this week. See you on Wednesday 😃 

Cheers,

The Tech Safari Team

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