TechCabal

The Central Bank of Nigeria has finally approved the launch of open banking, starting in August 2025. In this video, TechCabal reporter Muktar Oladunmade explains how open banking works and what it means for you as a consumer.

This Friday, May 16th, we're diving deep into Nigeria's digital payments landscape, the innovations, regulations, and challenges shaping this vibrant ecosystem. We're bringing together key stakeholders including Nosakhare Oyegun - VP of Product Innovation and Strategy, Kuda; Iphie Jide-Ebeogu - Founder, The PaymentLogue; Elvis Ifekam - CEO, CyberPay Limited; Francis Ogbuka, MBA - VP of Sales and Business Development, Zone; and Malik Asamu - Co-Founder & CEO, CashAfrica, with Kosisochukwu Ugwuede- Editor, Techcabal as the moderator. Whether you're an investor, entrepreneur, or tech enthusiast, you'll want to hear directly from the experts about the future of digital payments in Nigeria. Join us at 11:00AM (WAT) for this insightful conversation, proudly brought to you in partnership with Zone and the Fintech Association Of Nigeria. Register Here: https://bit.ly/tclivemay16

Three South African fintech startups, Paymenow Group, TymeBank, and Omnisient - Collaborative Consumer Intelligence, have been named in the Financial Times (FT) Africa’s Fastest-Growing Companies 2025 ranking. 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. 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. 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. 🔗 Get more details 👉 https://lnkd.in/dV8avFJ6 

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 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. 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. 🔗 Tap the link below for the full story  👉 https://lnkd.in/dd3zgcsd    

Three Kenyan startups—Roam Electric AB, M-KOPA Holdings Ltd, and Victory Farms Ltd—have been named among Africa’s fastest-growing companies in the latest ranking by the Financial Times and Statista, a list dominated by South African and Nigerian firms. While tech startups have previously dominated the FT ranking, this year’s edition saw a notable rise in traditional brick-and-mortar businesses from Kenya. From banks and supermarkets to hospitality and data centres, the 2025 ranking points to growth beyond the tech sector, showing how long-established companies are adjusting in a difficult economy. 🔗 Click the link below for more details  👉 https://lnkd.in/dHbhhCSb  

Six Nigerian startups— Moniepoint Group, OmniRetail Africa, PalmPay, Termii Group, Remedial Health (YC W22), and Paga Group Ltd —have been listed on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the continent. This is the second time OmniRetail Africa is making this list. The annual FT ranking identifies African companies with the most rapid revenue growth between 2020 and 2023. The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent. 🔗 Visit the link below to learn more.  👉 https://lnkd.in/dxg-KzU7

On Friday, April 4, 2025, Fidelity Bank Plc crossed the ₦1 trillion market capitalisation mark, joining the ranks of tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). This development also increases the total number of Nigerian companies with a trillion-naira market capitalisation to 19. 🔗 Tap the link below for full details 👉 https://lnkd.in/drraEpq7  

👨🏿🚀TC Daily — You could pay 5% more for data The Nigerian government is testing the patience of its people after passing a bill that will see telecom services become 5% more expensive. After a 50% hike, Nigerians have had to reach deep into their pockets to pay more for data and telecom services since February. Yet, an extra nudge, even though it is little, could mean a tighter squeeze on their pockets. Sign up and read TC Daily 👉 https://lnkd.in/dJYUuZRv 

A new report shows that Nigeria’s largest banks recorded the weakest brand equity growth among Africa’s top banking markets, trailing peers in Kenya, South Africa, and Egypt. Brand equity, a measure of perceived trust, loyalty, and reputation, is not a financial metric but often influences consumer behavior and market share. Access Bank, GTCO, Zenith Bank, UBA, and First Bank of Nigeria collectively earned ₦4.14 trillion ($2.58 billion) in 2024, yet their combined brand value grew just 5.37% to $1.57 billion, according to the 2025 African Banking report by Brand Finance, a London-based brand valuation consultancy. That sluggish growth contrasts with double-digit brand equity gains in Kenya and South Africa, where digital innovation and stronger customer trust drive value. In Nigeria, the gap is increasingly being filled by fintechs, which outpaced traditional banks in customer satisfaction ratings last year, according to a report by KPMG Nigeria. 🔗 Learn more 👉 https://lnkd.in/daGGxDBH 

Access Bank Kenya and ABC Bank top the list of commercial banks risking penalties from the Central Bank of Kenya (CBK) for raising lending rates despite warnings from regulators to align loan pricing with benchmark rate cuts. According to CBK data, Access Bank raised its weighted average lending rate to 20.5% in March, up from 20.39% in February, while ABC raised its rate to 17.54% from 17.42%. The rate increases place the banks in breach of the CBK directive. In February, the regulator warned that it would begin imposing daily penalties from June on banks that fail to adjust credit pricing in line with the central bank’s benchmark rate cuts. 🔗 Tap the link below for full details 👉 https://lnkd.in/d4isaUfG