Nearpays, a full-service financial payment platform that acts as an end-to-end financial service for all our clients, beat out stiff competition to scoop the $10 000 prize.

Nearpays beats stiff competition

Speaking to TechCabal after the win, Nearpays founder Victor Daniyan put into perspective what winning the competition means to his company and its future. “I’m super excited that it brings opportunities for start-ups in Nigeria, and we all have access to a better future. It shows that we can get to the top with the right platform,” Daniyan said. “This means more work.

The Gitex Africa Supernova Challenge is the biggest pitch competition in Africa, with a total cash prize of $100 000 for categories such as Cybersecurity, AI and Digital Cities, Health Tech, and Sustainability and Agritech.

“The competition was very tough. One thing I know for sure, especially for start up in Nigeria, is that we need a lot of mentorship to get to a productive stage. I’m sure that with the right mentorship, we can all do better,” Daniyan said. 

“I came with the intention to win all the way from Nigeria. I was determined; I was ready. It was a surprise, but I was also very determined to win,” Daniyan said. “I took the time to understand the people hearing the pitch. I took the time to research them, what businesses they were operating in, and a little bit about their personality from their LinkedIn page. I was able to make them understand our business in a very short space of time – just going straight to the point.”

Nearpays simplifies online payments

Daniyan said the prize will go a long to helping Nearpays get its payment card system licence, which costs around $15 000.

Nearpays simplifies online payments based on the principle that payments should be seamless. The company has developed a way to put point-of-sale transactions back into the hands of users. The company says, “The experience is simple, on the go, and comes with no extra bank charges for all our users.”

“I’ve been in telecommunications for about five years now. I started with Huawei and then moved to Nokia, where I helped set up the 5G space in Nigeria. My team has helped me come up with the right decisions and product. We have continuous development.”

By most accounts Gitex Africa was an overwhelming success, bringing start-up, founders, investors, telecoms and IT companies from all over Africa and the globe together in Morocco to outline and develop the future of tech in Africa. Organisers welcomed over 900 big tech companies, government entities, start-ups and participants from more than 100 countries across ten halls and 45 000sqm of exhibition space in a purpose-built super venue at Place Bab Jdid, Bd Al Yarmouk in the Red City of Marrakech. 

Fintech prize puts Abuja start-ups on the map

“It’s an awesome platform; it’s an awesome opportunity. I have not seen anything this big in a long time. I’m super excited that we have this in Africa. I’m reminded of one quote from Google that said Africa will have the next set of billions of users to appear on any tech platform in the world,” Daniyan explained. “It’s an opportunity for start-ups to connect, have mentors and show their products to the world.”

“The competition has allowed me to connect with good mentors,” Daniyan said. “Of course, I’m still young, and I need mentors who have come before me, as well as give us publicity so more people get to know about our product in Abuja because most of the start-ups that are thriving are coming from Lagos, but it’s an opportunity for people to see that Abuja is also thriving in the start-up space in Nigeria as well, coming up with the best products and new technologies coming out from Nigeria and not coming from abroad. This will inspire more start-ups and show them an opportunity for start-ups in Abuja.”

Aziz Akhannouch, the Moroccan Head of Government, inaugurated the debut edition of GITEX Africa as influential role players from the global and African tech ecosystem converged for the first time to discuss digital transformation in the world’s rising innovation economy. 

West Africa shines at GITEX Africa

Akhannouch welcomed 900 exhibitors and start-ups, 250 leading investors, 250 conference speakers, and 30 ministerial delegations while attracting tens of thousands of attendees from 120 countries.

West Africa made a strong impression at the conference thanks to Lagos State Governor Babajide Sanwo-Olu, who delivered an inspirational message to his fellow African leaders and role players. 

“The fact that this conference has been brought to Africa is a testament to the continent’s growing importance in the global technology and start-up ecosystem,” Sanwo-Olu. “Africa is on an accelerated path to becoming the next Silicone Valley. The tech-enabled sector in Nigeria is experiencing unprecedented growth with record investments and expansion.”

Sanwo-Olu words captured the sense of optimism and belief wafting through the halls of GITEX Africa among the thousands of VIP delegates, speakers and media. In 2020, African start-ups attracted investment of $1.3 billion, rising to up to $4 billion in 2022, Sanwo-Olu explained.

Sanwo-Olu pays homage to Africa’s youth

The Lagos Governor, who is serving his second term, paid particular attention to Africa’s youth under 25, who make 60% of the continent’s population. “Our people are one of the strongest catalysts for development in the last 3 to 4 years. This is a significant opportunity for growth and development in the technology industry. According to reports by Partech Africa, Africa has 40% growth in tech start-ups in the last 2 years. We’ve seen over 600 of them across the continent. The majority of first-time tech founders are under 35.”

Akhannouch echoed Sanwo-Olu’s comments and optimism about the continent’s future in tech. “Africa has increasingly worked to consolidate its position as a dynamic environment that supports innovation, and in this regard, GITEX Africa is an occasion to highlight the promising potential of the African continent and its accelerated efforts in developing talents and skills in the fields of technology and innovation.”

For more on GITEX Africa, follow TechCabal on Twitter for the latest updates.

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A brutally sluggish month for African startups, the continent squares up to Big Tech and layoffs continue to be a drag—April could not end sooner for some in the tech ecosystem. 

It wasn’t all grey clouds though; Kenya saw some positive investment news, bagging $390 million in April, while South Africa’s $250 million on top of Amazon’s plan to invest $1.8 billion until 2029, could lift the country’s mood.

A lot happened in East Africa in April, where Kenya has taken a step in the right direction by reversing its 30% ownership law. This, after President William Ruto vetoed the rule, choosing to encourage investors. Meanwhile, the East Africa country also launched its first operational earth observation satellite, onboard a SpaceX rocket. Let’s dig in!

1. Funding: Q2 is off to a slow start

In April 2023, there were 23 fully disclosed* raises made by African startups, totalling $129.8 million. 

Compared to April 2022, this shows a 68% decline. Looks like Q2 is off to an even slower start. It is however a significant increase from March 2023 where the total amount raised was $66 million. 

The top three sectors from April are fintech, cleantech and agritech. Fintech leads with $45.5 million (30.4%), cleantech with $37.9 million (25.3%), and agritech with $37.6 million (25.1%). 

Per region, South Africa led April’s deals with 49.1% of the total deals, about $63.7 million. East Africa comes second with 31.3% of the deals while Central Africa makes an appearance for third place with 13.9% of the deals, all of which come from Altech Group’s $18 million debt financing round.

The top 5 disclosed deals of the month are:

1. Kenyan agritech Victory Farms’ $35 million raise.
2. South African fintech Peach Payments’ $31 million Series A raise.
3. DRC cleantech Altech Group’s $18 million raise.
4. South African fintech PayMeNow’s $14 million raise.
5. South African fintech Decentral Energy’s $12.1 million raise.

*Note: This data is inclusive only of funding deals announced in April 2023. Raises are often announced later than when the deals are actually made. This data also excludes estimated grants from accelerators like Techstars or Y-Combinator. 

2. Crypto: Zimbabwe goes after gold 

April found Zimbabwe announcing plans to launch a gold-backed digital currency. The country needs $100 million worth of gold to kickstart the project which it believes will save its declining currency.

Meanwhile, in East Africa, Kenya is considering enforcing a new regulation that will force all crypto platforms in its regions to pay a 1.5% duty on every transaction they process. There’s already a pending 20% excise tax on crypto transactions in Kenya, and if both pass, it could mean double trouble taxing for Kenya.

3. Africa + Big Tech: Kenya pushes against Meta

Big tech companies got an earful in cases heard in Kenyan courts. 

Last month alone, Meta lost two separate cases in Kenya. In the first, a court dismissed its claim that Kenya had no jurisdiction to hear cases against Meta. That court also prohibited the tech company from using any third-party content moderators. 

In the second, a court granted two Ethiopians leave to sue Meta outside Kenya in a case that could cost Meta $1.8 billion. 

4. Regulations: Kenya reverses 30% rule

Early in April, President William Ruto reversed a rule that mandates that foreign companies must have at least 30% Kenyan ownership to operate in the country. The rule was implemented in 2020 to encourage Kenyan participation in the ICT and science and technology sector through equity ownership. Per Ruto, the rule is slowing down investments in Kenya’s ecosystem.

5. Acquisitions: Autocheck acquires Autotager

Nigerian automotive company Autochek completed its sixth acquisition in two years in April 2023.

In an undisclosed deal, the company acquired a majority stake in AutoTager, an Egyptian automotive technology company, as part of its expansion into Egypt.

6. Layoffs/Shutdowns: Copia Global and Lazerpay

Layoffs continued globally into April 2023 and Africa was not left out.

Nigerian crypto startup Lazerpay announced it was shutting down after months of failing to raise the funds it needed to stay afloat. 

Meanwhile, Kenyan e-commerce company shut down its Ugandan operations in a scaledown move. The company, which raised $50 million in January 2022, also laid off 350 employees.

7. Investments: South Africa gets $1.8 billion from Amazon; Kenya gets $390 million for tech

Startups may not be getting as much funding, but tech ecosystems are certainly getting a boost.

In April, two sizeable investment announcements targeted at South Africa were made. First, Amazon announced plans to invest $1.8 billion in its cloud services in the country by 2029. Cassava Technologies also pledged a total of $250 million in investment in South Africa through its business units—Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa.

The World Bank Group announced a whopping $390 million investment to help Kenya finance its Digital Economy Acceleration Project.

8. Cybersecurity: Flutterwave hacked twice; Navias suffers hack

In April, sources revealed to TechCabal that fintech Flutterwave was hacked twice. In this second set of hack allegations, culprits transferred a total ₦550 million ($1.2 million) from the company’s accounts. The sources alleged that, much like the first incident on February 5, the perpetrators used monies fraudulently obtained from Flutterwave accounts to buy USDT on the crypto platform Binance.

Kenya’s biggest online retailer Naivas, meanwhile, suffered a ransomware attack in April from cyber criminals who are now threatening to leak some of its data. 

9. Space: Kenya launches first operational satellite

April also saw Kenya launch Taifa-1—its first operational satellite.

Launched aboard the SpaceX Falcon 9 rocket in California, the satellite—tested and developed by Kenyan engineers—will reportedly be used to provide data on areas like agriculture and food security for Kenya, a country suffering a severe drought that’s affecting over 5 million people.

10. Global: CashApp founder murdered in the US

In sombre news, CashApp founder Bob Lee was murdered in California, US, on the morning of April 3. 

Another tech founder and friend to Lee, Nima Momeni, was arrested, arraigned and charged with the murder days later.

It’s 2023, and the world sometimes seems unrecognisable – with technology continuing to change the trajectory of our lives with every advancement. It can be a daunting place for a young person trying to enter the tech world. 

There is much to know and more to learn as technology moves at breakneck speed. Where to begin? What must you understand about this tech word you are stepping into? And what are the skills that will set you apart from the rest? 

With our Entering Tech newsletter, we have attempted to answer some of those questions. Every Wednesday at noon, over 40,000 readers find answers to complex problems about navigating the tech industry. We are therefore proud to announce a new video series to help young people not just navigate the tech world but pursue a career that can prove fruitful and satisfying.

In our new Entering Tech video series, we speak to the experts about starting a career in tech, answering important questions and giving you insight into this complex world. We speak to product managers, designers, developers, engineers and founders — giving you the finer details about what skills and knowledge are essential for success. We’re bringing insights from a data analyst at Microsoft, a product marketer at PiggyVest, and a leading HR professional in Nigeria.

Each video is one minute long, and you can watch them as many times as you like on TechCabal’s YouTube channel from Wednesday, April 26, at noon. Watch the trailer here.

In the first episode, Funmi Bucknor, Founder of HR Madam, takes us through the importance of soft skills and shows aspiring techpreneurs where to learn these skills.

We’ve traced the highs than lows and embraced positivity in the wake of the challenges facing millions in Africa. Along the way, we’ve empowered many start-ups to tell their stories, recruited the best journalism and business talent on the continent, and had the most fun building a credible media company that will blaze a trail into the next decade. Come with us as we track TechCabal’s 10-year journey with this timeline.

What’s in a name?

Why TechCabal?

The name TechCabal has a short backstory. It arose out of a conversation tech blogger Bankole Oluwafemi had with his co-founder, Seyi Taylor, a businessman who had a company called Big Cabal. The name stuck, and the rest (as they say in the classics) is history.

31/03/2013

TechCabal is born

Using his wonky Nokia E63 phone, TechCabal co-founder Bankole Oluwafemi publishes a story that would become known as the first story ever published on TechCabal.

3/1/2014

TechCabal Battlefield launched

TechCabal Battlefield changed the trajectory of the publication. It was one of the first tech startup competitions in Africa, with the largest prize money at the time: $20,000

31/1/2015

TechCabal becomes one of the most influential tech blogs in West Africa

By 2015, TechCabal had become the biggest and most influential technology blog in the West Africa region, attracting the best journalism and business talent in Africa.

1/2/2016

TC Daily Newsletter launches

A daily tech newsletter is launched as “TechCabal Daily” and proves to be a hit with readers. It explores the tech news of the day in a more personal way that resonates with readers, by telling them all the need to know.

1/5/2016

Radar by TechCabal launches

In May 2016 TechCabal launched Radar, an online chat forum where tech people debated and asked critical questions about the tech ecosystem.

1/1/2018

TechCabal 2.0 – Aladekomo arrives

Tomiwa Aladekomo becomes CEO of Big Cabal Media, taking over from Bankole Oluwafemi and Seyi Taylor. It was at this point that the business came of age and saw its first real fundraising round, which allowed it to increase its capacity and hire more talent in all departments.

31/3/2018

TechCabal turns 5

Before long, TechCabal turns 5 years old, slowly establishing itself as a publication to be reckoned with.

1/3/2019

Tech Women Lagos

TechCabal hosts a portrait series and exhibition of tech women in Lagos.

1/1/2020

TechCabal Insights launches

Lanre Odunowo, reporter and analyst at TechCabal, is appointed to lead a new data and events arm of TechCabal: TC Insights

1/1/2020

The Next Wave Newsletter launches

TechCabal launches a new newsletters aimed at C-suite professionals, called The Next Wave. Distributed on a Sunday, it details the latest trends and developments that affect CEOs and founders in the tech economy.

1/1/2021

January: TC 3.0 launches with a new website and a new team.

A new year and a new website as well as new faces. TechCabal begins to pick up steam and expands its team.

1/7/2021

TC hosts first Ecosystem Hangout

We love to hang out with the cool kids, so TechCabal organised Ecosystem Hangouts with the industry’s movers and shakers, helping us stay in touch with everything that is happening in the space. Catch us at the next one!

1/9/2021

Future of Commerce launches

In 2021 TechCabal launched what has become one of our most popular events, Future of Commerce. Here business leaders, experts, and operators discussed how social media, payments, and logistics are powering the growth of Africa’s commerce. They were joined by over 5,000 players and enthusiasts across Africa, virtually and in-person.

1/9/2022

The Next Wave TV show launches on CNBC Africa

The Next Wave is a CNBC Africa show produced by TechCabal. It seeks to explore the business and impact of technology across Africa, highlight how big tech and the fastest-growing startups are changing the continent, and decipher who the key players are as well as what’s driving their growth and strategic approaches.

1/10/2022

TC Daily reaches 100,000 subscribers

What started as a humble newsletter in 2016 is now a fully fledged TechCabal property, attracting advertisers, sponsors and voices clambering to be included.

1/1/2023

TechCabal shifts into a new decade

As part of our ambitious pan-African expansion plans for 2023, TechCabal appoints experienced South African journalist Adrian Ephraim as Editor-in-Chief and Olumuyiwa Olowogboyega as Newsroom Editor. Other appointments to our new-look editorial team include the introduction of two senior editors and a deputy newsroom editor, along with some senior reporter appointments.

Oluwafemi had no intention of practising law. He had every intention, instead, of immersing himself in Africa’s tech ecosystem, a passion that consumed him day and night. At the time, Oluwafemi was a jack of all trades in the digital space, a self-styled graphic designer, social media coordinator, and a website builder. 

TechCabal at the coalface of tech changes

In 2011, while doing his national youth service, he started blogging and showing up at tech events and writing about technology on the continent, even though it frustrated him no end because tech in Nigeria was far behind compared to the rest of the world. Back then, it took around six months for the latest phones to enter the Nigerian market; by the time a tech writer got to review these phones, they were “not new” models anymore.

A lot has changed since those ancient times, and TechCabal now finds itself at the coalface of tracking tech changes in Africa’s bustling tech ecosystem. 

In March 2013, TechCabal was born out of Oluwafemi’s Nokia E63 because his computer was broken. He would log into C-Panel from his phone, do site configuration, and write using the WYSIWYG editor, a process as painstaking as it sounds.

Oluwafemi and Taylor found TechCabal

The name TechCabal has a short backstory. It arose out of a conversation Oluwafemi had with his co-founder, Seyi Taylor, who had a company called Big Cabal. The word “cabal“ has negative connotations, often viewed as sinister or political, but that didn’t deter them. They intended for people to do a double take, sit up, and notice what they were building, exactly what players in Africa’s tech space are doing a decade later. 

This spirit of rebellion and wanting to stand out has raised the profile of TechCabal over the past 10 years. A lowly blog from nowhere is now recognised for having a strong and discerning journalistic voice.

“The idea was everyone was invited,” Oluwafemi told TechCabal. “We were trying to start a conversation. We were trying to build a community to discuss how we’re solving problems and creating value and opportunity using software and technology.” 

In 2014, a competition called The TechCabal Battlefield changed the trajectory of the publication. It was one of Africa’s first tech startup competitions, with the largest prize money at the time: $20,000, sponsored by Stanbic IBTC Bank and iROKING.com. Out of 92 applications and a shortlist of 20, seven finalists were chosen, and they were: 500Shops, Adugbo, Callbase, CasaGrupo, Decoded, Autobox, and Prepclass, were the eventual winners. 

“It was mostly me doing the running around, and when we realised we were going to launch into the events space and do something much bigger than our skills, we realised we needed help,” Oluwafemi explained. 

TechCabal is bigger than they imagined

Oluwafemi and Taylor realised that this competition was bigger than they could have imagined, and it would change the way people viewed TechCabal forever. “To execute that event, we had to hire a bunch of temps to help us pull the event off in terms of comms, logistics, and helping the startups figure out what they needed to do. We also got a lot of support from the community — mentors, sponsors, and benefactors.” 

By 2015, TechCabal had become the most prominent and influential technology blog in the West Africa region. The mission was to scale, and with just the two founders on board, the company needed to fundraise as the need for more staff became apparent.

Advertising and business development alone weren’t enough to make the company more sustainable, so TechCabal had to hire operational and editorial talent. Oluwafemi resorted to devising a training programme to upskill anyone interested in writing for the publication, using the classic journalism book by Matthew Winkler, The Bloomberg Way: A Guide for Reporters and Editors. It would become the foundation on which TechCabal’s quality journalism was built in those days.

With very little money coming in TechCabal’s entrance turned into a revolving door—not an uncommon feature in many media houses. If the company couldn’t afford to keep an employee, Oluwafemi made a point of finding them alternative employment before letting them go.

TechCabal’s design hasn’t fluctuated much over the years since Oluwafemi used CorelDraw to develop the first iteration of the logo. He used minimalist WordPress themes that gave the site a classic feel and longevity by playing with iconography for images. The only significant change to the design came in 2018 when the brand colours changed from black and white to red and white, and the business went through a major reset with the arrival of Tomiwa Aladekomo as CEO of Big Cabal Media, the publisher of TechCabal. At this point, the company came of age and saw its first real fundraising round, which allowed it to increase its capacity and hire more talent in all departments.

Aladekomo brought a savvy business and media mind and positioned the company as a major player in the African tech media landscape, illustrated by significant audience numbers and commercial revenue growth.

Breaking records

Despite the challenges of running a media business in a hostile business environment, TechCabal has stayed the course and landed significant partnerships across the continent and beyond, including with Bloomberg, the Bill and Melinda Gates Foundation, Google, and CNBC Africa. The website has grown significantly over the past three years, breaking previous records in page views and user numbers.

A significant reason for TechCabal’s success over the past 10 years has been that we have always shown up again and again, taking the initiative to broach the most important conversations about tech in Africa. Technology will be the biggest growth driver across all industries in Africa in the foreseeable future. Few publications have documented the changing face of tech on the continent, like TechCabal. 

Into our next decade of existence, we at TechCabal take with us that spirit of hustle demonstrated by Oluwafemi all those years ago. We’re gazing on new horizons to the North, South and East of Africa as lands of opportunity for TechCabal’s growth. We’re delving into new and deeper subjects like Web3, AI, and the Internet of Things. Under new editorial leadership in Editor-in-Chief Adrian Ephraim, Newsroom Editor Olumuyiwa Olowogboyega and Deputy News Editor Kelechi Njoku, we hold onto that spirit of entrepreneurship and endeavour shown by Seyi Taylor and Aladekomo, and we look to the future with courage and optimism. 

Most importantly, we will take you, our reader, into the future with us as we rouse the forces of change driving Africa forward and challenge those ideas and individuals who will hold the continent back. We’ll shine a light on Africa’s successes and tell the stories of the grit, grind, and some inevitable failures.

At TechCabal, everyone is invited as we continue to build a community of tech enthusiasts and dreamers who share our passion for Africa’s future while living in the moment.

Happy 10th birthday, TechCabal!

To honour our commitment to the startup ecosystem in Africa, TechCabal is launching an exciting new video series called My Startup in 60 seconds, a one-minute video show where startup founders share the unique problems they are solving for Africa. 

Here, we will profile the most interesting and innovative startups impacting their respective industries, in videos that cut through the noise and allow you, our audience, to appreciate the back stories, and the trials and tribulations of becoming a successful entrepreneur. 

We meet founders like Babatunde Akin Moses and his company Sycamore, which connects lenders to borrowers who need money—although they are not like every other loan company. We also get to know Adeola Ayoola, who co-founded Famasi Africa, a platform that connects Africans with recurring medication needs, with last-mile care. And there is Mmone Mopane, founder of Outwork Spaces, a company that is making it easy for remote workers to find workspaces near them. 

For the next three months we will feature six startups. We hope you learn something from the journey of these incredible startup founders, and we hope that they inspire you as much as they inspire us at TechCabal.  Follow the link here to watch the videos.