Thank Goodness It’s Friday! 
The 2025 edition of TechCabal Insights‘ annual publication, The Future of Commerce Report: Beyond the First Wave, was unveiled at Moonshot by TechCabal in October 2025.
Africa’s forthcoming innovation surge is shifting away from payments and marketplaces, focusing instead on the “X Areas”-the often neglected, behind-the-scenes operational hurdles that impede millions of enterprises.
This comprehensive report highlights emerging investment trends and innovation directions, offering valuable insights for entrepreneurs, investors, and policymakers who are shaping the continent’s commercial infrastructure.
- Rapid Fire
with Ibikunle Peters - Lidya ceases operations
- 492 digital lenders register with FCCPC
- Funding Tracker
- World Wide Web 3
- Opportunities
Features
Rapid Fire with Ibikunle Peters
Ibikunle Peters is a seasoned expert in IT and telecommunications infrastructure, boasting over ten years of experience. He has played a pivotal role in deploying Nigeria’s largest network systems and managing critical digital operations nationwide. His career spans major players like Airtel Networks Nigeria, 9mobile, and Huawei, where he has overseen high-stakes projects including secure elections and national censuses.
His expertise encompasses network integration, ensuring application reliability, enterprise software oversight, and real-time troubleshooting. Peters’ insights influence how technology underpins national stability, digital inclusion, and business evolution across Africa’s dynamic markets.
- How would you describe your role to a child?
I make sure that phones and computers can communicate smoothly. Think of it like fixing your favorite cartoon when it stops playing or helping your mom call grandma. I work behind the scenes to keep everything running so you can enjoy your shows and family calls without interruption.
- You spent nearly a decade as a Billing Application Engineer at Huawei. What did that involve?
At Huawei, I managed the billing and charging platforms for leading telecom operators, handling millions of daily transactions such as calls, texts, and data usage. My responsibilities included maintaining system accuracy, security, and uptime, ensuring compliance with regulations. I also applied data science to detect irregularities, optimize performance, and support large-scale initiatives like SIM registration and number portability. It was demanding but invaluable experience in building scalable systems.
- What does a typical high-pressure day look like for you?
My day begins by monitoring custom dashboards and alerts. If a critical issue arises-like a billing failure or network outage-I coordinate with vendors and internal teams to restore service swiftly within agreed timelines. Sometimes, I oversee software updates ensuring minimal disruption. Other times, I prepare systems for crucial national events where failure is not an option.
- Can you share a major challenge you faced and the lessons learned?
During a nationwide SIM and KYC registration, a backend system collapsed under unexpected demand. I led the recovery, collaborating overnight with multiple teams to restore functionality. Using data analytics, we identified bottlenecks and forecasted future loads, enabling a redesign for better scalability. This taught me the value of composed leadership, contingency planning, and data-driven strategies.
- What misconceptions do people have about telecom networks?
Many assume telecom is just about antennas and signals, but the real complexity lies in backend systems-base stations, controllers, billing platforms, databases, APIs, and integrations. These components handle authentication, billing, fraud prevention, and regulatory compliance, forming a complex ecosystem that demands constant oversight and fine-tuning.
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Startups
Lidya, Nigerian Digital Lending Pioneer, Closes After Nearly Ten Years
“Nigeria’s tech-driven lending landscape was the perfect environment for our data-centric solutions,” said Tunde Kehinde, Lidya’s co-founder and CEO.
Almost two years following this statement, Lidya, a prominent Nigerian SME digital lender, has ceased operations after nearly a decade in business.
What led to this? According to an internal email reviewed by TechCabal, the company faced significant financial hardships despite attempts to restructure. These challenges have rendered it unable to process payments or fulfill outstanding obligations.
This closure follows Lidya’s strategic withdrawal from European markets nearly two years ago to concentrate on Nigeria. The company had expanded into Poland and the Czech Republic in 2019, backed by an $8.3 million pre-Series B funding round in 2020. However, by 2023, it refocused on its home market and its loan recovery product, Lidya Collect.
Warning signs: In late 2024, reports emerged that CEO Kehinde resigned amid customer dissatisfaction with Lidya Collect. The CTO, Cristiano Machado, also departed in September 2024. Additionally, a former employee alleged unpaid salaries for the Portugal-based tech team.
Too soon to say goodbye? Lidya raised a total of $16.5 million, including a $1.3 million seed round in 2017, a $6.9 million Series A in 2018, and the $8.3 million Series B. Its shutdown marks the end of a once-promising chapter in Nigeria’s digital lending ecosystem.
Paga Launches in the United States
Paga is now operational in the U.S.! Whether you’re in Lagos or Atlanta, manage your finances with ease. Send money, pay bills, and bank in both Naira and U.S. Dollars using Paga. Discover more.
Fintech
FCCPC’s ₦100 Million Fine Spurs Digital Lenders to Register
Who can afford to lose ₦100 million (about $69,000)? Apparently, nearly 500 digital lending platforms in Nigeria have rushed to comply with the Federal Competition and Consumer Protection Commission‘s (FCCPC) new Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025.
The regulations require all digital lenders to register with the FCCPC within 90 days of commencing operations. Since enforcement began on July 21, 2025, 492 lenders have registered, with 434 fully approved and 36 conditionally cleared. Meanwhile, 22 lenders licensed by the Central Bank of Nigeria remain under scrutiny.
Additional provisions: The rules prohibit loan apps from accessing users’ contact lists or photo galleries, mandate transparent disclosure of interest rates and repayment schedules, and ban aggressive debt collection tactics that publicly shame borrowers.
Context: While many lenders complied out of regulatory pressure, they are also vying for a share of Nigeria’s expanding digital credit market. For instance, FairMoney reported a 62% revenue increase in 2024, underscoring the lucrative potential of catering to Nigeria’s growing credit demand.
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Insights
Funding Tracker
This week, Spiro, a Kenyan electric mobility startup, secured a landmark $100 million investment-the largest in Africa’s e-mobility sector. The Fund for Export Development in Africa (FEDA) led the round with $75 million, complemented by other strategic investors. (Oct 21)
Additional funding highlights include:
- Egyptian AI startup Nanovate raised $1 million in a pre-seed round from angel investors. (Oct 17)
- Ivorian fintech Julaya secured $1.4 million via a convertible bond led by CDC-CI Capital. (Oct 17)
- Nigerian-founded Rana Energy, offering solar and battery subscriptions to businesses, raised $3 million from Techstars, EchoVC Eco, and angel investors, including a $2.5 million local currency green debt facility. (Oct 20)
- Egyptian insurtech SehaTech closed a $1.1 million seed round led by Ingressive Capital and other investors. (Oct 20)
- Nigeria’s Moniepoint raised $90 million from a consortium including African Development Partners III, LeapFrog, Google Africa Investment Fund, Visa, IFC, and others. (Oct 21)
- South African startup Locstat raised $2.3 million in pre-Series A funding led by Portugal Gateway Fund and ANZA Capital. (Oct 21)
Stay updated on funding news by following us on Twitter, Instagram, and LinkedIn. Before you go, discover why Africa’s commerce challenges are shifting away from consumer-facing issues.
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CRYPTO TRACKER
The World Wide Web3
Source:
| Coin Name | Current Value | Day | Month |
|---|---|---|---|
 Bitcoin |
$108,214 |
+0.58% |
−5.34% |
| Ether |
$3,864 |
+0.01% |
−9.81% |
| Anome |
$0.09275 |
−8.97% |
+20.96% |
| Solana |
$184.61 |
+0.64% |
−19.90% |
* Data accurate as of 6:30 AM WAT, October 24, 2025.
Opportunities
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Bigger, bolder, and more purposeful. After the tremendous success of the inaugural summit in 2024, Growth Padi proudly announces Growth Africa Summit 2025 (GAS 2.0) themed “Reimagining the Growth Playbook.” Against the backdrop of a rapidly changing entrepreneurial environment, this year’s event will challenge conventional strategies and introduce innovative, resilient growth frameworks tailored for African enterprises. Register by November 1.
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Have a compelling startup story? My Startup in 60 Seconds is TechCabal’s spotlight segment where founders share their journey-from vision and obstacles to milestones-in just one minute. This platform offers exposure to investors, customers, and the broader African tech community. Apply to be featured or explore other TechCabal advertorial options. Note: This is a paid feature.
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AI enthusiasts, don’t miss Africa’s premier all-expenses-paid AI and Data Science bootcamp this October, hosted by Data Science Nigeria (DSN). The AI Bootcamp 2025 runs from October 20-25 at the University of Lagos, gathering participants from 36 Nigerian states and 13 African countries for hands-on training, mentorship, and collaboration under the theme “AI for All: Democratizing Intelligence and Driving Impact.” Join free city classes to qualify. Register now.
Written by: Opeyemi Kareem, Emmanuel Nwosu, and Success Sotonwa
Edited by: Ganiu Oloruntade
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