Startups

News In Brief, Startups

Kuda Prepares Physical Expansion After Securing National Banking Licence

Kuda Microfinance Bank is preparing to expand its physical presence across Nigeria after receiving a national microfinance banking licence from the Central Bank of Nigeria, a shift that reflects both regulatory expectations and the bank’s growing scale. The upgrade removes the geographic limits attached to Kuda’s former unit microfinance licence and requires the digital bank to establish experience centres nationwide. These centres are expected to offer in person customer support and serve as community engagement points, while digital services remain central to the business. Managing director and chief executive Musty Mustapha said the licence marks an important step in Kuda’s evolution as a regulated institution, giving it flexibility to meet customers both online and offline. The decision also highlights a broader regulatory push to align licensing structures with how large fintechs now operate. In January, the central bank also upgraded the licences of Moniepoint and Opay, citing the need for customers, particularly in the informal sector, to access physical offices for dispute resolution. The move, however, brings higher costs. National microfinance banks face stricter compliance rules, mandatory public disclosure of accounts, and significantly higher capital requirements. Kuda’s minimum paid up capital rises to five billion naira from two hundred million naira, following a twenty million dollar funding round in 2024 that valued the company at five hundred million dollars. Operationally, Kuda continues to scale. In the first quarter of 2025, it processed more than three hundred million transactions worth fourteen point three trillion naira and issued sixteen point four billion naira.

News In Brief, Startups

OneDosh Raises $3 Million Pre Seed to Build Stablecoin Payments Between US and Nigeria

OneDosh has raised $3 million in pre seed funding to build stablecoin powered infrastructure for cross border transfers, starting with the United States to Nigeria corridor. Founded in February 2025 by Jackson Ukuevo, Godwin Okoye, and Babatunde Osinowo, the startup grew from the founders’ own headaches moving money across countries. Ukuevo, the chief executive, said cards were blocked, accounts were frozen, and transfers stalled under currency controls. The team concluded that demand is there, but the underlying systems are outdated. OneDosh is live in the U.S. and Nigeria. It lets users send money between both countries, hold value in stablecoins, and spend through a stablecoin linked card that can be added to Apple Pay and Google Pay and used wherever Visa is accepted. Alongside the consumer product, the company is building programmable stablecoin rails that connect wallets, cards, and markets into a single settlement layer. It says the rails are designed to make cross border payments simpler for individuals and businesses that move funds often. The founders bring compliance and payments experience from firms such as ZeroHash and Plaid, plus product experience from Amazon. Next, OneDosh plans to use the funding to expand into new corridors, strengthen liquidity partnerships, and hire senior talent as it scales operations. The round comes as stablecoins gain ground across Africa as a tool for day to day value storage and cross border spending this year.

News In Brief, Startups

Trove Takes Brokerage Operations In House With UCML Securities Purchase

Nigerian investment platform Trove Finance has acquired UCML Securities Limited, bringing its brokerage services in house as it looks to gain more control over how trades are executed and regulated. Although the value of the deal was not disclosed. Following the acquisition, UCML Securities has been rebranded as Innova Securities Limited, which will now operate as Trove’s Securities and Exchange Commission licensed broker dealer in Nigeria. Founded in 2018, Trove Finance started by working with third party brokers to give Nigerian investors access to local and global markets. A model that helped the company grow quickly while staying compliant. Over time, however, higher trading volumes and a wider range of products made closer oversight more important. Chief executive Oluwatomi Solanke said owning a licensed broker allows Trove to take direct responsibility for trade execution, compliance, and governance, while also improving how quickly new features are developed. Trove says it has processed more than ₦500 billion in trades since launch and has been downloaded over 400,000 times. as the platform is among a group of early African digital investment startups focused on widening access to global markets for retail investors. With the purchase of UCML Securities Limited, Trove gains greater visibility into settlement timelines and regulatory processes. Some staff from UCML, especially in compliance and operations, have moved into the newly renamed Innova Securities Limited to support continuity. Existing user accounts opened through previous brokerage partners will remain active and will be moved to Innova gradually. New users will be onboarded directly under the new structure. The move follows a broader shift among Nigerian fintechs toward owning licensed infrastructure as companies mature and face closer regulatory attention.

News In Brief, Startups

Chipper Cash Reaches Operating Break Even After Two Year Restructuring

Chipper Cash, the African fintech best known for cross border transfers and consumer payments, said it covered its operating costs in the fourth quarter of 2025 after a two year restructuring that trimmed spending. Co-founder and chief executive Ham Serunjogi shared the update via a LinkedIn post, saying the company’s operating revenue was enough to fund day to day expenses. However, it did not state the figures. The shift comes as many African consumer fintechs move from growth at all costs to tighter margin control, especially as venture funding has slowed and regulators have increased scrutiny of payments firms. Chipper’s rebound is tied to a smaller set of priorities. A source close to its operations said Nigeria and Uganda are among its strongest revenue markets, alongside demand for US dollar virtual cards. Those cards have gained traction as more Africans struggle to pay for global subscriptions and services with local bank cards, particularly in markets where foreign exchange access is uneven. Two former employees familiar with the company’s finances said Chipper is now profitable and has about 24 months of runway, Although the company did not respond to a request for comment. Chipper was founded in 2018 and expanded across Africa, the US, and the UK. It rode the 2021 venture peak to a reported $2.2 billion valuation before later being marked down, with Forbes placing it in a $250 million to $500 million range as global tech valuations fell and some backers, including FTX and Silicon Valley Bank, collapsed. The wider trend is clear showing how fintechs are prioritising products that generate predictable revenue and can survive long funding winters especially in current volatile FX environment.

eni
Culture, Editors Pick, Startups

How Iyinoluwa Aboyeji Built Two Unicorns and Helped Ignite Africa’s Tech Revolution

In the global conversation about Africa’s tech renaissance, few names command the respect, data points, and track record of Iyinoluwa Aboyeji. Before he turned 30, he had already done what most founders spend a lifetime chasing: he helped build two unicorns that reshaped digital infrastructure across an entire continent. Today, he stands as one of Africa’s most influential ecosystem architects, a builder whose work has rippled from Lagos to Silicon Valley boardrooms. Aboyeji, known simply as E, is not just a startup founder. He is a force multiplier. An operator who understands markets, momentum, and the infrastructural gaps that hold back scale. And more importantly, a founder who walks away at the height of success to build what the ecosystem needs next. At 33, he is already a living blueprint for the next generation of African entrepreneurs. A Builder From First Principles Iyin’s entrepreneurial journey began long before the headlines, long before the billion dollar valuations, and long before African tech became a magnet for global capital. Raised in Lagos and later educated at the University of Waterloo, he absorbed two contrasting worlds: the extreme inefficiencies of African markets and the tight, efficient execution culture of Canadian tech hubs. That contrast shaped his thinking. He became obsessed with infrastructure: the invisible rails that make innovation possible. And that obsession would later produce two companies that fundamentally shifted how Africa moves money and builds jobs. The Andela Experiment: Can Africa Build Talent At Scale? In 2014, Aboyeji co founded Andela, a talent accelerator built on a radical premise: that Africa’s young population could supply the world with world class technical talent. With support from the founders of L5 Labs and a partnership with Jeremy Johnson, Andela became one of the most ambitious social–economic experiments in modern African tech. The company raised hundreds of millions from global investors and secured early backing from the Chan Zuckerberg Initiative. Andela went on to become a unicorn, validating a thesis many had overlooked: African engineers could compete globally when given the right structure, curriculum, and opportunity. But at the height of its rise, Aboyeji did what few would dare. He stepped aside and walked toward a new frontier. Flutterwave: Building the Rails for a Digital Continent Africa’s economy was digitizing, but the infrastructure that allowed money to move between businesses was fragmented and slow. In 2016, he co founded Flutterwave to solve that. The idea was simple: build the payments pipes for the continent. But the execution was monumental. Flutterwave became one of the fastest growing African fintechs in history, powering payments for multinationals, small businesses, and emerging startups across dozens of African markets. By 2021, the company reached a three billion dollar valuation, making it one of Africa’s top unicorns and a central node in the continent’s digital commerce engine. Once again, Aboyeji stepped back after the foundational phase, choosing not to stay for the glory but to build the next critical institution. Future Africa: Turning Builders Into a Movement After Andela and Flutterwave, E had a new mission: help the next generation of African founders get the early capital and knowledge that he never had. He launched Future Africa, a fund and community investing in mission driven founders solving Africa’s biggest challenges. The platform has now backed dozens of startups across fintech, climate, agriculture, health, logistics, and education. What makes Future Africa different is not just capital. It is the idea that builders are the best people to back other builders. And the results prove it: the fund has already produced several high growth ventures and seeded founders who are solving real problems for millions. E is not creating a VC firm. He is building a movement. Why Global Investors Are Paying Attention Aboyeji represents something global investors rarely find in emerging markets: a founder with repeat unicorn scale track record. His influence extends beyond boardrooms into policy, innovation ecosystems, and the cultural imagination of African entrepreneurship. He is shaping how talent is groomed, how capital flows, and how founders think about scale. For global allocators trying to understand the next decade of African innovation, E is one of the most credible operators to watch. The Legacy He Is Writing Iyinoluwa Aboyeji is part of a rare category of founders who build infrastructure, not just companies. Andela built the talent rails. Flutterwave built the payment rails. Future Africa is building the capital rails. Three layers of one long term vision. Not every generation gets a builder who sees an entire continent not for what it is, but for what it could become. Africa’s digital economy today owes part of its architecture to the decisions he made, the risks he took, and the companies he walked away from so he could build again. In the story of modern African entrepreneurship, Aboyeji is not just a chapter. He is one of the authors.

Founder
African Changemakers, Startups

How an African Founder Is Reimagining Global Hospitality

Emmanuel Egbeiyon: The African Founder Reimagining Global Hospitality In an industry long dominated by Western platforms and fragmented local operators, Emmanuel Egbeiyon is quietly building a new narrative. One where Africa is not just a destination, but a source of global hospitality innovation. As the Founder and CEO of EmaGlobalStays, Emmanuel represents a new generation of African entrepreneurs thinking beyond borders, redefining how trust, technology, and travel intersect across the EMEA region and beyond. From Africa to the World Emmanuel’s journey into hospitality did not begin with real estate, nor was it driven by traditional tourism models. Instead, it was shaped by a simple but powerful observation: while global travel was becoming increasingly digital, hospitality across emerging markets remained fragmented, inconsistent, and often untrusted. Guests struggled with verification, quality assurance, and transparency. Hosts lacked reliable platforms that protected their assets and reputations. Across Africa and parts of the Middle East, hospitality existed, but the systems supporting it were outdated. This gap became the foundation for EmaGlobalStays. Founded in 2019, EmaGlobalStays started operations in Dubai, one of the world’s most competitive hospitality markets. Rather than seeing this as a challenge, Emmanuel viewed Dubai as the ultimate testing ground. If a new hospitality platform could survive and thrive there, it could work anywhere. Building a PropTech Hospitality Platform Unlike traditional short stay companies, EmaGlobalStays was never designed to be a real estate business. Emmanuel deliberately positioned it as a proptech driven hospitality ecosystem. At its core, EmaGlobalStays connects verified guests with curated premium homes across multiple cities. The focus is not volume, but quality, trust, and consistency. Every host is vetted. Every property is reviewed. Every guest is verified. This approach reflects Emmanuel’s belief that hospitality is not just about accommodation, but about confidence. Confidence that a stay will match expectations. Confidence that both guests and hosts are protected. Confidence that experiences are standardized across borders. Today, EmaGlobalStays operates across multiple cities, with expansion across Africa, the Middle East, and Europe firmly underway. Why Africa Is Central to the Vision While EmaGlobalStays is global in ambition, Africa sits at the center of Emmanuel’s long term strategy. He sees Africa not as a secondary market, but as the next frontier of global hospitality growth. A continent with a rising middle class, growing intra-African travel, increasing global tourism interest, and an underserved premium short stay segment. Yet, Africa’s hospitality challenge is not demand. It is structure. “There is demand, there are beautiful homes, there are great hosts,” Emmanuel often explains. “What’s missing is a unified, trusted system that connects everything seamlessly.” EmaGlobalStays is designed to be that system. By combining technology, local partnerships, and strict quality control, Emmanuel aims to unify fragmented hospitality markets under one trusted brand, while respecting local culture and operational realities. A Founder With a Systems Mindset What sets Emmanuel apart is not only vision, but execution discipline. He approaches hospitality as an infrastructure problem, not just a service problem. His focus is on building scalable systems, clear processes, and strong governance that allow the platform to grow sustainably. This mindset has attracted interest from angel networks, private investors, and ecosystem leaders across Africa and Europe. Emmanuel is intentional about partnerships, preferring strategic alignment over fast capital. For him, growth without trust is fragile. Redefining African Representation in Global Tech Beyond EmaGlobalStays, Emmanuel represents something larger. He is part of a growing wave of African founders building globally relevant companies without waiting for validation. Founders who understand local markets deeply, yet design products that can scale internationally. In an industry often shaped by narratives about Africa rather than narratives from Africa, Emmanuel’s work challenges perceptions. It shows that African entrepreneurs can lead innovation in sectors traditionally controlled by global incumbents. Looking Ahead The long term vision for EmaGlobalStays is ambitious. To become Africa’s first globally recognized proptech hospitality brand.To create a connected ecosystem that unifies travel, trust, and premium living across cities.To set new standards for how hospitality platforms operate in emerging markets. For Emmanuel Egbeiyon, this is not just about building a company. It is about reshaping how Africa participates in the global hospitality economy.