Wazzup. โ๏ธ๏ธ
In the world of Kenyan elites, wristwatches are becoming the new real estate. Yes, instead of land plots, some of the crème de la crème are now putting money into pre-owned luxury watches, because apparently, you can wear your investment and flip it later for profit. What makes this wild is how much it makes sense. Unlike property, a watch doesn’t need permits or months to sell. It can be liquidated in days and carried across borders on your wrist.
If you were to invest in something unconventional, what would it be?
In other news, Nigeria’s elections have a retention problem. A new Zikoko Citizen report predicts what participation in the 2027 election might look like, drawing on trends from previous cycles, and explores what could bring about a massive turnaround.
— Yemi
Telecoms
Nigeria’s consumer protection watchdog approves five airtime lenders
After Nigeria’s largest telecom operators MTN and Airtel temporarily suspended airtime lending last week, new players have swooped in to take their place—at least temporarily.
On Wednesday, the Federal Competition and Consumer Protection Commission (FCCPC), Nigeria’s consumer protection watchdog, approved five companies to operate airtime and data lending services: Total TIM Nigeria Limited, Rane Interactive Medien CLS Limited, Mode NG Applications Nigeria Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.
The move comes as Globacom and T2, which round up the four telcos operating in Nigeria, have also quietly paused their own lending services, according to our checks.
Will telcos resume airtime lending? Airtime lending has not been scrapped; it is being reorganised. Under the FCCPC’s 2025 regulations, services like MTN’s Xtratime are now classified as consumer credit, requiring proper licencing, disclosure of fees, and clearer accountability.
For users, the immediate question is what happens to existing debt. Telecom operators haven’t addressed this yet.
There is another wrinkle. The newly approved lenders, it is worth noting, do not yet have listed consumer-facing apps in the FCCPC’s disclosure, making it unclear how Nigerians can actually access these services for now.
Between the lines: This is opening the door to new competition. Telcos have long dominated airtime credit, but once they secure approval and return, they may find themselves sharing that space with licenced third-party lenders operating under stricter rules.
What is really happening? Airtime credit is being pulled into the formal lending system, where the business is clearer, and the players are easier to hold accountable.
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companies
M-Tiba is shutting down its health savings wallet
A curious little back story: In 2025, a cyberattack hit M-Tiba, a Kenyan healthtech platform, and went undetected for ten days. That attack exposed the personal and medical information of nearly five million Kenyans, including insurance claims, patient information, and clinical records.
What’s the news here? The same platform is now shutting down its My Health Funds (MHF) wallet, the feature that allowed people to set aside money strictly for healthcare. M-Tiba users have begun receiving refunds of the amount in the wallet into their M-PESA accounts without requesting withdrawals.
There is no confirmed link between the breach and the decision to shut down the wallet, but the timing raises eyebrows. Plus, the explanation that CarePay Limited, M-Tiba’s operator, gave is… thin. The official line is that it is evolving and will now shift its focus to “improving health insurance management.”
Beyond that, there is very little detail on why the wallet is being retired, how many users were affected, no clarity on how affected users transition, and no real sense of what this new focus will look like. Will this mean deeper partnerships with insurers? A new insurance-led product? Or a full pivot away from individual users entirely? For now, it seems like a product shutdown wrapped in a vague strategy shift.
While one can make guesses about what might be happening behind the scenes, this is one of those moments where CarePay needs to spill a bit more tea.
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banking
Absa Kenya is spending $23.2 million on digital banking
Across Africa, walking into a bank branch is becoming a backup plan, as digital payments deepen. Absa Kenya, the country’s seventh-largest bank by assets, is leaning fully into that shift. The lender says it plans to spend up to KES 3 billion ($23.2 million) annually on technology as it pushes more customers toward mobile and self-service banking.
The investment is not new, but it is becoming routine. Absa spent KES 2.16 billion ($16.7 million) on technology in 2025, and now treats digital spend as a recurring cost of staying competitive. The payoff is already visible: 94% of all transactions now happen outside branches, a sharp jump from roughly 40–50% a decade ago.
This is less about innovation and more about survival. Kenya’s banking sector has long been shaped by mobile money, and customer expectations now revolve around speed, convenience, and always-on access. Traditional banks are adjusting or risking irrelevance.
What is really happening? Absa is rebuilding its retail strategy around digital channels, and leadership changes reflect that shift. The appointment of former M-Pesa Africa chief executive Sitoyo Lopokoiyit to lead personal and private banking signals where future growth is expected to come from.
The efficiency gains are starting to show. The bank’s cost-to-income ratio improved to 36.5% in 2025 from 46% a year earlier, while operating expenses dropped 21% to KES 7.35 billion ($56.9 million). At the same time, net profit rose 10% to KES 22.9 billion ($177.3 million), suggesting the digital push is not just about convenience, but also margins.
Zoom out: Kenyan banks are no longer just competing with each other. They are competing with the habits shaped by mobile money, where transactions are instant and physical branches are optional. Absa’s spending signals that keeping up now comes with a permanent technology bill.
Mobility
Chery is bringing its first EV to South Africa
Chery, South Africa’s best-selling Chinese car brand, is launching its first fully electric car in South Africa in 2026: the Chery Q.
All the technical ways to describe a cool car: The Chery Q comes with a 42.7kWh battery, up to 400km range, a peak power output of 90kW, a rear-mounted motor, and a cabin that leans heavily into screens and software, including a 15.6-inch infotainment display and a 360-degree panoramic camera.
The EV market is getting busy: South Africa’s new energy vehicles (NEV) growth was valued at R244 million ($14.3 million) in 2024, with about 3,800 units sold, as reported by Forbes Africa.
Competition in this sector is already there from Chinese automakers like BYD and Geely— which recently made its local debut at a starting price of R339,900 ($20,600). Though Chery claims some of the features of the Q car trumps those of the competitor (peak power output), its edge is that it has already built its reputation locally with its non-EV models.
A familiar name with a heavy past: If the Chery Q sounds familiar, it should. This is a modern reboot of the QQ3, one of the cheapest cars South Africa had seen when it first arrived in 2008. It was cheap, only going for R59,900 ($3,600) at the time.
However, these cars received a zero-star safety rating in a South African car safety campaign conducted by the Global New Car Assessment Programme (NCAP). While this new version has history, the Chery Q is now getting a second chance to meet a higher safety and car quality expectation.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$77,800 |
– 0.62% |
+ 10.90% |
| Ether |
$2,343 |
– 2.30% |
+ 10.01% |
| XRP |
$1.41 |
– 2.92% |
+ 0.35% |
| Solana |
$85.84 |
– 2.65% |
– 4.73% |
* Data as of 06.34 AM WAT, April 23, 2026.
Events
The voices shaping Africa’s digital future are taking the stage. From AI and IoT to cloud, connectivity and smart infrastructure, IOT West Africa | Data Centre & Cloud Expo Africa 2026 brings together the leaders building the continent’s next digital chapter. This is where the ecosystem meets, and we’ll see you there. The event kicks off on April 28–30 at the Landmark Centre, Victoria Island, Lagos. Register here to attend.- All roads lead to Nairobi on May 7, 2026. Gathered at the Sarit Expo Centre, senior leaders from across Africa’s fintech and payments ecosystem will gather for a day of meaningful connections, market insights, and cross-border collaboration. The focus of the Africa Fintech Live event is on driving real engagement, bringing together industry leaders and emerging innovators to spark strategic conversations that will shape the future of finance on the continent. Secure your early bird ticket now at 50% off
- On May 6–8, 2026, policy, capital, and innovation in Africa will take centre stage at the 3i Africa Summit. Happening at the Destiny Arena, Accra, Ghana, it will pack operators, investors, and policymakers in one room to answer questions about the continent’s integrated fintech future, and what it’s still missing. Register here to attend.
- The Africa Tech Summit London 2026 is back for its 10th edition. Held at the London Stock Exchange building in London on May 29, it will feature 350 attendees from over 200 companies, the event will be a small, high-impact gathering of founders, investors, and global partners driving the future of tech in Africa. Use the code TC10 to get 10% off tickets. Apply to attend.
Written by: Emmanuel Nwosu and Opeyemi Kareem
Edited by: Emmanuel Nwosu and Ganiu Oloruntade
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