The platform, owned by ByteDance, has applied to Brazil’s central bank for two licences that would allow it to operate as a payments and lending company. The people told Reuters the plans are confidential and asked not to be named.

One of the licences would permit TikTok to act as an electronic money issuer. That would allow users to hold balances, receive funds and make payments within the app.

The second would enable it to operate as a direct credit company, meaning it could lend its own funds or connect borrowers with lenders, but not take deposits.

If regulators approve the applications, TikTok could begin offering basic financial services in one of the world’s most active digital banking markets.

Brazil has seen strong growth in fintech, with firms such as Nubank, Banco Inter, PicPayand Mercado Pago competing for users across payments and lending.

TikTok has not responded to requests for comment. Brazil’s central bank also declined to comment.

Still, there are signs the company is moving ahead with its plans. Executives from ByteDance, including payments head Liao Baohua, met central bank governor Gabriel Galipolo in Brasília in March 2026, according to his public schedule.

It is not yet clear whether TikTok intends to roll out a full set of financial products or focus on supporting transactions tied to content and e-commerce on its platform.

The company has taken similar steps elsewhere. In China, ByteDance launched its own payment service in 2021 to support shopping within its apps, competing with established platforms like Alipay and WeChat Pay.

In Indonesia, it pursued a payments licence in 2023 but was later blocked from handling transactions directly, forcing it to work with local partners.

Brazil has one of the highest rates of social media use globally, and TikTok already has a vast audience there, easing its new focus if the payments licence is approved.

By late 2025, the platform had about 131 million adult users in the country, with advertising reaching 80% of that population, according to DataReportal.

The company has also shown a long-term commitment to the market. It said last year it would invest more than 200 billion reais, or about $38.4 billion, in a data centre in Brazil.

Regulators have encouraged competition in financial services but still keep a close watch on new entrants, especially foreign firms handling payments and user data.

The New York- and Quito-based company says its software has already handled more than $100 million in real financial operations, including payments, account openings and credit decisions, all completed inside chat conversations. 

The new capital will be used to expand Brain, its core platform, and strengthen its expansion into the US small business market.

Messages have replaced calls and emails, but money still moves elsewhere. Customers are usually pushed into apps, forms or call centres at the most critical point. That break costs time, trust and revenue. 

Jelou’s system is built to remove that break.

The Series A round was led by Wellington Access Ventures, with backing from Krealo, the venture arm of Credicorp, and Collide Capital. 

With this raise, Jelou’s total funding now stands at $13 million, following an earlier seed round supported by Act One Ventures and Arca Continental Ventures.

Rather than acting as a help desk, Brain is designed to carry out tasks. Businesses can use it to collect missing customer details, confirm identities, trigger payments and move financial processes forward without leaving WhatsApp. 

It links directly to a company’s existing systems and runs at scale, while allowing human teams to monitor and step in when needed.

“When customers are most ready to act, things usually fall apart,” said Luis Loaiza, chief executive and founder of Jelou. “They get redirected out of the conversation, put on hold, or asked to repeat themselves across systems. 

“We built Brain so businesses can meet customers where they already are and complete the entire operation securely inside chat. This round allows us to scale that model across the Americas and push conversational AI beyond talk into execution.”

Jelou started in Ecuador in 2017, impacted by an observation. People were already buying, selling and asking questions through messaging apps, but the actual transactions were still scattered across insecure and outdated channels. 

Loaiza and his team, drawing on years of work in encrypted communications, set out to make chat a place where serious business could be completed, not just discussed.

That approach has gained traction. The company now works with more than 500 businesses across 13 countries, including banks, retailers and consumer goods firms. 

Operating in Latin America forced Jelou to build with regulation, security and scale in mind from the start, a discipline that now underpins its US expansion.

Investors see the timing as favourable because businesses are working to reduce expenses and close sales faster, while customers expect everything to happen in one place, without friction.

“Jelou recognises that the future of AI is centered around communication channels embedded within the everyday workflow,” said Jackson Cummings, head of Wellington Access Ventures. 

“They are developing a platform that integrates voice AI, chat AI, payments, and identity into a single application layer. This strategic approach positions Jelou as an early mover in bringing transactional AI to messaging in Latin America.”

Jelou plans to turn Brain into a bigger operating layer for conversational business, allowing companies to build and run full WhatsApp-based services from a single interface. 

The company wants to change the norm, where businesses have to happen on websites or apps. Now it’s bringing it inside the conversations people already trust.

And in that same year, Nigeria recorded roughly 7.9 billion real-time digital payment transactions.

But now, in late 2025, something curious is happening. About half of Nigerian SMEs, once heavily cash-dependent, now rely on fintech platforms for their core business banking needs including payroll, payments, cashflow, and even basic credit.

I usually find myself asking, is this true financial inclusion or is it just an elegant, digital rebrand of the same old inefficiencies?

How We Got Here: Building the Rails (2010–2025)

Mobile Money Era (2010–2015)

Back then, mobile money meant USSD codes and agents. Quick person-to-person transfers. For many Nigerians, especially those outside major cities, this was a breakthrough. 

It brought, for the first time, a way to move money without visiting a bank branch. But the system had some limits, minimal functionality. Saving, loans, invoicing, these were mostly out of reach.

Fintech Explosion (2016–2020)

Smartphones became more common. Fintech apps began providing wallets, easy payments, and basic services. The idea of cashless started to stick. Entrepreneurs could now send payments, collect revenues, and do business without stacks of naira notes.

But still, bookkeeping was manual, payroll was offline, credit was almost nonexistent for most small businesses. Many SMEs operated in hybrid mode, some digital payments, but plenty of paper bills, manual ledgers, cash-in-hand.

Cloud-Native Finance (2021–2025)

The last few years changed things more radically. Rather than just payments, SMEs now get banking-as-a-service: invoices, payroll, reconciliations, lending, expense tracking, all via APIs and cloud tools. Digital banking isn’t just consumer-facing anymore, it’s business-native.

Fintech companies have proliferated. By early 2025, there were over 430 fintech firms operating in Nigeria, a 68% increase from 2024. The convenience is real, apps onboard fast, many offer light KYC, and services are usually cheaper than traditional banks.

Now, SMEs can run near-full financial operations online. No “bank visits once a month.” No “cash purchased and moved by hand.” Everything runs digitally.

The SME Reality in 2025: What’s Actually Happening

• According to a 2025 index by Mastercard, 99% of Nigerian SMEs now accept digital payments.
• Around 50% of SMEs now rely on fintech platforms for banking functions such as collections, payroll, cash-flow management, and occasionally lending.
• Among SMEs that were “cash-only” not too long ago, 76% say they plan to invest in new payment technologies.
• Many SME owners say digital payments improved customer experience, reduced downtime, and cut reliance on physical cash, which can be risky or cumbersome.

In short, digital finance is no longer a nice-to-have add-on. It’s now core to how many small businesses operate.

That transition should matter at the macroeconomic level. More efficient SMEs mean faster transactions, better record-keeping, easier scaling. Tax authorities get better visibility. Credit providers get cleaner data. Growth becomes more traceable.

Inclusion or Efficiency

Financial inclusion, yes, but how deep?

Digital payments have made it easier to transact. SMEs can receive payments, pay suppliers, and manage cash with less issues. For many micro and small businesses, that’s a big leap from cash-only days.

But inclusion isn’t only about access. Factual inclusion should mean affordability, reliability, and long-term economic mobility. That’s where things get murkier.

The catch behind the convenience

• Transaction expenses is real. Digital or not, fees accrue. For many small businesses, those add up. Over time, the burden may shift from the consumer to the business.
• Platform lock-in. Once an SME is embedded in a fintech ecosystem, made up of payments, bookkeeping, maybe even credit, switching becomes expensive. That wears away competition.
• Credit is still a weak point. Having a digital footprint doesn’t guarantee good credit. Many small firms lack the data history institutions need to underwrite loans at reasonable rates.
• Infrastructure gaps are still there. In many regions, connectivity is poor. Power outages, network failures, or USSD downtime wipe out the benefits. For those on the margins, rural SMEs, women-led SMEs and informal traders, digital finance may be inaccessible or unreliable.
• Digital tools don’t automatically solve structural problems like inflation, currency instability, lack of collateral, supply-chain fragility, or regulatory unpredictability.

So while many SMEs may now have the tools, whether those tools become stability, growth, and resilience is still up for discussion.

Digitising Old Inefficiencies; A Reality Check

Digital finance has simplified many processes. But in many cases, it has simply transformed old inefficiencies into new ones.

Fragmented infrastructure. Multiple fintech platforms, each with its own policy, fees, limits, and downtime. For an SME juggling several services, integration becomes messy.

Costs are burdensome. Many SMEs now pay for digital services such as payment processing, inventory tools, subscription-based bookkeeping or payroll apps. Over time, these expenses chip away at margins.

Credit and liquidity still constrained. Digital transaction history doesn’t always translate to creditworthiness. Few fintech platforms provide noteworthy working capital at scale, and traditional lenders remain sceptical.

Regulation, compliance, and hesitation. The regulatory environment is still growing. Licensing, compliance, data protection, KYC requirements, these can be blockers for many small operators.

Infrastructure risk. Network instability, power issues, SIM-swap fraud, or downtime can affect a business that relies solely on digital rails.

In effect, digital finance has made SMEs look and feel more formal. But the economic engines that drive growth, stable credit, reliable infrastructure, competitive markets, are still uneven and weak.

Macroeconomic Impact: Progress and Risks

Where we see real positive effects

• Transaction visibility & formalisation: More SMEs are traceable, easier for regulators and tax authorities to monitor economic activity. That could enlarge the tax base and improve revenue.
• Lower transaction friction: Digital payments are faster, more reliable, and often safer than cash, reducing costs tied to logistics, theft, and cash handling.
• Enhanced operational efficiency: For SMEs, digital bookkeeping, payroll, supplier payments help save time, freeing up mental bandwidth and resources.
• Potential for data-driven credit and growth tools: Over time, digital footprints may allow lenders to design better credit products, supply-chain financing, or working-capital services.
• Job and sector growth: Fintech companies, mobile agents, and digital payment ecosystems create employment beyond traditional banking.

But there are still risks of systemic inefficiency

• Platform dependency & monopolisation: If a few fintech companies top the space, small businesses lose bargaining power. Costs may stay high; switching platforms may be hard.
• Hidden cost burden: What seems “free” or “cheap” can accumulate; transaction fees, subscription fees, float charges, digital-service fees. Over time, small margins can be worn away.
• Financial exclusion for the most vulnerable: Those without stable internet, smartphones, or digital literacy, rural traders, older entrepreneurs, women-led businesses, may be left out.
• Regulatory & systemic risk: Without consistent regulation and oversight, fraud, downtime, or misuse of data can harm trust, and erode inclusion gains.
• Economic fragility: Digital finance doesn’t solve macro problems like inflation, currency volatility, poor infrastructure, or supply-chain instability. Without comprehensive reforms, many SMEs will continually be vulnerable.

What Must Change for Real Inclusion (Not Just Digitisation)

To move from “neat digital rails” to “stable economic engines,” we need more than apps.

• Interoperability & open standards. Fintech platforms, banks, regulators must agree on shared protocols. SMEs shouldn’t be locked into a single ecosystem.
• Transparent pricing & fair fees. Digital services must be affordable and predictable, not exploitative over time.
• Solid infrastructure. Reliable power, broadband, especially outside megacities, needs serious investment. Otherwise, digital tools will remain an urban luxury.
• Tailored SME credit products. Lenders need to trust digital histories and build flexible credit that matches SME cash flow cycles.
• Digital literacy & support for underserved entrepreneurs. Training, especially for rural and informal entrepreneurs, to ensure access isn’t limited to the urban, educated elite.
• Regulatory clarity and consumer/SME protection. Data protection, fair-use terms, oversight against fraud, these must be standard.
• Holistic economic reforms. Currency stability, inflation control, reliable supply-chain infrastructure, these foundational issues can’t be ignored.

What the Next Five Years Could Bring, if We Get It Right

If we address these gaps, the next half-decade might truly change SME finance in Nigeria:

• Cloud-based “business operating systems”, invoice to payment to payroll to credit in a single workflow.
• Embedded credit and supply-chain financing tailored to SMEs’ cash flow realities.
• Real-time payments are becoming the default, even for micro-transactions and informal economy players.
• Data-driven loan underwritings, allowing micro-businesses to grow without collateral.
• Greater formalisation, more SMEs in the tax net; better regulation; more visibility for policy-makers.
• Growth of SMEs beyond survival mode, longer-term capital investment, expansion, jobs creation.

But if we don’t fix current weaknesses, there’d be high costs, infrastructure gaps, platform lock-in, this digital transition risks becoming another layer of friction, not liberation.

A New Financial Skeleton, But Are We Building a True Body?

Digital finance in Nigeria has built a sturdy skeleton. Payments flow, accounts exist, many SMEs operate online. That is progress. Profound progress, even.

But a skeleton alone does not make a human being. For actual economic inclusion, for SMEs to grow securely and sustainably, we need flesh, muscles, stable credit, fair pricing, infrastructure, regulation, inclusion for the marginalised.

I believe digital finance brings a huge turnaround. But a promise alone isn’t enough. If we’re honest, we must ask: are we building a new financial fate for SMEs or simply repackaging old systems with a shinier interface?

Because if we don’t fix the in-depth structural problems, the only thing we’ll have done is made inefficiency look digital.

The new hub, located at 21 Ahmed Onibudo Street, brings more than 25 staff onshore. It will oversee customer support, drive product development targeting West African markets, and enhance collaboration with banks, payment service providers, and regulators.

Verto said the decision to open in Lagos follows growing demand from businesses seeking an on-the-ground partner rather than a fully remote platform.

Over the years, Verto “has supported over 5,000 Nigerian and African businesses” and “processes more than $25 billion USD in annual global transactions today across 200+ countries and 49 currencies.”

How Verto Wants to Transform Global Payments for Fintechs, Online Marketplaces

Co-founder and Chief Executive Officer, Ola Oyetayo, noted the scale of the business, saying, “We do about $3 billion a month in transaction volume, you know. So it’s a lot of volume, 49 currencies.”

Country Director for Verto Nigeria, Austin Okpagu, described the launch as a long-term commitment to the Nigerian market.

“As Africa’s largest and most innovative fintech hub, Nigeria offers a dynamic environment for digital trade, entrepreneurship, and financial innovation, making it the natural anchor for Verto’s West African operations. 

“This hub allows us to respond faster to client needs, craft solutions tailored to local markets, and work even more closely with regulators and financial partners across the region.”

Oyetayo traced Verto’s beginnings to his years in the United Kingdom, where he began informally matching Nigerians abroad who wanted to invest at home with those in Nigeria who needed to pay for goods and services overseas.

“That’s really how Verto started, on WhatsApp, people would come to me saying, ‘I need $10,000,’ and I’d find someone who needed naira. I matched both of them together,” he said.

That origin story revealed why physical presence is now important. For several years, Verto deliberately maintained a low profile in Nigeria, preferring to prove its model first while navigating changing financial regulations. 

However, customers increasingly wanted local access, a physical office where they could resolve issues, speed up onboarding, and interact with a responsible team, especially amid Nigeria’s volatile FX cycles.

Local partners also backed the decision, as the CEO from Paga described the working relationship as creative and solution-driven:

“We’ve been able to call on you guys and say, here’s what we’re thinking about. Can we think about it together? And they’ve been very creative about how to resolve.”

A technology customer added that Verto’s pricing structure and reliability had simplified operations:

“Within a month, at least, making transactions and payments to suppliers all around the world… I like the fact that I don’t have to haggle. The price is the price. Could it be better? Can always be better, right? But it makes it so much easier for my team to validate their pricing, knowing that there’s one place they get the pricing and they plug it in, and it makes our workflow a lot more.”

At the launch of the new Verto Lagos office, the company outlined three operational priorities for its Lagos team: stronger customer relationships, tailored product development (including the rollout of Verto Atlas), and enhanced naira liquidity through deeper partnerships with local banks and payment processors.

The CEO stressed that the office represents a sustained investment, not a publicity move. He also emphasised the importance of trust and compliance, noting that the company values reliability over short-term pricing gains.

The event, featuring live product demos, customer testimonials, and open discussions about collaboration, brought together long-time customers, banking partners, regulators, and fintech stakeholders.

Verto said the Lagos team will focus on improving onboarding times, expanding collection and payout solutions, and optimising account services in the coming months.

The new office is a focus from a purely digital, global fintech model to a hybrid approach, platform scale supported by local expertise. In Nigeria, where trust and physical presence are essential to business relationships, that transition could prove decisive.

The new Verto Lagos office is located at 21 Ahmed Onibudo Street, Victoria Island. The company operates globally with offices in London, Cape Town, Nairobi, Pune, Dubai, New York, and Malta, and supports over 49 currencies across multiple African and international markets.

The pan-African banking group recorded net revenue of $1.8 billion, supported by strong earnings growth, disciplined cost control, and focused implementation of its Growth, Transformation and Returns (GTR) strategy.

The Group’s earnings per share climbed by 36% to 1.29 US cents ($0.01), revealing solid operating performance across its subsidiaries. 

Ecobank also achieved a record cost-to-income ratio of 48%, showing the benefits of its diversified business model and effective cost management. The bank’s return on tangible equity (ROTE) stood at 31.2%, stressing the sustained profitability and shareholder value creation.

Its balance sheet was firm throughout the period, with gross loans rising to $12.2 billion and customer deposits reaching $24.1 billion. Asset quality improved significantly, with the non-performing loan ratio dropping to 5.3% from 7.0% in the first quarter of 2024. 

Capital strength was maintained, as Ecobank reported a CET1 ratio of 12.9% and a total capital adequacy ratio of 16.8%, both comfortably above regulatory requirements.

Non-interest revenue contributed 42.4% of total revenue, showing the Group’s continued progress in diversifying income streams. 

Payments were a key growth area, accounting for nearly 30% of non-interest revenue and generating $221 million, a 13% year-on-year increase driven by strong performance in wholesale payments and card operations.

Corporate and Investment Banking (CIB) delivered a profit before tax of $526 million, up 43%, while Consumer and Commercial Banking (CCB) posted $354 million, a 21% increase. 

The growth in both divisions was supported by higher deposits, stronger client engagement, and sustained digital adoption across markets.

Commenting on the results, Jeremy Awori, CEO of Ecobank Group, said, “We are pleased to report strong results for the nine months ending September 2025. Our return on tangible equity was 31.2%, tangible book value per share increased by 83%, and profit before tax rose 34% to $657 million. Our cost-to-income ratio (CIR) improved from 54.5% in the same period last year to 48.0%. 

“These results demonstrate the ongoing success of our Growth, Transformation, and Returns (GTR) strategy, the advantages of our diversified and synergistic business model, and a steadily improving economic environment across our key markets.”

Awori also noted the pace of Ecobank’s revenue expansion, “We are encouraged by our group-wide revenue growth of 18% (totalling $1.8 billion), which has been the fastest in a decade, with each line of business performing well. 

“In Corporate and Investment banking (CIB), revenues grew by 18%, supported by focused client account planning, strong origination and execution discipline, and better cross-selling and product offerings. In Consumer and Commercial Banking (CCB), revenues increased by 13%, driven by significant growth in active customers, deposits, and investments in various initiatives aimed at serving our customers better.”

He further outlined the bank’s digital transformation initiative and inclusion strategy:

“We invested in and improved our digital channels and mobile banking, as well as approximately 400 new state-of-the-art ATMs across our network, which will enhance the customer experience and help drive financial inclusion. 

“We have also significantly enhanced our Ellevate program to support women entrepreneurs throughout Africa, renewed focus on the agricultural sector, and improved digital account opening, wealth management services, and lending.”

In the payments and fintech segment, Ecobank saw solid growth and profit:

“In our Payments, Fintech, and Cross-border Remittances business, revenues rose by 13% to $221 million, which accounted for 13% of our group-wide revenues, primarily driven by a 20% increase in Disbursement Services, and a 14% growth in Cards.”

Beyond profit, as Ecobank celebrates its 40th anniversary, Awori acknowledged the role of partners and customers in the Group’s continued success:

“We are pleased about the significant progress we are making on our strategic priorities, transformative initiatives, and partnerships that will enable us to grow faster in the future and provide more efficient and better customer services. 

“As Ecobank begins its 40th anniversary celebrations this October, we are grateful to all those who have helped build the foundation upon which we continue to deliver financial solutions to businesses, governments, and households, fostering economic and financial integration across Africa.”

The new capital will support the expansion of its global operations, strengthen its regulatory presence, and enhance its institutional banking infrastructure.

The round saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments. With this latest injection, Pave Bank’s total funding now exceeds $44 million.

Founded on the belief that the future of money is programmable, Pave Bank aims to provide a single, regulated platform for institutions managing both fiat and digital assets. 

The bank integrates commercial banking services, such as deposits, payments, foreign exchange liquidity, and treasury management, with digital asset solutions including instant settlements and OTC trading.

“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Salim Dhanani, co-founder and CEO of Pave Bank. 

“We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets. This is about redefining how money moves safely, transparently, and automatically across the world’s financial systems.”

Through its unified interface, businesses can manage fiat and digital assets in real time, automate treasury operations, and eliminate the inefficiencies of multiple intermediaries. Exchanges, corporates, and institutional investors can streamline operations, optimise liquidity, and ensure compliance, all under a single regulatory framework.

Since its inception, Pave Bank has prioritised sustainable growth and operational efficiency over rapid expansion. In its first nine months, the company recorded profitability in seven, supported by automation and technology-driven systems across compliance, treasury, and engineering functions. 

Despite a lean team of just over fifty professionals, Pave Bank maintains a focus on intelligent scaling while safeguarding risk management.

“The companies we serve are large, sophisticated corporations and institutions operating across markets,” Dhanani added. “They expect their bank to be as fast and adaptive as the technology companies they partner with, but with the security, compliance, and oversight of a regulated financial institution. That’s the gap we’re closing.”

Investors share this long-term vision. “As digital assets become an integral part of the global financial ecosystem, there is a strong need for a well-regulated, full reserve approach to banking at the intersection of fiat and digital assets. Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates and we are excited to partner with them,” said Rachit Parekh, partner at Accel.

Ganesh Rengaswamy, partner at Quona Capital, also noted the potential of Pave’s model. “By powering mainstream fintechs and digital platforms through its programmable banking infrastructure, Pave is leading the new age transformation in financial services and enhancing the experience for end-users. 

“Pave’s programmable, full-reserve approach combines the best of traditional banking and digital assets and has the potential to catalyse widespread adoption of stablecoins, deepening financial inclusion across markets. It’s an ambitious vision grounded in real-world execution.”

The funding shows institutional trust in programmable and regulated finance is growing. Pave Bank’s hybrid model stands out as one of the few that can handle stablecoins, bitcoin, and traditional currencies under the same prudential standards. 

The company will continually work closely with regulators to ensure compliance and interoperability across different jurisdictions.

Pave Bank plans to expand its licences, enhance its programmable treasury and institutional products, and strengthen ties with major financial and digital asset networks. Its long-term goal is to become the global financial institution where the traditional and digital economies converge.

The competition recognises some of the continent’s most innovative startups in financial technology and other high-impact solutions that address Africa’s financial sector.

Now in its seventh edition, the challenge centres on the theme, “You Build, We Scale,” and seeks to empower founders ensuring access to finance across Absa’s eight key markets which include Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda, and Zambia.

The selected startups are developing solutions that cut across payments, credit access, cross-border trade, agri-fintech, and financial literacy, all aimed at rethinking how money moves and works for Africans.

Ashwin Ravichandran, portfolio advisor at MEST Africa and MAC Lead, described the semi-finalists as visionary entrepreneurs whose ideas merge technology with community-focused problem-solving. 

“Each of these founders represents a unique path toward reimagining how finance works for Africans,” he said. “Their ideas pair technology with empathy, proving that lasting change comes from solving real problems within their own communities. We’re proud to provide a platform that connects them with investors, mentors, and global opportunities.”

Absa’s collaboration with MEST emphasises its focus on driving digital inclusion and innovation across Africa’s financial ecosystem. 

Speaking on the announcement, Tawanda Chatikobo, head of Digital for Absa Regional Operations (ARO), Retail and Business Banking, said: “Congratulations to the top 20 finalists and to all applicants. The quality of submissions has been exceptional, showcasing the depth of innovation and entrepreneurial drive across Africa. These startups are not only solving real challenges; they’re building the foundation for inclusive growth and lasting impact. 

“Our partnership with MEST and our active participation in the MEST Africa Challenge 2025 reflect our commitment to open collaboration within the FinTech ecosystem. At Absa, we see ourselves as partners in this journey, guided by a purpose to make banking simpler, more accessible, and more relevant for our customers.”

The 20 startups, selected from hundreds of applications, include:

Botswana:

• mystock.africa – A retail investing platform offering Africans access to stocks, ETFs, and alternative assets.

Ghana:

• Brydge – Simplifying cross-border trade for African businesses.
• Kutana Technologies Limited – Enabling B2B payments and trade using stablecoins and AI-powered credit scoring.

Kenya:

• Logistify AI – Optimising procurement and supply chains for SMEs and cooperatives.
• Farmsky Ventures – Providing digital lending and crop insurance for smallholder farmers.
• Investa Farm – Offering voucher-backed loans for climate-resilient farm inputs.

Mauritius:

• Black Swan – Building credit scores for Africa’s unbanked using AI and alternative data.

Mozambique:

• Simulador Bancário – A platform for financial planning and loan simulations.

Uganda:

• Paytota – Simplifying fragmented digital payments through a unified payment gateway.
• Xzerra – Facilitating cashless transactions with biometric fingerprint technology.
• Kanzu Finance Limited – Providing digital banking solutions for cooperatives and microfinance institutions.
• Axiom Zorn – Enabling smallholder farmers’ access to finance and markets through data innovation.
• Credify Africa, Inc. – Bridging Africa’s SME finance gap with trade finance and logistics solutions.
• eMaisha Pay – Promoting financial inclusion for agro-traders and small businesses.

Zambia:

• Ebusaka Green Technology Limited – Turning waste to value through digitised recycling incentives.
• KreativBox Technology – Offering salary-backed loans to civil servants.
• Mighty Finance Solution Inc – Providing embedded digital loans for SMEs and women entrepreneurs.
• Devdraft AI – Supporting freelancers with cross-border payments using stablecoin wallets.
• Homer Price Agency Solutions Limited – Operating a digital banking network of over 550 agents nationwide.

Seychelles:

• Fusepay – A licensed Payment Service Provider building a digital finance hub for frontier markets.

The semi-finalists will present their pitches virtually in the week of October 27, 2025. Only 10 startups will proceed to the final round in Cape Town, South Africa, scheduled for 26 November 2025. 

The overall winner will secure a $50,000 equity investment, gain access to MEST Africa’s global mentorship network, and explore pilot opportunities with Absa’s business divisions.

Tamu Dutuma, head of Strategy and Transformation for ARO Technology, said the competition unearths ideas capable of accelerating digital transformation across the continent. 

“Through this challenge, we’re seeing solutions that are not only innovative but strategically aligned with Africa’s evolving technology landscape. Some of these ideas have the potential to accelerate digital transformation and unlock new value for our customers,” she said.

Since its founding in 2008, MEST Africa has supported more than 2,000 entrepreneurs and invested in over 90 startups. The MEST Africa Challenge is a key platform for identifying, nurturing, and scaling promising technology-driven ventures that are building Africa’s economy sustainably.

Now, both Sterling Bank and Wema Bank want to be the face of digital transformation, but which one of them has actually earned that reputation?

The Digital Banking Reality Check

Nigeria’s banking sector has changed so much. Over 70% of banked Nigerians now use digital platforms weekly, and digital transaction volumes have surged by more than 240% in the past five years. What used to be a nice-to-have is now a necessity.

However, building a mobile app doesn’t make a bank digital, the actual transformation demands more, including culture change, customer trust, and consistent user experience. This is where Wema and Sterling’s approaches begin to diverge.

Wema Bank: The Digital Bank Before It Was Cool

When Wema launched ALAT in 2017, most banks were still struggling to understand fintech. That move gave it an eight-year head start in digital innovation. Today, Wema is living the digital transformation.

As of 2025, about three-quarters of Wema’s customers actively use its digital channels, and the results show. The bank’s gross earnings jumped by roughly 70% in the first half of the year, and profit before tax surpassed ₦100 billion, an increase from the previous year.

ALAT is a fully formed brand identity. From ALAT for Business to ALAT XPlore for teenagers, Wema has built a digital ecosystem that is modern and up-to-date. It’s also personable, playful enough to engage younger Nigerians, but structured enough to manage serious banking.

That’s what makes Wema’s transformation believable. It has turned its early digital test into a long-term advantage, earning awards, credibility, and genuine customer affection. Though the market is crowded with fintechs, Wema still manages to stay original.

Sterling Bank: From Brick Walls to “The One Customer Bank”

Sterling’s rebrand took a more philosophical turn. Instead of leading with an app, it led with an idea: “The One Customer Bank.” The goal was to treat every customer as if they’re the only one. It’s emotional, it’s human, and with our country filled with many people feeling neglected by their banks, it aligned.

Underneath that slogan, though, Sterling has been quietly re-engineering its systems. The OneBank app now offers a smoother experience, better transaction tracking, and new features like budgeting tools, card delivery requests, and foreign exchange services. 

The bank even scrapped certain switch charges in 2025, making digital banking cheaper for its users, and customers genuinely appreciated.

Around 60% of Sterling’s transactions now come through its digital channels. It’s not quite where Wema is yet, but the growth is noteworthy. The bank has also built goodwill through its human-centred culture, the HEART of Sterling framework (focused on Health, Education, Agriculture, Renewable energy, and Transportation) is part of how it connects purpose with profit.

Sterling’s brand has matured, and while its digital tools may not yet match ALAT’s variety, its sense of empathy and simplicity keeps it relatable. It feels like a traditional bank trying earnestly to learn new tricks, and that sincerity counts.

Head to Head: Two Routes to the Same Goal

Wema Bank and Sterling Bank may be in the same race, but they’re running on different tracks. 

Wema’s rebrand is confident, and data-driven. It leads with product innovation and doesn’t shy away from proving its claims. Every upgrade, campaign, or award reiterates the “Digital Bank” focus.

Sterling, on the other hand, is playing the long game. Its rebrand is built around trust, not technology. While Wema sells speed and modernity, Sterling sells care and connection. The bank’s communications are calm, thoughtful, and rooted in its service philosophy. It’s more about reassurance.

The difference is that Wema’s transformation feels complete, it has successfully merged technology, branding, and performance into a single identity. Sterling’s transformation, though optimistic, still feels transitional. It’s moving in the right direction but hasn’t fully arrived.

Finally…

If the question is which bank has truly rebranded for the digital age, Wema Bank takes the lead. It’s modern in language and operations too. The ALAT brand has built its own loyal following, and its numbers back this up.

Sterling Bank, however, deserves credit for the authenticity of its journey. It’s not trying to copy the fintech playbook. Instead, it’s finding its own path by blending human warmth with digital progress. Its rebrand seems more grounded than flamboyant, more about people than code, and in a market driven by perception, that kind of authenticity is important.

Digital banking in Nigeria has become more about who can make technology feel human.

Wema Bank has turned its early bet on ALAT into a competitive edge, one that aligns perfectly with today’s digital reality. Sterling Bank, meanwhile, is proving that transformation doesn’t always have to be loud to be real. It’s steady, evolving, and genuinely trying to build trust in a space where trust is rare.

Both banks are changing what legacy brands can look like in the digital age. But in 2025, Wema Bank has the louder success story, and Sterling Bank has the quieter, more human one. In the end, the best rebrand may not be about who looks the most modern, but who seems the most believable.

The conference brought together customer experience leaders from Kuda Bank, Unity Bank, Cenoa, and Raenest to discuss how people, empathy, and innovation are driving the sustainability of financial services in Africa.

In his comments, Babs Ogundeyi, CEO and co-founder of Kuda, stressed the importance of continuous learning and the dynamic role of customer experience in an AI-driven world.

“When we started the company, I felt there would be no dedicated CX centre. That was the beginning, at least that was the thought. But of course, we learned very quickly that you cannot do without CX. It cannot be without people.”

Ogundeyi explained that while AI brings exciting possibilities, human connection remains irreplaceable in customer experience.

“AI is a tool that’s going to help create. But again, experiences, with anything we do in life or in the world we live in, belong to people, to humans. CX is no different,” he said.

Ovie Adasen, Kuda’s vice president of Operations, spoke on the human-centric nature of CX. “What are we in the business of?” he asked. His answer reframed the company’s purpose.

“We’re in the business of enabling lifestyles, we help people live. When you pick up a phone and you do a transfer, that is life. Understanding that behind every transaction, every interaction, is a human being trying to live a life, is the bedrock and foundation of creating great customer experience,” Adasen said.

He illustrated the shift from traditional banking to modern CX-driven models, noting that today’s customers compare experiences across industries, not just banks. “Today’s customers, they are lazy, they are busy, and they are crazy. Know this, factor this in the experience design, and you will thrive,” he said.

Adasen further noted the importance of empathy, personalisation, and seamless digital interactions. “Everything we do in life, from a service perspective, is targeted at a human being. I use empathy. I basically strive to understand the human being and the problem. Without it, we can’t thrive. I leverage problems, ideas, and technology to then create solutions that provide value to the customer and to our shareholders,” he said.

He also revealed the operational results of Kuda’s CX initiatives, pointing to efficiency profits and measurable impact. “As a result of more empathetic engagement with people, we have generated close to 1 billion in recovered deposits. 92% of loans were now done digitally. Low processing time from 52 days to one minute. That is what great CX is all about.”

Panel Session

The Kuda Customer Experience (CX) Conference featured a panel discussion on the evolving role of customer experience in an AI-driven environment. Moderated by Anietie Victor, the session examined how fintechs are blending technology and empathy to enhance customer interactions. 

“AI is coming for your job, but not to replace you. It’s here to partner with you,” Judith Azi, country operations manager, Cenoa, said, stressing that human skills in empathy and data interpretation are highly essential. “If you don’t know how to interpret the data, AI makes you redundant, but when used properly, it empowers you to be more empathetic and effective.”

On operationalising AI to improve efficiency, Oluwanifesimi Obisesan, unit head, Service Innovation and Total Quality Assurance, Unity Bank, said, “With AI, we can analyse transactional behaviour, create customer personas, and manage complaints more effectively. It allows us to respond proactively rather than reactively,” 

Product Manager, Kuda, Glory Olamigoke added, “AI helps with everything from writing product requirement documents to error detection in account setups, tasks that previously took hours can now be done in seconds.”

Maintaining the human touch was an important theme of the session. “Customers don’t care if it’s AI, they care that their issue is resolved. If AI gives repetitive responses, the conversation should escalate to a live agent before the customer gets frustrated. Speed is important, but so is empathy,” Obisesan said.

On the most impactful investment an organisation can make in its employees to directly and measurably enhance the connection between employee experience and customer experience, panellists at the Kuda Customer Experience Conference (CX) pointed out these important areas:

• Autonomy: Allowing employees to understand the shared vision and giving them authority to take action builds confidence and a sense of ownership.
• Open-door policy: Ensuring management is accessible and staff can freely express themselves strengthens trust and engagement.
• Staff welfare/additional pay: Prioritising employee well-being directly impacts satisfaction, which in turn improves customer experience.
• Empathy from leadership: Recognising that employees are human, with challenges, responsibilities, and limits, and providing understanding, support, and care..

AI is a powerful tool, but the human element is indispensable. “We build the AI, but humans are the main factor. Empathy, understanding, and support are what truly make the difference.” AI can elevate customer experience, but only when paired with skilled, empathetic humans.

This is the promise behind UBA’s newly upgraded mobile banking app, launched in March. With extended transaction history, improved security, and a more user-friendly interface, the update aimed to enhance the banking experience for millions of users.

But has it?

While some customers have welcomed the changes, others seem not too happy with some of the features such as battling login errors, security issues, and slow transactions. Via the app review on the Apple Store, we saw both praise and outright fury, the digital tool was celebrated and criticised in equal measure.

UBA’s Incentive to Onboard

To encourage adoption, UBA has launched a promotional campaign offering users a chance to win ₦5,000 cash, airtime, and data when they onboard the new mobile app. This is likely aimed at driving engagement and increasing the number of active users on the upgraded platform. 

But what do customers really think? Let’s dive into the reviews.

What are the People Saying?

There’s something thrilling about a bank app that greets you with a full display of your financial worth the moment you log in. But it seems some of the UBA customers think otherwise. 

Security or Sabotage?

While some users are amazed at the speed of transactions, others alleged they are faced with issues of passwords being both remembered and forgotten—by the app, that is.

“It always says it’s a wrong password while the password is correct,” complains a user, who, like many, has tried everything short of hiring a hacker to access their own money. And let’s not forget the drama of one-time passwords (OTPs) arriving long after a session has expired, ensuring that transactions become a fight of patience rather than convenience.

Speed vs. Stagnation

For every person praising the app’s “fast and furious” functionality, there’s another watching their screen load at a pace that would make a snail blush.

“The app is too slow, I think y’all need to do better,” wrote one reviewer, while another stated, “I’ve had to delete and reinstall this app multiple times. The app just hooks and loops over in poor network.”

And then, there are those who found the app “upgrade” to actually mean a “downgrade.”

“I must lay my reviews to prevent others from making such an upgrade. Transfers are now terrible,” warns a user who clearly believes in public service announcements.

User Experience

User experience is key for any appear development process. 

“The UI interface could use a lot of work, you can do way better than this,” one user advises. Another goes straight for the jugular: “Feels like it was designed by an intern UI designer.”

Glitches, Freezes, and the Case of the Missing Transactions

Another complains that the app sometimes refuses to process transactions altogether, making it about as useful as a broken ATM.

And then there’s the matter of accessibility.

“I can’t operate this app. It can load my page completely basically because I’m not in my country at the moment. I can only see my balance and not operate the app. LORD!!”

Finally?

For all what might be termed ‘flaws’ (of course, no app is 100% perfect), the UBA app still has its loyal-defenders. Some users love its new features and enhanced security. Others find it smooth, reliable, and—most importantly—working.

“One of the best in Africa (if not the best). They have their ups and downs but it’s more ups than the latter, keep breaking bounds,” one user says, choosing positivity over exasperation.

So, for the UBA mobile app, the reviews are split. Whether you love it or loathe it, you’ll definitely have something to say about it.