What many people misunderstand is that some businesses are rarely fast-moving at the beginning. Most successful niche publishers, for instance, spent years building credibility before seeing returns.

A 2026 workforce survey found that 72% of workers now rely on at least one secondary source of income, up from 71% a year earlier. 

Most respondents said side income has become a necessity, a part of how they manage surging expenses, job uncertainty and slower salary growth. 

At the same time, the side hustle economy is changing fast. Five years ago, people ran after quick online trends, but today, the stronger opportunities are way different. 

Businesses are paying for experience, operational knowledge and industry-specific skills. They want people who can solve problems, save time and improve systems.

That shouldn’t be ignored.

The strongest side hustles in 2026 are not random weekend projects disconnected from people’s actual careers. In many cases, the best opportunities are extensions of the work professionals already do between 9 and 5.

A finance officer already understands business cash flow, a customer support worker already knows how companies lose clients, a designer already understands branding mistakes startups make and those skills now have market value outside formal employment.

The idea that a side hustle must involve dancing videos, dropshipping or overnight success stories is starting to collapse. What is replacing it is something more stable and that is professional skill monetisation.

Here are five business ideas aligning with full-time jobs without requiring people to quit work immediately.

1. Niche Freelance Consulting

The freelance market has become crowded, but specialised consulting is growing because companies are overwhelmed by operational problems they cannot fix internally.

Small businesses especially, are struggling with compliance, customer retention, process management and internal systems. Many cannot afford senior full-time hires, so they bring in specialists on short contracts.

That creates an opening for professionals already working inside those industries.

An HR officer can advise startups on hiring systems and workplace documentation after work hours, an accountant can help small businesses fix reporting processes, while someone working in customer experience can help companies reduce complaints and improve retention.

The important point is that businesses are paying less for “general freelancers” and more for people with direct industry understanding.

This has become very obvious this year as more companies cut unnecessary spending and focus on measurable outcomes. Generic services are under pressure, expertise is not.

The biggest advantage here is that the startup cost is low, most people already have the core skill. What they usually lack is positioning.

One mistake many professionals make is trying to market themselves too broadly. That rarely works now. A person offering “business consulting” sounds vague. Someone offering “customer retention systems for e-commerce brands” sounds useful.

The income structure is also stronger than many people expect. Consultants work on retainers rather than one-off jobs. A professional managing compliance reviews for three small companies every month may quietly build stable recurring income without massive visibility online.

Still, this is not effortless work, as client acquisition is the hardest part. Technical ability alone is rarely enough. Professionals who succeed here usually spend time building credibility through LinkedIn posts, referrals, case studies or industry communities.

The long-term upside, however, is important. Many small consulting firms started as evening side projects handled after office hours.

2. AI-Assisted Service Businesses

There is a misunderstanding around automation work in 2026. Many people think businesses want complicated technology systems, but most do not.

What companies actually want is relief.

They want fewer repetitive tasks, cleaner workflows, faster communication and less confusion. That is why professionals who understand both business operations and digital tools are highly valuable.

A marketing employee, for example, can help small firms automate customer emails and reporting systems. An operations worker can set up workflow tools for startups drowning in manual tasks. A content professional can help businesses manage newsletters, social media scheduling and customer communication faster.

The strongest operators in this space are not selling “magic solutions”, what they are solving is ordinary business frustrations.

This is important because businesses have become cautious. Many rushed into automation tools over the past two years and discovered that badly managed systems create even more problems.

Several online communities discussing side income trends this year repeatedly point to the same issue, where businesses are now paying for people who can combine operational thinking with practical implementation. 

That combination is becoming valuable because many business owners are overwhelmed by software but still lack structure.

The barrier to entry is also lower than many assume. Someone already familiar with project management, customer support, administration or marketing often adapts quickly because they already understand workflow problems.

What makes this business idea attractive for full-time workers is flexibility. Much of the work can be handled remotely and outside office hours.

However, low-quality automation services are flooding the market. Businesses are becoming better at spotting people who only understand tools but not operations. Professionals who succeed usually specialise in one industry or one business function instead of trying to serve everyone.

That specialisation is where long-term stability now sits.

3. Digital Education and Knowledge Products

One of the most obvious changes happening in the online economy is that audiences are moving away from broad motivation and towards practical learning.

People are paying for information that helps them pass interviews, improve at work, solve technical problems or increase earnings.

That is creating new opportunities for professionals with experience.

A software engineer can teach beginners how to prepare for technical interviews. A finance professional can create budgeting templates for small business owners. A recruiter can offer CV review sessions. A teacher can build revision programmes for secondary school students.

These businesses usually start small, sometimes it begins with a weekend workshop, a downloadable guide or a short paid session online.

What makes this model powerful is trust.

Many audiences are becoming tired of creators who teach subjects they have never actually worked in. Professionals with experience stand out because people want practical advice, not recycled motivation.

Education-related side businesses are also growing because digital learning behaviour has changed. Workers are constantly trying to improve employability, especially in uncertain economies.

Importantly, these businesses do not always depend on massive audiences.

A professional helping 50 people prepare for a specialised certification exam may earn more stable income than someone chasing viral content online.

The challenge, however, is consistency.

Many people underestimate how much time educational products require in the beginning. Creating useful material, responding to questions, and building trust takes time. Results usually compound slowly.

But once credibility develops, the business can scale in multiple directions through courses, templates, communities, workshops or advisory services.

That is why many professionals now see knowledge businesses not just as “content creation” but as intellectual property development.

4. Productised Agency Services

Many freelancers struggle because their income resets every month. They complete one project, then start searching for the next client again.

Productised services solve part of that problem by turning work into repeatable systems.

Instead of charging randomly for individual tasks, professionals create structured service packages that businesses can subscribe to monthly.

This model is growing because startups and small companies mostly outsource specialised work rather than hiring large internal teams. 

Examples are everywhere now.

A designer offers monthly branding support for startups, a writer manages weekly LinkedIn content for executives, a video editor handles short-form clips every month for one business category and an operations professional organises workflow systems for founders on a retainer basis.

The reason this model works is that businesses prefer predictability.

They do not want to repeatedly search for freelancers every few weeks, what they want us ongoing support from someone who already understands their operations.

For professionals with full-time jobs, this can be more manageable than traditional freelancing because the work becomes structured and easier to schedule. It also creates a more stable income.

One client paying monthly retainers usually becomes more valuable than constantly chasing one-off projects.

Still, this model requires discipline, and systems are essential here. Professionals who succeed usually standardise communication, onboarding and delivery processes early. Without structure, workload quickly becomes complicated.

There is another issue many people ignore, which is that retainers bring pressure. Clients expect consistency, and delayed responses, as well as poor organisation, damage trust quickly.

But when done properly, productised services can evolve into agencies employing contractors and small teams.

Many modern digital agencies started exactly this way, as evening side operations managed by one employee after work.

5. Micro Media Businesses

The influencer era created the idea that online success depends on mass attention. Realistically, many smaller media businesses are becoming profitable by focusing on narrow expertise.

This is one of the most underestimated business models today.

A logistics worker explains supply chain issues online. A lawyer breaks down legal mistakes startups make. A healthcare professional discusses career realities in nursing. A business analyst reviews African startup trends.

The audiences may not be massive, but they are highly targeted. That changes the economics completely.

Companies pay for access to focused professional communities rather than broad entertainment audiences. A newsletter read by 5,000 finance professionals may attract stronger business opportunities than a general social account with ten times the followers.

This trend is becoming more visible as trust online fragments. Audiences are becoming more selective about who they listen to.

The strongest media businesses don’t rely on virality, authority is now the focus.

Revenue also comes from multiple directions, including sponsorships, advisory work, premium newsletters, speaking opportunities, events and partnerships.

What many people misunderstand is that media businesses are rarely fast-moving at the beginning. Most successful niche publishers spent years building credibility before seeing meaningful returns.

The internet still rewards consistency, even if the speed of modern platforms makes people think otherwise.

And unlike many trend-based side hustles, niche expertise tends to age better.

What Most People Get Wrong About Side Hustles

The biggest misconception around business ideas and side hustles is that they create freedom immediately. Most do not.

In the beginning, many side businesses simply create a second layer of work. People finish office hours and continue working at night. That stress becomes difficult to manage, especially for professionals already dealing with demanding jobs.

Several recent surveys now show burnout becoming one of the major hidden costs of secondary income culture. 

There is another issue too. Many side hustles are badly positioned from the start because people chase trends instead of using existing strengths. They enter overcrowded spaces with no real advantage and compete almost entirely on price. That is becoming harder to sustain.

The business ideas holding value now are usually connected to practical skills, operational knowledge or industry-specific expertise.

In simple terms, boring is starting to outperform flashy.

The internet still rewards visibility, but businesses continue paying for reliability.

How to Choose the Right Side Hustle Based on Your 9-5

The smartest side hustle is usually the one closest to your existing strengths.

A customer service worker already understands client behaviour. A salesperson already understands persuasion and lead generation. An operations manager already understands systems and efficiency.

The opportunity can be found inside the job itself.

]]> https://techeconomy.ng/business-ideas-side-hustle-9-to-5-2026/feed/ 0 https://techeconomy.ng/ghana-pension-funds-1-billion-private-investment-avca/ https://techeconomy.ng/ghana-pension-funds-1-billion-private-investment-avca/#respond Thu, 23 Oct 2025 10:27:15 +0000 https://techeconomy.ng/?p=169822 Ghana’s pension funds could inject more than $1 billion into the country’s private capital market, bolstering one of West Africa’s most dynamic pension systems.

This was revealed in a new report by the African Private Capital Association (AVCA), developed in partnership with the Chamber of Corporate Trustees of Ghana and British International Investment (BII) under the Ghana Investment Support Programme (GHISP).

The report discloses a steep increase in pension funds’ appetite for alternative investments. More than half of Ghanaian pension providers now hold exposure to private capital, and 65% say they intend to raise allocations to private equity within the next five years.

By the end of 2024, total pension assets under management in Ghana reached GHS 86.4 billion ($6.2 billion), yet only 4.4% of the 25% limit set by regulators is being channelled into alternatives such as private equity and venture capital. 

This figure lags far behind Nigeria’s 34% utilisation of a 5% cap and South Africa’s 8% allocation under its 15% ceiling.

Despite this underutilisation, the report says that Ghana’s pension funds are gradually shifting from conservative savings strategies to more productive, growth-oriented investments. 

Many are targeting healthcare (55%), agribusiness (45%), and technology (40%), while by asset class, 38% favour property and infrastructure, 24% prefer private equity, and 19% are exploring venture capital.

However, AVCA’s findings also expose major obstacles preventing deeper engagement with private markets. Pension providers identified currency volatility, complex fund licensing processes, limited investable pipelines, and weak institutional capacity as key challenges. 

Nearly nine in ten pension funds (89%) interacted with fewer than three fund managers in the past year, underlining the limited depth of Ghana’s investment ecosystem.

The government’s May 2025 directive, which encourages pension funds and insurers to allocate at least 5% of assets to private equity and venture capital by 2026, has provided much-needed policy backing. This move is expected to mobilise domestic capital and drive growth across productive sectors.

To speed up progress, AVCA’s report outlines four key strategies:

• Enhancing data transparency and engagement between funds and managers
• Building institutional capacity through targeted training and pooled investment structures
• Deploying blended finance and co-investment tools to mitigate risk
• Advancing regulatory reforms to recognise Limited Partnerships and streamline fund licensing.

Commenting on the report, Abi Mustapha-Maduakor, chief executive officer of AVCA, stated:

“Ghana’s pension funds are at an inflexion point. The data highlights both the scale of investable domestic capital and the practical barriers that continue to hold it back. Unlocking this potential will require a combination of regulatory clarity, institutional capacity-building, and deeper collaboration between fund managers and local investors. 

“This mirrors a broader shift across Africa, where governments are enacting policies to channel domestic savings into productive investments at home and across borders. With these foundations in place, Ghana’s pension system can become a catalyst for long-term, sustainable growth.”

AVCA projects that Ghana could become a leader in pension-led private capital mobilisation in West Africa within five years if this momentum is sustained. The report forms part of AVCA’s Knowledge Exchange Initiative (KEI), a year-long capacity-building initiative launched in partnership with BII to enhance local institutional participation in private markets.

If Ghana’s pension reforms and fund managers align effectively, the country could bring in billions of local investment, turning its pension base into a new engine for national development.

The round was led by Foundation Capital, with additional backing from Gaia Ventures and Boldcap, alongside high-profile angel investors including Aravind Srinivas, CEO of Perplexity; Tien Tzuo, CEO of Zuora; and finance leaders from Ramp, Gusto, Opendoor, MongoDB, and the Big Four.

The funding arrives at a time when leaders in finance departments are expected to guide strategy, but much of their time is consumed by reconciliations, fragmented systems, and spreadsheet corrections. 

The challenge is compounded by a shrinking talent pipeline, analysts warn that three-quarters of accountants are on track to retire by 2030, with fewer graduates entering the profession. This shortage raises the risk of errors, delayed audits, and heavier workloads for those left in the field.

Maximor’s solution centres on AI-driven finance agents that plug into systems such as ERPs, payroll, banks, and billing platforms. According to the company, the agents take over repetitive accounting processes while producing audit-ready outputs by default. Customers report measurable results: around 40 per cent more team capacity, faster closes, and smoother audits.

Proptech company Rently, which operates across three countries, cut its month-end close time from eight days to four within its first month of using Maximor. The company also avoided two additional hires by automating repetitive accounting work. 

Similarly, registered investment advisor Invst, with assets under management in the billions, used Maximor to automate reconciliations, allocations, and reporting, gaining profitability insights that were previously impractical.

“Finance should be the growth engine of a company, not a cost centre,” said Ramnandan Krishnamurthy, CEO and co-founder of Maximor. “Capital is how decisions are made. Our job is to automate the mechanics and unify the data so finance leaders can spend time guiding the business. We measure success by customer outcomes, not seats purchased.”

The startup was co-founded by Krishnamurthy and Ajay Krishna Amudan, who both worked at Microsoft’s digital transformation group. Their experience with large corporate finance teams exposed the limitations of existing tools, where millions spent on ERPs often failed to eliminate the reliance on manual spreadsheets.

For investors, Maximor represents a way to modernise a space long criticised for inefficiency. Ashu Garg, General Partner at Foundation Capital, said: “What attracted us to Maximor is their seamless integration to any ERP system. Instead of chasing features like many ERP startups, Maximor uses AI to tackle real challenges faced by finance leaders at global companies. Unlike solutions with disconnected AI tools, Maximor has built a unified platform where specialised AI agents work together seamlessly. For mid-market and enterprise finance teams, it bridges the gap between their current systems and advanced AI, enabling meaningful transformation without disruption.”

Customers are already reiterating this. Dustin Neal, CFO at Rently, said: “Finance should be a growth catalyst, not a bottleneck. With Maximor, our team delivers reliable, audit-ready outputs efficiently while freeing up nearly 50% of our capacity for strategic work. I’m excited about the doors this opens for our business—and energised to partner with a team that’s both world-class and customer-focused.”

Maximor describes its approach as a “financial command centre”, integrating ERPs like NetSuite and Intacct, payroll systems, banks, CRMs, and SaaS tools into one reconciled source of truth. Built on its proprietary Audit-Ready Agent architecture, the platform automatically generates workpapers, reviewer notes, and audit trails. The company argues this ensures compliance and transparency while reducing risk.

Maximor plans to extend automation across more accounting workflows, release industry-specific modules, and build advanced forecasting tools to support scenario planning. Its long-term goal is clear: to give mid-market and enterprise companies an “always-on, audit-ready AI-powered finance team.”

Awaiting regulatory approval, the goal is to tap into the increasing flow of trade and investment between Africa and the Middle East.

Yasmin Masithela, CEO of Absa’s corporate and investment banking division, confirmed the plan. “We’re setting up a Dubai office in the first quarter of 2026,” she stated during an interview in Johannesburg. “We’re just waiting for regulatory approval.”

For Absa, the decision goes beyond expanding its footprint, to staying competitive. Several South African banks, including Investec, Standard Bank, Rand Merchant Bank, and Nedbank, already have a presence in Dubai, positioning themselves to benefit from the region’s economic growth. Absa is now making its move to ensure it doesn’t fall behind.

The Middle East has become highly important in Africa’s economic sector, with Gulf countries investing over $100 billion on the continent since 2014. The UAE’s trade with sub-Saharan Africa has surged by more than 30%, and Saudi-Africa trade has multiplied twelvefold in the same period. 

The UAE’s trade deal with Kenya and Saudi companies like Jameel Motors expanding into South Africa are just recent examples of this growing engagement.

With the establishment of a base in Dubai, Absa aims to connect African businesses with Gulf investors and vice versa. Infrastructure development is a key part of this strategy. “You want to be closest to the clients that are driving the businesses that are aligned to your strategy, and infrastructure development has always been one of our strategic objectives,” Masithela explained.

This expansion builds on Absa’s existing international presence in the UK, the US, and a recently launched unit in China. However, while the bank expects moderate earnings growth this year, the impact of the Dubai office will be seen over time. 

Driving resilience and adaptability in the face of economic challenges such as inflation and currency devaluation across sub-Saharan Africa, M-KOPA operates as a pay-as-you-go asset financing platform.

The company has carved a niche by serving underbanked populations with innovative financial solutions.

Having reached over 5 million customers, the London-based company leverages its unique daily payment model to enable access to smartphones, micro-loans, and other essential products.

Profitability and Expansion

M-KOPA’s success is seen in its profitability across four key African markets—Kenya, Uganda, Nigeria, and Ghana—achieved since last year. It recently expanded into South Africa, now described as its fastest-growing market. 

Mayur Patel, M-KOPA’s chief commercial officer, attributes the revenue growth to pricing adjustments, expansion into higher-value markets with stable currencies, and the addition of one million new customers in just six months.

Even though there are issues with default rates, which stand at approximately 10%, M-KOPA’s long-term strategy remains focused on maintaining stability and profitability. 

According to Patel, financed smartphones are seen as productive assets, playing a huge role in boosting users’ earning potential and participation in the digital economy.

Innovations Driving Growth

A major factor in M-KOPA’s drive is its large distribution network. The fintech has over 30,000 active sales agents, up from just 3,000 four years ago. 

These agents operate within local communities, facilitating access to smartphones and other products while setting up flexible payment plans tailored to customers’ daily incomes.

Added to this, the establishment of a smartphone assembly plant in Nairobi has enhanced sales of the M-KOPA X-Series smartphones, with over 1.5 million units sold since mid-2023. This reveals a shift from the company’s initial focus on solar power systems to more diversified offerings such as electric vehicles.

Driving Financial Inclusion

M-KOPA’s innovative payment model, requiring as little as $25 upfront and daily instalments of around 60 cents, is helping customers build credit histories. 

This approach is particularly impactful in sub-Saharan Africa, where limited access to traditional credit systems leaves many individuals unable to finance essential purchases.

The company also reports economic benefits for its customers using its electric bikes, saving an estimated 30% of their daily income. To date, M-KOPA has deployed $1.5 billion in credit, expanding financial inclusion across Africa.

M-KOPA’s growth has been strengthened by financial backing from investors such as Sumitomo and Standard Bank, having raised $250 million in 2023, primarily in debt financing. 

This year, the company secured an additional $15 million in funding and is one of Africa’s top fintech players by revenue.

Speaking on M-KOPA’s journey, Patel asserted the company’s focus on innovation and efficiency in serving its customers. “Over the last decade, we’ve continually sought to refine our processes, delivering world-class technology alongside robust offline distribution. This balance has been key to scaling our operations and driving value for everyday earners in emerging markets,” he noted.

While driving financial inclusion, M-KOPA is also maintaining profitability, even in challenging economic environments. Surpassing its $400 million revenue target will bolster its impact on the lives of millions across Africa.

Every investment, technology and methodology is defined by the value they deliver to the organisation and its bottom line.

As Harvard Business Review puts it – these roles are tenuous and set up for failure because they were originally defensive, focusing on control and risk and not on business value. It was not a role that would deliver the commoditisation of the data that the organisation wanted.

This is reflected in data released in the Data and Analytics Leadership Annual Survey 2023 – the CDO role grew from 12% to 82.6% from 2012 to 2023 and yet only 35.5% of companies believe the role is successful and only 40.5% say that the role is understood within the business.

It was a sentiment echoed at the Gartner Data and Analytics Summit 2023 where less than half of data and analytics leaders (44%) believed their teams delivered value to the business with limited funding (13%), resource limitations (29%) and talent (39%) proving the biggest obstacles to success.

Technical leaders need to find ways of working with the data and the technology to ensure it is oriented more closely to the business.

The business hat, so to speak, must be firmly on the digital C-suite’s head when looking at how they can optimise data, analytics, and systems to support every unit within the organisation.

HR, finance, supply chain, marketing – every unit requires a slice of the digital insights pie to ensure they too are optimising for success.

Value is the bridge between IT and the business. Now, CDOs, CIOs and CAOs must reimagine their architectures and approaches to ensure this value is found throughout their digital transformation and investment strategies. However, there are challenges.

The first is the impact of the cloud. Often perceived as an extension of the data centre, the cloud is a risk factor. Digital leaders need to understand the impact of having data in private and public areas while deftly navigating the challenges of linking and managing the data seamlessly between different cloud implementations.

This is further complicated by data security, change management and data sovereignty. Teams are struggling with vast quantities of data that’s not linked or is duplicated and their data governance is still in progress.

This is a complex landscape to navigate and manage, made even more challenging thanks to limited skills availability. There are not enough people with the expertise and training to get the value from the data.

Teams need to align the business roadmap with the technology investment to ensure the value created aligns with expectations.

This should be further balanced with a focus on improving processes to ensure that the business can better leverage the data through analytics tools or AI capabilities.

In addition, there is value in focusing on storage solutions that reduce the cost and complexities associated with vast quantities of data – instead, using tools that refine governance while increasing value and accessibility. These tools must help teams reduce data duplication, improve movement, and optimise costs.

BCX has developed an agile stable of data and analytics tools and capabilities designed to clean, refine, and manage the data for the organisation.

This high-level expertise translates into providing data-as-a-service capabilities with teams that have exceptional skills and a deep understanding of the challenges faced by the digital C-suite.

It’s the support that goes into the granular with any organisation, allowing for the business and the teams to create a data culture on a strong foundation of data literacy and visibility.

The BCX skillset and technology repertoire ensures the organisation can effectively build data value with the right levels of scalability and with AI, machine learning and intelligent toolsets optimising processes and streamlining data capability.

[Featured Image Credit]

Drawing in 754 registered participants from across Africa, HackOps 1.0 not only delivered on its promise to challenge developers to solve real-world problems but also demonstrated the potential of PipeOps as a deployment-first platform bridging the DevOps skills gap across the continent.

While participants brought energy, innovation, and determination, the success of HackOps 1.0 was made possible in part by a powerful panel of expert judges, each selected for their deep domain knowledge and experience in emerging technologies.

These individuals played a critical role in evaluating the over 150 submitted projects and selecting the top 25 teams that competed in the final round held in Lagos. 

Judges Brought the Bar of Excellence

The judging panel was strategically curated to mirror the diversity of the tech ecosystem and the hackathon’s core tracks: Michael Mekuleyi, Adora Nwodo, and Jeremy Brockett brought their deep cloud and infrastructure expertise to the DevOps & Cloud Engineering track, evaluating scalability, CI/CD practices, and deployment efficiency. Olatunji Fagbore, a leading voice in AI and IoT product management, judged solutions applying machine learning, data science, and embedded systems.

Cynthia Chisom, Samuel Ogbonyomi, and Jadesola Akinnusoye judged the Startup and Product Strategy track, assessing business viability, product-market fit, and user strategy. Abdullateef Abdul, General Counsel at Bumpa and Managing Partner at Goldlex Legal, provided legal oversight, reviewing submissions for regulatory compliance and IP protection.

Leke Ayodele and Ewere Diagboya led the judging on community growth and developer relations, focusing on open-source visibility, UI/UX quality, and user onboarding.

Oluwaleke Fakorede, CTO of Insomnia Labs and Co-founder of GoWagr, served as the sole judge, bringing his experience to the Blockchain Engineering track.

With years of experience building on protocols like Ethereum and Solana, Oluwaleke evaluated decentralized applications, smart contract architecture, and Web3 innovations.

His selection was crucial in a track with one of the rarest but most technically demanding skill sets.

Judges were chosen based on their excellence and experience in their respective fields. Each judge assessed projects, bringing their years of experience to the forefront and using a rubric tailored to their track, ensuring objectivity while maintaining high technical standards.

Real-World Problems, Real-World Impact

Participants were challenged to build solutions in five core sectors: healthcare, finance, education, project management, and travel and hospitality, using emerging technologies like blockchain, AI, etc.

Notably, over 60% of projects focused on healthcare and finance, with the top three teams (Bendan, Medix, and Isis) delivering standout innovations in medical records, AI-driven diagnostics, and health data management.

The judging team’s experience proved instrumental in identifying not just functional projects, but scalable and impactful ones.

A Platform for What’s Next

HackOps 1.0 wasn’t just about prizes and prototypes—it was about building confidence in the African developer ecosystem and offering a practical, scalable alternative to cloud deployment through PipeOps.

With over 36,000 CI/CD deployments, 714 vCPUs, and 3.6TB of server resources spun up, HackOps didn’t just test developers—it accelerated them.

As the PipeOps team plans for HackOps 2.0, one thing is clear: the bar has been set—and the judges helped build it.

The call for social media influencers, Instagram users, and TikTok users with large followings to register their businesses under the Company and Allied Matters Act (CAMA) 2020, reflects an increasing interest from regulatory bodies in the economic activities generated through digital platforms.

However, this raises critical questions about the capacity of the CAC to enforce tax compliance, its understanding of its role vis-a-vis the digital sector, and the broader implications for digital entrepreneurs in Nigeria.

Firstly, it is essential to clarify the legal boundaries within which the CAC operates. The CAMA 2020 does mandate the registration of businesses operating within Nigeria; however, its jurisdiction does not extend to enforcing tax compliance or collection.

If CAC understands the overall content creation space, it will clearly understand it cannot force a content creator who is work for hire to register a business name or sole proprietorship – any coercive act is unconstitutional.

Infact, they do not need to register as their income can fall under personal income. Registering as a business name does not guarantee tax will be paid [we know that already].

Additionally, taxation, especially in the context discussed by Magaji, falls within the purview of the Federal Inland Revenue Service (FIRS) and state governments for personal income taxes.

Precisely, the FIRS has articulated that its mandate does not include taxing individual content creators directly, as highlighted in an article by The Cable, where it was stated that there are no plans by the FIRS to tax content creators directly.

The FIRS maintains that it focuses on corporate entities and businesses with significant profit margins, leaving individual creators largely within the taxation oversight of state governments.

The distinction made by the FIRS underscores a critical aspect of Nigeria’s tax system, emphasizing the decentralized nature of personal income tax administration.

This clarification not only alleviates immediate concerns among content creators about potential new tax burdens but also illustrates the nuanced understanding required to navigate the digital economy’s regulatory landscape. FIRS stance is both the legal and pragmatic position to take, considering Nigeria’s current realities [perhaps CAC can learn from them]. Although, in some developed digital economies, where government has invested in growing innovation and with increased digital economy activities such as Singapore, if you are involved in repeated or habitual blogging-related activities result in an annual net business income of more than $6,000, you will have to declare this as self-employed income, you do not have to register as a business by compulsion. Nigeria in the future can learn from this, but for now, FIRS position is pragmatic and viable.

Regarding OPay’s role in this unfolding scenario, the company’s engagement with the CAC, aiming to regularize 300,000 agents and merchants, is a monumental task that underscores the fintech giant’s commitment to formalizing the informal sector.

However, the communication and government relations strategy surrounding these efforts needs critique.

The portrayal of Opay’s involvement in facilitating business registration and potentially expanding the tax net could inadvertently align the brand with an “anti-people” sentiment, especially if perceived as enforcing unpopular regulatory measures without adequate public sensitization or dialogue.

To mitigate such perceptions, Opay, and indeed any fintech or digital platform operating in similar capacities, must prioritize transparent, empathetic communication that highlights the mutual benefits of compliance and registration.

The rule is: “Have your GR comms materials ready for release before and after each visit, do not leave it in the hands of government and media [especially some Nigerian media outlets that tends to sensationlaize headlines]. Not only does this approach foster a more cooperative relationship between digital platforms and their users, but it also positions these companies as partners in progress, working alongside government agencies to enhance economic inclusiveness and stability.

In addressing the complexities of digital economy regulation, the role of the 14-member National Council for Digital Innovation and Entrepreneurship (NCDIE) becomes paramount. Inaugurated by President Muhammadu Buhari under the Startup Act, with the Vice President serving as its head, the NCDIE is strategically positioned to influence these matters significantly.

The council consists of a diverse group of stakeholders, including representatives from federal ministries such as Finance, Digital Economy, and Education, as well as members from the private sector, academia, and the startup ecosystem.

This composition ensures a holistic approach to digital innovation and entrepreneurship, enabling the council to provide comprehensive guidance and support on regulatory issues that impact digital content creators and the broader tech community.

The NCDIE’s involvement is crucial in ensuring that regulations like those proposed by the CAC and tax considerations by the FIRS are pro-innovation and align with the overarching goals of fostering a supportive environment for digital innovation and entrepreneurship in Nigeria. The NCDIE must wake up the sleeping giant in her!

Timi Olagunju has 12+ years experience in the intersection of technology, law, and policy.  He is a Partner Groundswell and Associate Partner, The Timeless Law Practice. He tweets @timithelaw

As merchants, working without embedded finance means you are working too manually. It effectively supports trade for us. The creation of secure and effective payment methods has revolutionized the way that businesses conduct their business as they continually try to improve their trading systems.

The fact that many MSMEs (micro, small, and medium-sized enterprises) in Africa are still unable to create bank accounts, one of the most fundamental financial services, and must instead rely on more ‘crude’ techniques to keep their money secure, is no longer a secret. Over time, merchants used manual bookkeeping and cash management techniques, but these techniques were ineffective.

African fintechs have utilized embedded fintech to provide a variety of financial services, such as payments, business analytics, financial software, and more. An approach that has gone a long way in enabling African merchants

Enabling Merchants in a Digital Ecosystem

Over 90% of all firms in Africa are MSMEs. Despite being crucial to the continent’s economy, they frequently have trouble getting along with traditional financial service providers.

Small businesses are effectively shut out of the established financial system, which forces them to accept cash payments. Without having to rely on financial institutions, embedded finance can provide merchants with access to financing solutions. Merchants can be paid instantly through the app rather than having to wait for bank transfers or accept cash payments.

Enabling African merchants means that financial service providers minimize the expenses and difficulties associated with creating and maintaining their financial infrastructure.

Enabling African merchants means that financial service providers must create an interface that allows merchants to control their cash flow. Businesses can gain greater insight and control over their cash flow and eliminate error-prone conventional financial management methods.

Another way fintech can enable merchants to offer seamless trade experiences is through card issuing. The use of physical, virtual, or hybrid payment cards by innovative financial service providers can help speed up transactions for merchants.

It’s crucial to remember that embedded finance benefits customers, banks, companies, and fintech players. The growth of digital financial services will contribute massively to the increase in financial inclusion in Africa. We are more aware than ever that financial services and integrated finance are tools to achieve a goal. It catalyzes inclusive economic growth and enables merchants.

In today’s innovative world, businesses that adopt embedded finance technologies will have an enormous competitive advantage over others in their market. Enabling African merchants means that they get to spend less capital employing manual workforces that delay information and decision-making.

Market Opportunity

The essential enablers of commerce are financial services. The next wave of fintech innovation is anticipated to be characterized by embedded fintech, with firms in Africa and globally securing a higher percentage of investment.

Opportunities for Fintechs in Nigeria (Treasury and Financial Management)

Amazon, Uber, DoorDash, Walmart Instacart Google Pay, Apple Pay, and Venmo all enable embedded payments, letting customers place an order and pay for it all in one application. The likes of JumiaPay, Kippa, and Omnibiz are popular with Nigerians. While embedded finance is still in its infancy in Africa, we are likely to see trade driven by the underlying competitive structure that fintechs provide in the coming years.

The flow of commerce has grown to include financial services where transactions happen. According to McKinsey’s market-sizing model, embedded finance generated $20 billion in revenues in the United States alone in 2021. This growth can be attributed in part to the value of this integrated experience for clients.

By 2025, embedded finance will bring in close to $230 billion in income, according to Lightyear research. That is an over $200 billion reason to invest in Africa’s nascent embedded finance market.

With so much more digitization in the future (especially in emerging nations), it is projected that fintech will continue to siphon market share from financial services and even establish new sectors.

This accomplishment sets a new record in the banking industry, as no other bank had achieved this feat in over 100 years.

Earlier this year, TAJBank made history by becoming the first corporate entity in Nigeria to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after a successful issuance.

During the shareholders’ meeting, Alhaji Tanko Isiaku Gwamna, the board chairman, acknowledged the challenging economic conditions, including surging inflation rates, which negatively impacted businesses.

However, he highlighted that through innovation and proactive strategies, the bank’s board and management were able to ensure sustainable growth and financial stability for the benefit of the shareholders and Nigeria’s economy.

Regarding dividends, Gwamna stated that the board recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. He emphasized the bank’s commitment to promoting business expansion and success while allocating a significant portion of profits to shareholders.

Mr. Hamid Joda, the Managing Director/CEO of TAJBank, reported that the financial year 2022 marked a significant milestone for the non-interest lender. Despite the challenging operating environment, the bank achieved key strategic goals through relentless execution, a positive culture, and high-impact projects.

TAJBank’s balance sheet grew by over 93%, from N110 billion in FY 2021 to N212 billion, and its Profit Before Tax (PBT) surged from N1.6 billion to N5.081 billion in the 2022 financial year. Earnings per share also grew by 138% to N31.27 kobo compared to N13.11 kobo in the previous year.

Looking ahead, Joda outlined the bank’s plans for further growth. TAJBank aims to open 110 branches/business offices across state capitals and major commercial centers before 2024.

The bank also plans to offer non-interest banking products and services to underserved markets, expand its agency network to 100,000 active agents by 2025 to reduce the financial exclusion rate, grow its customer base to at least four million by 2027, and achieve a minimum customer satisfaction score of 85%.

Alhaji Tata Shekaru Omar, an Independent Non-Executive Director of TAJBank and a leading financial expert, praised the board and management for positioning the bank at the forefront of competition in Nigeria’s dynamic financial services market.

He commended the bank for achieving profitability in its first year of operation and expressed appreciation for the distribution of dividends to shareholders.

Overall, TAJBank’s swift payment of dividends and its strong financial performance demonstrate its commitment to sustainable growth and value creation for its shareholders in the Nigerian banking industry