The round was co-led by Flourish Ventures and 1kx, with backing from White Star Capital and Fabric Ventures. With this, the company’s total funding now stands at $9.2 million.

Kulipa builds payment infrastructure that allows fintech companies to issue cards funded directly from stablecoin balances. These cards can be used anywhere card networks are accepted, including for everyday purchases and ATM withdrawals.

Stablecoins already handle more than $300 billion in daily settlements, but their use in everyday payments is still limited. The systems that connect blockchain-based transactions to traditional card networks are still fragmented and usually require large upfront capital.

Kulipa says its platform removes some of these limitations. It verifies balances and settles transactions onchain, reducing the need for prefunding.

At the same time, it takes on fraud liability for issued cards, which lowers operational pressure for its partners.

“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” said Axel Cateland, Founder and CEO of Kulipa.

“Card issuance is the bridge between onchain balances and real-world payments. We built Kulipa to give regulated fintech platforms the compliant, capital-efficient infrastructure they need to operate at global scale.”

The company operates what it describes as a local-first model, with regulatory coverage across the European Union, Argentina and Nigeria. It is also working on expansion into the United States through BIN sponsorship.

Kulipa launched its infrastructure in February 2025 and since then, it has issued more than 120,000 cards and signed 20 customers. These include Flutterwave, Solflare, nSave and Ready.

The company also reports a 70% month-on-month increase in transaction volume.

“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale. As stablecoins become a more practical settlement option, it’s important that businesses can turn those balances into real-world spending,” said Olugbenga Agboola, Founder & CEO of Flutterwave.

“Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”

“Kulipa has enabled Ready to become an onchain alternative to banks,” said Itamar Lesuisse, CEO of Ready. “With their infrastructure, we can issue globally accepted cards directly from stablecoin balances, giving our users seamless access to everyday spending in a compliant and scalable way.”

Kulipa was founded in 2023 by a team with experience across payments, compliance and technology. Cateland previously worked on Apple Pay and Google Pay deployments at Mastercard.

Co-founder and CTO Michael Shynar has worked at WhatsApp and Google, while Head of Compliance Benoit Roger brings experience from Binance and Nickel Bank.

Investors say the company is addressing a key gap in the market.

“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, General Partner, Flourish Ventures.

“The missing piece has been compliant, scalable card issuance. Kulipa fills that gap by combining capital efficiency with multi-region regulatory coverage, enabling fintech platforms to bring stablecoin settlement into everyday payments.”

1kx Founding Partner Christopher Heymann added, “Stablecoins are reshaping how money moves globally, but for mainstream adoption, people need to spend them as easily as they spend fiat. 

“Kulipa meets users where they already are, starting with the card in their wallet, and gives businesses a turnkey way to offer that experience. We believe this payments layer is critical infrastructure for the next phase of crypto adoption.”

Kulipa says it will use the new funding to strengthen its infrastructure and support more fintech platforms looking to offer stablecoin-based payments at scale.

The post Kulipa Raises $6.2 Million to Expand Stablecoin Card Payments Across Africa, Other Markets appeared first on Tech | Business | Economy.

The new investment was led by Lux Capital and brings the Nigerian defence technology company’s total funding to $34 million since it launched in 2024.

The extension round also drew participation from 8VC, Nova Global, and Resiliience17 Capital, a firm founded by Flutterwave chief executive Olugbenga Agboola.

Terra Industries was founded by Nathan Nwachuku, 22, and Maxwell Maduka, 24. The company designs infrastructure and autonomous systems that help governments monitor and respond to security threats. 

Based in Nigeria, the startup has begun expanding into other African countries, though it has not yet named them.

Terrorism is a major threat across parts of Africa. Many countries still depend on intelligence and defence systems supplied by Russia, China or Western nations. 

In January, Nwachuku said he wanted to build “Africa’s first defence prime, to build autonomous defence systems and other systems to protect our critical infrastructure and resources from armed attacks.”

At that time, Terra had secured its first federal contract. The company now serves both government and commercial clients. Nwachuku said Terra has generated more than $2.5 million in commercial revenue and is protecting assets valued at about $11 billion.

He said the latest funding came together in under two weeks because of “strong momentum.” Investors, he added, saw “faster-than-expected traction” in new deals and partnerships, which pushed them to increase their commitments quickly.

Part of that growth includes a contract with AIC Steel. The agreement allows Terra to set up a joint manufacturing facility in Saudi Arabia to build surveillance infrastructure and security systems. “It’s our first major manufacturing expansion outside Africa,” Nwachuku said.

The company is now focusing on countries in sub-Saharan Africa and the Sahel, where infrastructure security remains a pressing issue. “The priority is working with countries where terrorism and infrastructure security are major national concerns,” he said.

He also pointed to the scale of the problem. “We’re focused on targeting major economies where the need for infrastructure security is urgent and where our solutions can make a meaningful impact. That’s how we think about expansion.”

Defence technology is capital-intensive. In the United States, companies such as Anduril Industries have raised more than $2.5 billion, while Shield AI has secured around $1 billion in equity funding. 

Drone maker Skydio has raised about $740 million, and naval autonomous vessel company Saronic has secured roughly $830 million.

Terra Industries funding is smaller by comparison. Even so, its rapid fundraising and early contracts imply that investors are getting more interested in defence innovation on the continent. 

The post Nigeria’s Terra Industries Raises $22m From Lux Capital, Total Funding Hits $34m appeared first on Tech | Business | Economy.

The move, which began quietly in March 2025, shows a change in strategy for Africa’s highest-valued startup.

The layoffs have hit the company’s compliance, legal, human resources, and sales units, roles Flutterwave now appears to be relocating to its home market, Nigeria. The rationale points to the fact that Nigeria is cheaper to operate in and is more stable from a regulatory standpoint.

Less than a year ago, Flutterwave let go of 3% of its global workforce after shutting down its Barter virtual card service. This new wave of layoffs is more aggressive, pointing to investor pressure to deliver profitability ahead of a long-anticipated public listing.

In Kenya, sources familiar with the matter confirmed that about 10 of the company’s 20 employees were dismissed, with a few more resigning in the weeks that followed. 

A similar story played out in South Africa, where over half of the staff, mostly salespeople, were affected. Fewer than eight employees remain in the Nairobi office, mostly handling regulatory compliance.

“They’re cutting roles in countries they see as expensive to run,” one source close to the company’s leadership told TechCabal. “Flutterwave is also hiring for the same roles in the Nigerian market.”

The company acknowledged the layoffs in a formal statement, calling them part of a performance and strategy-led review.

“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” Flutterwave said. “We recognise and reward impact, and we make changes when expectations are not met.”

This restructuring phase has seen not just exits but promotions and bonuses for staff who exceeded expectations. But we see that the company is narrowing its focus. Flutterwave is doubling down on enterprise payments and its cross-border remittance app, Send, while strengthening partnerships and infrastructure in Nigeria.

However, there’s a regulatory elephant in the room. Despite operating in Kenya for years, Flutterwave still doesn’t have a full Payment Service Provider (PSP) licence. 

The Central Bank of Kenya only granted name approval in 2023, and the company is still awaiting formal clearance. In South Africa, the situation is similar; a larger market with no license in hand.

Still, Flutterwave insists it’s pushing ahead. “We are actively engaging with regulators,” the company said. “Our Kenyan application is progressing as planned.”

The layoffs come in the middle of Flutterwave’s operational integrity investigations. In April 2024, the company reportedly suffered a ₦11 billion security breach, although it claimed that customer funds were untouched. 

This, along with a history of frozen accounts and compliance queries in Nigeria and Kenya, has increased the need for a more disciplined structure.

Flutterwave last raised funds in early 2022, a $250 million Series D round that valued it at over $3 billion. Since then, profitability has become the north star. CEO Olugbenga Agboola confirmed as much earlier this year in an interview with Bloomberg, saying the company will only go public “once it becomes profitable.”

Some of the company’s most visible executives in East Africa are also gone. Leon Kiptum, the former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins, both exited after less than two years with the firm.

The timing of these layoffs is telling, as regulators are tightening their hold and investors are demanding returns. Flutterwave is taking no chances; shedding weight, shifting talent to cheaper locations, and doubling down on its most bankable markets. 

The post Flutterwave Slashes Workforce in Kenya, South Africa appeared first on Tech | Business | Economy.

“But beyond these, there’s a space where unicorns, those billion-dollar minds of the business world, are no longer imaginary but tangible outcomes of Africa’s entrepreneurial determination.”

Tech unicorns are the new celebrities, and Africa is no longer in the shadows but birthing top global startups. From Lagos to Nairobi, Cairo to Cape Town, entrepreneurs are tackling local and global challenges with scalable, tech-driven solutions.

Investors are finding their new billion-dollar obsession on the continent, but really, “Who knew the next Silicon Valley would be in Africa?”

In the past few years, we’ve seen companies like Flutterwave, Chipper Cash, and Jumia, which have achieved unicorn status and also created ways for others. 

Entrepreneurs like Olugbenga Agboola of Flutterwave have attributed their success to understanding local challenges and translating them into global solutions. Agboola shared during an interview: “I personally believe in just doubling down and getting the work done which is why I’ve been busy building the infrastructure, the technology.” 

These companies are solving problems for Africa; and creating models that can work anywhere in the world. The focus is on scalability. 

According to data from Partech, African tech startups raised over $3.5 billion in 2023. As of September 2024, these startups had already crossed the $2.1 billion mark, according to Weetracker—an increase compared to $1.7 billion in funding for the same period in 2023. Though 2024 started slow, the pick-up was commendable.

One of the outstanding deals of the year was Moniepoint’s $110 million Series C funding round in October 2024. This raise, led by Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock, made up 43% of the total $250 million raised by African startups in just one month.

The capital boosted the startup funding sector in Africa and also asserted the strength of the growing fintech sector on the continent.

Globally, unicorn startups typically come from a mix of sectors, youthful populations, and market demands. Africa has all three in abundance. 

The continent has the youngest population in the world, with a median age of just 19.6 years, and is home to over 1000 active tech hubs. Combined with a rapidly expanding digital economy—projected to reach $712 billion by 2050—Africa’s startup sector is a bubbling cauldron of opportunity.

Sectors on the Go for Unicorn Growth in 2025

While fintech has topped the African startup sector, 2025 looks to be a year with more diversified unicorn companies. These industries will be driven by innovative solutions and increased investment.

1. Fintech: The Reigning King
   Fintech remains Africa’s most funded sector, accounting for over 40% of venture capital inflows. With an unbanked population estimated at 57%, digital payment solutions, credit access, and blockchain innovations have huge prospects. Startups like Yellow Card and Paystack are leading advancements in decentralised finance and SME lending. Africa’s mobile money market, according to McKinsey, is expected to reach $40 billion by 2025, thanks to the increasing smartphone penetration. Mobile money solutions like M-Pesa and Chipper Cash are bolstering financial access, and the fintech ecosystem is not showing any signs of slowing down.

1. Climate Tech and Renewable Energy
   Africa’s energy challenges—over 600 million people lacking electricity—have led startups to innovate with renewable solutions. Companies such as Kenya’s BasiGo, which focuses on electric buses, and solar startups like M-KOPA and d.light are enhancing access to energy and enhancing sustainability. Investments in the sector are projected to hit $44 trillion by 2030, with $35 trillion allocated to transition technologies such as efficiency, electrification, grid expansion, and flexibility, according to the International Renewable Energy Agency (IRENA)
2. HealthTech: Building Resilient Healthcare Systems
   The pandemic uncovered gaps in healthcare systems, but also stimulated innovation. Startups are leveraging telemedicine, AI-driven diagnostics, and affordable healthcare solutions. Helium Health is digitising patient records, while mPharma is tackling medication accessibility. The healthcare market is projected to grow to $259 billion by 2030, with startups addressing challenges through technology.
3. AgriTech: Feeding a Billion People
   Agriculture employs over 60% of Africa’s population but faces inefficiencies along the value chain. Companies like Kenya’s Twiga Foods are connecting farmers to markets using technology, reducing waste and increasing profits. The agritech market is expected to grow 12.2% annually, reaching $26.27 billion by 2025.
4. EdTech: The Future of Learning
   With a young population and increasing internet penetration (currently at 43%), edtech is a natural growth area. Startups like Nigeria’s uLesson are delivering affordable, high-quality education to millions. Africa’s edtech sector is projected to grow at a compound annual growth rate of 16.3% through 2025.
5. Logistics and E-Commerce: The Amazon of Africa?
   Fragmented logistics have historically limited e-commerce, but startups like Sendy and Jumia are bridging the gap with efficient delivery systems. Africa’s e-commerce market is expected to reach $56 billion by 2029, driven by improved infrastructure and increasing trust in online shopping.

The Growth Drivers

Several factors will influence the rise of African unicorns:

• Investment Trends: More diversified funding, with international venture capitalists and local investors betting on startups. Cities like Ibadan, Kigali, and Alexandria are emerging as investment hotspots.
• Infrastructure Improvements: Expanding 5G networks and cheaper smartphones are driving connectivity.
• Talent Pool: Africa contributes 10% of the world’s tech talent, with Nigeria and Kenya leading in developer resources.

Challenges to Overcome

The challenges cannot be ignored and African startups are sometimes hit hard by these. Funding gaps, regulatory complexities, and infrastructure deficits are some of the issues that limit growth, with over 75% of startups failing within their first five years.

Geopolitical instability in certain regions causes risks for both startups and investors. Added to this, the lack of mature exit strategies, such as IPOs, has raised questions about long-term returns for VCs. 

Again, Africa’s brain drain phenomenon—where top talent migrates abroad—is a big issue. Addressing these challenges will require innovative public-private partnerships.

Predictions for 2025

By 2025, Africa is projected to double its unicorn count, hosting at least 10 billion-dollar companies. Startups like Egypt’s MNT-Halan (fintech), Kenya’s Wasoko (retail supply chain), and Nigeria’s Moove (vehicle financing) are likely prospects.

Emerging hubs like Kigali and Accra are joining established centres such as Lagos (Yabacon Valley), Nairobi (Silicon Savannah), and Cape Town. These hubs are promoting innovation and creating a favourable environment for Africa’s next unicorns.

While cities like Lagos, Nairobi, and Cairo are usually in the spotlight, emerging hubs like Kigali and Alexandria are proving their mettle. For instance, startups in Rwanda are benefiting from government-backed innovation programs, like the Kigali Innovation City project, which provides incentives for tech companies. Alexandria, Egypt, is also promoting a growing community of entrepreneurs through its proximity to top universities and access to global markets via the Mediterranean.

Flutterwave, Africa’s highest-valued fintech, became one of the unicorns through a combination of strategic partnerships and relentless focus on market scalability. Its partnership with global payment platforms like Visa and Mastercard enabled seamless cross-border transactions, while its early focus on SME solutions gave it a strong foothold in untapped markets. 

The company’s $250 million Series D round in 2022 and its subsequent expansions into Latin America and Asia showed how African startups can become global competitors.

For Africa’s unicorns to thrive, stakeholders must play their part. Governments need to create clear and consistent policies to support innovation, investors must take risks beyond the usual hubs, and entrepreneurs must focus on sustainable growth rather than quick exits. 

“The future of Africa’s innovation is in the hands of those willing to stay the course—because unicorns aren’t built overnight.”

The post The Billion-Dollar Ideas: Where Africa’s Next Unicorns Will Emerge in 2025 appeared first on Tech | Business | Economy.

Announced on Tuesday, Agboola will now represent Africa on the global cultural stage, showcasing the continent’s rich heritage and innovation.

The Smithsonian’s National Museum of African Art, located in Washington, D.C., stands as the only U.S. institution devoted exclusively to the art and history of Africa. 

As the museum marks its 60th anniversary, Agboola joins six other newly appointed board members, drawn from diverse fields such as academia, healthcare, and finance, to help shape the museum’s future direction.

Commenting on his new role, Olugbenga Agboola stated: “I am deeply humbled to announce my appointment to the Advisory Board of the Smithsonian’s National Museum of African American History and Culture. This incredible institution, nestled in the heart of the United States in Washington DC, serves as a global beacon for the richness and diversity of African art, history, and culture.

As an African rooted in the dynamic heritage of our continent and the values that shaped me, this opportunity holds a profound meaning. It’s not just about celebrating African art—it’s about showcasing the power of our stories, our creativity, and our contributions to the global cultural landscape.

This appointment is also a reminder of the power of community and support. My deepest gratitude goes to Teresa Clarke, Myma Belo-Osagie, and John K. Lapiana for their guidance, encouragement, and advocacy.

To my community and everyone who believes in the transformative power of culture, let us continue to ensure that Africa’s narratives stand tall on the global stage. I look forward to working with this exceptional institution to amplify the voices of African artists, preserve our legacies, and inspire future generations to embrace the depth of African identity.”

Agboola’s contributions will add a unique perspective to the museum’s mission of promoting cross-cultural understanding and promoting African art globally. 

Museum director John K. Lapiana spoke on the importance of these appointments: “It is a privilege to work with each of these new board members. Our museum will benefit immeasurably from their perspectives and insight, especially now during our 60th anniversary year.”

The museum has a collection of over 13,000 artworks spanning more than a millennium of African history. Agboola’s appointment reiterates his continuous focus on linking Africa’s cultural history with its future in the digital age. 

Speaking on this connection, he said:
“This opportunity aligns with Flutterwave’s vision of building solutions and contributing to opportunities that showcase Africa’s talent, potential, and innovation. I look forward to collaborating with the museum to highlight the connection between Africa’s cultural history and its future in the digital age.”

As a tech entrepreneur and cultural advocate, Agboola’s influence goes beyond Flutterwave. He is a member of the Milken Institute’s Africa Leaders Business Council, serves on the boards of the U.S.-Africa Business Centre of the U.S. Chamber of Commerce, and the Corporate Council on Africa. 

Flutterwave itself has been lauded globally, earning recognition from Fast Company as the Most Innovative Company for Europe, the Middle East, and Africa in 2024.

Through this new role, Agboola aims to contribute to preserving Africa’s legacies and inspiring a new generation to embrace the continent’s rich and diverse identity.

The post Flutterwave’s Olugbenga Agboola Joins Smithsonian Advisory Board to Bridge Africa’s Culture and Digital Innovation appeared first on Tech | Business | Economy.

However, a growing number of professionals are choosing to stay and invest in local entrepreneurship ventures. They gain experience globally, then come back to build locally.

This change could be said to have been influenced by personal ambition, economic opportunity, and a deep desire to positively impact local communities. 

But why are more Nigerians embracing entrepreneurship over migration, and how is this choice impacting the country’s economic industry?

The Lure of Migration and Its Challenges

Historically, skilled Nigerians migrated to escape limitations in career progression, infrastructure, and standard of living. 

While the allure of developed nations is strong, many discover that living abroad is not without its challenges. Migrants often face cultural adjustment, high living costs, and complex legal systems. 

The struggle to integrate into new environments has caused many to reconsider their decisions, sometimes leading to disillusionment.

Net Migration to UK Fell 10% in 2023 [GRAPH]

The Rise of Local Entrepreneurship

In contrast, local entrepreneurship is becoming a more attractive option for skilled Nigerians, driven by multiple factors:

1. Economic Opportunities: Despite Nigeria’s challenges, its local markets continue to grow, offering lucrative business opportunities. Entrepreneurs are increasingly identifying and capitalizing on untapped niches that address local needs.
2. Social Impact: A strong desire to contribute to Nigeria’s development is another driver. Entrepreneurs see themselves as agents of change, creating jobs and enabling community development in ways that migration cannot achieve.
3. Innovation and Technology: Technological advancements have helped local entrepreneurs to compete on a global scale. The rise of digital platforms and tools has made it easier for businesses to start and grow without needing to leave Nigeria.

Several Nigerian entrepreneurs are examples of this change

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave

Take Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave. Aboyeji chose to stay in Nigeria, where he has built platforms empowering African talent and businesses. 

His work with Andela, which focuses on training software developers, and Flutterwave, a payment solutions company, has greatly impacted the African tech space, with his current venture, Future Africa, which funds mission-driven innovators across the continent. 

Aboyeji believed in Nigeria’s ability to solve its own challenges and he remained focused on directly contributing to building the infrastructure and ecosystem necessary for sustainable growth.

Funke Opeke, CEO, MainOne

Similarly, Funke Opeke, who returned from the US to found MainOne, has helped in improving West Africa’s internet infrastructure. 

MainOne is a leading provider of telecom services and network solutions in the region, and under Opeke’s leadership, it has bridged huge gaps in digital access. 

After a successful career in the United States, Opeke returned to Nigeria driven by a desire to address the country’s urgent need for better internet infrastructure. Her vision for reducing the digital divide continues to drive her entrepreneurship goal and focus.

Olugbenga Agboola, co-founder of Flutterwave

Olugbenga Agboola, co-founder of Flutterwave, has simplified payments for businesses across Africa, helping them grow and operate efficiently. 

Flutterwave has become an essential pillar of the African fintech sector. Agboola remains in Africa because of his zeal to create solutions targeting the challenges faced by African businesses. With this, he ensures that Flutterwave continues to meet the dynamic needs of its users.

Temie Giwa-Tubosun, founder of LifeBank

Temie Giwa-Tubosun, founder of LifeBank, uses technology to connect hospitals with essential medical supplies, effectively saving lives. 

Her inspiration for LifeBank came from her personal experiences with the healthcare system in Nigeria, and her mission is to improve healthcare delivery in her home country. Giwa-Tubosun is deeply determined to use her platform to address healthcare challenges in Nigeria.

Shola Akinlade, co-founder of Paystack

Shola Akinlade, co-founder of Paystack, has simplified payments for businesses across Africa, allowing them to scale and thrive. 

Paystack’s acquisition by Stripe accentuated its global impact. Akinlade believes in the prospects of African businesses to compete globally. He has helped in building the infrastructure that supports the growth of businesses.

Odunayo Eweniyi, co-founder of PiggyVest

Odunayo Eweniyi, co-founder of PiggyVest, has made a huge impact in promoting financial inclusion and literacy in Nigeria. 

PiggyVest helps Nigerians to save and invest money, enabling them to adequately control their finances. Eweniyi’s decision to stay in Nigeria is driven by her vision to build people with the right mindset and her belief that local entrepreneurship can drive economic development.

Tayo Oviosu, founder of Paga

Tayo Oviosu, founder of Paga, has made financial services accessible to millions of Nigerians through mobile payments. Paga has become indispensable in the Nigerian fintech sector, bolstering how people handle financial transactions. 

Oviosu’s decision to stay in Nigeria allows him to remain close to his customers and better understand their needs, ensuring that Paga continues to deliver solutions that make financial services accessible to all.

The Patriots Who Build with Blistered Hands: Any Hope in Sight?

There is no gainsaying that the success of businesses in Nigeria has a profound impact on the economy and society. They contribute around 60% to the GDP, which equals approximately $295 billion annually, and are responsible for over 80% of jobs, whilst employing more than 52 million Nigerians (National Bureau of Statistics, 2024).

The  Foreign Direct Investment (FDI) reached $3.8 billion in 2023, with significant investments in telecommunications, oil, and renewable energy (UNCTAD, 2024).

Thus business activities continue to drive infrastructure improvements and urbanization, while the fintech sector has further transformed financial transactions, with digital payments reaching $670 billion in 2023 (Central Bank of Nigeria, 2024). 

Despite substantial CSR investments and economic contributions, challenges such as regional disparities and environmental issues remain prevalent (Nigerian Business Coalition for Sustainable Development, 2024; Environmental Rights Action, 2024).

An alarming statistics from the Nigeria Medical Association (NMA) indicate that over 1,000 doctors leave Nigeria annually for better working conditions and opportunities abroad, with popular destinations including the UK, the US, Canada, and Australia. 

Moreover, the media has been awash with reports of a massive exodus of engineers, technology experts, academics, researchers, and other professionals seeking opportunities in countries with thriving tech and engineering sectors. Despite this, there are still many who believe their contributions could help realize the Nigeria of our dreams.

It is important to state from the outset that the decision to stay in Nigeria or leave the country may be based on personal, professional, economic, social, and political reasons. This choice should not be judged as either good or bad. 

This is because, over the past two years, the Nigerian diaspora has made significant contributions to the economy, primarily through remittances, investments, and the transfer of skills and knowledge.

According to the World Bank and the Central Bank of Nigeria (CBN), remittances from Nigerians living abroad were estimated at around $20 billion in 2022. This substantial increase underscores the growing importance of remittances to Nigeria’s economy. 

For 2024, remittances are projected to be between $22 billion and $24 billion, reflecting a continued rise driven by the growing number of Nigerians abroad and advancements in financial technology.

For entrepreneurs who choose to stay, and build businesses over emigration,  they might have benefited largely from hindsight, insight, and strategic analysis. In Nigeria,  key entrepreneurial opportunities lie in technology and fintech, which attract significant investment and create jobs. 

The same can also be said of  Agriculture which is contributing 25% to GDP and supporting millions, presents other opportunities. 

In Nigeria also, Renewable energy, with projected investments of $2 billion by 2025, aims to address energy deficits and generate jobs. The healthcare sector, valued at over $5 billion, can reduce import dependency and improve health. 

E-commerce and retail can drive consumer spending and modernization, while education and edtech can enhance learning and create employment.

Additionally, Nigeria’s real estate offers opportunities for urban development, and tourism and hospitality support local businesses. The fashion industry generates significant revenue, and entertainment contributes not less than $7 billion annually. 

Each sector drives economic growth and job creation. Drawing parallels with H.W. Brands’ classic “The Men Who Built America,” which explores the lives and legacies of key industrialists like Andrew Carnegie, John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Henry Ford, who transformed America through their innovations and philanthropy, it is clear that entrepreneurship, despite challenges, has the potential for significant impact.

However, when considering the chains of challenges faced by entrepreneurs in Nigeria, the question arises: is their patriotism worth it? While it can not be jettisoned that entrepreneurs play an important role in building the economy, the prevailing socio-economic and political climate in Nigeria can be said to be harsh, discouraging, and potentially stifling business success. 

According to Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of Economy, over 800 companies folded due to market instability, unfulfilled promises, breaches of contracts, foreign exchange market issues, and general economic instability. 

We opined that many of these challenges are avoidable with people-centred policies and well-thought-out actions, reflecting failures in leadership and governance.

Adding to these challenges are escalating interest rates, security issues, and unplanned subsidy removal, which leave entrepreneurs at a disadvantage. Alhaji Dangote’s refinery dubbed the “6th Wonder of the World,” serves as a reference point for the potential impact of well-managed projects.

In light of the questions posed by one of Jesus Christ’s apostles, “We have left everything to follow you! What then will there be for us?” It is essential to ask what the future holds for entrepreneurs who choose to build businesses amid challenging conditions. 

For us, we are of the opinion that the government needs to enhance entrepreneurship in Nigeria by improving access to funding, addressing the fact that only 8% of startups receive venture capital, and improving infrastructure, as Nigeria’s electricity meets only 45% of demand and internet penetration is at 50%. 

Furthermore, simplifying the business registration process, which currently averages 19 days, and providing tax incentives can also alleviate challenges.

With over 40% youth unemployment, supporting skill development is essential. Expanding market access, given that only 1% of SMEs export, and encouraging innovation with R&D investments (currently 0.5% of GDP) are vital. 

Also of importance is the promotion of public-private partnerships and celebration of entrepreneurship, which can further strengthen the ecosystem, potentially increasing its contribution to GDP, which was approximately 20% in 2022.   

The post Why Skilled Nigerians are Opting for Local Entrepreneurship Ventures Over Migration appeared first on Tech | Business | Economy.

It is worth noting that seven highly accomplished and distinguished Nigerians have been able to secure their positions on a list that is considered to be one of the most prestigious lists in the world. 

The list spans various categories such as Politics and Public Service, Business, Science and Academia, Environmental, Creative, Media, and Sports, which further highlights the diverse range of talents and skills that these Nigerians possess. 

The fact that these individuals were able to make it on this list is a pointer to their hard work, dedication, and exceptional achievements in their respective fields.

Akinwumi Adesina 

Akinwumi Adesina is a highly respected Nigerian economist who has made a huge impact in the field of agricultural economics and rural development. He currently serves as the President of the African Development Bank (AfDB), a position he has held since 2015. Prior to this, he was Nigeria’s Minister of Agriculture and Rural Development, where he implemented key policies that helped to transform the country’s agricultural sector. 

Adesina has also held several high-profile positions in international organisations, including the Rockefeller Foundation and the Alliance for a Green Revolution in Africa (AGRA). He is widely recognised for his expertise in agricultural development, having received numerous awards and honors for his contributions to the field.

Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala is a highly accomplished Nigerian economist who is currently serving as the Director-General of the World Trade Organization (WTO). She has had an illustrious career in public service, having previously served as the Finance Minister of Nigeria on two separate occasions, from 2003 to 2006 and from 2011 to 2015. Prior to that, Okonjo-Iweala spent 25 years at the World Bank, where she held various key positions, including Vice President and Corporate Secretary. 

Throughout her career, Okonjo-Iweala has made commendable contributions to the fields of economic development and international finance. She has been a leading voice on issues such as poverty reduction, debt relief, and trade. She has been recognised for her expertise by numerous organisations and institutions around the world. In 2005, she was named one of Time Magazine’s 100 most influential people in the world, and in 2014, she was awarded the prestigious David Rockefeller Bridging Leadership Award. Okonjo-Iweala is widely regarded as one of the most influential and accomplished women in the world of international economics and finance.

Bola Tinubu

Bola Tinubu, who currently serves as the President of Nigeria, is a highly respected politician who was once the Governor of Lagos State. He is widely recognised as one of the most influential figures in Nigerian politics, and his contributions to the country’s ruling party, the All Progressives Congress (APC), have earned him a reputation as a political powerhouse. 

Tinubu’s political career spans over two decades and has seen him occupy several prominent positions in both the public and private sectors. His commitment to the development of Nigeria and his tireless efforts to promote good governance have made him a highly respected figure both in Nigeria and beyond.

Olugbenga Agboola

Olugbenga Agboola is a highly successful and well-known Nigerian entrepreneur who has made a name for himself as the co-founder and CEO of Flutterwave, a global payments technology company that has revolutionized the way people send and receive money all around the world. 

With his keen business acumen and innovative thinking, he has helped to position Flutterwave as a leader in the African fintech industry, where he is widely respected and admired for his contributions to the field. His dedication to his work and his commitment to making a positive impact on the world have earned him a reputation as one of the most influential and inspiring figures in the business world today.

Professor Benedict Okey Oramah 

Professor Benedict Okey Oramah is a highly acclaimed Nigerian economist who has made great contributions to the field of economics. He is currently serving as the President of the African Export-Import Bank (Afreximbank), a major financial institution that promotes and finances trade within and outside Africa. 

With over 30 years of experience in economic policy, research, consulting, and banking, Prof. Oramah is widely regarded as an expert in African trade and development. He has authored several articles and books on trade and finance, and has received numerous awards for his outstanding contributions to the development of Africa’s economy.

Aliko Dangote

Aliko Dangote, born on April 10, 1957, is a Nigerian business magnate, investor, and philanthropist, and is currently the chairman of Dangote Group. The company is one of the largest conglomerates in Africa and has interests in various fields including cement, sugar, salt, flour, and more. 

Dangote’s company is also involved in real estate, telecommunications, and oil and gas exploration. He is one of the wealthiest individuals in Africa with a net worth of $9.5 billion as of January 1, 2024. Dangote is a prominent figure in the global business community, with several honors and awards to his name, including the Forbes Africa Person of the Year award in 2014, the Clinton Global Citizen award in 2015, and the Bloomberg 50 in 2017.

Shola Akinlade

Shola Akinlade is a highly respected Nigerian entrepreneur, who has been key in the Nigerian tech startup ecosystem. As the co-founder and CEO of Paystack, a leading online payment platform in Nigeria, he has played an indispensable role in bolstering the way online payments are made in the country. 

Under his leadership, Paystack has become one of the most successful and fastest-growing tech startups in Nigeria, attracting huge investment and recognition from both local and international organisations. With his impressive track record and deep understanding of the Nigerian tech scene, Shola Akinlade is widely regarded as one of the most influential figures in the country’s growing tech industry.

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The states include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.

The 13 new licenses in addition to its partnership with another licensed financial institution enable Flutterwave to serve customers in 29 states in the U.S.

Money transfer licenses are issued by state regulators to allow financial technology companies to engage in the transmission of money.

These licenses enable Flutterwave’s solutions like Send App, which facilitates money transfer between the U.S. and Africa, and enterprises that use Flutterwave for last-mile payout globally.

“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners and customers,” said Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave. “We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”

“These licenses reflect our commitment to working with regulators across various markets, following their requirements and ensuring the safety of customer funds. We will continue to create an environment of safety and trust.” added Cheng.

Sending money between the U.S. and Africa is challenging for the African diaspora. These licenses enable Flutterwave to make Send App, the super user-friendly money remittance app, available to the African diaspora in the U.S. This will help them send money where their heart is.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” said Olugbenga Agboola, Founder and CEO at Flutterwave. “These licenses move us one step closer to our vision and we will continue to expand this feat to ensure coverage for all States in the U.S. and beyond.”

The post Flutterwave Secures 13 New Money Transmission Licenses in the U.S. appeared first on Tech | Business | Economy.

The Flutterwave co-founder referred to Kenya as a land of vast opportunities and emphasized the company’s intent to leverage innovations like Safaricom’s M-Pesa in its money transfer and e-commerce platforms.

Flutterwave recently received name approval from the Central Bank of Kenya (CBK) for its remittance business, marking a significant step toward acquiring a money remittance license. However, specific timelines for the license issuance remain undisclosed, pending CBK’s decision.

Agboola expressed optimism about the ongoing communication with CBK and the licensing process. Flutterwave has been seeking clearance in Kenya since 2019 when it applied for a Payment Service Provider license. The company also intends to launch its e-commerce segment, Flutterwave Store, in the country.

Flutterwave, which currently operates in over 30 African countries, processes more than two million transactions annually, with a total value of nearly $20 billion. Agboola envisions his company becoming a key facilitator of pan-African trade by offering efficient and affordable money transfer solutions to the continent’s one billion population.

Despite legal challenges in Kenya, including a freezing of funds by the Asset and Recovery Agency (ARA) over money laundering and fraud claims, Flutterwave remains undeterred. Agboola stressed the importance of adhering to the rule of law and justice.

In a recent expansion move, Flutterwave also launched operations in India, partnering with IndusInd Bank, marking a significant milestone as the first African company to facilitate seamless remittances from India to Africa. Additionally, the company introduced “Swap,” an FX trade platform designed to enhance the ease, security, and financial rewards of currency exchange, benefiting both consumers and businesses.

Flutterwave’s $50 million investment in Kenya reiterates the company’s goal to expand its presence across diverse African markets, including Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon, where it provides essential payment infrastructure for a wide range of merchants and service providers. Agboola noted that Flutterwave would target merchants in various sectors, including entertainment, hospitality, logistics, and healthcare.

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Also attended by Vice President, Yemi Osinbajo and the President Chief of Staff, Ibrahim Gambari, the event took place at the International Conference Centre, Abuja and included several award categories including: 

Officer of the Order of the Niger (OON) in which the Chief Executive Officer (CEO) of Flutterwave, Olugbenga Agboola was awarded for his contributions to nation building through tech and business. 

Celebrating the win via his LinkedIn page, Agboola wrote: “Today, I became an Officer of the Order of the Niger (OON); a national honor recognising my contributions to nation building through tech and business. This for me is a call for continued service. As a private citizen, I will continue working to support nation building in tech and business. As CEO and Founder of Flutterwave, we will continue to build the technology that supports the growth of small businesses which are the backbone of our economy, while ushering as many of our young people into tech. 

I dedicate this award first to GOD (I AM HE THAT GOD HAS HELPED – IYKYK) and then to my Team; the waver army!”

With him in the same category were 107 others including Samuel Iyinoluwa Aboyeji, who worked hand in hand with Agboola to build Flutterwave.

Another category was the Grand Commander of the Order of the Niger (GCON) which comprised of; Senate President Ahmed Lawan; Acting Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola; Immediate past CJN, Justice Ibrahim Tanko Muhammad; Director-General, World Trade Organisation (WTO), Ngozi Okonjo-Iweala; Deputy Secretary-General of UN, Amina Mohammed; and Nigeria Permanent Representative to the UN, Prof Tijjani Muhammad-Bande.

Commander of the Order of the Federal Republic (CFR) – made up of 55 persons including Tony Elumelu, Chairman of United Bank for Africa, Jim Ovia, Chairman of Zenith Bank, The Ooni of Ife HRM Oba Adeyeye Enitan Ogunwusi Ojaja II, The Olu of Warri HRM Ogiame Atuwatse III, Late Chief of Staff to the President, Abba Kyari, Governor Rotimi Akeredolu of Ondo State, Registrar of the Joint Admissions and Matriculation Board (JAMB), Ishaq Oloyede, The Minister of Works and Housing, Babatunde Fashola, Governor Ifeanyi Okowa of Delta State, among others

Member Order of the Niger (MON) consisted of popular musician Teniola Apata and 54 others.

The National Honours Award was established by the National Honours Act of No 6 in 1964. However, it took a retroactive effect from October 1, 1963.

The Act empowers the President to honour deserving citizens, who have contributed to the development of Nigeria in any field of endeavour.

Other categories included Officer of the Order of the Federal Republic (OFR), Commander of the Order of the Niger (CON), Officer of the Order of the Niger (OON), Member of the Order of the Federal Republic  (MFR), Federal Republic Medal I (FRM I), Federal Republic Medal II (FRM II) and Foreigners.

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