Good morning!
Good morning from Marrakesh, where our senior editor, Ganiu Oloruntade, is attending Africa’s biggest tech and startup show, GITEX Africa. If you’re in Morocco, please say hi to Ganiu.
CBN halts Access Bank’s NBK acquisition
GITEX Africa: Morocco is betting big on tech
Moniepoint enters Nigeria’s remittance market with the launch of Monieworld
CBEX: another ponzi scheme bites the dust
World Wide Web 3
Opportunities
Banking
CBN halts Access Bank’s NBK acquisition
On Tuesday, Nigeria’s largest lender by asset, Access Bank, received approval from both the Central Bank of Kenya (CBK) and the country’s Treasury to acquire the struggling National Bank of Kenya (NBK).
What seemed like a hard-won victory has hit a wall, with Nigeria’s Central Bank blocking the deal over regulatory breaches and failure to receive proper notice.
The CBN flagged missing disclosures and a non-compliant structure and has asked both parties to resubmit the deal.
But there’s another layer: Nigeria’s Central Bank reportedly wants Access Bank to exit the Democratic Republic of Congo and shut down its London office as part of broader efforts to streamline Nigerian banks’ foreign operations. That pressure is believed to be contributing to delays in approving the East Africa deal.
The freeze complicates Access Bank’s aggressive regional expansion. NBK, with over 85 branches, would significantly boost Access’s presence in Kenya—one of Africa’s most competitive banking markets. Without it, the deal could lose strategic value.
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Events
GITEX Africa dispatch: Morocco is betting big on tech
Marrakech smells like jasmine, spice, and ambition. That’s the best way I can describe the energy at GITEX Africa 2025, which kicked off on Monday with over 1,450 exhibitors, 350 global investors, and 650 speakers from 130 countries.
Now in its third edition, GITEX Africa—now solidified as the continent’s biggest tech and startup show—has positioned Morocco as a continental tech hub, thanks to serious government backing and a growing appetite for innovation.
Thousands of people swarm around the sprawling Place Bab Jdid, Bd Al Yarmouk, a venue so massive you could easily miss your way (full disclosure: I got lost thrice).
Booths buzzed with product demos and investor pitches, while the stages hosted deep conversations on everything from renewable energy, the future of finance to telecom infrastructure. Notably, Flutterwave CEO Gbenga Agboola spoke to TechCrunch’s Tage Kene-Okafor about the company’s growth from local disruptor to a global fintech powerhouse.
GITEX is no longer just an occasion to showcase the latest innovations, but has become a strategic place to strengthen digital inclusion between African countries, to build bridges of cooperation with our international partners, and to accelerate the pace of sustainable digital transformation,” said Mohammed Drissi Melyani, Director General of the Digital Development Agency.
At the opening ceremony, Amal El Fallah Seghrouchni, Morocco’s Minister of Digital Transition and Administration Reform, reminded us that the digital economy now contributes 15% of global GDP.
This year’s GITEX isn’t just bigger, but broader. New country pavilions popped up from Gabon, Uzbekistan, Belgium, and Niger. Beyond the typical focus on AI and cybersecurity, the agenda now covers sports tech, energy transition, and edtech.
Walking through the exhibitor booths, I stopped by Visa’s setup, right opposite the Future of Finance stage, and yes, I couldn’t resist taking a picture with the AFCON trophy on display. I hope the Super Eagles bring it home this time. Moments like that remind you that this isn’t just about tech, it’s about culture, pride, and continental ambition.
If you ask me, I’d say GITEX Africa is Morocco’s diplomatic and economic bet on technology and innovation. The North African nation is making a bold bid to become the continent’s innovation capital, and it’s doing so with scale and purpose.
Till my next dispatch, Adios!
See what Paystack built last year! From major product upgrades to new ways we supported African businesses. Check out our Year in Review →
Fintech
Moniepoint enters Nigeria’s remittance market with the launch of Monieworld
Moniepoint, Nigeria’s latest unicorn, is going after the country’s remittance market with the launch of Monieworld, its latest app. The app is focused only on the UK-Nigeria corridor and UK residents can send money directly from a Monieworld account or link their Apple Pay to transfer money to any Nigerian bank account.
In a live demo, it took just 17 seconds to send money to a Moniepoint account. The recipient got ₦2,172 for £1—that’s ₦53 more than what you’d get on platforms like Grey, and ₦30 more than Lemfi.
While Monieworld will compete against focused and well-funded startups like Lemfi and Raenest and global players like Wise, Moniepoint is not too worried, as the startup plans on creating its customers for Monieworld.
Tosin Eniolorunda, Moniepoint’s CEO, told TechCabal that his company is hoping that it can bring its superior distribution to the remittance market and onboard the Nigerians that prefer sending money via informal channels.
Nigeria received £2.7 billion in remittances from the UK in 2021 through formal channels, and according to the World Bank, remittances are split between informal and formal channels, with most migrants preferring to send money through agents as they attempt to dodge high transaction costs.
Monieworld is possible because Moniepoint’s British subsidiary—Moniepoint GB—partnered with PayrNet, a licensed electronic money institution (EMI) in the UK, to process remittances. Moniepoint also acquired an international money transfer operator (IMTO) license in Nigeria through a subsidiary called Global Wire.
TechCabal had an exclusive conversation with Eniolorunda to understand why the fintech is expanding into remittances, its ideal customer, its customer acquisition strategy and everything you need to know about Monieworld. Check our website by 10AM to read our article.
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Cryptocurrency
CBEX: another ponzi scheme bites the dust
In April, CBEX—a digital asset platform that promised 100% ROI in 30 days—collapsed, leaving thousands of Nigerians stranded and out of pocket. The telltale signs were all there: fake AI trading dashboards, a 45-day withdrawal lock-in, and aggressive referral rewards. In one Telegram group, an admin claimed they lost $81,000.
A USDT wallet tied to the platform held over $773 million at last check, though its connection to CBEX remains unverified. TechCabal has confirmed losses in the hundreds of thousands of dollars so far, with more victims coming forward.
CBEX joins Nigeria’s long list of Ponzi heartbreaks—MMM, MBA Forex, Racksterli—and regulators are finally responding. At a fintech forum last week, the SEC issued a warning (without naming CBEX) and reminded Nigerians: If a platform isn’t registered, it’s illegal.
We’re speaking to victims, tracing transactions, and digging into how CBEX unraveled. Our deep dive drops soon.
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CRYPTO TRACKER
The World Wide Web3
Source:
Coin Name
Current Value
Day
Month
$83,456
– 2.21%
– 0.17%
$1,580
– 3.33%
– 17.00%
$0.1434
+ 108.92%
+ 131.39%
$125.31
– 3.98%
– 2.72%
* Data as of 05.45 AM WAT, April 16, 2025.
Opportunities
Lagos Innovates (LSETF) is offering workspace vouchers to startups in Lagos to ease rising operational costs. Startups can access subsidised co-working spaces with reliable internet, power, and a supportive entrepreneurial community. The program is open to Lagos-based startups looking to reduce overheads and focus on growth. Apply now.
Village Capital is offering early-stage startups in Africa the chance to join its Greentech Africa 2025 accelerator. The programme supports climate tech ventures building solutions in energy access, sustainable agriculture, circular economy, and related sectors. Selected startups will receive mentorship, investor connections, and capacity-building support. The programme is open to founders based in Africa with market-validated solutions tackling climate challenges. Apply here.
AfricArena is inviting founders, investors, and ecosystem builders to its high-energy Lagos Summit on April 30, 2025. Themed around fintech, mobility, and logistics, the summit will feature pitch sessions, networking, and curated discussions with top VCs and startups from across the continent. If you’re looking to connect with Africa’s leading tech stakeholders and explore investment and growth opportunities, this is one event you shouldn’t miss. Register here.
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Written by: Faith Omoniyi, Ganiu Oloruntade, and Muktar Oladunmade
Edited by: Fu’ad Lawal
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