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What’s on your tech wishlist for 2025?
In our latest feature, we asked Nigerians from diverse fields to share their dream tech items for 2025—if budget was no object.
Curious to see what made the list? Dive into the full article here.
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Kenya’s Bold Move: Satellite ISP Fees Set to Skyrocket
GT Bank inches closer to recapitalisation goals
CBN reports a decline in ATM transactions
World Wide Web 3
Opportunities
Internet
Kenya’s Bold Move: Satellite ISP Fees Set to Skyrocket
Kenya’s Communications Authority is shaking up the satellite internet landscape with a bold proposal to raise licensing fees for providers like Starlink—potentially increasing the cost of a 15-year license by 10x.
The move, aimed at tightening regulations and ensuring technology neutrality, will raise concerns within the industry.
While the CA claims the rules could boost oversight and open up opportunities for more infrastructure, smaller satellite ISPs will find the increased costs challenging.
Starlink, the newest but biggest player in the space, is expanding rapidly in the country and will likely be able to pass that cost on to customers. However, its competitors, four of which have a combined 1,000 customers, may not have as much wiggle room.
Yet, some companies will be pleased with the new proposals, like local telecoms companies. These new fees will mean threats to their dominance of internet services will need deep pockets.
In August 2024, Safaricom wrote to the Communications Authority asking that satellite service providers should only operate in Kenya subject to partnering with an existing local licensee. It might not have gotten its wish, but these proposals definitely protect local players.
Read Adonijah’s report on the proposed changes here.
Banking
GT Bank inches closer to recapitalisation goals
On Tuesday, Guaranty Trust Bank (GTBank) took a notable step towards meeting Nigeria’s Central Bank (CBN) recapitalisation mandate. Its parent company, Guaranty Trust Holding Company Plc (GTCo Plc), raised ₦209 billion ($136 million) through a retail equity offer—a campaign aptly dubbed A Slice of Orange.
The campaign, which generated significant buzz on social media, underscores the liquidity available in the Nigerian Exchange (NGX) to support such ambitious fundraising goals. Yet, despite the strong showing, the outcome fell short of GTCo’s ₦369 billion ($569 million) target, leaving a ₦162 billion ($105 million) gap. To bridge this, the bank plans a second fundraising phase, this time targeting foreign institutional investors.
While the retail equity campaign showcased GTCo’s ability to engage the public and mobilise significant funds, falling short of the full target may signal challenges ahead. For one of Nigeria’s largest and most reputable banks, it raises the question: Why didn’t the marketing blitz achieve the desired result?
Perhaps economic uncertainty or market conditions played a role, but the shortfall is notable given the scale of GTCo’s efforts and the strength of its brand. For the second phase, beyond meeting CBN’s mandate, GTCo has ambitious plans for the proceeds. Most of the funds will bolster GTBank’s capital base, but the bank also aims to expand operations, enhance product offerings, and drive innovation across its Banking and Non-Banking subsidiaries.
As GTCo moves into the next phase, its ability to attract institutional investors and close the funding gap will be a critical test of its market confidence and strategy.
Banking
CBN reports decline in ATM transactions
ATMs in Nigeria are in sharp decline, with transactions falling by nearly 20% to ₦12.21 trillion ($8 billion) in H1 2024, according to the Central Bank of Nigeria (CBN).
This isn’t just a Nigerian issue, it’s global. Last year, one insights firm reported that the total number of ATMs worldwide had been declining since 2021.
Globally, banks and other financial institutions are scaling back on ATM investments, citing high operational costs, maintenance challenges, and evolving customer behaviours.
In Nigeria, PoS agents have stepped in to fill the gap, creating a network of cash withdrawal points that are far more accessible and reliable. This shift became even more pronounced during the 2023 cash crunch, when bank-imposed limits on ATM withdrawals pushed customers to PoS operators. Fintechs like Paga and OPay fueled the trend, deploying thousands of PoS devices and making them an integral part of Nigeria’s cash economy.
The CBN’s recent directives—forcing banks to load ATMs with cash and capping PoS agent daily limits at ₦1.2 million ($779)—may signal an attempt to rebalance the scales. But will it work?
PoS agents, already critical to Nigeria’s financial ecosystem, are likely to pass on increased costs to customers, maintaining their stronghold.
The broader question remains: Is the decline of ATMs a technological failure or a calculated shift by banks unwilling to maintain these costly infrastructures? With the ease and ubiquity of PoS machines, will Nigerians queue up at ATMs again, or is the cash economy permanently shifting to this new normal?
The Inspire to Excel event is happening this Sunday! Mark your calendars for January 12th, 2025, at 2:00 PM, Oriental Hotel, Victoria Island, Lagos. Get ready for impactful pitches, actionable insights, and meaningful connections. Don’t miss this life-changing event!
CRYPTO TRACKER
The World Wide Web3
Source:
Coin Name
Current Value
Day
Month
$96,207
– 5.24%
– 3.25%
$3,348
– 8.89%
– 15.04%
$196
– 9.10%
– 15.28%
$2.31
– 4.22%
– 7.08%
* Data as of 06:10 AM WAT, January 8, 2025.
Opportunities
The SusHi Tech Challenge 2025 is now open for applications from startups that are tackling the global challenge of “realizing Sustainable cities with High Technology (SusHi). With a grand prize of JPY10 million ($65,000), SusHi is offering business support for collaborations with government agencies and other organisations as well as pitching opportunities. Apply by January 15.
Applications are open for the CcHub-Mastercard Foundation Edtech Fellowship 2025 (Cohort III). This program offers African edtech startups $100,000 in equity-free funding, expert mentorship, and access to an investor network. Eligible startups must focus on education solutions in areas like K-12, tertiary education, or vocational training, with verifiable users. Female founders are encouraged to apply. Don’t miss this chance to scale your edtech solution and transform education in Africa. Apply by January 31, 2025.
Triggerfish and UNESCO are offering free training and mentorship for African women in animation through the Creator Labs program. Sessions run online from March to May 2025. Apply by February 5, 2025.
Kenya’s economy posts slowest Q3 growth since 2020, expanding by 4%
7 bold predictions for e-commerce and logistics in 2025 as inflation, AI, and global shifts reshape the industry
The little ride-hailing app that could catch Uber and Bolt in Kenya
Kenya’s Safaricom faces abductions backlash
Written by: Emmanuel Nwosu & Faith Omoniyi
Edited by: Timi Odueso & Olumuyiwa Olowogboyega
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