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Quick Fire
Nigeria’s SEC to fast-track crypto licensing in 2025
Startbutton expands into seven Francophone markets
Funding Tracker
World Wide Web 3
Events
Features
Quick Fire
with Adeboro Odunlami
Adeboro Odunlami is a product safety expert dedicated to helping tech companies build responsible and ethical technology. She is a globally recognized digital policy advocate shaping policies on trust, safety, and platform accountability. She is committed to ensuring that innovation prioritizes user protection and ethical standards.
You are trained as a lawyer but now are working on ethical products and responsible technology. How did that shift happen?
As a law student at UNILAG, my first exposure to tech was during an internship at a very popular tech company in Lagos. Because of my legal background, I observed conversations around product development differently. I’d think, “That’s a cool feature, but what laws should we be considering”, or “That’s nice. But how does it impact users’ privacy, safety or rights”.
I noticed gaps between what teams were building and the real-world implications. My research project was around emerging technologies and the right to privacy. I saw a need in the technology industry for someone who could bring a legal and ethical perspective into those conversations.
What I do now in product management is help teams build products that are innovative, safe, responsible, and inclusive. I also do a lot of advocacy for better technology policies that reinforce the responsibility of tech companies toward their users.
Explain your job to a 5-year-old
Imagine you have a really cool teddy bear that can do a bunch of fun things like talk to you when you’re lonely, help you remember your school work, remind you to brush your teeth and help you find your missing toys.
My job is to make sure that your teddy bear continues to help you do these fun things in a way that is safe for you and everyone else. So for instance, we don’t want the teddy bear to say something mean to you or make you do things you should not do.
I also work with the grown-ups who make the rules for how we can make toys and robots even better and safer for everyone!
Can you describe a significant digital product where your ethical product management expertise played a critical role in its success?
I definitely would talk about my current project at Resilience Technologies—Zeroth Cloud.
Typically, when an at-risk organisation or individual like a journalist or human rights defender experiences an attack on their digital security, they report it to a help desk which then assigns the case to a staff member, who will then have to fix a meeting to gather details about the attack. Zeroth Cloud is an AI-powered threat intelligence platform designed to automate the entire lifecycle of threat management including prevention, detection and response with minimal human interaction.
I work as the product director at Resilience Technologies and my role is to ensure that the platform is not only innovative but is safe, inclusive, and ethical.
What’s one product you’ve worked on that made you think, “Wow, this is really going to change lives”?
I’ll mention two products maybe because both products are similar. In 2018, I built ChapterIV to connect victims of police brutality with pro-bono legal representation and in 2022, I co-founded Lawbrella, a similar product that connects victims of image-based sexual abuse (a.k.a revenge porn) with free legal support. I think these two products, especially Lawbrella, are changing lives!
What’s one ethical tech dilemma you’re tackling that still keeps you up at night?
Ah. Privacy is always a culprit. I always need to balance it with something else.
An example is balancing privacy with functionality when building products that need user data to work effectively. Take, for instance, Lawbrella. For us to provide effective support to survivors of image-based sexual abuse (IBSA), we need enough information to connect them with legal assistance, identify harmful content, and sometimes track down perpetrators. But you see, every piece of data we collect could put them at greater risk if we mishandle it (we won’t!). In fact, the dilemma worsens when you throw in automation and user control into the mix. From my experience with Lawbrella, most people reporting cases often want systems that work quickly and seamlessly (like Zeroth Cloud) but using AI and other automation features typically require more data. So the question remains: how do we give users a system that functions effectively without requiring massive sets of sensitive data? How much data is “too much”? This is what makes policy conversations really interesting and that’s why I keep saying that tech issues aren’t just about tech, they are about human beings.
If you could change one thing about the way tech companies approach privacy and security, what would it be?
For them to see privacy and safety as a competitive advantage and not as a burden.
What emerging trends in ethical product management do you see shaping the future?
I think we’ll see increased scrutiny on the climate/environmental impact of digital technologies. So basically, ensuring that products are sustainable whether it’s in reduced energy consumption for AI models or building lightweight apps that consume less data.
Fincra is hosting an exclusive fintech mixer on 12th February 2025 in Nairobi, bringing together industry leaders for networking, conversations, and connections.
Limited spots—RSVP now.
Regulation
Nigeria’s SEC to fast-track crypto licensing in 2025
It’s been five months since Nigeria’s Securities and Exchange Commission (SEC) issued the country’s first provisional crypto licences. Yet, it has provided no further updates on the next batch of startups supposed to receive regulatory approval. Industry insiders speculate that the regulator is taking its time.
However, that may not be the case. During a December 2024 workshop, the SEC informed compliance executives—engaged with the regulator on policy and fraud monitoring issues—that it aims to expedite its processes to help crypto startups move toward full licensing.
While this is a good plan, it doesn’t address how the regulator will handle the additional burden needed to expedite the process. For one, the regulator may be struggling to process the high volume of applications received during the June 2024 application call. Additionally, it must collaborate extensively with other financial monitoring bodies, such as the Nigerian Financial Intelligence Unit (NFIU) and the anti-graft agency, the Economic and Financial Crimes Commission (EFCC)—to name a few—to ensure all agencies are aligned and no critical oversight gaps exist.
Another challenge is the lack of expertise, as the regulator is tasked with overseeing a technological innovation it has limited experience monitoring. Engaging with experienced operators has helped make some progress. For instance, data protection and monitoring have become key compliance standards in the sector, thanks to collaboration with startups that have been self-regulating. This has allowed operators and the regulator to agree on standardised tools for compliance processes, such as Chainalysis—a blockchain intelligence provider—which startups in the Accelerated Regulatory Incubatory Programme (ARIP) have adopted for transaction monitoring.
For years, crypto has been a Wild West industry in Nigeria. There was no defined framework for how to do anything, so business interactions lacked any order, allowing rogue elements to infiltrate the clan, and ruining the good work of genuine innovators in the sector.
Yet, it’s not too late to turn back the clock—or, more accurately, to move forward despite how deep into unfamiliar territory the clock hands say we are. One thing is now clear: the regulator has the awareness; only the execution remains.
Startups
Startbutton expands into seven Francophone markets
For companies chasing growth,entering into new markets is one proven way of increasing revenue. However, expanding into new markets often comes with challenges with receiving payments in local currency and tax complexities.
For businesses entering Francophone Africa, the challenge is even more pronounced. Language barriers and limited payment infrastructure, especially when trying to accept local mobile money or settle transactions in foreign currencies are major obstacles that hinder their expansion.
Enter StartButton, a business that helps businesses set up shop in new countries without physical offices. Startbutton helps businesses collect payments and remit taxes in countries they wish to expand into without the need to set up physical offices. The business also offers added services like tax settlement, regulatory compliance, and fraud protection.
Startbutton is now expanding to seven Francophone markets—Benin, Togo, Senegal, Mali, Guinea Conakry, Burkina Faso, and Cameroon—to help businesses expand into these markets and accept local payments.
Francophone Africa has become a choice market for African startups. This is largely due to the region’s growing middle-class population with disposable income. MDaaS, a healthcare startup and Omniretail, the Nigerian e-commerce startup recently expanded into the Francophone market.
Startbutton will target travel, education, and digital services businesses in French-speaking markets.
Read about Startbutton’s plan to dominate the Francophone market here.
Vendy makes it easier than ever for businesses on WhatsApp to buy, sell, and receive payments. With Paystack integration, you gain access to secure local payment methods and fast, hassle-free payouts directly to your bank account. Learn more here →
Insights
Funding Tracker
This week, Khazna, an Egyptian fintech startup, raised $16 million in pre-Series B funding. The round saw participation from new and returning investors, including Quona, Speedinvest, Aljazira Capital, Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund for MSMEs. (February 6)
Here are other deals for the week:
LNKO, a Moroccan omni-channel D2C eyewear startup, secured an undisclosed strategic equity investment from Beltone Venture Capital. (February 6)
Cameroon-based fintech IWOMI raised an undisclosed amount in funding from Baobab Network. (February 3)
Simplex, an Egypt-based CNC machine manufacturer, secured $13 million in funding led by Saudi Arabia’s National Industrial Development Centre. (February 3)
Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Before you go, read our predictions on what to expect in African tech in 2025. Click this link to read it.
Prestmit, a leading digital transaction platform in Africa, has launched a data eSIM feature via the Prestmit App! Travel to over 100 countries without worrying about roaming fees or finding a SIM card. Download the app now to enjoy easy connectivity!
CRYPTO TRACKER
The World Wide Web3
Source:
Coin Name
Current Value
Day
Month
$96,714
– 0.29%
+ 0.47%
$2,715
– 1.49%
– 19.71%
$2.34
– 2.87%
+ 3.79%
$192.45
– 2.73%
– 5.45%
* Data as of 21:50 PM WAT, February 6, 2025.
Events
The Africa Tech Summit in Nairobi, Kenya taking place 12th & 13th Feb 2025 will once again provide unrivaled insight, networking and business opportunities for African and international investors and tech leaders who want to drive growth across the Continent. The event connects 2000+ industry leaders, 1000+ companies, and 160+ speakers via four tracks plus workshops, expo and multiple fantastic networking opportunities. Tickets are on sale now.
Join Africa’s creative innovators, entrepreneurs & leaders at The Omniverse Africa Summit, at Landmark Event Centre, between 25 – 28 Feb 2025. Explore transformative tech, business & sustainable growth. Register now.
GITEX AFRICA 3rd edition is NOW OPEN for registration. Africa’s largest tech and start-up event will be held from 14-16 April 2025 in Marrakech, Morocco. Attend to see the leading brands in tech, and the most innovative startups, and network with tech leaders, investors, speakers and government delegations from across Africa and across the globe. Register here.
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Written by: Stephen Agwaibor, Muktar Oladunmade, Faith Omoniyi & Emmanuel Nwosu
Edited by: Timi Odueso & Olumuyiwa Olowogboyega
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