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2 months ago | 
techcabal.com | Faith Omoniyi |Muktar Oladunmade |Ganiu Oloruntade |Ngozi E. Chukwu
Raenest, a Nigeria-based cross-border remittance company that offers multicurrency accounts for freelancers and businesses, has raised $11 million in a Series A funding round, bringing its total funding to $14.3 million. The round was led by QED Investors with participation from Norrsken22, alongside follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This follows a pre-seed round of $700,000 in 2022 and a seed round of $2.6 million in 2023.
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2 months ago | 
techcabal.com | Ganiu Oloruntade |Adonijah Ndege |Ngozi E. Chukwu |Towobola Bambgose
Fincra, a B2B startup that provides payment infrastructure that enables remittance companies to process cross-border transactions, has appointed Emmanuel Babalola as its new chief commercial and growth officer. The appointment comes as Fincra undergoes a strategic change to its business. Babalola was CEO of Bundle, a social payments app for cash and cryptocurrency, which shut down its exchange services in July 2023 to focus on Cashlink, its peer-to-peer platform.
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2 months ago | 
techcabal.com | Ganiu Oloruntade |Faith Omoniyi |Ngozi E. Chukwu |Muktar Oladunmade
Dr. Blaise Ijebor, as Director of Risk Management, identifies and mitigates financial threats, including cybersecurity risks. Lydia I. Alfa, Director of Internal Audit, ensures the integrity of the CBN’s financial and operational processes. Rashida Jumoke Monguno, Director of the Corporate Secretariat, facilitates high-level decision-making within the institution.
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2 months ago | 
techcabal.com | Muktar Oladunmade |Adonijah Ndege |Ngozi E. Chukwu
The Nigeria Inter-Bank Settlement System (NIBSS), the country’s largest payment switch, is betting on QR codes as a cash alternative for small-value transactions after improving its Nigeria Quick Response (NQR) payment platform. At a press conference on Thursday, NIBSS engineers said they have improved the speed of QR code payments by eliminating separate fee queries and enhanced security with stronger authentication measures.
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2 months ago | 
techcabal.com | Ngozi E. Chukwu |Towobola Bambgose |Muktar Oladunmade |Faith Omoniyi
Bento Africa, the Nigerian HR technology startup facing allegations of tax and pension irregularities, has temporarily shut down operations. The decision follows the resignation of founder and CEO Ebun Okubanjo and the layoff of the engineering team after a protest over unpaid January salaries. “We will proceed to temporarily shut down operations to bring stability back to the company,” the company’s board wrote in an email seen by TechCabal.
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2 months ago | 
techcabal.com | Towobola Bambgose |Muktar Oladunmade |Faith Omoniyi |Ngozi E. Chukwu
Zedcrest Wealth, an investment and wealth management firm and a subsidiary of Zedcrest Group, has appointed Stella Duru, a partner at tier-1 Nigerian law firm, Banwo and Ighodalo as its new board chairman. Her appointment will strengthen the company’s corporate governance and sustainable growth. “We are excited to welcome Stella as our new Chairman.
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2 months ago | 
techcabal.com | Ngozi E. Chukwu |Frank Eleanya |Towobola Bambgose |Muktar Oladunmade
In Nigeria, the tech industry, with its promise of attractive salaries and global opportunities, offers young people a career path to financial freedom and a more equitable future. A plethora of virtual and physical learning spaces have emerged across the country, providing a range of training options, from free to paid, in coding and non-coding tech skills.
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2 months ago | 
techcabal.com | Frank Eleanya |Faith Omoniyi |Ngozi E. Chukwu |Muktar Oladunmade
American technology company IBM has ended its operations in Nigeria, Ghana, and other key African markets, transferring its regional functions to MIBB, a subsidiary of Midis Group, a multinational IT and telecommunications conglomerate operating across Europe, the Middle East, and Africa. This move comes as part of a new operating model that IBM will implement in select African countries, effective April 1, 2025.
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2 months ago | 
techcabal.com | Ngozi E. Chukwu |Muktar Oladunmade |Kenn Abuya |Frank Eleanya
Bento laid off its 10-person tech team on Friday after they protested founder Ebun Okubanjo’s decision to delay January’s salaries, according to three people familiar with the matter. The abrupt layoff came one week after the company was accused of failing to remit millions of naira in taxes and pensions and forging tax receipts for Lagos State customers.
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2 months ago | 
techcabal.com | Ngozi E. Chukwu |Frank Eleanya |Towobola Bambgose |Muktar Oladunmade
Chowdeck and Glovo users are weighing rising costs against convenience as food delivery becomes a daily necessity. At the beginning of 2025, *Anita, a Lagos-based marketer, resolved to reduce her reliance on food delivery apps to regain control of her budget. As one of Chowdeck’s top users in 2024, with 168 orders, she considers her app use excessive. Yet, like many New Year’s resolutions, this one quickly fell by the wayside.
