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		<title>7 Richest Nigerian Tech Startups Expanding Across the World</title>
		<link>https://techdigest.ng/7-richest-nigerian-tech-startups-expanding-across-the-world/</link>
		
		<dc:creator><![CDATA[Abbas Badmus]]></dc:creator>
		<pubDate>Mon, 18 May 2026 18:49:42 +0000</pubDate>
				<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[Flutterwave]]></category>
		<category><![CDATA[Moniepoint]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=82393</guid>

					<description><![CDATA[<p>7 Richest Nigerian Tech Startups Expanding Across the World By Abbas Badmus, Nigeria has emerged as Africa’s undisputed technology powerhouse, home to the continent’s largest startup ecosystem and some of its most valuable digital companies. Driven by a young population, rapid smartphone adoption, expanding internet access, and persistent gaps in traditional banking and infrastructure, Nigerian [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/7-richest-nigerian-tech-startups-expanding-across-the-world/">7 Richest Nigerian Tech Startups Expanding Across the World</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>7 Richest Nigerian Tech Startups Expanding Across the World</strong></p>
<p><strong>By Abbas Badmus,</strong></p>
<p>Nigeria has emerged as Africa’s undisputed technology powerhouse, home to the continent’s largest startup ecosystem and some of its most valuable digital companies. Driven by a young population, rapid smartphone adoption, expanding internet access, and persistent gaps in traditional banking and infrastructure, Nigerian entrepreneurs have built globally recognized startups solving real-world problems at scale.</p>
<p>Over the last decade, Nigerian startups have attracted billions of dollars in venture capital funding from international investors including Stripe, Visa, Sequoia Capital, Y Combinator, Tiger Global, and SoftBank-backed funds. The country consistently accounts for a major share of Africa’s total startup funding, with fintech remaining the dominant sector.</p>
<p>These companies are not only reshaping commerce and financial services within Nigeria but are also expanding across Africa, Europe, the Middle East, Asia, and North America. Their valuations are based on publicly reported venture capital rounds, acquisition deals, investor disclosures, and regulatory filings.<br />
Below are seven of the richest and most influential Nigerian-founded apps and startups, ranked by estimated valuation, funding strength, and market impact.</p>
<p><strong>1. Flutter wave</strong></p>
<p>Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave has become one of Africa’s biggest fintech companies and a global leader in digital payments infrastructure.</p>
<p>The company provides payment APIs and enterprise solutions that allow businesses to process payments across Africa and internationally. Its technology powers payment collections for global brands such as Uber, Microsoft, Booking.com, and several African e-commerce platforms.</p>
<p>Flutterwave operates in more than 30 African countries and supports transactions in over 150 currencies through multiple payment methods including cards, bank transfers, mobile wallets, and USSD.</p>
<p>The startup achieved unicorn status after its Series C funding round and later reached an estimated valuation of about $3 billion following its Series D round in 2022. To date, Flutterwave has raised approximately $475 million from investors including Tiger Global, Avenir Growth, Salesforce Ventures, and Insight Partners.</p>
<p>The company has processed hundreds of millions of transactions worth more than $30 billion, making it one of the most valuable private technology firms ever founded in Africa.</p>
<p><strong>2</strong>.  <strong>Paystack</strong></p>
<p>Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi with a mission to simplify online payments for African businesses.</p>
<p>The company built a secure and developer-friendly payment gateway that enables merchants to accept card payments, bank transfers, mobile money, QR payments, and recurring billing. Its ease of integration quickly made it one of the most trusted payment platforms in Africa.</p>
<p>In 2020, American fintech giant Stripe acquired Paystack in a deal reportedly worth over $200 million — widely regarded as one of the largest startup acquisitions in African tech history at the time.</p>
<p>Despite the acquisition, Paystack has continued to operate independently while expanding across Africa. The company now serves businesses in Nigeria, Ghana, Kenya, South Africa, and Côte d’Ivoire, while also exploring expansion into other African markets.</p>
<p>Paystack reportedly processes billions of dollars in annual payment volume and has become a major backbone for digital commerce across the continent. Its growth after the Stripe acquisition significantly strengthened confidence in Nigeria’s startup ecosystem and encouraged further global investment into African fintech.</p>
<p><strong>3. Moniepoint</strong></p>
<p>Originally launched as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved into one of Nigeria’s most dominant financial services platforms for businesses and individuals.</p>
<p>The company provides banking services, agency banking, point-of-sale (POS) terminals, working-capital loans, business management tools, and payment processing solutions targeted primarily at small and medium-sized enterprises (SMEs).</p>
<p>Moniepoint became one of Africa’s newest unicorns after raising a major funding round that pushed its valuation above $1 billion. The company has raised more than $180 million from investors including Development Partners International, QED Investors, and Novastar Ventures.</p>
<p>Today, Moniepoint powers a substantial share of Nigeria’s agency banking and POS transaction ecosystem. Its extensive network of agents and merchants has helped deepen financial inclusion in underserved communities across the country.</p>
<p>The startup reportedly supports millions of businesses and processes transaction volumes worth tens of billions of dollars annually.</p>
<p><strong>4. Andela</strong></p>
<p>Founded in 2014 by Iyinoluwa Aboyeji, Jeremy Johnson, Christina Sass, and Ian Carnevale, Andela started as a company focused on training software developers in Africa and connecting them with global technology companies.</p>
<p>The startup initially operated physical engineering campuses in Lagos, Nairobi, and Kigali before transitioning into a fully remote global talent marketplace. Today, Andela connects highly skilled software engineers, designers, product managers, and data specialists with companies around the world.</p>
<p>Andela has raised approximately $381 million from major investors including SoftBank Vision Fund, Chan Zuckerberg Initiative, and Generation Investment Management. Its valuation has been estimated at around $1.5 billion.</p>
<p>The company’s transformation from an African coding academy into a global remote talent network reflects the growing international demand for African tech talent and remote engineering expertise.</p>
<p>Andela now sources talent from more than 100 countries and serves enterprise clients across North America, Europe, and emerging markets.</p>
<p><strong>5. Moove</strong></p>
<p>Moove was founded in 2020 by Ladi Delano and Jide Odunsi to address one of the biggest barriers facing mobility workers in emerging markets: vehicle financing.</p>
<p>The company provides revenue-based financing for ride-hailing drivers, logistics operators, and delivery entrepreneurs. Rather than relying on traditional credit scores, Moove uses earnings data from platforms such as Uber to determine eligibility for vehicle ownership financing.</p>
<p>Moove rapidly expanded beyond Africa into Europe, the Middle East, Asia, and North America. It became Uber’s largest vehicle supply partner in the Europe, Middle East, and Africa (EMEA) region.</p>
<p>The startup has raised more than $330 million in debt and equity funding from investors including Mubadala, Uber, and several global venture capital firms. Its valuation is estimated at more than $750 million.</p>
<p>Moove’s international expansion into markets such as the United Kingdom, India, and the United Arab Emirates demonstrates how Nigerian-founded startups are increasingly building global businesses rather than remaining Africa-focused companies.</p>
<p><strong>6. Kuda</strong></p>
<p>Popularly branded as “the bank of the free,” Kuda was founded in 2019 by Babs Ogundeyi and Musty Mustapha as a digital-only bank targeting Africa’s growing mobile-first population.</p>
<p>Kuda disrupted traditional retail banking by offering low-fee and zero-fee banking services through a smartphone app. Its services include savings accounts, debit cards, transfers, budgeting tools, bill payments, and personal loans.</p>
<p>The company raised over $90 million in funding from investors such as Target Global and Valar Ventures, achieving an estimated valuation of around $500 million after its Series B round.</p>
<p>Kuda has grown rapidly to millions of registered users, making it one of the most recognizable digital banking brands in Nigeria.</p>
<p>The fintech company has also pursued international expansion through a UK operational presence designed to facilitate remittances and cross-border financial services for Africans in the diaspora.</p>
<p><strong>7. Interswitch</strong></p>
<p>Founded in 2002 by Mitchell Elegbe, Interswitch is widely regarded as one of the pioneers of Nigeria’s modern electronic payments industry.</p>
<p>Long before the rise of mobile fintech startups, Interswitch built the infrastructure that enabled Nigerian banks to interconnect ATMs, process card payments, and facilitate digital transactions nationwide.</p>
<p>The company developed Verve, one of Africa’s largest domestic card schemes, with tens of millions of cardholders across multiple African countries.</p>
<p>In 2019, global payments giant Visa invested $200 million in Interswitch in a deal that valued the company at approximately $1 billion, making it one of Africa’s earliest fintech unicorns.</p>
<p>Interswitch continues to process billions of transactions annually across its payment switching, merchant services, and digital commerce platforms, maintaining a foundational role in Africa’s financial infrastructure.</p>
<p>The rise of these startups reflects Nigeria’s growing influence in the global technology industry. Despite economic volatility, currency fluctuations, infrastructure deficits, and regulatory uncertainty, Nigerian entrepreneurs continue to build companies capable of competing on a global scale.</p>
<p>Fintech remains the dominant force within the ecosystem because millions of Africans remain underserved by traditional banking systems. However, sectors such as logistics, mobility, artificial intelligence, health technology, education technology, and digital commerce are also experiencing rapid growth.</p>
<p>As investment continues to flow into African innovation, Nigerian-founded startups are increasingly shaping the future of finance, work, transportation, and digital infrastructure not only across Africa but around the world.</p>
<p>The post <a href="https://techdigest.ng/7-richest-nigerian-tech-startups-expanding-across-the-world/">7 Richest Nigerian Tech Startups Expanding Across the World</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<title>African Tech Start-ups Raise $272m in February</title>
		<link>https://techdigest.ng/african-tech-start-ups-raise-272m-in-february/</link>
		
		<dc:creator><![CDATA[Tech Digest]]></dc:creator>
		<pubDate>Tue, 10 Mar 2026 12:15:18 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Africa]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=82033</guid>

					<description><![CDATA[<p>African tech start-ups raised a total of $272 million in February 2026, marking a sharp rebound from January’s muted $174 million. “From an amount perspective, that is a clear improvement,” noted Africa: The Big Deal, which tracks funding trends across the continent. Equity accounted for 54 percent of the deals, while debt made up 45 [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/african-tech-start-ups-raise-272m-in-february/">African Tech Start-ups Raise $272m in February</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>African tech start-ups raised a total of $272 million in February 2026, marking a sharp rebound from January’s muted $174 million.</p>
<p>“From an amount perspective, that is a clear improvement,” noted Africa: The Big Deal, which tracks funding trends across the continent.</p>
<p>Equity accounted for 54 percent of the deals, while debt made up 45 percent. The number of start-ups announcing funding also rose to 40, though still slightly below the 12‑month average of 46.</p>
<p>“February brought the numbers back to the level of activity we’d grown to expect in 2025,” the report added.</p>
<p>The month’s total was driven by a handful of large transactions. Spiro in Benin secured $57 million in debt, Breadfast in Egypt raised $50 million in pre‑Series C funding, and GoCab in Côte d’Ivoire attracted $45 million through a mix of debt and equity.</p>
<p>Other notable deals included Nigeria’s Terra Industries, which topped up its round with $22 million, Enko Education in South Africa with $22 million in debt, and Lula, also in South Africa, which raised $21 million from DFI FMO. “These six ventures alone attracted 80 percent of the funding,” analysts observed.</p>
<p>Geographically, Egypt led with $64 million, followed by Benin ($57 million), Côte d’Ivoire ($45 million), and South Africa ($44 million). West Africa dominated overall, accounting for 53 percent of the funding, while Northern Africa took 24 percent and Southern Africa 21 percent.</p>
<p>East Africa, however, lagged significantly. “What is puzzling is that East Africa – which topped the charts in 2025 – ranks fourth in February with just three percent of the total,” the report highlighted. Year‑to‑date, the region has managed only four percent.</p>
<p>The concentration of funding underscores both opportunity and imbalance.</p>
<p>While February’s rebound signals renewed investor confidence, the heavy reliance on a few big-ticket deals raises questions about the breadth of growth across the ecosystem.</p>
<p>The post <a href="https://techdigest.ng/african-tech-start-ups-raise-272m-in-february/">African Tech Start-ups Raise $272m in February</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">82033</post-id>	</item>
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		<title>Google Opens Applications for 10th Startups Accelerator Africa Cohort</title>
		<link>https://techdigest.ng/google-opens-applications-for-10th-startups-accelerator-africa-cohort/</link>
		
		<dc:creator><![CDATA[Techdigest]]></dc:creator>
		<pubDate>Sat, 07 Feb 2026 23:11:15 +0000</pubDate>
				<category><![CDATA[Applications]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[AI]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Mr Folarin Aiyegbusi]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=81806</guid>

					<description><![CDATA[<p>Google Opens Applications for 10th Startups Accelerator Africa Cohort Google has announced the opening of applications for the 10th cohort of the Google for Startups Accelerator Africa, a 12-week programme focused on artificial intelligence–driven innovation across the continent. In a statement released on Thursday, the company said applications will remain open until March 18, 2026. [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/google-opens-applications-for-10th-startups-accelerator-africa-cohort/">Google Opens Applications for 10th Startups Accelerator Africa Cohort</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>Google Opens Applications for 10th Startups Accelerator Africa Cohort</strong></p>
<p>Google has announced the opening of applications for the 10th cohort of the Google for Startups Accelerator Africa, a 12-week programme focused on artificial intelligence–driven innovation across the continent.</p>
<p>In a statement released on Thursday, the company said applications will remain open until March 18, 2026. The accelerator is a hybrid, AI-first programme designed for Series A startups that are either based in Africa or building Africa-focused solutions using artificial intelligence and machine learning.</p>
<p>According to Google, selected startups will gain access to its AI expertise and technical resources, receive mentorship from experienced AI professionals, and benefit from networking opportunities with peers and industry leaders across the global technology ecosystem. The programme aims to help participating startups strengthen their products, scale responsibly, and translate advanced research into real-world solutions.</p>
<p>Speaking on the launch of the new cohort, Folarin Aiyegbusi, Head of Startup Ecosystem Africa at Google, said the continent’s technology ecosystem is evolving toward more advanced innovation.</p>
<p>“Africa’s tech landscape is seeing a vibrant shift toward deep tech innovation,” Aiyegbusi said. “For Class 10, we are focusing on the potential of AI to drive health and societal benefits, providing the infrastructure and expertise to turn these startups into the research labs of the continent.”</p>
<p>Since its launch in 2018, the Google for Startups Accelerator Africa has supported more than 180 startups across 17 African countries. Google disclosed that participating startups have collectively raised over $350 million in funding and created more than 3,700 direct jobs, highlighting the programme’s role in strengthening Africa’s startup ecosystem and attracting investor interest.</p>
<p>The company noted that the focus for the 10th cohort reflects growing interest in applying AI to sectors such as healthcare, climate, agriculture, and other areas with broad societal impact.</p>
<p>Last year, six Nigerian startups were selected for cohort 9 of the accelerator. They were part of 15 AI-driven ventures chosen from across Africa. The cohort featured startups from Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, and South Africa, all leveraging AI to address challenges in sectors including fintech, healthtech, logistics, and agritech.</p>
<p>The Nigerian startups selected were E-doc Online, a compliance and credit intelligence platform using real-time banking data to streamline onboarding and lending; GoNomad, which enables African businesses and freelancers to build global companies and receive international payments; and Midddleman, a sourcing and payments platform that simplifies imports from China for African businesses.</p>
<p>Others include Myltura, a digital health platform using AI to provide remote care, testing access, and integrated health data services; Pastel, which delivers enterprise-grade AI tools for financial institutions such as fraud detection and anti-money laundering solutions; and Scandium, an AI-powered quality assurance platform that helps software teams reduce bugs and speed up delivery.</p>
<p>From simplifying cross-border payments to improving access to healthcare and automating software quality checks, Nigeria’s strong representation in the accelerator reflects the country’s growing influence in Africa’s innovation and technology landscape.</p>
<p>The post <a href="https://techdigest.ng/google-opens-applications-for-10th-startups-accelerator-africa-cohort/">Google Opens Applications for 10th Startups Accelerator Africa Cohort</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">81806</post-id>	</item>
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		<title>Nigeria, Kenya Lead Africa&#8217;s Startup Funding Surge</title>
		<link>https://techdigest.ng/nigeria-kenya-lead-africas-startup-funding-surge/</link>
		
		<dc:creator><![CDATA[Tech Digest]]></dc:creator>
		<pubDate>Sat, 27 Dec 2025 10:14:08 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Kenya]]></category>
		<category><![CDATA[Nigeria]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=81527</guid>

					<description><![CDATA[<p>Nigeria, Kenya Lead Africa&#8217;s Startup Funding Surge &#160; Nigeria and Kenya are driving Africa&#8217;s startup funding growth, with the Big 4 countries (Nigeria, Kenya, South Africa, and Egypt) accounting for 85.7% of total funding in 2025. &#160; Clean energy has surpassed fintech as the top-funded sector, drawing 53% of investments in Q3. &#160; In 2025, [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/nigeria-kenya-lead-africas-startup-funding-surge/">Nigeria, Kenya Lead Africa&#8217;s Startup Funding Surge</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Nigeria, Kenya Lead Africa&#8217;s Startup Funding Surge</p>
<p>&nbsp;</p>
<p>Nigeria and Kenya are driving Africa&#8217;s startup funding growth, with the Big 4 countries (Nigeria, Kenya, South Africa, and Egypt) accounting for 85.7% of total funding in 2025.</p>
<p>&nbsp;</p>
<p>Clean energy has surpassed fintech as the top-funded sector, drawing 53% of investments in Q3.</p>
<p>&nbsp;</p>
<p>In 2025, African startups raised over $3.5 billion, marking a 59% increase from the previous year. Nigeria maintained its lead in fintech, while Kenya excelled in clean energy and healthtech. Debt financing surged, making up 45% of total funding, reflecting the ecosystem&#8217;s maturity.</p>
<p>&nbsp;</p>
<p>Fintech remains a powerhouse in Nigeria, driving 72% of startup funding in the country. Investors are shifting focus to revenue-driven businesses with solid unit economics and models that can withstand Naira volatility. Notable deals include Moniepoint&#8217;s $110 million funding round and LemFi&#8217;s $53 million expansion into Asian and European markets.</p>
<p>&nbsp;</p>
<p>Kenya has emerged as a leader in clean energy funding, securing 57% of Q3 2025 investments. The country&#8217;s regulatory framework has played a pivotal role in this growth, with policies like the Energy Act Amendment and Net-Metering Regulations attracting large-scale investments.</p>
<p>&nbsp;</p>
<p>Nigeria is also making strides in cleantech and construction tech. Carrot Credit raised $4.2 million for sustainable credit and energy operations, while Cutstruct secured $1.5 million to scale its construction management platform. Investors are prioritizing ventures that address Nigeria&#8217;s energy access and sustainability challenges.</p>
<p>&nbsp;</p>
<p>Healthtech is gaining traction in Kenya, addressing urgent healthcare needs. Field Intelligence supports over 3,200 community pharmacies, while Zipline delivers medical supplies via drones. Helium Health has digitized over 3 million patient records, streamlining hospital billing processes.</p>
<p>&nbsp;</p>
<p>The Big 4&#8217;s dominance marks a shift toward creating infrastructure for long-term prosperity. Funding is directed toward payment systems, clean energy, and logistics networks. Successful startups are turning into acquirers, reshaping the ecosystem.</p>
<p>&nbsp;</p>
<p>As Africa&#8217;s startup landscape evolves, regulatory reforms and domestic capital initiatives are opening doors for growth. The African Continental Free Trade Area (AfCFTA) and Pan-African Payment and Settlement System (PAPSS) are harmonizing regulations and reducing foreign exchange risks.</p>
<p>The post <a href="https://techdigest.ng/nigeria-kenya-lead-africas-startup-funding-surge/">Nigeria, Kenya Lead Africa&#8217;s Startup Funding Surge</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">81527</post-id>	</item>
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		<title>Currency Problems, Low Awareness Keeping Nigerian Startups Away From NGX — Report</title>
		<link>https://techdigest.ng/currency-problems-low-awareness-keeping-nigerian-startups-away-from-ngx-report/</link>
		
		<dc:creator><![CDATA[Tech Digest]]></dc:creator>
		<pubDate>Mon, 17 Nov 2025 16:24:56 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[NGX]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=81311</guid>

					<description><![CDATA[<p>A new report by TLP Advisory says Nigeria’s top startups are avoiding listing on the Nigerian Exchange (NGX) due to currency risks, low awareness about the listing process, and fears of undervaluation. The report, “Rethinking Funding &#38; Exits: Nigeria’s Missing IPOs and the NGX,” warns that the absence of local tech IPOs is limiting long-term [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/currency-problems-low-awareness-keeping-nigerian-startups-away-from-ngx-report/">Currency Problems, Low Awareness Keeping Nigerian Startups Away From NGX — Report</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p data-start="625" data-end="826">A new report by TLP Advisory says Nigeria’s top startups are avoiding listing on the Nigerian Exchange (NGX) due to currency risks, low awareness about the listing process, and fears of undervaluation.</p>
<p data-start="828" data-end="1026">The report, <em data-start="840" data-end="907">“Rethinking Funding &amp; Exits: Nigeria’s Missing IPOs and the NGX,”</em> warns that the absence of local tech IPOs is limiting long-term wealth creation in Africa’s biggest startup ecosystem.</p>
<p data-start="1028" data-end="1290">According to the findings, more than half of the surveyed founders (53%) say they don’t understand how to list on the NGX. Nearly half (46%) prefer to exit through acquisitions, while only 21% would consider an IPO — and many of those prefer foreign stock exchanges.</p>
<p data-start="1292" data-end="1531">One of the biggest challenges is currency mismatch. The report notes that 77% of funded Nigerian startups raise investment in U.S. dollars but earn revenue in naira, creating pressure to seek exits abroad where valuations are dollar-based.</p>
<p data-start="1533" data-end="1664">Founders also highlighted concerns about compliance costs, the risk of being undervalued, and weak liquidity on the local exchange.</p>
<p data-start="1666" data-end="1828">TLP Advisory co-founder Odunoluwa Longe said the issue is not a lack of ambition among Nigerian founders but a lack of clarity and confidence in the local market.</p>
<p data-start="1830" data-end="2028">“With the right reforms and better engagement from regulators, the NGX can become a real platform for long-term wealth creation,” she said at the report’s launch during the Africa Prosperity Summit.</p>
<p data-start="2030" data-end="2173">AltSchool Africa CEO Adewale Yusuf added that many founders simply lack information about how to list and need the NGX to actively engage them.</p>
<p>The post <a href="https://techdigest.ng/currency-problems-low-awareness-keeping-nigerian-startups-away-from-ngx-report/">Currency Problems, Low Awareness Keeping Nigerian Startups Away From NGX — Report</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<title>80% of Nigeria’s Startups Are Serving U.S. Interests</title>
		<link>https://techdigest.ng/nigeria-startups-are-serving/</link>
		
		<dc:creator><![CDATA[Abdulrazaq Hamzat]]></dc:creator>
		<pubDate>Thu, 22 May 2025 20:52:40 +0000</pubDate>
				<category><![CDATA[Commentary]]></category>
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		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=79934</guid>

					<description><![CDATA[<p>80% of Nigeria’s Startups Are Serving U.S. Interests By Abdulrazaq Hamzat In today’s digital age, innovation is the new oil. Startups are the engines of economic growth, job creation, and technological advancement. Nigeria, often hailed as the “Silicon Valley of Africa,” has made impressive strides in its startup ecosystem. Yet, beneath the celebratory headlines lies [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/nigeria-startups-are-serving/">80% of Nigeria’s Startups Are Serving U.S. Interests</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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										<content:encoded><![CDATA[<p>80% of Nigeria’s Startups Are Serving U.S. Interests<br />
By Abdulrazaq Hamzat</p>
<p>In today’s digital age, innovation is the new oil.</p>
<p>Startups are the engines of economic growth, job creation, and technological advancement.</p>
<p>Nigeria, often hailed as the “Silicon Valley of Africa,” has made impressive strides in its startup ecosystem. Yet, beneath the celebratory headlines lies a sobering fact, 80% of Nigerian startups are incorporated in the United States.</p>
<p>This trend, quietly acknowledged in tech circles, has far-reaching implications. It is not just a legal choice, it’s a vote of no confidence in Nigeria’s system. And if we do not confront this exodus head-on, we risk exporting not just talent, but the future of our digital economy.</p>
<p>Why Are Nigerian Startups Incorporating in the U.S.?</p>
<p>The answer is simple, the U.S. offers access, credibility, and protection.</p>
<p>U.S. incorporation, often in startup friendly states like Delaware, gives founders access to global venture capital, accelerator programs, and international markets. It offers a robust legal framework that protects intellectual property and enforces contracts reliably.</p>
<p>For foreign investors, putting money into a Delaware registered company is familiar and low risk.</p>
<p>For Nigerian founders, it’s often the cost of doing global business.</p>
<p>But while this makes sense from a business standpoint, it exposes deep cracks in Nigeria’s economic foundation.</p>
<p>What Nigeria Loses</p>
<p>Every time a Nigerian startup registers in the U.S, Nigeria loses more than just paperwork.</p>
<p>We lose Tax revenue that could support public services, Foreign exchange that could stabilize our currency, Regulatory sovereignty over the innovations we produce and Economic data and ownership of our most promising companies.</p>
<p>Even worse, it creates a feedback loop. As more startups flee the local system, fewer investors will trust it. The system weakens and the exodus accelerates.</p>
<p>This trend should not provoke anger or envy, it should provoke action.</p>
<p>We must ask ourselves, what would it take for Nigerian startups to stay, register, and grow here?</p>
<p>The answer lies in a bold rethinking of how we support innovation.</p>
<p>1. Full digitalization of company&#8217;s InCorporation</p>
<p>2. Provide legal guarantees for intellectual property protection and ease of doing business.</p>
<p>3. Offer tax incentives or co-investment schemes for startups that incorporate locally.</p>
<p>4. Create a regulatory sandbox for fintech and emerging sectors, modeled after successful systems in the UK or Singapore.</p>
<p>5. Enhance the “Nigeria First” Innovation Policy to reward companies that maintain local ownership and operations.</p>
<p>Some may argue that foreign incorporation is inevitable in a globalized world and that may be true. But sovereign innovation cannot survive on foreign soil alone. If Nigeria wants to lead Africa into the digital age, we must create a home where our innovators want to build, grow, and stay.</p>
<p>The current reality is both a warning and an opportunity. If we ignore it, Nigeria risks becoming a factory of ideas for other economies. But if we respond wisely, we can turn this trend into a catalyst for reform and resurgence.</p>
<p>We cannot afford to let the 21st-century equivalent of crude oil slip through our fingers.</p>
<p>Abdulrazaq Hamzat is a multidisciplinary policy advocate, energy economist, and founder of PeacePro. He writes regularly on economic justice, innovation, and governance in Africa.</p>
<p>The post <a href="https://techdigest.ng/nigeria-startups-are-serving/">80% of Nigeria’s Startups Are Serving U.S. Interests</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<title>Nigerian startups need policy support – Report</title>
		<link>https://techdigest.ng/nigerian-startups-need-policy/</link>
		
		<dc:creator><![CDATA[Techdigest]]></dc:creator>
		<pubDate>Sun, 24 Nov 2024 19:40:12 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Adenike Adeyemi]]></category>
		<category><![CDATA[Kola Aina]]></category>
		<category><![CDATA[Odunoluwa Longe]]></category>
		<category><![CDATA[Olumide Soyombo]]></category>
		<category><![CDATA[Startups]]></category>
		<category><![CDATA[TLP]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=79433</guid>

					<description><![CDATA[<p>Nigerian startups need policy support – Report A new report by TLP Advisory has highlighted the significant challenges faced by Nigerian startups, with 51 per cent of those surveyed reporting difficulties in securing funding, primarily due to currency volatility and limited access to investors. The report, titled “A Decade of the Nigerian Venture Ecosystem: Numbers, [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/nigerian-startups-need-policy/">Nigerian startups need policy support – Report</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>Nigerian startups need policy support – Report</strong></p>
<p>A new report by TLP Advisory has highlighted the significant challenges faced by Nigerian startups, with 51 per cent of those surveyed reporting difficulties in securing funding, primarily due to currency volatility and limited access to investors.</p>
<p>The report, titled “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights &amp; Stories”, was launched recently and offers an in-depth look at the evolution of Nigeria’s startup ecosystem over the past decade.</p>
<p>The study noted that, while 2021 saw a record $3bn in venture capital investments, securing funding remains a critical issue for many startups.</p>
<p>The report emphasised the role of angel investors, who have become essential sources of funding during this difficult period.</p>
<p>“51 per cent of startups surveyed reported difficulties in securing funding, largely due to currency volatility and limited access to investors. Angel investors have proven essential during this period,” the survey highlighted.</p>
<p>TLP Advisory, which has worked on some of the continent’s largest deals in the technology sector, also noted that regulatory hurdles and talent retention remain major challenges for Nigerian startups.</p>
<p>The report called for deeper collaboration between startups and corporations, increased investment in talent development, and greater engagement with policymakers to create a more supportive business environment.</p>
<p>The document also acknowledged key figures in the ecosystem, including early investors like Olumide Soyombo’s Leadpath, as well as enablers such as CcHUB and Lagos Angel Network, who have been instrumental in the growth of Nigeria’s venture ecosystem.</p>
<p>The co-Founder of TLP Advisory, Odunoluwa Longe, commented, “Despite the current tough macroeconomic climes, engaging with participants in this project ignited in me renewed hope and optimism for our ecosystem.</p>
<p>“We embarked on this project as our way of celebrating the ecosystem that made us, and this report reflects both the resilience and the evolution of the Nigerian tech ecosystem. It’s not just about technology; it’s about building a future where founders, investors, and the public sector work together to make Nigeria a leader in innovation and digital solutions.</p>
<p>“Over the past decade, we’ve witnessed, and have been part of, incredible success stories born from collaboration and adaptability, and we believe the best is yet to come.”</p>
<p>The Executive Director of FATE Foundation, Adenike Adeyemi, stated, “The most unexpected challenge for entrepreneurs in Nigeria has been the unstable and inconsistent regulatory and business environment.</p>
<p>“Founders here often have to navigate unique complexities, and a supportive policy framework is essential for unlocking their full potential.”</p>
<p>Speaking to the need for proactive policy engagement, the Founder of Ventures Platform, Kola Aina, noted, “The ecosystem must become more deliberate and take the job of engaging in government policy design more seriously, ensuring we shape the policiest hat govern our industry.”</p>
<p>Punch</p>
<p>&nbsp;</p>
<p>The post <a href="https://techdigest.ng/nigerian-startups-need-policy/">Nigerian startups need policy support – Report</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">79433</post-id>	</item>
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		<title>60% of Nigerian startups incorporated in US — Consul</title>
		<link>https://techdigest.ng/nigerian-startups-incorporated/</link>
		
		<dc:creator><![CDATA[Techdigest]]></dc:creator>
		<pubDate>Tue, 19 Nov 2024 16:09:02 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Startups]]></category>
		<category><![CDATA[Will Stevens]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=79415</guid>

					<description><![CDATA[<p>60% of Nigerian startups incorporated in US — Consul The Consul General at the United States Consulate in Lagos, Will Stevens, has stated that 60 per cent of Nigerian tech startups are incorporated in the United States, highlighting the growing collaboration between the tech sectors of both countries. He stated this recently at the Africa [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/nigerian-startups-incorporated/">60% of Nigerian startups incorporated in US — Consul</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>60% of Nigerian startups incorporated in US — Consul</strong></p>
<p>The Consul General at the United States Consulate in Lagos, Will Stevens, has stated that 60 per cent of Nigerian tech startups are incorporated in the United States, highlighting the growing collaboration between the tech sectors of both countries.</p>
<p>He stated this recently at the Africa Startup Festival in Lagos, where he discussed the increasing importance of Nigeria’s tech sector to its economy.</p>
<p>The annual event brought together top investors, founders, builders, and operators across the tech ecosystem.</p>
<p>In his keynote address, Stevens pointed out that the Information and Communication Technology sector now contributes 18 per cent to the country’s GDP, surpassing the share of the oil and gas industry.</p>
<p>“You represent the future of Nigeria’s economy and its relationship with the United States,” he told the gathering.</p>
<p>“By incorporating in the US, startups gain valuable protections for intellectual property and have access to venture capital in dollars, which helps minimise risks tied to currency fluctuations.”</p>
<p>The consul also noted that the US market is particularly attractive to Nigerian entrepreneurs seeking connections with global funding sources.</p>
<p>Stevens shared that 60 per cent of the venture capital invested in Nigeria’s tech sector comes from the US, underscoring the vital role American investors play in the growth of Nigerian startups.</p>
<p>Over the past two years, Stevens mentioned, the US Mission in Nigeria has worked to deepen these ties.</p>
<p>He referred to the Select USA programme, which connects US investors with international companies looking to incorporate or expand in the US.</p>
<p>He also noted that half of Nigeria’s delegates to the programme have come from the tech sector in recent years.</p>
<p>“We’ve made significant efforts to support the tech ecosystem here,” Stevens said. “Our goal is to connect Nigerian startups with US investors, providing them with the resources and opportunities they need to grow.</p>
<p>“The increasing flow of US venture capital into Nigeria shows that our efforts are making a difference.”</p>
<p>Stevens also spoke about the benefits for Nigerian startups to join the American Business Council, which provides direct access to US policymakers.</p>
<p>The consul added that the US government is committed to supporting policy reforms in Nigeria that will encourage more investment, as well as offering expedited visa processing for startups.</p>
<p>Stevens explained that “About 60 per cent of Nigerian startups are incorporated in the US and are considered US businesses.</p>
<p>“This means they enjoy the same benefits as major corporations like Chevron, Exxon, and Microsoft, including the opportunity to participate in ABC and other business networks.”</p>
<p>Stevens also highlighted Nigeria’s growing significance in the global tech scene. He said. “Africa is the future.</p>
<p>“Nigeria, in particular, is on track to become one of the world’s largest economies by 2050.</p>
<p>“As startups, you hold the key to driving this transformation. We want to continue strengthening this relationship to ensure that both the US and Nigeria lead the way in technological innovation.”</p>
<p>Stevens reaffirmed the US government’s commitment to supporting Nigeria’s tech sector and ensuring its continued growth.</p>
<p>“We see tremendous potential for economic growth here,” he concluded.</p>
<p>“The future of Nigeria and its relationship with the US is incredibly bright, and we are committed to ensuring that the ties between our two nations continue to flourish.”</p>
<p>Punch</p>
<p>The post <a href="https://techdigest.ng/nigerian-startups-incorporated/">60% of Nigerian startups incorporated in US — Consul</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<title>Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture</title>
		<link>https://techdigest.ng/brief-academy-dev-hub/</link>
		
		<dc:creator><![CDATA[Techdigest]]></dc:creator>
		<pubDate>Wed, 11 Sep 2024 12:49:45 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Augustina Okpechi]]></category>
		<category><![CDATA[CSR]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=79188</guid>

					<description><![CDATA[<p>Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture The Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture in Nigeria. Entrepreneurs from different fields of human endeavour have highlighted the impact of Cooperate Social Responsibility (CSR) in the business ecosystem especially for the success of startups. In response [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/brief-academy-dev-hub/">Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><b>Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture</b></p>
<p>The Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture in Nigeria. Entrepreneurs from different fields of human endeavour have highlighted the impact of Cooperate Social Responsibility (CSR) in the business ecosystem especially for the success of startups.</p>
<p>In response to the widespread lack of understanding about CSR among businesses especially in the startup world, young entrepreneurs are observed to focus solely on profit and growth, neglecting their social and environmental impact.</p>
<p>They made these assertions during an engagement with Impact Venture Series Programme in the Federal Capital Territory (FCT), Abuja, who promises to push the ideas discussed to Nigerian startups through podcasts.</p>
<p>The Project Manager, Impact Venture Series, Augustina Okpechi, stated that people often start business without considering cooperate social responsibility and Impact Venture Series will help address this concern through three major ways.</p>
<p>Her words, &#8220;the Impact Venture Series Programme will be in three phases. First is the engagement we are currently having in order to gain an understanding of CSR and issues around it and how it can make startups successful.</p>
<p>&#8220;Secondly we are going to build up this conversation in to a podcast series in other to reach out to as many startups as possible and lastly, we would be working with business (startups), especially those that show interest, to help them navigate how they can incorporate and leverage on CRS in their business activities.&#8221;</p>
<p>The entrepreneurs discussing further uphold that in the startup world which is often viewed as &#8220;lavish&#8221; or avenue to only secure &#8220;grants&#8221; and &#8220;sponsorship&#8221; CSR can be merged with organisational goal as the business evolves.</p>
<p>More examinations indicate many startups wanting to take and not give back to host society or environment.</p>
<p>Impact Venture Series Programme, IVP, is designed to reform the startup ecosystem in Nigeria by fostering a culture of Corporate Social Responsibility (CSR) among entrepreneurs and business owners</p>
<p>The programme&#8217;s goal is to create a movement that advocates for reforms to support the youth and startup ecosystem, encouraging businesses to embrace responsible entrepreneurship. The IVP is supported with funding from the Nigeria Youth Futures Fund</p>
<p>The post <a href="https://techdigest.ng/brief-academy-dev-hub/">Brief Academy, Co-dev Hub Presents Impacts Venture Series to Promote CSR Culture</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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		<title>FG Launches $617 Million Funding for Nigerian Youth Startups</title>
		<link>https://techdigest.ng/launches-million-funding/</link>
		
		<dc:creator><![CDATA[Abbas Badmus]]></dc:creator>
		<pubDate>Thu, 02 May 2024 19:25:02 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[BOI]]></category>
		<category><![CDATA[Startups]]></category>
		<guid isPermaLink="false">https://techdigest.ng/?p=78800</guid>

					<description><![CDATA[<p>FG Launches $617 Million Funding for Nigerian Youth Startups The Federal Government has opened a portal for Nigerian youth to register for $617 million worth of up-skill and startup funding, as announced by the Bank of Industry (BOI), recently. This initiative aims to foster entrepreneurship and innovation within Nigeria’s digital technology and creative industries, addressing [&#8230;]</p>
<p>The post <a href="https://techdigest.ng/launches-million-funding/">FG Launches $617 Million Funding for Nigerian Youth Startups</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>FG Launches $617 Million Funding for Nigerian Youth Startups</strong></p>
<p>The Federal Government has opened a portal for Nigerian youth to register for $617 million worth of up-skill and startup funding, as announced by the Bank of Industry (BOI), recently.</p>
<p>This initiative aims to foster entrepreneurship and innovation within Nigeria’s digital technology and creative industries, addressing challenges such as access to risk capital and innovation ecosystem capacity faced by startups.</p>
<p>The initiative aims to support Nigerian youth in up-skilling, startup funding, catalytic infrastructure, and policy advocacy. Interested individuals can register using the provided link and participate in the upcoming event where BOI and iDICE stakeholders will discuss and collaborate.</p>
<p><a href="https://www.eventbrite.co.uk/e/boi-idice-stakeholder-engagement-tickets-8864555815">https://www.eventbrite.co.uk/e/boi-idice-stakeholder-engagement-tickets-8864555815</a>.</p>
<p>The event will be held virtually on Bank of Industry’s YouTube Channel: Bank of Industry Limited Nigeria on Thursday, May 2, 2024, at 8:30 am.</p>
<p>The post <a href="https://techdigest.ng/launches-million-funding/">FG Launches $617 Million Funding for Nigerian Youth Startups</a> appeared first on <a href="https://techdigest.ng">Tech Digest News</a>.</p>
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