Happy pre-TGIF! 
Nigeria wants Flutterwave on the Nigerian Exchange (NGX), but the $3 billion fintech and a cash-hungry stock exchange don’t seem to be the perfect match. The NGX loves profits, Flutterwave loves growth—one of them has to compromise, and it won’t be the startup.
Flutterwave listing on the NGX sounds great, until you realise the stock market might not have enough cash to make it work. We detail why it makes business sense for Flutterwave’s IPO to land somewhere else—if it happens at all—despite Nigeria making passes at it.
Banking
Sterling increases staff salary by 35%
When the Japa wave—Nigeria’s mass exodus of talent—began, one of its most significant consequences was brain drain. Many industries lost top professionals, and the banking sector was hit particularly hard.
For Nigerian banks, the challenge was twofold: they were losing talent not just to emigration but also to fintechs, which offered competitive salaries—sometimes double what banks paid.
Now, banks are responding. In January, we reported that Sterling Bank, a tier-2 Nigerian bank, raised staff salaries by 7% and paid a cost-of-living adjustment (COLA) stipend; however, the meagre increase did not sit well with its employees who have seen other banks like GTBank, Union Bank, and Zenith Bank all increase salaries by 20%–40% in the last few months. In response, Sterling Bank increased salaries again by 35% on Wednesday. These pay hikes come at a crucial time when Nigeria is grappling with its worst cost-of-living crisis in decades, with inflation soaring; retaining talent has never been more urgent.
But for Sterling Bank, these salary adjustments aren’t just about retention—they are central to its broader vision. While best known for its banking operations, Sterling is aggressively expanding into fintech, asset financing, and even electric vehicles. Leadership sees talent retention as critical to executing this strategy.
Under the new structure, executive trainees (entry-level employees) will now earn ₦528,000 ($352) net monthly. Assistant Banking Officers (ABO) will take home about ₦850,000 ($567), while Banking Officers (BO) will see their salaries rise from ₦700,000 ($467) to ₦1,030,000 ($687). Senior Banking Officers (SBO) will now earn ₦1.1 million ($733), and Assistant Managers (AM) will receive ₦1.3 million ($867) per month.
These raises reflect the bank’s commitment to attracting and keeping the best talent as it deepens its footprint in fintech and asset financing.
But the big question remains: Will this be enough to stop top talent from leaving?
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Startups
Edukoya, a Nigerian edtech platform, shuts down
Edukoya, a Nigerian edtech startup that set out to revolutionise K-12 online learning, has shut down. The company, which raised Africa’s largest pre-seed funding of $3.5 million in 2021, cited market readiness issues, limited access to devices, and challenging economic conditions as reasons for shutting down and returning investor capital.
The startup also faced a balancing act between attracting parents and paying tutors. Edukoya paid over ₦200,000 ($134) per month to tutors, a competitive wage aimed at maintaining quality. This was higher than the average ₦60,000 ($40) that underpaid teachers in peri-urban and rural schools earned, making Edukoya’s offer enticing. With this structure, it was clear Edukoya hired top tutors, passing the shared cost of paying them and maintaining their operations onto parents. Yet, the company’s inability to scale profitably suggests that it either did not have enough paying users or priced its service too high for mass adoption.
Founded in 2021, Edukoya entered an already competitive Nigerian edtech market but struggled to establish a strong foothold. Unlike established players like uLesson and Tuteria, which refined their pricing and targeted specific customer segments, Edukoya took a broad approach, offering a freemium model that failed to convert free users into paying customers. It also faced stiff competition not just from other edtech startups but from Nigeria’s deeply rooted offline tutoring system, where many parents and students still preferred in-person learning. Students were returning to classrooms post-pandemic, so the urgency for digital education diminished.
Edukoya also offered a freemium model which didn’t allow it to monetise instantly. Thus, without a product compelling enough to drive willingness among parents to pay, Edukoya faced monetisation challenges that ultimately stalled its growth. Yet, it’s not just Edukoya. Globally, K-12 edtechs have struggled; Byju’s, an Indian edtech unicorn which was valued $22 billion at its peak, went from hero to zero after scaling too fast and failing to prove the effectiveness of its product.
Meanwhile, skill-based edtech platforms like AltSchool Africa, Product Dive, and Utiva are thriving by selling directly to adults. These businesses tap into a market where learners control their own spending and see clear economic benefits from upskilling.
Edukoya’s shutdown poses a new question for Nigerian edtech operators: Is the market ready for broad K-12 edtech at scale, or are they better off targeting other customer verticals?
The opportunity seems to tilt toward providing a practical, career-driven education where students—not parents—make the purchasing decisions.
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Economy
South Africa’s inflation quickens to 3.2% in January
South Africa’s inflation rate accelerated by 20 basis points (bps) to 3.2% in January, following a revision in how the consumer price index (CPI) is calculated. The change, made by Statistics South Africa, the country’s statistics agency, adjusted the weighting of household expenses in the inflation basket to reflect current spending habits more accurately.
Notably, the share of housing and utilities increased to 28.1%, making it the biggest contributor to inflation, while transport and food saw slight decreases in weighting. Financial services and insurance costs were also given greater prominence, as these expenses have grown in importance for consumers.
Alongside these shifts, the list of surveyed items was streamlined from 396 to 391, with five indexes reclassified. While everyday essentials such as food, fuel, and electricity remained key components, the overhaul placed more emphasis on categories like financial services, which saw a 5.5% increase, and insurance, which climbed 8%. These adjustments better capture modern spending patterns but also contributed to the slight inflation uptick.
The update comes as the South African Reserve Bank (SARB) prepares for its next interest rate decision on March 20. Governor Lesetja Kganyago has warned that while inflation remains within the central bank’s target range (3%–6%), external factors—such as the US trade policies—could add inflationary pressure. Given this, analysts are predicting that the SARB is likely to hold rates steady—like Nigeria’s central bank in February after rebasing its Gross Domestic Product (GDP)—rather than ease further.
While inflation is still relatively low compared to past years, the consistent acceleration in the last four months could raise concerns about price stability in markets. The latest CPI adjustments mean that inflation data will now provide a clearer picture of consumer expenses, particularly in key areas like housing and financial services. If inflation continues to rise, the SARB may delay any rate cuts, impacting borrowing costs and economic growth. For now, the rand remains stable, signaling cautious confidence in the central bank’s approach.
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CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$84,517 |
– 5.07% |
– 17.26% |
| Ether |
$2,339 |
– 6.33% |
– 26.43% |
| Pi |
$2.92 |
+ 75.93% |
+ 71.90% |
| Solana |
$136.43 |
– 5.25% |
– 41.98% |
* Data as of 04:15 AM WAT, February 27, 2025.
Events
- Get ready for the media, marketing-tech revolution! Join MarkHack 4.0 at Landmark Event Centre. Engage to pitch, mentor, exhibit, sponsor, or attend. FREE entry! Register here.
- 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: Faith Omoniyi & Emmanuel Nwosu
Edited by: Olumuyiwa Olowogboyega
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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