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Startups
Marasoft denies all allegations
Marasoft, the Nigerian fintech founded by Emmanuel Marakwe-Ogu, has refuted allegations that it paid staff with funds suspected to be fraudulent, though it has not offered further details due to non-disclosure agreements. According to a spokesperson, “disgruntled former employees” have spread false information about the company. Operating in both Kenya and Nigeria, Marasoft enables businesses and individuals to collect payments through its platform.
TechCabal first reported these claims on January 25, following interviews with 10 former employees and with Flutterwave—the wallet provider from which the disputed funds were allegedly transferred. The company also claimed that it laid off 25% of its staff in January for “economic reasons,” reducing its workforce from 35 to 25 employees, but did not provide any proof.
Former employees have alleged that their bank accounts remain blocked due to the suspected fraudulent funds, and documents obtained by TechCabal indicate that their salaries were “traced to a fraudulent merchant.” In addition, Marasoft denied any involvement in a 2022 Kenyan court case, despite publicly available documents naming the company. The case, which involved Marasoft and other fintech firms, reported deposits totalling over $55 million into Flutterwave.
Afincran Connect: A Fintech Mixer by Fincra 
Fincra is hosting an exclusive fintech mixer on 12th February 2025 in Nairobi, bringing together industry leaders for networking, conversations, and connections.
Nairobi | 
18:00 – 21:00 EAT
Limited spots—RSVP now.
Telecoms
Airtel and MTN under investigation over false advertising
An African regional economic organisation, COMESA, is investigating two telecom operators—Airtel and MTN Group—for allegedly misleading consumers about mobile money transaction fees. COMESA—the Common Market for Eastern and Southern Africa—is examining whether these companies failed to disclose important details, such as foreign exchange rates for cross-border transfers, which could influence customer decisions.
COMESA’s consumer protection laws require payment platforms to show all transaction costs, including foreign exchange rates, before a payment is confirmed. In Kenya, for example, Airtel has been criticised for sometimes displaying fees that differ from the final charges confirmed to the sender. Additionally, the exchange rates used for international transfers were not revealed, leaving users uncertain about the true cost of their transactions. Airtel has also been accused in Malawi of not disclosing intermediary fees and other transaction details.
MTN faces similar scrutiny in Uganda, where the company is under investigation for showing different amounts to senders and recipients during international transfers.
Although these investigations seek to determine if Airtel and MTN have violated regional consumer protection and anti-trust regulations, no wrongdoing has been conclusively proven at this stage. The cases highlight the increasing need for transparency in mobile financial services across Africa, where millions of people depend on these platforms for everyday transactions.
AI
Flutterwave CEO’s venture studio launches AI accelerator
If you’ve been following the Deepseek chatter on Twitter, you’d agree that AI’s kind of a big deal. But while everyone’s talking about it, Olugbenga Agboola, CEO of Flutterwave is doing something about it.
He’s betting big that Nigerian AI startups have what it takes to be global players, and he’s putting his money where his mouth is. His venture fund, Resilience17 (formerly Berrywood Capital), just launched Go Time AI, an accelerator designed to support African startups working on artificial intelligence products.
The first cohort of the Go Time AI accelerator launched in 2024, providing participating startups with financial support, technical resources, and guidance from industry experts.
The venture studio will offer up to $200,000 in funding and mentorship to selected startups, in exchange for 8% equity. The accelerator provides access to cloud computing credits and API services to help build, test and scale AI products. Applications for the second cohort will open in May 2025.
The accelerator is a four-month sprint, starting with a Lagos kickoff and punctuated by bi-weekly Demo Nights. Founders get schooled by industry heavyweights like Wiza Jalakasi from EBanx, Olusola (Olu) Amusan, Co-founder and CEO at Vesti and Samee Zahid of Chipper Cash.
“Our goal was not to teach founders how to run a company, but specifically narrow the focus on what we see as the most important things any early stage companies should be focused on,” Hasan Luongo, General Partner of Resilience17 told TechCabal during the Demo day.
Check out the startups selected for the accelerator’s inaugural cohort.
You can now integrate Paystack with Vendy
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 →
Startups
TradeDepot launches Mangrove, its food brand
TradeDepot, an African B2B e-commerce platform that connects retailers to FMCG manufacturers, has decided to produce sardines.
The startup is expanding its business by moving into food production by launching its own food brand, Mangrove, marking a strategic move up the supply chain. Currently, TradeDepot’s catalogue includes 13 products ranging from flour and oils to various ingredients.
In an industry where margins are slim—typically between 5% and 12%—startups are increasingly seeking ways to boost revenue from existing customers. While some, like Omniretail, are doubling down on fintech through acquisitions (such as its purchase of Traction Apps in 2024), TradeDepot is taking a different approach with backward integration. By leveraging its platform’s data on retail demand and its established distribution network, the startup aims to produce and distribute affordable staples like rice, flour, canned goods, and yes, even sardines.
This strategy mirrors global trends where companies develop in-house brands—think Amazon Basics or Costco’s Kirkland—to gain pricing control and create a competitive moat. For TradeDepot, Mangrove offers two key advantages: it can set competitive prices while maintaining quality comparable to well-known FMCG brands, and it can protect its market position in a sector marked by low product differentiation and aggressive price competition from small-scale, informal wholesalers.
Consumers in TradeDepot’s home country stand to benefit from this move, especially as inflation hovers above 34.8%. By offering lower-priced alternatives, Mangrove could help shoppers save money on everyday purchases.
However, the venture is not without challenges. Moving into manufacturing introduces complexities that are new to a company traditionally focused on distribution, such as increased working capital needs and the operational intricacies of manufacturing and importing. Despite these hurdles, the high-risk, high-reward nature of the move could pay off. Successful market penetration could not only drive revenue growth but also position TradeDepot as an attractive acquisition target for larger FMCG companies in the future.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$98,810 |
+ 5.87% |
+ 0.96% |
| Ether |
$2,708 |
+ 8.38% |
– 25.48% |
 XRP |
$2.56 |
+ 13.21% |
+ 6.47% |
| Solana |
$204.79 |
+ 5.02% |
+ 5.23% |
* Data as of 06:55 AM WAT, February 4, 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.
Written by: Ngozi Chukwu, Muktar Oladunmade, Faith Omoniyi & Emmanuel Nwosu
Edited by: Timi Odueso & 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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