Happy pre-TGIF! 
TechCabal has relaunched the column, My Life in Tech, which features founders and operators in Africa’s tech scene telling their stories of how they started and built impactful solutions for the continent. In our first edition, our reporter Ngozi Chukwu had a three-hour conversation with Douglas Kendyson, Selar CEO, distilling it all into a beautiful narrative on how he built one of Africa’s largest creator platforms.
As of 2024, Selar has paid out over ₦16 billion ($10.8 million) to 241,000 creators selling ebooks, courses, and digital products.
Banking
First Bank, GTBank bet big on tech talent
Two of Nigeria’s biggest banks are on a hiring spree, but not for traditional bankers. First Bank and GTBank are ramping up recruitment for software engineers, DevOps specialists, and product designers as technology becomes a critical moat with digital banking on the rise. You won’t be wrong if you say no tech, no bank.
First Bank has listed openings for frontend and backend developers, scrum masters, and software quality assurance leads, while GTBank is hiring experienced tech professionals (though they’re keeping roles hush-hush). The hiring push follows GTBank’s core banking upgrade late last year, which left millions of customers stranded—an experience that underscored just how vital tech talent is to banking operations.
But, traditional banks aren’t just competing with each other, they’re also battling fintechs for Nigeria’s top tech talent. Since 2023, Moniepoint has poached key hires from Access Bank and Stanbic IBTC as it expands its retail business.
This hiring push isn’t just about competition, it’s about survival. More Nigerians are ditching physical branches for digital banking. Per KPMG, 70% of Nigerian customers now use banking apps weekly. The shift is forcing banks to double down on tech, with the industry set to spend at least ₦82 billion on core banking software.
Of course, banks offer stability and high salaries (GTBank reportedly pays some tech employees ₦1 million ($613) monthly but fintechs counter with remote work, stock options, and more flexibility. One bank product manager who recently switched to a fintech told TechCabal, “I have more autonomy and feel like I’m at the forefront of innovation.”
Banks hiring tech professionals isn’t just a strategy, it’s a necessity. With fintechs offering better perks, banks will have to do more than just raise salaries to stay competitive. The talent war is just getting started.
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Banking
South Africa’s big banks turn away from ATMs
Years ago, automated teller machines (ATMs) were once trusty pit stops on life’s highway, always there when people needed to get cash. Sadly, they could soon become relics of a banking age that prioritised bringing the user to the bank. As the digital age begins to grow on us, the new normal is bringing the bank to the user, which created the mismatch between ATMs and the
Four out of five major South African commercial banks—Absa, FNB, Nedbank, and Standard Bank which have a cumulative total of R 7.23 trillion ($394 billion) in total assets—have reduced the number of their ATMs across the country, according to their reports. In H1 2024, these four banks closed 233 ATMs, bringing the total between them to 21,044—excluding partner ATMs mounted in retail stores and high-foot-traffic areas which banks typically don’t own or maintain.
Yet, South Africa’s ATM decline is not an isolated case. For example, Nigeria has 18.94 ATMs per 100,000 adults, while Kenya has 6.83 ATMs for the same adults—far lower than the globally recommended 50. Digital banking, mobile payments, and fintech solutions have reduced the need for physical cash, making ATMs less relevant.
This decline is not only about convenience; it’s also about cost. ATMs are expensive to operate, requiring maintenance, cash replenishment, and security. Banks are cutting back, redirecting resources toward digital infrastructure instead. Mobile banking apps, contactless payments, and mobile wallets are now the primary ways people access their money digitally.
Still, cash is king for transactions in South Africa. According to the South African Reserve Bank’s (SARB) Payments Study Report, cash remains the most frequently used payment method, with 87% of South Africans preferring it for transactions. For those who rely on cash, fewer ATMs could mean longer trips and higher withdrawal fees at third-party machines.
The withdrawal of banks creates an opportunity for Independent ATM Deployers (IADs) to fill the void. Companies like ATM Solutions, a subsidiary of Paycorp, have deployed over 5,500 ATMs across various industries and locations, including rural areas. While there’s no indication that IADs will slow funding, customer behaviour and the frequent usage of these machines will, to a large extent, dictate their interest.
These developments seen across different African regions lead to a central question: are ATMs dying a slow death, or is the decline exaggerated?
YouA startup’s guide to understanding data privacy
Discover tactical tips for African startups on building a strong foundation for data privacy and protection. Learn more→
Fintech
MTN’s MoMo PSB shifts strategy amid 46% drop in active wallets
MTN Nigeria’s fintech arm, MoMo PSB, is undergoing a strategic shift after a 46% drop in active wallets in 2024. Despite initially rapid growth, with active wallets peaking at 5.3 million by the end of 2023, the company saw a sharp decline, losing 2.8 million active users. CEO Karl Toriola attributes this to a transition aimed at enhancing service penetration, increasing monetisation, and lowering customer acquisition costs.
MoMo PSB, one of Nigeria’s five Payment Service Banks (PSBs), was launched to promote financial inclusion, particularly in underserved areas. However, limitations on lending and investment have hindered revenue growth. Competing with fintech leaders like Opay and Moniepoint, MoMo initially relied on an extensive agent network but has since reduced its dependence on agents and merchants, shifting focus to digital banking.
While the company has struggled with a decline in cash deposits and a shrinking agent base, transaction volumes still rose by 4.3% in 2024, signaling a more engaged customer base. Analysts suggest the shift may also stem from fraud concerns following a ₦22.3 billion ($15 million) security breach in 2022.
To counter declining wallet usage, MoMo PSB is diversifying its offerings by applying for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses. These moves will enable it to expand into merchant services and payment gateways. Looking ahead, MoMo PSB aims to strengthen user engagement and boost activity within its ecosystem by year-end.
Kredi bank Job Opportunity
Kredi Bank is hiring! We’re looking for a dynamic Growth & Development Lead to drive adoption of our payment products and a Liability Generation Manager to grow our deposit base. If you have a strong fintech or sales background, apply now!
Fintech
Airtel Money launches virtual cards to compete with M-PESA Global
Airtel Africa has introduced the Airtel Money GlobalPay Card, a virtual payment solution backed by Mastercard, enabling its 150 million users across 14 African countries to make international online transactions with merchants like Netflix, Amazon, and AliExpress. This move puts Airtel Money in direct competition with Safaricom’s M-PESA GlobalPay, which launched its Visa-supported virtual card in 2022.
In Kenya, the two mobile money operators have been in a fierce competition. For a long time, M-PESA was the dominant force in Kenya’s mobile money market with a 97% market share. However, Airtel Money has been relentless in its pursuit of M-PESA. It has partnered with retailers to push its mobile money solutions to peri-urban areas, preferring to have boots on the ground. This strategy helped it grow its market share from 2.9% to 7.6% in September 2024.
The competition between Airtel Money GlobalPay and M-PESA GlobalPay shows a broader trend of mobile money providers integrating with global financial networks to meet the growing demand for digital payments in Africa. Both services offer users the ability to make international payments without the need for traditional bank accounts, simplifying access to global e-commerce platforms. Airtel’s partnership with Mastercard and M-PESA’s collaboration with Visa underscore the strategic alliances formed to improve service offerings and expand user bases.
As these two telecom giants vie for a larger share of the digital payments market, consumers stand to benefit from increased options, improved services, and the competition for their attention, which accelerates financial inclusion and economic growth across the continent.
The Moonshot Deal Book is Coming!
Introducing the Moonshot Deal Book—our exclusive collection of the most promising and investable startups in Africa. If you’re an investor looking for the most exciting investment opportunities on the continent, sign up to join the waitlist and you’ll be among the first to access this investor-focused resource once it is live. Join the waitlist.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$92,412 |
+ 6.25% |
– 5.99% |
| Ether |
$2,314 |
+ 3.10% |
– 13.61% |
| Bitcoin Cash |
$416.72 |
+ 20.54% |
+ 27.15% |
| Solana |
$150 |
+ 5.54% |
– 26.08% |
* Data as of 06.30 AM WAT, March 6, 2025.
Events
- 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: Ganiu Oloruntade, Emmanuel Nwosu, and Frank Eleanya
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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