TechCabal

Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, Catalyst Fund noted that it expects to increase its portfolio to about 40 startups across Africa with its fund.

The second close comes as investment in the African climate technology sector recovers after a 2024 slump. Climate tech funding fell to $754 million that year, according to TechCabal Insights’ funding tracker, before rebounding to $1.1 billion by November 2025. The recovery suggests growing investor confidence in the sector.

“Climate adaptation is one of the defining investment themes of the next decade, especially in Africa, where the need is immediate, and the entrepreneurial talent is extraordinary,” Maelis Carraro, founder and general partner at Catalyst Fund, said in a statement. “This second close allows us to double down on our mission: backing ambitious founders building practical, scalable solutions for a climate-changed world, and supporting them not just with capital, but with the hands-on venture-building support they need to grow.”

New backers in the second close include the International Finance Corporation (IFC), Financing for Agri-SMEs in Africa (FASA), Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, and Women Entrepreneurs Finance Initiative (We-Fi), which would support the fund’s efforts to expand its pipeline of women-led startups. They join existing investors, including FSD Africa and the Cisco Foundation.

“Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services, and creating quality jobs in underserved communities,” Farid Fezoua, global director for disruptive technologies, services, and funds, IFC, said. “Through IFC’s partnership with Catalyst Fund, we are mobilising capital and expertise to help these early‐stage ventures scale sustainably, attract private investors, and deliver lasting impact for people and markets.” 

The second close follows a $9 million first close in the third quarter of 2023, according to the firm. Since then, Catalyst Fund said it has built a portfolio of 28 startups across 10 African markets and made nine follow-on investments into its strongest-performing companies.

Its portfolio companies include MazaoHub, a Tanzanian agritech startup; Bekia, an Egyptian platform connecting waste producers with collectors and recyclers; and Keep It Cool, a Kenyan startup building solar-powered cold-chain infrastructure for fish and poultry farmers.

The firm disclosed that it invests exclusively through equity, typically writing $200,000 pre-seed cheques before reserving additional capital for follow-on rounds. Although it invests across Africa, it noted that its largest markets today are Nigeria, Kenya, Egypt, and Tanzania, where it said climate technology ecosystems have developed most rapidly.

Catalyst Fund also noted that beyond capital, it pairs its investments with venture-building support delivered by BFA Global to work with startups on product strategy, hiring, commercial growth, fundraising, and partnerships. It added that the model is designed to help founders overcome operational challenges that are often missing in early-stage companies.

For Catalyst Fund, investing in climate technology has evolved from being impact-focused as the sector proves it can deliver both commercial returns and measurable impact. 

“Climate is no longer a niche investment theme—it’s reshaping virtually every sector of the economy, from agriculture and logistics to healthcare and financial services,” said Maxime Bayen, general partner at Catalyst Fund. “Investors increasingly recognize that businesses helping people and industries adapt to climate change are addressing large, growing markets with strong commercial fundamentals.”

Catalyst Fund said it is now focused on completing its final raise, which it expects to conclude before the end of the year, while continuing to deploy capital.

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks.
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Table of contents

The Infinix Note 50 launched in March 2025 as one of the best value midrange phones you could buy. A year later, the Infinix Note 60 has arrived, and the Note 50’s price has fallen sharply, making it worth a second look.

This guide covers the current price of the Infinix Note 50, its full specs, how it compares to the Note 60, and whether it still deserves your money in 2026.

How much is the Infinix Note 50?

The Infinix Note 50 launched in Nigeria at ₦311,500, though some retailers listed it at ₦319,500. Globally, it sold for about $229. The base model never officially launched in India, where Infinix instead sold the Note 50s, Note 50X, and Note 50 Pro+.

Prices have fallen a long way since then. Here is what the phone costs as of July 2026:

• Nigeria: from about ₦130,000 on marketplaces like Jiji, mostly used or clearance stock sold as brand new without the carton
• Kenya: between KES 25,500 and KES 29,300 depending on the store
• South Africa: listed prices conflict widely across price aggregator sites, so confirm directly with the store before you pay

If you searched for the Note 50 and landed on a different price, you probably saw one of its siblings. Here is how the whole family compares right now:

Infinix Note 50 specs

These are the full specifications of the base Infinix Note 50 (model X6858). The Pro, Pro+, 50s, and 50X are different phones with different specs, so keep that in mind when you compare listings.

1. Display

• 6.78-inch AMOLED panel with a 1080 x 2436 resolution (about 393 ppi)
• 144Hz refresh rate with 2160Hz PWM dimming, which is easier on your eyes in the dark
• 1,300 nits peak brightness, 1 billion colors, and Always-On Display support
• Infinix does not advertise branded protective glass on this model, so a screen protector is a smart buy

2. Performance

• MediaTek Helio G100 Ultimate chipset built on a 6nm process
• Octa-core CPU with two 2.2GHz Cortex-A76 cores and six 2.0GHz Cortex-A55 cores, plus a Mali-G57 MC2 GPU
• 8GB of RAM, expandable with another 8GB of extended RAM
• 256GB of UFS 2.2 storage with no confirmed memory card slot, so what you buy is what you keep

3. Cameras

• 50MP main camera, f/1.9, with a large 1/1.57-inch sensor, PDAF, and optical image stabilization (OIS)
• 2MP macro camera and a dual-LED flash on the back
• 13MP front camera, f/2.2
• Video tops out at 1440p at 30fps on the main camera, with 1080p available at 30, 60, or 240fps; the front camera records 1080p at 30fps

4. Battery and charging

• 5,200mAh battery. Some listings show 5,000mAh, but that figure belongs to Note 50 Pro+ retail pages, and the base model is confirmed at 5,200mAh
• 45W wired charging, which takes the phone from empty to full in about 60 minutes
• 30W wireless MagCharge, a feature you will struggle to find on any other phone at this price
• Bypass charging for gaming, plus reverse charging in both wired and wireless modes

5. Software and updates

• Ships with Android 15 and XOS 15 out of the box
• Infinix promised 2 major Android upgrades and 3 years of security patches
• That means the phone tops out at Android 17
• The Android 16 (XOS 16) rollout for the Note 50 series began in the second quarter of 2026 and was still reaching base units as of July 2026

6. Build and durability

• Glass front with an aerospace-grade aluminum frame
• Measures 163.3 x 74.4 x 7.6mm and weighs 199g
• IP64 rating, which protects against dust and splashes only. Keep it away from open water
• RGB notification light on the back panel
• Colors: Titanium Grey, Ruby Red, Mountain Shade, and Shadow Black

7. Connectivity

• 4G LTE only. Every genuine base Note 50 is a 4G phone; listings advertising a base Note 50 5G are incorrect. 5G exists only on siblings such as the Note 50 Pro+ and the Note 50X
• NFC is included, but support depends on your market, so confirm with the seller
• Bluetooth 5.4 and dual-band Wi-Fi
• Infrared blaster and FM radio
• USB-C 2.0 port with OTG support

8. Audio and extras

• Stereo speakers tuned by JBL, with 24-bit/192kHz Hi-Res audio support
• The 3.5mm headphone jack is gone, so plan for USB-C or Bluetooth audio
• Under-display fingerprint sensor
• Folax AI assistant with One-Tap AI features, voiced by Davido in the Nigerian market

One thing to watch out for: the heart rate and blood oxygen sensors that Infinix markets as Bio-Active Halo are found on the Pro models. The base Note 50 skips them.

Infinix Note 50 vs Infinix Note 60

The Infinix Note 60 launched in March 2026 as the direct successor to the Note 50. This table compares the two base models side by side:

The Note 60 upgrades almost every core spec. The battery jumps from 5,200mAh to 6,500mAh, the screen gets sharper and far brighter, the chipset moves to a newer 4nm Dimensity 7400 Ultimate, and the phone finally adds 5G. You also get Gorilla Glass 7i, MIL-STD-810H durability, and a longer software promise of 3 major upgrades and 5 years of patches.

Two things are worth flagging. First, the Note 60 swaps the Note 50’s 2MP macro camera for a far more useful 8MP ultrawide, so the camera setup changes rather than simply improves in count. Second, satellite calling is a Note 60 Ultra feature. Spec sheets for the base Note 60 omit it, so skip any listing that promises satellite connectivity on the standard model.

Should you still buy the Infinix Note 50 in 2026?

Buy the Note 50 if you find it at a steep discount, meaning roughly ₦50,000 or more below the Note 60 base in Nigeria, and you can live with 4G. At that price, you still get an AMOLED 144Hz screen, an OIS main camera, wireless charging, and an aluminum build that most budget phones cannot match.

Skip it if the price gap is small. Once the Note 60 base sits within about ₦40,000 of the Note 50, the newer phone wins comfortably. It gives you an extra Android upgrade (Android 19 vs Android 17), two more years of security patches, a much bigger battery, a brighter screen, and 5G.

A few caveats from long-term owners are worth knowing before you buy. User reports include software bugs after updates, overheating during long gaming sessions, lens glare on the main camera, and low-quality photos in low light. These come from user forums rather than lab testing, but the pattern is consistent enough to factor into your decision.

Where to buy the Infinix Note 50

In Nigeria, you can still find the Note 50 on Jumia, Konga, Slot, Pointek, XPark, and Jiji. Be careful with stock sold as brand new without the carton, and test the phone before you pay. In Kenya, the phone remains in stock at Jumia and local phone stores. Stock is winding down everywhere, so if you want one new and sealed, sooner beats later.

Speaking during a press conference on Wednesday at the bank’s headquarters in Abuja, Afreximbank President and Chairman, George Elombi, said the institution is deliberately redirecting capital towards industries that will define the next phase of global industrialisation, particularly electric vehicle (EV) batteries and digital infrastructure.

His comments offer the clearest indication yet that Africa’s multilateral trade finance bank is moving beyond financing mining projects to backing an integrated battery value chain that stretches from mineral processing to battery production and electric mobility.

“We have to begin to process at home,” Elombi told TechCabal in an interview, citing a visit to China’s battery manufacturing hubs in June 2026. “That’s where everyone is heading to. That’s where we should put the money.”

The remarks come as Africa rapidly emerges as one of the world’s fastest-growing lithium-producing regions. According to the African Energy Chamber, the continent holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves. 

Africa’s share of global lithium production is projected to rise from about 4% in 2023 to nearly 15% by 2028 as new mines come online across Zimbabwe, the Democratic Republic of Congo (DRC), Mali, Nigeria, Namibia and Ghana.

Yet, most African countries continue to export lithium in raw or minimally processed form, allowing overseas manufacturers to capture the highest-value stages of the battery supply chain. That is the model Afreximbank says it no longer wants to support.

“If somebody is coming just for the mining and then takes lithium in its raw state abroad, please don’t bring him to Afreximbank,” Elombi said. “We are no longer interested in anyone who is going to just mine and take it abroad. We want people who mine and process at home.”

That logic underpins the bank’s investment in Spiro in 2025. Afreximbank and its subsidiaries have committed a combined $125 million to the electric mobility company through two separate facilities.

In October 2025, the Fund for Export Development in Africa (FEDA), Afreximbank’s impact investment arm, invested $75 million in equity as the anchor investor in Spiro’s $100 million funding round, making the bank one of the company’s largest strategic shareholders. 

Afreximbank also extended a separate $50 million debt facility to Spiro, first agreed in 2024 and finalised in early 2026 alongside co-investors including Nithio and the Africa Go Green Fund, according to the announcement. The financing will support the expansion of Spiro’s fleet of electric motorcycles and the rollout of thousands of battery-swapping stations across Benin, Togo, Rwanda, Uganda, Kenya and Nigeria.

For Elombi, the investment goes beyond electric mobility. He said companies like Spiro are creating the demand needed to build a domestic battery industry, laying the groundwork for Africa to design, assemble and eventually manufacture batteries locally instead of remaining an exporter of raw minerals.

The strategy aligns with a broader shift taking place across Africa’s mining industry. Governments are increasingly introducing policies aimed at encouraging local processing before export.

Zimbabwe, Namibia, and Ghana have all introduced restrictions on raw lithium exports, while Nigeria has increasingly required investors to build processing facilities alongside mining operations. Nigeria has already attracted more than $1.3 billion in lithium processing commitments from Chinese firms including Ganfeng Lithium, Canmax Technologies and Jiuling Lithium, according to Nigeria’s minister of solid minerals development, Dele Alake. The country’s lithium deposits, spread across Nasarawa, Kaduna, Kogi and Kwara states, are estimated by the government to be worth more than $34 billion.

Elsewhere on the continent, investment is beginning to flow into battery manufacturing itself. Morocco is building Africa’s largest lithium-ion battery gigafactory through a $1.3 billion investment by China’s Gotion High-Tech, with plans to eventually expand the facility into a $6.4 billion plant capable of producing 100 GWh annually for European automakers.

In Central Africa, Zambia and the DRC are jointly developing a $2.7 billion battery special economic zone designed to manufacture battery precursor materials rather than export lithium, cobalt and copper in raw form. 

BloombergNEF, the clean energy and strategic research arm of Bloomberg L.P, estimates that producing battery precursor materials in the DRC could cost roughly one-third of equivalent facilities in the United States while generating significantly lower emissions than comparable production in China.

Despite the growing momentum, significant challenges remain. While Africa has abundant lithium reserves, it has very few operational refineries capable of producing battery-grade lithium hydroxide or lithium carbonate, the critical materials needed for battery manufacturing.

Technical expertise is another major constraint.

“We have the resources. We have the money,” Elombi said. “What we don’t have is the expertise.”

Reflecting on his visit to China, he said seeing battery manufacturing firsthand changed his understanding of the industry. Rather than a single battery unit, modern EV batteries are made up of hundreds of small cells assembled into highly engineered systems using multiple processed minerals. 

That complexity, he said, reinforced the importance of developing manufacturing capabilities rather than simply exporting raw lithium.

For Afreximbank, that means future investments will increasingly target companies capable of processing minerals, manufacturing battery components, and building industrial ecosystems around Africa’s natural resources.

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.

The report titled ‘The Algorithm and the Ballot Box’ surveyed 829 respondents across eight states, spanning all six geopolitical zones, and was conducted between April and May 2026, alongside desk research into Nigeria’s information ecosystem, legal and regulatory framework, and platform policies.

The findings come as election authorities across Africa grapple with the growing use of artificial intelligence in political campaigns, including the use of deepfake audio and edited images. While researchers have found little evidence that AI-generated content alone changes how people vote, it can undermine trust and make authentic evidence easier to dismiss as fabricated, according to the report.

Despite the widespread concern, the report found that Nigeria’s political conversation plays out on social media, with 52.1% of respondents naming platforms such as WhatsApp, Facebook, X and TikTok as their primary source of political news. Most of that traffic runs through WhatsApp, which is used by an estimated 95.1% of Nigerian internet users. 

Unlike other platforms, where misleading posts can be labelled or removed, WhatsApp’s end-to-end encryption means AI-generated content shared in private chats and groups cannot be detected or moderated, allowing false information to spread unchecked before fact-checkers become aware of it.

The report also suggested that concern for AI-generated political content does not always translate to caution, as about 12% of respondents admitted they do not verify political information before accepting or sharing it. Although 53.3% of respondents said they cross-check political claims against other news sources, and 20.9% search online for confirmation, the 12% could represent millions of voters who could become conduits for AI-generated misinformation during an election cycle.

The survey revealed a contradiction at the regional level, dubbed the ‘Southeast Paradox’ by SBM. The Southeastern region recorded a 42.7% non-verification rate. Yet among all regions, the Southeast was the least concerned about AI-generated political misinformation, with only 38.9% expressing their concern.

“It means that more than four in ten Southeast voters who receive political information on WhatsApp, X, or TikTok will share or act on it without checking whether it is real,” the report stated. “In a zone where 82.5% already rely on social media as their primary source, this creates an essentially uninterrupted pipeline from AI-generated content to mass belief.”

Beyond voter behaviour, the report argued that Nigeria’s institutions are not yet equipped for an AI-driven election cycle. In May 2025, the Independent National Electoral Commission of Nigeria (INEC), Nigeria’s electoral body, set up an internal unit to examine how AI could improve the electoral process. With polls six months away, the unit has yet to launch any major programmes. 

The report argued that this leaves a narrowing window for regulators and technology companies to agree on how synthetic political content should be identified or addressed before campaigns intensify.

As generative AI becomes more inclusive of local languages, the report pointed to the risk that misinformation in the next election cycle may no longer be primarily in English. 

“AI generation tools capable of producing convincing content in Hausa, Igbo, Yoruba, Pidgin English, and the dozens of minority languages in which Nigerian political conflict is actually conducted are now widely available and increasingly accessible to non-expert users,” the report stated. “Fact-checkers operate predominantly in English. INEC’s monitoring capacity is almost entirely English-language-based, making this more of a vacuum than a gap.”

Although fact-checking civic groups such as Dubawa and the Nigeria Fact-Checkers’ Coalition already exist to combat misinformation, the report argued that these efforts need to be scaled across regions with AI detection capabilities integrated into their workflow before the 2027 elections.

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.

As part of the initiative, Novastar will work alongside 4DX Ventures, Norrsken22, and Ventures Platform in identifying and supporting startups building AI-powered solutions for African markets.

The partnership comes as Africa grows to become a promising market for applied AI. The GSM Association (GSMA) estimated that artificial intelligence could add as much as $2.9 trillion to the continent’s economy by 2030, provided access to data, computing infrastructure, and digital skills continues to improve. 

“We believe Africa is one of the most important markets for applied AI anywhere in the world,” Steve Beck, co-founder and Managing Partner at Novastar Ventures, wrote in a Medium post. “The reason being that entrepreneurs there are using AI not merely for productivity gains or entertainment — they are solving fundamental problems for everyday people. By working alongside a pioneering, global AI leader, we’re excited to help exceptional African entrepreneurs harness frontier technologies to scale their impact.”

Launched on Wednesday at Google’s Cloud Summit in South Africa and based at the Accra AI Community Centre (AICC) in Ghana, the Google Africa Applied AI Lab focuses on connecting founders and researchers from Google DeepMind and Google Research to jointly develop AI products and services that tackle pressing challenges across sectors on the continent.

According to Google, the selected startups would receive early access to Google’s latest AI models, including Gemini, Gemma, and Veo, allowing them to test commercial applications before the models are released to the general market. 

Novastar, along with the other VC firms, will provide technical mentorship and go-to-market support to founders. The firm said it would also assist in sourcing promising founders, support participating startups through its network, and potentially invest in companies emerging from the program.

It added that it would evaluate applicants for the inaugural cohort, with five to 10 startups and researchers expected to be selected before the first group is announced in September.

The collaboration comes three months after Novastar reached the final close of its third fund, raising $147 million for its Africa People and Planet Fund III, capital that the firm is deploying into businesses across stages.

“At Novastar, we have been backing entrepreneurs solving Africa’s toughest challenges for the last twelve years,” said Beck. “Increasingly, we’re seeing AI tools become a critical part of how those solutions are built, delivered and scaled. The ambition is to support a generation of African founders building globally significant AI businesses.”

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.

Instead of spending heavily on generators, inverters or rooftop solar, more South Africans are renting batteries that keep homes and businesses running during power cuts. Companies such as bPOWERd, a battery rental startup, are building around reliable electricity being sold as a subscription rather than as expensive equipment.

As electricity prices rise, grids remain unreliable, and household budgets tighten, paying for power as a service is becoming more attractive than owning the hardware. South Africa, where years of load shedding pushed households to seek alternatives, has become an early market for the model. Nigeria, where many households and businesses still depend on petrol and diesel generators, is quickly becoming proof that the model can travel across Africa.

“What I believed, and what the market has confirmed, is that the demand for reliable power was always there,” Thandekile Madikane, Head of Country Operations for South Africa at bPOWERd, told TechCabal. “What was missing was a way to access it without the enormous barrier of ownership. When you rent, you pay for what you use, when you use it. No debt. No installation. No maintenance headaches.”

According to Madikane, the approach marks a shift in how backup power has traditionally been sold. South Africans have long bought generators, inverters, and solar systems outright, often spending between R8,000 ($488) and R150,000 ($9,154). For many township households and small businesses, those upfront costs remain out of reach even as electricity becomes essential for earning an income.

He said many customers now value flexibility over ownership. “Some of our customers could buy. They choose not to,” Madikane stated. “The rental model doesn’t just lower the barrier to entry. It preserves financial flexibility. Ownership is not always the smartest move. Access, flexibility, and predictable cost matter more than the asset on your wall.”

The model reflects changes already seen elsewhere in African technology. In March 2007, Kenya’s M-Pesa expanded access to financial services without requiring traditional bank accounts. In East Africa, companies such as M-KOPA made home solar affordable by spreading payments over time. Battery-swapping networks for electric motorcycles have also shown that customers are willing to pay for energy without owning the battery.

Madikane believes electricity is moving in the same direction. “Energy is becoming exactly what mobile data, prepaid airtime and streaming became,” he said. “You don’t buy a cinema. You buy the experience of watching a film tonight. That is the direction energy is moving.”

Although load shedding has eased, unreliable electricity remains common in many South African communities, particularly townships where unplanned outages continue to interrupt households and informal businesses. For many entrepreneurs, every blackout means lost income.

He added that bPOWERd’s customers include barbers, salon owners, food vendors, and spaza shop operators whose businesses stop operating when the power goes out. Some customers have also created new income streams by charging neighbours’ phones or replacing diesel-powered equipment with battery-powered alternatives. “The product is not a nice-to-have,” he said. “It has become genuine infrastructure for how people in the township live, earn, and care for their families.”

In May, bPOWERd expanded into Lagos, launching battery rental hubs offering portable solar-charged batteries at daily rates designed to compete with petrol generators. According to the company, the rollout reached 60% of its six-month customer target within seven weeks.

“The lesson from Nigeria is the same one we learned in South Africa’s townships,” Madikane said. “The demand was always there. People were not resistant to clean energy. They were locked out of it by cost. Remove that lock, and they move fast.”

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.

The Employment and Labour Relations Court on June 25 ruled that companies cannot use restructuring or reorganisation to justify job cuts. They must prove that a genuine operational change has made a role unnecessary, meaning employers will face greater scrutiny if workers challenge layoffs in court.

The judgment came in a case involving Nokia Solutions and Networks Kenya, which was ordered to pay former employee Byron Otega KES 9.8 million ($76,000) after the court found his redundancy was unfair and unlawful.

While the dispute involved a multinational telecommunications company, the ruling applies to all employers in Kenya, including venture-backed startups that have shed jobs over the past four years as funding dropped and investors shifted focus to profitability.

“It is not enough to cite restructuring or reorganisation,” the court said. “The employer must show by evidence that he has genuinely undertaken business restructuring or adopted new technology or made some other genuine commercial decision that has rendered the services of his employee superfluous.”

The ruling establishes that employers must show that a redundancy resulted in the abolition or merger of roles, the adoption of new technology, the closure of a department, or another genuine commercial decision that eliminated the need for an employee’s work.

The judgment could increase the legal and financial risks for startups looking to cut headcount. Companies will need to maintain stronger documentation showing why positions were eliminated, how employees were selected, whether consultations were held, and what alternatives were considered before dismissals.

That could complicate a practice that has become widespread across Africa’s technology sector since VC investment retreated from its 2021 peak. The downturn has forced some fintech, e-commerce, logistics, and software startups to restructure to conserve cash.

For example, fintech lender Tala recently laid off staff as it seeks to streamline operations. 

The court also ruled that consultation means employers must engage affected employees before making redundancy decisions and demonstrate they considered redeployment or alternative roles.

In its defence, Nokia argued that its 2023 reorganisation of teams supporting Safaricom’s Kenya and Ethiopia operations was intended to improve efficiency and competitiveness. It said it had notified the labour officer, consulted affected employees, and prioritised them for alternative vacancies.

But the court found the company failed to prove that Otega’s role had actually disappeared. Evidence showed Nokia recruited Ethiopian account managers shortly before declaring the position redundant.

“The respondent has failed to prove that the reorganisation of its business led to abolition of the claimant’s role and rendered his services superfluous,” the court said.

The judge also found Nokia had not conducted meaningful consultations or demonstrated a fair selection process among employees performing similar work.

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.

The newly signed National Identity Management Commission (NIMC) Act, 2026, exclusively obtained by TechCabal, fundamentally changes that. Through nine major reforms, the law expands  NIMC’s statutory responsibilities to include digital identity, Public Key Infrastructure, Digital Public Infrastructure and functions related to securing digital identities.

The new law, which began its journey on  March 19, 2024, at the National Assembly,  was signed into law by President Bola Tinubu on June 26, 2026. It repeals the 2007 NIMC law and introduces the most significant overhaul of Nigeria’s identity management system since NIMC  was established. 

“It establishes a modern, forward-looking legal framework that aligns Nigeria’s identity ecosystem with global best practices, emerging technologies and the demands of a rapidly evolving digital economy,” Kayode Adegoke, NIMC’s Head of Corporate Communications, said in a statement announcing the law.

The new law gives NIMC legal responsibility for securing digital identities, protecting sensitive personal data, managing the country’s Public Key Infrastructure (PKI), and providing legal support for Nigeria’s Digital Public Infrastructure (DPI). 

DPI is the digital backbone that enables secure digital transactions among individuals, businesses, and government agencies. It combines trusted digital identity through the NIN, payment infrastructure that enables money to move seamlessly across banks and fintech platforms, and Public Key Infrastructure (PKI), the cryptographic security system that verifies identities, encrypts data, and protects online transactions. 

These systems make it possible to open a bank account remotely, access government services, sign documents digitally, or transfer money securely within seconds.

“The inclusion of ‘digital identity’ as a statutory objective aligns Nigerian law with international frameworks such as the World Bank’s Identification for Development (ID4D) initiative and the Principles on Identification for Sustainable Development,” the law stated. 

From identity cards to digital identity

A major weakness of the 2007 law was its reliance on the General Multi-Purpose Card (GMPC), a physical identity card that served as the basis of Nigeria’s identity system. As NIN enrolment grew, the model struggled to keep up. Printing delays, supply chain disruptions, and rising production costs left millions of Nigerians waiting years to receive their identity cards, even after successfully registering.

The new law shifts from that card-based approach. Instead, it adopts a technology-neutral identity framework that allows Nigerians to prove their identity using both physical and digital credentials.

Identity can now be delivered through smartphone apps, QR codes, biometric authentication, digital wallets, and other emerging technologies. 

The approach is consistent with digital identity systems increasingly adopted in several jurisdictions. 

Several countries have already made this transition. India’s Aadhaar enables biometric authentication for banking and public services.  Estonia introduced Mobile-ID in 2007, which allows citizens to vote, sign legally binding documents, among other things. Singapore’s  Singpass, launched in 2003 and upgraded to a mobile-first digital identity platform in 2018, uses facial biometrics and liveness detection to verify users without requiring a physical identity card. Brazil launched the Gov.br platform in 2019, which integrates dozens of federal and state identity systems into a single digital identity accessible through a smartphone app.

In Africa, Kenya initiated a complete overhaul of its identity architecture in November 2023 with the launch of Maisha Namba, as part of a transition away from its legacy, paper-based system. Rather than prioritising plastic, the government integrated this new identity ecosystem into the Maisha Digital ID smartphone app, which generates secure, dynamic QR codes that change periodically to prevent identity theft.

Similarly, Togo gained global recognition for its digital-first identity system during the COVID-19 pandemic in April 2020, when it launched the Novissi platform. Built in collaboration with the World Bank’s ID4D initiative, this technology-neutral biometric framework allowed Togo to bypass traditional distribution bottlenecks and execute rapid, contactless social welfare payouts directly to its citizens.

Identity becomes digital infrastructure

Perhaps one of the most significant changes in the new law is one most Nigerians will never see.

The Act designates NIMC as Nigeria’s Root Certification Authority for the National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI), making it the country’s highest trusted digital authority. NIMC will issue and manage the cryptographic certificates, digital signatures, and authentication systems that verify identities and secure online transactions across government and private-sector platforms.

Although the terminology is highly technical, the impact is far-reaching. Public Key Infrastructure is the trust layer of the digital economy. It powers secure logins, digital signatures, encryption, and identity verification, ensuring that online transactions are authentic and protected from fraud or tampering.

Under the Act, NIMC will oversee Nigeria’s Root Certification Authority and the national Public Key Infrastructure, making it responsible for issuing and managing the digital trust framework used to authenticate identities, secure digital communications, and support electronic transactions. 

Recognising this reality, the new law significantly strengthens NIMC’s enforcement powers.

Unlike the previous Act, which largely focused on administration, the 2026 law grants the commission investigative powers, including court-authorised search, seizure, and arrest powers against illegal enrolment centres, identity fraud syndicates, and data racketeers.

The penalties are now steeper.

Unauthorised access to the National Identity Database now carries a minimum punishment of five years’ imprisonment or a ₦10 million ($7,237) fine for individuals.

For companies, fines rise to at least ₦20 million ($14,474), while responsible executives may also face personal criminal liability.

Attempting multiple registrations or impersonating another person’s identity now attracts similarly severe penalties.

Data privacy finally enters Nigeria’s identity law

When Nigeria enacted the original NIMC Act in 2007, the country had no comprehensive data protection law. Nearly two decades later, as digital identities have become repositories of highly sensitive personal information, the 2026 Act brings NIMC squarely under the Nigeria Data Protection Act (NDPA), creating a clear legal framework for how identity data is collected, stored, processed and shared.

The law adopts a consent-first approach. In most cases, third parties can only access information in the National Identity Database with the individual’s permission. The only exceptions are narrowly defined, including High Court orders, criminal investigations, and matters of public interest.

The Act also introduces new transparency obligations. At the point of enrolment, NIMC must inform citizens how their data will be used, who it may be shared with, and which department is responsible for protecting it. It is the first time privacy, consent, and accountability have been explicitly embedded in Nigeria’s identity law.

The Act also tackles one of Nigeria’s biggest identity challenges: exclusion. It requires NIMC to create specialised enrolment systems for vulnerable and underserved populations, including people without permanent addresses, ensuring they are not locked out of essential services as digital identity becomes increasingly central to accessing healthcare, financial services, and government social programmes.

By embedding stronger privacy protections and expanding identity access for underserved populations, the Act lays the legal foundation for a more secure and inclusive identity system. Its impact will ultimately be determined by implementation.

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Sycamore appeared on the CBN’s list of 46 microfinance banks whose licences were revoked on Wednesday. The company said the regulatory action affects the acquired entity and stems from historical compliance issues that predate the acquisition rather than its current operations.

The revocation means Sycamore’s planned expansion beyond digital lending into regulated banking services now faces fresh uncertainty. It comes barely two months after the lender told TechCabal it planned to build a deposit base exceeding ₦40 billion ($29.13 million) in 2026.

“Sycamore had acquired the entity as part of its planned expansion into deposit-taking and payments,” the company said in a statement shared with TechCabal on Wednesday. “The company was in the process of establishing its integration into its group and operational infrastructure for the entity when the licence was captured in the CBN’s sector-wide compliance review.”

The company added that its existing businesses remain fully operational. Its consumer lending platform continues to operate under the Federal Competition and Consumer Protection Commission (FCCPC)’s approval, while Sycamore Investment and Asset Management Limited (SIAML) remains licenced by the Securities and Exchange Commission (SEC).

“All customer funds and investments are secure and fully accessible. The company will provide further updates as things progress,” the company said.

Like several Nigerian fintechs, Sycamore entered banking by acquiring an existing microfinance bank rather than applying for a fresh licence. The strategy allows fintechs to gain access to deposit-taking capabilities, payments infrastructure, and lower-cost funding while avoiding the lengthy licensing process.

The CBN did not single out Sycamore in its Wednesday announcement. It has revoked the operating licences of 47 microfinance banks in the last two days. According to the regulator, the affected institutions failed to meet the conditions required to continue operating as licenced financial institutions. 

The latest action affects a mix of Tier 1, Tier 2, and state microfinance banks spread across more than a dozen states, including Lagos, Kano, Abuja, Ogun, Kaduna, and Rivers. Among the affected institutions are NowNow Digital MFB, Creditville MFB, Safegate MFB, Sycamore MFB, Gold MFB, and Entrepreneur MFB.

The central bank said the revocations were triggered by one or more breaches, including “insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.”

National MFBs must maintain a minimum paid-up capital of ₦5 billion ($3.62 million); state MFBs require ₦1 billion ($724,150); tier 1s require ₦200 million ($145,729); and tier 2s need ₦100 million ($72,865). 

Goldman Microfinance Bank’s case was more severe. The bank had already entered liquidation and voluntarily applied to be wound up. The CBN also said the lender was critically undercapitalised, lacked enough assets to meet its liabilities, and breached provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The revocation of Goldman’s licence took effect on May 21, while the other 46 revocations became effective on July 1.

The sweeping enforcement action comes as the regulator tightens oversight of Nigeria’s banking industry following the completion of commercial banks’ recapitalisation exercise earlier this year. It also underscores that the CBN’s scrutiny extends beyond commercial lenders to microfinance institutions that no longer satisfy licensing requirements.

The clean-up could also reshape how fintechs acquire MFBs going forward. As dormant and non-compliant microfinance banks disappear from the market, acquisition targets are likely to become scarcer, raising the premium on compliant institutions while reinforcing the CBN’s willingness to scrutinise licences even after ownership changes.

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