TechStream

Technology news around the ecosystem!

From Lagos to Nairobi

We give you summaries of happenings around tech, from developer stand-ups to the boardrooms.

  • Flutterwave Considers Listing on the Nigerian Stock Exchange Amid Profitability Concerns

    Flutterwave CEO Olugbenga Agboola recently stated that the company will not pursue an IPO until it becomes profitable. However, in a surprising move, Agboola met with Nigerian President Bola Tinubu to discuss a potential listing on the Nigerian Stock Exchange (NGX), sparking speculation about the fintech giant’s next steps. With a $3 billion valuation, Flutterwave…

  • Gokada Files for Chapter 11 Bankruptcy in Delaware Amid Financial Struggles

    Lagos-based mobility company Gokada has filed for Chapter 11 bankruptcy protection in Delaware, aiming to restructure its operations while managing outstanding debts. The filing suggests unsecured creditors may face complete losses, marking a critical moment for the once-thriving startup. Founded in 2017 by Fahim Saleh and Deji Oduntan, Gokada initially gained traction as a motorcycle…

  • Nigeria’s Internet Usage Surpasses One Million Terabytes Amid Digital Transformation

    Nigeria’s internet consumption has hit a major milestone, surpassing one million terabytes in cumulative data usage as of January 2025, according to the Nigerian Communications Commission. However, monthly consumption dropped significantly from 94,502 terabytes in December 2024 to 27,475 terabytes in January 2025. This shift comes as major telecom providers, MTN Nigeria and Airtel Nigeria,…

  • Sendstack Targets $1 Million Revenue with GPS Tracker Sales

    Sendstack, a Norrsken-backed startup, is pivoting from last-mile logistics to fleet management, aiming to generate $1 million in revenue by 2025 through the sale of GPS tracking devices. The company plans to sell 10,000 trackers by July, each priced at ₦100,000, while promoting its fleet management software, CTRL. The trackers, resembling AirTags and running on…

  • Jumia Shares Plunge 28% Amid Continued Losses

    Jumia’s stock dropped 28%, falling from $3.88 to $2.82, after reporting continued losses in 2024 despite cost-cutting efforts. The company’s market capitalization shrank to $285.2 million, a steep decline from $1.3 billion in Q3 2024. Revenue fell 10% to $167.5 million, with Q4 earnings down 23% year-over-year. While order volume increased by 11%, Jumia’s logistics…

  • Nigeria’s Internet Consumption Surpasses 1 Million Terabytes

    For the first time, Nigeria’s internet consumption exceeded 1 million terabytes in January 2025, highlighting the country’s increasing digital dependence. However, data usage dropped sharply to 27,475 terabytes, down from 94,502 terabytes in December 2024. The decline may be linked to recent 50% data tariff hikes by telecom giants MTN Nigeria and Airtel Nigeria, which…