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.

  • Microsoft’s $1 Million Pledge Aims to Bridge Nigeria’s AI Skills Gap

    Microsoft has committed $1 million to train one million Nigerians in AI and digital skills over the next two years. Announced in Lagos, this initiative is part of the company’s broader African strategy, aiming to boost youth employability through AI and cybersecurity training in partnership with Tech4Dev and Data Science Nigeria. This investment aligns with…

  • Jumia’s 2024 revenue declines to $167m despite uptick in orders outside urban centres 

    Jumia’s revenue fell by 10% to $167.5 million in 2024 as the e-commerce giant continued its cost-cutting efforts. However, its operating loss also decreased by 10% to $66 million, reflecting improved efficiency. The company exited the South African and Tunisian markets in 2023 to focus on larger economies like Nigeria, Egypt, and Morocco. Despite this,…

  • Nigeria’s Central Bank holds interest rate at 27.50% after CPI rebasing

    The Central Bank of Nigeria (CBN) has maintained its benchmark interest rate at 27.50%, opting for stability following the rebasing of the Consumer Price Index (CPI). The decision reflects a cautious approach by Governor Olayemi Cardoso, balancing inflation control with economic recovery efforts. The rebasing, conducted by the National Bureau of Statistics (NBS), adjusted Nigeria’s…

  • Kenya’s Ebee Mobility faces higher tax bill after losing e-bike classification appeal

    Kenya’s tax appeal tribunal has ruled against Ebee Mobility Kenya, upholding the Kenya Revenue Authority’s (KRA) decision to classify its e-bike imports as fully built units rather than assembly parts. This means Ebee’s shipments will attract a 25% import duty, 16% VAT, and additional excise charges—significantly increasing costs for the e-mobility startup. Ebee had argued…

  • Exclusive: Kuda Bank raised an undisclosed equity round in 2024

    Kuda Bank, a Nigerian neobank, secured an undisclosed equity funding round in 2024 to cushion its growing losses and declining cash reserves. Despite revenue reaching $32 million and a user base of 7.2 million in 2023, the bank’s losses surged to $40 million. Though Kuda previously denied raising funds in 2023, its latest filings confirm…

  • How crypto startups survived the ban in Nigeria

    The 2021 Central Bank of Nigeria (CBN) ban on crypto transactions dealt a significant blow to Nigeria’s thriving crypto industry, forcing many startups to shut down or pivot. Companies like Bitfxt, LocalBitcoins, and Paxful were particularly hard hit, as banks closed their accounts, effectively locking them out of the financial system overnight. Before the ban,…