For several years, Martin Mbonu and his team at ComzAfrica have been operating in the background. While headlines chased flashy fintech unicorns and their massive funding rounds, this Rwanda-based company quietly processed over USD 5 B in small digital loans. Now, as the African tech scene grapples with a reset and asks what comes after growth-at-all-cost, their long-game philosophy is having its moment.

“Financial inclusion was the foundation, not the destination,” Mbonu tells WT, articulating a view he has held since 2010. His question has always been the one many are only now asking: “After people are financially included, what next?”

ComzAfrica, founded in 2010 by Gilles Richard Mulihano, Jeff Gasana, and Keza Bunyenyezi, and now led by Mbonu since 2024, set out to build embedded finance before the term was popular. Instead of building another app for consumers, they built tools for telecom companies and other large platforms. This allowed millions of people to borrow small amounts of airtime or data directly through their mobile phones, using channels they already knew.

“Our primary objective was to address challenges faced by both consumers and telecommunications providers,” Mbonu explains. “Consequently, introducing the solution as a telecommunications product was a logical decision, and we acted as the enablers using technology.”

The company’s origin is a relatable story of everyday frustration. In 2008, one of the founders found himself locked out of his home late at night, out of airtime to call for help, and unable to buy a recharge card. This trivial yet universal pain point revealed a massive gap.

It was that mundane problem that led to a simple solution: a way to borrow small amounts of airtime instantly. The real insight, however, was about distribution, not just credit “We realised it was a distribution problem,” Mbonu says. “How will this product get into the hands of the consumers?”

The scale they achieved is measured in staggering volume—billions of dollars in micro-loans—but also in daily impact. “We process over USD 700 K daily in loans,” he claims. “These are people who landed at an airport, need data to continue roaming, and they quickly dial the short code and borrow.”

“It could be someone who really needed airtime but maybe is out of cash on mobile money,” he says, describing the typical, urgent need the service meets.

***

In an ecosystem obsessed with user counts and venture capital, ComzAfrica stands as a contrarian. Bootstrapped and independent for a decade and a half, it has never taken outside investment. “We got into business to solve a problem and make money. We didn’t start ComzAfrica to raise money at the time,” Mbonu states.

This independence shapes his critical view of industry myths, particularly the tense relationship between fintechs and traditional banks. “That partnerships with banks do not work. That banks are too slow and are too rigid,” he says, dismissing a common narrative.

“We have worked with banks in the last 15 years, and we will continue to work with Banks.” He sees them as essential partners, with fintechs solving for speed and distribution where banks provide trust, regulation, and capital.

Mbonu describes his team as “missionaries” on a vocation to provide access. He likens the company’s personality to “Ragnar Lothbrok, the Viking hero, but with lots of kindness,” defined by curiosity, leadership, rebellion, and duality.

This resilience was forged in challenging markets. When asked about the hardest country to enter, his answer is succinct: “Iran, lots of reasons.” The experience taught him that “achieving success in a different environment requires openness to unlearning previous approaches.” He applies the same lesson to tough African markets, noting that “Nigeria presents considerable challenges as a market; without careful planning, initial investments may be depleted.”

Looking forward, Mbonu’s vision is fixed on the next logical step. With digital wallets and accounts now widespread, he believes the industry’s obsession must shift from inclusion to prosperity. “Now that individuals possess wallets and bank accounts, maintain digital footprints, and have credit scores, the next step is to empower them to build wealth,” he says.

For ComzAfrica, this means continuing to be the hidden engine within larger ecosystems, enabling credit and other complex financial services in the platforms where people already live their digital lives. The next conquests, he says, are North Africa and Asia.

As the African tech narrative matures from a chase for users to a pursuit of sustainable value, Mbonu’s 15-year journey offers a tested blueprint.

CORRECTION (5th Feb, 2026; 11:40 WAT): This article was updated to show the co-founders of ComzAfrica and the origins of the personal encounter that led to its founding.

LemFi, the global financial platform built for the underserved, is launching its remittance services in Australia after receiving approval from the country’s financial services regulatory unit. The approval marks a significant milestone in LemFi’s global expansion and enables the company to begin offering its remittance services to customers in Australia, one of the world’s fastest-growing and most important outbound remittance markets.

Australia’s migrant population has grown rapidly, now accounting for 31.5% of the total population, or 8.6 million people, following record net overseas migration over the past two years. Migrants contribute USD 330 B (AUS$480.5bn) to Australia, and outbound remittances from Australia have surged, with USD 38.2 B (AUS$56.6bn) sent overseas in 2024 alone. India is the single largest recipient, receiving $7.3 billion in remittances from Australia in 2024, followed by China at $5.35 billion. Other major remittance corridors include Vietnam, the Philippines, Pakistan, Kenya and Nigeria – all of which are markets already served by LemFi.

A high regulatory bar and a strong signal of trust

LemFi has received formal authorisation from AUSTRAC, Australia’s financial intelligence and regulatory authority, to operate as an independent remittance dealer. Securing approval demonstrates LemFi’s operational maturity and its ability to meet stringent international compliance standards. 

As an independent remittance platform, LemFi can now directly provide its remittance services to Australian residents, offering competitive exchange rates, fast transfers, and low-cost fees. Australian customers will join over 2 million LemFi users across Europe and North America, sending money to more than 30 countries worldwide. 

Rebeca Wignall, Chief Legal Officer at LemFi, said: “Remittances are more than transactions, they are about family, responsibility and opportunity. Receiving AUSTRAC approval reflects the strength of our compliance framework and allows us to support Australia’s diverse migrant communities with secure, transparent and accessible financial services.”

Mamadou Mareme Diop, VP of Remittance at LemFi, said: “Australia is a critical remittance corridor, and demand continues to grow alongside migration. This approval allows us to bring LemFi’s trusted, customer-first remittance experience to a market where these services are essential to millions of people.”

A growing global footprint

Australia becomes the latest addition to LemFi’s expanding regulatory and geographic footprint, alongside licences and approvals in the UK, Ireland, the US and key remittance corridors across Africa and Asia. The expansion supports LemFi’s broader mission to build a full financial ecosystem for immigrants, spanning remittances, savings and credit, designed around the realities of global mobility.

In Kenya, TikTok is delivering serious sales results for brands, but questions persist over how the platform shares its commercial success with the local creators essential to its growth.

TikTok for Business, the platform’s advertising arm, is marking its first year in Kenya with data showing over 200 local creators collectively earned more than KES 47 M (over USD 360 K) through brand collaborations. The revenue came from Kenyan companies hiring creators to make promotional videos, using TikTok’s new local support teams to connect them.

The platform’s debut commercial year has seen strong adoption by Kenyan brands, resulting in measurable growth for several major companies. TikTok campaigns, findings revealed, helped e-commerce platform Kilimall generate over 152,000 purchases and a six-fold increase in sales. Others, such as consumer goods player Godrej Aer, doubled month-on-month sales, while fintech company Branch topped customer acquisition targets.

“It’s less billboard, more smartphone; less polished studio, more authentic, creator-driven clips,” TikTok says. This shift comes as spending on traditional TV, radio, and newspaper ads in Kenya has seen double-digit declines, while digital ad reach on platforms like Facebook has soared.

Despite the promising start for brand partnerships, a critical gap remains in how TikTok monetises the broader creator community. The platform’s Creator Rewards Program, which pays users directly based on video views and engagement, is not available in Kenya or anywhere in Sub-Saharan Africa.

This policy has sparked criticism from creators and officials who argue the platform profits from African content without sharing a cut of the core advertising revenue. “If you have no arrangement [to pay], what are you doing in my country?” Ugandan comedian Kansiime Anne has asked. South Africa’s Communications Minister has called the exclusion an “economic injustice”.

In contrast, YouTube shares up to 55% of ad revenue with creators globally. TikTok points to alternative tools like “LIVE Gifting,” where fans can send virtual tips (though TikTok takes a standard cut), as well as special grant programs. However, these are not passive income streams like the unavailable rewards program.

For now, a Kenyan creator’s primary path to earning on TikTok is through the type of brand deals the platform is celebrating. With over 10 million users in the country and the app ranking as the third most popular social platform, building a sustainable local creator economy is imperative.

The platform plans to “deepen its footprint” in Kenya, betting that the next big billboard isn’t on a highway but in someone’s hand. The challenge will be ensuring more creators have a fair share in the revenue that billboard generates.

Feature Image Credits: The Star

After years of relative quiet, Egypt’s public markets are staging a vigorous comeback. A wave of new listings, led by homegrown technology and consumer brands, is signalling a surge of investor confidence and transforming the Egyptian Exchange (EGX) into a hub for local growth stories.

Market officials anticipate 2026 will be “the most active period for initial public offerings in the exchange’s history,” with plans to list around eight new companies, primarily from the medical and tourism sectors. This momentum follows a blockbuster year in 2025, which saw the EGX’s total market capitalisation surge by 42% year-on-year; part of a staggering cumulative growth of 390% since mid-2022.

The turning point came in 2025 with the landmark listing of Valu, a leading Egyptian fintech platform. Rather than a traditional IPO, Valu debuted through an innovative “in-kind dividend” where shares were distributed to investors of its parent company, EFG Holding.

The debut was explosive as Valu’s share price surged 852% in its first minutes of trading, proving local investors have a powerful appetite for high-growth tech companies.

The listing also attracted global attention, with Amazon acquiring a direct 3.95% stake in the company. Market experts, including Morgan Stanley, now highlight Egypt for “undemanding valuations amid an ongoing macro-turnaround,” with foreign investor flows reaching a two-year high.

Building directly on this momentum, premium grocer Gourmet Egypt has announced plans to list on the EGX. Its IPO was priced at the top of its target range, with the private placement portion oversubscribed by more than 12 times.

The deal, which saw existing shareholders sell a 47.6% stake while retaining confidence in the future, was seen as a key test of retail investor demand in Egypt’s consumer sector. Its strong reception confirms a broad-based revival is underway.

The market’s resilience is now being tested by the planned listing of Bosta, Egypt’s ubiquitous last-mile delivery startup. The company is reportedly preparing to float 20-30% of its equity in a deal worth up to EGP 8 B (USD 160-170 M) by the end of 2026.

Bosta represents a new breed of listing in that it’s a “pure-play” tech-enabled logistics company pitching itself as a high-margin ecosystem, not just a courier service. Its success will depend on investors believing in its expansion beyond parcel delivery into heavy B2B transport and its heavy investment in automation, including a new USD 5 M sorting facility.

The company is pursuing a “dual-track” strategy, concurrently preparing for its IPO while raising a USD 32 M private funding round to secure a financial cushion against market volatility.

These private-sector listings are unfolding alongside a government pipeline of 13 state-backed companies slated for privatisation, adding further depth to the market. The exchange itself is evolving, transitioning to a joint-stock company and preparing to launch sophisticated new trading tools like derivatives and short selling in early 2026. The combined effect is a dramatic re-rating of Egypt’s financial ecosystem.

AGX Consultant Studio, a Cairo-headquartered venture builder and investment firm, has announced an expansion of its operations across Africa, with a specific geographic focus on North and West African markets. The firm, which also maintains a regional hub in Rwanda, currently manages a portfolio of more than 50 startups.

The firm’s operational model involves facilitating market entry across more than 15 African countries. Rather than following a traditional consultancy or passive investment framework, AGX utilises a venture-building approach, taking an active role in the management and governance of its portfolio companies. This “co-builder” strategy is designed to help startups navigate the regulatory and logistical complexities inherent in cross-border scaling.

The firm’s current investment and development efforts are concentrated on several key sectors:

• Fintech and Digital Transformation
• Cybersecurity
• Agritech and Food Security

According to Dr Fady Ismail, Managing Director at AGX Consultant Studio, the firm’s strategy shifts the focus from simple capital deployment to active operational involvement. Ismail stated that the firm works with founders to ensure solutions are viable for regional expansion, aiming to bridge market gaps with local innovations that meet international standards.

By leveraging its network of regional alliances, AGX provides portfolio companies with access to institutional clients and decision-makers. The expansion is intended to position these startups to capture a larger share of the African venture market, which has seen significant shifts in funding dynamics over the past year.

Portfolio and Market Position

While the firm does not publicly disclose a single consolidated valuation for its entire “co-built” portfolio, it is identified as an early-stage venture studio focused on “supercharging” its partners’ valuations through tangible traction. The portfolio includes ventures across the following pillars:

• Financial Technology: Startups focused on cross-border payments and digital transformation.
• Security: Ventures specialising in regional cybersecurity infrastructure.
• Agriculture: Projects addressing food sovereignty and supply chain logistics in Africa.

Uber ceased all ride-hailing operations in Tanzania on January 30, 2026, ending nearly a decade in the market. The company informed users via its app that services were no longer available in cities including Dar es Salaam, Arusha, and Zanzibar, thanking them for their support but not detailing specific reasons for the exit.

The departure follows years of dispute with the Land Transport Regulatory Authority (LATRA). Uber’s journey in Tanzania, which began in June 2016, has been characterised by friction.

The core conflict centred on regulations that treated ride-hailing like traditional taxis, imposing a fixed fare structure and a cap on the commission platforms could take from drivers. LATRA enforced a commission ceiling of 15%, which was significantly below Uber’s global standard and limited its ability to fund promotions and driver incentives.

This regulatory pressure led Uber to suspend services temporarily in April 2022, stating the environment was not friendly to its business model. Operations resumed in early 2023 after negotiations resulted in a revised commission structure. However, the underlying regulatory framework remained, and the company has now made its exit permanent.

Intense competition from rival Bolt compounded Uber’s challenges. Bolt, which entered Tanzania in 2017, has become the market leader with a reported network of over 30,000 drivers across eight cities. Analysts note that Bolt’s pricing strategies and model were more adaptive to local conditions and LATRA’s rules. At the time of its exit, Uber’s active driver fleet was estimated at around 1,500.

The immediate impact displaces thousands of drivers who relied on the platform for income and removes a well-known mobility option for commuters. Market demand is expected to shift to remaining competitors like Bolt, In-Drive, and Little.

Uber’s exit from Tanzania follows its retreat from Côte d’Ivoire in 2025. Industry analysts view this as part of a strategic recalibration, where the global platform prioritises markets with regulatory environments more conducive to its dynamic pricing and commission model.

A clean-cooking company that powered kitchens for hundreds of thousands of low-income families has abruptly collapsed, laying off its entire 700-person workforce and shutting off fuel supplies overnight. The fall of KOKO Networks, a once-celebrated Kenyan startup, reveals the fragility of climate-tech ventures built on complex global finance and vulnerable to a single regulatory decision.

Founded in 2013, KOKO Networks aimed to revolutionise cooking in urban Africa. It built a vast physical network of more than 3,000 automated fuel-dispensing “KOKOpoints” installed in corner shops across Kenya. Households would buy bioethanol—a cleaner-burning fuel—in reusable bottles at these outlets for as little as KES 100.00 (around 78 cents) per liter, roughly half the market price. The company sold its purpose-built cookers for KES 1.5 K (~USD 12.00), heavily subsidised from a market rate of about KES 15 K (USD 116.00).

This model tackled multiple problems. It offered a cheaper, faster alternative to charcoal, reduced harmful indoor air pollution, and cut down on deforestation. At its peak, KOKO was onboarding an estimated 1,000 new households daily and served an estimated 1.5 million families. Investors, including heavyweights like the Microsoft Climate Innovation Fund and Rand Merchant Bank, poured over USD 100 M in equity and debt into the venture, seeing it as a flagship for climate action.

***

KOKO’s ability to sell fuel and stoves far below cost was financed by the international carbon market. This was the core of its business model. By switching households from charcoal to bioethanol, KOKO generated verified reductions in greenhouse gas emissions. Each tonne of emissions avoided was certified as a carbon credit.

These credits were sold to companies and governments abroad, like airlines in compliance offset schemes, to help them meet their climate goals. These “compliance market” credits could sell for around USD 20.00 each, a key revenue stream.

The income from selling these credits was used to cover the gap between KOKO’s costs and the subsidised prices paid by its customers. In essence, global carbon finance was directly funding affordable, clean cooking for Kenyans.

This entire financial architecture depended on one critical document; a Letter of Authorization (LOA) from the Kenyan government. Under international climate rules (Article 6 of the Paris Agreement), a country must authorise a company to sell carbon credits representing emissions reductions on its territory.

According to multiple reports, the Kenyan government declined to issue this letter to KOKO. While the exact reasons are part of private discussions, sources indicate a dispute over the control and sharing of benefits from the carbon credit revenues.

The refusal was catastrophic. Without the LOA, KOKO could not sell its carbon credits on the primary compliance markets. Overnight, the revenue funding its subsidies vanished. Following two days of crisis meetings, executives concluded the business was no longer viable. On January 31, 2026, operations stopped, staff were told not to come to work, and customers received a terse SMS informing them of the shutdown.

***

Over 1.5 million families must now find a new, likely more expensive and polluting, way to cook. Energy experts warn of a widespread return to charcoal, reversing gains in public health and forest conservation. Meanwhile, more than 700 direct employees and thousands of shop agents who operated KOKOpoints have abruptly lost their livelihoods.

The collapse may also trigger a massive financial liability. In 2024, the World Bank’s Multilateral Investment Guarantee Agency (MIGA) provided a USD 179.6 M political risk guarantee to back KOKO’s expansion. With the company alleging a government action led to its failure, Kenyan taxpayers could face a potential claim reported to be as high as KES 23 B (~USD 179 M).

Ultimately, KOKO’s failure exposes the high-wire act of climate-tech ventures in emerging markets. The company built a real, impactful service with strong customer demand but was felled by a breakdown in the intricate, policy-dependent finance that underpinned it.

The fallout could also send a sobering signal to international investors and entrepreneurs betting on Kenya’s “Silicon Savannah” and its ambitions as a green investment hub.

Visa recently announced the latest cohort for its Visa Africa Fintech Accelerator program. This high-impact initiative is designed to support startups across the continent through mentorship, training, and potential investment opportunities, helping them scale their solutions to solve real-world financial challenges.

The fifth cohort of Visa’s accelerator is designed to provide early- and growth-stage startups with crucial support, including mentorship, technology assistance, and access to Visa’s extensive global network. This comprehensive approach is vital for startups seeking to scale their operations and introduce new financial solutions to underserved populations across Africa.

By expanding its geographical reach, the program actively positions itself as a pivotal platform for nurturing fintech innovation and accelerating financial inclusion. The latest program supports selected businesses with the resources and expertise to help shape the future of payments across Africa.

Meet the Cohort

The latest cohort features a diverse group of companies ranging from agricultural logistics to advanced fraud prevention, all working to deepen financial inclusion and digital payment adoption in Africa.

CinetPay, the Ivorian fintech backed by Nigerian giant Flutterwave, is facing intensifying scrutiny as a new million-dollar dispute with a business partner emerges, compounding existing investigations into the company for alleged money laundering and fraud troubles in Senegal.

The fresh allegations reveal a severe liquidity crisis at the company, contradicting its public assurances of stability and raising urgent questions about regulatory oversight in one of Africa’s fastest-growing digital payment markets.

According to documents reviewed by WT, CinetPay’s CEO, Daniel Dindji, formally acknowledged in September 2025 that the company owed merchant aggregator D-Pay CFA francs 655 M (approximately USD 1.1 M). The debt stemmed from a “significant cyber fraud incident” that same month, which Dindji stated had a “direct and substantial impact on our cash flow.”

The incident, which targeted CinetPay’s systems in Côte d’Ivoire, Togo, and Burkina Faso, saw fraudsters exploit its treasury to siphon funds to mobile money accounts. While CinetPay blocked some transactions on Orange Money, recoveries were minimal. Four months later, D-Pay reports the funds remain unpaid, forcing it to cover settlements to its own merchant clients from its working capital to avoid collapse.

“By withholding customer funds for months, this situation has restricted our access to working capital and affected our ability to serve our clients,” revealed John Schubbe, an operations manager at DPay, speaking on behalf of the company.

***

This financial dispute unfolds alongside a separate, serious legal probe. Last year, Senegalese authorities investigated CinetPay for its alleged role in facilitating organised fraud, money laundering, and illegal online gambling.

According to Senegalese police reports from September 2025, the investigation began after complaints about harassment from fake loan companies. Authorities tracing financial flows found funds routed through CinetPay’s platform to an Ivorian company, Nectar Microcrédit Technologie.

A search of CinetPay’s Dakar office also uncovered links to Sunutech Ltd Sarl, operating as Seyp Senegal, an entity accused of running a Ponzi scheme that allegedly defrauded Senegalese citizens of over USD 15.4 M. Police technical analysis indicated CinetPay processed payments for this scheme throughout 2024.

Senegal’s Special Cybersecurity Division arrested a CinetPay business development manager in Dakar as part of the probe.

In a September 2025 statement, CinetPay denied any wrongdoing, claiming a “third-party company misused its services.” It said it terminated the contract, cooperated with authorities, and filed a complaint against the merchant. The company asserted its commitment to compliance and framed the scrutiny as “demonisation.”

***

CinetPay holds a payment service provider license from the Central Bank of West African States (BCEAO) and gained 2025 approval to join the region’s formal cross-border payment system. It services over 25,000 merchants across francophone Africa and raised USD 2.4 M in 2021 from Flutterwave and 4DX Ventures.

This authorised status clashes with the current allegations. The situation forces urgent questions about the efficacy of client fund safeguarding rules, real-time transaction monitoring, and the BCEAO’s supervisory capacity for licensed fintechs, especially after a major cyber incident.

BCEAO regulations mandate that electronic money institutions segregate and protect client funds, ensure timely settlement, and promptly report material incidents. The documented months-long settlement failure to D-Pay and the alleged processing for fraudulent schemes in Senegal suggest potential breaches of these core requirements.

Despite the CEO’s signed debt acknowledgment to D-Pay dated September 30, 2025, and the issuance of formal legal notices in November, no comprehensive repayment plan has been implemented. Partial payments of about 120 million CFA francs were made in some jurisdictions, but the bulk remains outstanding.

CinetPay has not responded to multiple requests for comment regarding the debt to D-Pay. Flutterwave and 4DX Ventures have also not publicly addressed the allegations against their portfolio company. For now, partners like D-Pay are left waiting, and regulators face a critical test of enforcement.