This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.

The Central Bank of Nigeria (CBN) mentioned stablecoin(s) at least 68 times in its newly released Payments System Vision 2028 (PSV 2028).  For a regulator that once wanted banks nowhere near cryptocurrency businesses, this is a remarkable shift. 

A stablecoin is a digital currency pegged to a stable asset, such as a fiat currency, to minimise volatility, used for payments and settlements, especially in cross-border transactions 

In February 2021, the CBN instructed banks and other financial institutions to close accounts associated with crypto transactions. At the time, the regulator argued that cryptocurrencies posed risks to financial stability, money laundering controls, and consumer protection.

Five years later, the same institution is proposing an enabling framework for stablecoins to become part of Nigeria’s regulated payments infrastructure.

Across emerging markets such as Nigeria, stablecoins already help move money across borders, facilitate trade, and provide access to dollar liquidity for businesses and individuals. 

More than 65% of crypto inflows into Nigeria are now denominated in stablecoins, with Tether’s USDT and Circle’s USDC dominating activity, according to a new International Monetary Fund (IMF) report on Nigeria. 

For the CBN, the new question it wants to answer is whether stablecoins can be regulated in a way that helps solve some of Nigeria’s most persistent payments and foreign exchange (FX) challenges.

As PSV 2028 attempts to shape its broader ambition to redesign how money moves into, out of, and across Nigeria, stablecoins have emerged as one of the tools the CBN believes could help achieve that objective.

Stablecoins are part of how Nigerians move money

Between July 2024 and June 2025, Nigeria received approximately $92.1 billion in crypto-asset value, with stablecoins driving growth. The country’s numbers are nearly triple that of the next country, South Africa, according to blockchain analytics firm Chainalysis. 

In a June 9 report on Nigeria, the International Monetary Fund (IMF) said the country has become the largest destination for stablecoin inflows in Sub-Saharan Africa, accounting for roughly 60% of regional inflows between late 2019 and early 2025.

The rise in stablecoins’ attractiveness can be traced to elevated inflation and naira volatility between 2023 and 2024, according to the IMF.

For households, stablecoins could serve as a cheaper alternative for receiving remittances. Remittances are a crucial part of income for many households, and amount to about $21 billion annually in Nigeria. 

By allowing funds to move directly over blockchain networks, stablecoins can reduce reliance on intermediaries that typically charge transfer and foreign exchange fees, helping recipients receive more of the money sent to them. 

For freelancers, stablecoins provide access to international payments. For businesses, they increasingly function as a mechanism for treasury management and cross-border settlement. In effect, stablecoins have emerged as an unofficial dollar rail operating alongside the traditional banking system.

To tap into this growing usage, Nigeria’s first regulated stablecoin, cNGN,  pegged 1:1 to the naira, was launched by WrappedCBDC, a private company, in early 2025. About ₦2.3 billion cNGN held by around 4,805 wallets was in circulation as of June 12. 

To further strengthen stablecoin use cases, the CBN is exploring the creation of a regulatory framework that would formally recognise fiat-collateralised stablecoins as a distinct category of digital monetary instrument.

“Develop regulations that recognise fully fiat-collateralised stablecoins as monetary instruments, with CBN licencing, 100% high-quality reserve requirements, daily attestations, monthly audits, and real-time regulatory visibility via smart-contract ‘regtech nodes,’” it said in the PSV.

Under the model being considered, stablecoins backed one-for-one by reserves in Naira or foreign currencies would function as tokenised representations of fiat currency operating on blockchain networks.

“When fully backed by fiat reserves, such tokens function as on-chain representations of sovereign currency and must therefore be subject to monetary oversight distinct from e-money or crypto-assets,” the CBN said in the PSV.

The regulator is examining whether stablecoins can serve as digital extensions of traditional money.

A dollar-backed stablecoin would represent a digital claim on dollars held in reserve, while a Naira-backed stablecoin would represent a digital claim on naira deposits held within the banking system.

The CBN’s proposal effectively creates a framework where regulated stablecoins could sit alongside existing payment instruments such as bank deposits, electronic money, card networks, and the eNaira.

“In this context, the Bank is also reviewing approaches for the oversight of entities that may seek to issue fiat-collateralised stablecoins intended for use within the Nigerian financial system,” the CBN said.

To achieve this, the CBN said it is pursuing targeted legislative amendments to provide clear statutory recognition of fiat-collateralised stablecoins as monetary instruments rather than securities.

It intends to collaborate with the Securities and Exchange Commission (SEC) and other key stakeholders to develop a unified policy position that affirms their classification as digital representations of sovereign currency for payments, settlement, and value transfer.

TechCabal Interactive Tool

The CBN Regulatory Evolution Engine

Map the operational mechanics behind the central bank’s transition from an outright ban to on-chain supervision.

Select Timeline Phase:

2021 Ban 2024 Surge 2025 Pilot 2028 Vision

Regulatory Matrix PHASE 1 of 4

CBN Enforcement Strategy: De-platforming & Account Bans

Network Visibility Index: 5% (Total Blindspot)

The 2021 Banking Restriction

The CBN instructs banks to close all accounts associated with crypto transactions, asserting risks to financial stability, money laundering controls, and consumer safety. Capital flows immediately move into unmonitored peer-to-peer networks.

Structural Consequence

By detaching crypto assets from the formal financial loop, capital operations move underground into hidden peer-to-peer execution channels.

User

âž”

Hidden P2P

âž”

No Oversight

Reference Framework: Charted from the CBN’s initial 2021 directives, the 2025 VASP pilot, and the proposed stablecoin frameworks outlined in the Payments System Vision 2028 (PSV 2028).

A new source of foreign exchange liquidity

The CBN increasingly sees stablecoins as a potential source of FX liquidity.

It states that beyond tokenised monetary instruments such as fiat-collateralised stablecoins, the domestic payment system itself can be leveraged as a supplementary source of FX liquidity.

“This can be achieved through targeted regulatory inclusion and transparent oversight mechanisms that integrate licensed non-bank participants into official FX channels,” it said.

Today, Nigeria earns most of its FX from oil, which is constantly under pressure due to low production capacity and global price fluctuation, and diaspora remittances. Gross FX reserves stood at $50.44 billion on June 10, according to the CBN.

Because foreign currency-backed stablecoin reserves sit outside Nigeria’s regulatory visibility, the dollars backing them are typically held by foreign custodians and largely operate outside the domestic financial system.

For Naira-denominated stablecoins, the regulator is considering requirements that 100% of reserves be held in cash, treasury bills, or other approved liquid instruments with licenced Nigerian custodians.

For foreign currency-backed stablecoins, including dollar-backed instruments, the central bank is evaluating rules that would require a minimum portion of reserves to be held domestically with approved commercial banks.

“A minimum percentage of total fiat reserves backing approved stablecoins denominated in foreign currencies (e.g. USD) should be held domestically in approved custodians (licensed commercial banks),” the CBN said. “The remainder may be held in approved foreign custodians/jurisdictions, including short-term sovereign instruments (e.g. US treasuries) to enhance stability and liquidity.”

This approach contrasts with Kenya, where the National Treasury has proposed that stablecoin issuers serving the public must maintain local fiat-backed reserves in high-quality liquid assets, including cash and deposits, held with commercial banks or the Central Bank of Kenya (CBK). 

The CBN wants some of the underlying liquidity supporting stablecoins to become visible, regulated, and connected to the formal financial system.

In effect, the regulator is examining whether stablecoins can create an additional pool of regulated foreign currency liquidity that supports trade, remittances, and cross-border commerce.

Already, stablecoins are expected to play a more active role in cross-border payments, with the CBN intending to leverage them and central bank-backed digital currencies to navigate currency hurdles with its trading partners.

The IMF explained that stablecoins can enable near-instant cross-border transfers at low cost by reducing reliance on correspondent banking networks and multiple intermediaries that can make traditional cross-border payments slow and expensive.

According to the World Bank, the global average cost of sending $200 remains high at 6.49%, rising to 8.78% in Sub-Saharan Africa, while global payment giant Stripe reports that sending stablecoins typically entails fees of only a few cents per dollar, although total all-in costs depend on network conditions and on- and off-ramp fees.

TechCabal Interactive Tool

The PSV 2028 Impact Engine

Model conservative cost reductions under the CBN’s proposed framework, accounting for actual fiat on/off-ramp friction.

Transaction Amount (USD): Max $100,000

$

Transfer Frequency: Once (Single Transfer) Monthly (12x/Year) Weekly (52x/Year)

Select Capital Corridor:

SSA Remittance Avg. (8.78%)

Global Trade Avg. (6.49%)

Per-Transaction Cost Breakdown

Traditional Channel

$–

3–5 Days • High friction

Regulated Stablecoin Rails

$–

Near-Instant • ~50% drop

CBN Target Limit

$–

5.00% PSV 2028 ceiling goal

The Compounding Effect

By switching to regulated digital rails at this frequency, you could save an estimated $– over the course of a year.

Infrastructure Shift: Inside the Framework

Onshore Custody Mandate

To prevent capital flight, rules require stablecoin issuers to hold a minimum threshold of foreign currency reserves domestically within licensed commercial banks instead of offshore.

RegTech Node Surveillance

Supervision moves from slow paper audits to programmatic oversight, embedding central bank smart-contract observer nodes into verified networks for real-time tracking.

Data Sources & Methodology:

• Central Bank of Nigeria Payments System Vision 2028 Blueprint.
• World Bank Remittance Prices Worldwide (Sub-Saharan Africa 8.78% & Global 6.49% benchmarks).
• Stablecoin metrics assume a conservative ~50% reduction from traditional rates to account for on/off-ramp exchange spread friction.

The winners

The CBN’s proposal could create significant opportunities across the payments ecosystem.

Businesses engaged in international trade stand to benefit from faster settlement times and potentially lower transaction costs. Importers could gain access to more efficient payment channels. Exporters could receive funds faster. Remittance providers could reduce costs.

It currently costs about $17.56 to send $200 to Nigeria, according to the World Bank.  For a $2,000 payment, companies and individuals will have to part with $175.6. If stablecoins only cost about 50% of what is currently obtainable, the operating costs for businesses and individuals will also drop.

The CBN ultimately wants to drop the cost of remittances to 5%.

Treasury and cross-border payment startups would also gain regulatory clarity that allows them to scale new products. Already, several African fintech companies are exploring stablecoin-based payment infrastructure for businesses engaged in international commerce. Companies such as Grey, Paga, and Flutterwave are all showing interest in the space.

The banking sector could also emerge as a beneficiary.

If reserve custody requirements are implemented, commercial banks could become key custodians of stablecoin reserves, creating a new role within the emerging digital asset ecosystem.

Building a regulatory framework

To achieve its objectives, the CBN intends to introduce a classification framework that distinguishes stablecoins based on reserve structure, risk profile, and use case.

The framework recognises fiat-backed stablecoins, which are fully collateralised by naira or foreign currency reserves and are considered suitable for regulated remittances, trade facilitation, and tokenised deposits.

It also recognises asset-backed stablecoins, which derive value from commodities or securities and would require stricter transparency and valuation oversight.

The classification system would underpin licensing, reserve requirements, redemption obligations, interoperability standards, consumer protection measures, and disclosure rules.

The central bank said it is studying regulatory approaches in jurisdictions including Hong Kong, Japan, the European Union, and the United States as it develops its own licencing regime.

“Review existing regulatory guidelines to determine how fiat-collagenised stablecoin off-takers may be granted supervised access to relevant payment system functions, including settlement and on/off-ramp operations, in a manner consistent with oversight requirements,” the CBN said.

Under the proposed framework, stablecoin issuers would be subject to prudential, operational, technological, and disclosure requirements, and would be licenced by the CBN.

On March 31, the CBN launched a supervisory pilot for virtual asset service providers (VASPs) that included fintech firms Flutterwave and Paystack, crypto startup Koin Koin, and cNGN, a Naira-backed stablecoin issuer.

The regulator is considering daily reserve reconciliation, real-time reserve attestations, monthly audits, segregation of reserve assets, and mandatory redemption mechanisms.

Stablecoin issuers would also be required to comply with anti-money laundering and counter-terrorism financing rules, including transaction traceability and Travel Rule obligations.

The CBN wants visibility, not just regulation

PSV 2028 proposes the possibility of CBN observer nodes operating on approved blockchain networks.

The bank is also evaluating a regulatory technology (RegTech) node architecture that would provide real-time visibility into issuance, redemption, circulation, and reserve positions.

A RegTech is a technology solution that helps financial institutions comply with regulations efficiently and effectively, often through automation and real-time reporting. 

“This architecture would give the CBN continuous, tamper-evident insight into stablecoin supply, reserve adequacy, and transaction flow; transforming compliance from periodic audits into real-time supervisory oversight consistent with international best practice in Hong Kong, the EU, and the BIS mBridge framework,” the bank said.

Unlike traditional supervision, which relies heavily on periodic reporting from regulated institutions, the proposed system would allow regulators to monitor activity directly through blockchain infrastructure.

The CBN wants stablecoins to operate in a manner that preserves the transparency and programmability of blockchain technology while maintaining regulatory visibility comparable to traditional financial systems.

That approach reflects a broader global trend among regulators who increasingly view blockchain infrastructure not as something to prohibit but as something to supervise more effectively.

In August 2025, Hong Kong introduced a stablecoin licensing regime requiring reserve backing and redemption rights. In the United States, lawmakers passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) ACT, which provides a framework for the federal regulation of payment stablecoins, on July 17, 2025.   

The balancing act

The CBN’s embrace of stablecoins remains cautious.

Stablecoins support many of the objectives outlined in PSV 2028, including improving cross-border payments, reducing transaction costs, expanding digital commerce, increasing interoperability, and strengthening financial inclusion.

Yet, they also introduce significant risks. A poorly backed stablecoin can lose its peg. Large-scale adoption of foreign-currency-backed stablecoins could encourage digital dollarisation, weaken demand for the Naira, complicate monetary policy, and create new channels for capital flight, according to the IMF.

“Stablecoins facilitate ‘digital dollarisation,’ allowing users to hold and transact in USD-denominated assets outside the formal financial system. Widespread use of USD stablecoins in such a context could amplify capital flow volatility, deepen currency substitution (dollarisation), and weaken the effectiveness of monetary policy,” the IMF said.

It is noted that, under the current conditions of improved exchange rate stability in the country, these risks appear contained.

The IMF recommended stronger supervision, robust licencing requirements, consumer protection rules, and close coordination between the CBN and the Securities and Exchange Commission (SEC).

The CBN appears to agree and said it is working with the SEC and other stakeholders.

It wants to “develop a risk-tiered stablecoin framework; set rules for licencing, reserve backing, redemption and disclosures; run controlled stablecoin pilots for low-value trade or remittances.”

Five years after telling banks to stay away from crypto, the CBN has reached a different conclusion about stablecoins. They are no longer viewed solely as speculative digital assets. Increasingly, they are being viewed as part of the country’s payment infrastructure and will start to play a big role from 2026.

Bolaji Anifowose is a product marketing manager and go-to-market (GTM) engineer with over 7 years of experience helping startups across Africa and beyond sharpen their positioning, launch products, and build compounding growth engines. He has led growth, GTM, and marketing efforts for high-impact companies such as Simpu, Distrobird, Chatbase, and Tecno, delivering successful product launches, demand generation campaigns, and market expansion strategies that produce significant results.

Before tech, Bolaji studied Metallurgical and Materials Engineering at the University of Lagos, Nigeria, a background that shaped how he approaches marketing today: systems-first and evidence-led. He is a graduate of the pioneer cohort of the GTM Engineer School and spends a lot of his time these days at the intersection of marketing and AI, building automations and workflows that let small teams punch far above their weight.

• Explain your job to a five-year-old.

You know when you make something really cool, like a drawing or a sandcastle, but nobody comes to look at it? My job is to make sure people come and look. I help companies that have built something good figure out how to tell the right people about it, in a way that makes them go “I want that.” I find the people who would love it, work out what to say to them, and build little machines that help do it again and again.

• Did your 16-year-old self ever imagine he’d end up in marketing?

Not even close. At 16, I was deep in science, headed for engineering, convinced my future involved metals and lab coats. Marketing wasn’t on the map. If you’d told that kid he’d spend his days writing, building automations, and obsessing over why people buy things, he’d have laughed. But here’s the funny part: the engineer never left. I still approach marketing the way I’d approach a materials problem. Test, measure, find the system underneath the noise. I didn’t abandon engineering. I just changed what I was building.

• Who’s a GTM engineer, and what’s the path to becoming one?

GTM engineering is a term Clay coined in 2023. The simplest way to think about it is this: a GTM engineer builds systems that generate revenue. You’re combining artificial intelligence (AI), automation, and creative problem-solving to do work that would normally require a much larger team. That’s the core of it: giving a small team the firepower of a big one.

Think about traditional growth work. You’re manually searching LinkedIn for leads, writing outreach emails one by one, juggling inboxes, and tracking replies. Now flip that. Clay finds and enriches leads. A signal tool identifies who’s actually in-market. Claude and OpenAI personalise outreach. A sequencer sends it, and an n8n agent handles responses. Same goal, far less manual work. That’s what a GTM engineer builds.

There isn’t just one type of GTM engineer. I usually break it into three. First, the software engineer who could work on a product or data team but chose revenue instead. Second, the systems specialist, often from revenue operations (RevOps) or marketing operations, who excels at orchestrating tools. Third, the marketer or salesperson who picked up technical skills and sits at the intersection of strategy and execution. That’s me, and for most people, it’s the most realistic path in.

The skills transfer more than you’d think: systems thinking, customer understanding, copywriting, learning new tools quickly, and being comfortable working alongside code. You don’t need a computer science degree.

To get started, learn the fundamentals first: ideal customer profile (ICP), positioning, channels, and messaging. Then look at your week and identify a repetitive task, whether that’s lead research, follow-ups, or reporting. That’s your first automation opportunity.

Build with tools companies are hiring for today, like Clay, n8n, and Claude Code. Turn a real task into a working system, then run it on actual campaigns. After that, document what you built, make it part of your portfolio, and join the communities where jobs and collaborations happen.

Every system you ship becomes proof that you can do the work. In this field, proof beats a fancy résumé every time.

• What’s your hot take on why most product launches fail?

Here’s my hot take—and the numbers back me up on this: most product launches don’t fail because of the product. They fail because teams mistake shipping for creating demand.

The numbers back it up. Depending on the study, 80–95% of new products fail. Harvard’s Clayton Christensen put the figure at 95%. In B2B, only about one in four launches hits its revenue target. That’s not bad luck. That’s a pattern.

The mistake is usually the same. Teams build the product, pick a launch date, post about it, then wonder why the market shrugs. But a launch was never an announcement. It’s the moment you prove you understand your buyer well enough to make them care.

The data shows where things break. Simon-Kucher’s global pricing study found that 72% of new products miss their sales targets, and a quarter of companies said none of their recent launches met expectations. That’s rarely a product problem. It’s usually a failure to understand what buyers value and what they’ll pay for. Many teams build on assumptions and don’t test them with real customers until it’s too late.

Messaging is another common culprit. Most launches focus on the company and its features: look what we built. Buyers care about something else: what’s changing for them, and why now. If that isn’t clear, no amount of launch-day promotion will save you.

That’s why I think launches don’t fail on launch day. Launch day simply exposes months of skipped homework. If you can’t clearly explain who the product is for, what changes for them, and why it matters now, you don’t have a launch. You have an announcement nobody asked for.

The teams that win do the unglamorous work first. They talk to customers, sharpen their positioning, and align around a clear story. By the time they hit publish, demand already exists. The launch just opens the door.

• What’s your favourite and least favourite part of the work you do?
  

My favourite part is the moment a system clicks. I’ll build a workflow, go to sleep, and wake up to find it has spent the night finding leads, enriching data, and sending personalised outreach without me lifting a finger. There’s something magical about that. You build it once, and it keeps paying you back. That feeling of compounding, where yesterday’s work keeps working for you, never gets old.

It’s the same with marketing. When positioning I’ve shaped makes a prospect say, “This is exactly what we needed,” that’s just as rewarding. For me, the real payoff is building something that creates results without me having to be in the room.

My least favourite part is keeping up with the tools. In AI, the pace is relentless. Every day there’s a new product, a new feature, or a new model. You finally master a tool and build it into your workflow, then three new alternatives show up claiming to be faster, cheaper, or smarter.

You can’t ignore them because some genuinely are better, and clients expect you to stay current. But you also can’t chase every shiny object, or you’ll never get anything done. So you’re constantly balancing learning with execution. I love that this field forces me to keep growing, but even for someone who enjoys learning, the pace can be exhausting.

• What’s the one mistake you wish you could save every early-career marketer from making?

Don’t chase titles in the beginning. Just do the work.

I see a lot of people early in their careers obsessing over the label. They want “Manager” in their title, they want to be “Head of” something, they want the senior tag before they’ve built the skills those titles are supposed to represent. And I get it. It feels like progress. But a title is just a word on LinkedIn. It doesn’t make you good. The work makes you good.

When you’re starting out, your job is to get your hands dirty. Build the campaigns. Write the copy that flops and figure out why. Run the experiments. Learn the tools. Get close to customers and understand why they buy. That’s where real growth happens: in the doing, not in the title.

Because here’s what nobody tells you: when you become genuinely good at the work, the titles come looking for you. You don’t have to chase them.

The people who skip work and chase titles early often get exposed. They land the senior role, but the title isn’t backed by real ability. So my advice is simple: forget what they call you for now. Get obsessed with becoming great at the craft. Be the person who can actually do the thing.

The recognition, the titles, and the money follow. They always do.

Tiwa Savage in a Lisa Folawiyo Studio crochet top and crystal-fringed skirt at the Tiwa Savage Music Foundation’s Berklee in Nigeria Grand Finale Concert. Photo Credit: Tiwa Savage/Instagram

Tiwa Savage can be in the studio giving us hit after hit, and in the very next moment remind everyone that when it comes to style, she knows her way around that too. This look from the Tiwa Savage Music Foundation’s Berklee in Nigeria Grand Finale Concert at the National Theatre Lagos is proof.

She stepped out in a two-piece set by Lisa Folawiyo Studio, styled by Ade Owolabi. The top is a one-shoulder crochet design in stripes of coral, orange, cream, and pink. The texture alone draws you in, then the asymmetrical cut leaves one arm bare, placing her tattoo sleeve right at the centre of the look.

Then the skirt shifts the conversation. The fitted upper half carries navy, olive, and yellow stripes, but from the knee downward it opens into long crystal-beaded fringe that falls to the floor and parts at the front with a high slit. Every angle gives you something else to notice, from the contrast in texture to the movement built into the design.

Side profile of Tiwa Savage at the Tiwa Savage Music Foundation’s Berklee in Nigeria event, featuring Lisa Folawiyo Studio craftsmanship and a ruched yellow bag. Photo Credit: Tiwa Savage/Instagram

She carried a soft yellow ruched shoulder bag that picks up the yellow running through the skirt, while yellow satin mules with floral detail at the toe kept the colour story going. Silver drop earrings, stacked bracelets, and rings on both hands added another layer of detail. Her pixie cut stayed sleek and close, while warm-toned makeup and a full lip held their place against all the colour.

As for the occasion itself, the Tiwa Savage Music Foundation’s Berklee in Nigeria programme brought together the Class of 2026 for their Grand Finale Concert at the National Theatre Lagos, a celebration of young Nigerian musical talent trained under a programme that has become one of the most significant investments in African music education in recent years. That Tiwa chose to show up to this one dressed with this much intention says everything about how seriously she takes the work the foundation is doing.

See more photos

 

View this post on Instagram

 

A post shared by Tiwa Savage (@tiwasavage)

The post Tiwa Savage Looks Stunning in Lisa Folawiyo Studio at the Berklee in Nigeria Finale | See Photos appeared first on BellaNaija - Showcasing Africa to the world. Read today!.

Tiwa Savage in a Lisa Folawiyo Studio crochet top and crystal-fringed skirt at the Tiwa Savage Music Foundation’s Berklee in Nigeria Grand Finale Concert. Photo Credit: Tiwa Savage/Instagram

Tiwa Savage can be in the studio giving us hit after hit, and in the very next moment remind everyone that when it comes to style, she knows her way around that too. This look from the Tiwa Savage Music Foundation’s Berklee in Nigeria Grand Finale Concert at the National Theatre Lagos is proof.

She stepped out in a two-piece set by Lisa Folawiyo Studio, styled by Ade Owolabi. The top is a one-shoulder crochet design in stripes of coral, orange, cream, and pink. The texture alone draws you in, then the asymmetrical cut leaves one arm bare, placing her tattoo sleeve right at the centre of the look.

Then the skirt shifts the conversation. The fitted upper half carries navy, olive, and yellow stripes, but from the knee downward it opens into long crystal-beaded fringe that falls to the floor and parts at the front with a high slit. Every angle gives you something else to notice, from the contrast in texture to the movement built into the design.

Side profile of Tiwa Savage at the Tiwa Savage Music Foundation’s Berklee in Nigeria event, featuring Lisa Folawiyo Studio craftsmanship and a ruched yellow bag. Photo Credit: Tiwa Savage/Instagram

She carried a soft yellow ruched shoulder bag that picks up the yellow running through the skirt, while yellow satin mules with floral detail at the toe kept the colour story going. Silver drop earrings, stacked bracelets, and rings on both hands added another layer of detail. Her pixie cut stayed sleek and close, while warm-toned makeup and a full lip held their place against all the colour.

As for the occasion itself, the Tiwa Savage Music Foundation’s Berklee in Nigeria programme brought together the Class of 2026 for their Grand Finale Concert at the National Theatre Lagos, a celebration of young Nigerian musical talent trained under a programme that has become one of the most significant investments in African music education in recent years. That Tiwa chose to show up to this one dressed with this much intention says everything about how seriously she takes the work the foundation is doing.

See more photos

 

View this post on Instagram

 

A post shared by Tiwa Savage (@tiwasavage)

The post Tiwa Savage Looks Stunning in Lisa Folawiyo Studio at the Berklee in Nigeria Finale | See Photos appeared first on BellaNaija - Showcasing Africa to the world. Read today!.

Zipline’s rise in Africa began with the promise of delivering blood and vaccines to remote clinics faster than any road could manage. Nearly a decade later, new peer-reviewed research shows the drones are doing far more than restock medical fridges.

Drone delivery networks operated by Zipline in Africa are linked to lower child mortality, higher farmer incomes and stronger local economic activity, according to three new studies examining operations in Rwanda and Ghana.

In a set of findings released on Wednesday, the autonomous logistics company documented that the same infrastructure built to bypass broken supply chains is now generating measurable returns in farming productivity, child nutrition, and household wealth.

One study, published in Frontiers in Veterinary Science, evaluated a programme in rural Rwanda that used drone-delivered, temperature-controlled pig semen combined with community training. The model increased farmers’ annual income by 17%, generating a 68% return on investment for smallholder pig producers, Zipline said.

Success rates for artificial insemination rose from 48.8% to 74.8% after drone logistics were introduced, the company reported, citing research data.

A separate study, focused on severe acute malnutrition, compared Zipline-served and non-served health facilities in Rwanda over five years. At sites where ready-to-use therapeutic food was delivered by drone, in‑hospital childhood deaths from severe malnutrition fell 22%, the findings show. Visits for severe anaemia in young children dropped 46%.

“The protocol for treating malnutrition has not changed. What changed was whether supplies were there when clinicians needed them,” said Pedro Kremer, Zipline’s head of impact and research. “That is the variable these studies are measuring.”

Another piece of evidence came from a third study examining Zipline’s GH3 distribution centre in northern Ghana. Researchers combined a household survey with satellite analysis of nighttime light intensity, a recognised proxy for local economic activity, and benchmarked the area against 82 comparable locations across the country.

It was found that households within two kilometres of the Zipline hub earned an additional USD 850.00 to USD 1.2 K per year. Liquid asset ownership fell about 27% with every additional 1.5 km from the hub, and improvements in drinking‑water access followed the same proximity pattern. Furthermore, nighttime light intensity near the hub was “significantly higher” than at the 82 comparable locations.

The results come as Zipline accelerates its buildout across the continent. In Nigeria, the company announced plans last month to grow from three distribution centres to 15 by 2028, potentially giving nearly 100 million people faster access to medical supplies. Rwanda is adding an urban delivery system, Platform 2, in Kigali, while Ghana, Kenya and Côte d’Ivoire continue to expand.

“This research shows what communities and governments across Africa have seen firsthand: when essential supplies reliably reach the people who need them, outcomes change,” said Caitlin Burton, Zipline’s chief executive for Africa and emerging markets.

However, an on-and-off debate over cost remains a sticky point. Ghana’s Health Minister Kwabena Mintah Akandoh told a press conference in Accra in December that an audit of Zipline’s contract revealed that only 12% of areas served qualified as “hard-to-reach” and only 4% of deliveries could be classified as emergencies.

The minister said the government owes Zipline GHC 174 M (USD 12.5 M) and has raised questions about whether high operational costs are justified.

Majority Leader Mahama Ayariga called the contract a “drain on national resources” and argued the health service should have developed its own drone capacity. Opposition has also come from Parliament’s Health Committee chairman, Dr. Mark Kurt Nawaane, who described Zipline as “a solution to a problem the country does not have” and said the real challenge is a shortage of voluntary blood donors, not transportation.

The company maintains that it runs one of the highest-impact, most cost-effective interventions ever studied, across multiple domains, including immunisations, maternal mortality, and nutrition. The Country Manager of Zipline Ghana, Daniel Kwaku Merki, pushed back against claims that the company’s drone delivery service is being misused to transport non-essential items, insisting that such non-medical deliveries are “extremely rare.”

Zipline’s CEO for Africa and emerging markets, said in Wednesday’s press release that the research shows measurable results across multiple sectors. “Zipline began by improving access to critical health supplies. Today, the same infrastructure is strengthening nutrition systems, agricultural productivity and local economies,” she said.

The post Zipline’s African Drone Network Finds Gains Beyond Delivering Medical Supplies appeared first on WeeTracker.

Nearly five years after its high-profile launch as Africa’s first central bank digital currency, Nigeria’s eNaira is being quietly repurposed. The Central Bank of Nigeria (CBN) has acknowledged in a new strategy document that adoption of the Central Bank Digital Currency (CBDC) has been slow, and is now repositioning it away from a consumer-facing payment tool toward a backend infrastructure for government disbursements and cross-border settlements.

The eNaira, launched in October 2021 to much fanfare, has struggled to gain traction. According to the CBN’s Payments System Vision (PSV) 2028 strategy, unveiled on June 1, the CBDC currently has “millions of wallets” but has processed only about NGN 22 B (USD 16 M) in transactions. This is a fraction of the nearly 1 quadrillion naira in total electronic payments processed in 2024, and well below the 300 million transactions the bank had envisioned for the digital currency by 2026.

In the PSV 2028 document, the CBN acknowledged that barriers to the eNaira’s success included “limited stakeholder engagement and buy-in” during its design and implementation. The bank conceded that adoption had been slow, with the CBDC offering little that existing bank apps, fintech wallets and mobile money platforms were not already providing more conveniently.

Rather than competing directly with these established platforms, the CBN now wants the eNaira to become part of the infrastructure that underpins Nigeria’s digital payments ecosystem. The strategy, which runs through 2028, places the CBDC alongside initiatives such as open banking, digital identity and cross-border payments frameworks.

The rethink comes amid a broader strategic shift at the CBN under Governor Olayemi Cardoso, who has prioritised stabilisation, trade facilitation and investor confidence.

The PSV 2028 framework, unveiled at a gathering of banking executives and fintech operators in Abuja on June 1, aims to position Nigeria among Africa’s leading payment ecosystems by promoting faster, safer digital transactions and strengthening cross-border payment systems under the African Continental Free Trade Area (AfCFTA).

The path forward for the e-naira will focus on government-to-person (G2P) payments, such as welfare disbursements and subsidies, as well as cross-border settlements. “Routing every government payment through the eNaira is where the plan argues with itself,” noted one analysis of the strategy, pointing to the tension between the CBDC’s past failures and its future ambitions.

The repositioning reflects a quiet admission that Africa’s first CBDC experiment, once hailed as a landmark step toward a cashless economy, has fallen short of its original promise. Now, the CBN is betting that a more utilitarian role can salvage the project.

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Nigeria has advanced its digital governance agenda after the National Information Technology Development Agency (NITDA) formally took over the Nigeria...

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Kolawole Bekes is a Database Administrator, Database Reliability Engineer, and DevOps Engineer with over a decade of experience spanning multiple industries. He holds a Bachelor’s degree in Mathematics from the University of Abuja. Following his relocation to the United States in 2015 and subsequently to Canada in 2017, he has built a career working with organisations such as Microsoft, AppDirect, WorkJam, Sunwing Airlines, Agio, and Big Fish Games. 

He is also the founder and chief executive officer of WakaMi, an on-demand errand service platform focused on delivering reliable and efficient errand solutions to Nigerians both locally and in the diaspora.

• Explain what you do to a 5-year-old.

Once upon a time, there was a big fruit garden where fruits kept falling everywhere—apples here, bananas there, and oranges rolling all over the ground. Nobody could find what they wanted.

So I became the helper of the garden. I picked up all the fruits and put them into the right baskets; apples in one basket, bananas in another, and oranges in their own place.

I also made sure the fruits stayed fresh and safe. Whenever someone came looking for a fruit, I could quickly say, “I know exactly where it is,” and give it to them right away.

My job is to keep everything neat, safe, and easy to find, just like the fruit baskets in the garden.

• How did you become a Database Administrator?

I became a Database Administrator as part of a deliberate effort to improve my earning potential and build a more reliable career path. I joined a community of IT professionals in North America, where I was exposed to new ideas and opportunities. 

Through that network, I discovered and enrolled in a bootcamp, completed several training sessions, and gained hands-on experience. I then applied to multiple roles, and eventually secured an opportunity that marked the beginning of my career as a Database Administrator.

• What is the easiest and most difficult part about your job?

The easiest part of my job is when systems are well-structured and everything is running smoothly. Tasks like monitoring, backups, and routine maintenance become very straightforward.

The most difficult part is handling unexpected issues, like performance bottlenecks or outages, especially under time pressure. But that’s also the most rewarding part, because it challenges me to think critically, troubleshoot quickly, and ensure systems are restored with minimal impact.

• If your job had a warning label, what would it say?

Warning: Unexpected issues may occur at any time. Requires patience, quick thinking, and a strong relationship with coffee.

• What’s one real-world incident where your database decisions directly saved (or cost) a company big time?

Early in my career, I was involved in a deployment where a change was made directly in production without a proper rollback plan. Unfortunately, it caused a temporary disruption to a critical service.

Although we resolved it quickly, it highlighted the importance of change management. From that point on, I enforced stricter deployment processes introducing staging validation, rollback strategies, and better communication.

It significantly reduced risk for us in future deployments, critical because it now shapes how I approach database changes today.

• As a first-time founder living abroad, what is the hardest part about building a startup for a market where you’re not physically present? How do you deal with this?

One of the hardest parts of building a startup remotely while living in Canada and operating in Nigeria is maintaining strong team alignment and accountability when you are not physically present day to day.

Early on, I experienced challenges with staff management, particularly around consistency, ownership, and productivity. Some team members struggled with structure, and it became clear that the issue was not just about effort. It was about clarity, expectations, and systems.

To address this, I shifted my approach in a few ways. First, I implemented clear performance metrics and deliverables so everyone understands exactly what success looks like. Second, I introduced regular check-ins and reporting structures to improve visibility. Third, I focused more on hiring for accountability and cultural fit, not just technical skills.

I also make it a point to spend time in Nigeria periodically, which helps reinforce relationships, build trust, and reset expectations with the team.

Overall, the experience taught me that managing a remote team, especially across different environments, requires intentional structure, strong communication, and the right people in place. Once those are aligned, performance improves significantly.

• What’s the vision behind WakaMi and why do you think a marketplace for managed services can scale in Nigeria?

The vision behind WakaMi came from a personal experience. While living in Canada, I needed someone to handle an errand for me in Nigeria. I tried finding help online, but unfortunately, I had a bad experience where I lost money.

That led me to dig deeper, and I realised this was not just my problem. Many people, especially those in the diaspora, face the same challenge. There is no reliable, structured way to get trusted services done remotely in Nigeria.

WakaMi was built to solve that. It is an on-demand managed services marketplace that connects people who need errands or services done with verified service providers. It also provides oversight by tracking progress and only releasing payment once the task is completed and confirmed.

I believe it can scale in Nigeria because it addresses a real and growing problem. As more Nigerians live and work abroad, and as urban life becomes busier locally, the demand for trusted on-demand services will continue to increase.

What makes it scalable is the combination of trust, structure, and technology, bringing accountability into an otherwise informal market. Once you solve trust at scale in a service marketplace, growth becomes a natural outcome.

Nigeria’s telecom subscribers will receive airtime refunds as compensation for poor service experienced between November 2025 and January 2026. The refunds will begin on Friday, April 24, according to the Nigerian Communications Commission (NCC).

The NCC said operators failed to meet required performance benchmarks in several parts of the country following a March 29, 2026, directive.

While this is not the first time the regulator has ordered compensation for service failures—MTN and Celtel (now Airtel) were fined in 2008—the latest directive signals a more assertive approach to holding telecom operators accountable. 

The NCC said it has also directed tower companies responsible for many of the outages to channel their compensation obligations into upgrading tower infrastructure. These investments, separate from their annual capital plans, will be monitored by independent auditors to ensure compliance.

“It’s actually compensation for the quality of service experience you may have had,” NCC’s Executive Vice Chairman and chief executive officer, Aminu Maida, said at a press briefing on Thursday in Lagos, adding that subscribers will begin receiving alerts via SMS detailing the credits applied to their lines.

Unlike previous enforcement approaches, which assessed service quality at the state level, the NCC said it has shifted to a more granular system. Performance is now measured at the local government level, allowing the regulator to better capture variations in network experience across the country.

“What we have now adopted is to carry out the assessment at local government levels,” Maida said. “This ensures that whatever we measure is as close as possible to what subscribers actually experience.”

Under this framework, operators are evaluated across multiple network layers—2G, 3G, and 4G—against key performance indicators set out in the commission’s quality of service regulations. Where operators fall short, penalties are imposed, part of which is now being redirected as compensation to affected users.

Maida acknowledged the gap between demand and current network capacity but pointed to ongoing investments by operators as a sign of progress. In 2025, the industry invested over $1 billion upgrading networks, importing equipment, and building new towers. According to Maida, one operator has already invested $1 billion in infrastructure this year. 

“Things actually improve, but we need to be patient,” he said, noting that infrastructure expansion remains the primary driver of better service quality.

According to him, operators deployed just under 300 new sites last year. In contrast, they have committed to rolling out about 12,000 sites in 2026. So far, around 2,800 have been completed, including new builds, spectrum additions, and upgrades such as converting 3G sites to 4G and deploying 5G in select locations.

“You can see we’re already moving way ahead of what we did last year,” he said.

Operators say they are complying with the directive while continuing to invest in network improvements. MTN Nigeria said in a statement on Thursday that all affected customers will receive airtime compensation in line with the NCC framework, describing the directive as one that “places customers at the centre of regulatory decision-making.”

Adekunle Gold marked a historic milestone in Nigerian cultural history as the first artist to headline the newly renovated Wole Soyinka Centre for Culture and Creative Arts (National Theatre Nigeria), Lagos, delivering a sold-out orchestral concert alongside the MUSON Orchestra and his band, The 79th Element.

Selling out within five days of announcement, the concert was both a testament to Adekunle Gold’s cultural stature and a powerful reintroduction of the Wole Soyinka Centre for Culture and Creative Arts (National Theatre) as a home for ambitious, world-class artistic expression. The evening unfolded as a masterful fusion of heritage and innovation, redefining what is possible for live music performances in Nigeria.

Across the night, Adekunle Gold performed selections from his critically acclaimed album Fuji, alongside defining works from his decade-long catalogue, all reimagined through sweeping orchestral arrangements, live instrumentation, and cinematic stage design. Fan favourites were transformed into grand, emotive compositions that elevated the audience experience, blurring the lines between popular music, classical performance, and theatrical storytelling.

Opening the National Theatre after its long-anticipated restoration places Adekunle Gold in direct lineage with the iconic artists who have shaped the venue’s legacy, while simultaneously ushering it into a new era. The performance represented a rare convergence of scale, symbolism, and sound, a moment never before witnessed on the Theatre’s stage.
Social media lit up throughout the night, with fans, critics, and industry figures describing the concert as “generational,” “historic,” and “a turning point for Nigerian live music.” Many hailed the show as proof that Nigerian artists can mount productions that rival the finest concert experiences anywhere in the world.

The Lagos performance follows Adekunle Gold’s trailblazing orchestral debut at the EFG London Jazz Festival on November 23, 2025, where he made history as the first Nigerian artist to headline an orchestral show at London’s Royal Festival Hall. That sold-out performance closed the festival and saw him collaborate with the Guildhall Session Orchestra, earning critical acclaim for its rich, genre-defying reinterpretations of fan favourites such as “Sade” and “Many People,” alongside selections from Fuji.

Together, the London and Lagos performances firmly establish Adekunle Gold as a defining artist of his generation, one who continues to expand the global perception of Nigerian music while honouring its roots. With this orchestral series, he has not only raised the bar for live performance but set a new benchmark for cultural ambition, artistic excellence, and global relevance.

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Exhibitors cite strong investor leads and international visibility as inaugural event brings in participants from 78 countries The debut of GITEX NIGERIA brought a global spotlight to Nigeria’s digital economy, with international exhibitors and investors confirming strong engagement and immediate business opportunities. Held under the patronage of H.E. Bola Ahmed Tinubu GCFR, President of the...

The post GITEX Nigeria Shines Global Spotlight on West Africa as Leaders Rally Behind Nigeria’s Digital Future appeared first on TechTrends Africa.

The inaugural GITEX NIGERIA concluded in a tremendous fashion this Thursday in Lagos, as West Africa’s largest tech, AI, and startup show cast a spotlight on the influence of emerging local and regional entrepreneurs. Held under the patronage of H.E. Bola Ahmed Tinubu GCFR, President of the Federal Republic of Nigeria, GITEX NIGERIA took place...

The post Lagos Deputy Governor: Nigerian Entrepreneurs Are Architects of the Digital Future as GITEX Nigeria Showcases Startup Ecosystems appeared first on TechTrends Africa.

Renewable energy platform Odyssey Energy Solutions has secured a USD 7.5 M funding facility from British International Investment (BII), the UK’s development finance institution. The investment will accelerate the deployment of solar mini-grids across Nigeria, tackling a critical energy access challenge where 90 million people lack reliable electricity.

The funding supports Nigeria’s DARES program—a government initiative backed by the World Bank—aiming to provide power to 17.5 million Nigerians via 1,500 solar mini-grids and 1.5 million solar home systems. Odyssey’s digital platform streamlines project management, equipment financing, and real-time monitoring for developers and the Rural Electrification Agency (REA).

“BII’s support helps us offer flexible financing to scale clean energy access,” said Piyush Mathur, Odyssey Co-Founder.

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Nigeria’s plan to grow tax and customs revenues to at least ₦17.85 trillion ($11.92 billion) in 2026 heavily depends on technology. With crude oil earnings shrinking, taxes have become one of the government’s most reliable funding legs.

Most of the collections will come from value-added tax, corporate income tax, customs levies, and the electronic money transfer levy, according to the 2025-2027 Medium Term Fiscal Framework and Fiscal Strategy Paper.

The government plans to raise ₦16.05 trillion ($10.72 billion) from these revenue sources in 2025. Before now, weak administration, low compliance, and manual, paper-based systems have left room for leakages, inefficiency, and corruption.

In 2025, Nigeria enacted new laws to address many of these issues, including multiple taxation of businesses. “We have opened the doors to a new economy, business opportunities,” said President Bola Tinubu. However, the real spotlight would be on its integration of digital tools.

“Technology adoption in tax administration has the potential to improve tax compliance, reduce the costs of tax collection, and increase revenue,” read a 2023 research paper on improving tax collection efficiency through technology.

Tech as the driving force

To optimise collections, Nigeria plans to implement strategies that expand VAT collection agents, simplify compliance procedures, and cut tax expenditures. However, technology will be the main driver, according to the fiscal strategy paper.

Nigeria is looking to mirror the success of countries like Rwanda, which digitised its customs process through the Electronic Single Window, and Kenya, which uses its iTax platform.

Locally, the government is relying on platforms like TaxPro Max, launched in 2021, to enable taxpayers to register, file, pay, and download tax clearance certificates online. Large businesses with turnovers above ₦5 billion ($3.34 million) since August 1, 2025, are required to integrate their invoicing systems with the FIRS platform for real-time validation and reporting.

“Leveraging technology, such as the automated tax administration system (TaxPro Max and E-services) to further simplify tax processes, drive voluntary tax compliance, increase revenue collection, and create a tax environment that is conducive for taxpayers to fulfil their tax obligations,” the government explained in its policy paper.

The government also intends to automate VAT collection in supermarkets, hotels, and other retail outlets, utilising real-time portals to prevent leakages.

By employing a real-time online data mining portal, the Federal Inland Revenue Service (FIRS) will conduct desk reviews, audits, and investigations. This will enable it to “access data to validate information provided by taxpayers or reveal non-compliant taxpayers.”

“Nigeria’s digital economy has experienced exponential growth, transforming how businesses operate and process transactions,” FIRS told TechCabal in July. “However, this expansion has outpaced traditional tax monitoring methods, creating gaps in transaction visibility and compliance.”

The FIRS will also link its database to those of business or money-facing agencies such as the Nigeria Inter-Bank Settlement System Plc (NIBSS), the Nigeria Customs Service (NCS), the Nigerian Communications Commission (NCC), and the Corporate Affairs Commission (CAC) for third-party intelligence gathering to improve and enforce compliance.

NIBSS, Nigeria’s central payment gateway, processed over ₦1 quadrillion ($667.79 billion) in transactions in 2024. In July, TechCabal reported that the FIRS has developed a real-time portal to track all VAT-eligible electronic transactions and is mandating integration from banks, card schemes, fintechs, and payment service providers.

“Enhancing stakeholder collaboration and engagement to check leakages, evasion as well as enforce and improve compliance,” the government said.

Banks and financial institutions will also face tighter monitoring as FIRS reconciles remittances of the EMTL, a ₦50 charge on transfers of ₦10,000 and above.

On the customs side, the government aims to address issues with its $3.2 billion customs modernisation project, originally conceived in 2015, which will fully automate and simplify customs processes, including payments.

However, years of litigation have delayed progress. In 2024, the Federal High Court in Abuja dismissed a suit challenging the legality of the concession agreement related to the project.

For many businesses, integrating technology into tax administration means stricter compliance and fewer loopholes. “There is a positive relationship between firm digitalisation and domestic tax revenues. Countries with higher level of business digital adoption have larger tax-to-GDP ratios,” said the International Monetary Fund.

The Nigerian government is bullish about its revenue projections and has an even higher tax target of ₦19.73 trillion ($13.18 billion) for 2027. However, achieving these figures will depend on whether technology adoption can surpass well-known obstacles, including weak infrastructure, inconsistent implementation, and lack of political will.

As Taiwo Oyedele, chairman, Presidential Fiscal Policy and Tax Reforms Committee, said in July, better tax administration will depend on “modernisation and improved technology adoption.”

Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Meet and learn from Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Get your tickets now: moonshot.techcabal.com

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