Africa Tech Weekly: Data Boom and Payment Wars
This week painted a picture of an African tech ecosystem firing on all cylinders. From Nigeria breaking data consumption records to cybersecurity companies tripling their revenues, the continent is not just keeping pace with global tech trends—it is setting them. Meanwhile, the quiet expansion of African fintechs into Western markets suggests a new chapter where African companies are no longer just serving local needs but competing globally.
Nigeria Consumes 4 Million Terabytes in Three Months
Nigerian internet users consumed a staggering 4 million terabytes of data in the first quarter of 2026, breaking the previous record of 3.86 million terabytes from Q4 2025. This represents exponential growth in a market where data was once prohibitively expensive for most users.
The surge reflects Nigeria's rapid digital transformation, driven by improved network infrastructure, falling data costs, and the explosive growth of streaming services, remote work, and digital commerce. With over 200 million people, Nigeria's appetite for data shows no signs of slowing.
Chams Triples Cybersecurity Revenue as Profits Soar 188%
Nigerian tech conglomerate Chams posted a remarkable 188% profit increase, driven primarily by its cybersecurity division, which tripled its revenue year-over-year. While traditional biometrics and card services remain core revenue streams, the company's pivot toward digital security is paying dividends.
The surge comes as African businesses face increasing cyber threats, creating demand for local security solutions. Chams is positioning itself as the homegrown answer to multinational cybersecurity firms, understanding local contexts that foreign players often miss.
Grey Goes Global with Canadian Payment License
Y Combinator-backed fintech Grey secured registration as a payment service provider in Canada, building on its earlier integration with Interac. This marks another significant step in the company's global expansion strategy, moving beyond its African roots to compete in mature Western markets.
Grey's move reflects a broader trend of African fintechs no longer content with serving only local markets. The company's success in Canada validates that African financial technology can compete globally, not just solve uniquely African problems.
MTN Nigeria Sells MoMo for ₦95.5 Billion
MTN Nigeria transferred its mobile money service, MoMo, to its parent company for ₦95.5 billion ($60 million). The move is part of MTN Group's strategy to consolidate its fintech operations across Africa under a single entity, creating economies of scale and unified technology platforms.
This transaction signals MTN's serious ambitions in financial services, treating mobile money not as a telecom add-on but as a standalone business worthy of dedicated focus and investment. The consolidated approach could accelerate innovation and expansion across MTN's 19-country footprint.
LemFi Commits £100 Million to UK Expansion
Nigerian-founded global remittance platform LemFi announced a £100 million commitment to its UK operations, marking one of the largest investments by an African fintech in a Western market. The company, co-founded by Ridwan Olalere, has grown from serving African diaspora communities to building a global financial platform.
The investment demonstrates confidence in LemFi's ability to compete with established players like Wise and Remitly in the highly competitive UK market. It also shows how African entrepreneurs are building businesses that transcend their home markets from day one.
World Bank Backs Nigerian EdTech Safeticha
The World Bank recognized Nigerian EdTech startup Safeticha as one of Africa's best, backing the AI-powered platform that transforms learning and behavioral outcomes. The endorsement comes as educational technology gains traction across Africa, addressing quality gaps in traditional schooling systems.
Safeticha's recognition highlights the growing sophistication of African EdTech solutions, which are increasingly using artificial intelligence to personalize learning experiences. The World Bank's backing provides both validation and resources for scaling across the continent.
What to Watch Next Week
Keep an eye on South Africa's evolving cryptocurrency regulations, which could set precedents for the entire continent. Amazon's satellite internet filing in Kenya deserves attention as it could accelerate rural connectivity across East Africa. Finally, watch for more African companies making bold international moves as the continent's tech ecosystem matures beyond serving only local markets.
The infrastructure wars are heating up, data consumption is exploding, and African companies are going global. This is not just growth—it is transformation. For the latest updates on African tech trends, explore our news section throughout the week.