If you happen to assume the media {industry}’s failures with the “clicks and pageviews over all the pieces” mannequin have cured it of its obsession with numbers, assume once more. Numbers matter. Take The New York Occasions, with 11 million subscribers, or The Washington Publish, which had 2.5 million subscribers earlier than a rash of cancellations adopted Jeff Bezos’ controversial refusal to endorse a presidential candidate.
These numbers mirror enterprise efficiency, however in addition they sign impression. Think about mattering to 11 million individuals.
In 2023, TechCabal set an bold objective of reaching 1 million distinctive month-to-month customers, an enormous soar from the 370,000 customers we ended 2022 with. By October, we surpassed 1 million, and we’ve continued to develop effectively past that concentrate on.
In 2024, our core focus was a deeper dedication to high quality journalism—aiming to develop into the publication of file for each firm leveraging expertise. This was tougher than tripling our person base.
Depth means taking the time to completely perceive a narrative, constructing experience, and revisiting sources till we’re certain of the story’s full implications. Thorough, nuanced protection is what units us aside.
In Nigeria’s tech ecosystem, there are just a few actual secrets and techniques. Most of the tales that by no means get revealed exist in personal group chats. As a result of individuals don’t at all times belief the media to deal with these tales pretty, they maintain these impactful tales to themselves. We’ve labored onerous to vary that and earn belief, permitting our almost 2 million readers to have interaction with the identical conversations and perceive the problems as {industry} insiders.
One space the place this trust-building has been important is banking. Nigeria’s prime banks are price trillions of naira and have develop into consultants at controlling the media narrative. But there’s a spot in reporting—few tales assist on a regular basis clients perceive the banks’ considering.
We’ve sought to fill that hole. For instance, we reported on GTBank’s swap to a brand new core banking system—a transfer fraught with problems that even station attendants in Lagos mentioned whereas clients tried to pay for gas.
We additionally lined Sterling Financial institution’s bold resolution to construct a customized core banking software. And whereas the jury’s nonetheless out on Sterling’s daring transfer, constructing your core banking product and providing it to others as a service is smart. It’s what Amazon did with AWS, turning a price middle right into a product and revenue middle.
If you happen to’re questioning how a lot a few of these modifications price, we reported it right here.
There’s nonetheless a lot to be carried out, however we’ve challenged conventional banking protection and are excited to see different publications following go well with.
Fraud within the monetary companies sector stays a persistent downside. Whereas many assumed fraud was restricted to fintechs, our 2024 reporting confirmed it’s an industry-wide concern. Unhealthy actors are extra subtle than ever, collaborating on large-scale cyberattacks. In November, the Financial and Monetary Crimes Fee (EFCC) arrested over 400 people allegedly concerned in such schemes.
Whereas the unhealthy guys unite, there’s a troubling lack of unity between fintechs and banks. Regulators have struggled to implement constant guidelines, making it simpler for fraud to flourish. Whereas the Central Financial institution’s emphasis on compliance is a step in the appropriate path, unhealthy actors will proceed to thrive with out higher cooperation throughout the sector.
Regardless of these challenges, there have been brilliant spots within the {industry}. This 12 months, Africa’s latest unicorn, Moniepoint, raised $110 million in a Sequence C funding spherical. We reported on Moniepoint’s spectacular progress earlier than the hype, with insights into its worthwhile partnership with card scheme Verve and its industrial banking ambitions.
Telecommunications, like banking, is an underreported sector in Nigeria. In 2024, we targeted on bringing much-needed readability to the {industry}. Frank Eleanya joined us early within the 12 months with a mandate to peel again the layers of Nigeria’s telecoms sector. We reported on a large hack at Globacom, the corporate’s management change, and the struggles of 9Mobile, which is below new possession and hoping to handle its many challenges.
In the meantime, Mafab, which holds Nigeria’s first 5G license, has carried out little with the expertise since buying it however plans to launch 5G companies in early 2025. There’s nonetheless an untapped market, with solely a small portion of the nation utilizing 5G networks.
For the observant—we noticed a few of your tweets—a theme for 2024 was increasing our protection as a result of expertise isn’t nearly startups. There’s expertise in all the pieces.
Whereas TechCabal focuses closely on tech startups—we’ve got two reporters targeted on discovering new and fascinating startups, concepts, and the innovation that powers them—expertise is integral to each facet of contemporary life.
That’s why we’ve expanded into banking and telecommunications, sectors the place expertise choices impression individuals’s on a regular basis experiences. TechCabal is a publication for everybody, and these industries—shaping how we talk, transact, and work together—are very important to understanding the expertise that drives our world.
Pan-African ambitions
Our protection in Kenya protection additionally grew in 2024 with studies on the acquisition of Hisa by Rise, AltSchool’s growth to Kenya, and Entry Financial institution’s acquisitions. This helped us increase our readership in Kenya and South Africa, bringing us nearer to changing into a genuinely pan-African publication.
The most important story in Kenya in 2024 was the protest towards the Finance Invoice, which proposed taxes on remittances and different on a regular basis items. Whereas this would possibly seem to be a political story, it’s additionally deeply related to the tech panorama, as many of those taxes instantly have an effect on digital cost platforms and remittance companies that depend on expertise to operate.
The invoice posed a management take a look at for President William Ruto, whose recognition has waned considerably, and our protection of this concern was essential in understanding its implications on the tech ecosystem. To cowl this story successfully, we had boots on the bottom—distant reporting merely couldn’t seize the total context of how these proposed taxes would impression each the individuals and the digital infrastructure driving Kenya’s economic system.
A Look Forward
This letter isn’t a complete overview of our 2024 protection however a glimpse into how we strategy our journalism.
Our objective is that can assist you make sense of the advanced points shaping Africa’s tech and enterprise panorama. 2024 confirmed us that our work issues—that we’re elevating the bar for media protection within the area. However that is only the start.
Our journalism will stay rooted in analysis, meaning-making, and truthful, rigorous reporting. We’re dedicated to connecting the dots, delivering insights, and holding {industry} leaders accountable.
Whereas we’re enthusiastic about our expanded protection into new sectors, we stay steadfast in our dedication to being one of the best publication for startup information. We all know that this house requires deeper digging, and in 2024, we made hiring and story assignments with that in thoughts. Our mission is to inform tales that matter, to make sense of the world for our readers, and to proceed offering probably the most insightful, in-depth protection of the startups shaping Africa’s future.
My prime eight picks from TechCabal’s 2024 reporting:
- How Huawei grew to become Nigeria’s largest telecoms vendor and enterprise enterprise
Our protection on Huawei, certainly one of Nigeria’s most underreported firms, and its rise to changing into a market chief.
- Yaba to Abuja: One 12 months After
Our complete evaluation of the primary 12 months of Nigeria’s Minister of Communications, Innovation and Tijani Financial system, Dr. Bosun Tijani.
- OPay and Moniepoint concern 17 million Verve playing cards as Nigerian fintechs swap from Visa and Mastercard
We solely reported how two of Nigeria’s largest fintechs issued 17 million Verve playing cards, signifying the expansion of the native card scheme.
- The Globacom breach: How hackers held Nigeria’s telco big hostage
Our unique protection of a serious hack at Globacom, Nigeria’s third-largest telco operator, after one 12 months of investigation and conversations with over 30 individuals.
- Unique: First Financial institution worker on the run after diverting ₦40 billion; financial institution begins restoration
Our unique report on a N40 billion fraud at Nigeria’s oldest financial institution, First Financial institution.
- Unique: Kenya’s Fairness Financial institution hit by $2.1 million debit card fraud, 19 suspects arrested
Our unique protection of a $2.1 million debit card fraud at Fairness Financial institution, certainly one of Kenya’s largest banks.
- Wasoko, MaxAB finalise “class king” merger
One of many largest information tales in 2024 was the all-stock merger between Kenya’s Wasoko and Egypt’s MaxAB to create a “class king chief” within the B2B e-commerce market.
- Unique: Nigerian funding fintech Rise completes acquisition of Kenya’s Hisa
We solely reported the acquisition of Kenya’s funding platform Hisa by Nigeria’s Risevest. The deal marked Risevest’s entry into the Kenyan market.