ሰላም,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Social media is back in Uganda, but at a $7M cost
- Nigeria’s SEC raises the stakes for crypto exchanges
- Trove acquires a licensed broker
Social media is back in Uganda, but at a $7M cost
After nearly two weeks offline, social media is finally back in Uganda, and the cost of switching it off is becoming clearer. Per a report by CEO EastAfrica Media, mobile network operators MTN and Airtel may have lost as much as $7 million (about UGX 24 billion) in data revenue during a four-day internet shutdown tied to the country’s recent elections.
The shutdown didn’t just hit telcos’ revenues; it disrupted everyday life. With internet access cut, many Ugandans were unable to carry out basic financial transactions, triggering frustration and public outrage. It was another reminder that when the internet goes dark, both citizens and businesses pay the price.
On Monday, Uganda’s Chief of Defence Force, General Muhoozi Kainerugaba, announced the full restoration of access to all social media platforms, 13 days after the Ugandan Communications Commission (UCC) imposed a nationwide blackout two days before the January 15 general elections. In a post on X, Muhoozi thanked citizens for their cooperation during the restriction, saying it helped maintain the electoral process.
MTN Uganda also confirmed the restoration in a post to customers, announcing that internet services were fully back and that users could once again access platforms like WhatsApp, X (formerly Twitter), and TikTok. With the move, Ugandans now have unrestricted access to major social and messaging platforms, including Facebook and Instagram, a major relief for individuals and businesses alike.
The shutdown had been rolled back in phases. While general Internet access was restored last Sunday, social media and OTT messaging apps remained blocked. Authorities said the restrictions were necessary to curb misinformation and maintain security during a tense election period. Mobile money services were later restored, easing some pressure. Still, the episode highlights the economic and social cost of internet shutdowns — costs that extend far beyond politics.
Nigeria’s SEC raises the stakes for crypto exchange
Nigeria’s crypto party just got a lot more expensive. The Securities and Exchange Commission (SEC) has set a new ₦2 billion minimum capital requirement for digital asset exchanges and custodians, raising fresh questions about who can realistically afford to play in the country’s fast-growing — and fiercely competitive — crypto market.
Victoria Fakiya – Senior Writer
Techpoint Digest
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The move is part of the SEC’s broader effort to tighten oversight of crypto, following new licensing rules for virtual asset service providers and the classification of some crypto assets as securities. On paper, the logic is simple: force exchanges to hold more capital, reduce the risk of collapse, protect users’ funds, and make the market safer for institutional players. In theory, stronger balance sheets mean fewer disasters during market shocks.
But industry players say the execution misses the mark. Luno Nigeria CEO Ayotunde Alabi describes the rule as “directionally defensible” but blunt. Nigeria’s crypto economy, he argues, doesn’t live mainly on centralised exchanges. A large chunk of activity happens via peer-to-peer trading, OTC desks, and informal stablecoin rails. That means compliant exchanges now carry heavier regulatory costs, while riskier, unregulated channels remain largely untouched. Alabi believes a tiered, risk-based capital system would better reflect how the market actually works.
Others worry the rule will simply cement foreign dominance. More than 90% of Nigeria’s crypto activity is already controlled by Binance, Bybit, and WhatsApp P2P, according to recent studies. These global players can easily meet the ₦2 billion threshold, while smaller local exchanges struggle to keep up, especially when licensed VASPs don’t enjoy clear advantages over unlicensed or foreign competitors.
The big question now is whether Nigeria’s crypto ecosystem is ready for this kind of regulation, or if it risks squeezing out local innovation too soon. For more information, check out Bolu’s story.
Trove acquires a licensed broker
January 2026 in Nigerian tech feels like acquisition season. Just when you think the year is still warming up, another startup snaps up a key piece of infrastructure. This time, it’s fintech startup Trove Finance, which has quietly joined the growing list of companies choosing ownership over partnerships.
Trove has acquired UCML Securities Limited, bringing its brokerage operations fully in-house. The company has rebranded the firm as Innova Securities Limited, which will now operate as Trove’s licensed broker-dealer. The financial details of the deal were not disclosed, but the strategic intent is clear: more control, fewer dependencies.
Since launching in 2018, Trove built its platform by working with third-party broker-dealers, giving Nigerians access to local and international equities without running afoul of regulations. That model helped the company scale quickly. But as its user base grew and products expanded, Trove says it needed tighter control over trade execution, compliance, and governance. According to CEO Oluwatomi Solanke, owning a fully SEC-licensed broker-dealer allows the company to move faster and take direct responsibility for the entire trading experience.
The acquisition also gives Trove greater oversight of service quality, settlement timelines, and regulatory processes — areas that directly shape user trust. Some UCML staff, especially within compliance and operations, have moved over to Innova Securities, ensuring continuity and institutional knowledge. Existing user accounts will remain active and be migrated gradually, while new users will be onboarded directly under Innova from day one.
Zooming out, Trove’s move fits neatly into a broader pattern playing out across Nigeria’s fintech ecosystem. Startups are no longer content with just building apps; they want to own the pipes underneath. From Flutterwave’s acquisition of Mono to Paystack’s purchase of a microfinance bank, consolidation is becoming a strategy, not an exception. If January is anything to go by, 2026 might be the year Nigerian fintechs double down on owning their stack.
In case you missed it
- From MTN’s Who Wants to be a Millionaire to tech founder: This sickle cell warrior is building a Tier IV data centre in Nigeria
What I’m watching
- Morgan Housel: What You Need to Endure (And Ignore) to Build Wealth, Buy Freedom, and Stay Rich
- How To Know Yourself
Opportunities
- Want to learn how to secure your first $50,000 cheque? Attend the Nestuge event happening on January 30, 2026. Apply here.
- Lagos Business School is recruiting a Programme Officer (Delivery and Coordination). Submit a cover letter and your CV here.
- Kuda Technologies is looking for a Head of Product (Credit). Apply here.
- MTN Nigeria is hiring a Specialist – International Remittance (Product Manager). Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Bamboo is hiring a quality assurance manager. Apply here.
- Paystack MFB is hiring for a few roles. Apply here.
- Attend your first tech event in January! Tech Revolution Conference, a two-day event to discuss everything tech, takes place at Landmark Event Centre, Lagos on January 30 and 31, 2026. Get your tickets here.
- Don’t miss the Cavista Technologies Hackathon happening between February 21 and 22. Register your team and go home with cash prizes here.
- Kuda is recruiting a Head of Product (Credit). Apply here.
- Jumia is looking for a Senior Key Account Manager. Apply here.
- MTN is hiring a Specialist, International Remittance (Product Manager). Apply here.
- Don’t Miss the Africa Business Convention (ABC) 2026. It’s Africa’s #1 Business Conference & Investment Expo. It’s between February 3 and 4. Book your seat today here.
- Moniepoint is hiring for over 100 roles. Apply here.
- We’re hosting a debate on AI in daily life. Join us to share your insights and perspectives.
- Techpoint Africa is creating a video series where people discuss and debate policies and current events. If you enjoy thoughtful conversations, fill out this form. Apply here.
- Are you building a startup can feel isolating, but with Equity Merchants CommunityConnect? You can network with fellow founders, experts, and investors, gaining valuable insights and exclusive resources to help you grow your business. Click here to join.
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Have a lovely Tuesday!
Victoria Fakiya for Techpoint Africa
