Servus,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Spotify adds in-app messaging
- CBN leaves Nigeria hanging on open banking
- Jumia’s $52.5m backer moves into boardroom
Spotify adds in-app messaging
Spotify wants to make itself feel more like a group hangout than just a music app. Yesterday, it rolled out a new chat feature so you can talk to your friends directly inside the app instead of only sharing links outside.
For years, people have passed Spotify links around on WhatsApp, Instagram, or Snapchat. Now, Spotify wants to keep that conversation going within its walls and keep a history of what you’ve shared, so you don’t have to go digging for that one song again.
At launch, messages are pretty limited. You can only chat with people you’ve already shared playlists, jams, blends, or family/duo plans with. And if you want to start a conversation, the other person still has to approve your request first.
Spotify says it’s not trying to stop you from sharing songs on other apps. Instead, chats are meant to “complement” that. You can even approve chat requests when someone sends you a Spotify link outside the app or send an invite link to someone in your contacts.
Messages will live under a new tab in your profile, where you can scroll through conversations, react with emojis, or report chats if things get messy. They’re encrypted in transit and at rest, but not end-to-end encrypted, meaning Spotify can still scan for rule-breaking content.
The feature is starting with users over 16 in select Latin American markets, rolling out soon to Africa. It’s another step in Spotify’s slow push to be more social, even as some users complain the app is getting bloated with too many features.
CBN leaves Nigeria hanging on open banking
Nearly a month after Nigeria was supposed to flip the switch on open banking, the silence is deafening. August 1 came and went, but the Central Bank of Nigeria (CBN) has neither confirmed nor denied whether the rollout is actually happening.
That silence stings because open banking isn’t just another fintech buzzword. Some industry players believe it could reshape finance in Nigeria even more than BVN or the cashless policy did. For a country that loves to call itself Africa’s fintech capital, this is starting to feel like a missed opportunity.
Open banking didn’t spring out of nowhere. Back in the late 2010s, a small band of professionals formed Open Banking Nigeria, a non-profit that built standards and pushed banks, fintechs, and regulators to open up data access. Their vision was simple: let customers and third parties safely share data to power new financial products.
That pressure worked. By 2023, the CBN released guidelines for open banking. But since then, nothing. No clear start date, no communication; and now, a launch that was expected on August 1 has gone quiet.
Industry insiders whisper that the problem isn’t technical but bureaucratic. They say the CBN governor’s priorities don’t always line up with those responsible for rolling things out. It’s a familiar tune. Remember the eNaira? Big launch, little traction, and an audience that never really cared.
The question now is whether open banking will suffer the same fate. The CBN, once hailed as one of Africa’s most progressive regulators, is starting to look sluggish. As one observer put it, “They used to be innovative. But lately, a lot of things just go nowhere.”
Interestingly, Chimgozirim’s latest piece for Techpoint Africa dives into this topic and even questions whether banks are actually ready for open banking. Check it out here.
Jumia’s $52.5m backer moves into boardroom
Assanein Hiridjee, founder and CEO of Axian Group, has just taken a seat on Jumia’s Supervisory Board. The move was revealed in a SEC filing yesterday, and it comes right as Angela Mwanza of Rockefeller Capital Management bowed out of the eCommerce giant’s advisory board.
This isn’t Hiridjee’s first brush with Jumia. Back in June, Techpoint Africa reported that Axian Telecom picked up an 8% stake in the company. Not long after, Bloomberg hinted that Axian was even eyeing a full takeover.
By then, Axian had already grown its stake to 9.18%, worth around $52.5 million. To back those ambitions, the Mauritius-based group raised a hefty $600 million in bond funding. Clearly, Axian is playing the long game.
For Jumia, the timing of this couldn’t be better — or riskier, depending on how you see it. Since its IPO, the “Amazon of Africa” has seen its market value nosedive from more than $3 billion to just a fraction of that. Many investors, including early backer Baillie Gifford, have since jumped ship.
Hiridjee’s new board seat now gives Axian a chance to directly shape Jumia’s governance and strategy. And with the company still clawing its way back under CEO Francis Dufay — who took the reins in 2022 — it could be the shakeup Jumia needs.
So far, Dufay’s turnaround plan has shown promise. Jumia has cut annual losses from about $206 million in 2022 to an expected $50–55 million this year, thanks to cost cuts, staff reductions, and exits from weaker markets like Tunisia and South Africa.
The company is also refocusing on its strongest markets — Nigeria, Kenya, Uganda, and Egypt — while pushing deeper into rural towns and smaller cities, where orders already make up over half its sales. Add in a 25% revenue bump in Q2 and operating losses down by 18%, and suddenly Jumia’s story looks a lot less bleak.
In case you missed it
What I’m watching
Opportunities
- MTN Nigeria is hiring an Operational Risk Specialist. Apply here.
- Co-Creation HUB (CcHUB) Nigeria is looking for a Head of Communications. Apply here.
- Group Vivendi Africa is hiring an IT Manager. Apply here.
- Sun King is hiring across different states in Nigeria. Apply here.
- Businessfront, the parent company of Techpoint Africa, is looking for a Managing Editor (FMCG). Apply here.
- Africa’s venture scene takes the spotlight at the Lagos Venture Finance Summit on September 5th, 2025. Hosted by Vencapital, the Summit gathers top LPs, GPs, policymakers and ecosystem leaders for high-level conversations, networking and dealmaking. A must-attend for those shaping Africa’s next wave of venture capital. Register here.
- Paystack is hiring for several roles in Nigeria and South Africa. Apply here.
- Paga is recruiting for several positions. Apply here.
- Moniepoint is hiring for several positions. Apply here.
- Businessfront, the parent company of Techpoint Africa, is looking for a Researcher and Scriptwriter Intern for Businessfront TV. 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.
- Help us make Techpoint better for you! Your feedback shapes what comes next (your responses may potentially save my job. A bit dramatic, but still). It will only take 30 seconds to tell us what works and what doesn’t. Fill it here.
- To pitch your startup or product to a live audience, check out this link.
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- Follow Techpoint Africa’s WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa