Nigeria & West Africa Tech — 2026-04-29

Key Highlights

MTN Nigeria's Fintech Spin-Off Vote

In one of the most significant corporate governance moments in Nigerian tech this week, MTN Nigeria shareholders are scheduled to vote on the company's proposed fintech spin-off on Thursday. The move would separate MTN's MoMo mobile money operations into a standalone fintech entity — mirroring the template already executed by MTN Ghana, which completed its own MoMo spinoff earlier in April.

Lagos Commits to $10 Billion MSME Boost

Lagos State has announced a major policy drive committing to a $10 billion boost for micro, small, and medium enterprises (MSMEs) alongside new industrial parks. To attract international investment, the state will host the Invest in Lagos Summit 3.0 on June 8–9 at Eko Hotels and Suites.

Fintech Summit 2026: AI-Driven Financial Ecosystem

Stakeholders from Nigeria's financial services and technology sectors convened in Lagos over the weekend at the Fintech Summit 2026, where discussions centred on the implications of innovation, data, and emerging technologies for Africa's financial ecosystem. The summit highlighted growing momentum around AI's role in driving financial inclusion across the continent.

LemFi Commits £100M to UK

Nigeria-rooted remittance startup LemFi has announced a £100 million commitment to the UK, signalling a major escalation of its global ambitions. The company, which built its business serving Nigerian and African diaspora communities, is now formally headquartered in London.

Nigeria Leads Africa in Solana Developer Activity

According to a new press release, Nigeria ranks 1st in Africa and 6th globally by Solana developer share. SuperteamNG, the Nigerian chapter of the Solana ecosystem, injected over $162,000 into the local economy in Q1 2026 alone.

Women in Tech Accelerator — Applications Closing Soon

A Women in Tech Accelerator offering $10,000 grants is closing applications imminently, providing a significant opportunity for female-led tech startups across Africa.

Blockfest Africa Expands to South Africa

Blockfest Africa, convened by blockchain educator Samuel Olaoyenikan (XeusTheGreat) and the Nirvana Academy, announced its expansion to South Africa for its 2026 edition. The event positions itself as a platform for blockchain education, cross-border collaboration, and real-world adoption across the continent.

1 sources

zawya.com

zawya.com

Analysis

Nigeria Moves to Mandate Cyber Attack Disclosure

The most significant regulatory story this week is Nigeria's push to require organisations to publicly disclose cyber attacks, reported on April 29.

This proposed mandate — driven by NITDA — reflects a maturing cybersecurity posture in Nigeria's digital economy. As the country hosts more cloud infrastructure, fintech data, and enterprise SaaS operations, the absence of mandatory breach disclosure has been a long-standing vulnerability for consumers and businesses alike. If enacted, the policy would bring Nigeria closer to international standards similar to GDPR in Europe or SEC disclosure rules in the United States.

The timing is notable: it comes as Nigeria's tech sector is growing faster than its regulatory infrastructure, with major platforms handling tens of millions of users' financial and personal data. A mandatory disclosure regime would increase accountability — but also pressure smaller startups with limited cybersecurity budgets. This story deserves close attention as draft guidance takes shape.

What to Watch

• MTN Nigeria fintech spin-off vote (Thursday, April 30): The outcome could reshape the competitive landscape for mobile money in Nigeria, Africa's largest market. A successful spin-off would create a well-capitalised, standalone MoMo entity competing directly with Opay, Palmpay, and bank-owned wallets.

• Nigeria mandatory cyber attack disclosure rules: Watch for NITDA's draft guidelines which could impose significant new compliance obligations on startups and enterprises handling user data.

• Invest in Lagos Summit 3.0 (June 8–9): With a $10 billion MSME commitment on the table and industrial parks planned, this summit could unlock a new wave of foreign direct investment into Lagos's tech and manufacturing sectors.

• Africa Business Week outlook: Africa.com's weekly doing-business briefing (April 28) signals continued investor attention on Nigerian and West African markets as macroeconomic conditions gradually stabilise.