- 5
- Episodes
- 6
- Ratings
- Bi-weekly
- Cadence
- 2026
- First episode
About Africa Built
Africa Built - A Podcast on African Technology Business History With Deep dives on companies building Africa's economy A NotaDeepDive (notadeepdive.com) and Fintech is Easy (Fintechiseasy.com) production
- Publisher
- Fintech Is Easy
- Category
- history · technology
- Language
- en
- Explicit
- No
- First episode
- 5 Jul 2026
- Latest episode
- 23 Sept 2026
Latest episodes
5 episodes in the feed.
23 Sept 2026
The Interswitch Story: Visa, Verve, and IPO? - Interswitch Part II
In the fourth episode of Africa Built, we conclude our two-part series on Interswitch. Part One ended in December 2010, when Helios bought 66% of the company from the founding banks. This episode picks up the story from there and runs to today. Revenue went from ₦39 billion to ₦137.5 billion in four years, while Verve, once the local alternative, became the card most Nigerian banks issue. Visa's 2019 investment made Interswitch a unicorn. Three years later, a new round valued it at $750 million. We look at how the naira affects that growth, how Verve won even as WebPay lost web payments to Paystack and Flutterwave, why two IPO windows closed before the company could list, and what became of the Pan-African plan in Gambia and Kenya. Then we follow the Interswitch alumni into Moniepoint and PAPSS, and ask what Interswitch has to build if the next ten years are going to look different from the last ten. Main Topics The 2022 round, the $750 million price, and what happened to the unicorn label. Why naira growth and dollar growth tell two different stories. How Verve became the card most Nigerian banks issue, and the pricing fight that followed. The diversification bets: eClat, VANSO, M-Kudi, OkHi, Shuttlers and ACE Logistics. Two IPO windows, a possible sale, and what Visa's 2019 investment changed. Gambia, Kenya, and why Pan-African expansion proved so difficult. WebPay, PayDirect and Quickteller, and how pricing decided who won each market. The ₦30 billion chargeback fraud, and why nobody at the top left. The Interswitch alumni network, and what PAPSS is for. Government collections, and the contest with Remita. The next ten years: contactless payments, QR codes, cross-border, and the case for becoming a bank. Chapters: 00:00 - Introduction to Interswitch and episode overview 02:41 - Interswitch valuation and Nigeria's macro backdrop 09:58 - How Verve became Nigeria's dominant card network 14:35 - Expansion, acquisitions, and diversification 17:23 - IPO ambitions, Visa's investment, and who could buy Interswitch 24:55 - Why pan-African expansion proved difficult 27:38 - Verve's market power and regulation 32:10 - The Interswitch alumni network 39:28 - Competing in Nigerian payments 53:04 - The next decade: contactless and cross-border payments 1:05:07 - Interswitch's legacy and final analysis 1:11:02 - Closing reflections and acknowledgements Resources Mentioned: Interswitch's Revenue is Surging; It Lost Its Unicorn Status Anyway (https://www.notadeepdive.com/p/interswitchs-revenue-is-surging-it) - Abubakar Idris, Notadeepdive 100 million cards later, Verve looks towards contactless payment and tokenisation (https://techcabal.com/2025/12/01/verve-hits-100-million-card-issuance/) - TechCabal Helios Investment Partners-backed Verve, Nigeria's top debit card, faces a revolt from local market players (https://www.ecofinagency.com/news-digital/0806-56252-helios-investment-partners-backed-verve-nigerias-top-debit-card-faces-a-revolt-from-local-market-players) Note: The analysis here is based on publicly available data, market reports, and expert commentary. This content is for entertainment and educational purposes only and should not be taken as financial or legal advice We'd love to hear from you. Email africabuiltpod@gmail.com (mailto:africabuiltpod@gmail.com) and visit africabuilt.xyz (https://africabuilt.xyz) with feedback and commentary. Thank you
13 Aug 2026
The Interswitch Story: From Telnet to Helios - Interswitch Part I
In the third episode of Africa Built, we begin a two-part series on Interswitch. This episode traces the company from the engineers who built Nigeria’s first bank networks in the 1980s to the isolated nature of banking in the 90's, the founding of Interswitch, and how they built a network that every financial services player in the country now runs on. Main Topics The ATM in Scotland, where the story came from TCASS, Telnet, and the twenty years of bank networking that came before Interswitch Why Nigerian banks in 2002 would not connect to each other, and what it cost the country PayDirect, WebPay and Quickteller ValuCard, ePurse and eTranzact The Helios investment into the company Chapters 05:01 The Story of InterSwitch 06:28 The Founding of InterSwitch 15:17 The Banking and Payment Landscape 19:28 The Challenge of Bank Connectivity 28:42 The Role of Telnet and NIBSS 45:01 Founding and Initial Contributors 54:30 Product Growth and Monetization 01:12:42 WebPay and Agency Banking 01:25:32 Exit Options and Future Prospects Resources Mentioned in this episode: Buses, bandits, and the broken banks that created fintechs — Olumuyiwa Olowogboyega, Notadeepdive (https://www.notadeepdive.com/p/buses-bandits-and-the-broken-banks) Big Tech Show, Accelerate TV: the Mitchell Elegbe episode (https://www.youtube.com/watch?v=-Z1v2vuyYes&list=PLUqsFygfaTt4iIXXR9vuJlQixCutevnB3&index=3) Big Tech Show, Accelerate TV: the Akeem Lawal episode (https://www.youtube.com/watch?v=INZCmI4y1wI&list=PLUqsFygfaTt4iIXXR9vuJlQixCutevnB3&index=2) In Conversation with Nadu Denloye — Inspire Africa Series (https://www.youtube.com/watch?v=xq6M377xJUU) Perspectives on Nigeria’s Economic Development Volume I - Pascal G. Dozie (https://dokumen.pub/perspectives-on-nigerias-economic-development-volume-i-1nbsped-9789788431527-9789788431190.html) Spreading Tentacles Across Africa - Forbes Africa (https://www.forbesafrica.com/focus/2013/11/01/spreading-tentacles-across-africa) World Bank Appraisal Report on Nigeria’s Telecommunications Project (1990) (https://documents1.worldbank.org/curated/en/503751468098670107/pdf/multi-page.pdf) State of Play: Web Acquiring Business in Nigeria - Ifunanya Chiegboka (https://www.linkedin.com/posts/ifunanyachiegboka_a-report-of-providing-an-overview-of-paytech-activity-7459513452886351872-AyTB) One from Many: VISA and the Rise of Chaordic Organization - Dee Hock (https://www.penguinrandomhouse.com/books/575007/one-from-many-by-dee-hock/) Note: The analysis here is based on publicly available data, market reports, and expert commentary. This content is for entertainment and educational purposes only and should not be taken as financial or legal advice. We’d love to hear from you — email africabuiltpod@gmail.com (mailto:africabuiltpod@gmail.com) with feedback and commentary. Thank you.
17 Jul 2026
How Jumia Went Left - Jumia Part II
In the second episode of Africa Built, we conclude our two-part series on Jumia. In this episode, we dissect the complex story of Jumia—from its IPO to its ongoing struggle for profitability amid fierce competition and market challenges. We explore the key turning points, controversial decisions, and what the future might hold for Africa’s pioneering e-commerce platform. Main Topics: The post-IPO challenges and the impact of short sellers like Andrew Left. How transparency issues and revenue manipulation strategies affected investor confidence. The shift in strategic focus under new leadership and the implications for profitability. Competition from Chinese giants Temu, Shein, and Alibaba, and the role of AI in e-commerce turnarounds. Chapters: 00:00 - Introduction and overview of Jumia’s journey post-IPO 02:05 - Early expectations and initial valuation of Jumia in the African market 05:00 - Andrew Left’s report and the allegations of fraud—impact and fallout 09:05 - Key issues with order cancellations, GMV discrepancies, and incentives 23:47 - The financials of 2019 and the story of losses and strategic shifts 30:47 - Growth attempts through marketplace diversification and expansion into food delivery 40:30 - Impact of COVID-19 on Jumia’s performance and investor responses 50:20 - The infusion of cash from second and third capital raises—spending and waste 58:55 - Leadership changes under CEO Francis Dufay and operational reforms 68:00 - Competition from Chinese giants and how Jumia is responding with speed and logistics advantages 74:42 - The long-term outlook: profitability targets, operational efficiency, and strategic focus 77:28 - Challenges of customer experience, seller engagement, and market penetration 81:37 - Critical reflection: Could different decisions have changed Jumia’s destiny? 83:55 - Summing up: The lessons from Jumia’s tumultuous trajectory and the road ahead. Resources Mentioned in this episode: Andrew Left’s Citron Research on Jumia (https://nairametrics.com/wp-content/uploads/2019/05/Not-All_IPOs-Are-Created-Equal-Jumia-is-a-Fraud-.pdf) Jumia IPO Filing and Financial Reports (https://www.sec.gov/Archives/edgar/data/1756708/000119312519071692/d650749df1.htm) Tech Cabal article by Feyi Fawehinmi (https://techcabal.com/2014/11/18/key-observations-jumia-nigerian-ecommerce-rocket-internets-proven-winners-report/) Why is Konga worth "only" $35m and Jumia $1 billion? by Bastien Moreau (https://www.linkedin.com/pulse/why-konga-worth-only-35m-jumia-1-billion-bastien-moreau/) The Big Short (film) (https://www.imdb.com/title/tt1596363/) Dumb Money (film) (https://www.imdb.com/title/tt13957560/) Jumia discontinues food delivery across seven markets, shifts focus to expanding physical goods business. (https://group.jumia.com/news/jumia-discontinues-food-delivery-across-seven-markets-shifts-focus-to-expanding-physical-goods-business) Note: The analysis here is based on publicly available data, market reports, and expert commentary. This content is for entertainment and educational purposes only and should not be taken as financial or legal advice
6 Jul 2026
The Amazon of Africa - Jumia Part I
Welcome to the first episode of Africa Built In this two-part series, this episode explores the fascinating history of Jumia, Africa's first unicorn, from its inception, funding, fierce competition, to its IPO journey. We uncover how strategic decisions, market dynamics, and industry behaviours shaped the rise and challenges of this pioneering e-commerce platform. Chapters 00:00 Introduction and Episode Overview 01:46 The Origin of Jumia and Rocket Internet's Role 02:25 Zinox Group Foreshadowing 04:30 Nigeria in 2012: Market Conditions and Opportunities 06:56 Rocket Internet's Cloning Strategy and Market Entry 09:16 The Launch of Kasuwa and Sabunta: The Amazon of Africa 14:15 The Merger and Early Challenges of Jumia 17:54 Customer Acquisition and Market Education 20:19 Funding Milestones and Capital Infusions 24:05 Konga vs. Jumia: Competition and Industry Dynamics 30:56 Jumia's Corporate Structure and International Presence 33:29 Market Competition, Black Friday, and Price Wars 38:47 Konga's Decline and Acquisition 44:58 Jumia's IPO and Market Reception 52:08 Reflections on Jumia's Impact and Industry Lessons 55:11 Concluding Thoughts and Future Outlook Resources Rocket Internet - [Official Website](https://www.rocket-internet.com (https://www.rocket-internet.com)) Sim Shagaya at Founder's Connect - (https://www.youtube.com/watch?v=llYc3hbaCO4 (https://www.youtube.com/watch?v=llYc3hbaCO4)) Is Jumia using Jazz - Jason Njoku - https://medium.com/@jasonnjoku/is-jumia-using-jazz-21511d1a854f (https://medium.com/@jasonnjoku/is-jumia-using-jazz-21511d1a854f) Jumia vs Konga - a response maybe even a rant - Ngozi Dozie - https://www.linkedin.com/pulse/jumia-vs-konga-response-maybe-even-rant-ngozi-dozie/ (https://www.linkedin.com/pulse/jumia-vs-konga-response-maybe-even-rant-ngozi-dozie/) Oliver Samwer my African Hero - https://medium.com/@docolumide/oliver-samwer-my-african-hero-23cf0f2fc615 (https://medium.com/@docolumide/oliver-samwer-my-african-hero-23cf0f2fc615) The Samwer Brothers: The Billion-Dollar “Clone Factory” That Built an Empire by Copying - https://thebigcollapse.medium.com/the-samwer-brothers-the-billion-dollar-clone-factory-that-built-an-empire-by-copying-03f3c767d0e7 (https://thebigcollapse.medium.com/the-samwer-brothers-the-billion-dollar-clone-factory-that-built-an-empire-by-copying-03f3c767d0e7) 15 startups built by Jumia’s first 50 employees - https://group.jumia.com/news/15-startups-built-by-jumias-first-50-employees (https://group.jumia.com/news/15-startups-built-by-jumias-first-50-employees) JUMIA (NYSE: JMIA) CELEBRATES THEIR IPO - https://www.youtube.com/watch?v=BJQqLGFbcCw (https://www.youtube.com/watch?v=BJQqLGFbcCw) Is Jumia an African Tech Company - https://businessday.ng/technology/article/is-jumia-an-african-tech-company/ (https://businessday.ng/technology/article/is-jumia-an-african-tech-company/)
5 Jul 2026
Introducing Africa Built (Trailer)
Hello and welcome to Africa Built A podcast on the stories and history behind some of Africa's most important mature companies. Brought to you by Olumuyiwa Olowogboyega, writer of the Notadeepdive (https://www.notadeepdive.com/) newsletter, and Nnanna Ijezie, writer of the Fintech is Easy (https://fintechiseasy.com/) newsletter. Why does this exist Most successful companies have a story they tell about themselves: the smooth, flattering version. Over time, that becomes corporate folklore, leaving out the parts that don't fit the narrative. Africa's tech industry has produced billion-dollar companies, landmark IPOs, and bitter rivalries, but very few extensive, honest accounts of how any of it actually happened are in the public domain. These stories exist, scattered across old interviews, conference panels, news archives, and newsletters, waiting to be pieced together into one place. Over the years, we've collaborated on multiple media projects and reports in various forms, and in the process identified the need to tell larger, more detailed stories of some of Africa's most successful companies. This is our attempt to finally step into the arena and plug a gap we have identified in African corporate storytelling. By going deep on the companies that built Africa's tech and business landscape, from founding to IPO and beyond, we're telling a researched story of how these companies actually got built: the strategies, pivots, competition, successes, and failures along the way. Occasionally, we'll have friends, guests, and insiders join us to add more detail to these stories. African startups of today are standing on the shoulders of giants before them. It's time to tell their story. We hope you enjoy this. Cheers, Muyiwa and Nnanna Africabuilt.xyz (https://africabuilt.xyz)
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