Connect with us

Technology

Bitsika Records $39.9m Transactions as Revenue Spikes

Published

on

Bitsika

By Adedapo Adesanya

Popular social payments app, Bitsika has announced an impressive increase in its number in volume, revenue, users, and transactions for the year 2020.

According to the numbers made available via the company’s Twitter account, it was claimed that from January 1, 2020, to January 1, 2021, the volume of transactions carried out increased by 3,998.3 per cent. This happened as it processed a total of $39,953,115 in transaction volume compared to $974,864 we processed in 2019.

Providing a breakdown, the company, which is a wallet for Cedis, Naira, Dollars, CFA currencies, cryptocurrencies, among others, noted that deposits amounted to $18,872,474; $17,890,807 in payouts (withdrawals); and $3,189,834 in internal peer-to-peer transfers.

Revenue wise, Bitsika collected $1,027,583 in fees in 2020 compared with $329 in 2019, indicating a significant rise of 312,235.3 per cent.

Speaking of the veracity of the figures, the company noted, “These volumes are from self-determined, autonomous [successful] transactions that users initiated and performed themselves. We did NOT count system transactions that users did not initiate.”

Bitsika announced that it processed a total of 268,430 individual (successful) transactions, an increase of 5,008.5 per cent compared to 4,832 successful transactions carried out in 2019.

The company added that of the said successful transactions, 21,418 were internal peer-to-peer transactions while the rest (247,012) was a combination of deposit and payout transactions.

Its user base grew to 95,509 registered users; more than 95 per cent of which came onto the platform in 2020. Within the year, Bitsika noted that 16,507 individual users made at least one successful transaction.

The company noted that 11,142 users currently have some money on the app, waiting to use it on any of its many features.

Speaking on the result, the Chief Executive Officer and Founder, Mr Atsu Davoh explained that, “This number is NOT our take-home profit. After expenses and payments to our other third-parties are done, what we’re left with (net profit) is significantly much less.

“The best part about this particular metric is that it has helped us remain technically profitable and cash-flow positive for every single month of 2020.”

The Bitsika CEO explained that at the start of the year, the team had made plans to increased its numbers to get 20,000 users and process $10,000,000 in transactions, and the numbers were a testimony that it exceeded its own expectations.

He said, “These numbers are self-reported, but apart from our internal peer-to-peer transactions and volumes, there is an additional receipt of every single one of our transactions in the databases of their-party platforms like Futterwave and its equivalent for the other currencies we serve. This makes transparency much easier.”

Looking back on the year, the Ghanaian-born startup brought onboard film star, John Dumelo and musician, Joey B as well as inviting Nigerian pop king, David Davido Adeleke, his manager, Asa Asika, and celebrity tech-savvy lawyer, Mr Bobo Ajudua as shareholders.

The impact of these influencers could not be overlooked in the general outcome of these numbers as Mr Davoh noted about Davido, “We decided to go into this partnership with Davido because, in Africa, I don’t see anyone with his crazy numbers. I think his social engagement is the best in Africa. This is purely a business decision and we believe with the Davido board, now we can even 10x every single month.”

In 2021, the CEO says “We want to raise our Series A, get our own licensees in all the markets we operate, start our internship program for the design and tech communities, and provide more features in our app. We also want to expand our reach in and beyond fintech.”

Bitsika wishes to increase its 2020 numbers this year and with the positioning, the three-year-old startup is on course to achieve this.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Airtel Subscriber Base Crosses 650 million, Now World’s Second-Largest Telco

Published

on

Bharti Airtel

By Modupe Gbadeyanka

Bharti Airtel has crossed 650 million mobile subscribers worldwide to emerge as the world’s second-largest telecommunications firm.

The Indian company has operations in several countries, including Nigeria, where it has continued to scale infrastructure at a pace unmatched in its recent history.

Over the past three years, the telco has increased its national site count from just above 13,000 to nearly 17,200 sites, including more than 1,560 added in the last 12 months.

This expansion deepens capacity in high-demand corridors and extends high-speed coverage to previously underserved regions.

The latest industry data from the Nigerian Communications Commission (NCC) underscores the significance of this growth. As of December 2025, Nigeria recorded 145,141 base stations across 2G, 3G, 4G and 5G layers.

Of this national infrastructure, Airtel accounts for 46,918 base-station layers, reflecting its substantial contribution to the country’s radio access network and its push to absorb rising data consumption.

Nearly 99 per cent of Airtel Nigeria’s sites are now 4G-enabled, positioning the operator as one of the few with a near-ubiquitous high-speed broadband footprint. Thousands of sites have been upgraded for capacity in the past year alone, enabling improved speeds and more stable performance during peak usage.

That expansion underpins Nigeria’s rising internet adoption. According to the latest regulator figures, Nigeria’s internet penetration recently climbed above 50 per cent, with Airtel recording among the largest monthly increases in new internet subscribers, driven by network upgrades across states and rural corridors.

Strategic Connectivity and Redundancy

Airtel is also tackling a critical infrastructure challenge for the Nigerian digital economy: reliance on a single international internet gateway. The company is advancing plans for its second submarine cable internet breakout point at Kwa Ibo in Akwa Ibom State, early in the 2Africa cable system rollout, to provide faster and more resilient national connectivity across regions. This significant investment aligns with global best practices in network diversity and redundancy, ensuring a more stable digital experience for consumers and enterprises alike.

Digital Finance at Scale: SmartCash

Airtel’s digital finance arm, SmartCash, has gained traction in Nigeria’s competitive mobile money ecosystem, now serving over 3 million active users. The platform is supported by an expansive agent network and digital services that lower barriers for everyday financial transactions and savings.

Outstanding Human Touch: Retail Reach

Across Nigeria, Airtel’s retail distribution network stands as one of the sector’s most extensive, with approximately 4,000 exclusive outlets bringing services, support, and products closer to customers in small towns, communities, and high-traffic urban hubs. That footprint drives both access and engagement in a market where localised presence remains a competitive differentiator.

As Nigeria’s digital economy continues to evolve, Airtel is committed to sustained innovation — from expanded fibre backbones and advanced mobile broadband to future-ready services that include satellite-enabled solutions and enterprise-grade digital platforms. These efforts help ensure that connectivity, commerce, and creativity thrive across Nigeria and beyond.

Continue Reading

Technology

Nigeria to Launch NIGCOMSAT Satellites in 2028, 2029

Published

on

NIGCOMSAT Satellites

By Adedapo Adesanya

Nigeria has set 2028 and 2029 as the timeline for the deployment of its new satellites, NIGCOMSAT-2A and 2B, respectively.

The Managing Director of NIGCOMSAT, which is Nigerian Communications Satellite Limited and the premier satellite operator in Nigeria, Mrs Jane Nkechi Egerton-Idehen, disclosed this at the second Nigerian Satellite Week in Abuja on Monday. She noted that the development is expected to boost military intelligence, surveillance, and regional connectivity.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

In his remarks, the Minister of Communications and Digital Economy, Mr Bosun Tijani, said the satellites form part of the nation’s strategy to strengthen digital infrastructure.

Mr Tijani explained that the satellites will complement ongoing investments in 90,000 kilometres of fibre-optic cable and nearly 4,000 telecom towers, which are being rolled out nationwide and extended to neighbouring countries, including Cameroon, Niger, Chad, Burkina Faso, and the Republic of Benin.

He stressed that satellite technology is critical for national development, affecting education, agriculture, business, and emergency response.

“The president’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries,” he said.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” the Minister said.

Also speaking, the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, welcomed the development, saying the military will leverage the satellites for operational efficiency.

“The Nigerian Army will continue to use space assets to improve intelligence gathering, surveillance, and operational coordination across all theatres of operation,” he said at the event, represented by Major General Kennedy Osemwegie, Commander of the Nigerian Army Cyber Warfare Command (NACWC).

Continue Reading

Technology

Interswitch, KCB Group to Deliver Innovative Financial Solutions in East Africa

Published

on

Interswitch KCB group

By Modupe Gbadeyanka

A partnership to advance digital payments and financial inclusion across East Africa has been strengthened between Interswitch and KCB Group.

Both parties have agreed to expand digital payment infrastructure and deliver innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region.

The aim is to accelerate seamless, secure, and inclusive digital payments in East Africa, where the leading Africa-focused integrated payments and digital commerce enabler, Interswitch, recently announced an expansion of Verve card acceptance footprint, leveraging its consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.

During a recent executive engagement at KCB Group headquarters in Nairobi, the chief executive of Interswitch, Mr Mitchell Elegbe, held high-level discussions with KCB leadership, including its chief executive, Paul Russo.

At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise.

This integration enables the acceptance of Verve cards and tokenised payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.

The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions. It also reinforces both organisations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.

“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa,” Mr Elegbe stated.

Continue Reading

Trending