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💵 NALA Enters Nigeria with IMTO License

💵 NALA Enters Nigeria with IMTO License

Plus: 💼 Ovaltine to Build £24M Factory in Lagos

Innovation Village
March 20, 2026

In partnership with

Good Morning Valued Subscribers 👋

Today on Innovation Village, Africa’s innovation landscape continues to evolve with bold moves across fintech, mobility, media, and manufacturing. In Nigeria, NALA makes a strategic entry with an International Money Transfer Operator (IMTO) license, signaling intensifying competition in cross-border payments. The crypto space heats up as Luno introduces prediction markets, opening new frontiers for digital asset engagement. On the industrial front, Ovaltine’s planned £24 million factory in Lagos underscores growing investor confidence in Nigeria’s manufacturing sector.

Meanwhile, the media industry faces disruption as CANAL+ considers job cuts at MultiChoice as part of a $115 million turnaround strategy. And in global mobility, Uber’s $1.25 billion investment in Rivian highlights the accelerating push toward autonomous ride-hailing.

From digital finance to future mobility, these developments reflect a continent—and a world—rapidly reshaping how people transact, work, and move.

Let’s dive in👇

Today’s Menu ☕️

💵 NALA Enters Nigeria with IMTO License
🪙 Luno Launches Crypto Prediction Markets in Nigeria
💼 Ovaltine to Build £24M Factory in Lagos
📺 CANAL+ Plans MultiChoice Job Cuts in $115M Turnaround
🚘 Uber Invests $1.25 Billion in Rivian Robotaxi Plan for Autonomous Ride-Hailing

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💵 REMITTANCES

NALA Enters Nigeria with IMTO License

NALA has secured an IMTO license from the Central Bank of Nigeria and completed direct integration with NIBSS, enabling faster, more reliable, and lower-friction remittance services.

The move strengthens NALA’s infrastructure, allowing bank-direct payouts with fewer intermediaries while improving transparency and settlement efficiency. Nigeria’s large and complex remittance market is a key strategic focus for the company.

With 14 global licenses, NALA is positioning itself as a compliance-driven fintech player aiming to scale cross-border payments, reduce transfer costs, and expand financial inclusion across emerging markets.........….continue reading

🪙 CRYPTOCURRENCY

Luno Launches Crypto Prediction Markets in Nigeria

Luno has introduced a new prediction markets feature for Nigerian users, allowing them to earn by forecasting short-term price movements of assets like Bitcoin and Ethereum.

The product uses a simple binary model where users predict whether an asset’s price will rise or fall within a set period. Correct predictions earn payouts in USDC, while incorrect ones result in a full loss of the staked amount.

This launch reflects a shift in Nigeria’s crypto market from basic trading to more active, strategy-driven participation. Luno has also embedded safeguards such as risk disclosures and a dedicated wallet system to promote responsible use.

As competition grows and regulation tightens, the feature positions Luno to capture demand for more interactive and structured crypto investment tools in one of the world’s most active digital asset markets...........….continue reading

💼 BUSINESS

Ovaltine to Build £24M Factory in Lagos

Ovaltine plans to invest £24 million in a new manufacturing facility in Lagos—its first in Africa—aimed at serving Nigeria and the wider West African market. The plant, linked to Twinings Ovaltine, is expected to create over 100 jobs and function as a regional export hub.

The move reflects a broader shift by global consumer brands toward local production, helping reduce import costs, manage currency volatility, and respond faster to demand. It also comes as UK–Nigeria trade reaches a record £8.1 billion annually.

While Nigeria offers strong market potential, Ovaltine will face stiff competition from established players like Nestlé Nigeria, alongside challenges such as inflation, infrastructure gaps, and currency instability.........….continue reading

📺 MEDIA

CANAL+ Plans MultiChoice Job Cuts in $115M Turnaround

CANAL+ is preparing to cut jobs at MultiChoice Group as part of a $115 million turnaround strategy aimed at improving efficiency and restoring growth. The restructuring will include a voluntary severance programme targeting support and administrative roles, and may also affect its tech subsidiary, Irdeto.

The overhaul combines cost-cutting with fresh investment in content, pricing strategies, and customer acquisition. It reflects growing pressure on traditional pay-TV operators facing rising content costs, piracy, and competition from global streaming platforms like Netflix and Amazon Prime Video.

Following the shutdown of Showmax and increasing cord-cutting trends, MultiChoice is under pressure to modernise and stay competitive. The success of the turnaround will depend on balancing operational efficiency with innovation in Africa’s fast-evolving digital entertainment market........….continue reading

🏫EDUCATION

Coventry University to Launch Lagos Campus

Coventry University is set to establish a new campus in Lagos through a Transnational Education (TNE) partnership with the Nigerian government. Located in Alaro City, the campus is expected to open in late 2026 and will offer UK-accredited Bachelor’s and Master’s degrees in STEMM, business, and vocational fields.

The initiative aims to expand access to globally recognised education within Nigeria, reducing the need for students to study abroad amid rising costs and visa constraints. It also aligns with efforts to address Nigeria’s higher education gap and skills shortages by increasing local capacity and focusing on industry-relevant training.

By embedding the campus within a growing economic hub, the project seeks to link education with innovation and employment opportunities......….continue reading