Nigerian Tech Daily: Big Profits, Big Investments, and Big Changes

Nigerian Tech Daily: Big Profits, Big Investments, and Big Changes

Today's tech climate in Nigeria is marked by significant profits, substantial investments, and transformative changes in the industry. As the country's tech landscape continues to evolve, businesses and SME operators must stay agile and responsive to customer needs.

Primary Developments

FirstHoldCo Posts ₦744.5bn Profit

• What Happened: FirstHoldCo Plc, the parent company of FirstBank Nigeria, reported a profit of ₦744.5 billion for the nine months ending September 30, 2026. This represents a 65.1% increase from the ₦450.9 billion recorded during the same period in 2025.
• Why It Matters: This significant profit increase highlights the growing importance of electronic banking and funds transfer services in Nigeria. As more businesses and individuals turn to digital payment methods, FirstHoldCo's profits are likely to continue rising.

CBN Approves JPMorgan's Merchant Bank

• What Happened: The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, marking a new step in the US financial institution's plans to expand its presence in the country.
• Why It Matters: This approval is a significant development for Nigeria's financial sector, as it opens up new opportunities for foreign investment and collaboration. JPMorgan's merchant bank is likely to bring in new expertise and resources, contributing to the country's economic growth.

Terra Industries Raises $52m Seed Round

• What Happened: Terra Industries, a Nigerian defence technology startup, has closed a $52 million seed round, the largest in Africa. The company designs and manufactures autonomous drones, sentry towers, and crewless ground vehicles, all connected through its proprietary ArtemisOS platform.
• Why It Matters: This significant investment in Terra Industries highlights the growing interest in African deep tech startups. As the country continues to develop its defence and security capabilities, Terra Industries is well-positioned to play a key role.

The Takeaway for Nigerian Businesses & SME Operators

In today's fast-paced tech climate, Nigerian businesses and SME operators must prioritize rapid response times and customer availability. With the rise of digital payment methods and the increasing importance of electronic banking, businesses must be prepared to adapt quickly to changing customer needs. By staying agile and responsive, Nigerian businesses can capitalize on the growing opportunities in the tech sector and contribute to the country's economic growth.

Source:

• TechNext: FirstHoldCo posts ₦744.5bn profit in 9 months as electronic banking fees hit ₦73.2bn
• Nairametrics Fintech: BREAKING: CBN approves JPMorgan's plan to establish merchant bank in Nigeria
• TechCabal: Africa's deep tech ambitions are running into an ecosystem raised on software
• TechNext: Forex trading tools in South Africa: Matching mobile charts with market hours and news alerts
• TechCabal: Why Bolt is practically giving away its annual subscription in Kenya
• Nairametrics Fintech: Ibile Holdings takes majority ownership of LASACO as stake rises to 51%

Tags: fintech, cbn, firstbank, jpmorgan, terra-industries, african-tech, nigeria-tech, digital-payment, electronic-banking",