Flutterwave, Africa's largest payments company, has partnered with a US-based private-credit startup to let employees borrow money against their shares. The move comes as CANAL+ reported that its newly acquired pay-TV group MultiChoice is still shrinking in its biggest market, and as South Africa's government moved to rewrite the country's telecom infrastructure sharing rules. (TechCabal Daily)

Flutterwave lets employees borrow against their shares

Startup shares can make employees and early investors look rich on paper, but that wealth is usually locked up until the company is sold or another buyer agrees to purchase the shares. Flutterwave is now offering some shareholders another way to get cash out of their paper wealth without selling.

What happened

Flutterwave has partnered with Techdollar, a US-based private-credit startup, to let its employees borrow money using their Flutterwave shares as collateral. Shareholders keep their shares while borrowing against their value.

The background

Employees are often paid partly in equity, particularly at young companies. Someone who joined early can end up owning shares worth a lot on paper as the company raises money and its valuation climbs. Normally, a shareholder who wants to turn those shares into cash needs a buyer. That typically happens through a secondary share sale, in which another investor buys shares directly from an existing shareholder, who receives the cash.

When Nigerian fintech Moniepoint raised $110 million in 2024, at least two senior employees sold portions of their shares, receiving $850,000 and $20,000 respectively, according to Moniepoint. Flutterwave's arrangement with Techdollar is different.

How it works

The shareholder pledges eligible Flutterwave shares as collateral and receives a loan from Techdollar. The shareholder still owns the shares, but the lender has a claim on them if the borrower fails to repay. The difference from a secondary sale is that a sale converts shares into final cash on the spot, while a loan leaves the employee holding both the shares and a debt that has to be repaid.

Why it matters

Flutterwave's $3.25 billion valuation gives the arrangement some serious numbers to work with. For employees, the appeal is access to cash now without giving up exposure to how big Flutterwave may still become. (TechCabal) For employees at private startups across the continent, options like this have been scarce — outside occasional secondary sales or an eventual sale of the company, paper wealth has had few routes to becoming spendable cash.

CANAL+ gets bigger, but MultiChoice is still shrinking

CANAL+ is now a much bigger company because it owns MultiChoice. The awkward part is that the business it bought is still getting smaller where it matters most.

What happened

MultiChoice revenue fell 3% on a like-for-like basis in the nine months to September, dragged down by lower subscription income in South Africa. Reported revenue still rose 0.4% to €1.81 billion ($2.03 billion), but that increase came largely from favourable currency movements rather than stronger underlying performance.

There was some improvement. The decline slowed to 2% in the third quarter from 3.4% in the first half. CANAL+ cautioned, however, that easier comparisons with last year's sports calendar also helped, so it is too early to credit a turnaround.

The context

CANAL+ completed its takeover of MultiChoice because it wanted scale across Africa, but the two businesses entered the deal from very different positions. CANAL+'s operations outside MultiChoice are still growing strongly in French-speaking Africa. MultiChoice, by contrast, is dealing with falling subscription revenue in its biggest market. (TechCabal)

CANAL+ has started responding. In September, DStv launched several unbundled packages in South Africa, after shutting down Showmax in April. The group is also spending on sports rights, including UEFA club competitions and the 2027 Africa Cup of Nations.

Between the lines

CANAL+'s strongest African business and its newest acquisition are moving in opposite directions. Revenue from its Africa and Asia operations, excluding MultiChoice, grew 10.2% like-for-like, helped by French-speaking Africa, while MultiChoice declined.

CANAL+ is targeting €250 million ($281 million) in synergies, but cutting duplicated costs can only go so far. If fewer South Africans pay for DStv, the group eventually has to fix demand, not just expenses.

What to watch

Subscriber numbers. CANAL+ did not disclose them this quarter. Sports rights, unbundled packages and more content sound promising, but the proof of a turnaround will be whether DStv can keep more customers and stabilise subscription revenue.

South Africa asks ICASA to rewrite telecom infrastructure sharing rules

Building a telecom network is expensive, and building one next to an existing network can be redundant. South Africa wants to make it easier for operators to share on-the-ground infrastructure.

What happened

Solly Malatsi, South Africa's communications minister, has asked the Independent Communications Authority of South Africa (ICASA), the country's communications regulator, to rewrite its rules for how telecom companies share infrastructure. (TechCentral)

The background

South Africa already has rules for infrastructure sharing, but the framework was introduced in 2010 and has not kept pace with the industry. The government says the framework needs to be updated to reflect how the telecoms market works today.

The stakes are significant: in July, operators told ICASA that obtaining wayleaves — permission to use public land or existing infrastructure for network deployment — can take six to 12 months in some municipalities. That can slow fibre expansion and mobile network upgrades, and make network expansion more complicated. (TechCentral)

What is changing

ICASA is being asked to speed up leasing negotiations and create a clearer process for resolving disputes between operators and other parties, including landowners. The regulator is also expected to build a central map of the country's telecoms infrastructure. Operators would provide information on fibre routes, ducts, poles and base stations, giving the regulator a better picture of what infrastructure already exists and where new networks are being planned.

What happens next

The regulator has to work through the policy direction and develop the new rules. It is expected to publish final rapid-deployment regulations during the 2026/2027 financial year. If the new framework works as intended, should have a clear route to accessing existing infrastructure and fewer deployment delays.

Funding tracker

Aqar Exit, an Egyptian proptech startup, raised $183,000 in funding from Ayman Mamdouh Abbas, executive chairman of Intro Holding Group (Oct 22). (Disrupt Africa)

The other deals of the week:

• Tactful AI, an Egyptian AI startup, raised an undisclosed amount of funding from Hatem Dowidar (Oct 19). (Wamda)
• ChipChip, an Ethiopian agritech startup, secured an undisclosed investment from Proparco's Digital Africa (Oct 19). (Innovation Village)
• Neural Labs Africa, a Kenyan healthtech startup, secured $5,000 in funding from Mata AI (Oct 19). (Tech In Africa)
• Me-Nasoma, a Kenyan AI startup, secured $5,000 in funding from Mata AI (Oct 19). (Tech In Africa)
• Irrisol Engineering, a Ugandan cleantech startup, secured an undisclosed investment from Nordic Impact Funds (Oct 20). (Innovation Village)

Africa's unemployment rate was 6.3% in 2025, yet more than a third of employed Africans live in working poverty, according to TechCabal Insights.

Hiring this week

• CredPal — Credit Underwriter — Lagos, Nigeria
• Sparkle Nigeria — Business Growth Manager — Lagos, Nigeria
• Tech Safari — Content Lead — Nairobi, Kenya, and Abuja, Nigeria (remote, anywhere in Africa)
• Pesa — Social & Influencer Marketing Manager — Remote (Nigeria)
• Bamboo — Product Manager (Misan) — Hybrid (Lagos, Nigeria)
• Àngeles Sostenibles — Operations Associate — Abuja, Nigeria
• Coinomad — Sales Manager, Business Development Manager — Nigeria
• Sumsub — Senior Anti-Fraud Analyst — Remote (anywhere)
• AfriChange — Compliance Specialist — Remote (Nigeria)
• Scouthappy — Growth Lead for Fintech (Stocks) — Remote (Nigeria)
• Daya — Growth Product Manager (Daya Coins) — Remote (Nigeria)
• Qore — Site Reliability Engineering (SRE) Manager — Lagos, Nigeria
• Afreximbank — Student and Postgraduate Internship — Cairo, Egypt

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Written by Emmanuel Nwosu and Yemi Kareem; edited by Emmanuel Nwosu and Ganiu Oloruntade. Source: TechCabal Daily.