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• Uber defends UberX decision in SA
• ‘Too important to fail’
• Bidvest suffers attack
• Carrefour’s Kenya moment
• World Wide Web 3
• Opportunities

Ride-hailing

Uber defends decision to discontinue UberX in South Africa

Image Source: Tenor

You must have rolled your eyes seeing Uber, the ride-hailing giant, in the news again. I did, too. But with the rate of these operational changes happening, market shutdowns, layoffs, and work-from-home (WFH) scaleback, I’d have assumed the coincidence was too good to be true, and this was probably some well-executed media run. This time, Uber is out to defend a critical business decision it made in South Africa.

What happened? South Africa’s drivers’ union says Uber’s decision to discontinue UberX on September 1 could put drivers out of work. The union estimates that more than 60% of its drivers may not qualify for Uber’s remaining categories. Uber says drivers can continue using the platform if their cars qualify for another category.

Doom and gloom? One thing’s for sure: the drivers’ union has a point. Compared with markets Uber has exited, such as Nigeria, South Africa is a much bigger market for the company. Uber is the market leader there, competing with Bolt and Wanatu. The company likely has more drivers than the others and network effects to protect; it also means changes to its platform can have a much bigger effect on the same drivers.

UberX was built around everyday cars, including Toyota Corollas and Hyundai Accents. UberGo accepts older cars, while Comfort requires newer ones. Some drivers could fall through the gap.

A day after Uber left Nigeria, I spoke with a marketing executive visiting the country for the first time. He was disappointed. After spending a lot of time in South Africa, he had grown used to Uber and felt its service was more reliable and consistent than some alternatives.

Perhaps Germany offers a useful lesson. The marketing executive, who had also recently been in Germany, said UberX cars were mostly Mercedes-Benz vehicles. That wasn’t always the case. When Uber entered Germany in 2013, it struggled to attract riders who were used to being picked up in taxis, often in luxury Mercedes-Benz cars. Uber eventually adapted its model by working with licenced taxi and private-hire companies to fit the market. Now, Uber is testing autonomous cars in Munich.

In South Africa, it is simply a case of Uber refusing to drop the standard for UberX tiers. Uber has replaced UberX with cheaper UberGo and higher-end Comfort, creating clearer tiers while pushing some drivers towards categories that require newer cars.

And the introduction of UberGo is instructive. Previously, the company didn’t operate this tier in South Africa, whereas countries like Kenya have UberChapChap, which is comparable. Nigeria had the UberX Share (Basic) option.

**Two things can be true: **The union is right to worry about jobs. But Uber is signalling it won’t compromise its standards if drivers can’t meet them. The only question is why the company is reacting now. But well, CEO Dara Khosrowshahi did promise cheaper rides after the global restructuring; perhaps this is the hand we’re now being dealt.

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banking

Kenya’s biggest banks could face tougher rules under new proposal

Image Source: Reddit

Imagine waking up one morning to find that one of Kenya’s biggest banks has collapsed. Your money might still be protected, but businesses could struggle to make payments, other financial institutions could take a hit, and confidence in the banking system could start wobbling. That’s called a bank run, and it is the kind of situation the Central Bank of Kenya (CBK) wants to prevent.

What happened? On Friday, the CBK proposed a new framework for identifying Domestic Systemically Important Banks (D-SIBs).

What are D-SIBs, you ask? These are banks whose failure could cause serious disruption to Kenya’s financial system and wider economy. The CBK wants to identify banks that are too interconnected, complex, or difficult to replace for their failure to be treated like an ordinary bank collapse. The regulator said it would assess banks based on four factors: size, interconnectedness, substitutability, and complexity.

**Explain like I’m new here: **Kenya already has a robust regulatory setup for banks. CBK licences and supervises commercial banks, mortgage finance companies, microfinance banks, and other financial institutions under the Banking Act and its prudential guidelines. Banks must meet minimum capital and liquidity requirements.

Kenya raised its minimum capital requirement for commercial banks from KES 1 billion ($7.7 million) to KES 3 billion ($23.3 million), effective December 2025, under the Business Laws (Amendment) Act, 2024. The increase is being implemented progressively, with the requirement initially set to rise to KES 5 billion ($38.7 million) by December 2026, KES 6 billion ($47.4 million) by 2027, KES 8 billion ($61.9 million) by 2028, and KES 10 billion ($77.4 million) by 2029.

By the end of March 2026, four banks—Credit Bank, Consolidated Bank of Kenya, Development Bank of Kenya, and Access Bank Kenya—were still below the $23.2 million threshold.

As of June 2026, the banking sector’s total capital adequacy ratio was 20%, comfortably above CBK’s 14.5% minimum. Its liquidity ratio was 61.2%, more than three times the 20% minimum.

What changes? If a bank is designated a D-SIB, it must hold additional Common Equity Tier 1 (CET1) capital. Depending on how systemically important the bank is, the additional requirement is pegged at 0.5% to 2.5% of risk-weighted assets. The more important the bank, the bigger the cushion. D-SIBs would also face more intensive supervision, quarterly stress tests, and annual assessments of whether they have enough capital and liquidity to survive major shocks.

There’s more: The proposed framework would also subject D-SIBs to enhanced supervision and require recovery and resolution plans. A recovery plan sets out the actions management could take if the bank comes under severe stress, while a resolution plan helps authorities deal with the bank if failure becomes unavoidable. CBK wants D-SIBs to identify these actions and contingency arrangements before a crisis hits, and submit updated plans every year by April 30.

Why should you care? Stronger capital buffers could make Kenya’s banking system more resilient. For investors, D-SIB designations will also show which banks face extra capital requirements, potentially affecting their lending capacity, dividends, and valuations.

No bank has been designated yet. CBK is consulting the public on the framework, with comments due by November 7.

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Banking

South African lender Bidvest Bank is dealing with a data breach as it seeks a buyer

Image Source: Zikoko Memes

Remember Bidvest, that South African bank that Nigerian tier-1 lender Access Bank tried to acquire before the deal collapsed? Well, it’s back in the news, this time over a data breach.

What happened? Bidvest Bank, which offers personal, business, fleet, and foreign exchange (FX) services, said a third-party service provider suffered a cyber incident that may have exposed some of its data. The bank does not yet know which customers are affected or exactly what information was accessed. Its own banking systems were not affected, and accounts and services are operating normally.

Why it matters: Bidvest is already in an unusual position. Its parent company, Bidvest Group, is trying to sell the bank after its R2.8 billion ($798 million) deal with Access Bank fell through in January because some conditions, including regulatory approvals, were not met. Bidvest relaunched the sale process and said in August that talks with potential buyers were continuing.

The timing makes the breach worth watching, even though there is no evidence yet that it will affect the sale. Bidvest noted that an independent forensic investigation is still trying to establish what happened.

**There is also a useful recent warning. **Standard Bank, South Africa’s largest lender, suffered a breach in March. While initially it said only limited customer data had been exposed, it later found in April that some credit card details had also leaked online. Standard Bank hasn’t updated on the recovery process since then.

Bidvest is already telling customers to watch their accounts and beware of scammers pretending to be the bank. The bank may not know the full extent of the breach yet, but criminals will not need much information to make a convincing phishing attempt.

Ecommerce

Carrefour Kenya’s revenue increased by over $45 million in 2025

Image Source: Tenor

Kenya’s supermarket business has become more interesting. Big players are expanding, but there are only so many customers to go around. Carrefour appears to have found a comfortable seat.

**What happened? **Carrefour Kenya, the local arm of the French supermarket giant, recorded KES 48.84 billion ($378 million) in revenue in 2025, up from KES 42.95 billion ($322.6 million) the previous year. The supermarket chain in Kenya made KES 5.89 billion ($45.6 million) in its latest reporting year, Dubai-based operator Majid Al Futtaim revealed. The growth comes as Carrefour expands its footprint. It opened eight new stores in Kenya in 2025, taking its total to 34, and plans to add another eight by December this year.

**Explain like I’m new here: **Carrefour entered Kenya in 2016, just as the country’s supermarket industry was beginning to unravel. Nakumatt, Tuskys, and Uchumi had once been among Kenya’s biggest supermarket chains, but years of debt, cash flow problems, and management troubles eventually brought them down. Nakumatt closed its final stores in 2020 after accumulating more than $296 million in debt. Tuskys’ last branch shut down in 2023, owing roughly KES 19.6 billion ($151.8 million).

Their collapse left a huge gap in Kenya’s formal retail market. Naivas and Quickmart expanded to fill it, while Carrefour came with international scale and experience at an opportune time. Since 2020, the three chains have collectively opened dozens of new outlets.

**How are the rivals doing? **Naivas is still the heavyweight. It had 108 outlets at the end of its 2025 financial year and reported KES 2.45 billion ($18.9 million) in profit. Quickmart has a smaller footprint, with more than 70 stores, but it is expanding too. Carrefour is playing the same game. Its 34 stores now put it firmly among Kenya’s three biggest modern grocery chains, which together account for roughly 36–42% of the country’s modern grocery retail market.

**Why should you care? **The competition eventually reaches your shopping basket. When Naivas, Quickmart, and Carrefour compete for the same customers, they have to offer promotions, wider product ranges, and competitive prices. Each chain has to give shoppers a reason to choose it over the others.

CRYPTO TRACKER

The World Wide Web3

Source:

Coin Name

Current Value

Day

Month

Bitcoin $78,487

+ 0.07%

+ 22.81%

Ether $2,482

– 0.14%

+ 32.41%

XRP $1.41

– 0.97%

+ 39.24%

Solana $103.15

– 0.24%

+ 36.03%

* Data as of 06.50 AM WAT, September 14, 2026.

Opportunities

• The Citi Foundation is offering $500,000 grants to 50 organisations that help low-income young people build AI and other job skills. The grants can support programmes that teach skills such as prompt engineering and digital content creation, help young people find jobs, provide access to devices and software, or add AI tools to existing employment programmes. Applications close on October 6, 2026, at 5 p.m. Lagos time.

  Apply here

  .

• Beltone Venture Capital is closing three deals and readying an EGP-denominated startup fund for early 2027

• Uber is gone. Shuttlers wants Lagos commuters to share their next ride

• Why a $103,000 US visa tax might be the best thing to happen to Africa’s tech ecosystem

• Musa Mishamo: The young Tanzanian engineer watching African farms from space

• “Take the worker out of the pit”: How ABB’s Charl Marais sees the future of African mining

Written by: Emmanuel Nwosu and Yemi Kareem

Edited by: Emmanuel Nwosu & Ganiu Oloruntade

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