In a surprise move, Wema Bank, a mid-tier commercial bank in Nigeria, has become the country's highest-paying lender after increasing salaries for its 1,700 workers. The bank's executive trainees will now earn approximately ₦541,000 ($362) per month, a 112% increase from their previous salary of ₦255,000 ($171). This move is seen as a response to the growing competition in Nigeria's banking sector, where smaller banks are trying to stay competitive with their tier-1 counterparts.

In other news, Ebee Mobility, a Kenyan e-mobility startup, has lost its tax appeal against the Kenya Revenue Authority (KRA). The tribunal ruled that Ebee Mobility's consignment of e-bikes should be classified as fully built units, rather than assembly parts, resulting in a higher tax burden for the startup. This decision could set a precedent for other startups that rely on imported components, potentially raising operational costs and undermining Kenya's goal of reducing import dependency and growing industrialization.

Meanwhile, Jumia, the African e-commerce giant, has reported declines in several key metrics, including revenue, gross merchandise value (GMV), and active users, despite its aggressive cost-cutting efforts. The company's Q4 2024 report revealed a revenue drop of 10% to $167.5 million, a GMV decline of 4% to $720.6 million, and a 17% decrease in active users to 8.3 million. While Jumia has made strides in reducing operational losses by 12% year-on-year to $64.7 million, its path to profitability remains uncertain, with net losses still substantial at $99.1 million.

The challenges faced by Jumia and Ebee Mobility highlight the difficulties of operating in Africa's e-commerce and technology sectors. Despite efforts to stimulate local innovation, unclear tax guidelines and a lack of fair competition can stifle growth and undermine the potential of African startups. In contrast, Wema Bank's salary increase demonstrates the importance of attracting and retaining top talent in a competitive banking sector.

In related news, the Central Bank of Nigeria (CBN) has held interest rates steady at 27.5%, citing the need to evaluate the impact of recent hikes and the rebasing of inflation calculations. This decision is seen as a pause in the CBN's aggressive monetary tightening, with investors watching for signals on whether the bank will maintain its hawkish stance or shift towards easing if inflation shows signs of further moderation.

Finally, several tech events are scheduled to take place in the coming weeks, including the ATCG Abuja 2025 Convening, the Africa Tech Summit in Nairobi, Kenya, and the Lagos Tech Fest. These events aim to drive growth and innovation across the continent, with a focus on pan-African digital trade and the development of Africa's tech ecosystem.