Telecom
Mono, Nigerian Fintech Startup Secures $15m Series A
Mono, Nigeria’s tech-driven fintech startup, has closed a $15,000,000 Series A funding round led by Tiger Global.
Target Global, General Catalyst and SBI Investment are new investors who joined in backing Mono in the round. Existing investors include Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital.
Mono leverages technology to power the digital economy in Africa, using open banking as a layer for financial data, identity data, and bank transfer payments for businesses. The company connects bank accounts to financial applications.
The company’s CEO, Abdul Hassan and CTO, Prakhar Singh founded the company last year to make access to financial accounts across Africa, secure and reliable.
Mono’s DirectPay product makes payments transactions seamless for Nigerian businesses. Entrepreneurs can transfer money to customers with the company’s web or mobile app without using debit cards.
With offices in Nigeria, Kenya and Ghana, Mono affirms to have 1,200 developers and businesses leveraging its services to build their products, processed and delivered to its partners over 200,000,000 transaction data
The company is building user-focused and innovative products that will continue to go beyond limits in accessing data and payments in Open Banking, across Africa.
Backed by leading investors including YCombinator, Entree Capital, Ingressive Capital, Magic Fund and Lateral Capital, the company has raised $2,650,000 in total funding prior to the current round.
In the last two months, the company asserts to have connected over 150,000 bank accounts, with a growth of 45x year-on-year and an increased staff base.
Last September, the company completed a $500,000 pre-seed investment and participated in Y Combinator’s most recent winter batch, raising $2,000,000 in seed funding after graduation.
Building the best open banking platform in Africa, the company plans to complete its move to South Africa via a partnership with Absa bank this year.
Telecom
TD Africa Empowers Nigerians with Sustainable Energy Solutions
TD Africa, a leading technology distribution company in Africa, has unveiled its Green Hero Initiative, a groundbreaking program designed to tackle Nigeria’s persistent energy challenges and promote the adoption of sustainable energy solutions.
This initiative underscores TD Africa’s commitment to advancing cleaner, more affordable energy alternatives for Nigerian households and businesses.
As the cost of fossil fuels continues to rise, the urgency for a shift to renewable energy has never been more apparent. Recognizing this need, TD Africa has partnered with global industry leaders Huawei and EcoFlow to introduce innovative renewable energy solutions tailored to meet the unique needs of Nigerian consumers.
“The Green Hero Initiative is more than just a product launch; it’s a commitment to a sustainable future,” said Chidiebere Nwabuko, Business Manager, Renewable Energy Solutions at TD Africa. “We’re empowering Nigerians to take control of their energy needs, reduce their carbon footprint, and enjoy the benefits of reliable, clean power.
“By partnering with global leaders like Huawei and EcoFlow, we’re bringing cutting-edge technology to the market that is not only affordable but also tailored to the specific needs of our customers and Nigerians across the country.”
Through the Green Hero Initiative, TD Africa is offering a variety of renewable energy solutions that cater to diverse energy needs. These solutions include the powerful Huawei ISite Power M, ideal for powering homes and small businesses, and Huawei ISite Power S, designed for commercial and industrial applications.
Additionally, EcoFlow’s portable power stations are made up of the River series and Delta series that attend to the needs of low and mid-range Nigerians and provide a convenient and clean energy source for residential homes, small and medium businesses and outdoor activities or backup power.
By promoting the adoption of renewable energy, TD Africa is committed to significantly reduce carbon emissions and contribute to a more sustainable and environmentally friendly future for Nigeria. The company’s Green Hero Initiative is a significant step towards achieving this goal.
To ensure accessibility, TD Africa has made these solutions available through various online platforms. Consumers can conveniently shop for these products at justownitapp.com or KongaPlus via konga.com. Authorized partners of TD Africa can also access the range of offerings through the TD SuperApp at superapp.tdafrica.com.
Telecom
Banigbe, 9Mobile CEO Emphasizes the Need for Significant Investment in Infrastructure to Ensure Quality of Service
Obafemi Banigbe, 9mobile CEO, has added his voice to the ongoing discussion on the proposed tariff hike, highlighting the telecom industry’s critical role in Nigeria’s economic growth.
He said “The telecom industry is a critical enabler of economic growth, but we are facing unprecedented challenges. We must find a balance between affordability and sustainability to ensure the industry remains viable and continues to provide quality services to Nigerians. The current situation has not achieved that balance, which is why we are having this conversation about sustainability,”
According to him, the industry is facing significant challenges, including macroeconomic headwinds, rising operational costs, and declining profitability. He emphasized that these challenges threaten the industry’s sustainability and ability to invest in infrastructure and quality of service.
“As you can imagine, both our capital and operational costs have risen dramatically, mainly because many of these costs are denominated in foreign currency or indexed to it, while our revenues are in local currency.
For instance, the Naira, which was previously around 400 to 450, has now officially surpassed 1,500—representing a nearly 350% increase in just the past two years.
This foreign exchange devaluation has caused our costs to surge. Even though the industry is seeing growth in top-line revenue, the increase in local currency revenue has not kept pace with the rising cost base,” he explained.
Banigbe’s comments come as the telecom industry continues to navigate the complexities of the proposed tariff hike. While some stakeholders have expressed concerns about the potential impact on consumers, others have argued that the hike is necessary to ensure the industry’s long-term sustainability. The telco chief said that if the sector does not remain viable, customers will not receive the services they expect.
Drawing from 9mobile’s experience, he pointed out that a lack of investment in recent years has led to a decline in service quality, causing customers to switch to competitors that offer better quality.
He stressed that this situation poses a significant threat to the industry’s sustainability.
“What we are saying is that every business must generate enough revenue to cover its costs and allow for reinvestment into the business. If we fail to generate sufficient revenue, we will have no choice but to borrow, either from shareholders or the capital market.
“Over the past two years, this is what many of us have been forced to do. However, this is not sustainable in the long term, as it will eventually become impossible to continue borrowing without a clear plan for repayment.”
Telecom
Meta drops fact-checking, loosens its content moderation rules
Social media giant Meta announced Tuesday, January 7, a major shift in its content moderation policies, including ending its third-party fact-checking program in the United States.
“We’re going to get rid of fact-checkers and replace them with community notes similar to X (formerly Twitter), starting in the US,” Meta Founder and CEO Mark Zuckerberg stated on social media.
Zuckerberg justified the change, claiming “fact checkers have just been too politically biased and have destroyed more trust than they’ve created, especially in the US.”
Meta’s announcement echoed criticisms from Republicans and X-owner Elon Musk, who have accused fact-checking initiatives of censorship.
The billionaire added, “Recent elections feel like a cultural tipping point towards, once again, prioritizing speech.” His remarks came amid efforts to rebuild ties with US President-elect Donald Trump, including a $1 million donation to Trump’s inauguration fund.
Zuckerberg also revealed that Meta platforms, including Facebook and Instagram, will simplify their content policies and remove several restrictions on topics such as immigration and gender, arguing they are “out of touch with mainstream discourse.”
Trump has previously criticized Meta and Zuckerberg, accusing the company of liberal bias. His Facebook account was suspended following the January 6, 2021, Capitol attack but was reinstated in early 2023.
In a further attempt to mend relations with Trump, Zuckerberg recently dined with the former president at his Mar-a-Lago resort in November.
Additionally, Meta added Ultimate Fighting Championship (UFC) President Dana White, a known Trump ally, to its board of directors. Meta further announced it would reverse its 2021 policy of reducing political content on its platforms.
The company will instead allow users greater control over the amount of political content they see across Facebook, Instagram, and Threads.
AFP currently collaborates with Facebook’s global fact-checking program, operating in 26 languages with around 80 organizations providing fact-checks for Facebook, WhatsApp, and Instagram.
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