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Anchor joins Y Combinator’s Summer 2022 Batch, Announces the Launch of Public Beta

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Anchor, a banking-as-a-service (BaaS) platform making it possible to seamlessly build financial products in Africa announces its public beta launch. The startup was also accepted into Y Combinator Summer 2022 Batch as the first African BaaS and embedded finance platform.

In recent years, there have been several reports about the size of the Africa financial inclusion opportunity, particularly in reference to the provision of digital financial services.

These reports have brought about a spike in the number of companies and amount of investment activities in the fintech space in Africa. Yet, two things stand out; the minimal impact on financial inclusion, and the persisting difficulty in building and launching a fintech company on the continent.

For context, financial exclusion in Nigeria decreased by only one percent, from 37% in 2018 to 36% in 2020. Also, today, across Africa it takes an average of $500,000 and 18 months to build and go-to market with financial products. This is because companies need to go through the hurdles of rigorous licensing and compliance processes, multiple integration layers, complex banking and third-party relationships, and invest in complicated core-banking infrastructure.

Anchor is launching its public beta API infrastructure to make it easier for African businesses to build, embed and launch financial products, starting in its first market, Nigeria.

Founded by Segun Adeyemi, ex-CEO of Amplifypay, Olamide Sobowale and Gbekeloluwa Olufotebi, Anchor provides API for offering accounts, money movement, savings and card products.

“We built Anchor to abstract away the complexities in building financial products, so businesses can get started in five minutes with a few lines of code”, says Anchor’s CEO, Segun Adeyemi.

In May, Anchor released its private beta working with innovative start-ups like Outpost Health, Dillali, and Pivo. The BaaS platform has transacted millions, growing over 200% MoM, and is now set to launch its public beta for African businesses to embed finance into their offerings and for fintechs to build banking products. Already, the company has more than 40 other startups on its waitlist.

Anchor has raised over $1 million in pre-seed funding from Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital, and a host of angel investors including Emmanuel Okeleji (CEO, SeamlessHR), Ado Oseragbaje, Yinka Odeleye, and Sanmi Famuyide.

According to Ashutosh Desai, a Partner at Y Combinator, “Anchor’s embedded finance platform enables technology companies in Africa to build products that can rapidly expand access and improve quality of financial services. We’re excited to back Segun, Olamide, and Gbeke – a highly technical and experienced team – in building financial infrastructure that’s essential for Africa’s economic growth.”

“I believe BaaS will play a prominent role in the distribution of financial services in Africa. As a full stack baas provider, Anchor demarcates customer engagement from infrastructure – enabling its customers to focus on building differentiation as opposed to commodity infrastructure. We are really excited to be working with this determined and experienced team”, Founder of Byld Ventures, Youcef Oudjidane.

Anchor is a solution birthed by the insights garnered from the founders’ experience building and working with fintechs across Africa. The CEO, Segun Adeyemi founded Amplifypay; a payments company which he exited to Carbon (FKA OneFi/Paylater) in 2019. Segun proceeded to work with JUMO—a company that offers credit infrastructure to large mobile money operators across Africa.

Olamide, the CTO and co-founder, has worked at AppZone, TeamApt, Kuda, & Carbon. While at TeamApt he functioned as a Fullstack Engineer in the team that built the first virtual payments product in Nigeria. Gbeke, the Engineering Lead and co-founder, has been an IT Consultant and entrepreneur in Nigeria for over 10 years before joining Booking.com where he built financial operations software.

“We have seen first-hand the painful process of closing banking partnerships, negotiating third-party contracts, and obtaining regulatory approvals. And more generally, the extensive time and effort required to launch financial products,” Segun said.

He added that “considering the similarity in the underlying infrastructure, irrespective of the unique value propositions, companies should not have to wait for years and spend millions to go-to-market. That’s why we are excited to get Anchor into the hands of many more businesses via our public beta launch.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NigComSat Eyes $3Bn Annual Revenue – DG

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Jane Idehen, director-general of Nigeria Communication Satellite Limited (NigComSat), has said  that the organisation is projecting an average annual revenue of three billion dollars as it expands its scope of operations.

NigComSat Eyes $3Bn Annual Revenue – DG

disclosed this in Abuja at the July edition of DevsInGovernment MDA workshop series organised by the Ministry of Communications, Innovation and Digital Economy, with a focus on NigComSat.

The programme supported by Galaxy Backbone and World Bank was tagged: “Driving Operational Excellence through Technology at NigComSat.”

DevsInGovernment is a community that aims to create a group of technologists and tech enthusiasts within the civil service who are actively contributing to digital transformation across all government agencies.

The DG said that for NigComSat to grow, it had to explore new ideas and increase product life, which can lead to significant revenue increases.

“Currently we are projecting to average about three billion dollars in revenue year.

“If we can think about ideas, we can do more than that because if you can increase your product life, you can provide more solutions to problems,” she said.

She said that there were other revenue streams beyond broadcasting, which could double or triple the existing broadcasting revenues.

According to her, creating awareness about the programme’s services and solutions was crucial for its success.

Abiodun Attah, executive director of Technical Services at NigComSat, said the agency was charting a new course in its operations with a view to increasing its revenue earnings and serving the country better.

Attah said that one of the things the agency had done with the Mobile Network Operators (MNOs) was to carry 2G, 3G, and 4G traffic in rural areas where there was no connectivity.

“In the past, NigComSat was shying away from going into enterprises; it was shying away from doing business outside the government sector.

“Now we have gone beyond that,” he added.


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Airtel Backs Global Hepatitis Fight with Health Education and Free Employee Vaccination

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As the world commemorates World Hepatitis Day, Airtel Nigeria is taking bold steps to combat the global health challenge by equipping its employees with knowledge and access.

Reinforcing its ongoing commitment to employee wellness and public health advocacy, the leading telecommunications and digital services provider hosted a companywide Health Talk and announced a free hepatitis vaccination rollout across its offices across the country.

This year’s health and wellness theme at Airtel, “Stay Aware, Get Tested, Vaccinated & Seek Treatment,” aligns with global efforts to eliminate hepatitis and underscores the company’s belief that well-informed, healthy employees are the foundation of a thriving organisation.

In collaboration with its healthcare partner, Leadway Health, Airtel Nigeria brought together staff from across the country for an educational session titled: “Healthy Habits, Healthy Liver: Ending Hepatitis Starts with You!” Led by esteemed medical consultant Dr. Obioma Anomneze-Chima, the session offered critical insights into the causes, symptoms, and prevention of hepatitis, along with practical lifestyle habits to safeguard liver health.

In his remarks at the programme, Airtel Nigeria CEO, Dinesh Balsingh, highlighted the company’s holistic wellbeing philosophy.

He said, “Our people are the heart of our organisation, and when they are healthy, they bring their best selves to work. We’re not just investing in employee performance; we’re investing in their complete wellbeing. From mental wellness to preventive healthcare, our programmes are designed to offer real, meaningful support.”

Speaking during the session, Dr. Anomneze-Chima emphasised the importance of proactive prevention and early testing, “Hepatitis doesn’t always announce itself; it creeps in quietly and can cause lifelong complications. Conversations like this help us catch it before it catches us. I applaud Airtel for giving its employees not just facts, but tools and access to protect their health.”

Director, Human Resources and Administration, Airtel Nigeria, Adebimpe Ayo-Elias, noted that events such as the Hepatitis education and vaccination activity are a firm part of the company’s corporate mission. “This hepatitis campaign is a reminder that corporate responsibility goes beyond business metrics; it’s about actively participating in global health conversations and making a difference where it counts: among our people,” she added.

To sustain the impact of the educational talk, Airtel Nigeria is launching a free hepatitis vaccination programme across its premises, allowing employees nationwide to get vaccinated on-site with ease. This initiative reflects the company’s human-first approach to workforce wellness—prioritising both immediate care and long-term health security.

With this initiative, Airtel Nigeria once again demonstrates its leadership in advancing workplace wellness and health advocacy in the corporate sector. From supporting mental health through its Employee Assistance Programme (EAP) to promoting physical wellbeing with preventive screenings and vaccinations, Airtel is setting the standard for what it means to truly care for its workforce.

 


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MTN Nigeria Bounces Back with 414.9Bn Profit in H1 2025, Targets Full Recovery by Q3

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MTN Nigeria Communications Plc has reported robust financial and operational results for the first half of 2025, signaling a promising turnaround for the telecom giant amid improving economic conditions and strategic initiatives.

Karl Toriola, ceo MTN Nigeria, said the company’s performance reflected the successful execution of earlier strategies and a more stable business environment. “We are excited by the progress made in the first half of 2025,” he said, highlighting a 54.6 percent growth in service revenue and a remarkable recovery in profits.

MTN’s subscriber base grew to 84.7 million, adding nearly 4 million users despite regulatory changes limiting SIM registrations by third-party agents. Active data users reached 51 million, fueling a surge in data revenue, which rose by an impressive 69.2 percent.

The operator has been investing heavily to meet rising demand and improve service quality. Among its major projects is the $240 million Dabengwa Tier 3 Data Centre—West Africa’s largest—which was launched in July and promises to drive digital transformation for businesses across the region.

On the fintech front, MTN made solid strides by adding over half a million new digital wallets in Q2 alone. Customer deposits grew fivefold since December 2024, pointing to renewed confidence and expanding usage of MTN’s mobile money services.

Economically, Nigeria showed signs of recovery during the period, with the naira exchange rate remaining stable and inflation easing to 22.2 percent. These factors helped strengthen MTN’s financial position and allowed the company to renegotiate tower leases, resulting in significant cost savings.

As a result, MTN swung from a loss after tax of N519 billion in the first half of 2024 to a profit after tax of N415 billion this year. Free cash flow also improved, hitting N409.8 billion, which the company plans to leverage for further network investments.

Looking ahead, MTN Nigeria has raised its full-year guidance, targeting service revenue growth at least in the low 50 percent range and an EBITDA margin above 50 percent. The firm anticipates positive retained earnings and shareholders’ equity returning by the end of Q3.

The company also remains committed to nurturing tech talent and innovation in Nigeria, pledging over N3 billion to support skills development. An accelerator programme offering funding and mentorship aims to empower African startups and drive future digital growth.

Despite some regulatory and macroeconomic uncertainties, MTN Nigeria’s leadership expressed confidence in the company’s ability to adapt and deliver sustained value to shareholders and customers alike.


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