Telecom
AFDB, MTN Ink $500,000 Grant Agreement to Enhance Women’s Access to Financial Services in Nigeria
The African Development Bank’s initiative, the Africa Digital Financial Inclusion Facility (ADFI), and Y’ello Digital Financial Services (YDFS), the fintech subsidiary of MTN Nigeria, have signed an agreement for a $500,000 grant initiative to determine the feasibility of deploying women agents in the northern part of Nigeria where, due to security issues and cultural norms, women have been disproportionately excluded from accessing finance.
The grant will cover a feasibility study, human-centered design of a women-centric agent network and a pre-pilot to test the impact on the uptake of financial services by women in the Northern region.
Despite being the continent’s largest economy, access to financial services in Nigeria is still a challenge for millions of people, particularly in rural areas, where an estimated 55% of the total population are unbanked[1]. Mobile money adoption currently stands at 4%[2], with an agent ratio of 228.8 agents per 1,000 adults[3].
A strong agent banking network forms the backbone for adoption of digital financial services. The Central Bank of Nigeria has, in recent years, been working to create a more conducive environment for the adoption of digital financial services. One such effort involved a licensing regime for super-agents that opened the provision of agency banking services to select non-bank financial service providers.
A recipient of the new licenses, MTN Nigeria, through its fintech subsidiary, YDFS, is seeking to strengthen its super-agent network in the northern part of the country, with particular focus on women’s access to finance.
Recognising the pivotal role of agency banking in women’s adoption of digital financial services and the prevalent social norms which limit their ability to make transactions with male agents, hindering their uptake and usage of services, YDFS seeks to innovate around its agency banking network to facilitate gender inclusion.
Considering that most agents are male (80%), there is growing evidence that increasing the number of women agents could attract more female clients due to social norms and safety concerns that women may have about interacting with male agents[4].
The grant from the Africa Digital Financial Inclusion Facility (ADFI) enables Y’ello Digital Financial Services to acquire insight into exclusion as a result of gender gap from a feasibility study and a human-centric design journey to attract more women into the agent business. Plans are for YDFS to use this insight to expand its existing super-agent network in northern Nigeria.
“The African Development Bank, through the Africa Digital Financial Inclusion Facility (ADFI), is delighted to support this project, furthering our work to improve the quality of life for people in Africa and contribute to the Sustainable Development Goals to help reduce poverty and inequality, particularly relating to gender,” said Stefan Nalletamby, Director of the Financial Sector Development Department at the African Development Bank Group.
“This grant funding will be used not only to broaden women’s access to finance in Nigeria, but also to provide an avenue for their increased economic empowerment.”
“This project was selected from nearly 340 proposals sent in response to ADFI’s call to support financial inclusion in Africa using digital technology.
“ADFI was looking for innovative thinking that is intentional in addressing the persistent financial inclusion gender gap on the continent.
“Despite being the backbone of their families and communities, women in Africa remain the most excluded in the world from the finance sector and the mechanisms it offers to help build economic resilience. Through this project YDFS is poised to help bridge the gap in Nigeria” says Sheila Okiro, ADFI Coordinator.
“We are committed to ensuring that every Nigerian can seamlessly access financial services for their personal and business needs. To achieve this, we constantly seek partnerships to support the financial inclusion strategy of the Federal Government and the Central Bank of Nigeria.
“We are truly excited about this partnership with AFDB and the possibilities for advancing financial inclusion in Nigeria, particularly for the traditionally excluded segment of women in Northern Nigeria,” said Usoro Usoro, Chief Executive Officer, Y’ello Digital Financial Services.
At the recently concluded NextNow Business Forum in Victoria Island, MTN Nigeria electrified the business community with a live demonstration of its forthcoming Communication Platform as a Service (CPaaS), a solution engineered to redefine how Nigerian enterprises connect with their customers.
Unlike traditional communication systems, MTN’s CPaaS is built for the realities of a mobile-first market. The platform unifies SMS, voice, WhatsApp, email, and more into a single, intuitive interface. This approach is especially significant in Nigeria, with over 107 million internet users, 45.4% of the total population, according to Data Report. This figure underscores the necessity for businesses to meet customers where they are.
During the demo, attendees witnessed how CPaaS enables two-way, real-time conversations between brands and customers. The platform’s support for rich media, instant analytics, and seamless integration with business workflows drew particular attention. These features are designed to empower businesses with data-driven insights and the agility to personalise every interaction, whether it’s a service notification, marketing campaign, or customer support exchange.
Akinbulejo Onabolu, Head of Enterprise Segment at MTN Nigeria, articulated the vision: “CPaaS gives enterprises the flexibility to interact with their customers on their preferred platforms; whether it’s chat, voice, or messaging, in a way that feels personal and immediate. We’re looking forward to the value this will unlock for businesses across industries once it launches.”
The fireside chat added depth to the conversation, with Omowunmi Olatunbosun, Head of SME Segment at MTN Nigeria, and Stephen Agbi of Bayobab, highlighting how digital engagement bridges the gap between businesses and audiences.
They emphasised that today’s consumers demand immediacy, relevance, and ease, qualities that CPaaS is built to deliver.
The stakes for digital transformation in Nigeria are high. In a report by Punch, the country’s enterprise tech market is projected to reach $22 billion by 2027, reflecting a surge in demand for scalable, cloud-based solutions that drive efficiency and customer loyalty.
The CPAAS Acceleration Alliance have estimated that globally, the CPaaS market is expected to grow from $14.7 billion in 2025 to $72.4 billion by 2035, at a compound annual growth rate of 18.4%, a testament to the platform’s transformative potential.
The event’s closing keynote from META’s Korhan Yunak reinforced the strategic value of digital channels like WhatsApp, which are now indispensable for business communication and engagement at scale.
As MTN Nigeria prepares for the Q3 2025 launch, the anticipation is unmistakable. With its promise of flexibility, intelligence, and seamless integration, MTN’s CPaaS platform is set to become the backbone of next-generation business-customer engagement in Nigeria, enabling enterprises to not just communicate but to connect, adapt, and grow in a digital-first era.
MTN Uganda is seeking input from stakeholders on a plan to structurally separate its mobile money service, MoMo, from its core telecoms business.
According to the company, the proposed change will be discussed at the upcoming extraordinary general meeting on July 2.
If approved, the telco’s fintech business will be run by a new company controlled by MTN Group Fintech Holdings B.V. and a trust benefiting minority shareholders following a merger.
Additionally, the restructuring also aligns with MTN Group’s ambition 2025 strategy which aims to unlock value, attract new investors, and strengthen regulatory compliance by creating standalone fintech entities in Uganda, Ghana, and Nigeria.
The company’s fintech division has over 13 million customers, with an 18.4% revenue increase in the first quarter of 2025, driven by 19.0% growth in mobile money services, 19.8% growth in transaction volumes, and a 31.4% increase in transaction value.
Reports say the decision is part of the telco’s compliance with the National Payment Systems Act 2020, which mandates mobile money businesses to operate as standalone entities, and to align with MTN Group’s regional fintech strategy.
MTN Uganda, which is led by CEO Sylvia Mulinge, highlighted that the implementation of the proposed transaction will be subjected to a number of conditions and regulatory procedures.
“The implementation of the proposed transaction shall be subject to a number of conditions, including the company and MTN MoMo receiving all required regulatory approvals and no-objections and complying with any regulatory conditions,” said MTN Uganda in notice.
Netflix has announced plans to invest more than €1 billion in Spanish film and television productions over the next four years, reinforcing its commitment to Spain as a key creative hub in Europe.
The announcement was made by co-chief executive Ted Sarandos at an event held at Netflix’s production studios near Madrid, celebrating the company’s 10-year presence in the country.
Sarandos emphasized that the investment would contribute significantly to Spain’s economy, create jobs, and enable the streaming platform to produce more local content. He was joined by Spanish Prime Minister Pedro Sánchez in unveiling the initiative.
Netflix first established its international production studios in Madrid in 2019, following the success of the Spanish-language hit series Money Heist.
Since then, its 22,000-square-meter facility has become one of Netflix’s major production centers within the European Union.
The company currently supports over 20,000 jobs in Spain, highlighting the nation’s growing influence in global entertainment.
The investment reflects Netflix’s ongoing strategy to expand its presence in European markets through original content and local talent.
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