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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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SAIL and MTN Foundation Equip 4000 Teachers with Digital Learning Strategies

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SAIL Teachers Fellowship Program recently celebrated a milestone graduation, equipping 4000 teachers with innovative teaching techniques to transform Nigerian classrooms.

The program, organised through a collaboration between the SAIL Empowerment Foundation and MTN Foundation, represents a groundbreaking effort to transition educators from traditional methods to inquiry-based and digital learning strategies.

This year’s fellowship, a hybrid initiative engaging over 4,000 teachers from a pool of 15,000 applicants, culminated in intensive training sessions and certifications for 400 outstanding participants. These educators were introduced to tools like Canva, and advanced classroom management strategies designed to address the unique challenges of Nigerian classrooms.

During the graduation event in Lagos, MTN Foundation’s Executive Director, Odunayo Sanya, emphasised the Foundation’s 20-year legacy of impactful initiatives, with investments totalling over ₦30 billion across health, education, and empowerment sectors. Sanya underscored the Fellowship’s transformative role in shaping the nation’s future through teacher development.

Sanya challenged the teachers to become change-makers. “The knowledge you have gained is not for you alone. You are expected to empower other teachers and uplift your students, ensuring the impact of this training spreads beyond you.”

Senator Tokunbo Abiru, co-founder of the SAIL Empowerment Foundation, echoed this sentiment, highlighting the program’s vision to empower teachers as change agents within their communities.

Abiru called for continued partnerships to expand the program’s reach and ensure its sustainability. “The Teachers’ Fellowship has grown to about 6,700 teachers thanks to the incredible support from MTN Foundation,” he said.

The event also featured the unveiling of the MTN Foundation’s legacy publication, Yellow Impact: 20 Years Stronger, a testament to two decades of impactful interventions. As both organizations reiterated their commitment to the program, they underscored the importance of collective effort in shaping the future of education in Nigeria.

With plans to expand the program in the coming year, the MTN Foundation and SAIL Empowerment Foundation continue to inspire hope and transformation in the education sector.


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AfriTECH 4.0: QNET’s Biram Fall Advocates for Financial Inclusion in Africa

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Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, has said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa, and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).

Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa

Speaking as a lead presenter at the recent Africa Tech Alliance Forum (AfriTECH 4.0) held in Lagos, Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.

He referenced the International Monetary Fund (IMF) which highlights the role of financial services in strengthening economic resilience and reducing inequality, making them crucial for African socio-economic progress.

Speaking on the theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” Fall highlighted Africa’s opportunity to empower the 350 million unbanked adults by providing access to essential financial services.

“The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption.

“However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.

Fall who made reference to the United Nations Conference on Trade and Development (UNCTAD), noted that digital payments can unlock significant revenue for small businesses and expand e-commerce by making digital platforms more accessible and trusted.

“Digital payment solutions like mobile wallets simplify transactions and build trust in digital platforms.

“The African Development Bank recognizes that increased accessibility of financial products boosts consumer confidence in digital payments and enhances participation in e-commerce,” Fall said.

He disclosed that QNET’s initiatives, such as its “Fit Green” financial literacy programme, have trained over 1,500 young Nigerians, promoting financial self-sufficiency and entrepreneurship through an e-commerce-driven direct-selling model active in over 100 countries.

“Our e-commerce driven direct-selling model provides income-generating opportunities in over 100 countries, promoting entrepreneurship and self-sufficiency in low-income regions. True progress requires collaboration.

The QNET regional manager emphasized the need for cross-sector partnerships to bridge Africa’s infrastructure gaps, expand digital financial services, and build an inclusive financial landscape.

QNET’s mission, according to Fall, is to use technology and partnerships to make financial inclusion and e-commerce key pillars of progress across Africa, empowering individuals and fostering economic growth for underserved populations.


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Trendships: How Instagram is Redefining Social Communication

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Instagram has launched a regional campaign to celebrate a form of connection emerging through Direct Messages (DMs).

Recognizing how the act of sharing relatable memes and light-hearted content with friends, family and acquaintances is evolving into a unique vehicle of social communication and bonding across all ages, Instagram is coining a new term, Trendships.

A combination of “friendships” and “trends”, Trendships captures how Instagram users leverage playful or meaningful content to stay closer to distant loved ones, express complex emotions, and even navigate cultural trends.

The phenomenon gained traction with the launch of Instagram Reels and has rapidly become a bridge for individuals to communicate, engage and stay in touch.

“Trendships is not about sharing popular or viral content; it is about creating community over shared experiences and interests,” said Nada Enan – Head of Communications, Middle East & North Africa, Meta.

“People are exchanging content that resonates, from humorous memes to motivational Reels, redefining how people nurture intimate connections, exchange values and, in many cases, let loved ones know they are thinking about them with just a few taps. It underscores how social platforms are increasingly pivotal to building community in our daily lives and evolving how we communicate in the digital era.”

Trendships anchor on the simple act of “sharing” – through Reels, GIFs, videos, or memes – via DM. According to the latest stats from Meta, people reshare Reels over 3.5 billion times every day reinforcing how prolifically the platform is used to communicate and engage.

Embracing the new term, Instagram has partnered with popular comedy creator, Maraji and media platforms like KraksTv, Zikoko in Nigeria to spread the word about Trendships with their creativity.

The #WhatsYourTrendship campaign was revealed with fun, lighthearted content from Maraji, Zikoko and KraksTv showcasing their favourite trendships on Instagram.


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