Telecom
Asante Financial Service Closes $7.5M Series A Funding to Scale its Credit Offerings in Africa

Asante Financial Services Group (“Asante”) announces $7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.
Asante is a high-impact fintech focused on supporting the growth of African Micro, Small and Medium Enterprises (MSMEs).
The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda, and expand to Nigeria and Rwanda.
“We are delighted to welcome our new investors including Goodwell, Sorenson and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, Founding CEO of Asante.
MSMEs have a significant impact on the economies of most countries, especially emerging markets, representing 90% of all businesses, 66% of all jobs created and 50% of the world’s GDP.
Yet according to the World Bank, the annual SME credit gap in Sub-Saharan Africa is about US$330 million.
MSMEs are often neglected by lenders due to a combination of factors. These include the high cost of customer acquisition and due diligence, insufficient data availability for accurate credit assessments, lack of collaterals, uncertain customer lifetime values, and the high costs of distribution and servicing. There is a large opportunity for lenders who are able to overcome these challenges.
Asante differentiates itself with its ecosystem-based digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to MSMEs.
The company works directly with ecosystem channel partners to collect conventional and non-conventional MSME data, with the prior consent of the clients. Its channel partners include Africa’s largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs.
This significantly reduces the cost of customer acquisition and due diligence, while providing sufficient alternative data for credit underwriting.
As a result, Asante is in a strong position to address the credit gap and accelerate its rollout. Asante has executed over 16 strategic corporate channel partnerships, giving Asante direct access to 2m MSMEs with a monthly lending opportunity in excess of US$200 million.
“With over 650% growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5%, Asante is well-positioned to fast track scale and deepen our impact in our operating markets.
“Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded.
We look forward to a round extension very early in the new year to support the solid growth momentum,” notes Okpala.
“MSMEs—particularly those in the informal sector—are being held back by a lack of responsible lending from traditional financial services providers who are unable to run accurate credit checks and offer profitable loans to this segment of the market.
Asante has solved these problems through its innovative digital platform and ecosystem approach. The company’s success to date is proof that the model works, and we are very confident that the business will scale quickly and successfully with this round of funding,” explains Bitta Wycliffe, Senior Investment Associate at Goodwell Investments.
“This is the 20th investment by Goodwell Investments’ uMunthu fund, of which 50% is invested in financial inclusion. Asante is a perfect fit and a great addition to our portfolio of other socially responsible financial services providers.”
Asante is a strategic partner of Mastercard for digital lending in Africa and the only African fintech in a class of 6 scaling start-ups selected in May 2021 to join the award-winning Mastercard Start Path program.
Asante is currently piloting its Business Lending Platform, to further extend its lending and other services to small business clients with essential tools like Business Financial Manager, Management Toolkit and Tax Advisory to assist them to operate more efficiently while infusing resilience into their operations. Via the platform, Asante will also be able to offer insurance, payments, and other products to its clients.
Telecom
NCC, REA Move to Power Telecoms with Renewable Energy

Nigerian Communications Commission (NCC) and Rural Electrification Agency (REA) have teamed up to develop an initiative that will reduce the $350 million annual spending on diesel by telecom operators in Nigeria.
According to a press statement by Nnenna Ukoha, acting had of Public Affairs, NCC, this collaboration will focus on deploying renewable energy solutions to support telecom infrastructure, particularly in rural and underserved areas.
To that end, the two agencies have inaugurated what they called NCC–REA Collaboration Committee, aimed at deploying renewable energy solutions to power telecom infrastructure across the country.
According to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation, telecom operators in Nigeria consume more than 40 million litres of diesel every month, costing them over $350 million annually.
The statement read, “The Nigerian Communications Commission has formally inaugurated the NCC–REA Collaboration Committee, marking a pivotal step towards advancing Nigeria’s digital and energy inclusion objectives by developing modalities for the deployment of renewable energy to support telecom infrastructure in Nigeria.”
The inauguration ceremony, held on Friday, at the NCC Headquarters in Abuja, was presided over by Dr Aminu Maida, executive vice chairman and chief executive officer, NCC.
Maida was joined by Abba Aliyu, managing director of the REA, along with senior executives and committee members from both organisations.
Speaking at the event, Maida described the collaboration as a timely and strategic alignment of national priorities.
He noted that bridging the connectivity and power gaps in rural areas remains critical for Nigeria’s growth and development.
He highlighted that the demand for digital services and connected communities creates an opportunity for renewable energy to play a crucial role.
Maida further emphasised that the partnership goes beyond infrastructure; it is aimed at driving inclusion, reducing inequalities, and fostering shared prosperity.
“Whether it is powering a base station or enabling a child to access digital learning, this partnership has the potential to transform realities and bring opportunity closer to the people.
“This initiative is about more than infrastructure, it is about driving inclusion, bridging inequalities and creating the conditions for shared prosperity,” he was quoted in the statement.
He also noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to ensure no community is left behind in Nigeria’s energy and digital transformation.
Aliyu, representing REA, expressed confidence in the transformative potential of the collaboration.
“This partnership will unlock sustainable development opportunities for millions of Nigerians, especially those in areas lacking traditional infrastructure,” he said.
He further emphasised that the collaboration would address both energy and connectivity gaps, benefiting those who are currently underserved.
The newly established NCC-REA Collaboration Committee will work to co-develop and implement integrated solutions that leverage renewable energy to power telecom sites.
The statement noted that the committee will also focus on sharing geospatial data to improve planning, aligning funding frameworks, and tracking the socio-economic impact of the project through clear performance indicators.
Telecom
NCC Approves MTN, 9Mobile Roaming Collaboration Deal

MTN Nigeria Communications Plc has announced the execution of a national roaming agreement with Emerging Markets Telecommunications Services Limited (9Mobile), a move that signals a major milestone in Nigeria’s telecommunications landscape.
The Nigerian Communications Commission (NCC), the industry’s regulatory authority, has approved the three-year deal, which allows 9Mobile subscribers to roam seamlessly on MTN Nigeria’s extensive network infrastructure across the country.
The agreement, effective immediately, will significantly enhance connectivity and user experience for 9Mobile customers, particularly in areas where its network coverage is limited.
By leveraging MTN’s expansive infrastructure, 9Mobile can now offer improved service reach and reliability, without duplicating capital-intensive investments in network deployment.
In a notice to the Nigerian Exchange Limited and the investing public, MTN Nigeria described the arrangement as a strategic collaboration that underscores its leadership in fostering innovation, industry cooperation, and operational efficiency.
The company emphasized that the initiative aligns with the NCC’s broader objective of promoting infrastructure sharing to improve telecommunications services nationwide.
“This agreement represents a significant step in our commitment to driving industry collaboration, improving customer experience, and supporting the NCC’s vision of a fully connected Nigeria,” said Karl Toriola, chief executive officer, MTN Nigeria.
“Delivering the scale required for telecommunications services in Nigeria requires strong collaboration between the private sector, public sector, and long-term investors. This agreement demonstrates what we can achieve when we collaborate, and we are delighted to announce it today after months of groundwork.”The national roaming deal enables subscribers from 9Mobile to access voice and data services through MTN’s network in areas where the former lacks adequate coverage.
This marks the first such large-scale, cross-network roaming arrangement between two major operators in Nigeria, setting a precedent for future cooperative efforts in the telecom industry.
MTN Nigeria highlighted that the agreement contributes to more effective use of telecommunications resources, reduces infrastructure duplication, and accelerates the expansion of mobile broadband access across underserved regions.
It also supports both operators’ sustainability objectives by maximizing existing investments and reducing the environmental impact of deploying overlapping network facilities.
“This strategic collaboration is yet another first in the country by MTN Nigeria and marks a significant milestone for the sustainability of the telecommunications industry,” the company stated.
“By enabling national roaming, MTN Nigeria is contributing to a more effective use of telecommunications resources and accelerating efforts to expand connectivity across the country.”
The agreement is expected to benefit not just subscribers and operators but also regulators and investors who have consistently advocated for policies that promote shared infrastructure and efficient capital utilization in Nigeria’s digital economy.
Uto Ukpanah, company secretary, MTN Nigeria, affirmed the company’s ongoing dedication to initiatives that create shared value.
“MTN remains committed to fostering innovation and partnerships that create sustainable value for all stakeholders while promoting digital and financial inclusion nationwide,” she noted.
With the successful rollout of this agreement, the telecoms industry is expected to see improved service delivery and expanded access to quality mobile services, especially in rural and semi-urban communities. The collaboration sets a benchmark for future inter-operator partnerships and reinforces the importance of regulatory support in advancing national connectivity goals.
Telecom
Don’t Visit Telecom Centers for Now — ALTON Warns of SIM Service Downtime

Association of Licensed Telecommunications Operators of Nigeria (ALTON) has announced a temporary disruption in SIM-related services across all mobile networks in the country.
The disruption, according to a statement on Wednesday, follows a directive from the National Identity Management Commission (NIMC), mandating mobile network operators (MNOs) to migrate to a new identity verification platform.
ALTON said the transition had triggered unforeseen technical challenges, affecting services such as SIM registration, replacement, and mobile number portability.
“While the new platform is intended to enhance the integrity and efficiency of identity management in Nigeria, unfortunately, the transition has temporarily impacted service delivery,” the association stated.
It added that MNOs would not be able to support SIM swaps, new activations, and related services until the issues are resolved.
ALTON noted that its members are working closely with the Nigerian Communications Commission (NCC), NIMC, and other stakeholders to restore normalcy.
The association appealed for public understanding and urged subscribers to delay visits to service centers for SIM-related matters.
“We sincerely apologise for the inconvenience and will continue to provide timely updates,” the statement read.
ALTON reaffirmed its commitment to delivering secure and quality telecommunications services to Nigerians.
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