E-Financial
Insurtech Firm Secures $10M Series A Round Fundraise

Turaco, the leading insurtech driving mass market insurance adoption, has announced the close of a $10 million Series A equity round led by AfricInvest, via the Cathay Africinvest Innovation Fund, and existing investor, Novastar Ventures.
The round also included participation from Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures.
Founded in 2019, Turaco is a distributor, broker, and key customer interface between the underwriter and the end consumer. The insurtech company’s mission is to free people from the fear of financial shocks caused by unexpected health risks.
Turaco is able to achieve this through a B2B and B2B2C business model, forming partnerships with top tech-enabled companies with a large pool of customers or staff in emerging markets, including some of the continent’s most trusted brands such as Sun King, One Acre Fund, Tugende, M-KOPA and VisionFund.
Through its active partnerships, the insurtech has designed and delivered a suite of bespoke medical, life, asset, and vehicle insurance packages that have already covered over half a million lives across Nigeria, Kenya, and Uganda.
In Africa, 90% of people have no formal safety net to catch them if they get sick or are in an accident. Insurance is still very much in its infancy. Most African insurance underwriters and intermediaries use rigid systems that do not allow for integration with external partners, with many still using paper-based processes.
Turaco is building in a largely untapped sector, opening up an extremely large market and innovating for mass market consumers by providing a cutting-edge solution that will drive inclusive insurance.
Targeted at underserved customers and low-income earners, Turaco embeds its service as a white-labeled offering that is bundled with a partner’s core product or service while integrating with their existing payment processes to collect premiums. With a robust API integration which allows for easy collaboration with its external partners, Turaco enables companies to integrate insurance into their products and services efficiently and at no additional risk or cost.
For example, in 2019, Turaco partnered with M-KOPA, a fintech platform that provides digital financial services to underbanked customers, to embed insurance with M-KOPA’s products for the company’s customers and direct sales representatives. Now active in three countries, insurance is used to drive revenue, as well as customer and agent retention and resiliency.
Since launch, the technology-enabled insurance platform has grown to become a market leader at the forefront of innovative insurance solutions. Turaco products are priced at ~$2/month, with straightforward terms & conditions and a fully digitized claims process that allows claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.
Commenting on the raise, Turaco CEO and co-founder Ted Pantone said, “We are proud to help drive insurance adoption, especially among low-income earners. 90% of our customers have never had insurance before, but the surprising thing is that people really want to buy insurance! They just don’t have easy access to products that really work for them.
“This investment enables us to scale our business to serve millions of insurance customers across our current markets and beyond. We are thrilled to have these great new investors join our team for this next season of growth.”
Patricia Rinke, Investment Officer at AfricInvest commented, “In our interactions with Ted and his team, we could see a great vision and flawless execution coming together. The company’s innovative distribution model responds to the unmet demand in the African insurance sector, and we look forward to working with Turaco as they continue to build on their early success.”
Yassine Oussaifi, Partner at AfricInvest and co-head of CAIF said, “As the insurance penetration in Sub-Saharan Africa remains below 3%, one of the lowest rates globally, we believe Turaco has developed the tools and know-how to fill this gap and reach low-income earners with products adapted to their needs, thus being a critical part of the push to help shield the most disadvantaged from unforeseen financial burdens and shocks. We are pleased to support Turaco as it scales further and has a positive impact on the continent.”
Olúwatóyìn Emmanuel-Olubake, Investment Director at Novastar Ventures added, “Turaco has grown over 300% since Novastar’s initial investment in 2020. We are excited to continue partnering with the exceptional team at Turaco and welcome new investors including AfricInvest, Global Partnerships and Enza Capital to this journey.
This capital will help the company to further grow its world class team, develop new products, accelerate partnerships and access new markets in service of its goal to mitigate the impact of daily shocks for millions of vulnerable people across Africa.”
There are over 500 million mobile subscribers in Africa, most of whom are uninsured. The latest round of funding places Turaco in a strong position to address this untapped market, doubling down its expansion efforts through strategic partnerships. As a result, Turaco will continue to power innovation in inclusive insurance as well as stand firmly at the forefront of the continent’s rapidly growing insurance sector.
E-Financial
CBN Issues Advisory on Scammers Flaunting Fake Contracts

Central Bank of Nigeria (CBN) has issued a fresh advisory warning the public about the persistent activities of fraudsters peddling fictitious contracts, loans, grants and intervention funds under the guise of affiliation with the apex bank.
This is aimed at protecting Nigerians from financial fraud.
The advisory, signed by Mrs Hakama Sidi-Ali, acting director, Corporate Communications, noted that despite an earlier advisory issued on November 18, 2024, these criminal elements continue to exploit unsuspecting individuals with fake offers falsely attributed to the CBN.
The apex bank has once again disclaimed any association with such claims, describing them as entirely fraudulent and misleading.
“The Central Bank of Nigeria has not authorised, licensed, or appointed any individual, group, or organisation to act on its behalf in offering contracts or financial benefits to the public,” the statement clarified.
According to the CBN, it does not engage in unsolicited communications, via emails, phone calls, SMS, WhatsApp or any social media platforms, to award contracts or disburse funds. It also stressed that the bank does not request payments or fees in exchange for any financial service or opportunity.
The apex bank urged the public to remain vigilant and to immediately report any suspicious approaches to law enforcement agencies or the nearest CBN branch.
“The Central Bank remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and curb fraudulent activities,” the statement added.
This advisory, the CBN spokesperson noted, comes as part of the regulator’s wider mandate to ensure transparency, financial integrity and public trust in Nigeria’s financial system.
E-Financial
SEC Intensifies Fight Against Ponzi Schemes With Market

Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimisation.
At an awareness campaign held in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.
Speaking at the event, Ms Frana Chukwuogor, executive commissioner Legal and Enforcement, Securities and Exchange Commission, warned of the dangers of patronising illegal fund operators known as Ponzi schemes.
She said that the Commission deemed it crucial to sensitize traders, empowering them to make informed decisions when approached with investment requests.
She explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.
“Our approach is simple but firm. We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting,” she stated.
She explained that too many Nigerians, especially those at the grassroots, fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.
“We have seen people lose their life savings, their businesses, and their peace of mind.
That is why we are taking this message to the markets, motor parks, online platforms, anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.
Mr Abdusalam Khalid, head of Enforcement Department, Securities and Exchange Commission, warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities
He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.
E-Financial
Bank customers to ditch SMS alerts for email amid rising charges

Some bank users in Abuja have declared they will opt for electronic mail alerts from their banks to cut costs and reduce charges on their accounts.
Some of them who spoke to the News Agency of Nigeria (NAN) on Sunday said they would deactivate the Short Message Services transaction alert linked to their accounts.
Mrs Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative.
Azinge said that in spite of various transaction charges debited from her bank account on a daily basis, the bank still increased SMS charges.
”This move of increasing SMS charges is very exploitative even though they cited telecommunication charge.
”What about all the numerous unwarranted debits that I get from my account, and they are using telecommunication increase as yardstick to increase theirs.
”GT will remove different charges from my account until they give me minus balance,” she said.
Another customer, Ms Elizabeth Abu, said she would visit her bank to opt for her transaction alerts to be sent to only her e-mail address.
Abu who complained about the reduction in her capitalised interest on her account, said the numerous debits were becoming frustrating.
” It does not make sense for the bank to charge me for a transaction I did and also charge me for the alert they sent.
” It means that customers are the ones paying heavily for all these services.
” These charges are reflecting on the profits declared by these banks, and we are the ones paying for this,” she said.
Mr Clement Arubu, a customer with First HoldCo Plc, said he received various transaction debit alerts from his bank totalling N1, 050 monthly.
Arubu said the debits were huge, especially when calculated between 10,000 customers of the bank.
” Most customers receive these alerts and neglect them because to them, the money is small but when you debit the same money from about 10,000 customers then, you can be sure that the money is huge,” he said.
Mrs Catherine Itoha,, said a bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale transaction since about 11 months.
Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.
” Customers are the reason why banks are in existence so, we deserve to be treated fairly.
”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.
”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year.
”If this money did not go to a staff, it means it is part of their profit,” she alleged.
Mrs Esther Arthur, a Fidelity Bank customer alleged that some of the banks were making profits from charges on customers for their transactions.
Arthur described the situation as sad and frustrating, recounting,”I withdrew N10,000 from a First Bank Automated Teller Machine and the machine showed me that I will be charged N100 because it wasn’t my bank.
”When I finished the transaction, to my greatest surprise an alert came into my phone and when I checked it, it was an alert of N630.00 against the N100 on-site ATM charges that the Central Bank of Nigeria instituted.
”This is so sad,” she said.
Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check excesses of some banks that were allegedly defrauding customers.
The News Agency of Nigeria (NAN) reports that GTCO had informed its customers of the SMS transaction alert fee increase from N4 to N6 per message.
The bank had said that the adjustment was due to a recent increase in telecom rates.
Credit: NAN
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