E-Business
MAX Raises $31M in Series B Round
Metro Africa Xpress Inc. (“MAX”) – the largest vehicle subscription platform for low-to-zero emission vehicles in Africa, announces it has raised $31 million of new capital, in the first close of a Series B funding round. Subsequent closes are expected in the next few weeks.
The funding round was led by global private equity platform, Lightrock, for whom it is their first investment in the African mobility space, and UAE-based international venture capital firm, Global Ventures. The Series B close follows MAX’s previous raising of over $40 million of institutional debt for driver financing.
The Series B round will be used to drive international expansion into Egypt and Ghana during the first quarter of 2022, followed by Francophone, East, and Southern Africa. The capital will also enable the deployment of electric vehicles and charging infrastructure, and the provision of credit and financial products to over 100,000 drivers.
The oversubscribed round included participation from new investors such as Venture debt from Proparco, the French development finance institution, through its Digital Africa Bridge Fund. Existing investor Novastar Ventures also participated. The endorsement of Lightrock, and Global Ventures validates the strength and reach of MAX and reflects the huge market opportunity.
Adetayo Bamiduro, CEO of MAX, said: “We are delighted to announce this funding round. This new investment from highly respected global investors such as Lightrock and Global Ventures, plus continued support from our existing investors, further validates our business model and strategy.
“It is another milestone in our journey to make mobility safe, affordable, accessible, and sustainable by deploying high-performance technologies and operators. The investment will enable us to transform the lives of hundreds of thousands of drivers across the continent, accelerate international expansion, and continue our pioneering initiatives in the mobility space.”
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX is building the rails for mobility in
Africa by delivering integrated, affordable and collateral-free vehicle subscription packages including low to zero-emission vehicles, healthcare, insurance, maintenance, and eHailing subscriptions. This helps drivers maximise their revenues and minimise costs.
MAX’s innovative technology platform leverages alternative data sets to power driver onboarding, dynamic credit assessment, fleet optimization, digital payments, and advanced risk management.
The Company has pioneered this operating model and its technology is powered in partnerships with global OEMs such as Yamaha, ride-hailing platforms such as Bolt, financial services strategic partners, payment infrastructure providers and clean energy providers.
MAX’s market is over 15 million commercial drivers across Africa’s $250 billion mobility industry, and the company has grown rapidly.
Currently, it serves over 13,000 drivers, with over 60,000 prospective drivers in the pipeline. Over 17 million trips have been completed on the platform, which has saved 22,000 tonnes of CO2.
Ravi Sharma, Partner at Lightrock, said: “With rapid urbanization fuelling the African mobility market growth, MAX is effectively and sustainably matching supply and demand for affordable, safe and reliable transportation to the benefit of passengers, drivers and the environment, pioneering electric vehicles in Africa.
“We are enthusiastic about backing MAX and their highly capable management team in further scaling the transformation of African mobility.”
Noor Sweid, a General Partner at Global Ventures, said: “With Max, we were drawn to both the team and the product. The company was founded by a stellar and experienced team with a deep and thorough understanding of the market, who have successfully built a comprehensive tech-driven platform that is truly driver-centric, offering a one-stop solution with embedded fintech, insurtech and govtech services. We are thrilled to welcome them to the portfolio as our first investment in the African mobility space.”
Brian Waswani Odhiambo, West Africa Director at Novastar Ventures, said: “Novastar was an early supporter of MAX and we’ve been impressed by the tremendous growth the business has achieved in the last few years.
“We are excited to not only double down in this round but also to welcome new investors Global Ventures, Lightrock, and others to the journey. The team at MAX has built great solutions for mobility and we can’t wait to scale these into new markets in Africa and the rest of the world.
National Identity Management Commission (NIMC) of Nigeria has launched a new digital identity verification tool called the NIN Authentication (NINAuth) application.
The initiative, which forms part of President Bola Tinubu’s Renewed Hope Agenda, aims to strengthen the country’s national digital identity management framework.
The launch builds upon Nigeria’s comprehensive unified digital identity system that has been transforming access to financial services and government programs.
The NINAuth application introduces several key features focused on data security and privacy.
The platform requires explicit user consent before sharing identity information for Know Your Customer (KYC) processes, giving individuals greater control over their personal data.
The system provides seamless access to various government services, including SIM card registration, immigration applications, passport processing, tax filings, and financial transactions.
The development follows significant investment in Nigeria’s digital identity infrastructure, including a $45.5 million support from the World Bank as part of the Digital Identification for Development (ID4D) project.
As the official service for integration with NIMC’s backend infrastructure, NINAuth enables secure verification processes across ministries, departments, and agencies (MDAs).
The application is available for download on both the Google Play Store and Apple iOS App Store for users of the National Identification Number (NIN).
The rollout represents a significant milestone in Nigeria’s ongoing efforts to digitize government services and strengthen identity verification processes.
“NINAuth is a cutting-edge suite of services including web, API, and mobile verification designed to enhance data security, protect privacy, and simplify access to government services,” said Dr. Kayode Adegoke, Head of Corporate Communications at NIMC.
“The platform introduces a robust layer of protection, empowering individuals with greater control over their personal information.”
The implementation supports the objectives of the recently established Nigeria Digital Identification for Development Project Ecosystem Steering Committee, which oversees the country’s digital identity initiatives.
President Bola Ahmed Tinubu has approved the launch of the NINAuth app and directed its use for verification and authentication across all MDAs.
The application provides a secure single sign-on solution for accessing government services and social protection programs while maintaining strict data privacy controls.
The centralized approach to digital identity management represents a significant step forward in Nigeria’s digital transformation journey and its commitment to modernizing government services.
Nigerian Copyright Commission (NCC) has set in motion a machinery to checkmate the booming copyright piracy market in the country.
Copyright piracy is said to cost Nigeria an annual loss estimated at billions of naira.
Despite the absence of a coordinated or official statistics to gauge the quantum of loss, John Asein, director general, NCC, said as far back as 2019, Nigeria lost N918 trillion ($3 billion) annually to digital piracy.
The financial damages severely impact local businesses and innovation efforts.
The commission, in collaboration with the World Intellectual Property Organisation (WIPO), has started a project to develop strategies and tools to address the menace.
Speaking at a stakeholders’ meeting on the WIPO project to address online copyright piracy in Nigeria, Asein said digital technologies have unlocked tremendous opportunities for the creative and innovation sectors.
The NCC boss said technology also poses serious challenges, including online piracy, which he said is growing rapidly.
He said: “Pirate sites continue to emerge rapidly, with statistics indicating a 6.7 per cent increase in user visits. A significant percentage of these users are students aged between 18 and 24, with social media and messaging platforms becoming major gateways for accessing pirated content.”
He added: “No industry is immune. The most affected sectors include television (43.6 per cent), publishing (27.5 per cent), film (12.9 per cent), music (7.0 per cent), and software (6.2 per cent).
“Far beyond mere statistics, the victims are no longer only foreign right owners. Many Nigerians in these sectors have also been bruised and their creative enterprises ruined.”
Nigerian Postal Service (NIPOST) has signed an international mail partnership with KLM Royal Dutch Airlines for improved delivery access to over 200 countries without middlemen.
Tolani Odeyemi, postmaster-general and chief executive officer of NIPOST, described the deal as a “major milestone” for the country’s logistics and postal sector.
In a statement on X on Monday, Odeyemi explained that the new agreement marks NIPOST’s first direct international airline partnership for several years.
“For a long time, NIPOST operated without any direct partnerships with international airlines, relying heavily on multiple third-party handlers,” the Postmaster-General stated. This often resulted in delays, higher costs, and uncertainty around the delivery of packages.”
She explained that under the new arrangement, KLM will directly handle all outbound international mail from Nigeria, eliminating the need for intermediaries.
“This translates to faster and more reliable delivery, reduced risk of loss or damage, lower handling charges, and access to over 200 countries through KLM’s global network,” the Postmaster-General stressed.
According to Odeyemi, NIPOST’s breakthrough came after it began settling long-standing debts owed to international carriers, a step she said was key to “rebuilding global trust” in Nigeria’s postal system.
She revealed that talks were also ongoing with Ethiopian Airlines to bolster regional and continental logistics, particularly on African and Eastern routes.
“Our goal is clear and unwavering: to connect Nigeria regionally and globally, efficiently, securely, and affordably,” Odeyemi asserted.
The NIPOST CEO described the development as a significant win for Nigerian businesses and small and medium-scale enterprises that rely on international shipping, stating, “You now benefit from quicker, more affordable international shipping, greater peace of mind with improved reliability, and new potential to reach and grow in global markets.”
Odeyemi commended the teams behind the scenes and pledged continued improvements in service delivery, adding that the deal signals a turning point for the agency.
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