Telecom
Mono, Nigerian Fintech Startup Secures $15m Series A
Mono, Nigeria’s tech-driven fintech startup, has closed a $15,000,000 Series A funding round led by Tiger Global.
Target Global, General Catalyst and SBI Investment are new investors who joined in backing Mono in the round. Existing investors include Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital.
Mono leverages technology to power the digital economy in Africa, using open banking as a layer for financial data, identity data, and bank transfer payments for businesses. The company connects bank accounts to financial applications.
The company’s CEO, Abdul Hassan and CTO, Prakhar Singh founded the company last year to make access to financial accounts across Africa, secure and reliable.
Mono’s DirectPay product makes payments transactions seamless for Nigerian businesses. Entrepreneurs can transfer money to customers with the company’s web or mobile app without using debit cards.
With offices in Nigeria, Kenya and Ghana, Mono affirms to have 1,200 developers and businesses leveraging its services to build their products, processed and delivered to its partners over 200,000,000 transaction data
The company is building user-focused and innovative products that will continue to go beyond limits in accessing data and payments in Open Banking, across Africa.
Backed by leading investors including YCombinator, Entree Capital, Ingressive Capital, Magic Fund and Lateral Capital, the company has raised $2,650,000 in total funding prior to the current round.
In the last two months, the company asserts to have connected over 150,000 bank accounts, with a growth of 45x year-on-year and an increased staff base.
Last September, the company completed a $500,000 pre-seed investment and participated in Y Combinator’s most recent winter batch, raising $2,000,000 in seed funding after graduation.
Building the best open banking platform in Africa, the company plans to complete its move to South Africa via a partnership with Absa bank this year.
Telecom
NIGCOMSAT, Dimension Data Sign One-Year Internet Service Deal
Nigerian Communication Satellite (NIGCOMSAT) Ltd has signed an agreement to provide internet service on the NigComSat-1R network platform to Dimension Data for one year initially, using the Ku dedicated band.
In a statement signed by Mrs. Aisha Bantam, assistant general manager of Corporate Affairs, NIGCOMSAT, this agreement aligns with the efforts of the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to revitalize the nation’s economy through the provision of satellite technology.
The partnership was sealed by Mrs. Jane Nkechi Egerton-Idehen, chief executive officer NIGCOMSAT Ltd, and Mr. Olugbenga Olabiyi, country director, Dimension Data.
Mrs. Egerton-Idehen, expressed optimism about the partnership and affirmed that NIGCOMSAT will provide excellent services to its clients, having upgraded its facilities to cutting-edge technology.
She said NIGCOMSAT is now competing well in the global satellite market with the view of taking its rightful position: “Though we are in the market now, we are not late, and I can assure you that we are here for business.”
Mrs. Egerton-Idehen further stated, “We just finished a pilot scheme with this client and signed a Master Service Agreement. We are glad that the Country Director, Gbenga Olabiyi, and his team were happy with the results of our pilot. We shared all the work we are doing to reposition Nigerian Communications Satellite (NIGCOMSAT) Ltd, ensuring that our service delivery is excellent, our infrastructure reliable, and our technology continuous.”
Additionally, Mr. Olabiyi, of Dimension Data, noted that he is focused on creating unique and bespoke IT solutions for his customers while delivering services that are value-driven.
“Through customer engagement and outstanding technology infrastructure that advance productivity and business growth,” the Country Director stated.
According to NIGCOMSAT, with this continued drive and focus, the new NIGCOMSAT is gradually meeting the objectives of the Ministry of Communications, Innovation and Digital Economy under the leadership of Dr. Bosun Tijani, who is spearheading a series of initiatives to expand connectivity and promote digital inclusion in the nation’s economy.
Telecom
FG to Harmonise 112, Nigeria’s Emergency Response Number
Dr Bosun Tijani, minister of Communications, Innovation, and Digital Economy has said that his ministry and the Ministry of Interior have entered into an agreement to streamline emergency response services in Nigeria.
![FG to Harmonise 112, Nigeria's Emergency Response Number](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2023/10/Bosun-Tijani-minister-of-Communications-1-300x167.jpg)
Dr Bosun Tijani, minister of Communications, Innovation, and Digital Economy
Tijani shared on his social media platform, X (formerly Twitter), that the effort was to enhance government service delivery through technology.
According to the minister, the agreement involves the Ministry of Interior taking a lead role in coordinating all parties to merge current emergency numbers into the unified efficient 112 emergency number, with support from the Nigerian Communications Commission (NCC).
The minister added that the collaboration involves key agencies such as the Nigerian Immigration Service, the Nigeria Correctional Service, the Nigeria Security and Civil Defence Corps, and the Federal Fire Service, all of which have a mandate to enhance internal security, emergency response, and other ancillary services.
Telecom
Ekiti Governor Eulogizes Adenuga, Glo
Governor Abiodun Oyebanji of Ekiti State has paid glowing tributes to the Chairman of Globacom, Dr. Mike Adenuga, Jr. for his outstanding contributions to the development of Nigeria and the economy in general.
Speaking in his office in Ado Ekiti when he received the Public Sector team from Globacom on Monday, the governor also commended him for Globacom’s positive impact in the telecommunication industry, describing the company as the leader in the telecommunications sector in Nigeria.
“Globacom is our own and a good ambassador of this country as far as telecommunications services are concerned”, said Governor Oyebanji who also added that the Ekiti State Government would be delighted to do business with the company.
He promised that the state would be ready to partner with Globacom, especially in the areas of building a digital economy, fibre connectivity services to take the state to greater heights and in youth empowerments.
Speaking at the event, the leader of the Glo team, Mr. Adeniyi Odejobi, said that Glo pioneered revolutionary changes in the telecommunications industry for the benefit and empowerment of Nigerians in the last two decades.
He explained that the company was the largest integrated telecommunications service provider in Nigeria, servicing enterprises, large corporates, public sector organizations, SMEs and millions of individuals all over Nigeria as well as a total digital solutions provider.
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