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
MTN Mulls Establishment of Fintech Firm in Nigeria, Others

MTN Uganda is seeking input from stakeholders on a plan to structurally separate its mobile money service, MoMo, from its core telecoms business.
According to the company, the proposed change will be discussed at the upcoming extraordinary general meeting on July 2.
If approved, the telco’s fintech business will be run by a new company controlled by MTN Group Fintech Holdings B.V. and a trust benefiting minority shareholders following a merger.
Additionally, the restructuring also aligns with MTN Group’s ambition 2025 strategy which aims to unlock value, attract new investors, and strengthen regulatory compliance by creating standalone fintech entities in Uganda, Ghana, and Nigeria.
The company’s fintech division has over 13 million customers, with an 18.4% revenue increase in the first quarter of 2025, driven by 19.0% growth in mobile money services, 19.8% growth in transaction volumes, and a 31.4% increase in transaction value.
Reports say the decision is part of the telco’s compliance with the National Payment Systems Act 2020, which mandates mobile money businesses to operate as standalone entities, and to align with MTN Group’s regional fintech strategy.
MTN Uganda, which is led by CEO Sylvia Mulinge, highlighted that the implementation of the proposed transaction will be subjected to a number of conditions and regulatory procedures.
“The implementation of the proposed transaction shall be subject to a number of conditions, including the company and MTN MoMo receiving all required regulatory approvals and no-objections and complying with any regulatory conditions,” said MTN Uganda in notice.
Telecom
ngCERT Issues High Alert to Nigerians Using Android Phones

Nigeria Computer Emergency Response Team (ngCERT) has raised alarms over a new wave of advanced cyberattacks targeting Android mobile phones through a malware campaign dubbed Tria Stealer.
The malicious software is designed to infiltrate Android devices, hijack messaging accounts, intercept One-Time Passwords (OTPs), to steal sensitive personal and financial data.
According to ngCERT, Tria Stealer spreads primarily through deceptive tactics, such as fake event invitations distributed via popular messaging platforms like WhatsApp and Telegram.
Unsuspecting users are enticed to download an infected (APK) file, often disguised as a harmless system application, to evade detection.
Once installed, Tria Stealer requests extensive permissions, including access to SMS, call logs, and app notifications.
It immediately commences data harvesting activities, sending stolen information to a Command and Control (C2) server operated via Telegram bots.
This trojan spreads through fake links, usually disguised as wedding or event invites, and tricks users into downloading malicious APK files
“Account takeover of messaging platforms. Impersonation of victim for fraudulent money transfer requests. Compromise of banking and financial applications. Identity theft and credential harvesting.”
In plain terms, if your phone is compromised, the consequences could be catastrophic.
Your financial apps are vulnerable, your reputation could be ruined by impersonation and even simple personal messages could be twisted into tools for scams.
Here’s what users should be doing now:
Don’t download apps outside the official Play Store.
Be suspicious of random invites or links, even from people you know.
Turn on 2FA for everything—banking, emails, social platforms.
Get a reputable antivirus and keep it updated.
If you run an organisation, you should already be taking this seriously.
ngCERT’s guidance says you should raise awareness, monitor mobile devices, and not let your team click on unverified links.
“Deploy network monitoring for suspicious outbound connections to known C2 domains,” it said, meaning, keep an eye on every digital door in and out.
This isn’t one of those cases where you wait to see if it affects you. By the time you realise it, it may already be too late.
Telecom
MTN and Ecobank Launch Chess Championship to Empower Nigeria’s Youth

MTN Nigeria is set to host the National Schools Team Chess Championship, Nigeria’s largest inter-school chess competition, scheduled to take place from June 26th to 28th, 2025, at the Ecobank Pan African Center in Victoria Island, Lagos.
The championship, organised in partnership with Ecobank and the Nigeria Chess Federation (NCF), aims to promote intellectual development, critical thinking, and problem-solving skills among young Nigerians, while also identifying and nurturing future chess champions.
The championship is open to primary, secondary, and tertiary level students, and this year’s edition will host an impressive 1,600 students from 400 schools across 36 states and the FCT.
The competition will feature team-based play, with each team comprising four players from the same school. A significant prize pool of over N40 million is at stake, with winning schools also having the invaluable opportunity to represent Nigeria internationally.
Onyinye Ikenna Emeka, Chief Marketing Officer (CMO) at MTN Nigeria, expressed the company’s commitment to the initiative, stating, “Our investment is driven by our commitment to fostering youth development, just as our shared value initiative.
“By supporting, we not only contribute to the growth but also engage with the younger demographic in a meaningful way, as we believe we are good together”.
MTN’s sponsorship of the National Schools Team Chess Championship is a natural extension of its long-standing dedication to empowering young people through various initiatives in sports, education, and skill development, including programs like MTN Champs and MTN Campus Invasion.
The company aims to establish itself as the leading driver of youth empowerment, education, and strategic thinking through chess in Nigeria.
The event will also feature the presence of Tunde Onakoya, a renowned chess master and inspiration, who will join the championship week to share his experiences and further inspire the young participants.
His involvement underscores the profound impact strategic thinking can have on transforming lives and building dreams.
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