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Plentywaka, Nigerian mobility startup Raises $1.2m Seed Funding, Acquires Ghana’s Stabus

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Plentywaka, a Nigerian mobility startup has raised a $1.2 million seed round, after successfully ending the Techstars Toronto Accelerator Program in July 2021.


L-R: CMO Stabus, Nicholas Boampong, Admin Stabus, Christabel Lamptey, CEO Stabus, Isidore Kpotufe, CEO Plentywaka Onyeka Akumah, VP Customer Engagement Plentywaka Shaibu John, President Plentywaka Johnny Ena, VP Products Development Afolabi Oluseyi

The startup also announced it has fully acquired Ghana’s mobility startup Stabus, a step it said would further Plentywaka’s ambition of building the largest shared mobility platform on the African continent, starting with West Africa.

Stabus was launched in 2019 by its Co-founder, Isidore Kpotufe who shared that the startup has moved over 100,000 people within Accra, the capital city of Ghana.

Their services include daily bus-stop to bus-stop transportation as well as providing staff bus solutions for multinationals like MTN Ghana and GB Foods.

Following up on this acquisition, Stabus will now be known as Plentywaka Ghana with the mobility platform offering a range of low-cost and premium vehicles which includes cars, mini-vans, and buses for public transportation.

Isidore Kpotufe will become the Country Manager of Plentywaka Ghana and will be joined by the current team of Stabus.

The Xchange, a Toronto-based fund, led this seed round, while Techstars followed on their previous investment in Plentywaka to participate in the round as well.

Other investors include SOSV, the most active VC globally in the angel/seed deal type, and ShockVentures, a VC from the United States.

Nigerian investment firms who participated in the round include Argentil Capital Partners and ODBA & Co Ventures, an early-stage investor in Kuda Bank.

A couple of angel investors from Canada, the US, and Africa also participated in the seed round to give Plentywaka the much-needed boost to continue its impressive growth.

Plentywaka’s Co-Founder & CEO, Onyeka Akumah said, “Plentywaka’s acquisition of Stabus is a firm statement about our commitment to grow and build the largest shared mobility startup in Africa, one country at a time.

“Isidore is a brilliant entrepreneur and we are excited about having him and his team execute our plans for the Ghanaian market as Plentywaka Ghana’s operations commence on the 16th of September in Accra.

“In addition to our work in Ghana, we are also really happy about the progress we’ve made in Nigeria as well to scale our Dailywaka service that provides bus-stop to bus-stop transportation service for thousands of commuters.

“Today, we have moved close to half a million people and that’s a credit to the effort of my team, our heroes (a term used to describe Plentywaka drivers), and our investors who continue to believe and support our growth with their investments.

“With our Travelwaka service, we have been able to cater for interstate travelers across 21 cities in Nigeria and we are looking to expand to more cities as new bus partners sign up with us.”

Todd Finch, Founder and Managing Partner of The Xchange, the lead investor in the seed round said, “The Xchange is on a mission to fuel purpose-driven founders with the capital and resources they need to realize the world-changing potential of their ideas.

“Given Onyeka’s proven track record, his team’s undeniable thirst for making an impact, and Plentywaka’s impressive growth, we knew this was an opportunity we wanted to invest in.”

With over 25 years of experience in building innovative technology startups, Todd Finch shared that “the Xchange is excited to help Plentywaka accelerate and scale their impact.

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“We are excited to support Onyeka and the team with the resources they need to realize the full potential of their vision to change the African transport ecosystem.

“We have been most impressed with Plentywaka’s human-centred approach, putting the drivers as the heroes of the story while creating an exceptional passenger experience. We are committed to supporting the vision of Plentywaka, its founders, and its journey for many years to come.”

Sunil Sharma, Managing Director of Techstars Toronto said, “We are incredibly excited by our investment in Plentywaka. Techstars is a huge believer in the future of Africa and a proud supporter of African entrepreneurs. Onyeka is a two-time Techstars founder which deepens this relationship further.”

Despite suspending its operations for 5 months in 2020 as a result of the global pandemic, Plentywaka has still been able to get 960 vehicles registered on its platform and help its riders commute more than 480,000 times in less than 2 years.

Akumah said expanding into Ghana is just the beginning for the team as it aligns with its Pan-African expansion plan.

He added that Plentywaka is going to replicate its model across 6 other African countries within the next 2 years and will be looking for the right kind of investors and partners to join the  ‘black and yellow’ movement to provide the best-in-class transportation service connecting cities and communities with technology across Africa.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Open Access Fabrics Set to Drive Connectivity to Achieve a Digital Economy

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Ayotunde Coker, chief executive officer of OpenAccess Data Centre has described Open Access fabric, the company’s Africa-led interconnection platform as key driver of a digital economy, offering a range of virtual connectivity services from Open Access Data Centres (OADC) facilities.

Empowered by West Indian Ocean Cable Company (WIOCC), extensive digital backbone, OAfabric offers enterprises and service providers access to diverse digital ecosystems, supporting user-to-service, user-to-user and site-to-site connectivity.

Coker stated this during a tour of Open Access Data Centre facility in Lagos by some journalists recently.

According to him, “designed as a future-ready foundation, OAfabric unites cloud and local connectivity with OADC’s market-leading colocation solutions, establishing an innovative, scalable African infrastructure platform that addresses both local and global digital transformation demands.

“OA fabric offers a reliable, adaptable interconnection platform to support Africa’s growing digital needs and hybrid infrastructures for local and global providers

“Enabling secure, direct cloud connections, OA fabric supports data sovereignty and fosters local provider growth, OA fabric provides IX peering, virtual interconnection, and tailored IP services for Africa’s digital landscape.

“It’s not about a particular service provider, it’s about everybody. Once you have a network and you are able to route traffic, even if you are not live yet, and you are hoping to come in the future, we are waiting for you to come on board. So, that platform converges everybody.

“With Open Access fabric, everyone is expected to interconnect. You are collaborating with the government. You are collaborating with the banks. We are collaborating with all these guys to interconnect everyone, Microsoft, Google, all the cloud companies connect into it, because we already have the connectivity business”.

He noted that, “Through OA fabric, all the other connectivity providers have access to any content on OA fabric, so SMB, SMEs, MSMEs, who probably doesn’t have a registered business, but on social media, selling clothes and things like that, can have cost effective access to resources on the internet.

Speaking on Metro fiber project which OADC is partnering with WBT, Coker explained that they have covered over 5 million homes in Lagos. “The job of the Internet Service Provider or MNO in the project is to maintain relationship with the residents of that area, make sure that the infrastructure is secured”.

 


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MTN Nigeria and Pan-Atlantic University Invite Media Practitioners for 4th Media Innovation Programme

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MTN Nigeria Communications Plc and the School of Media and Communication, Pan-Atlantic University, have announced a call for applications from qualified media practitioners (including content creators) to participate in the 4th edition of the MTN Media Innovation Programme (MTN MIP-4).

The programme commences on May 19, 2025, on the Main Campus of the Pan-Atlantic University, Ibeju-Lekki, Lagos.

In collaboration with the School of Media and Communication, Pan-Atlantic University, MTN Nigeria launched MIP in 2022 to enable media practitioners gain deeper insight into the ever-evolving media landscape.

The six-month fully funded certificate fellowship, which includes a study visit to the University of Johannesburg, South Africa is open to media practitioners across all strata of the media industry including print, electronic and online platforms. The programme is also open to social media content creators.

“When we launched MIP in 2022, our goal was to enhance media professionals’ reporting capabilities and deepen their understanding of the technology sector, empowering them to become true media innovators. Seeing the impact of the programme over the past three years has been both inspiring and humbling.

“We are proud to continue this initiative and invite all eligible media professionals and content creators to seize this opportunity by applying for the fourth cohort,” said Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria.

Speaking on the impact of the programme, the Dean, School of Media and Communication (SMC), Pan-Atlantic University, Dr Ikechukwu Obiaya, said that the programme continues to improve and evolve.

“Given the challenges of today’s fast-changing media space, there is an ever-greater urgency to cultivate a new generation of media professionals who will drive innovation and excellence to meet today’s media needs.

“SMC will leverage its extensive experience in training media professionals to equip this next cohort. And we will do this with our usual emphasis on creativity and ethics.”

At the end of the training, the 20 successful applicants, who will qualify as Fellows, will have been trained on Nigeria’s technology sector, the relationship between media and technology and improved content creation opportunities. They will also be equipped with the skills to adapt to the changing realities that guarantee career and financial success in their professional practice. Fellows will also have access to professional resources and mentorship from PAU’s erudite faculty.

Interested journalists, bloggers and content creators can apply at https://bit.ly/MTN_MIP2025

Applications open on Monday, March 24 and close on Monday, April 7, 2025.


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Visa Study Highlights Increased Security Awareness as Digital Payments Thrive Across CEMEA

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A new study commissioned by Visa reveals a rise in consumer awareness and proactive security measures for digital payments across Central and Eastern Europe, the Middle East, and Africa (CEMEA).

The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 diverse CEMEA markets, found that 98% of consumers now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum.

While 64% of respondents in Nigeria acknowledge their vulnerability to scams like phishing, the increased adoption of security measures and preference for stronger authentication indicate a positive shift in consumer behavior since the last edition of the Stay Secure study in 2023. Consumers are now actively spotting red flags and verifying the legitimacy of online interactions, showing a marked increase in awareness.

Other key insights emerging from the research bode well for the continued acceleration of digital payments across the region, with over three-quarters of all respondents stating that they mostly or completely trust digital payments, regardless of the threat of fraud. 86% of consumers across Nigeria anticipate that they will increase their use of digital payments over the next year.

“The digital payments landscape is evolving rapidly, and consumers across Nigeria are embracing its convenience while becoming more vigilant about security,” said Andrew Uaboi, Vice President & Head, Visa West Africa.

“Consumer education is our best defense against fraud, and industry collaboration makes this possible. As scams grow more sophisticated, the battle for security never stops. Consumers increasingly trust partners who take tangible steps to protect them.”

The ‘Stay Secure’ study highlights evolving consumer preferences, which could offer Visa’s stakeholders actionable intelligence for trust-building strategies and inform the creation of educational materials to empower consumers against fraud.”

Key Findings of the Visa Stay Secure Study:

– 94% surveyed in Nigeria utilize e-commerce payment methods.
– 82% surveyed in Nigeria are more likely to trust payment programs run by the government (e.g., instant payments, local cards, etc.) if they partnered with a well-known brand like Visa.
-51% surveyed in Nigeria feel more secure using digital payments.
-56% surveyed in Nigeria leverage online credit or debit card payments.
– 54% surveyed in Nigeria note that news about cyber fraud (e.g., data breaches, email scams, phishing, etc.) has impacted their use of digital payments.
– 43% rank Boomers (60-78) as most likely to fall victim to online scams.

Visa’s Commitment to a Secure Digital Future

Visa has been at the centre of AI in payments, investing $3.3 billion in our AI and data infrastructure over the last decade. In 2024, it introduced three new AI-powered risk and fraud prevention solutions, as part of the Visa Protect suite, that are designed to help reduce fraud across immediate A2A and card-not-present (CNP) payments, as well as transactions on and off Visa’s network.

As the world’s largest SaaS platform, Visa combats cybercrime by deploying cutting-edge tools, expertise, and processes to help identify and mitigate fraud. The impact is undeniable: In the past year, Visa blocked $40 billion in fraudulent payment value, prevented 80 million fraudulent transactions, and averted over $122 million in estimated e-commerce fraud through malware detection.


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