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Yep, Nigerian Financial Super-App Raises $1.5m in Pre-Seed Funding

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Yep!, a financial super-app, has raised $1.5 million in a pre-seed funding round led by Greenhouse Capital as the company launches its revolutionary new digital financial super app on iOS and Android in five African countries (Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso).

The company has ambitious growth plans of doubling an existing network of about 100,000 merchants to over 200,000 by the end of 2022.

The founders are also in discussions with international credit providers to increase the super-app’s debt facility to $10 million by the end of this year as the company scales its lending operations.

Yep! Co-Founder Olaoluwa Awojoodu said: “We have secured a $500,000 credit facility that will enable us to kick-start the provision of working capital loans to our existing merchants as we expand across the continent.

“As we strive to deliver on our promise of bringing financial access to all Africans and connecting Africans to the world, increasing Yep!’s lending capacity will be a key catalyst in pulling more customers and merchants into our ecosystem.

“Access to finance can be transformative – it unlocks opportunities among those that need it the most and has a huge impact on the wider economy.”

Yep! is a digital financial services company leveraging technology to deliver unconventional and intuitive financial services and solutions that fills the gap left by existing banking models which fail to serve Africa’s unbanked, underserved and micro, small and medium enterprises (MSMEs).

As part of its mission to boost financial inclusion, Yep! will leverage its existing merchant network, PayCentre Africa, to ease entry into the formal economy for rural communities, who would otherwise be financially excluded. The company’s services enable entrepreneurs, small business owners, students, MSMEs, and merchants to gain safe and easy access to financial solutions digitally.

In 2021 alone, over 5 million customers transacted more than $2 billion through the company’s growing network of merchants. In an attempt to close the loop, bank these customers; Yep! secured a microfinance bank (MFB) licence in Nigeria, enabling the company to set up accounts for customers, businesses, and merchants, in a matter of seconds.

The firm is exploring partnerships with leading U.S. banks and service providers to expand its products to customers in the U.S., building on remittance flows to Africa from the diaspora and migrants from the region. Product lines across the Atlantic will include low-cost and freely accessible remittances to African countries, free checking and saving accounts and a credit card to start.

In recent years, remittance flows to low and middle income have soared as high as $550 billion, a figure that does not include sums transferred through informal channels.

With banks and money transfer services temporarily closed during the Covid-19 pandemic, millions of customers turned to online remittances, which continue to provide vital support to families affected by economic hardship or facing increasing costs for school. According to data from the World Bank, remittance inflows to Sub-Saharan Africa rose in 2021, rising by 6.2% to $45 billion.

As migration flows from the continent are expected to increase, and digitisation paces ahead, remittances to sub-Saharan Africa are set to receive unprecedented growth, a trend Yep! is sure to benefit from.

Airende Ojeomogha, Co-founder, Yep! said: “The informal sector is the backbone of economic activity in Africa and accounts for over 80% of jobs in cities across the continent.

“However, populations and businesses in this segment often do not have the necessary tools to grow and scale – due to restricted access to financial services that enhance growth, such as savings and credit facilities. With our network of around 100,000 merchants spread across West Africa, we get to hear from millions of customers and businesses, so we know our customers’ challenges.

“This strengthens our ability to build and provide the right products that eradicate their pain points and respond to evolving needs.”

Garry Ottosen, Co-founder, Yep!, said: “We want to create a disruptive financial platform that democratises access to financial services and economic opportunities for both retail and business customers across Africa. Yep! succeeds only when our customers do.”

Greenhouse Capital led the $1.5 million investment round, adding the firm to its portfolio of pioneering companies in Africa, including Y.C. companies Flutterwave, Credpal, and Helium health.

Ruby Nimkar, Partner at Greenhouse Capital stated why they invested in Yep! saying, “We are excited to support Olaoluwa, Airende and Garry as they make financial services accessible to consumers and businesses both on the continent, as well as in the diaspora.

“The founders are seasoned operators and we were impressed by the vision, the team and the speed of execution.”


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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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MTN @ First-ever CED, Pledges to Address Subscribers’ Concerns

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MTN Nigeria, has pledged the company’s renewed commitment to transparency and responsiveness in addressing customer concerns.

MTN @ First-ever CED, Pledges to Address Subscribers’ Concerns

Karl Toriola, chief executive officer, MTN Nigeria,

Karl Toriola, chief executive officer, MTN Nigeria, stated this at the telecoms provider its first-ever Customer Engagement Day (CED) in Lagos.

Speaking during the event, Toriola fielded real-time questions from customers, responding to issues ranging from data quality to customer service gaps.

“We’ve invested heavily to build a network that delivers value for money. While data in Nigeria remains among the most affordable globally, our priority is quality and consistency that truly powers ambition. Today is about transparency: answering your questions, listening to your concerns, and showing that MTN is not just a service provider; we are a partner in your journey,” he said.

The company emphasised that the Customer Engagement Day was designed as an open forum for dialogue between MTN executives and customers.

The hybrid event, themed “We See You. We’re With You,” featured sessions on digital literacy, data usage, youth mentorship, and financial inclusion, aimed at improving subscriber experience and usage efficiency.

Ayham Moussa, chief operating officer, MTN Nigeria, in his opening remarks, highlighted the company’s long-standing connection with Nigerians, noting that its operations were built with input from ordinary citizens.

“When MTN began, it was built by people like you: engineers, entrepreneurs, everyday Nigerians. Today, we connect over 80 million people, and our focus remains simple: to stand with you in your hustle, support your ambitions, and make life easier. This journey is about listening, improving daily, and being a shield for homes and businesses across Nigeria,” he said.

A key session on Data Usage and Management offered participants practical guidance on how to manage and conserve data, with many customers raising questions about consumption patterns and transparency in billing.

Ugonwa Nwoye, chief customer relations & experience officer, MTN, stated, “We know how essential data is; it’s how we live, work, and connect. From parents streaming classes to small businesses on Zoom, we see your daily realities. That’s why we’re focused not just on providing data but on helping you use it better, with practical tools and tips that put you in control. We hear you, and we’re acting on what you’ve told us today.”

Onyinye Ikenna-Emeka, chief marketing officer of MTN Nigeria,  reiterated the importance of continuous engagement: “Today has been about listening, learning, and connecting with you. We’ve heard your complaints, your ideas, and even your personal stories. From parents balancing their children’s needs to businesses working tirelessly online, be assured that we listen, we care, and we do. Your trust means everything to us, and we’re committed to turning today’s conversations into real actions.”

Ikenna-Emeka stressed that MTN Nigeria seeks to reposition itself not only as a telecom operator but also as a listening partner in the everyday lives of its subscribers.

The event also provided a platform for small businesses, young professionals, and digital creators to interact with MTN leaders during Speed Mentorship sessions, where they shared their goals and received guidance on navigating the digital economy, technology adoption, and entrepreneurial strategy.

Visitors engaged with various thematic lounges, including MoMo PSB, MTN’s fintech subsidiary, where tools for financial inclusion were showcased.

Other activities included a digital skills academy, interactive tech demonstrations, and a startup pitch challenge, reflecting MTN’s efforts to align services with evolving customer needs.

 

 

 

 


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Airtel Nigeria Raises Infrastructure Spending to $39m

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Airtel Africa Plc increased its capital expenditure in Nigeria to $39m in the second quarter of 2025, up 1.7 per cent from $38m in the same period last year.

Airtel Nigeria Raises Infrastructure Spending to $39m

According to the company’s financial statement the marginal increase highlights Airtel’s continued investment in its largest and most strategic market, despite a broader slowdown in group-level capital spending this quarter.

The Punch newspaper reported that the increase in capital spending by Airtel comes at a time when telecom subscribers are expecting tangible improvements in service quality, following a 50 per cent tariff adjustment approved by the Nigerian Communications Commission earlier this year.

It added that Telcos have begun to show signs of commitment to network upgrades, bolstered by the recent delivery of telecom equipment valued at $1bn.

“In Nigeria, capital expenditure for the quarter ended 30 June 2025 was $39m, compared to $38m in the same period last year,”.

According to the statement, the Group-wide capital expenditure stood at $121m in the three months ended June 30, representing a decline from the previous year, which the company attributed to timing differences in project execution.

However, Airtel maintained its full-year capex guidance at between $725m and $750m, indicating that more spending is anticipated in the coming quarters.

Capital expenditure, or Capex, refers to the funds used by a company to acquire or upgrade physical assets such as network towers, fibre infrastructure, and IT systems.

In Nigeria, the $39m spent during the quarter was likely directed toward expanding and modernising the operator’s mobile and broadband networks, enhancing service coverage and capacity in urban and rural areas.


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History as MTN Nigeria Becomes First to Hit ₦10 Trillion Market Cap @ NGX

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MTN Nigeria Communications Plc has achieved a historic milestone, becoming the first listed company on the Nigerian Exchange Limited (NGX) to reach a market capitalization of ₦10 trillion, as its share price closed at ₦480 on Friday, August 1, 2025.

istory as MTN Nigeria Becomes First to Hit ₦10 Trillion Market Cap @ NGX

The telecommunications giant’s shares gained ₦8 or 1.69% during Friday’s trading session, pushing the company’s market value past the ₦10 trillion threshold.

This remarkable achievement comes just two days after MTN Nigeria released its stellar half-year 2025 financial results on Wednesday, which showed exceptional performance across all key metrics.

The timing is not surprising based on what was said in the company’s H1 results, which revealed a dramatic turnaround from losses to profitability.

The telecoms operator reported service revenue growth of 54.6% to ₦2.4 trillion, while EBITDA surged by 119.5% to ₦1.2 trillion with margins expanding significantly to 50.6%.

Most importantly, the company achieved a profit after tax of ₦414.9 billion, marking a stunning recovery from the loss of ₦519.1 billion recorded in the same period last year.

Speaking on the H1 2025 results that have driven investor confidence, Karl Toriola, CEO, MTN Nigeria, said: “We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market.”

Toriola emphasized the company’s strong operational momentum, stating: “Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2.”

The CEO’s confidence in the company’s trajectory was evident in his commentary about future prospects.

“In light of the strong momentum in our business, we have upgraded our FY 2025 and medium-term guidance and we remain firmly on track to restore our balance sheet to a positive net asset position by the end of Q3,” Toriola declared.

This optimistic outlook, backed by upgraded financial guidance targeting service revenue growth of “at least low-50%” and EBITDA margin of “at least low-50%” for FY 2025, has clearly resonated with investors.

Toriola highlighted improving operating conditions that have supported the company’s performance: “The macroeconomic conditions in Nigeria showed notable improvements in the period under review, including a relatively stable naira, improved foreign exchange (forex) liquidity and easing inflationary pressures.”

He noted that “this backdrop helped to enable our improved business performance and set a more supportive context for increased long-term investments.”

The ₦10 trillion market cap milestone represents extraordinary value creation for shareholders.

 

 

 


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