Economy
Money Africa Wins $25,000 in NSIA Innovation Prize
By Adedapo Adesanya
Subscription-based financial edtech platform, Money Africa, won the star prize of $25,000 at the maiden edition of Nigeria Sovereign Investment Authority’s (NSIA) Innovation Programme.
The agency, through the event, rewarded 10 Nigerian innovators with the sum of $60,000 and equity investments in its Prize for Innovation programme.
At the Prize for NSIA Innovation Programme (NPI) held on Saturday in Lagos, Money Africa won the star prize of the maiden event.
Extension Africa won the second place of $17, 500 while Legit Car Africa won the third place of $12,500.
Seven other innovators- TruQ, Capsa Technology, Apace, Ya-lo, Credit-Chek, Vella Finance and Kobo Pay all got prizes of $5,000.
The programme, with the theme, Driving a Sustainable Future Through Innovation, is designed to identify innovative technological solutions developed by Nigerian tech entrepreneurs.
Mr Aminu Umar-Sadiq, the Managing Director/Chief Executive Officer of NSIA, said the event was organised to encourage entrepreneurs.
”I think the important thing is that this event actually catalyzes what we have seen as very great ideas emanating from Nigeria and entrepreneurs to solve Nigerian problems.
“I hope that this event allows us to mobilise domestic capital long-term patience toward Nigeria.
“So, hopefully, beyond that, we are also looking at the value creation and addition that comes beyond the investment in these companies.
“They will require further polishing of their business ideas and the positioning of these companies for exits.
“We are hoping that this event will shine a light on the possibilities that our own local entrepreneurs are able to offer for solving Nigeria’s problems,” Umar-Sadiq said.
As opposed to giving just catch prizes, the NSIA MD said that the organisation decided to split the prizes into two components, a cash component and also an equity component.
This, he said, would allow NSIA to take ownership in these businesses so that beyond just the prizes, it could actually engage with the entrepreneurs and add value to them beyond offering money.
Mr Kashifu Abdullah, the Director-General of the National Information Technology Development Agency (NITDA), said that the seed funding for startups would help position Nigeria for accelerated job creation in the digital economy.
“I am highly impressed with the kind of innovative ideas that I have seen today. And this shows that we have great potential and luck in Nigeria.
“And looking at what is happening and this kind of initiative to provide seed funding for startups, it will really help position Nigeria for accelerated jobs creation in the digital economy.
“Most startups fail because of lack of financing. And according to many research, more than 47 per cent of startups fail because of lack of financing at the initial stage,” he said.
According to him, NITDA has started the implementation of the Nigeria startup act.
He said, “Under the act, we are to establish a startup investment seed fund.
“The act says we need a minimum of N10 billion per annum, but we are targeting N100 billion so that we should be able to seed at least 1,000 early-stage startups and about 400 late-stage startups.
“This can help us to hit more than 80,000 jobs in Nigeria.”
Ms Oluwatosin Olaseinde, the winner of the star prize and founder of Money Africa Financial Services, who expressed joy, said the challenge of managing her finances pushed her to find solutions to financial literacy.
“I feel really excited. It’s really nice to have put in all this work, and then, here I am, the winner of this prize. I’m very grateful.
“I had a personal challenge with my money, I struggled to manage my finances, I called my friends, and they had similar problems.
“Now I realised that having money is not the only thing, how do you keep that money and I noticed that it was a general problem.
“According to the research by S&P Financial Literacy survey, Africans score the least in financial literacy.
“So, I embarked on that mission. Once I figured it out, I felt like an evangelist. All I did was just to teach and tell everybody about how to manage money and make the most use of what they have,” Ms Olaseinde said.
She urged innovators to be flexible with their methods and continue to push and be focused on the goal.
By Aduragbemi Omiyale
In the first quarter of its financial year ended June 30, 2026, Airtel Africa Plc showed resilience in the midst of challenging operating environments, churning out strong operating performance with accelerating customer base growth across all segments.
It was observed that the total customer base in Q1 2027 increased by 11.6 per cent to 189 million, with data customers rising by 15.5 per cent to 87.3 million.
In addition, data usage per customer continued its upward trajectory, rising from 7.8 GB to 10.6 GB per month over the past year, translating into a 56.3 per cent increase in data traffic across the network, underpinning a 10.3 per cent growth in constant currency data ARPU. Smartphone penetration was the key enabler of this increased traffic as penetration increased to 51.0 per cent as digital adoption of our services continues.
A look at the financial performance indicated that revenue in reported currency grew by 31.0 per cent to $1.85 billion, reflecting constant currency growth of 21.1 per cent and macroeconomic tailwinds supporting currency appreciation.
All segments continued to see double-digit constant currency revenue growth, with mobile services revenue growing by 19.1 per cent, and mobile money growing by 25.8 per cent.
Across mobile services, voice continued to see strong constant currency growth of 11.2 per cent and data revenue grew by 27.2 per cent.
In East Africa and Francophone Africa, constant currency revenues grew by 17.8 per cent and 18.0 per cent, respectively, while Nigerian revenues grew by 29.8 per cent, fully reflecting the lapping effect of the tariff adjustments which were implemented in the fourth quarter of 2025.
Constant currency EBITDA went up by 24.4 per cent, with reported currency EBITDA of $928 million growing by 36.6 per cent. The Q1’27 EBITDA margin of 50.1 per cent, an increase of 206bps year-on-year, continues to reflect the success of the company’s ongoing cost optimisation programme, despite the recent energy cost inflation arising from geopolitical developments.
The post-tax profit improved to $198 million from $156 million in the prior period, with higher profit after tax in the current period driven by elevated operating profit partially offset by derivative and foreign exchange losses of $6 million in the current period compared to $22 million derivative and foreign exchange gains in the prior period.
Furthermore, Profit after tax was impacted by the recognition of an exceptional finance cost of $37 million following an in-principle settlement reached during the quarter in respect of a commercial dispute in one of the group’s subsidiaries.
Commenting on the results, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “We have started this year with another pleasing performance. Our continued focus on the customer experience translated into accelerating customer base growth across all business segments.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
