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Investors Give Piggybank Mobile App Savings Platform $1.1m

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By Modupe Gbadeyanka

Owners of an online and mobile app savings platform targeted at African Millennials, Piggybank.ng, have announced closing seed funding of $1.1 million from high net worth individuals led by founder of LeadPath Nigeria, Mr Olumide Soyombo, with participation from international and pan-African investors Village Capital and Ventures Platform.

In a statement made available to Business Post yesterday, the Nigerian start-up company said it would deploy the VC investment for license acquisition and product development.

Piggybank.ng has recorded 20-35 percent month-on-month growth in user traction over the past 12 months; primarily from peer-to-peer recommendations, its referral program – Piggybank Stories, and grass-roots social media campaigns.

The start-up plans to also invest in additional marketing spend to accelerate its growth trajectory.

Having completed accelerator programs with Blackbox, the CcHub’s Pitch Drive, powered by Google for Entrepreneurs, and Google Launchpad Africa, Piggybank.ng has built a savings community of over 53,000 registered users of which approximately 60 percent are Nigerian Millennials, who have saved in excess of $5 million, with a savings growth of 3000 percent between 2016-17.

Founded in 2016 by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, graduates of Covenant University, Nigeria, Piggybank.ng is positioned to fill a void for tens of millions of Nigerians, who have no access to credit, in a country where up to two years’ rent is often required upfront to secure a home.

Targeting low-middle income savers in Nigeria, of which there are 26.5 million with a market size of $2.2 billion, the fintech start-up is an automated savings platform where savers manage their finances by depositing small amounts of money [starting from as little as $1/day] on a daily, weekly or monthly basis, depending on their saving target, free of charge.

Savers can expect to earn on average 6 percent per annum on automated savings or 10.95 percent per annum on the fixed deposit product, Safelock and can withdraw funds once per quarter.

Piggybank.ng generates its revenues through asset management, which currently stands at 5-7 percent.

According to Odunayo Eweniyi, co-founder and COO of Piggybank.ng, “In a country such as Nigeria, almost everything has to be paid in advance. The majority of Nigerians struggle to save their income, manage cash flow and build credit, which is a huge problem as around 80 percent of Nigerians need to save a minimum of 40 percent of their monthly income, in order to survive.

“This is the sheer scale of the challenge we are embracing; to actively promote a savings culture in Nigeria and act as the savings infrastructure to millions of people who want a safe, transparent and innovative platform to assist them in managing their finances, on their journeys to financial freedom.”

Also commenting, Joshua Chibueze, co-founder and CMO of Piggybank said, “Today’s (Thursday) announcement allows us to expand and capitalise on the many opportunities that the market presents us with.

“Our growth so far has been stimulated almost entirely by peer-to-peer advocacy and our investment in the highest quality customer service, so we know the market is there, and the product has been built, modified, tested and ratified by users.

“With this fundraise, we can invest significantly in our people and products, as we build a digital financial warehouse accessible to millions of Africans whose savings woes we want to put firmly behind them.”

Olumide Soyombo, Co-Founder Leadpath adds: “Piggybank.ng is a leading example of how Africans are innovating to solve African problems. In this case, the team is applying technology and innovation to solve a problem facing millions of Nigerians; how can they accrue enough money to make down-payments on so many ‘life events’, in a market where there’s little to no access to credit?

“Led by a solid and experienced executive team, who have recorded significant growth after two years of bootstrapping, and have built a product that is ready to scale, I’m excited to have led other local angel investors this investment round, and to now work closely with the team to grow the platform”

In addition to securing its seed funding of $1.1 million, Piggybank.ng recently acquired a micro-financing license from the Central Bank of Nigeria (CBN), which provides the relevant regulatory cover, allowing them independence from partnering with banks.

This month, the company will be expanding its product range to include Smart Target, a group savings tool, that can be scaled from family-size to large corporations, based on the age-long West African tradition of ajo or esusu (savings in the local parlance) to leverage the power of communal savings and harness the network effect of accountability.

Available on iOS and Android, Piggybankers save an average of N20,000 per month (about $55) and in contrast to conventional bank savings accounts, the platform restricts withdrawals until an agreed date or users can withdraw their savings on a quarterly basis, whereby savings drawn outside of  the agreed day attract a 5 percent early withdrawal fee.

A recent survey conducted by Piggybank.ng, which saw 5,000+ responses, revealed that the top 5 areas Nigerians are saving for include investments, starting a business, rent and unforeseen circumstances e.g health and vacations.

Co-founder and CEO of the firm, Somto Ifezue, stated that, “The research reveals that our savers are hardworking, focussed, and serious about reaching their savings goals. Already, we are seeing thousands of our users reaping the benefits of addressing their financial future by weaving Piggybank.ng into their daily lives, making it a savings ritual. We’re looking forward to helping thousands more in the coming months and years reach their financial goals”.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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9 African Firms, Others for 2026 AWS Social Entrepreneur Accelerator Cohort

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2026 AWS Social Entrepreneur Accelerator Cohort

By Modupe Gbadeyanka

Nine African organisations, including Nigeria, will join 33 others from the USA, Australia, India, the UK and others for the fourth Social Entrepreneur Accelerator cohort of Amazon Web Services (AWS).

The companies from Africa chosen for the 2026 edition of this programme are from Nigeria, Kenya, Ghana, South Africa, Cameroon and Tanzania.

These founders are using cloud and AI technology to solve skills shortages, youth unemployment and food security.  Building from the ground up, they are creating African solutions for African challenges.

Nigeria leads the selection with three organisations, namely Sabi Scholar, Kayode Alabi Leadership and Wetech Incorporated.

The chief executive of Sabi Scholar, Mr Divine Iloh, said he is creating an “operating system” for African higher education, enabling any university to launch online degrees in 30 days, a potential game-changer for the continent’s 200M+ youth population.

For Kayode Alabi Leadership, the founder, Hammed Kayode Alabi, is reducing inequalities by empowering underserved young people to lead and innovate through transformative education and technology-driven solutions to solve local challenges and thrive as community changemakers.

As for Wetech Incorporated, established by Gabriella Uwadiegwu, it is building Africa’s largest pipeline of women in technology, from training to mentorship to direct employment pathways.

Kenya follows with two organisations, KuzeKuze and STEM Centre Africa. According to the CTO of KuzeKuze, Enock Sangaka Mong’are, the organisation is building “education passports,” as digital records that follow learners throughout their lives, making personalised education measurable and scalable.

While STEM Centre Africa, a non-profit launched in 2017 by two brothers, Dancun, the CTO and Denish Akoum, the CEO, to promote hands-on STEM education, including coding, robotics and 3D design, reaching over 18,000 + students since inception, with 90 per cent gaining proficiency in Python, Scratch and electronics. Operating two centres in Homa Bay County with 10 organisational partners, SCA aims to reach 100,000 learners by 2030.

The remaining four spots are shared by Ghana, South Africa, Cameroon and Tanzania.

In Ghana, BASICS International, founded by CEO Patricia Wilkins, is breaking cycles of poverty by providing education, certified digital skills training and holistic support to underserved children and youth, equipping them to thrive academically, economically and socially.

For South Africa, FunHouse Digital, founded by Ayabulela Yokwana, is turning gaming lounges into self-sustaining education hubs in rural communities – profits from gaming directly fund free coding and digital literacy programs.

In Cameroon, EduCloud, founded by Rosius Ndimofor Ateh, delivers hands-on Cloud and AI workshops across Africa, bridging the gap between academic theory and industry-ready skills.

From Tanzania is Fiqra Academy, founded by CEO Gerald Revocatus. The firm is creating a direct pipeline from digital skills training to employment for East African youth, with certifications that lead to real careers through their digital learning platform.

In collaboration with Deloitte, the accelerator provides technical training, strategic business planning, and ongoing AWS and Deloitte support to help mission-driven organisations scale.

Since 2023, the programme has supported more than 100 social entrepreneurs across 34 countries, bringing together a global community of social entrepreneurs who are working to address some of the world’s most urgent challenges across education, health and climate resilience.

“Africa’s representation in this cohort reflects what we’re seeing across the continent: a generation of founders who don’t wait for conditions to be perfect. They build anyway.

“Our role is to ensure they have access to the same world-class cloud and AI technology as any startup in Silicon Valley and the support to scale impact across borders,” the General Manager for Sub-Saharan Africa at AWS, Jyoti Ball, stated.

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Telco Ownership Changes Above 10% Now Subject to NCC Approval

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NCC

By Adedapo Adesanya

The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of telecommunications companies operating in Nigeria.

This was contained in a statement jointly signed by the Director of Public Affairs at the NCC, Mrs Nnenna Ukoha and Head of Public Affairs at the Corporate Affairs Commission, Mr Rasheed Mahe.

According to a joint press release issued by the two agencies, the directive, which takes immediate effect, requires all licensed telecom operators seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to first obtain a Letter of No Objection from the NCC before such transactions can be registered by the CAC.

The statement reads in part, “The directive, which takes immediate effect, requires all licensed communications companies seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to obtain a Letter of No Objection from the NCC before such transactions can be registered with the CAC.

“The requirement is in line with the provisions of Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019, which empower the NCC to monitor transactions involving licensees and ensure fair competition within the sector.

“Under the new arrangement, the CAC will only process and register requests for changes in shareholding structures of telecommunications companies where the transaction involves 10 per cent or more of the company’s shares and is accompanied by evidence of prior approval from the NCC.

“According to the two regulatory agencies, the measure is aimed at strengthening oversight of significant ownership changes, preventing anti-competitive practices, and preserving a fair and competitive communications market. It is also expected to enhance transparency, boost investor confidence, provide greater regulatory certainty, and support the long-term stability and sustainability of Nigeria’s telecommunications industry.

The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and investor-friendly business environment. Both agencies pledged continued collaboration to promote fair market practices, strengthen regulatory compliance, and ensure the orderly development of Nigeria’s communications sector.”

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Rising Cyber Threats Could Undermine Business Sustainability, Profitability—ISSAN

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David Isiavwe ISSAN President

By Modupe Gbadeyanka

The relevant stakeholders have been urged to take urgent action to curb the rising sophistication of cyber threats, which could undermine business sustainability and profitability.

This call was made by the Information Security Society of Africa – Nigeria (ISSAN) during its monthly meeting held in collaboration with MAXUT Consulting.

The group noted that identity theft, mobile fraud, ransomware, and social engineering attacks are threats to organisations, especially those who may struggle to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.

The president of ISSAN, Mr David Isiavwe, who doubles as the Executive Director for Risk Management at Nova Bank, stressed that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.

Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.

According to him, the increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.

To address these challenges, he urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.

Also, the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities was emphasised.

“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” the ISSAN leader said at the event, which featured a technical presentation titled, Confronting the New Mobile Threat Landscape: Beyond User Authentication.

ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing, and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.

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