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Techstars Accepts Tunji Andrews’ Awabah

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Awabah

By Adedapo Adesanya 

Awabah, a digital platform providing pension access to Africa’s self-employed, has announced that it has been accepted into the Techstars London accelerator programme.

The startup is dedicated to making micro-pension services available to those in the informal sector and those whose employers are not legally required to deduct and remit pension. It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on African expansion.

The Lagos-based company, founded by Mr Tunji Andrews, Ms Tina Ajishebiyawo and Mr Gboyega Olatunde, is building wealth for Africa’s informal, particularly self-employed population by ensuring that they are able to plan for a dignified life after retirement.

Awabah was launched in November of 2020 and signed up over 700 clients in its first two months. It has since dedicated its strategy to advance the cause for future financial inclusion and security in Africa ever since. It already sees itself as the solution to Africa’s wealth redistribution challenge.

The company has now partnered with three Pension Fund Administrators (PFAs) in Nigeria and hopes to increase this to five before the end of 2021. The partnerships will coincide with multi-city rollouts to avail millions more access to the Awabah advantage.

In July 2021, the company raised $200,000 in angel backing from early-stage investors like ODBA and Co Ventures and Correlation Capital. The new funding helped Awabah to roll out its services in Lagos and Ibadan.

The startup has plans to start providing services in 5 more Nigerian cities over the next 6 months.

Speaking on this, the company CEO, Mr Andrews said he believes the company is gathering a lot of acceptance because of its approach to customer acquisition, operating out of Lagos and Ibadan with plans to set up a presence in Ghana.

“Awabah in simple terms is an aggregator of wealth creation tools that are sorely lacking on the continent. We onboard the financial service providers, break their products into bite-size chunks, sprinkle a bit of the Awabah magic on it, and give this leverage to our customers.

“What’s even greater is that our services come completely at no charge to the customer. Financial services should liberate, not enslave,” Mr Andrews said.

Ms Ajishebiyawo, on her part, said she strongly believes that reducing poverty depends on helping those in the informal sector manage and grow their wealth.

She insisted that the reduction was greatly reliant on access to diverse tools to help leverage income that is either infrequent or so frequent it’s spent on daily consumables.

“It’s not that people in informal employment are too uneducated to control their finances. Quite the opposite. They manage highly complicated budgets on very tight margins.

“Effective retirement planning and savings help our customers more effectively confront the problems that keep them stuck in an inefficient cycle. Nigerians and indeed Africans have money – but their incomes are unpredictable and insecure; Awabah is fixing this,” the finance expert said.

The Awabah Model

Off the back of it, the Awabah model has a lot of merits. Nigeria has 70 million people in its labour force (people ready to work and able to work) and of this 70 million, 23 million are unemployed and another 11 million employed in formal jobs, leaving 36 million Nigerians in one form of self-employment or entrepreneurship without any retirement savings.

With a serious decline in economic growth and increased scarcity of resources, the company says it believes Africa’s current labour market will face severe hardship in old age if they don’t take retirement savings seriously.

Nigerians in the informal sector can see the real value by setting aside N100 weekly into a pension fund that is invested at a real return of 4.5 per cent per year for the rest of their working years.

According to PricewaterhouseCoopers’ (PWC) Africa Asset Management 2020 report, the total assets under management in 12 selected Africa countries (South Africa, Morocco, Mauritius, Namibia; Egypt, Kenya, Botswana, Ghana, Nigeria; Angola, Algeria, Tunisia) were $293 billion in 2008 and rose to $634 billion by 2014 and are expected to reach $1.1 trillion in 2020.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Telecom Operators to Issue 14-Day Notice Before SIM Disconnection

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SIM Cards Nigeria

By Adedapo Adesanya

Telecommunications operators in Nigeria will now be required to give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn, following a fresh proposal by the Nigerian Communications Commission (NCC).

The proposal is contained in a consultation paper, signed by the Executive Vice Chairman and Chief Executive Officer of the NCC, Mr Aminu Maida, and titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 26, 2026, and published on the Commission’s website.

Under the proposed amendments to the Quality-of-Service (QoS) Business Rules, the Commission said operators must notify affected subscribers ahead of any planned churn.

“Prior to churning of a post-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line,” the document stated.

It added that “this notification shall be sent at least 14 days before the final date for the churn of the number.”

A similar provision was proposed for prepaid subscribers. According to the Commission, operators must equally notify prepaid customers via an alternative line or email at least 14 days before the final churn date.

Currently, under Section 2.3.1 of the QoS Business Rules, a subscriber’s line may be deactivated if it has not been used for six months for a revenue-generating event. If the inactivity persists for another six months, the subscriber risks losing the number entirely, except in cases of proven network-related faults.

The new proposal is part of a broader regulatory review tied to the rollout of the Telecoms Identity Risk Management System (TIRMS), a cross-sector platform designed to curb fraud linked to recycled, swapped and barred mobile numbers.

The NCC explained in the background section of the paper that TIRMS is a secure, regulatory-backed platform that helps prevent fraud stemming from churned, swapped, barred Mobile Station International Subscriber Directory Numbers in Nigeria.

It said this platform will provide a uniform approach for all sectors in relation to the integrity and utilisation of registered MSISDNs on the Nigerian Communications network.

In addition to the 14-day notice requirement, the Commission also proposed that operators must submit details of all churned numbers to TIRMS within seven days of completing the churn process, strengthening oversight and accountability in the system.

The consultation process, which the Commission said is in line with Section 58 of the Nigerian Communications Act 2003, will remain open for 21 days from the date of publication. Stakeholders are expected to submit their comments on or before March 20, 2026.

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Silverbird Honours Interswitch’s Elegbe for Nigeria’s Digital Payments Revolution

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Mitchell Elegbe Interswitch

By Modupe Gbadeyanka

The founder of Interswitch, Mr Mitchell Elegbe, has been honoured for pioneering Nigeria’s digital payments revolution.

At a ceremony in Lagos on Sunday, March 1, 2026, he was bestowed with the 2025 Silverbird Special Achievement Award for shaping Africa’s financial ecosystem.

The Silverbird Special Achievement Award recognises individuals whose innovation, vision, and sustained impact have left an indelible mark on society.

Mr Elegbe described the award as both humbling and symbolic of a broader journey, saying, “This honour represents far more than a personal milestone. It reflects the courage of a team that believed, long before it was fashionable, that Nigeria and Africa could build world-class financial infrastructure.”

“When we started Interswitch, we were driven by a simple but powerful idea that technology could democratise access, unlock opportunity, and enable commerce at scale.

“This recognition by Silverbird strengthens our resolve to continue building systems that empower businesses, support governments, and expand inclusion across the continent,” he said when he received the accolade at the Silverbird Man of the Year Awards ceremony attended by several other dignitaries, whose leadership and contributions continue to shape national development and industry transformation.

In 2002, Mr Elegbe established Interswitch after he was inspired by a bold conviction that technology could fundamentally redefine how value moves within and across economies.

Under his leadership, the company has evolved into one of Africa’s foremost integrated payments and digital commerce companies, powering financial transactions for governments, banks, businesses, and millions of consumers.

Today, much of Nigeria’s electronic payments ecosystem traces its foundational architecture to the systems and rails established under his leadership.

“Mitchell’s journey is inseparable from Nigeria’s digital payments evolution. His foresight and resilience helped establish foundational infrastructure at a time when the ecosystem was still nascent.

“This recognition affirms not only his personal legacy, but the broader impact of Interswitch in enabling commerce and strengthening financial systems across Africa,” the Executive Vice President and Group Marketing and Communications for Interswitch, Ms Cherry Eromosele, commented.

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SERAP Seeks FCCPC Probe into Big Tech’s Impact on Nigeria’s Digital Economy

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SERAP

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Federal Competition and Consumer Protection Commission (FCCPC) to urgently investigate major global technology companies over alleged abuses affecting Nigeria’s digital economy, media freedom, privacy rights and democratic integrity.

In a complaint addressed to the chief executive of FCCPC, Mr Tunji Bello, the group accused Google, Meta (Facebook), Apple, Microsoft (Bing), X, TikTok, Amazon and YouTube of deploying opaque algorithms and leveraging market dominance in ways that allegedly undermine Nigerian media organisations, businesses, and citizens’ rights.

The complaint, signed by SERAP Deputy Director, Mr Kolawole Oluwadare, urged the commission to take measures necessary to urgently prevent further unfair market practices, algorithmic influence, consumer harm and abuses of media freedom, freedom of expression, privacy, and access to information.”

SERAP also asked the FCCPC to convene a public hearing to investigate allegations of algorithmic discrimination, data exploitation, revenue diversion, and anti-competitive conduct involving the tech giants.

According to the organisation, dominant digital platforms now act as private gatekeepers of Nigeria’s information and business ecosystem, wielding enormous influence over public discourse and market competition without sufficient transparency or regulatory oversight.

“Millions of Nigerians rely on these platforms for news, information and business opportunities,” SERAP stated, warning that opaque algorithms and offshore revenue extraction models pose both economic and human rights concerns.

The group argued that the alleged practices threaten media plurality, consumer protection, privacy rights, and the integrity of Nigeria’s forthcoming elections.

SERAP pointed to actions taken by the South African Competition Commission, which investigated Google over alleged bias against local media content, adding that the South African probe reportedly resulted in measures including algorithmic transparency requirements, compliance monitoring and financial remedies.

SERAP urged the FCCPC to take similar steps to safeguard Nigerian media and businesses.

The organisation maintained that if established, the allegations could amount to violations of Sections 17 and 18 of the Federal Competition and Consumer Protection Act (FCCPA), which prohibit abuse of market dominance and anti-competitive conduct.

SERAP stressed that the FCCPC has statutory authority to investigate and sanction conduct that substantially prevents, restricts or distorts competition in Nigeria.

It also warned that failure by the Commission to act promptly could prompt the organisation to pursue legal action to compel regulatory intervention.

Citing concerns reportedly raised by the Nigerian Press Organisation (NPO), SERAP said big tech companies have fundamentally altered Nigeria’s information environment, creating what it described as a structural imbalance of power that threatens the sustainability of professional journalism.

Among the allegations listed are: Algorithms controlled outside Nigeria determining content visibility, monetisation of Nigerian news content without proportionate reinvestment, offshore extraction of advertising revenues, limited discoverability of Nigerian websites and platforms, and lack of transparency in ranking and recommendation systems.

SERAP argued that declining revenues in the Nigerian media industry have led to shrinking newsrooms, closure of bureaus, and the emergence of news deserts, weakening journalism’s constitutional role in democratic accountability.

The organisation further warned that algorithmic opacity and data-driven micro-targeting could influence voter exposure to information ahead of Nigeria’s forthcoming elections, raising concerns about electoral fairness and transparency.

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