Technology
Wave Joins Unicorn Club, Raises $200m Series A Fund
By Adedapo Adesanya
Financial technology company, Wave, has joined the list of African unicorns – the first in French-speaking Africa – as its valuation jumped to $1.7 billion following its new Series A funding round of $200 million.
The new funding round was carried out by Sequoia Heritage, Founders Fund, Ribbit Capital and existing investors such as Partech Africa and Sam Altman, the former CEO of Y Combinator and current CEO of OpenAI.
Founded by Messrs Drew Durbin and Lincoln Quirk in 2018, Wave was launched as a mobile app in Senegal.
In the past year, up to $500 billion has moved through the accounts of 300 million active mobile money users in the region.
The startup is a by-product of WorldRemit acquired company, SendWave, which allows customers in the diaspora to transfer money across North America, Europe, Africa and Asia.
Leveraging Wave’s platform, affordable and instant transactions can be done between the US, UK, Canada, France, Italy, Spain and Ireland to Kenya.
The platform allows cash deposit, withdrawal, and peer-to-peer and business payments.
With the new injection of funds, Wave is expected to continue building a financial infrastructure where account fees are not required, it entails instant availability, and is accepted everywhere.
The company is solving the problem of poverty, lack of access to affordable saving means, and access to capital needed to establish businesses, meeting required individual necessities.
Wave does this by building a radically inclusive and extremely affordable financial network with technology. It affirms to have moved over 3 per cent of the GDP of Senegal and has rapidly created an impact across the continent.
The firm plans to make more impact by strengthening its presence in Senegal, Ivory Coast and reaching markets across Uganda. The startup projects to expand its team, adding creative and innovative minds to its 800 teammates across product, engineering, and business.
Speaking on this, co-founder, Mr Durbin said – “We saw an opportunity to make a bigger impact by trying to build a better, much more affordable mobile money service than the telcos are building throughout much of sub-Saharan Africa. We didn’t see any companies besides the telcos trying to solve that problem.”
The uniqueness of Wave’s Unicorn attainment is that, unlike OPay, Jumia, Interswitch and Flutterwave, whose Unicorn attainment was through a Series C funding round, Wave achieved this via a Series A funding round.
The company aims to expand into new African markets such as Uganda and Mali on the back of the fundraise, deepen its existing presence, and enhance digital offerings and operations.
Former Y-Combinator CEO and Partech Africa investor, Mr Sam Altman added: “Wave is solving the root problem with financial services in Africa by making it easy and affordable for anyone to save and send money. They’ve built a product that millions of users love and the engagement is on par with the top consumer tech companies in the world.”
“Since 2018 we’ve supported Wave because we were convinced mobile money is still an unsolved problem in Africa. Wave has great product design, stellar execution and a strong financial trajectory. We are proud to see it become the first unicorn from Senegal. This funding is a game-changer in helping Wave bring a better mobile money service across Africa,” said Mr Tidjane Deme, Partech general partner and Africa Fund co-lead.
Technology
Airtel Subscriber Base Crosses 650 million, Now World’s Second-Largest Telco
By Modupe Gbadeyanka
Bharti Airtel has crossed 650 million mobile subscribers worldwide to emerge as the world’s second-largest telecommunications firm.
The Indian company has operations in several countries, including Nigeria, where it has continued to scale infrastructure at a pace unmatched in its recent history.
Over the past three years, the telco has increased its national site count from just above 13,000 to nearly 17,200 sites, including more than 1,560 added in the last 12 months.
This expansion deepens capacity in high-demand corridors and extends high-speed coverage to previously underserved regions.
The latest industry data from the Nigerian Communications Commission (NCC) underscores the significance of this growth. As of December 2025, Nigeria recorded 145,141 base stations across 2G, 3G, 4G and 5G layers.
Of this national infrastructure, Airtel accounts for 46,918 base-station layers, reflecting its substantial contribution to the country’s radio access network and its push to absorb rising data consumption.
Nearly 99 per cent of Airtel Nigeria’s sites are now 4G-enabled, positioning the operator as one of the few with a near-ubiquitous high-speed broadband footprint. Thousands of sites have been upgraded for capacity in the past year alone, enabling improved speeds and more stable performance during peak usage.
That expansion underpins Nigeria’s rising internet adoption. According to the latest regulator figures, Nigeria’s internet penetration recently climbed above 50 per cent, with Airtel recording among the largest monthly increases in new internet subscribers, driven by network upgrades across states and rural corridors.
Strategic Connectivity and Redundancy
Airtel is also tackling a critical infrastructure challenge for the Nigerian digital economy: reliance on a single international internet gateway. The company is advancing plans for its second submarine cable internet breakout point at Kwa Ibo in Akwa Ibom State, early in the 2Africa cable system rollout, to provide faster and more resilient national connectivity across regions. This significant investment aligns with global best practices in network diversity and redundancy, ensuring a more stable digital experience for consumers and enterprises alike.
Digital Finance at Scale: SmartCash
Airtel’s digital finance arm, SmartCash, has gained traction in Nigeria’s competitive mobile money ecosystem, now serving over 3 million active users. The platform is supported by an expansive agent network and digital services that lower barriers for everyday financial transactions and savings.
Outstanding Human Touch: Retail Reach
Across Nigeria, Airtel’s retail distribution network stands as one of the sector’s most extensive, with approximately 4,000 exclusive outlets bringing services, support, and products closer to customers in small towns, communities, and high-traffic urban hubs. That footprint drives both access and engagement in a market where localised presence remains a competitive differentiator.
As Nigeria’s digital economy continues to evolve, Airtel is committed to sustained innovation — from expanded fibre backbones and advanced mobile broadband to future-ready services that include satellite-enabled solutions and enterprise-grade digital platforms. These efforts help ensure that connectivity, commerce, and creativity thrive across Nigeria and beyond.
Technology
Nigeria to Launch NIGCOMSAT Satellites in 2028, 2029
By Adedapo Adesanya
Nigeria has set 2028 and 2029 as the timeline for the deployment of its new satellites, NIGCOMSAT-2A and 2B, respectively.
The Managing Director of NIGCOMSAT, which is Nigerian Communications Satellite Limited and the premier satellite operator in Nigeria, Mrs Jane Nkechi Egerton-Idehen, disclosed this at the second Nigerian Satellite Week in Abuja on Monday. She noted that the development is expected to boost military intelligence, surveillance, and regional connectivity.
“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.
“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.
In his remarks, the Minister of Communications and Digital Economy, Mr Bosun Tijani, said the satellites form part of the nation’s strategy to strengthen digital infrastructure.
Mr Tijani explained that the satellites will complement ongoing investments in 90,000 kilometres of fibre-optic cable and nearly 4,000 telecom towers, which are being rolled out nationwide and extended to neighbouring countries, including Cameroon, Niger, Chad, Burkina Faso, and the Republic of Benin.
He stressed that satellite technology is critical for national development, affecting education, agriculture, business, and emergency response.
“The president’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries,” he said.
“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.
“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” the Minister said.
Also speaking, the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, welcomed the development, saying the military will leverage the satellites for operational efficiency.
“The Nigerian Army will continue to use space assets to improve intelligence gathering, surveillance, and operational coordination across all theatres of operation,” he said at the event, represented by Major General Kennedy Osemwegie, Commander of the Nigerian Army Cyber Warfare Command (NACWC).
Technology
Interswitch, KCB Group to Deliver Innovative Financial Solutions in East Africa
By Modupe Gbadeyanka
A partnership to advance digital payments and financial inclusion across East Africa has been strengthened between Interswitch and KCB Group.
Both parties have agreed to expand digital payment infrastructure and deliver innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region.
The aim is to accelerate seamless, secure, and inclusive digital payments in East Africa, where the leading Africa-focused integrated payments and digital commerce enabler, Interswitch, recently announced an expansion of Verve card acceptance footprint, leveraging its consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.
During a recent executive engagement at KCB Group headquarters in Nairobi, the chief executive of Interswitch, Mr Mitchell Elegbe, held high-level discussions with KCB leadership, including its chief executive, Paul Russo.
At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise.
This integration enables the acceptance of Verve cards and tokenised payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.
The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions. It also reinforces both organisations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.
“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa,” Mr Elegbe stated.
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