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Canza Finance Raises $3.27M Seed Round to Empower Underserved Sub-Saharan Africa SMEs

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Canza Finance, an emerging markets neobank that is building the world’s largest non-institutional-based financial system, announced the completion of its $3.27M seed round.

The fundraising round was led by Fenbushi Capital, with participation from Dominance Ventures, Bixin Ventures, Consensys, Protocol Labs, Emergo Ventures, MEXC Global, NGC Ventures, XanPool, Hashkey, the founders of Celo, and others.

This funding enables Canza to continue headcount growth and expand its service offering in Nigeria and other growth regions including  South America and Asia.

Oyedeji Oluwoye, CoFounder and CTO of Canza Finance, commented, “Today, we stand at a critical juncture in the journey to democratizing finance, with Nigeria emerging at the vanguard of crypto adoption globally.

“Against a backdrop of high inflation, financial instability, and barriers to access to traditional financial services, sub-Saharan Africa’s underdeveloped financial infrastructure has made the region a perfect vector for decentralized finance — according to a 2021 report by KPMG, more than 1 in 3 Nigerian adults are excluded from traditional finance.

“Our vision is to become leaders in decentralized finance and to spearhead this movement to offer financial freedom to millions of individuals.

The tremendous interest and backing of our investors and strategic partners will enable us to grow the world-class Canza team, improve our security and most importantly take a definitive leadership position in our target markets.”

Established in 2020, Canza relies on a robust network of experienced local money market players to distribute financial and transaction-based services to users in Sub-Saharan African countries. Canza’s seamless crypto on/off-ramp services enable a wide range of DeFi services including staking, P2P, and cross-border settlements—aiming to contribute to the creation of an innovative and fully decentralized financial system.

Canza is a member of Celo’s Alliance for Prosperity, an ecosystem of 140+ mission-aligned organizations including nonprofits, merchants, and payment processors fostering social impact using the Celo blockchain.

Today, Canza has over 7,000 Celo wallets created via the USSD DApp with weekly transactions averaging over $200,000.

“The rate of cryptocurrency adoption in high-growth markets in particular Africa, not only signals growing excitement for this new digital economy, but the advance of real-world use cases,” said Bo Shen, Managing Partner at Fenbushi Capital, “This traction, combined with Sub-Saharan Africa’s market, social and community conditions, uniquely positions it as an environment where a project like Canza will thrive.”

Prior to this funding round, Canza was financed by Flori Ventures in its pre-funding round, and through its participation in the Filecoin Launchpad Accelerator, Powered by Tachyon.

This accelerator offers funding, advice, and support for startups that are building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web. This program was instrumental in Canza’s development from a hackathon project to a mature high-growth company.

Colin Evran, Ecosystem Lead at Protocol Labs, commented, “Canza is a shining example of the power of the Filecoin Launchpad Accelerator to transform promising early-stage projects into high-growth businesses on the brink of making a huge impact in developing markets and Web3 ecosystem.

“Given the early traction of Canza, we are delighted to help expand access to Web3 technologies like decentralized identity tools and KYC options to the sub-Saharan Africa region. We’re excited to help the next cohort of African innovators turn their visions for Web 3.0 into reality.”


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NITDA, CAC Activate Cybersecurity Measures Amid System Concerns

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The National Information Technology Development Agency (NITDA) and the Corporate Affairs Commission (CAC) have initiated coordinated measures to strengthen cybersecurity following recent concerns affecting aspects of CAC’s digital systems.

Both agencies said they have activated response and assurance mechanisms in line with national cybersecurity frameworks to safeguard critical infrastructure and maintain service integrity.

NITDA reiterated that all Ministries, Departments, and Agencies (MDAs) must adopt proactive cybersecurity measures in compliance with the National Cybersecurity Policy and Strategy (NCPS) 2021.

The agency directed all MDAs to immediately review and reinforce their cybersecurity architecture to address emerging threats targeting government systems and sensitive data.

As part of the directive, MDAs are required to conduct comprehensive security assessments, remediate identified vulnerabilities, and strengthen access controls across critical platforms.

They are also expected to enhance data protection mechanisms, maintain effective backup and disaster recovery systems, and improve monitoring capabilities to detect and respond to suspicious activities.

In addition, there is the need for functional incident response frameworks, including prompt reporting of cybersecurity breaches for coordinated intervention.

Detailed cybersecurity guidelines have already been issued to MDAs for implementation as part of ongoing efforts to strengthen resilience across public sector digital infrastructure.

The measures are aimed at improving the overall security posture of government institutions and ensuring the continued protection of national digital assets.

NITDA reaffirmed its commitment to supporting government agencies in safeguarding digital systems and advancing cybersecurity best practices across the public sector.


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Nigeria Customs Deploys AI to Cover Revenue Leaks

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The Nigeria Customs Service (NCS) has rolled out an artificial intelligence (AI) driven capacity-building programme to improve revenue generation and reconciliation across its operations.

The initiative, unveiled during a three-day training event in Abuja, aims to transition the agency toward data-driven administration as Nigeria seeks to boost non-oil revenue.

The adoption of AI will enable the service to better manage complex trade systems, detect anomalies and reduce revenue leakages, says Bashir Adewale Adeniyi, comptroller-general of the NCS.

AI-powered tools are already being integrated into risk management and cargo scanning systems to allow for real-time analysis of trade patterns.

The technology marks a transition from manual, reactive processes to predictive and automated decision-making, Adeniyi adds.

The programme also reflects a shift in the relationship between the NCS and the National Assembly toward a collaborative framework focused on transparency and efficiency.

The training is a strategic intervention to address persistent gaps in revenue management, says Kikelomo Adeola, deputy comptroller-general of the NCS.

AI applications, ranging from automated data analysis to predictive intelligence, will significantly enhance the integrity of public financial systems, she says.

The initiative aligns with broader efforts to modernise governance and improve compliance across revenue-generating agencies, says Bamidele Salam, chairman of the House Public Accounts Committee.

Lawmakers and fiscal authorities at the event underscored the urgency of adopting advanced technologies amid rising budgetary pressures.

This move comes as the federal government increases scrutiny over revenue leakages and audit discrepancies.

The partnership between the NCS and the legislature is critical to strengthening fiscal discipline and ensuring all revenue due to the federation is accurately captured, Adeniyi concludes.


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Lagos Targets Vulnerable Residents in Expanded Social Register

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Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Lagos Targets Vulnerable Residents in Expanded Social Register

Babajide Sanwo-Olu, Governor, Lagos

This was contained in a press statement on the government’s Facebook page on Wednesday.

The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.

The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.

Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.

Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.

He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”

Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.

She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”

Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”

According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.

The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.

The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.


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