Connect with us

Telecom

Kwara Raises $3M for Seed Expansion and Signs Deal to Reach Over 4,000 Credit Unions

Published

on

Kindly share this post

Kwara, a Kenyan fintech digitizing credit unions (Saccos), has more than doubled its customer base over the past year and plans for huge growth in the coming years after raising a $3 million seed expansion and an exclusive Digital Solutions Distribution Agreement signed with the Kenya Union of Savings & Credit Cooperatives (Kuscco), the national umbrella organization that represents Saccos.

Techcrunch in its report noted that, following the Kuscco partnership, Kwara will have connections to a pool of over 4,000 Saccos for its Banking-as-a-Service product. As part of the exclusive deal, Kwara will also acquire Kuscco’s subsidiary IRNET, a software company and provider for Saccos, for an undisclosed amount.

According to Kwara, the Kuscco deal comes at the right time in his plan to double-down on Kenya, especially as it comes right after the $3 million seed round extension. Joining the round were existing investors DOB Equity, Globivest and Willard Ahdritz, founder of Kobalt Music. New supporters One Day Yes, Base Capital, and fintech executives including Mikko Salovaara, Revolut’s CFO, also joined the round. The new funding brings the total seed fund raised by the startup to $7 million after first round investments from Breega, SoftBank Vision Fund Emerge, Finca Ventures, New General Market Partners and other VCs.

“We believe we have barely scratched the surface of the Kenyan market. And so we’re really going to invest in products and services that deepen our relationship here,” Cynthia Wandia, co-founder and CEO of Kwara, told TechCrunch.

“The reason (of the deal) is clear, firstly it is an opportunity to generate leads and sell our core product so quickly and deepen our competitive advantage. We are entering into an exclusive partnership, which also means that no other technology company can market with Kuscco. They’re counting on us, but we’ve been able to prove we can do it as we continue to grow,” said Wandia, who co-founded the fintech in 2019 with David Hwan.

Kwara, which also has a presence in South Africa and the Philippines, has grown its customer base to 120 from 50 at the end of 2021 and has maintained 100% customer retention – a testament to the value it brings to its customers. The automated onboarding process, according to the startup, has ensured customer success and growth.

Kwara’s product upgrades credit unions’ back-office operations, helping them move away from tedious paper-based processes and physical branches, and opening up new avenues for them to recruit new members and create novel products.

The company also has a next-gen neobank app that gives members of partner credit unions access to additional services like instant loans and third-party services like insurance. The neobank app’s user base, which also allows users to deposit funds directly into their Sacco accounts and track their finances and payments, has grown 35-fold since it launched last year.

The fintech plans to add more features for the Saccos and additional products for the members.

“We continue to deliver more or less enterprise-grade features for the big saccos that are well capitalized, the ones that are the same size and level as some of the banks. There are specific features that they need and specific capabilities that they need to take care of, so we will continue to invest in those. And then invest in the neo-banking experience by adding more features that help members create a personalized view of their own goals and really work towards achieving them. Third-party partnerships that add value to those end customers,” Wandia said.

“We believe that every time a sacco member leaves their sacco to obtain another service simply because the sacco does not provide it, is a missed opportunity for that member to actually benefit from the returns from that product . Any revenue generated from these products actually goes back to members as dividends,” she added.

Credit unions are formed by people with a common interest or members of an industry, such as farmers or teachers, who buy shares in the institution, save money, and borrow. They are particularly popular in developing regions because of their low-interest loans and the ease of borrowing compared to conventional banks.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

NCC Seeks Cost-Based Pricing Framework for Ducts

Published

on

Kindly share this post

Nigerian Communications Commission (NCC) has said that it was strengthening collaboration with state governments and industry players to develop a transparent, cost-based pricing framework for sharing telecom ducts as part of efforts to speed up broadband expansion across Nigeria.

NCC Seeks Cost-Based Pricing Framework for Ducts

Ayuba Shuaibu, director of Policy, Competition and Economic Analysis, NCC, disclosed this at the Stakeholders’ Forum in Abuja.

Shuaibu said the initiative was designed to build consensus among all parties.

“The primary purpose of this forum is to ensure seamless synergy between the Commission and all stakeholders,” he said.

The director said the consultation was prompted by longstanding complaints over permits, levies and other charges imposed by different levels of government.

He said bringing together state commissioners, telecom operators, tower companies and representatives of the Nigeria Governors’ Forum had helped improve understanding of the issues.

“This engagement is a work in progress. We expect more input from stakeholders before presenting the outcome to the Nigeria Governors’ Forum,” he added.

Dr Helen Adeneye, commissioner for Innovation, Science and Technology, Kogi State. welcomed the consultation, saying Nigeria needs a harmonised policy that clearly defines the responsibilities of both the federal and state governments.

“We need a harmonised policy that allows states to collaborate better with telecom operators and creates a more business-friendly environment,” she said.

Dr Adeneye added that adopting the Dig-Once policy would establish a uniform pricing system and help resolve disputes over charges for telecom infrastructure deployment.

Chidi Ajuzie, chief executive officer, WTES Projects Limited,  whose firm is conducting the consultancy study, said the proposed framework would introduce a common cost structure for duct sharing to support broadband investment and economic growth.

“The study is designed to create a uniform pricing model that will drive broadband growth, economic development and wider adoption across the country,” he said.

Ajuzie explained that the consultants had developed preliminary floor and ceiling prices to guide operators while allowing flexibility within the approved range.

He added that the recommendations remain open to industry input before the NCC finalises the framework.

The Dig-Once Policy is designed to reduce the cost and disruption of deploying broadband infrastructure by requiring fibre ducts to be installed whenever roads are constructed or rehabilitated.

The NCC is developing a cost-based pricing framework for sharing these ducts to promote fair pricing, reduce duplication of infrastructure and encourage investment.

The proposed model is expected to support the Federal Government’s broadband expansion targets while improving collaboration between telecom operators and state governments.

 


Kindly share this post
Continue Reading

Telecom

MUSON Graduates Shine at 2026 Concert as MTN Foundation Celebrates 20 Years of Music Scholarships

Published

on

Kindly share this post

Emeka Nwodike, acting director of the MUSON School of Music, conducted the institution’s graduating class in a grand finale performance, bringing the 2026 graduation concert to a memorable close. The concert took place on July 7 at the Shell Hall of the MUSON Centre, Onikan, Lagos.

MUSON Graduates Shine at 2026 Concert as MTN Foundation Celebrates 20 Years of Music Scholarships

The event celebrated students who successfully completed the MUSON Diploma Programme through the MTN Foundation Scholarship Programme.

The graduating students delivered a rich choral repertoire that reflected the breadth of their musical training, performing Italian Salad by Richard Genee, My Song by Eriks Esenvalds, Obi Dimkpa by Laz Ekwueme, and an ABBA Medley arranged by Goran Bejstam. Under the Acting Director’s baton, the choir demonstrated technical precision, vocal maturity and artistic expression before an audience of family members, music enthusiasts and industry stakeholders.

The concert formed part of the long-running partnership between the MTN Foundation and the Musical Society of Nigeria (MUSON), which has, since 2006, provided scholarships for hundreds of talented young Nigerians to receive formal music education through the MUSON Diploma School. The programme continues to serve as one of the country’s foremost platforms for developing professional musicians and strengthening Nigeria’s creative economy.

Speaking at the close of the concert, Nwodike expressed appreciation to the MTN Foundation for its sustained support of the scholarship programme over the past two decades. He also thanked the Director of the MUSON Centre, faculty members, mentors and other stakeholders whose dedication has contributed to the school’s continued success.

“For nearly 20 years, the MTN Foundation has remained a steadfast partner in our mission to nurture young musical talent. We are deeply grateful for that commitment. I also want to thank the Director of the MUSON Centre, our faculty, mentors and everyone whose dedication has helped the MUSON School of Music continue to grow and thrive. Their support has made this programme what it is today, and our graduates are a testament to that collective effort,” he said.


Kindly share this post
Continue Reading

Telecom

Meta Introduces Muse Image With Advanced AI Image Editing Across WhatsApp and Instagram

Published

on

Kindly share this post

Meta is rolling out Muse Image, the companyʼs first image generation model from Meta Superintelligence Labs, now available in Meta AI . Muse Spark made Meta AI a smarter assistant; now, Muse Image acts as the creative partner that knows your world, making it easy to turn your ideas into high-quality visuals that you can download and share anywhere, including directly to your feed, story, or chat.

Meta Introduces Muse Image With Advanced AI Image Editing Across WhatsApp and Instagram

The model also powers new creative tools across Metaʼs apps. You can use more than 30 new AI-powered effects for Instagram Stories and generate images in your direct chats with Meta AI on WhatsApp — starting in limited countries with more locations on the way.

Simple Prompts, High-Quality Outputs

Whether you’re starting from scratch or working with an existing photo, you can describe what you want in simple, conversational language, and Meta AI handles the rest thanks to Muse Image. Ask it to mock up an image of you in front of a historical landmark, cleanly erase a photobomber from the background of a shot, or write a custom prompt to build a functional QR code. It will also render text cleanly inside your visuals, meaning you can ask for a how-to guide or a detailed infographic on a specific subject, and the text comes out legible and styled to match.

Suggested Presets to Help You Get Started

Sometimes the hardest part of creating is getting started. Meta AI now includes a presets panel with suggested prompts to help inspire you. One tap restores an old family photo, lets you see yourself with trending hairstyles, or reimagines you as a claymation character or a 16-bit video game hero. Whatever you create, itʼs easy to share with friends across Metaʼs apps so they can try the same preset on their own photos.

Shop Your Room Redesigns

You can also snap a photo of your room and ask Meta AI to redesign it with real products from the web or Facebook Marketplace. Suggest a style you love or ask Meta AI to pull from whatʼs trending to see what your space looks like with a full makeover.

An Intelligent Creative Partner

Muse Image doesn’t just build an image; it thinks through your prompt first. By pairing up with Muse Spark, the model takes multiple steps behind the scenes — planning its layout, looking up real-time web context, and intelligently blending multiple visual references at once. Whether you want to place your pet in a famous painting or combine a selfie with a vacation photo to create a custom postcard, Meta AI handles the complex reasoning for you so the final visual matches your vision perfectly.

Rooted in Your World

You can also @-mention Instagram accounts in the Meta AI app to bring specific Instagram profiles right into your images. Whether you want to design a custom event invitation, mock up a collaborative creative concept, or generate a personalized graphic, tagging a username lets Meta AI use public photos to build a visual thatʼs ready to post. You have control over how your content can be tagged for AI creation with an easy setting to turn this feature off at any time.

Edit Directly on the Photo

To make a change, just tap the markup icon on your creation to circle, sketch, or annotate edits right on top of the photo. Since Meta AI remembers the full context of your conversation, you can keep refining by swapping styles, adding elements, or tweaking details — all without starting from scratch.

Whatʼs Next

Soon, Meta will bring Muse Image to more countries and the places where people use Meta AI, including Facebook and Messenger, and additional surfaces on Instagram and WhatsApp. In the coming weeks, advertisers and agencies will be able to tap into Muse Image through Advantage+ creative.

Using Meta AI with Muse Image is free for everyday creation. For people who want to create even more, itʼs available as part of Metaʼs subscription plans.

Images are just the beginning. With Muse Video already in development, Meta is building entirely new ways for you to bring your ideas to life, getting one step closer to personal superintelligence.


Kindly share this post
Continue Reading

Trending