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Anchor joins Y Combinator’s Summer 2022 Batch, Announces the Launch of Public Beta

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Anchor, a banking-as-a-service (BaaS) platform making it possible to seamlessly build financial products in Africa announces its public beta launch. The startup was also accepted into Y Combinator Summer 2022 Batch as the first African BaaS and embedded finance platform.

In recent years, there have been several reports about the size of the Africa financial inclusion opportunity, particularly in reference to the provision of digital financial services.

These reports have brought about a spike in the number of companies and amount of investment activities in the fintech space in Africa. Yet, two things stand out; the minimal impact on financial inclusion, and the persisting difficulty in building and launching a fintech company on the continent.

For context, financial exclusion in Nigeria decreased by only one percent, from 37% in 2018 to 36% in 2020. Also, today, across Africa it takes an average of $500,000 and 18 months to build and go-to market with financial products. This is because companies need to go through the hurdles of rigorous licensing and compliance processes, multiple integration layers, complex banking and third-party relationships, and invest in complicated core-banking infrastructure.

Anchor is launching its public beta API infrastructure to make it easier for African businesses to build, embed and launch financial products, starting in its first market, Nigeria.

Founded by Segun Adeyemi, ex-CEO of Amplifypay, Olamide Sobowale and Gbekeloluwa Olufotebi, Anchor provides API for offering accounts, money movement, savings and card products.

“We built Anchor to abstract away the complexities in building financial products, so businesses can get started in five minutes with a few lines of code”, says Anchor’s CEO, Segun Adeyemi.

In May, Anchor released its private beta working with innovative start-ups like Outpost Health, Dillali, and Pivo. The BaaS platform has transacted millions, growing over 200% MoM, and is now set to launch its public beta for African businesses to embed finance into their offerings and for fintechs to build banking products. Already, the company has more than 40 other startups on its waitlist.

Anchor has raised over $1 million in pre-seed funding from Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital, and a host of angel investors including Emmanuel Okeleji (CEO, SeamlessHR), Ado Oseragbaje, Yinka Odeleye, and Sanmi Famuyide.

According to Ashutosh Desai, a Partner at Y Combinator, “Anchor’s embedded finance platform enables technology companies in Africa to build products that can rapidly expand access and improve quality of financial services. We’re excited to back Segun, Olamide, and Gbeke – a highly technical and experienced team – in building financial infrastructure that’s essential for Africa’s economic growth.”

“I believe BaaS will play a prominent role in the distribution of financial services in Africa. As a full stack baas provider, Anchor demarcates customer engagement from infrastructure – enabling its customers to focus on building differentiation as opposed to commodity infrastructure. We are really excited to be working with this determined and experienced team”, Founder of Byld Ventures, Youcef Oudjidane.

Anchor is a solution birthed by the insights garnered from the founders’ experience building and working with fintechs across Africa. The CEO, Segun Adeyemi founded Amplifypay; a payments company which he exited to Carbon (FKA OneFi/Paylater) in 2019. Segun proceeded to work with JUMO—a company that offers credit infrastructure to large mobile money operators across Africa.

Olamide, the CTO and co-founder, has worked at AppZone, TeamApt, Kuda, & Carbon. While at TeamApt he functioned as a Fullstack Engineer in the team that built the first virtual payments product in Nigeria. Gbeke, the Engineering Lead and co-founder, has been an IT Consultant and entrepreneur in Nigeria for over 10 years before joining Booking.com where he built financial operations software.

“We have seen first-hand the painful process of closing banking partnerships, negotiating third-party contracts, and obtaining regulatory approvals. And more generally, the extensive time and effort required to launch financial products,” Segun said.

He added that “considering the similarity in the underlying infrastructure, irrespective of the unique value propositions, companies should not have to wait for years and spend millions to go-to-market. That’s why we are excited to get Anchor into the hands of many more businesses via our public beta launch.”


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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

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ARCON Probes 9mobile over Alleged N1Bn Advertising Debt

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Advertising Regulatory Council of Nigeria (ARCON) is investigating a petition against 9Mobile, one of Nigeria’s top four telecoms companies, over an alleged N1 billion unpaid advertising debt.

ARCON Probes 9mobile over Alleged N1Bn Advertising Debt

In a statement issued at the weekend,  the ARCON stated that the petition was filed by advertising agencies alleging that Emerging Markets Telecommunications Services Limited — trading as 9mobile — failed to settle payments for services rendered and has continued to engage new agencies without fulfilling existing obligations.

The regulator identified the alleged activity as a potential violation of the Nigerian advertising code, adding that it might have far-reaching consequences throughout the business.

“It was also alleged that while 9mobile refused to pay or resolve its indebtedness to the agencies, it has gone ahead to brief other agencies to continue its advertising and advertisement business with impunity,” the statement reads.

The ARCON said it would investigate whether 9mobile followed disengagement protocols when transitioning from the owed agencies to new ones and whether there were possible breaches of ethical procedures.

“Advertising debts are beyond agencies,” ARCON added.

“They belong mostly to media houses and third-party vendors/suppliers who are significantly affected by the indebtedness, with multiplier effects on their cash flow and operations.”

The council said it would partner with anti-graft and government agencies to ensure a full investigation and the debt’s resolution — stressing that the borders on economic sabotage.

The ARCON reiterated that the Nigerian advertising industry’s official payment threshold remains 45 days and promised to clamp down on practices that encourage unethical competition and unfair advantage.

“The council will take all necessary actions to eradicate unethical competition and ensure compliance with the Advertising Industry Standard of Practice (AISOP), including adherence to the 45-day credit policy,” it said.

9mobile is a member of the Advertisers Association of Nigeria (ADVAN), and its members are expected to follow advertising regulations and contractual duties within the ecosystem.


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NiRA Holds 17th AGM, Elects New Leadership to Propel .ng Domain Growth

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(L–R): Ogbuefi Remmy Nweke, Member, Board of Trustees, NiRA; Mr. Ahmad Mukoshy, Newly Elected Executive Board Member, NiRA; Mrs. Seyi Onasanya, COO NiRA; Mr. Adesola Akinsanya, President, NiRA; and Mr. Peter Oluka, Executive Board Member, NiRA.
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Nigeria Internet Registration Association (NiRA) has successfully concluded its 17th Annual General Meeting (AGM), reinforcing its commitment to Nigeria’s digital identity.

(L–R): Ogbuefi Remmy Nweke, Member, Board of Trustees, NiRA; Mr. Ahmad Mukoshy, Newly Elected Executive Board Member, NiRA; Mrs. Seyi Onasanya, COO NiRA; Mr. Adesola Akinsanya, President, NiRA; and Mr. Peter Oluka, Executive Board Member, NiRA.

Held as a hybrid event at the NiRA Secretariat and virtually, the meeting brought together over 325 members, stakeholders, and media representatives to review progress and set future goals.

During the AGM, NiRA President, Mr. Adesola Akinsanya, emphasized the Association’s remarkable growth in 2024, including 94,723 new registrations and 61,227 renewals, bringing the total number of .ng domains under management to 212,890. The accreditation of 23 new registrars further strengthened NiRA’s reach and impact.

A major highlight was the implementation of DNS Security Extensions (DNSSEC), enhancing domain integrity and security. NiRA also launched a Registrar Incentive Programme in Q3 2024 to encourage adoption and reward top-performing registrars.

Strategic partnerships were a key focus, with collaborations across government and private sectors. NiRA continued its long-standing relationship with NITDA, engaged with the Nigeria Data Protection Commission (NDPC), and worked with the Lagos Chamber of Commerce and Industry to support businesses. Other partnerships included efforts with the Nigeria Computer Society and Innovation Support Network (ISN Hubs) to drive internet development in Nigeria.

Among NiRA’s recent initiatives were Tech Convergence 1.0, a flagship event exploring technology and creativity, and the 7th edition of the prestigious .ng Awards, recognizing individuals and organizations for their contributions to Nigeria’s digital ecosystem.

The Association also reaffirmed its commitment to Corporate Social Responsibility through the NiRA Kids Foundation (NKF) and .ng Academy, focusing on digital empowerment and capacity building.

The election of new Executive Board of Directors members marked a major step forward, with Mrs. Mary Olaseni, Mrs. Abibat Olatunji, and Mr. Ahmad Mukoshy joining the board, while Mr. Chukwuemeka Fred Agbata and Mr. Destiny Amana assumed new roles. The outgoing board members were recognized for their service and contributions.

The seamless execution of the AGM underscored NiRA’s professionalism and dedication. Moving forward, NiRA remains committed to fostering a secure and resilient digital ecosystem through the .ng domain, positioning Nigeria as a global digital leader.


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Glo, Huawei, Communications Ministry Bring Digital Services to Abuja Village

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Telecommunications and digital services provider, Globacom, has partnered with the Federal Ministry of Communications, Innovation and Digital Economy and Huawei Nigerian Enterprises, to provide digital access to 7,000 remote communities in Nigeria with the commissioning of the pilot project in Isuanin Kura in Ibwa 2, Gwagwalada, on the outskirts of the Federal Capital Territory, Abuja on Wednesday.

The project, which is championed by the Ministry, will deliver 2G/3G/4G services, free public Wi-Fi access, digital healthcare and remote learning capabilities to the over 12,000 residents of the community.

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, was full of commendation to Globacom and Huawei for supporting President Bola Tinubu’s commitment to addressing the connectivity crisis affecting more than 20 million Nigerians who currently lack basic telecommunication access in the country.

 

Said he: “If you bring out your phone in many communities, there is no network at all. This is costing the country significantly because people cannot access financial services, medical care, or education”, adding that this also poses governance challenges as disconnected areas are difficult to administer.

“Where you live should not determine your access to opportunity. We are using innovation to ensure every Nigerian, regardless of location, can thrive in the digital age”, the Minister added.

Globacom’s Group Chief Technical Director, Mr. Sanjib Roy, who spoke on the project said the company worked with the Ministry and Huawei to bring up the site by providing the Microwave backhaul link and access to Globacom’s full core network resources and also manage the operation of the site to ensure uninterrupted voice and data services for the community.

“The Smart Education facility allows for young students within the community to receive education remotely, with the teachers being in Abuja or any other part of the world, while  Healthcare delivery has been revolutionised through connected medical equipment that enables remote consultations between patients in Ibwa and doctors and specialists in urban-locations”, Mr Roy explained. The site and all the equipment are powered by solar thereby ensuring clean environment and uninterrupted power supply.

During the inauguration, the system’s effectiveness was demonstrated with the leader of Isuanin Kura, Ibwa 2 Community, Chief Abubakar Bamaiyi, having a live consultation with a medical doctor in Abuja, while the Minister and other guests watched as the students in the local school were being taught via online video by a teacher in Lagos, using equipment provided by Huawei.

Mr Kazeem Kaka, Globacom’s Head of Division, North West, who also spoke at event, said, “For Globacom, this is a continuation of our long-standing mission to democratize access to communication. Since 2003, we have remained at the forefront of efforts to lower the barriers to connectivity—making telephony, internet, and data services more accessible and affordable for all Nigerians.

“Today’s launch reinforces that commitment. We are particularly excited about the impact this initiative will have on education, healthcare, and economic empowerment of Ibwa people”.

In his remarks, Mr Terrens Wu, Managing Director, Huawei Nigerian Enterprises, said his company was proud to be part of the initiative to provide connectivity, and promote learning and healthcare in rural communities through digital technology. His company later gave out 120 affordable smartphones to the community to help them have access to telephony.


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