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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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MTN Nigeria Debuts Game-Changing CPaaS Platform at NextNow Forum

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L-R: Febisola Oyeniyi, General Manager, Enterprise Sales, MTN Nigeria; Omotayo Ojutalayo, General Manager, Business Development, Enterprise Business, MTN Nigeria; Akinbulejo Onabolu, Head, Enterprise Segment, MTN Nigeria and Omowunmi Olatunbosun, Head, SME Segment, MTN Nigeria, during the MTN NextNow Business Forum.
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At the recently concluded NextNow Business Forum in Victoria Island, MTN Nigeria electrified the business community with a live demonstration of its forthcoming Communication Platform as a Service (CPaaS), a solution engineered to redefine how Nigerian enterprises connect with their customers.

L-R: Febisola Oyeniyi, General Manager, Enterprise Sales, MTN Nigeria; Omotayo Ojutalayo, General Manager, Business Development, Enterprise Business, MTN Nigeria; Akinbulejo Onabolu, Head, Enterprise Segment, MTN Nigeria and Omowunmi Olatunbosun, Head, SME Segment, MTN Nigeria, during the MTN NextNow Business Forum.

Unlike traditional communication systems, MTN’s CPaaS is built for the realities of a mobile-first market. The platform unifies SMS, voice, WhatsApp, email, and more into a single, intuitive interface.

This approach is especially significant in Nigeria, with over 107 million internet users, 45.4% of the total population, according to Data Report. This figure underscores the necessity for businesses to meet customers where they are.

During the demo, attendees witnessed how CPaaS enables two-way, real-time conversations between brands and customers. The platform’s support for rich media, instant analytics, and seamless integration with business workflows drew particular attention.

These features are designed to empower businesses with data-driven insights and the agility to personalise every interaction, whether it’s a service notification, marketing campaign, or customer support exchange.

Akinbulejo Onabolu, Head of Enterprise Segment at MTN Nigeria, articulated the vision: “CPaaS gives enterprises the flexibility to interact with their customers on their preferred platforms; whether it’s chat, voice, or messaging, in a way that feels personal and immediate. We’re looking forward to the value this will unlock for businesses across industries once it launches.”

The fireside chat added depth to the conversation, with Omowunmi Olatunbosun, Head of SME Segment at MTN Nigeria, and Stephen Agbi of Bayobab, highlighting how digital engagement bridges the gap between businesses and audiences. They emphasised that today’s consumers demand immediacy, relevance, and ease, qualities that CPaaS is built to deliver.

The stakes for digital transformation in Nigeria are high. In a report by Punch, the country’s enterprise tech market is projected to reach $22 billion by 2027, reflecting a surge in demand for scalable, cloud-based solutions that drive efficiency and customer loyalty.

The CPAAS Acceleration Alliance have estimated that globally, the CPaaS market is expected to grow from $14.7 billion in 2025 to $72.4 billion by 2035, at a compound annual growth rate of 18.4%, a testament to the platform’s transformative potential.

The event’s closing keynote from META’s Korhan Yunak reinforced the strategic value of digital channels like WhatsApp, which are now indispensable for business communication and engagement at scale.

As MTN Nigeria prepares for the Q3 2025 launch, the anticipation is unmistakable. With its promise of flexibility, intelligence, and seamless integration, MTN’s CPaaS platform is set to become the backbone of next-generation business-customer engagement in Nigeria, enabling enterprises to not just communicate but to connect, adapt, and grow in a digital-first era.


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NCC, REA Move to Power Telecoms with Renewable Energy

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Nigerian Communications Commission (NCC) and Rural Electrification Agency (REA) have teamed up to develop an initiative that will reduce the $350 million annual spending on diesel by telecom operators in Nigeria.

NCC, REA Move to Power Telecoms with Renewable Energy

According to a press statement  by Nnenna Ukoha, acting had of Public Affairs, NCC, this collaboration will focus on deploying renewable energy solutions to support telecom infrastructure, particularly in rural and underserved areas.

To that end, the two agencies have inaugurated what they called NCC–REA Collaboration Committee, aimed at deploying renewable energy solutions to power telecom infrastructure across the country.

According to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation, telecom operators in Nigeria consume more than 40 million litres of diesel every month, costing them over $350 million annually.

The statement read, “The Nigerian Communications Commission has formally inaugurated the NCC–REA Collaboration Committee, marking a pivotal step towards advancing Nigeria’s digital and energy inclusion objectives by developing modalities for the deployment of renewable energy to support telecom infrastructure in Nigeria.”

The inauguration ceremony, held on Friday, at the NCC Headquarters in Abuja, was presided over by Dr Aminu Maida, executive vice chairman and chief executive officer, NCC.

Maida was joined by Abba Aliyu, managing director of the REA, along with senior executives and committee members from both organisations.

Speaking at the event, Maida described the collaboration as a timely and strategic alignment of national priorities.

He noted that bridging the connectivity and power gaps in rural areas remains critical for Nigeria’s growth and development.

He highlighted that the demand for digital services and connected communities creates an opportunity for renewable energy to play a crucial role.

Maida further emphasised that the partnership goes beyond infrastructure; it is aimed at driving inclusion, reducing inequalities, and fostering shared prosperity.

“Whether it is powering a base station or enabling a child to access digital learning, this partnership has the potential to transform realities and bring opportunity closer to the people.

“This initiative is about more than infrastructure, it is about driving inclusion, bridging inequalities and creating the conditions for shared prosperity,” he was quoted in the statement.

He also noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to ensure no community is left behind in Nigeria’s energy and digital transformation.

Aliyu, representing REA, expressed confidence in the transformative potential of the collaboration.

“This partnership will unlock sustainable development opportunities for millions of Nigerians, especially those in areas lacking traditional infrastructure,” he said.

He further emphasised that the collaboration would address both energy and connectivity gaps, benefiting those who are currently underserved.

The newly established NCC-REA Collaboration Committee will work to co-develop and implement integrated solutions that leverage renewable energy to power telecom sites.

The statement noted that the committee will also focus on sharing geospatial data to improve planning, aligning funding frameworks, and tracking the socio-economic impact of the project through clear performance indicators.

 


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NCC Approves MTN, 9Mobile Roaming Collaboration Deal

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MTN Nigeria Communications Plc has announced the execution of a national roaming agreement with Emerging Markets Telecommunications Services Limited (9Mobile), a move that signals a major milestone in Nigeria’s telecommunications landscape.

NCC Approves MTN, 9Mobile Roaming Collaboration Deal

The Nigerian Communications Commission (NCC), the industry’s regulatory authority, has approved the three-year deal, which allows 9Mobile subscribers to roam seamlessly on MTN Nigeria’s extensive network infrastructure across the country.

The agreement, effective immediately, will significantly enhance connectivity and user experience for 9Mobile customers, particularly in areas where its network coverage is limited.

By leveraging MTN’s expansive infrastructure, 9Mobile can now offer improved service reach and reliability, without duplicating capital-intensive investments in network deployment.

In a notice to the Nigerian Exchange Limited and the investing public, MTN Nigeria described the arrangement as a strategic collaboration that underscores its leadership in fostering innovation, industry cooperation, and operational efficiency.

The company emphasized that the initiative aligns with the NCC’s broader objective of promoting infrastructure sharing to improve telecommunications services nationwide.

“This agreement represents a significant step in our commitment to driving industry collaboration, improving customer experience, and supporting the NCC’s vision of a fully connected Nigeria,” said Karl Toriola, chief executive officer, MTN Nigeria.

“Delivering the scale required for telecommunications services in Nigeria requires strong collaboration between the private sector, public sector, and long-term investors. This agreement demonstrates what we can achieve when we collaborate, and we are delighted to announce it today after months of groundwork.”The national roaming deal enables subscribers from 9Mobile to access voice and data services through MTN’s network in areas where the former lacks adequate coverage.

This marks the first such large-scale, cross-network roaming arrangement between two major operators in Nigeria, setting a precedent for future cooperative efforts in the telecom industry.

MTN Nigeria highlighted that the agreement contributes to more effective use of telecommunications resources, reduces infrastructure duplication, and accelerates the expansion of mobile broadband access across underserved regions.

It also supports both operators’ sustainability objectives by maximizing existing investments and reducing the environmental impact of deploying overlapping network facilities.

“This strategic collaboration is yet another first in the country by MTN Nigeria and marks a significant milestone for the sustainability of the telecommunications industry,” the company stated.

“By enabling national roaming, MTN Nigeria is contributing to a more effective use of telecommunications resources and accelerating efforts to expand connectivity across the country.”

The agreement is expected to benefit not just subscribers and operators but also regulators and investors who have consistently advocated for policies that promote shared infrastructure and efficient capital utilization in Nigeria’s digital economy.

Uto Ukpanah,  company secretary, MTN Nigeria, affirmed the company’s ongoing dedication to initiatives that create shared value.

“MTN remains committed to fostering innovation and partnerships that create sustainable value for all stakeholders while promoting digital and financial inclusion nationwide,” she noted.

With the successful rollout of this agreement, the telecoms industry is expected to see improved service delivery and expanded access to quality mobile services, especially in rural and semi-urban communities. The collaboration sets a benchmark for future inter-operator partnerships and reinforces the importance of regulatory support in advancing national connectivity goals.

 

 

 

 


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