Telecom
Asante Financial Service Closes $7.5M Series A Funding to Scale its Credit Offerings in Africa
Asante Financial Services Group (“Asante”) announces $7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.
Asante is a high-impact fintech focused on supporting the growth of African Micro, Small and Medium Enterprises (MSMEs).
The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda, and expand to Nigeria and Rwanda.
“We are delighted to welcome our new investors including Goodwell, Sorenson and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, Founding CEO of Asante.
MSMEs have a significant impact on the economies of most countries, especially emerging markets, representing 90% of all businesses, 66% of all jobs created and 50% of the world’s GDP.
Yet according to the World Bank, the annual SME credit gap in Sub-Saharan Africa is about US$330 million.
MSMEs are often neglected by lenders due to a combination of factors. These include the high cost of customer acquisition and due diligence, insufficient data availability for accurate credit assessments, lack of collaterals, uncertain customer lifetime values, and the high costs of distribution and servicing. There is a large opportunity for lenders who are able to overcome these challenges.
Asante differentiates itself with its ecosystem-based digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to MSMEs.
The company works directly with ecosystem channel partners to collect conventional and non-conventional MSME data, with the prior consent of the clients. Its channel partners include Africa’s largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs.
This significantly reduces the cost of customer acquisition and due diligence, while providing sufficient alternative data for credit underwriting.
As a result, Asante is in a strong position to address the credit gap and accelerate its rollout. Asante has executed over 16 strategic corporate channel partnerships, giving Asante direct access to 2m MSMEs with a monthly lending opportunity in excess of US$200 million.
“With over 650% growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5%, Asante is well-positioned to fast track scale and deepen our impact in our operating markets.
“Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded.
We look forward to a round extension very early in the new year to support the solid growth momentum,” notes Okpala.
“MSMEs—particularly those in the informal sector—are being held back by a lack of responsible lending from traditional financial services providers who are unable to run accurate credit checks and offer profitable loans to this segment of the market.
Asante has solved these problems through its innovative digital platform and ecosystem approach. The company’s success to date is proof that the model works, and we are very confident that the business will scale quickly and successfully with this round of funding,” explains Bitta Wycliffe, Senior Investment Associate at Goodwell Investments.
“This is the 20th investment by Goodwell Investments’ uMunthu fund, of which 50% is invested in financial inclusion. Asante is a perfect fit and a great addition to our portfolio of other socially responsible financial services providers.”
Asante is a strategic partner of Mastercard for digital lending in Africa and the only African fintech in a class of 6 scaling start-ups selected in May 2021 to join the award-winning Mastercard Start Path program.
Asante is currently piloting its Business Lending Platform, to further extend its lending and other services to small business clients with essential tools like Business Financial Manager, Management Toolkit and Tax Advisory to assist them to operate more efficiently while infusing resilience into their operations. Via the platform, Asante will also be able to offer insurance, payments, and other products to its clients.
Google has launched its Search Live feature globally to over 200 countries, including Nigeria, where AI Mode is available, enabling voice-and-camera conversations in users’ preferred languages.
Powered by the new multilingual Gemini 3.1 Flash Live model, it delivers natural, real-time interactions via the Google app on Android or iOS—tap the Live icon under the Search bar.
Ideal for hands-free help, users can speak queries for audio replies, follow-ups, or web links. Camera integration adds visual context, like troubleshooting a shelving unit, or pairs with Google Lens for real-world chats.
From the app or Lens, Nigerians can now explore, learn, or solve tasks instantly, boosting everyday productivity worldwide.
Clean and reliable power for telecom networks in Ethiopia, Liberia, and Sierra Leone will be expanded following a $45 million investment by the International Finance Corporation (IFC) in IPT PowerTech.
The investment targets countries where limited power supply continues to slow digital connectivity and broader economic participation, the institution stated earlier this week.
To enable this expansion, the IFC is providing a $45 million corporate financing package consisting of an A-loan of $27 million and $18 million in blended finance.
The blended portion is sourced from the Canada-IFC Blended Climate Finance Programme and the IDA20 Private Sector Window Blended Finance Facility.
The initiative marks the IFC’s first direct infrastructure engagement in Liberia in a decade and in Sierra Leone in six years.
It will help scale solar- and battery-based power systems that reduce reliance on diesel and support greener, more resilient telecom networks.
By improving the quality and stability of power to telecom towers, the initiative will strengthen mobile coverage and ensure that households, schools, health centres, and small businesses can depend on consistent digital services, said the IFC.
The funding supports the modernisation, operation, and maintenance of 2 235 telecom sites across the three nations. More than 90% of these are located in off-grid or weak-grid locations.
With new solar and battery systems powering these sites, mobile networks will experience fewer outages and improved service quality.
Optimising the energy mix is estimated to reduce power costs for operators by up to 30% in Liberia, 26% in Sierra Leone, and 52% in Ethiopia.
This transition is also expected to cut emissions by more than 10 624 tonnes of carbon dioxide annually. Furthermore, the partnership will promote gender inclusion by expanding opportunities for women in technical, operational, and leadership roles within the sector, says the IFC.
This agreement reflects a shared vision for a greener telecom industry and empowers the company to scale its innovative energy platforms, according to Nabil Haddad, CEO of IPT PowerTech Group.
Reliable and affordable power for telecom networks is a cornerstone of Africa’s digital transformation, said Nathalie Kouassi-Akon, IFC regional director for West Africa and the Gulf of Guinea.
Through this partnership, the institution is supporting a scalable, private sector-led solution that enables mobile operators to reach underserved and fragile communities more sustainably, added Kouassi-Akon.
The project advances the World Bank Group and African Development Bank’s Mission 300 initiative, which aims to provide electricity to 300 million Africans by 2030.
Expedier has unveiled “Expedier for Business,” an online pro-banking platform to simplify global payments, multi-currency transactions, and financial operations for expanding companies.
Kingsley Madu
The tool centralizes payments, invoicing, payroll, and treasury into one secure dashboard, tackling challenges like fragmented systems and poor visibility that hinder international scaling.
Kingsley Madu, Co-Founder and CEO of Expedier, said: “African businesses are increasingly global… Expedier for Business was built to simplify how companies manage money across borders while maintaining visibility, control, and compliance.”
Key features include customizable dashboards for payments, invoices, and workflows; support for USD, CAD, GBP, EUR, and more; virtual cards; automated payroll/invoicing; currency swaps; and real-time tracking.
Security measures cover two-factor authentication, KYC/KYB verification, and team access controls.
As cross-border trade and remote work boom in Africa, the platform aids firms dealing with international suppliers, teams, and customers. It is now available for organizations scaling globally.
Anti Graft Agencies Raise Alarm over Rising Crypto-Linked Financial Crimes
NITDA Takes Over National Digital Architecture System
NDIC Insures 99 Percent of Bank Customers
FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion – Minister
CBN Bars Chronic Loan Defaulters from Accessing Loans
Spotify’s Loud & Clear Report Reveals Over ₦60Bn Revenue for Nigerian Artists in 2025
Madonna University Taps Tech Guru Adote for Strategic Board Role
China Threatens to Shut Nigeria’s Satellite Over $11.44m Unpaid Debt
MTN Nigeria Posts Record N1.70 Trillion Pre‑Tax Profit, Declares N20 Dividend for 2025
Jumia Tech Week 2026 Begins with Tech Deals on Smartphones, Electronics, and Everyday Technology
General News3 days agoNCC to Curb SIM Fraud, Strengthen Digital Security with New Platform
Broadcasting3 days agoNBC Boss Urges Content Ceators to Participate in DSO
General News3 days agoKidnappers Now Use Banks to Collect Ransoms — Expert
E-Financial2 days agoBreaking…..Kuda Lays Off Many Employees in Broad Restructuring
E-Financial3 days agoCBN Says Bank Customers Won’t Lose Deposits because of Recapitalisation
E-Business3 days agoJury Finds Meta, Google Liable for Woman’s Social Media Addiction
News3 days agoFrancis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon
E-Financial3 days agoFG, States Seek $500m World Bank Facility for HOPE Governance Programme