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Asante Financial Service Closes $7.5M Series A Funding to Scale its Credit Offerings in Africa

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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.


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NITDA Showcases Nigeria’s Startup Framework as Model for Angola

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National Information Technology Development Agency (NITDA) has reaffirmed its commitment to building a coordinated and inclusive digital ecosystem in Nigeria, further strengthening its role as an ecosystem orchestrator.

NITDA Showcases Nigeria’s Startup Framework as Model for Angola

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This was disclosed during a working visit centred on Nigeria’s startup ecosystem framework, where the Director General of NITDA, Kashifu Inuwa, was represented by the Director of Stakeholders Management and Partnerships, Dr Aristotle Onumo.

Speaking during the visit, the DG said NITDA was established to drive coordinated and sustainable information technology development in Nigeria, leveraging both its regulatory and developmental mandates, serving as an ecosystem orchestrator that fosters collaboration, innovation, and growth across the digital economy.

He stated that these reforms are aligned with the Federal Government’s Eight-Point Agenda and reflected in NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0), which is built around eight strategic pillars designed to accelerate the growth of Nigeria’s digital economy.

According to him, a key objective of the roadmap is to position Nigeria as a technologically driven nation that promotes inclusive economic development through innovation. He highlighted digital literacy as a major priority, with NITDA targeting 70 percent digital literacy by 2027 under the National Digital Literacy Framework, with a long-term goal of achieving 95 percent by 2030.

Other priority areas, he said, include ecosystem development, IT talent advancement, expansion of digital infrastructure, policy implementation, and research-driven innovation.

The visiting delegation from Angola’s National Institute of Support for Micro, Small and Medium Enterprises (INAPEM), led by Chairman of the Board of Directors (PCA) and Chief Executive Officer, Bráulio Augusto, commended Nigeria’s progress in implementing the Nigeria Startup Act and described the country as a valuable model for shaping Angola’s own startup legislation.

Augusto disclosed that Angola’s Startup Law has received initial parliamentary approval and is now entering the implementation stage. He expressed interest in understanding how Nigeria transitioned from legal adoption to practical execution, particularly in areas such as startup labelling, incentive management, ecosystem mapping, investor registration, and the operation of the Nigeria Startup Portal.

According to him, Angola is currently developing the Startup Angola Programme under its Digital Entrepreneurship Support Programme, aimed at building a structured and integrated startup ecosystem rather than isolated interventions.

The programme will focus on institutional strengthening, startup funding, support for business development service providers, expansion of innovation hubs, and partnerships with international accelerators.

He added that Nigeria’s experience is especially relevant as Angola seeks solutions to challenges including informality, limited access to finance, youth unemployment, digital inclusion gaps, and restricted market access for small and medium-sized enterprises.

The INAPEM chief also requested further technical insights into Nigeria’s National Startup Council, its member selection process, and the governance structure of the Nigeria Startup Portal.

The visit highlights growing collaboration among African nations in digital policy development and further reinforces Nigeria’s position as a reference point in shaping startup ecosystem frameworks across the continent.


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NITDA, FMCIDE Deepen Collaboration on Nigeria’s Digital Transformation

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Kashifu Inuwa, National Information Technology Development Agency (NITDA), has reaffirmed the Agency’s commitment to deepening collaboration with the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) to accelerate Nigeria’s digital transformation and strengthen policy alignment across the sector.

NITDA, FMCIDE Deepen Collaboration on Nigeria’s Digital Transformation

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, taking the Permanent Secretary of the Federal Ministry of Communications, Innovation and Digital Economy, Mr. Nadungu Gagare, on a tour of the newly commissioned Innovation Space during the Permanent Secretary’s working visit to the Agency’s corporate headquarters.

Speaking during a courtesy visit by the Permanent Secretary of the Ministry of Communications, Innovationand Digital Economy, Mr. Nadungu Gagare, to NITDA headquarters, Inuwa described the engagement as a significant demonstration of the Ministry’s support and leadership, noting that sustained collaboration between both institutions is essential to delivering Nigeria’s digital economy agenda.

The NITDA Director General recalled previous engagements with the Ministry, including a familiarisation visit during which the Agency shared its strategic roadmap and ongoing initiatives, noting that continuous dialogue has strengthened alignment between both institutions.

He highlighted key policy areas requiring continued collaboration, including the development of a national sovereign cloud infrastructure and a comprehensive cybersecurity policy framework.

“We are awaiting the Ministry’s guidance on how to move forward, particularly on the national cloud and cybersecurity policies,” he said, while emphasising the importance of clear institutional boundaries and mutual respect in enhancing operational effectiveness and inter-agency cooperation.

Inuwa also revealed that NITDA has been at the forefront of implementing the Performance Management System (PMS), having introduced the framework internally several years before its adoption across the Federal Civil Service.

“We started PMS about four years ago. What we have now at the national level actually originated from our internal reforms,” he disclosed, adding that initiatives such as Project NEXT have strengthened accountability, role clarity, and measurable outcomes across the Agency.

“If you perform well, you are rewarded. If not, there are consequences. Even promotions are tied to performance,” he added.

The Director General further highlighted NITDA’s transformation from a traditional regulatory institution into a dynamic ecosystem enabler focused on innovation, inclusion, and national development.

“We are building a high-velocity organisation—one that is agile, inclusive, and driven by innovation,” he said, explaining that the Agency is embracing a more flexible and entrepreneurial culture that empowers staff to contribute ideas and drive institutional growth.

In his remarks, the Permanent Secretary of the FMCIDE, Mr. Nadungu Gagare, reaffirmed the Ministry’s commitment to strengthening collaboration with its agencies, describing partnership as fundamental to achieving sustainable progress in Nigeria’s digital transformation journey.

“If there is no partnership, there is nothing that can be achieved. But with partnership and collaboration, a lot can be accomplished, and that is exactly what we are seeing now,” he stated.

Gagare explained that the visit forms part of the Ministry’s ongoing engagement with agencies under its supervision to strengthen policy coordination, assess progress, and address operational challenges requiring higher-level intervention.

He commended the management and staff of NITDA for their dedication to advancing Nigeria’s digital innovation ecosystem, acknowledging the Agency’s contributions to digital literacy, innovation, cybersecurity awareness, and the creation of opportunities for startups and young innovators.

“NITDA has continued to play a pivotal role in shaping Nigeria’s digital future through the promotion of information technology development, digital literacy, innovation, and regulatory standards,” he said.

The Permanent Secretary also stressed the importance of policy coherence among institutions within the Ministry, noting that agency mandates are interconnected and must be implemented seamlessly.

“Your mandates are inputs into one another. That is why we need tight collaboration so implementation can go smoothly,” he said, while assuring NITDA of the Ministry’s continued guidance and institutional support.

He further highlighted ongoing Federal Civil Service reforms, particularly the adoption of the Performance Management System, which promotes accountability, clear target-setting, and measurable performance outcomes.

“When everything needed for performance is made available and targets are not met, consequence management follows. Where targets are exceeded, there is reward. This is how we drive performance in the service,” he noted.

The visit showcases the shared commitment of both FMCIDE and NITDA to advancing Nigeria’s digital economy through stronger collaboration, innovation, and effective governance, with the strengthened partnership expected to play a critical role in delivering inclusive growth, improved service delivery, and sustainable national development.


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Upperlink, ICANN, Others Rally Global Participation for UA Day 2026

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Upperlink has announced its collaboration with the Internet Corporation for Assigned Names and Numbers (ICANN), the United Nations Educational, Scientific and Cultural Organization (UNESCO), and the Universal Acceptance Steering Group for UA Day 2026 to host a global awareness event focused on promoting a more inclusive and multilingual internet ecosystem.

Upperlink, ICANN, Others Rally Global Participation for UA Day 2026

The event, themed “Building a Truly Global, Multilingual #Internet4All”, will hold virtually on Monday 18 May 2026 by 10:00AM WAT, bringing together stakeholders across government, academia, technology, digital policy, and the Internet community to discuss the future of Universal Acceptance and digital inclusivity.

The Upperlink, ICANN, UNESCO and Universal Acceptance Steering Group’s UA Day 2026 will feature live demonstrations, expert-led strategy sessions, and conversations around enabling Internet systems, applications, and digital platforms to support all domain names and email addresses, regardless of language, script, or character length.

Speaking on the importance of the initiative, Akano Olusegun, the managing director and CEO of Upperlink Limited, noted that Universal Acceptance is critical to ensuring that billions of Internet users around the world can fully participate online using their native languages and local digital identities.

“As Africa’s digital economy continues to grow, there is an urgent need to build Internet systems that reflect linguistic diversity and provide equal access for all users. UA Day 2026 is an opportunity for stakeholders to collaborate and shape a more inclusive digital future,” Olusegun stated.

The event aligns with ongoing global efforts championed by ICANN and UNESCO to promote digital inclusion, local language accessibility, and universal Internet participation.

Developers, tech ecosystem players, policymakers, educators, Internet governance stakeholders, students, startups, and digital rights advocates are encouraged to participate in the session.

Registration

Participation is free, but interested participants are required to register to attend the event via the official registration link here (https://us06web.zoom.us/webinar/register/WN_nklQmJObT8OtS2AF_bE0fA#/registration) or QR code provided on the event flyer.


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