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Canza Finance Raises $3.27M Seed Round to Empower Underserved Sub-Saharan Africa SMEs

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Canza Finance, an emerging markets neobank that is building the world’s largest non-institutional-based financial system, announced the completion of its $3.27M seed round.

The fundraising round was led by Fenbushi Capital, with participation from Dominance Ventures, Bixin Ventures, Consensys, Protocol Labs, Emergo Ventures, MEXC Global, NGC Ventures, XanPool, Hashkey, the founders of Celo, and others.

This funding enables Canza to continue headcount growth and expand its service offering in Nigeria and other growth regions including  South America and Asia.

Oyedeji Oluwoye, CoFounder and CTO of Canza Finance, commented, “Today, we stand at a critical juncture in the journey to democratizing finance, with Nigeria emerging at the vanguard of crypto adoption globally.

“Against a backdrop of high inflation, financial instability, and barriers to access to traditional financial services, sub-Saharan Africa’s underdeveloped financial infrastructure has made the region a perfect vector for decentralized finance — according to a 2021 report by KPMG, more than 1 in 3 Nigerian adults are excluded from traditional finance.

“Our vision is to become leaders in decentralized finance and to spearhead this movement to offer financial freedom to millions of individuals.

The tremendous interest and backing of our investors and strategic partners will enable us to grow the world-class Canza team, improve our security and most importantly take a definitive leadership position in our target markets.”

Established in 2020, Canza relies on a robust network of experienced local money market players to distribute financial and transaction-based services to users in Sub-Saharan African countries. Canza’s seamless crypto on/off-ramp services enable a wide range of DeFi services including staking, P2P, and cross-border settlements—aiming to contribute to the creation of an innovative and fully decentralized financial system.

Canza is a member of Celo’s Alliance for Prosperity, an ecosystem of 140+ mission-aligned organizations including nonprofits, merchants, and payment processors fostering social impact using the Celo blockchain.

Today, Canza has over 7,000 Celo wallets created via the USSD DApp with weekly transactions averaging over $200,000.

“The rate of cryptocurrency adoption in high-growth markets in particular Africa, not only signals growing excitement for this new digital economy, but the advance of real-world use cases,” said Bo Shen, Managing Partner at Fenbushi Capital, “This traction, combined with Sub-Saharan Africa’s market, social and community conditions, uniquely positions it as an environment where a project like Canza will thrive.”

Prior to this funding round, Canza was financed by Flori Ventures in its pre-funding round, and through its participation in the Filecoin Launchpad Accelerator, Powered by Tachyon.

This accelerator offers funding, advice, and support for startups that are building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web. This program was instrumental in Canza’s development from a hackathon project to a mature high-growth company.

Colin Evran, Ecosystem Lead at Protocol Labs, commented, “Canza is a shining example of the power of the Filecoin Launchpad Accelerator to transform promising early-stage projects into high-growth businesses on the brink of making a huge impact in developing markets and Web3 ecosystem.

“Given the early traction of Canza, we are delighted to help expand access to Web3 technologies like decentralized identity tools and KYC options to the sub-Saharan Africa region. We’re excited to help the next cohort of African innovators turn their visions for Web 3.0 into reality.”


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Lagos Targets Vulnerable Residents in Expanded Social Register

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Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Lagos Targets Vulnerable Residents in Expanded Social Register

Babajide Sanwo-Olu, Governor, Lagos

This was contained in a press statement on the government’s Facebook page on Wednesday.

The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.

The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.

Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.

Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.

He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”

Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.

She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”

Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”

According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.

The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.

The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.


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Study Shows 38% of Northern Women Lack Access to Financial Services

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A new study by Bayero University, Kano, has found that 38 per cent of women in Northern Nigeria do not have access to financial services.

The study, carried out by the Aminu Kano Centre for Democratic Studies of the university, was supported by the Gates Foundation. It examined how social norms and behavioural factors influence financial inclusion across the 19 Northern states.

The report, titled “Understanding Influence and Behaviour in Northern Nigeria” and unveiled in Abuja on Wednesday, stated that while 52 per cent of women are financially served, only 45 per cent access formal financial services through deposit money banks, merchant banks, interest-free banks and microfinance institutions.

It stated that “38 per cent of women across the region lack access to financial services. “52 per cent of women are financially served, while 45 per cent access formal financial services through Deposit Money Banks, merchant banks, interest-free banks and microfinance institutions. An additional seven per cent utilise other formal non-bank financial products, including insurance services. ”

Speaking at the unveiling, the Director of Academic Planning at Bayero University, Prof. Yusuf Garba, who represented the Vice Chancellor, Prof. Haurna Musa said the research was designed to uncover why the region lags in financial access.

“This study, which started in 2024, aims to examine how social norms influence attitudes and behaviour of various groups across Northern Nigeria, particularly to find out why states in the region fall behind in access and use of financial services,” he said.

Garba explained that the research, conducted over 18 months, produced two volumes detailing how influence structures, trust hierarchies, gender norms, and religious considerations shape decisions around finance, health and education.

He added, “The report is structured into volumes to provide a unified explanation of how social norms, authority structure, and trust shape financial behaviour across Northern Nigeria.”

On the findings, the Principal Investigator, Prof. Ismael Zango, said the data aligns with figures from the National Bureau of Statistics, particularly on poverty and unemployment.

According to him, “unemployment in the region stands at about 37 per cent,” while “poverty levels average about 80 per cent across Northern Nigeria, with Sokoto State recording the highest rate at over 80 per cent.”

Zango stressed that addressing financial exclusion requires more than temporary interventions.

“Economic empowerment must go beyond token financial support,” he said, adding that “sustainable development requires equipping women and youths with relevant, market-driven skills.”

He cited women-led initiatives such as groundnut processing groups in Kebbi State and the Women in Agriculture programme in Kano State as practical models.

“These initiatives should be scaled up to bring more people into productive economic activities and reduce poverty,” he said.

In her remarks, the Chief Executive Officer of Enhancing Financial Inclusion and Advancement, Mrs. Foyinsolami Akinjayeju, described financial inclusion as both an ethical and economic imperative.

Akinjayeju called for stronger collaboration among stakeholders, including government, financial institutions and development partners, as well as policy reforms to address existing gaps.

“Everyone has a role to play, but commitment must come from the top,” she said.

The findings come amid growing concerns over low financial inclusion rates in Northern Nigeria, driven by poverty, unemployment, and entrenched social norms that limit women’s economic participation.


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CISA Asks NDPC, Police to Act on Alleged Data Breach by NIPSS

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Citizens Initiative for Safety Awareness (CISA), advocacy group focused on security, data protection, and counter-terrorism, has urged the Nigeria Data Protection Commission (NDPC) to provide an update on a petition alleging a cybersecurity breach and unlawful access to private communications involving officials of the National Institute for Policy and Strategic Studies (NIPSS).

CISA Asks NDPC, Police to Act on Alleged Data Breach by NIPSS

Mr Chidi Omeje, national coordinator, in a letter dated April 10, 2026, observed no response from the commission so far.

Filed on July 1, 2025, by Mr Yushau A. Shuaib, the petition claims unauthorised access, interception, and use of private digital correspondence belonging to him and PRNigeria, his company.

The complaint named Barrister Nima Salman Mann, Rear Admiral Abubakar Abdullahi Mustapha, and Professor Elias Wahab concerning the alleged breach. Such incidents are outlined in the Nigeria Data Protection Act (NDPA) 2023, regarding data privacy, cybersecurity safeguards, and the protection of sensitive information.

CISA said if confirmed, the alleged actions contravene Nigeria’s data protection framework, with implications for data governance, safety of confidential media sources, and public trust in institutions.

It requests the NDPC to clarify the status of the probe, disclose any interim findings, and cite measures to prevent similar breaches.

The organisation believes the matter has evolved beyond an individual complaint, describing it as a test of the government’s commitment to enforcing its data protection laws, especially within ministries, departments, and agencies.

CISA also appealed to Tunji Disu, inspector general of Police, to order an investigation into the alleged cybercrime.

In a statement,  Omeje criticised the “prolonged delay” by the Force Criminal Investigation Department (FCID) in acting on a petition submitted since June 2025.

The group said, despite “credible evidence,” the police had yet to invite or question the individuals mentioned. Pointing out that two of the officials share membership in the National Institute (mni) with the former DIG at the FCID, CISA raised concerns about a possible conflict of interest.

Omeje clarified that the petition was different from the civil suit at the Federal High Court over Mr Shuaib’s withdrawal from the NIPSS programme.

“An elementary legal principle holds that a civil suit cannot be a bar to criminal investigation or prosecution,” he noted.

CISA called on the police to act in accordance with due process, advising the authorities to uphold the rule of law and restore public confidence.

It contends that failure to act decisively could erode trust in law enforcement and reinforce perceptions of a two-tier justice system.


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