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

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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African Judges Pledge Support for AfCFTA’s Success

Chief Judges drawn from countries across the African continent have resolved to collaborate and support measures aimed at ensuring the success of the Africa Continental Free Trade Area (AfCFTA) through an efficient, reliable and predictable dispute resolution system.

They agreed to explore ways to harmonize disputes resolution mechanisms in the continent with a view to making it easier and faster to resolve commercial disputes.
The resolutions formed part of the decisions taken at the third Africa Chief Justices’ Alternative Dispute Resolution (ADR) Summit held in Nairobi, Kenya between June 18 and 19.
According to a statement by the Special Assistant on Media to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, Mr. Tobi Soniyi, the African judicial leaders were of the view that commercial confidence depends largely on legal certainty.
They emphasised how structured Alternative Disputes Resolution could enhance commercial justice, protect the business environment and support the AfCFTA.
In her contribution, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun urged called on African judiciaries to proactively prepare for emerging challenges to disputes resolution in the continent.
Justice Kekere-Ekun, who served as Co-Chair of the session on “Financial sector disputes, tax certainty and ADR: Building commercial confidence in Africa, noted that AfCFTA represents one of the most ambitious economic integration projects in modern history.
The CJN, who stressed the importance of a proactive Judiciary to the success of AfCFTA, warned that its success would depend, not only on trade protocols, tariff reductions and economic policies, but also on the strength and reliability of the institutions that support commerce.
Justice Kekere-Ekun urged her colleagues to examine how judiciaries in the continent, central banks, tax administrations and ADR institutions could work together to reduce uncertainty, prevent disputes, strengthen investor confidence and support the realization of AfCFTA’s objectives.
She envisaged the growth of intra-African trade to inevitably generate cross-border tax disputes; foreign exchange disputes; banking and payment system disputes; digital commerce disputes; enforcement of arbitral awards; recognition of foreign judgments; and disputes arising from regional supply chains.
The CJN, who said “African Judiciaries must proactively prepare for these emerging realities,” challenged African judicial leaders on the importance of disputes prevention mechanism.
She stated that modern commercial justice must move beyond the traditional focus on disputes resolution after conflicts arise.
“The most successful commercial systems are not those that generate the highest volumes of litigation but those that reduce the need for litigation,” she added.
Justice Kekere-Ekun, who stressed the importance of ADR, cautioned against seeing ADR as merely an alternative procedure.
She said ADR should rather be considered as a strategic tool for reducing transaction costs, preserving commercial relationships, enhancing investor confidence, reducing court congestion, improving ease of doing business and strengthening commercial certainty.
Sharing the Nigerian experiences, Justice Kekere-Ekun cited the recent decision by the Nigerian Supreme Court in the case of EMTS v. AFDIN Ventures Ltd. & Ors. (2026), which reaffirmed important principles of commercial certainty, including respect for arbitration agreements; recognition that consent may be inferred from conduct; judicial restraint from re-litigating arbitral disputes on the merits; and the importance of finality in arbitral awards.
According to her, the decision reinforced Nigeria’s position as an arbitration-supportive jurisdiction.
She identified timely resolution of tax disputes as an important factor in ensuring certainty and recommended Nigerian tax disputes resolution mechanism which she said “offers useful example of institutional reforms that support commercial certainty.”
Justice Kekere-Ekun recommended the Nigeria’s Tax Appeal Tribunal model, which she described as one of Nigeria’s most significant innovations.
According to Mr. Soniyi, Justice Kekere-Ekun’s message to his brother justices is clear: building an African commercial environment in which investors, businesses, regulators and citizens can transact across borders with confidence, secure in the knowledge that their rights will be protected and their obligations fairly enforced.
The summit advanced the goals of the African Chief Justices Alternative Dispute Resolution Forum (ACJADRF) to harmonize jurisprudence and establish common enforcement standards across the continent.
The CJN was, on the last day of the summit, nominated by the Chief Justice of Kenya as the Vice Chairperson of the Africa Chief Justice ADR Forum with effect from August 1, 2026. The nomination was ratified by the forum.
News
How 21 Former Almajiri Children Learned to Build Computers and Drones in Months

Twenty-one former Almajiri learners and street children are set to graduate as certified technology technicians under the Almajiri-to-Tech Initiative, a programme designed to equip vulnerable children with digital and entrepreneurial skills while addressing youth unemployment, poverty and insecurity.

The pioneer graduation ceremony is scheduled to hold on July 29 in Abuja, where the graduates will demonstrate practical skills, including assembling computers and drones, before government officials, development partners, members of the diplomatic community and the media.
The initiative was founded by technology education advocate, Mr Tim Akano, in partnership with New Horizons Nigeria, an Information and Communication Technology (ICT) training organisation.
According to the organisers, the programme seeks to provide practical solutions to the growing challenge of out-of-school children by combining technology education, entrepreneurship, mentorship and character development.
The organisers said the initiative had transformed children who previously had little or no exposure to technology into technicians capable of repairing laptops, desktop computers, mobile phones, power banks, electric fans, microwave ovens and other electronic devices.
They explained that the participants also received entrepreneurship training, mentorship, transportation support, daily meals, learning materials and professional work tools during the programme.
The organisers added that religious instructors from the participants’ respective faiths regularly visited the trainees to provide moral guidance, describing character development as a critical component of the initiative.
Unlike many vocational interventions that end with the presentation of certificates, the organisers said graduates of the programme would receive start-up support, while outstanding participants would be provided with professional work tools to establish their own businesses.
They also disclosed plans to launch a business directory and customer contact platform that would enable individuals, businesses and organisations to engage the services of the graduates.
Speaking on the initiative, Akano, who is also the Managing Director and Chief Executive Officer of New Horizons System Solutions Ltd., said the programme was conceived as a practical response to the challenges of youth unemployment, insecurity, poverty and irregular migration.
“You do not end migration by building higher walls. You do not defeat insecurity by relying only on military force, and you do not end poverty by preaching patriotism.
“You solve these challenges by building hope where hopelessness exists, equipping young people with practical skills, and creating opportunities where they live,” he said.
According to him, the pilot programme has demonstrated that children who have experienced neglect and exclusion can become innovators, entrepreneurs and contributors to national development when provided with quality education and opportunities.
He said one of the trainees, Mohammed, who arrived from the Niger Republic without speaking English, had acquired sufficient language proficiency within months to communicate confidently with customers while carrying out computer and electronics repairs.
Another participant, Fatima, discovered her interest in poetry during the programme and produced a poem celebrating New Horizons Nigeria, reflecting the broader personal development fostered by the initiative.
The organisers said the programme was inspired by concerns over the growing number of out-of-school children in Nigeria, estimated at about 30 million, and the broader global challenge of millions of children without access to education.
They argued that investing in digital skills, entrepreneurship and mentorship for vulnerable children offers a sustainable approach to addressing poverty, insecurity, youth unemployment and violent extremism.
As part of efforts to sustain the programme, the foundation said it had established a fully equipped workshop known as “The Almajiri Republic Workshop” in Wuse II, Abuja.
The workshop, according to the organisers, will serve as a commercial repair centre where graduates can provide computer and electronics repair services while continuing to strengthen their technical expertise.
The foundation called on the Presidency, federal and state governments, Ministries, Departments and Agencies (MDAs), members of the National Assembly, development partners, donor agencies, corporate organisations, civil society groups, religious institutions and other stakeholders to support the expansion of the initiative across Nigeria.
It maintained that scaling up the programme could transform millions of vulnerable children into skilled professionals capable of contributing to economic growth while reducing poverty, unemployment and insecurity.
The organisers said local and international media organisations, including CNN, BBC, Al Jazeera and ARISE News, had been invited to witness the graduation ceremony and the practical demonstrations by the pioneer graduates.
News
IMF Sees 4% AI Growth Boost for Africa

Accelerating artificial intelligence (AI) adoption could increase Africa’s GDP by up to 4% over the next decade, according to the International Monetary Fund (IMF).

In a report released on Tuesday, titled Africa Can Grow Faster With AI—If It Moves Now, economists from the IMF’s Africa Department say current levels of AI adoption and utilisation are expected to contribute just 0.2% to the region’s GDP over the next 10 years.
However, the report says stronger adoption, supported by the right infrastructure and policies, could raise the economic impact to about 4% by extending AI beyond today’s digitally connected firms.
Martin Schindler and other IMF economists say: “AI adoption in sub-Saharan Africa currently lags well behind every other region. If richer economies race ahead while African firms and governments lag, the productivity gap between the region and the rest of the world will only widen.”
Early signs of AI adoption are emerging across Africa, with countries including Zimbabwe, Kenya, Egypt and Nigeria developing AI strategies.
Telecommunications operators, including Vodacom, Econet, Africell and MTN, are also integrating AI into their operations and networks.
Other examples include chatbots supporting teaching and learning in Nigeria and the South African Revenue Service’s use of data analytics for targeted tax audits.
However, the IMF says AI adoption must extend beyond these early use cases to deliver meaningful economic benefits.
“For the region, AI’s main promise is not about replacing office workers, but boosting productivity across the economy—helping informal firms manage inventory, enabling farmers to increase yields, and supporting mid-sized firms to transition to formality and export readiness,” the report reads.
The IMF is urging governments to prioritise investment in reliable electricity, affordable broadband, data infrastructure and digital skills to support wider AI adoption.
Many African countries, including Zimbabwe, Kenya, Ghana, Nigeria and Cameroon, continue to face electricity shortages, while broadband services remain costly and coverage is uneven.
The Fund believes stronger investment in power, connectivity, regional data infrastructure and digital skills would help unlock AI’s economic potential.
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