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Carbon Expands Portfolio Acquires Vella Finance

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Carbon has announced its acquisition of Vella Finance, a burgeoning startup with a two-year track record. This strategic manoeuvre by Carbon, orchestrated through its parent company, One Credit Limited, marks a pivotal step towards unveiling an innovative AI-driven business banking platform, poised to redefine financial services for small and medium-sized enterprises (SMEs).

According to insights shared with Techpoint Africa, Tolu Adedayo, Co-founder and COO of Vella Finance, disclosed that select members of the startup’s core team have seamlessly integrated into Carbon’s operations. Moreover, Vella Finance’s extensive roster of 8,000 SME clients will undergo a smooth transition to Carbon Business, while individual patrons will be presented with the option to elevate their accounts to business status.

Despite the change in ownership, Vella Finance remains resolute in its unwavering commitment to customer satisfaction. The acquisition is envisioned not only to broaden its market reach but also to catalyze innovation in financial product development, thereby fortifying banking security measures for its clientele.

On the flip side, Carbon stands to gain substantially from Vella Finance’s sophisticated AI-powered transaction analysis capabilities, empowering business clients with actionable insights derived from their financial interactions.

In discussing the acquisition, Tolu Adedayo underscored the longstanding rapport between Vella Finance and Carbon’s founders, citing Carbon’s pivotal role in Vella Finance’s early-stage funding rounds. Chijioke Dozie, Co-founder of Carbon, echoed this sentiment, lauding Vella Finance’s innovative SME platform as a driving force behind the acquisition decision.

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The evolutionary trajectory of Vella Finance—from its origins as a cross-border payment facilitator to its current focus on crypto transactions and SME banking—underscores its adaptability and steadfast commitment to meet evolving market demands. With the advent of AI-driven business banking, Carbon aims to leverage Vella Finance’s expertise to enhance its recently launched Carbon Business platform.

This acquisition not only sets a precedent for Nigerian startups in 2024 but also follows a trend observed in 2023, characterized by notable acquisitions such as Bitmama’s acquisition of Payday and Chaka’s integration into Rise. As the fintech ecosystem continues to evolve, the potential for further consolidation and strategic partnerships remains ripe, signalling a promising trajectory for innovation and growth within Nigeria’s financial technology sector.

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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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NCC, Enugu Sign Deal to Operate Digital Industrial Park, Learning Centre

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Nigerian Communications Commission (NCC) and the Enugu State Government have signed an agreement for the operational lease of the NCC Digital Industrial Park and NCC Learning Centre in Enugu.

NCC, Enugu Sign Deal to Operate Digital Industrial Park, Learning Centre

The agreement was witnessed by Dr Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the NCC, alongside members of the Commission’s Board and Management.

The development is expected to strengthen digital innovation, skills development and technology-driven opportunities in the state.

As part of the engagement, the NCC delegation also visited the Enugu Smart School Initiative, where technology is being integrated into teaching and learning.

The initiative is aimed at equipping young Nigerians with relevant digital skills and preparing them for future opportunities in an increasingly technology-driven economy.

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The NCC said it remained committed to supporting initiatives that expand digital inclusion, strengthen innovation and develop the talent required to drive Nigeria’s digital transformation.

The Commission said partnerships with state governments and other stakeholders were critical to creating an enabling environment for digital skills development and technology adoption across the country.

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NCC Asks Telcos to Make Budgetary Provisions for Cybersecurity

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Nigerian Communications Commission (NCC) has directed telecommunications operators to make dedicated budgetary provisions for cybersecurity as part of efforts to strengthen the resilience of Nigeria’s communications infrastructure against the growing wave of cyber threats.

NCC Asks Telcos to Make Budgetary Provisions for Cybersecurity

 

The directive forms part of the Commission’s Cyber Resilience Framework for the Nigerian Communications Sector (CRF-NCS), which introduces new governance, risk management and operational requirements aimed at safeguarding the country’s critical telecommunications infrastructure from increasingly sophisticated cyberattacks.

Under the framework, all licensed telecom operators are expected to establish formal cybersecurity governance structures, dedicate adequate financial resources to cyber resilience programmes, and integrate cybersecurity into their enterprise-wide risk management processes.

The Commission said operators must ensure cybersecurity investments are no longer treated as optional operational expenses but as strategic business priorities necessary to protect network infrastructure, customer information and the country’s digital economy.

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According to the NCC, licensees are expected to allocate sufficient budgets to support cyber risk assessments, security technologies, staff training, incident response capabilities, continuous monitoring and compliance with regulatory requirements.

The framework also requires operators to designate senior executives responsible for cybersecurity oversight.

At the same time, boards of directors are expected to provide strategic direction and ensure adequate funding for cyber resilience initiatives.

Speaking on the need for a stronger cybersecurity regime during the unveiling of the framework, Abraham Oshadami, executive commissioner, Technical Services, NCC,  said, “Given the increasing digitalisation of services, the rapid growth of data exchange, and the sophisticated nature of modern cyber threats, the need for a robust, adaptive and inclusive cybersecurity framework has become more urgent.”

He added, “Both state and non-state actors are targeting essential sectors—including ours—through coordinated cyber and physical attacks. These attacks frequently target control systems and data integrity, underscoring the critical risks posed to operational technology (OT), especially in our sector.”

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“As cyber threats evolve, they endanger not only system performance but also human safety, amplifying the severity and consequences of disruptions to vital communications infrastructure. Cybersecurity now encompasses human safety and must address the real risk to people’s lives when a system is attacked or compromised.”

The Commission further stated that operators are required to develop comprehensive cybersecurity implementation plans, conduct periodic risk assessments, establish business continuity and disaster recovery procedures, and regularly test their cyber defence capabilities.

In addition, the framework makes cyber incident reporting compulsory. Licensees must inform the NCC’s CSIRT of any major cybersecurity breach within four hours of discovery, and provide a thorough post-incident analysis after mitigation is complete.

 

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Glo Leads Internet Growth Figures in Nigeria for May

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Digital solution provider, Globacom has recorded the highest Internet subscriber growth among Nigeria’s major telecom companies for the month of May.

Data from the Nigerian Communications Commission, NCC, Nigeria’s total Internet users increased to 157 million in May, up from 154.3 million in April. That is a growth of 2.67 million users in one month.

Globacom led the market by adding about 1.2 million new Internet subscribers. This means Glo was responsible for almost half of all new Internet users in May.

The company’s subscriber base grew from 15.5 million in April to 16.8 million in May. Airtel came second with 1.07 million new users, moving from 54.8 million to 55.8 million. MTN added 382,894 users to reach 83.5 million.

T2 Mobile, formerly 9mobile, recorded no growth for the second month in a row. Its subscriber base remained at 802,534. This is despite its roaming agreement with MTN, which was approved almost a year ago to help T2 customers use MTN’s network in areas with poor coverage.

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Industry experts say Glo’s strong growth is due to its ongoing network upgrade. Since last year, the company has been building new base stations, expanding its fibre network, and adding thousands of new 4G sites across cities and rural areas.

The upgrades have improved voice and data quality for customers, while Globacom remain committed to providing better network experience and affordable Internet services to more Nigerians.

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