Telecom
Convergence Partner Secures $120M Fund to Drive Digital Inclusion in Africa

Convergence Partners, a private equity investor focused on the technology sector across sub-Saharan Africa, announced the successful first close of its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF) at US$120 million.
The fund is targeting a final size of US$250 million. Now with more than US$400m of capital under management, Convergence Partners remains the largest private equity investor dedicated to digital infrastructure in Africa.
Investors in CPDIF are leading institutions that continue to support African growth such as the CDC Group (the UK’s development finance institution), the United States International Development Finance Corporation (DFC), the European Investment Bank (EIB), the International Finance Corporation (IFC) and Proparco (the private sector arm of the Agence Française de Développement – AFD Group).
CPDIF investments will be driven by the infrastructure needs of the emerging growth themes in the digital infrastructure ecosystem, specifically fibre, wireless, data centres, towers etc., as well as 5G, Cloud, Internet of Things (IoT), Artificial Intelligence (AI), fintech and network virtualisation. CPDIF’s first investment is in Ctrack, a transaction that was announced earlier in the year.
As a data analytics business servicing the fleet management and insurance industries, the business sits at the intersection of AI and IoT with all its solutions being cloud delivered.
The fund also has a strong and measurable impact objective and, via its participation in the build out of Africa’s digital infrastructure, will boost entrepreneurship, innovation, skills development and job creation though massively boosting access to the internet and all the critical digital tools it offers.
Africa remains by far the most underserved region in terms of broadband and digital technology access. Despite the advances in the rollout of digital infrastructure on the Continent, fixed broadband penetration in sub-Saharan Africa still lags far behind at about 7% of the population.
There is a massive investment opportunity that still exists to address digital inclusion with the World Bank estimating that more than US$100 billion of capital is required to bring sub-Saharan Africa to acceptable levels of digital access by 2030.
Says Brandon Doyle CEO of Convergence Partners, “we are delighted to have achieved this milestone particularly given the headwinds in African PE fundraising generally, and the impact of the Covid pandemic on business activity, over the past 12 months.
“We are very pleased with the level of support from both repeat and new investors and believe this reflects our solid track record and the opportunity CPDIF presents at this crucial time in both a tech and African context.”
CPDIF is a continuation of the strategy that has been successfully implemented by Convergence Partners since inception in 2006 across its funds under management. In the past 15 years, Convergence Partners has invested in submarine cable systems, geostationary satellites, terrestrial long-haul, metro and access fibre, wireless networks, data centres, as well as service provision delivered by these networks such as enterprise connectivity, SD-WAN, fintech & healthtech solutions, data switching and more.
Andile Ngcaba, Chairman of Convergence Partners, added, “in the past 20 years, we have witnessed the exponential growth of internet penetration on the African continent. Internet penetration in sub-Saharan Africa alone has grown tenfold, compared to the threefold increase the rest of the world has seen. As Convergence Partners, we pride ourselves on contributing to this growth through our numerous communication infrastructure investments across the Continent.
“However, the COVID-19 pandemic has shown us that there is still much work to drive digital inclusion. Today, Africa is experiencing the highest growth in international internet bandwidth compared to any other region in the world.
“As we embark on this journey as CPDIF, the next twelve years will be spent continuing to build on our original vision of ubiquitous pan-African communications. As the African Continental Free Trade Area (AfCFTA) commences in the same year, we embark on the next step of our journey as Convergence Partners.
“We believe that AfCFTA will benefit immensely from the availability of digital infrastructure. Our greatest strength is our knowledge of technology, investments, and deep understanding of the African market and cultures.”
Telecom
African Women Hit Hardest as Mobile Internet Gender Gap Persists

African women remain among the most digitally excluded globally, with smartphone affordability and digital literacy among the key barriers. New data from the 2025 GSMA Mobile Gender Gap Report, launched recently, reveals a persistent global gender gap in mobile internet use across low- and middle-income countries (LMICs).
It further notes that literacy, digital skills, safety, and affordability of data also remain critical barriers. The report highlights that 885 million women across these regions still do not use mobile internet, with nearly 60% of them living in Sub-Saharan Africa and South Asia.
While mobile internet is the primary way women in LMICs access the internet, offering critical lifelines to health, education, and financial services, the pace of female adoption has stalled, leaving 235 million fewer women than men connected.
Claire Sibthorpe, head of digital inclusion at GSMA, highlighted that the gender gap had narrowed significantly between 2017 and 2020, but progress flatlined in recent years.
Although 2023 brought a slight improvement, restoring the gap to 15%, 2024 saw minimal change, with the gap settling at 14%.
The disparity is most severe in Sub-Saharan Africa, where women are 29% less likely than men to use mobile internet.
“It’s disheartening that progress in reducing the mobile internet gender gap has stalled. The digital divide is driven by deep-rooted socio-economic and cultural factors that disproportionately impact women,” said Sibthorpe.
GSMA projects that closing the gender gap by 2030 could add $1.3 trillion to GDP across LMICs and deliver $230 billion in revenue to the mobile industry.
The report, funded by the UK FCDO, Sida, and the Gates Foundation, stresses the urgent need for targeted investment and policy action to bridge the digital divide and ensure that no woman is left offline.
“The mobile internet gender gap is not going to close on its own. It is driven by deep-rooted social, economic, and cultural factors that disproportionately impact women,” said Sibthorpe.
Telecom
₦800 Billion Infrastructure Plan Set to Boost MTN’s Network Quality Nationwide

In a recent interview, MTN Nigeria reaffirmed that its ongoing infrastructure investment is a strategic step to improve network quality, speed, and nationwide coverage.
Speaking on Beyond the Headlines with Nifemi Oguntoye, Ugonwa Nwoye, Chief Customer and Experience Officer at MTN Nigeria, explained that although public concern is valid, the company undertook several internal cost-efficiency measures before making structural adjustments.
She emphasised that improved investment is critical to fast-tracking improvements across MTN’s network.
Nwoye explained that MTN undertook extensive internal reforms before embarking on structural changes needed to support this scale of investment.
The company completed its phased roll-out of the increase between February and March, ensuring that every existing data plan was below the 50% increase, and most remained below 25%.
She also noted that customers were proactively informed about all changes, particularly when certain legacy plans were retired and replaced with new ones. “We gave customers six to eight weeks’ notice,” she explained.
“This is why it has taken us some time to complete this process, where we let customers know that at a certain date, this particular tariff is not going to exist.”
Nwoye stressed that MTN had exhausted other internal measures before turning to broader structural updates. Now, with the new pricing structure in place, the company is accelerating its investment in infrastructure, spending over ₦200 billion in the first quarter of 2025 alone, a 159% increase from the same period last year. A total capital expenditure of ₦800 billion is planned for the year.
She noted that this investment is a direct outcome of long-term operational restructuring aimed at improving service quality.
She added, “We are investing over ₦800 billion this year alone in our infrastructure. This will translate into better customer experience, reduced congestion, faster internet speeds, and wider network reach.”
This investment will support the upgrade of over 1,000 cell sites and the expansion of more than 2,000 transmission links nationwide.
Nwoye stressed that these upgrades are designed to deliver faster data speeds, fewer dropped calls, and broader network reach, especially in underserved areas.
She acknowledged the public’s expectations for immediate service improvements but emphasised that large-scale infrastructure takes time to deploy.
Nonetheless, MTN expects customers to begin experiencing visible improvements in network performance by the second half of the year.
In a sector where service quality and customer satisfaction are closely watched, MTN maintains that its ongoing investments are not merely capital commitments but vital enablers of improved digital experiences across Nigeria.
Telecom
Remita’s Bold Leap: Nigeria’s Fintech Giant Expands Across Africa

Remita, the pioneering Nigerian payment technology platform developed by SystemSpecs, is charting a bold new course with its planned expansion into markets across Africa.
What began as a payroll feature in an HR application has now become a robust ecosystem processing over ₦60 trillion annually—one that stands on the verge of reshaping the continent’s fintech landscape, Mr. Deremi Atanda, Managing Director/CEO of Remita Payment Services Limited, says in an exclusive interview that will grace the cover of eGovernance Nigeria Magazine.
The forthcoming edition of eGovernance Nigeria Magazine, a publication of the Technology Times media brand owned and operated by Digital Transformation Media Limited (DTML), will spotlight this extraordinary journey, and present Remita’s evolution as an inspiring tale that informs, educates, and entertains readers about indigenous innovation making global strides.
“We’ve become an ecosystem of rails, products, and services—robust,” Atanda, Managing Director/CEO of Remita explains during the exclusive interview with eGovernance Nigeria Magazine.
“Layering all of that with the many different customers we’ve had, typically every year we process in excess of maybe ₦60 trillion in transactions in Nigerian Naira. And this can only grow, especially as we begin to think of a vibrant Pan-African expansion. We’re at the fringe of that.”
In a compelling narrative that mixes grit, vision, and innovation, Atanda recounts Remita’s early days. “What many people know today as Remita actually started out as a feature within our HR/payroll application.
“You process salaries, and you just want to pay—so just remit salaries. And by the way, that’s where the name ‘Remita’ came from: Remittance. We just took out one ‘T’ and left it at ‘A.’”
Even the company’s logo carries symbolism of that transformation. “I don’t know if you’ve seen our logo—it has three dots, in ascending size. There are many stories in that logo. It started as a feature, and then we brought it out as a product,” Atanda explains.
Yet the road was not without its bumps. “The first time we brought it out as a product was to bid for the National Pension Commission. This was in 2004, with the PenCom Act.
“We packaged this into a product in less than two weeks to take care of end-to-end pensions as it was conceived. Trust me, that vision is still viable today. But we lost that bid.”
Undeterred, SystemSpecs pivoted. “We went back and said, ‘What do we do with this asset?’ If it’s not going to work for pensions, let it become a product. And that’s how we renamed pensions.com.ng as Remita, and it became a product.”
As demand grew, Remita expanded beyond payroll. “Some people want to do their own payroll and just make payments, so let them have a site to go to. Later, it evolved into not just payroll payments. People wanted to do other types of payments. If you want to do non-salary payments, you go to Remita,” he says.
Today, Remita has fully matured into a standalone company. “So those three things—feature, product, company. That’s been the evolution.” With a Tier 1 licence from the Central Bank of Nigeria, Remita is now a fintech powerhouse. “We do switching, we do payment service provisioning, we do super agency, we do terminals—everything you can think about. We provide some basic services within the payment space, including payment service advisory.”
A lesser-known chapter of Remita’s growth includes building Nigeria’s first account-to-accountswitch. “Before TSA, we had built a rail—Nigeria’s first account-to-account switch, worked with all the banks. Not many people know that story. Account-to-account. The front of it, the application, and the rail—first of its kind.”
On the pivotal Treasury Single Account (TSA) deal with the Federal Government of Nigeria, Atanda reveals, “TSA was a happenstance. The government was looking to solve a problem, and we were looking to get regulated. It’s that term people use—when they say ‘luck,’ it’s just preparation meeting opportunity.”
Reflecting on the journey, he adds, “These have been some of those moments where you feel validated, where the visionary leadership that set the business up feels the vision is being realized.”
Today, Remita employs over 300 Nigerians and looks beyond its home shores. “The vision is huge, and we’re committed to that. So, we see exponential growth, and we’re positioning for that.”
Mr. Shina Badaru, Chairman of DTML, says Remita’s story is an inspirational example of local innovation with global relevance. “Remita’s success highlights the critical role of indigenous technology solutions in redefining Africa’s digital economy,” he says.
“As the cover story of the next issue of eGovernance Nigeria Magazine, we aim to showcase how homegrown innovation is not only solving problems locally but is also poised to transform markets across the African continent.”
According to Badaru, “Remita’s inspiring journey connects seamlessly with our article of faith to continue to showcase Nigeria’s growing contributions to the global technology industry.”
eGovernance Nigeria Magazine is a flagship DTML platform with operations across print, digital, TV, events, and e-commerce channels.
“This feature not only celebrates Remita’s evolution,” Badaru adds, “but also signals a pivotal shift in the narrative of Nigerian and African technology—from survival to scale, from local impact to continental transformation.”
As Remita sets its sights on Africa, it is poised to bring financial inclusion, digital infrastructure, and innovative fintech solutions to new and underserved markets. With a strong foundation and visionary leadership, the company is ready to deliver the next phase of its remarkable journey.
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