Telecom
Kwara Raises $3M for Seed Expansion and Signs Deal to Reach Over 4,000 Credit Unions
Kwara, a Kenyan fintech digitizing credit unions (Saccos), has more than doubled its customer base over the past year and plans for huge growth in the coming years after raising a $3 million seed expansion and an exclusive Digital Solutions Distribution Agreement signed with the Kenya Union of Savings & Credit Cooperatives (Kuscco), the national umbrella organization that represents Saccos.
Techcrunch in its report noted that, following the Kuscco partnership, Kwara will have connections to a pool of over 4,000 Saccos for its Banking-as-a-Service product. As part of the exclusive deal, Kwara will also acquire Kuscco’s subsidiary IRNET, a software company and provider for Saccos, for an undisclosed amount.
According to Kwara, the Kuscco deal comes at the right time in his plan to double-down on Kenya, especially as it comes right after the $3 million seed round extension. Joining the round were existing investors DOB Equity, Globivest and Willard Ahdritz, founder of Kobalt Music. New supporters One Day Yes, Base Capital, and fintech executives including Mikko Salovaara, Revolut’s CFO, also joined the round. The new funding brings the total seed fund raised by the startup to $7 million after first round investments from Breega, SoftBank Vision Fund Emerge, Finca Ventures, New General Market Partners and other VCs.
“We believe we have barely scratched the surface of the Kenyan market. And so we’re really going to invest in products and services that deepen our relationship here,” Cynthia Wandia, co-founder and CEO of Kwara, told TechCrunch.
“The reason (of the deal) is clear, firstly it is an opportunity to generate leads and sell our core product so quickly and deepen our competitive advantage. We are entering into an exclusive partnership, which also means that no other technology company can market with Kuscco. They’re counting on us, but we’ve been able to prove we can do it as we continue to grow,” said Wandia, who co-founded the fintech in 2019 with David Hwan.
Kwara, which also has a presence in South Africa and the Philippines, has grown its customer base to 120 from 50 at the end of 2021 and has maintained 100% customer retention – a testament to the value it brings to its customers. The automated onboarding process, according to the startup, has ensured customer success and growth.
Kwara’s product upgrades credit unions’ back-office operations, helping them move away from tedious paper-based processes and physical branches, and opening up new avenues for them to recruit new members and create novel products.
The company also has a next-gen neobank app that gives members of partner credit unions access to additional services like instant loans and third-party services like insurance. The neobank app’s user base, which also allows users to deposit funds directly into their Sacco accounts and track their finances and payments, has grown 35-fold since it launched last year.
The fintech plans to add more features for the Saccos and additional products for the members.
“We continue to deliver more or less enterprise-grade features for the big saccos that are well capitalized, the ones that are the same size and level as some of the banks. There are specific features that they need and specific capabilities that they need to take care of, so we will continue to invest in those. And then invest in the neo-banking experience by adding more features that help members create a personalized view of their own goals and really work towards achieving them. Third-party partnerships that add value to those end customers,” Wandia said.
“We believe that every time a sacco member leaves their sacco to obtain another service simply because the sacco does not provide it, is a missed opportunity for that member to actually benefit from the returns from that product . Any revenue generated from these products actually goes back to members as dividends,” she added.
Credit unions are formed by people with a common interest or members of an industry, such as farmers or teachers, who buy shares in the institution, save money, and borrow. They are particularly popular in developing regions because of their low-interest loans and the ease of borrowing compared to conventional banks.
MTN Nigeria, in collaboration with ONErpm and Ultima Studios, has announced Ayodeji Benson, popularly known as Ayo Benzi, as the winner of the maiden edition of the Next Afrobeats Star reality show.
L-R: Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ayodeji Benson, Winner, Next Afrobeats Star Reality Show (Season 1) and Emamoke Ogoro, General Manager, Brand and Communication, MTN Nigeria, at the grand finale of the Next Afrobeats Star Reality Show (Season 1), held at the Ultima Studios, Lekki, Lagos on Saturday, December 13, 2025.
The grand finale, held on Sunday night at Ultima Studios in Lekki, Lagos, marked the climax of a nationwide talent search that began in September with over 15,000 aspiring musicians.
After weeks of auditions, mentorship, and rigorous training, five finalists – Ayo Benzi, Dave Cash, Kaeko, Somto O’Laker, and Lucky Yay – battled for the top prize in a high-energy showcase of performance and artistry.
At the end of the electrifying contest, Ayo Benzi emerged victorious, securing a ₦150 million music deal. Dave Cash was named first runner-up with ₦100 million, while Kaeko, Somto O’Laker, and Lucky Yay received ₦75 million, ₦50 million, and ₦25 million respectively.
Throughout the season, contestants were mentored by leading Afrobeats producers Sarz, Puffy Tee, P Prime, and Andre Vibez. Benzi, who was part of Puffy Tee’s team, credited the mentorship programme for sharpening his craft and stage presence.
Speaking at the event, Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria, said the initiative reflects the company’s commitment to youth empowerment and cultural expression.
“The Next Afrobeats Star platform is about creating real opportunities for young Nigerians and giving their talent the structure, visibility, and support it deserves.
“Afrobeats continues to place Nigeria on the global cultural map, and MTN is proud to be enabling the next generation of artists who will take this sound even further,” she said.
She added that the finale was not just a competition but a celebration of growth and readiness for the global stage.
In his acceptance speech, Ayo Benzi described the victory as a defining moment in his career.
“A big thank you to MTN. From the audition days, the treatment MTN has given us has been amazing. God bless the brand,” he said.
The finale also featured guest performances by Afrobeats stars Iyanya and Bella Shmurda, adding glamour to the night and reinforcing the show’s connection to the wider music ecosystem.
With the successful conclusion of the season, MTN Nigeria and its partners reaffirmed their role in championing youth ambition, supporting creative industries, and shaping the future of Nigerian music through platforms that turn potential into opportunity.
T2, formerly known as 9mobile, is under investigation by the Nigerian Communications Commission (NCC) in Benue State for an undisclosed incident disrupting USSD, SMS, voice, and data services across nine local government areas.
T2
The affected areas include Ado, Agatu, Gwer East, Gwer West, Konshisha, Obi, Ohimini, Okpokwu, and Otukpo, as detailed in an advisory on the NCC Major Outages Portal, which tracks significant disruptions reported by Mobile Network Operators (MNOs) and Internet Service Providers (ISPs).
Neither T2 nor its public relations firm, Chain Reactions, has responded to inquiries on the outage’s cause or restoration efforts as of this report.
The NCC’s continued reference to the operator as 9mobile, months after its public rebranding to T2 in August 2025, has sparked questions about whether the name change was formally notified to the regulator.
This probe aligns with NCC mandates requiring operators to disclose major outages, their impacts, and timelines for fixes, with compensation obligatory for disruptions exceeding 24 hours under the Consumer Code of Practice Regulations.
Industry watchers note that such incidents, often linked to fibre cuts, power failures, or infrastructure faults, underscore ongoing challenges in Nigeria’s telecoms sector, particularly amid T2’s subscriber losses post-rebrand. NCC vows transparency via its portal to hold operators accountable and protect consumers.
Telecom
NCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation
Nigerian Communications Commission (NCC) has unveiled two pivotal regulatory draft documents aimed at reshaping Nigeria’s communications sector over the next five years and fast-tracking deployment of ultra-high-speed wireless technologies.
NCC
In a public notice dated December 19, 2025, and issued pursuant to its mandate under the Nigerian Communications Act (NCA) 2003, the Commission published the Draft 5-Year Spectrum Roadmap for the Communications Sector (2025–2030) and Draft Guidelines for the Use of the 60 GHz License-Exempt Band for Multi-Gigabit Wireless Systems.
Both documents are accessible on the NCC website for stakeholder review, with the roadmap outlining strategic spectrum planning, allocation, and management to optimise utilisation, support emerging technologies like 5G and IoT, expand broadband access, and align with global best practices.
The Spectrum Roadmap emphasises four core pillars: bridging the digital divide through low-band spectrum and satellite services, attracting investments via flexible licensing models, enhancing service quality with mid-band optimisation, and fostering innovation in areas such as direct-to-device connectivity and secondary spectrum trading.
It sets ambitious targets including universal 4G coverage nationwide, 50 per cent 5G penetration in state capitals, and average broadband speeds of 100 Mbps by 2030, while addressing rising data demand through band refarming and efficient management.
Complementing this, the 60 GHz Guidelines establish a license-exempt framework for the 57–66 GHz band, enabling multi-gigabit speeds up to 10 Gbps for short-range applications like WiGig, fixed wireless access, enterprise connectivity, urban broadband, and backhaul solutions.
The rules mandate NCC type approval for equipment, site registration for outdoor use, and interference mitigation measures, while prohibiting wide-area networks to safeguard primary users.
In line with Section 58 of the NCA 2003, NCC invites comments from industry operators, equipment manufacturers, consumer groups, and the public, with submissions due by Friday, January 16, 2025, via email to [email protected], [email protected], and [email protected].
The notice, signed by Mrs Nnenna Ukoha, Head of Public Affairs, stresses that stakeholder inputs will refine the frameworks to drive innovation, investment, competition, and sustainable growth in Nigeria’s telecoms ecosystem.
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