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Monieworx Enables 3 SMEs Raise N100M in 10 days through Regulation Crowdfunding, Nigeria’s First

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Alternative Finance Limited (Obelix), Nigeria’s SEC-regulated Crowdfunding Intermediary, on Wednesday announced that it has fundraised N100 million from 9,324 registered small-ticket retail investors for 3 promising small and medium enterprises in just 10 days, thus successfully pioneering an alternative way of raising badly-needed cash for SMEs operating in Nigeria.

The investors were wholly from its waitlist of 42,545 early adopters. The average investment in the Private Notes was N10,725 with the smallest and biggest tickets being N1,200 and N20,000 respectively. The longest duration of the new asset class for individual investors is 90 days, with a fixed rate of 12% p.a.

Formal SMEs number 40 million in Nigeria, contribute 84% of total employment, 45% of GDP but just 8% of exports and tax collections by the Federal Inland Revenue Service (FIRS) according to a recent joint report by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS).

A total of 15 eligible applications to raise funds were considered by the company’s Screening Committee but only 3 of the SMEs were accepted by Obelix to utilise monieworx®, its registered Funding Portal, to embark on their crowdfunding campaigns. All the fundraisers have a good corporate governance record and are SMEDAN-registered. The 3 most promising small and medium enterprises that have their securities offerings hosted are, namely: Imose Technologies Limited, Alatiron Nigeria Limited and Q21 Solutions Limited.

According to a Formal MSME Finance Gap in Developing Countries report by the World Bank, the unmet financing needs of Nigeria’s formal SMEs is estimated at US$22 billion yearly. For context, total banking loans was US$66 billion as of December 31, 2022, giving SME loans an 8% share of the loan book.

The risk in this sub-sector is priced in the range of 28% to 35% p.a. Gaining access to finance is by far the biggest constraint to SME growth. Over 70% of the 40 million SMEs cited a lack of finance and access to financing as the main constraint to their business growth. Access to advisory services and access to markets weighed in at a distant second and third.

According to the Credit Bureau Association of Nigeria (CBAN), only four percent of the 40 million SMEs have access to credit from Nigerian banks. 80% of new SMEs in Nigeria thus die before their fifth year.

Obelix was able to onboard 42,545 users on monieworx®, over a 12-month period, through a combination of extensive community engagements to build a suitable “banking replacement”, and the first-of-its-kind early access programme (EAP) that nudges users to join a community or a group.

A surprising insight from its target audience poll of 100,000 people is that they are willing to invest in the absence of outsized financial returns. Specifically, when asked what they value most, regulated products (15%), small ticket sizes (13%), money-on-demand without a withdrawal penalty (12%), short-term securities (11%), weekly coupon payment (10%), Web3-first approach (10%) and Community Subscription Offer Plans (9%) had a combined response rate of 80%. Outsized returns (8%) ranked a distant eighth. On aggregate, individual investors are most interested in near-term liquidity (stacked up to 43% of the response rates).

According to McKinsey’s Global Private Markets Annual Review 2022, “private debt is an asset class for all seasons as evidenced by continued fundraising growth, making it the only private asset class to grow fundraising every year since 2011, including through the pandemic”.

“monieworx® has broadened participation in a very significant way”, said Lanre Showunmi, Director and Co-founder of Obelix. “Debt is the safety part in a portfolio, and we are on course to become the dominant portal through which small-ticket investors enter the debt capital market in keeping with our commitment to make investing fair, accessible, and inclusive”, he stated.

“SME financing is at an inflection point. We have been presented with a once-in-a-lifetime opportunity to win customer primacy and we intend to seize it with both hands”. Thus, Ali Yakubu-Concern, the Managing Director and CEO said, “owning alternative investments will become increasingly valuable”.

“It is said that regulation is how you cap risk”, said Titus Akintola, the Chief Compliance Officer. “This forms the building block in our plan to build a global layer of services for small and medium enterprises”, he continued. We aspire to adopt a safety-first approach in delivering on our “Better – Faster – Cheaper” service charter.

“This is a critical first step in our aspiration to build technology that can create a single Capital Market”, said Salvation Arinze, the Chief Technology Officer. “We are an innovative provider of online retail and SME financial and lifestyle services”.

“There is 100% custody of funds and investment contracts through an arrangement with First Bank, Nigeria’s oldest bank that is registered with Nigeria’s SEC to be a Custodian Bank”, said Abubakar Maibe, Director at Alatiron Nigeria. “This reinforces our confidence and lessens the administrative burden imposed on fundraisers by the Investment Crowdfunding Rules, 2021”.

“Debt crowdfunding presents us with a unique opportunity to access growth capital during this acute funding crunch leveraging alternate financing options that are non-dilutive and founder-friendly by design, on the one part and provides an incentive for the communities in which we operate to get involved through co-creation of value, on the other part”, said Osaretin Sule, the Chief Operating Officer at Imose Technologies Limited. “This way, the local economies become more resilient”.

“We went to Obelix first over our traditional banks”, said Eunice Adeyemi, the Creative Director at Q21 Solutions, “and this was a no-brainer because monieworx® hosted our debt-based securities with more favorable terms, lower interest rates, quicker approval times, and a simpler application process”.

Obelix is widely recognized as the poster child of regulation crowdfunding (Reg CF) and the SME-focused financier of first choice in Nigeria. Crowdfunding is proving itself as a financial solution that speaks to the largest numbers through its simplicity, its transparency, and the service it provides to the local economy and to projects that are meaningful for retail investors.


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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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Onafriq, PAPSS Launch Wallet-Based Payments Pilot from Nigeria to Ghana

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Onafriq Nigeria Payments Ltd, a CBN licenced payment service provider, partners with The Pan-African Payment and Settlement System (PAPSS) to pilot the continent’s first wallet-based outbound payments from Nigeria to Ghana – fully in Naira and instant, without relying on hard currency conversion, in partnership with Banks and Mobile Money Operators.

Onafriq, PAPSS Launch Wallet-Based Payments Pilot from Nigeria to Ghana

The pilot service, approved by the Central Bank of Nigeria (CBN), enables cross-border intra-Africa payments for individuals, merchants, and traders.

In particular, the service will benefit SMEs, the real engine of intra-African trade; all now have access to a faster, cheaper way to reach customers and suppliers across the border.

By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From the 1st of December, this service will be fully operational for a 6-month period.

Through the partnership with PAPSS, Onafriq is supporting the operationalization of the AfCFTA (Africa Continental Free Trade Area) mandate.

The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.

Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation.

The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.

Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.

This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.

Mxolisi Msutwana, Managing Director Anglophone West Africa said, “Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems.

“This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one.”

Ositadimma Ugwu, Chief Information Officer, PAPSS, added “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message.

“Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”

This new Nigeria-to-Ghana outbound capability builds on the successful Ghana-to-Nigeria instant payments corridor launched earlier this year – further proof that Africa’s payments future is local, instant, and inclusive.


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MTN Powers 6,000 Young SMEs with Digital Skills in Economic Backbone Boost

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MTN Foundation has kicked off the year with its five-week Digital Skills Training programme, upskilling 6,000 young Nigerians. The programme, which is in its fifth week commenced in January 2026.

MTN Powers 6,000 Young SMEs with Digital Skills in Economic Backbone Boost

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The seventh phase of the project is focused on supporting Nigeria’s microbusiness to embrace digital transformation, at a time when SMEs remain the backbone of the Nigerian economy.

According to the National Bureau of Statistics (NBS), SMEs account for over 90 per cent of businesses in Nigeria and employ a significant portion of the country’s workforce, underscoring the importance of initiatives that strengthen their productivity and sustainability.

Following a one-month call for applications in September 2025, which saw almost 64,000 entries from Nigerians between the ages of 18 and 35, the 6,000 selected microbusiness owners have embarked on a five-week training that will end in February 2026.

The virtual training programme began with a general onboarding session that brought together participants across four business tracks and set the foundation for a four-week programme focused on practical digital strategies for business growth.

Microbusiness owners from sectors including circular economy, agriculture, food services, fashion, retail, logistics, beauty, and printing attended the training.

At the heart of the training is the principle that digital transformation has the capacity to enable small businesses scale and become more efficient. Participants were encouraged to start small, digitise repetitive tasks, and scale gradually using the Kaizen approach of continuous improvement.

This mindset allows them to see technology as a practical enabler of growth rather than a barrier. As the training progressed, the participants also learned about telesales and cybersecurity.

Speaking on the importance of the initiative, Odunayo Sanya, Executive Director of the MTN Foundation, said the programme is designed to equip young microbusiness owners with skills that directly address real business challenges.

“Small businesses are the backbone of our economy, and enabling young people adopt simple digital tools can make a real difference in productivity, sustainability, and long-term growth,” she said.

She also mentioned that the top-performing 600 participants will receive equipment grants of N600,000 each at the end of the programme.

Participants will continue to access learning materials and session recordings for the 5-week course, ensuring that digital adoption extends beyond the classroom. By combining practical guidance, relatable case studies, and continued support, the programme reinforces the message that digital growth for SMEs is achievable leveraging on technology.


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Airtel Nigeria Commits to Boosting Nigeria’s Digital Infrastructure

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Airtel Nigeria has reaffirmed its long-term commitment to strengthening Nigeria’s digital infrastructure and data access to bridge gaps in connectivity and unlock new opportunities in the country.

The company restated this commitment during a recent high-level inspection tour of the Nxtra Data Centre that is being developed through Nxtra by Airtel Africa at Eko Atlantic, Lagos, the highly rated smart city with ambition to become the Data Centre hub of Nigeria.

The inspection tour was led by the Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh and the Chief Executive Officer of Nxtra by Airtel Africa, Yashnath Issur, with the esteemed chairman of Eko Atlantic Mr. Gabbi Massoud, the CEO of the lead Engineering firm Design Group Limited, Mr. Bayo Odunlami and tech journalists.

The Nxtra Data Centre went through a stringent design validation process and cleared the approval to proceed construction from Eko Atlantic.

Commenting on the developments, Mr Issur said the site visit was a milestone marker and an indication of the company’s commitment to delivering the world-class digital facility on time and ensure that, ultimately, the investments deliver reliable, secure, world-class services for Nigeria and the rest of the continent.

“This Nxtra Data Centre in Lagos represents a critical part of our long-term vision for Nigeria’s digital ecosystem. Today’s visit allows us to review progress, engage our stakeholders, and ensure that our infrastructure investments continue to meet global standards and local needs.

“This data centre will deliver critical high multi megawatt capacity in line with hyperscale customers and enable high density environment. We are putting the infra to bring the cloud to Nigeria,” he said.

The data centre, set to be the largest in Nigeria, is being established to deliver hyperscale and edge facilities across key African markets. With a load of 38 Megawatts, the Lagos facility is expected to serve as a major hub for data hosting, cloud services, content distribution, artificial intelligence, and enterprise solutions in West Africa.

In his remarks, Mr Balsingh reiterated that the data centre was progressing steadily towards the previously announced 2028 go live date.

“Since the announcement of this project, our focus has been on building a world-class facility that supports Africa’s digital transformation agenda. We are encouraged by the progress recorded so far and remain committed to delivering a secure, energy-efficient, and future-ready data centre for Nigeria,” he said.

During the tour, stakeholders were ushered through key sections of the site, including piling zones, where required structural requirements have been tested. Technical teams provided briefings on infrastructure design, security architecture, redundancy systems, and sustainability measures being implemented to ensure reliability and operational excellence.

Strategically located close to major fibre routes and undersea cable landing stations, the Eko Atlantic data centre is designed to enhance Nigeria’s data sovereignty, reduce latency, and improve access to reliable digital services for private and enterprise customers, significantly boosting the country’s data hosting capacity and supporting emerging technologies such as artificial intelligence and cloud computing.

Mr. Massoud noted that the inspection tour underscored the city’s dedication to infrastructure of global relevance.

“Eko Atlantic as a city with high quality infrastructure will contribute positively to boost the economy of Nigeria and is a perfect place for the development of the digital infrastructure of Nigeria. The Nxtra data centre reflects the calibre of projects we seek to attract — long-term, technology-driven investments built to the highest global standards.

Today’s visit affirms the rigour of the planning and execution process by Nxtra, and the commitment of Eko Atlantic to facilitate and promote the Nigeria’s evolving digital ecosystem,” he said.

Through this ongoing investment, Airtel Nigeria and Nxtra continue to demonstrate their commitment to building infrastructure that enables innovation, supports economic development, and accelerates Nigeria’s digital transformation.

Nxtra by Airtel is developing a network of hyperscale data centres across the continent. Besides Lagos, construction of a new data centre has also commenced in Nairobi, Kenya and the Democratic Republic of Congo.


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