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

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.
Telecom
Airtel Nigeria Launches Web Data Calculator to Give Customers Greater Visibility into Data Usage

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

The launch comes amid a broader industry effort to improve transparency around data consumption and strengthen customer confidence in mobile broadband services.
It also aligns with ongoing collaboration between telecommunications operators and the Nigerian Communications Commission (NCC) to address customer concerns about data depletion and improve quality of service across the sector.
Recent industry initiatives have included customer education campaigns, daily usage notifications, billing audits, customer engagement forums, and the development of new tools that provide greater visibility into how data is consumed.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing. By translating online behaviour into understandable data estimates, the tool empowers customers to make more informed decisions about their data plans and digital habits.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed. The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Oye added that customer concerns around data depletion have remained a recurring topic across the telecommunications industry, making transparency a critical component of customer experience.
“We believe that trust grows when customers have access to clear information. This tool is another step in our ongoing efforts to simplify the customer experience, provide greater clarity around data consumption, and support informed decision-making,” he said.
The launch follows a period of intensified engagement between telecom operators, regulators and consumers on data usage awareness. The NCC has consistently emphasized that many instances of perceived rapid data depletion are linked to factors such as high-definition video streaming, automatic application updates, cloud synchronization, background app activity and evolving smartphone capabilities. The regulator has encouraged operators to improve customer education and develop tools that help subscribers better understand their consumption patterns.
Industry data underscores the importance of such initiatives. Nigeria recorded more than 13 million terabytes of internet consumption in 2025, reflecting the country’s accelerating digital transformation and growing dependence on mobile broadband services.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.”
He noted that Airtel continues to invest heavily in network modernization, customer experience initiatives and digital tools that improve service quality while making telecommunications services easier to understand and use.
“We welcome the industry’s collective focus on transparency and commend the NCC’s continued collaboration with operators to strengthen consumer confidence. As data becomes increasingly central to everyday life, Airtel will continue to develop solutions that make connectivity more accessible, transparent and rewarding for every customer.”
The launch also builds on Airtel Nigeria’s recent customer engagement initiatives, including forums dedicated to helping subscribers better understand data usage, value optimization and service quality. These engagements have brought together customers, regulators and Airtel executives to foster greater awareness and dialogue around digital consumption.
The Airtel Web Data Calculator is now available to customers nationwide and can be accessed via Airtel Nigeria’s website.
Telecom
NCC Board Reviews Telecom Sector, Notes Progress in Network Expansion, Consumer Compensation

The Board of the Nigerian Communications Commission (NCC) has commended telecommunications operators for ongoing investments aimed at improving network coverage, capacity and quality of service across the country.

NCC
This was contained in a communiqué issued at the end of the Commission’s 109th Board Meeting held on May 25 in Abuja.
According to the communiqué, Mobile Network Operators (MNOs) have planned the deployment of more than 12,000 additional coverage and capacity sites nationwide, with over 5,000 already completed, representing more than 40 per cent of the target.
The Board also noted that fibre connectivity had been extended to more than 700 sites to improve network resilience, backhaul capacity and service reliability.
It added that co-location and infrastructure sharing licensees had upgraded equipment across more than 2,000 Base Transceiver Stations (BTS) to support network expansion and compliance with quality-of-service obligations.
The Board reviewed the implementation of the Commission’s directive requiring operators to compensate subscribers affected by poor service quality in areas where prescribed standards were not met.
It noted that full compliance by operators had resulted in compensation being offered to more than 75 million affected subscribers.
The Board said efforts were ongoing to independently verify operators’ claims and ensure that all eligible subscribers received the compensation due to them.
However, it expressed concern that tower infrastructure providers had only partially complied with directives requiring the reinvestment of regulatory fines into infrastructure upgrades through escrow accounts.
On broadband development, the Board noted rising data consumption across the country but observed that growth remained constrained by infrastructure limitations, reliance on mobile internet and duplication of assets.
It welcomed the growth in Fibre-to-the-Home (FTTH) subscriptions, which rose from 84,141 in the fourth quarter of 2025 to 210,065 connections as of the first quarter of 2026.
According to the Board, expanding fixed broadband infrastructure will help reduce pressure on mobile networks, improve service quality and provide consumers with more connectivity options.
The Board also noted that the Commission was reviewing the telecommunications market structure to reflect current realities in both the wholesale and retail segments of the industry.
It reaffirmed that broader access to wholesale backbone fibre and expanded metropolitan fibre networks would help lower connectivity costs, improve network resilience and support the Federal Government’s digital transformation agenda.
The Board further identified infrastructure vandalism as a major challenge affecting industry growth despite ongoing efforts by security agencies to protect telecommunications facilities designated as Critical National Information Infrastructure (CNII).
It called for greater collaboration among stakeholders and disclosed that the Commission was exploring the feasibility of establishing a Communications Industry Security Trust Fund to strengthen infrastructure protection.
The Board also reviewed ongoing engagements with industry players on the development of a framework for zero-rating educational platforms and content to promote digital inclusion and improve educational outcomes.
In addition, the Board approved the appointment of Princess Oforitsenere Emiko, a Non-Executive Commissioner of the NCC, as Interim Chairman of the Governing Board of the Digital Bridge Institute (DBI).
It also approved the appointments of Engr. Abraham Oshadami, Executive Commissioner, Technical Services, and Ms. Rimini Makama, Executive Commissioner, Stakeholder Management, as interim members of the DBI Governing Board.
The Board reiterated the Commission’s commitment to fostering a sustainable and inclusive communications sector through improved quality of service, network resilience, consumer protection, transparency, fair competition and market discipline.
Telecom
FG’s $10m Hello.cv Deal Sparks Outrage as Experts Question Snub of .ng Domain

Stakeholders in Nigeria’s Information and Communications Technology (ICT) sector have expressed concerns over the inclusion of a foreign country code top-level domain (ccTLD) in a recent partnership under the Federal Government’s 3 Million Technical Talent (3MTT) programme.

The concerns followed the announcement by the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) of a 10 million-dollar partnership with Hello.cv, a platform associated with Cape Verde’s “.cv” country code domain.
Under the agreement, 20,000 beneficiaries of the 3MTT programme will receive access to Hello.cv’s profile package, which includes a personal .cv domain, an artificial intelligence-powered job search agent and professional CV writing services.
Some industry stakeholders argue that the arrangement appears inconsistent with the Federal Government’s “Nigeria First Policy”, which encourages Ministries, Departments and Agencies (MDAs) to prioritise local products and services.
The policy, approved by the Federal Executive Council in May 2025, seeks to reduce dependence on foreign goods and services, strengthen domestic industries and create jobs.
Speaking on the development, Chief Executive Officer of DNS Africa Media and Communications, Dr. Adebunmi Akinbo, said the use of a foreign domain for Nigerian trainees raised questions about data protection and digital sovereignty.
According to him, the country’s indigenous domain, .ng, managed by the Nigeria Internet Registration Association, is capable of accommodating the beneficiaries and should have been prioritised.
“If branding is important to the company, there are alternatives such as integrating the service within the .ng ecosystem. The focus should remain on promoting Nigeria’s digital identity and protecting citizens’ data,” he said.
Akinbo also expressed concerns about the storage and management of data generated through the platform, noting that government agencies should ensure that local digital assets remain at the forefront of national digital development efforts.
Also commenting, Emmanuel Amos, Chief Executive Officer of Programos and Innovationbed-AI Academy, said government institutions needed to demonstrate consistency in implementing policies designed to strengthen local technology ecosystems.
According to him, Nigeria must develop the institutional commitment required to support indigenous technology solutions and maximise value from local innovation.
The stakeholders noted that while the training partnership itself was commendable, the inclusion of a foreign domain component had generated questions about compliance with the spirit of the Nigeria First Policy.
Ugonma Egwuatu, an ICT and data protection expert at ECAM Global Services, called for greater clarity regarding data governance arrangements under the partnership.
She said agencies responsible for data protection should be satisfied that adequate safeguards were in place for the personal information of programme beneficiaries.
“We are dealing with the data of about 20,000 individuals. There should be clear explanations regarding how the data will be managed, protected and utilised,” she said.
Egwuatu added that transparency regarding data handling processes and any third-party arrangements would help address concerns among stakeholders.
The partnership is part of ongoing efforts by the ministry to equip young Nigerians with digital skills and improve their access to employment opportunities in the global technology ecosystem.
As of the time of filing this report, the ministry had not publicly responded to the concerns raised by stakeholders regarding the domain component of the partnership.
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