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Nigeria Startups Raise $2.5Bn in Funding in 5 Years

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Startups in Nigeria have raised about $2.5 billion in the last five years, representing aggregate funding, which startups received between 2017 and last year.

Nigeria Startups Raise $2.5Bn in Funding in 5 Years

For instance last year, startups operating across several sectors raised $1.37 billion, according to various data explored by The Nation.

This was out of about $4 billion funding that startups in Africa received.

One of the biggest success stories was Chipper Cash, which raised a total of $250 million. On the whole, Nigeria boasts of over 200 deals for the year.

According to analysts, financial technology services contributed 73.5 percent as Nigerian startups raised $1.09 billion. In 2020, Nigerian startups raise $117,481,508.

The key companies, which benefited from funding included Flutterwave,54 Gene, Helium health,Kuda bank,TradeDepot,Field Intelligence, Medsaf, Autochek and Rensource.

In 2019, Nigerian tech startups got $663.24 million out of the  $1.34 billion raised in funding in Africa, according to the Decoding Venture Investments. Foremost among them were Interswitch, OPay, Andela and Palmpay, which accounted for most of the top venture deals on the continent.

In 2018, startups raised $ $178.3 million. That year,   Google gave out $2million in grants to 12 Nigerian companies in the inaugural African edition of the Google Impact Challenge.

In 2017, out of the $560 million technology startup investments that entered Africa, Nigeria earned $114.6 million. The country ranked third after South Africa and Kenya, which got $167.9 million and $147 million. The three countries accounted for 76 per cent of the total funding that came into the region last year.

According to Global System for Mobile Communications (GSMA), investment in the tech startup ecosystem has been growing. So far, Kenya, Nigeria and South Africa remained the most popular investment destinations.

According to Disrupt Africa, the amount of funding raised on the continent has been on the rise since 2017.

In 2017, startups in Africa raised $195.06million; $334.52million in 2018; $491.62million in 2019; and $701.46million in 2020.

This year there is an indication more funding is coming for startups across the country. Multi-merchant rewards platform ThankUCash has raised US$5.3 million in seed funding as it plans expansion into new markets and further product launches.Co-founded in 2018 by Simeon Ononobi, Suraj Supekar, Madonna Ononobi and Harshal Gandole, ThankUCash offers cashback on purchases and deals from thousands of merchants, which in turn helps merchants retain customer loyalty, increase revenues, and grow.

The company operates in Lagos, Abuja and Port Harcourt, and plans to use the funds to scale operations to other cities across the country, and expand to Ghana and Kenya. It will also introduce two new products, a remittances service and a “buy now, pay later” (BNPL) infrastructure.

Also, credit management fintech startup, BFREE has raised a $1.7 million pre-Series A funding round and strengthened its management team ahead of global expansion.

Founded in August 2020 by Chukwudi Enyi, Moses Nmor and Julian Flosbach, BFREE offers ethical digital-first credit collection solutions for financial institutions in emerging markets.  The  startup  manages collection processes for more than 30 digital lenders, microfinance banks, and commercial banks in Nigeria and Kenya.

This week, Silicon Valley-based accelerator, Y Combinator which played a role in companies  such as Flutterwave, Paystack, Kobo360, Cowrywise, Kudi,  among others said it  has increased its standard deal size to US$500,000.Until now, YC invested US$125,000 for seven per cent equity.


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E-Business

Nigeria @ Risks Losing Digital Control- NiRA

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Nigeria is at risks losing digital control of its cyberspace following the alarming surge in cyberattacks in the country.

Nigeria @ Risks Losing Digital Control- NiRA

The surge show a dangerous shift from opportunistic cybercrime, facing approximately 4,710 threats weekly and ranking as a top target for cybercriminals in Africa.

Nigeria Internet Registration Association (NiRA) recently warned that the trend weakens the country’s control over its digital identity and limits economic gains from its expanding online ecosystem.

Speaking at the .ng Media Advocacy and Capacity Building Initiative for the Nigerian Information Technology Reporters Association (NITRA), organised by NiRA in Lagos, Adesola Akinsanya, president, NiRA, questioned who truly owns Nigeria’s digital presence, stressing that the answer lies in deliberate choices regarding domain name adoption and the narratives shaping the country’s digital ecosystem.

He likened the widespread adoption of foreign domains to building assets on land owned by others, where control, legal authority, and economic benefits ultimately reside outside the country.

According to him, many Nigerian businesses operating on domains such as .com are effectively anchoring their digital operations on infrastructure beyond national control.

Industry stakeholders at the event noted that while Nigeria’s digital economy continues to expand driven by increasing internet penetration and a vibrant tech ecosystem a significant portion of the value generated is lost through payments tied to foreign domain registration and hosting services.

Seyi Onasanya, chief operating officer, NiRA,  described domain names as “digital real estate,” emphasizing their role as a foundational layer of the modern economy.

She stated that countries that prioritise local domain systems are better positioned to retain value, strengthen trust, and enhance digital competitiveness.

Onasanya added that although country-code domains account for nearly 40 percent of global domain registrations, Nigeria still records relatively low adoption of its .ng domain despite its large population and millions of small and medium enterprises.

Experts at the forum warned that dependence on foreign domains contributes to capital flight, weakens national branding, and exposes businesses to external regulatory risks.

They stressed that every domain name represents a potential economic asset linked to transactions, jobs, and overall GDP growth.

Beyond economic implications, speakers highlighted trust and security as critical issues.

Ridwan Badmus, legal and cybersecurity expert, noted that Nigeria’s regulatory framework is evolving to support a more secure digital environment, including policies encouraging government institutions to adopt local domains and hosting services.

He explained that the .ng domain benefits from enhanced security features such as DNS Security Extensions (DNSSEC) and improved monitoring systems, which strengthen resilience against cyber threats.

 


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CIBN Allegedly Hit by 250GB Data Breach

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Chartered Institute of Bankers of Nigeria (CIBN), the country’s apex professional body for bankers, is reportedly at the centre of a major cybersecurity incident following claims that its internal database estimated at about 250GB has been compromised and leaked online by an unidentified threat actor, according to the Guardian.

CIBN Allegedly Hit by 250GB Data Breach

The alleged breach, which surfaced recently on underground cybercrime forums, is said to involve a wide range of sensitive institutional and personal data belonging to members of the banking profession.

According to preliminary assessments of sample files circulating online, the exposed information reportedly includes full names, email addresses, phone numbers, residential and business addresses, membership records, scanned identification documents, certificates, and even internal source codes linked to digital systems.

While the authenticity of the full dataset has not been independently verified, cybersecurity observers note that the scale of the alleged leak is consistent with a growing pattern of attacks targeting financial institutions and professional bodies across Nigeria’s banking ecosystem.

Chartered Institute of Bankers of Nigeria, established in the early 1960s and chartered to regulate banking professionalism in the country, plays a central role in setting ethical and educational standards for bankers nationwide.

It counts major financial institutions, including the Central Bank of Nigeria and commercial banks, among its corporate members.

In recent years, the institute has itself acknowledged rising cyber risks affecting the financial sector, warning that banks and related institutions face increasing exposure to digital attacks, including website hijacking, ransomware threats, and data breaches targeting sensitive financial information.

This latest allegation adds to a series of reported cyber incidents involving Nigerian financial institutions, where attackers have increasingly focused on exploiting personal data for identity theft and phishing schemes.

Cybersecurity analysts say Nigeria has witnessed a broader surge in data breaches across banking, telecoms, and government systems, with millions of records reportedly circulating on the dark web in recent years.

The alleged CIBN breach, if confirmed, would further highlight vulnerabilities in institutional data protection frameworks and the growing sophistication of cybercriminal operations targeting financial ecosystems.

However, CIBN has not issued an official confirmation or denial regarding the alleged breach.

But, the need for immediate forensic investigation, member notification protocols, and a comprehensive audit of the institute’s digital infrastructure cannot be overlooked.

Authorities and data protection regulators are also expected to assess the claims as part of broader efforts to curb escalating cyber threats within Nigeria’s financial services sector.


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Kaspersky MDR Introduces Major Updates, Strengthening Detection and Investigation Capabilities

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Kaspersky Managed Detection and Response now offers enhanced automation and incident management features, introduces a new offering for industrial and embedded systems, and delivers an improved customer experience. These advancements bolster security and enable a faster, more efficient response to threats.

Kaspersky MDR is adopted by organisations across a vast range of industries worldwide. In 2025, the solution detected up to three high-severity incidents driven by human activity daily, reducing response time by approximately 22% compared to the previous year.

This result, highlighted in a Global Report by Kaspersky Security Services, reflects enhanced efficiency driven by advanced automation, increased detection rules and the continuously perfected and dedicated expertise of Kaspersky’s specialists.

Keeping in mind that threats are becoming increasingly sophisticated and challenging to detect, Kaspersky recognises that solutions must be continuously refined. This principle is also applied to Kaspersky MDR, which is now being enhanced through a series of important updates designed to improve its value and deliver a better experience for customers.

New MDR offering for embedded and industrial systems

Kaspersky Embedded Systems Security 4.0 (KESS) and KICS for Nodes 4.5 now features a unified MDR agent. For embedded environments, this integrated approach simplifies onboarding and enhances manageability, enabling faster and more dependable MDR deployment. In industrial settings, it decreases operational complexity, strengthens resilience, and streamlines ongoing maintenance.

Enhanced detection and investigation capabilities

Kaspersky MDR now benefits from enhanced container telemetry provided by Kaspersky Endpoint Security for Linux 12.4. This advancement significantly improves visibility into containerised environments, boosts threat detection accuracy, and accelerates the identification of risks within container infrastructures.

Kaspersky MDR now also supports automated file transfers upon analyst request through Kaspersky Anti Targeted Attack 8.0 and Kaspersky Next EDR Expert 8.0. With advanced MDR integration enabled, relevant files are shared automatically, eliminating manual end-user actions. This streamlines collaboration, accelerates incident investigations, and enables faster responses to targeted attacks.

MDR incidents can now be escalated directly from the MDR portal to the Kaspersky Global Emergency Response Team for comprehensive investigation and response. This capability ensures end-to-end management of complex cyberattacks, from the initial response and evidence collection to identifying the primary attack vector and developing an effective mitigation plan.

MDR incidents can now be automatically exported to Kaspersky SIEM 4.0 for advanced analysis and correlation with other security events. This enhancement expands investigative capabilities while maintaining MDR as the central hub for incident management and response.

Enhanced accessibility and customer experience

A one-click incident escalation from Kaspersky Next EDR Expert to MDR is now available, empowering customers with greater control over incident management and ensuring rapid access to expert analysis and response guidance.

Kaspersky MDR now also provides enriched incident notifications via Telegram that allow real-time updates with priority levels, affected assets, tailored recommendations, and direct links to incidents, enabling customers to access vital information instantly without the need to log into the portal.

Furthermore, the MDR portal has been fully optimised for mobile devices and tablets, offering comprehensive access to all core functionalities. These improvements collectively allow customers to monitor incidents and manage their MDR services anytime and anywhere, thereby significantly increasing responsiveness and operational agility.

“At Kaspersky, we are committed to continuously enhancing our MDR to stay ahead of evolving cyber threats and protect organisations worldwide from all industries, 24/7. These latest updates bring extended integrations with the Kaspersky product portfolio, smarter automation and new features that enable quicker and even more precise responses – all to improve user experience because in today’s threat landscape, agility and precision are more critical than ever,” comments Renat Turianov, Kaspersky MDR Product Owner at Kaspersky.


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