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Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure

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Zone, Africa’s fast-growing payment infrastructure company (the “Company”), has raised $8.5 million in an oversubscribed seed funding round led by reputable VC firms Flourish Ventures and TLcom Capital.

The deal marks a pivotal moment for Zone as the company continues on its journey to build a Blockchain-based decentralized payment infrastructure for financial services providers across the continent and beyond.

By harnessing the power of blockchain, Zone’s blockchain network delivers reliable, frictionless and universally interoperable payment experiences at scale to financial service providers and their customers.

Zone has a unique position as Africa’s first regulated blockchain network for payments and has already signed up over 15 of Africa’s largest banks and fintech companies.

The new funding will enable Zone to further expand the coverage of its network domestically and connect more banks and financial services companies. A significant portion of the proceeds will also be allocated to conducting a comprehensive pilot programme to test the Company’s cross-border capabilities, scheduled for 2025. A key priority of the Company is to ensure that it is well-prepared to extend its footprint across Africa in order to support Intra-African and international payments which will bring the company closer to its vision of becoming a global payment network.

Flourish Ventures, an early-stage global fintech venture firm with purpose will provide Zone with a global perspective, networks of industry influencers and extensive Africa fintech expertise, paving the way for expansion into new markets.

UK-based TLcom Capital provides essential local credibility and understanding of the African tech space while leveraging its existing relationships with key decision-makers In Nigeria to establish a strong foundation for Zone within its home market.

Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures) and Alter Global, each bringing niche sector expertise and credibility. These investments at a time when start-up funding has dried out are a testament to investor confidence in Zone’s mission to connect every monetary store of value and establish a regulated and decentralized global payment infrastructure.

Additionally, the endorsement and investment from Endeavor Catalyst reinforces Zone’s status as a frontrunner in Africa’s fintech revolution, highlighting the company’s alignment with the entrepreneurial spirit that drives technological transformation and economic progress.

Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, said: “The participation of high-quality investors despite the funding drought and the fact that we had more interested investors than we needed, is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa. As we step into this new phase at Zone, we are re-energized and our commitment to transforming Africa’s payment infrastructure is renewed. Our new investors and existing shareholders including CCA, Lateral Capital, Constant Ventures and V8 bring more than just financial backing as their global scope and deep expertise make them invaluable partners for us. With their support, we are poised to accelerate our mission to connect every monetary store of value and enable real-time payments within and across geographical borders. Zone is committed to staying at the forefront of technological advancement and industry evolution in financial services.”

Ameya Upadhyay, Partner at Flourish Ventures said: “For the first time in Africa, Zone’s technology enables direct communication between participants in the payment ecosystem. We believe this is a fundamental leap that will allow customers to experience a completely new standard of reliability, speed and cost efficiency at the ATM, at POS machines and online. We are excited by the potential for Zone’s technology to be replicated across borders to advance payment innovation globally. The fact that Zone is led by Obi and Wale who are veterans of the banking industry reinforces our conviction that Zone can fulfil our shared goal of moving the entire sector forward”.

Ido Sum, Partner at TLcom Capital, said: “We are thrilled to partner with Obi Emetarom and Wale Onawunmi, co-founders of Zone, on their journey to build a category-defining fintech company that is using advanced blockchain technology to solve a critical payments system challenge. The Company’s innovative infrastructure has the potential to deliver tremendous value to financial institutions, enhancing the overall payments experience for end-users and driving down costs for hundreds of millions of consumers and businesses that rely on digital payments in Africa every day. We have no doubt that Zone, led by Obi and Wale, is on its way to transform into a global company over time, and TLcom is excited to bring its complementary experience, networks and expertise to support the Company in fulfilling its impressive scale ambitions”.

 

 

 


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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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Nigeria Lacks AI-Ready Data Centres, Trails in Capacity – Nnamani

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Engr. Ikechukwu Nnamani, chief executive officer, Digital Realty Nigeria, says the country currently has no data centres designed for core Artificial Intelligence (AI) applications despite the presence of over 300 AI firms operating locally.

Nigeria Lacks AI-Ready Data Centres, Trails in Capacity - Nnamani

Engr.Nnamani

Nnamani made the disclosure at the Nigeria Information Technology Reporters Association (NITRA) Breakfast with CEOs in Lagos, stressing that AI is driving the next phase of digital evolution but Nigeria’s facilities remain unprepared for its intensive demands.

“There’s no data centre in Nigeria that is AI ready. None,” he said, noting that while cloud services exist, core AI infrastructure is absent, forcing local companies to rely on foreign resources.

He projected that AI-enabled data centres could emerge in two to three years through global players such as Digital Realty, citing its South African subsidiary, Teraco, which operates Africa’s largest facility.

He explained that one Teraco site exceeds the combined capacity of all Nigerian data centres and has already implemented liquid-cooled AI-ready infrastructure.

On national capacity, Nnamani revealed that Nigeria lags behind cities such as Toronto, Cape Town and London, with most facilities concentrated in Lagos. He said active IT loads in Nigeria are often just one to two megawatts despite larger design claims.

According to him, true metrics should be based on “active IT load” figures, not potential capacity. He estimated construction costs at between 10 and 15 million dollars per megawatt, noting that private firms rarely disclose totals.

Current installed capacity stands at 56.1 megawatts in 2025, projected to reach 218 megawatts by 2030, but distribution remains skewed.

Nnamani warned that the imbalance risks latency, uptime failures and poor user experience for non-Lagos users due to fibre vulnerabilities.

He advocated at least two data centres per state capital — about 72 to 74 nationwide — alongside transmission networks and content growth to support digital economy goals.

He described power shortages as opportunities, despite dedicated plants costing about one million dollars per megawatt.

Highlighting Digital Realty’s milestones since acquiring Medallion Communications in 2021 and rebranding in 2023, Nnamani said the company had invested in roads and power feeds for the 2Africa submarine cable site in Lekki.

He added that the project had created jobs, training opportunities and housing growth in the area, with hyper-scale AI facilities planned ahead.

Speaking at the event, Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters Association (NITRA) has lauded Engr. Ikechukwu Nnamani for his transformative contributions to Nigeria’s ICT sector, describing him as a beacon of innovation and digital excellence.

He praised Nnamani’s pioneering work in data center infrastructure, noting that his initiatives have significantly elevated the country’s technological framework.

Onwuegbuchi highlighted Nnamani’s recent recognition as Data Center Leader of the Year, calling it a testament to his unwavering commitment to advancing Nigeria’s digital economy.

Nnamani, who served as the keynote guest at the event, delivered a pre-recorded video presentation before engaging participants in a dynamic question-and-answer session.

His appearance, according to Onwuegbuchi, is set to become an annual tradition, underscoring his dedication to mentoring and guiding the ICT community.

“This is the kind of leadership that inspires confidence in Nigeria’s digital future,” Onwuegbuchi remarked, urging stakeholders to emulate Nnamani’s innovative spirit and commitment to excellence.

The event marked another milestone in NITRA’s ongoing efforts to foster collaboration and strategic development among ICT professionals nationwide, reinforcing the association’s role as a catalyst for growth in Nigeria’s technology ecosystem.


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Anambra Leads Southeast in Digital Governance Under Soludo’s ICT Agenda

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Anambra State is quietly engineering one of Nigeria’s most ambitious transformations in public governance, one powered by artificial intelligence, expanded broadband infrastructure and deep data analytics.

Anambra Leads Southeast in Digital Governance Under Soludo’s ICT Agenda

Mr. Chukwuemeka Fred Agbata (CFA), Managing Director, Anambra State ICT Agency, in a group photograph with media executives during a media parley in Lagos.

At the centre of this shift is Governor Prof. Chukwuma Charles Soludo, CFR, whose administration is redefining how government interfaces with citizens.

Speaking during an interactive session with media executives in Lagos, Chukwuemeka Fred Agbata (CFA), the Managing Director, Anambra State ICT Agency, explained that the administration’s digital-first approach is reshaping how government engages citizens and delivers services.

Agbata said the Soludo administration is intentional about embedding technology into governance at scale.
“Governor Soludo’s vision is clear, a smarter, faster, more efficient government driven by data, innovation and citizen-focused digital tools,” he said.

Agbata noted that the state has adopted extensive data analytics to improve planning, service delivery and overall decision-making.

He explained that AI-driven analytics are now helping the government understand citizen needs, plan interventions and monitor impact more effectively.

He mentioned that the state’s previous use of data modelling in political engagement demonstrated the power of structured data but stressed that the real goal is institutionalising data culture across government, not just elections.

“We sit on rich datasets today; from demographic insights to service requests, and we are using them to build a more responsive government,” he said.

The ICT boss highlighted the state’s work on conversational AI systems that will allow citizens to interact with government easily, even in local languages.

“Whether literate or illiterate, people should soon be able to speak to AI in an indigenous language and have their requests processed,” he said.
“That’s where governance is going, and Anambra intends to lead.”

Highlighting Broadband Expansion as one of the biggest wins of Governor Soludo’s administration, Agbata emphasised that broadband penetration remains central to achieving the state’s digital agenda.

He credited Governor Soludo’s progressive Right-of-Way policy and proactive industry engagement for accelerating fibre deployment across communities.

“When ISPs begin travelling to Anambra on their own, it shows they see good policy and a viable market,” he said.

Today, more households in semi-urban communities are enjoying reliable fibre connections something CFA said was almost impossible in previous years..

CFA also disclosed that Anambra continues to pursue the establishment of an Internet Exchange Point to localise traffic and reduce cost while improving speed.

“Localising traffic means your data won’t travel to Lagos or Amsterdam before returning,” he explained.

He noted that although technical requirements have caused delays, significant progress is expected in 2026.

Agbata added that national assessments have recognised Anambra’s advancement in digitisation and reforms.
“According to BudgIT and other national bodies, Anambra ranks number one in the Southeast in ease of doing business and transparency,” he said.

He attributed the growth to healthy inter-state competition and measurable reforms championed by Governor Soludo.

Agbata praised the young professionals powering the state’s digital work, particularly in data analytics and infrastructure mapping.

He also highlighted the vital role of industry partnerships:
“Relationships matter. If we fully deploy just 20% of the relationships we have within and outside the country, Anambra would be on another level.”

He cited instances where collaboration with telecom executives led to quick fixes and infrastructure deployment in the state.

Agbata thanked the Lagos media community for their continuous support in making the Anambra’s digital revolution seen and appreciated by all.

“We don’t take your support for granted. You have helped amplify Anambra’s digital transformation story,” he said.

As Anambra deepens investments in digital infrastructure, AI systems and data-driven governance, Agbata said the state is positioning itself as the emerging technology and innovation hub of the Southeast.
“There is a generation coming that is digital-first. Our responsibility is to build systems ready for them,” he said.


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Africa Must Build Its Own Cybersecurity Intelligence, Says Tizel CEO At AfriTech 5.0

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As Africa edges toward an estimated 750 million internet users by the end of 2025, the continent’s expanding digital footprint is increasingly matched by vulnerabilities that threaten its economic and national security.

Africa Must Build Its Own Cybersecurity Intelligence, Says Tizel CEO At AfriTech 5.0

Happiness Obioha, Managing Director and Chief Executive Officer of Tizel Cybersecurity

This concern took centre stage at the Africa Tech Alliance Forum (AfriTech 5.0), where Happiness Obioha, the Managing Director and Chief Executive Officer of Tizel Cybersecurity, delivered one of the event’s most compelling arguments for a new cybersecurity paradigm rooted in African intelligence rather than foreign technology.

Speaking on the theme “Beyond Firewalls: The Case for Homegrown Cybersecurity Intelligence in Africa,” Obioha maintained that Africa’s cybersecurity risks cannot be effectively mitigated with imported solutions that were never designed for the continent’s distinct digital realities.

She described Africa’s cyber landscape as one defined by unique threat actors, infrastructural limitations, cultural nuances, and business patterns that global security platforms often fail to understand.

According to her, relying solely on perimeter-based defenses such as firewalls is no longer adequate in a world where cyberattacks grow more adaptive, persistent, and sophisticated.

Obioha argued that Africa’s dependence on generic global tools has created a critical gap in the continent’s ability to detect, interpret, and respond to emerging threats, and explained that foreign cybersecurity systems frequently misread local attack patterns or fail to anticipate region-specific vulnerabilities.

As a result, many African organizations operate with a false sense of safety while facing increasingly complex threats ranging from ransomware and financial fraud to targeted breaches on government infrastructure.

The Tizel CEO emphasised that Africa’s long-term security lies in adopting intelligence-led approaches that draw from local insights, indigenous expertise, and continental research, and noted that such solutions allow faster and more precise threat detection because they are built with an understanding of local behaviour patterns and digital environments.

Beyond security improvements, she stressed that homegrown cybersecurity also strengthens national sovereignty, reduces capital flight, expands technical capacity, and creates jobs in one of the world’s fastest-growing sectors.

Obioha cited Tizel Cybersecurity as an example of what locally grounded innovation can achieve, explaining that the company’s model integrates contextual intelligence, real-time monitoring, rapid incident response, and strict adherence to regulatory frameworks.

According to her, Tizel’s work with banks, telecom operators, government agencies, and SMEs demonstrates the measurable impact of Africa-specific cybersecurity architecture.

Among the results she highlighted were the prevention of a major ransomware attack in the financial sector, a significant reduction in network downtime for a telecom operator, and the deployment of effective real-time monitoring systems for a government agency.

She reinforced that Tizel’s success is built on its deep understanding of the African digital ecosystem, a familiarity she described as indispensable for delivering cybersecurity that genuinely protects African institutions.

The region’s business culture, infrastructural diversity, and evolving digital habits, she said, can only be accurately interpreted by experts who operate within the same environment.

Obioha urged African enterprises and governments to take a more deliberate approach toward securing their digital future, and encouraged them to re-examine their cybersecurity posture, invest in indigenous intelligence-driven solutions, and build internal teams equipped to respond to emerging threats.

The survival and competitiveness of African businesses, she noted, will increasingly depend on their ability to align security strategies with the realities of the continent’s rapidly evolving digital economy.

“Africa’s digital future is promising,” she concluded, “but it must be secured with intelligence and innovation that come from within the continent.”


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