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

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”.
Telecom
Lebara Nigeria, MVNO Oils Machine for Q3 Launch with Personalized Number Reservations

Lebara Nigeria is building excitement for its upcoming Mobile Virtual Network Operator (MVNO) launch, giving customers a chance to secure a personalized piece of their mobile identity.
The company has opened a Number Reservation Portal, allowing users to reserve their preferred mobile numbers before the official service goes live in the third quarter of 2025.
This strategic move is all about giving customers a sense of ownership from day one. Using the carrier’s 0724 prefix, users can choose a number that’s meaningful to them, whether it’s a birthday, a lucky number, or an easy-to-remember pattern.
The reservation process is straightforward. Users must be at least 13 years old and provide a few basic details to get a one-time password via email.
Once verified, they’ll need to enter their National Identification Number (NIN), which the system uses to confirm personal information.
After this, a list of available numbers appears, and a final confirmation email completes the reservation.
Lebara, a London-based global MVNO, according to yozzo.com, is no stranger to the telecom world, with a strong presence as a mobile virtual network operator (MVNO) across Europe and other regions.
Its entry into Nigeria is a calculated move to carve out a space in the highly competitive market.
By allowing customers to pick their numbers early, Lebara hopes to build loyalty and highlight its customer-first philosophy.
The company plans to operate a lean, technology-driven model by leveraging existing network infrastructure, which will help keep costs low and make its pricing competitive.
At launch, Lebara will offer nationwide coverage, a dedicated 0724 number series, and both SIM and eSIM options.
Beyond traditional connectivity, Lebara is also partnering with local government and the Ministry of Arts, Culture, Tourism, and Creative Economy to launch public Wi-Fi hubs and promote digital inclusion for creators and underserved communities.
The core of its proposition is affordability, transparent billing, and a strong customer service model designed to challenge established players.
Lebara’s entry won’t be without its challenges.
It will face off against many other competitors in Nigeria’s emerging MVNO space.
This wave of new entrants comes after the Nigerian Communications Commission (NCC) issued 46 MVNO licenses, with many of the licensees expected to have already launched.
Despite this, the local media’s focus has largely been on only a couple of them, Vitel and now Lebara.
Telecom
Why Half of MVNOs in Nigeria May Collapse- Experts

Telecoms stakeholders have cautioned that many Mobile Virtual Network Operators (MVNOs) in Nigeria could struggle to survive unless they address infrastructure gaps, target niche markets, and adapt to local realities.
The warning came during the sixth edition of the Telecoms Sector Sustainability Forum, organised by Business Remarks in Lagos on Tuesday.
According to the stakeholders, securing a license from the Nigerian Communications Commission (NCC) is not enough to ensure survival in a market dominated by major Mobile Network Operators (MNOs) like MTN, Airtel, and Glo.
Chidi Ajuzie, director of USK Mobile, highlighted the stark reality facing MVNOs, noting that none of the over 40 licensed operators have fully launched services.
“Licenses are not cash cows. Too many people think that once you get a license, the money will start rolling in. The truth is, you must build infrastructure, study the market, and create services that meet consumer needs. Without that, many MVNOs will die out quickly,” Ajuzie said.
Ajuzie pointed out that smaller operators, particularly those in Tier 4 and Tier 5 categories, face significant financial hurdles in building their own infrastructure to support capacity.
However, he sees this as an opportunity for innovation, urging MVNOs to target niche markets such as youth, migrant workers, or fintech services, as seen in successful models in South Africa and India.
“Half of us may launch, but only those with clear strategies will survive,” he warned, predicting mergers and consolidations in the coming years.
Tony Emoekpere, president of the Association of Telecommunications Companies of Nigeria (ATCON), echoed Ajuzie’s concerns, stressing that market differentiation is critical for MVNO survival.
“The MNOs already provide enterprise services, internet, and fintech. MVNOs must find gaps and focus on those,” Emoekpere said.
He cited Kenya’s M-Pesa, which revolutionized payments by targeting rural and low-income users, as a model for local innovation.
Emoekpere suggested that MVNOs could capitalize on Nigeria’s underserved rural areas, where millions lack access to reliable telecom and financial services. “Something as simple as a low-data package for POS machines in rural areas could be a game-changer,” he added.
Olusola Teniola, director, IPNX, cautioned against adopting foreign business models without considering Nigeria’s unique environment. “In some villages, people still travel by canoe or horse for hours to access basic services. If your business model doesn’t account for that, it will fail,” Teniola said.
He urged MVNOs to focus on the bottom of the pyramid, where millions lack basic connectivity, rather than competing for urban smartphone users.
Teniola also warned that failure to strengthen indigenous companies could lead to more profits leaving Nigeria through foreign-owned operators, emphasizing the need for policies to protect data sovereignty and foster local innovation.
The stakeholders said while MVNOs have the potential to expand Nigeria’s telecom sector and increase consumer choice, their survival hinges on strategic planning, niche targeting, and a focus on rural connectivity.
Without urgent action to address infrastructure challenges and adapt to local needs, many MVNOs risk disappearing before they can establish a foothold in Nigeria’s competitive telecom landscape.
Telecom
NCC Claims Nigeria’s Telecom Tariffs among Cheapest despite 50 Percent Hike

Nigerian Communications Commission (NCC) has defended the recent upward review of telecom tariffs, insisting that Nigeria’s rates remain among the cheapest in the world due to strong industry competition.
Speaking at a media briefing in Abuja recently, Dr. Aminu Maida, executive vice chairman, NCC, said that despite a 50% hike in tariffs, call rates have only moved from ₦15 per minute in the early 2000s to about ₦18–₦19 per minute today.
“Even with the increase, not all operators adjusted their tariffs. Some are still undercutting others. That is competition at work,” Maida explained.
He assured that the commission will continue to strengthen regulations to encourage competitiveness and transparency.
According to him, NCC is adopting an information disclosure strategy to enable consumers to make informed choices.
Maida also cautioned Nigerians against relying on Truecaller for identity verification, stressing that it is not linked to Nigeria’s SIM registration database and often provides misleading results.
He noted that while all SIMs in use are registered, some individuals deliberately use proxies, including domestic staff, to register SIMs an act he described as a crime.
The NCC boss disclosed that in September, the commission will launch a coverage and tariff map to help subscribers compare network quality and pricing across operators.
He further revealed plans for spectrum trades and leases to optimise usage and improve service delivery, adding that most Nigerian phones already support 4G, which remains the “sweet spot” for mobile broadband.
Maida emphasised the need for fresh capital and stronger corporate governance within the sector to sustain growth, enhance service quality, and strengthen national security.
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