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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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NITDA Backs NiRA’s Ambitious 2026 Plan to Drive Massive .ng Domain Adoption

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As part of its commitment to fast-track Nigeria’s digital economy, the National Information Technology Development Agency (NITDA) has officially approved the 2025 Annual Report and the 2026 Business Plan of the Nigeria Internet Registration Association (NiRA).

NITDA Backs NiRA’s Ambitious 2026 Plan to Drive Massive .ng Domain Adoption

The Director General of NITDA, Kashifu Inuwa, receives the Nigeria Internet Registration Association (NiRA) Annual Report from its President, Adesola Akinsanya, after a briefing on the Association’s yearly activities, milestones, and ongoing efforts to strengthen Nigeria’s internet and digital landscape

The approval came during a meeting at NITDA headquarters where NiRA’s President, Mr. Adesola Akinsanya led his board members to present the association’s 2026 vision to NITDA Director General, Kashifu Inuwa, CCIE.

Following the approval, both organisations expressed the resolve to reinforce their collaborative efforts to ensure smooth, rapid execution of their shared goals of increasing the adoption of the .ng domain across

To actualise the business plan, the DG directed NiRA to work hand-in-hand with NITDA’s e-Governance and Digital Economy Department for effective implementation, daily updates, and project tracking.

“You have my full approval for these initiatives. Let us change our strategy, sync up more closely, and ensure everything we have agreed upon during this presentation is fully implemented by next year,” Inuwa declared.

Highlighting some of NiRA’s impressive achievements achievements over the past year, Akinsanya said 98,285 new registrations, 71,470 renewals, and 1,970 restorations were recorded in 2025, while there are 241,000 active domains.

Beyond the numbers, NiRA also implemented important security upgrades, including the Domain Name System Security Extensions (DNSSEC), for a more secure and resilient internet experience for local users, as well as improvements in registrar support and engagement.

Looking into the future, Akinsanya said NiRA is intensifying action to make .ng and .gov.ng domains the gold standard across the country. He expressed gratitude for NITDA’s ongoing support, calling for joint awareness campaigns and digital capacity-building to bring more state governments, local councils, and public institutions under the secure official domain.

Also, the NiRA president added that the association is updating its internal systems, introducing automation, and revising its constitution to meet globally acceptable standards to ensure sustainable growth.

“NiRA is looking into deeper stakeholder engagement and moving into areas where we see massive possibilities. We are specifically targeting startups and aligning with tech events across the country. With stronger collaboration, we can drive widespread adoption across every tier of government’’, Akinsanya said.


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TikTok Tax Scam Exposed: Two Arrested Over Alleged £153 Million Fraud Scheme

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TikTok users in UK are being warned to keep an eye out for tax scams after two men were arrested in east London over an alleged scheme involving £153 million in fraudulent claims.

TikTok Tax Scam Exposed: Two Arrested Over Alleged £153 Million Fraud Scheme

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The pair, aged 22 and 25, have been accused of luring Brits into giving away their personal tax details by offering financial rewards over the app.

Investigators believe they then used those details to lodge false claims worth tens of millions of pounds, claims which were ultimately blocked by HMRC.

The tax body is now urging social media users to be skeptical of posts that promise “risk-free” rewards in return for their tax information.

That information, HMRC warned, is then used to apply for fraudulent tax repayments. Because the criminals hide their identity, it is the person whose details were used who will owe money to HMRC as a result. Similar scams are also run on apps such as Instagram and Snapchat.

TikTokers arrested in London after ?running 153,000,000 tax scam? over app

Simon Grunwell, HMRC’s head of cybercrime investigations, told users to “protect your personal tax details in the same way you protect your bank details.”

He added: “Claims of quick, risk-free cash in return for sharing your personal information are a scam. They aim to defraud you and the taxpayer.”

The two Romanian men involved in the alleged TikTok scheme were arrested in Newham on April 23.

They were accused of offences under the Fraud Act, the Serious Crime Act, the Computer Misuse Act, and the Proceeds of Crime Act. Both have since been released on bail, and the investigation is ongoing


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Glo to Improve Customers’ Digital Lifestyle with “More Data, More Value” Package

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Telecommunications and digital solutions provider, Globacom, has introduced a new promotional data package known as “More Data More Value only on Glo”, aimed at enhancing the digital lifestyle of its customers across the country.

In line with the growing demand for internet connectivity in Nigeria’s increasingly data-driven economy, Globacom said the new offer reinforces its position as a customer-focused network by providing subscribers with over 10 percent additional data value on selected bundles.

According to a statement issued by the company in Lagos, the initiative was introduced to ensure that Nigerians derive maximum benefit from every Naira spent on data services, while continuing the company’s tradition of delivering affordable and value-packed telecommunications solutions.

The “More Data More Value” package features several weekly and monthly plans structured to support both daytime and nighttime browsing needs.Under the weekly category, the ₦1,000 plan offers subscribers a total of 3.7GB data, comprising 1.7GB regular data and an additional 2GB night browsing allocation.

Customers who opt for the ₦2,000 weekly package receive 9GB in total, broken into 6.5GB main data and 2.5GB for night usage.

For monthly subscribers, the ₦1,500 package provides a combined 5.2GB data volume, consisting of 2.2GB regular data and 3GB night allocation. The ₦2,000 monthly option comes with 6.25GB in total, including 3.25GB main data and 3GB night data.

Subscribers choosing the ₦5,000 monthly plan receive 16.5GB altogether, made up of 14.5GB main data and 2GB night browsing bonus. Higher-end packages are also available, including the ₦10,000 option which delivers 42GB total data volume — 38GB main data plus 4GB night data — while the ₦15,000 package provides 64GB in total, comprising 62GB regular data and 2GB night allocation.

Globacom noted that the enhanced data bundles are designed to support the increasing digital needs of students, entrepreneurs, remote workers, gamers, and social media enthusiasts who require uninterrupted connectivity for streaming, online meetings, content creation, gaming, and social interaction on platforms such as TikTok, Instagram, and YouTube.

The company added that the offer is equally beneficial to households and small businesses that depend heavily on mobile internet and hotspot connectivity for daily operations.

By increasing data value across its packages, Glo which aims to position itself as the preferred network for high-volume data users further disclosed that the offer aligns with its broader digital transformation strategy through the Glo Café app, which enables customers to subscribe to bundles conveniently and manage their bonus data seamlessly for a more rewarding user experience.

According to the company, the “More Data More Value” proposition reflects its commitment to delivering superior value and ensuring that Nigerians continue to enjoy reliable and affordable digital services without compromising their online lifestyle.

 


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