Telecom
Plentywaka, Nigerian mobility startup Raises $1.2m Seed Funding, Acquires Ghana’s Stabus
Plentywaka, a Nigerian mobility startup has raised a $1.2 million seed round, after successfully ending the Techstars Toronto Accelerator Program in July 2021.
L-R: CMO Stabus, Nicholas Boampong, Admin Stabus, Christabel Lamptey, CEO Stabus, Isidore Kpotufe, CEO Plentywaka Onyeka Akumah, VP Customer Engagement Plentywaka Shaibu John, President Plentywaka Johnny Ena, VP Products Development Afolabi Oluseyi
The startup also announced it has fully acquired Ghana’s mobility startup Stabus, a step it said would further Plentywaka’s ambition of building the largest shared mobility platform on the African continent, starting with West Africa.
Stabus was launched in 2019 by its Co-founder, Isidore Kpotufe who shared that the startup has moved over 100,000 people within Accra, the capital city of Ghana.
Their services include daily bus-stop to bus-stop transportation as well as providing staff bus solutions for multinationals like MTN Ghana and GB Foods.
Following up on this acquisition, Stabus will now be known as Plentywaka Ghana with the mobility platform offering a range of low-cost and premium vehicles which includes cars, mini-vans, and buses for public transportation.
Isidore Kpotufe will become the Country Manager of Plentywaka Ghana and will be joined by the current team of Stabus.
The Xchange, a Toronto-based fund, led this seed round, while Techstars followed on their previous investment in Plentywaka to participate in the round as well.
Other investors include SOSV, the most active VC globally in the angel/seed deal type, and ShockVentures, a VC from the United States.
Nigerian investment firms who participated in the round include Argentil Capital Partners and ODBA & Co Ventures, an early-stage investor in Kuda Bank.
A couple of angel investors from Canada, the US, and Africa also participated in the seed round to give Plentywaka the much-needed boost to continue its impressive growth.
Plentywaka’s Co-Founder & CEO, Onyeka Akumah said, “Plentywaka’s acquisition of Stabus is a firm statement about our commitment to grow and build the largest shared mobility startup in Africa, one country at a time.
“Isidore is a brilliant entrepreneur and we are excited about having him and his team execute our plans for the Ghanaian market as Plentywaka Ghana’s operations commence on the 16th of September in Accra.
“In addition to our work in Ghana, we are also really happy about the progress we’ve made in Nigeria as well to scale our Dailywaka service that provides bus-stop to bus-stop transportation service for thousands of commuters.
“Today, we have moved close to half a million people and that’s a credit to the effort of my team, our heroes (a term used to describe Plentywaka drivers), and our investors who continue to believe and support our growth with their investments.
“With our Travelwaka service, we have been able to cater for interstate travelers across 21 cities in Nigeria and we are looking to expand to more cities as new bus partners sign up with us.”
Todd Finch, Founder and Managing Partner of The Xchange, the lead investor in the seed round said, “The Xchange is on a mission to fuel purpose-driven founders with the capital and resources they need to realize the world-changing potential of their ideas.
“Given Onyeka’s proven track record, his team’s undeniable thirst for making an impact, and Plentywaka’s impressive growth, we knew this was an opportunity we wanted to invest in.”
With over 25 years of experience in building innovative technology startups, Todd Finch shared that “the Xchange is excited to help Plentywaka accelerate and scale their impact.
“We are excited to support Onyeka and the team with the resources they need to realize the full potential of their vision to change the African transport ecosystem.
“We have been most impressed with Plentywaka’s human-centred approach, putting the drivers as the heroes of the story while creating an exceptional passenger experience. We are committed to supporting the vision of Plentywaka, its founders, and its journey for many years to come.”
Sunil Sharma, Managing Director of Techstars Toronto said, “We are incredibly excited by our investment in Plentywaka. Techstars is a huge believer in the future of Africa and a proud supporter of African entrepreneurs. Onyeka is a two-time Techstars founder which deepens this relationship further.”
Despite suspending its operations for 5 months in 2020 as a result of the global pandemic, Plentywaka has still been able to get 960 vehicles registered on its platform and help its riders commute more than 480,000 times in less than 2 years.
Akumah said expanding into Ghana is just the beginning for the team as it aligns with its Pan-African expansion plan.
He added that Plentywaka is going to replicate its model across 6 other African countries within the next 2 years and will be looking for the right kind of investors and partners to join the ‘black and yellow’ movement to provide the best-in-class transportation service connecting cities and communities with technology across Africa.
Nigerian Exchange Group (NGX) hosted its annual Made of Africa (MOA) 2025 Awards on Monday, February 4, 2026. The event, held during the NGX year-end celebrations, brought together regulators, listed companies, and market operators such as MTN, BUA, Dangote, Transcorp, to celebrate achievements in compliance, sustainability, and market performance.
In his opening remarks, Dr. Umaru Kwairanga, the Chairman of Nigerian Exchange Limited, said “Excellence in compliance, sustainability, and several other categories recognises the fact that capital market operators and quoted companies must be standards not only in terms of the size of their operations but also adherence to regulations and best practices of corporate social responsibilities.”
He emphasised that the awards serve as a benchmark for excellence. He noted that the 2025 honourees demonstrated significant improvements in branding, customer service, and operational standards despite a challenging economic environment in Nigeria.
Among the evening’s significant winners was MTN Nigeria, which was honoured for its commitment to corporate transparency. The technology giant received the award for Leadership in Sustainability Reporting, emerging as the winner in a category that included Seplat Energy, BUA Cement, and Transnational Corporation of Nigeria PLC.
The award recognised the brand’s adherence to both national and global reporting standards, reflecting its role in advancing environmental, social, and governance (ESG) practices within the Nigerian corporate space.
Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria, said “This recognition for Leadership in Sustainability Reporting underscores our commitment to transparency and aligning with global best practices.
“As the capital market moves toward greater accountability, MTN Nigeria remains dedicated to demonstrating resilience and faith in the Nigerian economy through comprehensive and standard-compliant reporting.”
The ceremony saw several other major players in the financial sector secure multiple accolades. Chapel Hill Denham emerged as one of the night’s most successful firms, winning in categories including Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment (FPI) Transactions.
Other notable winners included: Cardinal Stone Securities Limited, named Broker of the Year and Equity Trader of the Year, Dangote Cement was awarded Best Issuer in terms of Fixed Income Listings, BUA Cement PLC was recognised as the Most Compliant Listed Company, and Transnational Corporation of Nigeria (Transcorp) PLC received special recognition for Capital Market Excellence in Equity.
Mr. Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited, congratulated the recipients, noting that the market saw a 51% close in the All-Share Index last year, making it the second-best performing market globally. He urged winners and nominees alike to continue striving for excellence to further the aspiration of a $1 trillion Nigerian economy.
Nigeria’s broadband landscape remains anchored by 4G LTE at 52.95% market share in December 2025, with 2G holding steady at 37.37%, while 5G penetration crawls at just 3.77%, per Nigerian Communications Commission (NCC) data.
4G’s dominance stems from urban smartphone migrations and MTN-Airtel infrastructure expansions, fuelling the digital economy, as 2G persists in rural areas due to feature phone reliance and a stubborn device gap.
5G growth stalls from high smartphone costs amid inflation, telco preference for 4G’s quicker returns over capital-heavy 5G rollouts, and limited mainstream apps beyond elite urban streaming in Lagos and Abuja.
Broadband subscriptions topped 112 million, lifting penetration to 51.97%—up from 42.2% in October 2024—crossing the halfway mark for the first time, though monthly gains of 2-3 million slowed mid-year amid population growth and regional disparities.
The NCC’s 70% target stays elusive, highlighting sustained urban-rural demand but underscoring needs for affordable devices, infrastructure, and use cases to accelerate high-speed access nationwide.
Nigeria’s internet subscriber base surged to 148.2 million by December 2025, achieving 68.3% penetration, even amid 50% tariff hikes and naira depreciation, according to Nigerian Communications Commission (NCC) data.
MTN and Airtel dominated with 86% market share, Airtel adding 1 million subscribers in December alone, while Glo and 9mobile lagged as legacy players.
Data consumption exploded 35% to 13.25 million terabytes yearly, but Nigerians spent ₦20.87 billion daily—totalling ₦7.62 trillion ($5.58 billion)—as gigabyte prices doubled from ₦287 to ₦575.
User frustrations mounted from network failures, thousands of fibre cuts due to construction and vandalism between January and August 2025, and poor service quality despite billions in revenue. 4G LTE held 52.95% share as the workhorse, 2G clung to 37.37% in rural areas, and 5G remained a 3.77% urban luxury limited by device costs and base stations.
The NCC’s 70% broadband target fell short at 51.97%, though the ICT sector boosted Q3 GDP by ₦7.47 trillion and restored telco profits post-2024 losses.
In 2026, attention shifts to quality matching rising costs, with users urged to stay powered amid persistent “spinning wheel” woes.
LG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade
AfCFTA, AGRA Collaborate to Reduce Non-tariff Barriers to Intra-African Food Trade
African Leaders Highlight Africa’s AI Ambitions
MTN, BUA, Dangote & Other Industry Giants Triumph at NGX Made of Africa Awards
4G Dominates Nigeria’s Broadband as 5G Lags Behind
Firm Detected a Fivefold Surge in QR Code Phishing Attacks in the Second Half of 2025
Nigeria’s 9 Top FinTech Firms Valued at $10.6Bn in January 2026
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems
Firm Detected a Scam Exploiting OpenAI’s Teamwork Features
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals
General News1 day agoNigeria’s Banks Race to Meet CBN Recapitalisation Deadline Amid Verification Push
General News1 day agoJumia Targets Break-even in 2026 After Strong Q4 Surge
General News1 day agoBOI, MTN Foundation Unveil N1Bn Fund for Women Entrepreneurs
General News1 day agoUBA Unveils Diaspora Platform to Connect Global Africans with Investment, Wealth Opportunities
E-Financial1 day agoNo VAT on Land, Buildings and Rent Under New Tax Law — Oyedele
E-Financial1 day agoCBN Slams Up to N10m Fine on Banks and Cheque Printers for Security Breaches
E-Financial1 day agoIs Nigeria Borrowing to Survive or to Build?
General News21 hours agoLeo Stan Ekeh Foundation, Zinox Group To Invest 10B on 1000 University Tech Scholarships for Indigent Nigeria Wiz-kids