E-Business
The Rise Fund Leads $47.5m Series C for Cellulant

The Rise Fund, a global impact investing fund managed by growth equity platform TPG Growth, has announced that it has signed an agreement to acquire a stake in Cellulant, a leading digital payments provider that reaches 40 million people across 11 African countries.
The Rise Fund is investing alongside Endeavor Catalyst and Satya Capital.
The deal is the largest of its kind dedicated solely to Africa’s fintech and payments space, competitively positioning Cellulant in a fast-growing sector where it already enjoys an early mover advantage.
“Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund.
“We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect partner for The Rise Fund’s first investment in Africa.”
Cellulant’s digital payments platform delivers connected, flexible payment options for consumers and businesses, and works with financial institutions, governments and mobile network operators to increase transparency and expand their reach in Africa.
Building on a business model that first debuted in Kenya and Nigeria in 2004, the company has since expanded its services across 11 African markets, including: Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi, and Liberia.
“Cellulant occupies a unique position in the fintech ecosystem in Africa, with the potential to offer increased access, savings, and income to tens of millions of users across the continent,” said Yemi Lalude, Managing Partner for TPG in Africa.
“As more and more smartphones come online across Africa, Cellulant makes it easy for customers to increase their incomes.”
Cellulant offers the opportunity to create transformational growth for African economies by expanding financial inclusion on a continent where nearly two-thirds of the population do not have a bank account.
This includes easy-to-access digital payment solutions, interoperable financial services, and mobile banking solutions that can help the unbanked open accounts, cut fees, and save for the future, as well as helping farmers and small and medium sized business owners expand their reach through improved financial services. More than 94% of Cellulant’s customer base was previously unbanked before they signed up.
“Payments in Africa are not a novelty. With two thirds of Africans unable to access a bank account, we believe that building a connected payments infrastructure is the foundation of solving real challenges and accelerating Africa’s growth and development. This investment from TPG Growth’s The Rise Fund will enable us to build a world class payments team that can unlock our next phase of growth. This involves not only entering new geographies across the continent, but also consolidating our presence in existing markets,” said Ken Njoroge, Cellulant co-founder and Group CEO.
“With this new capital and as part of our scaling up strategy, we are leveraging on the growing mobile penetration trend in Africa to broaden our reach and extend our payments ecosystem across the continent. We are scaling up our existing payments products in the agriculture sector, digital banking and internet payments; as well as introducing consumer-focused products to complement the enterprise products we already have. This will allow us to increase access to payments for the millions of Africans who are still unbanked, despite the financial inclusion revolution,” added Bolaji Akinboro, Cellulant co-founder and CEO of Cellulant Nigeria.
“We’re thrilled to have Endeavor Catalyst joining this round for Cellulant,” said Linda Rottenberg, CEO of Endeavor. “With Cellulant, Ken, Bolaji and team are building a great example of something we hope to see much more of in the years ahead: true ‘scale-ups’ in Africa!”
The Rise Fund, Satya Capital and Endeavor Catalyst join Cellulant’s existing shareholders Velocity Capital Private Equity, Progression Capital Africa Limited and TBL Mirror Fund. Representatives from The Rise Fund will also join Cellulant’s Board of Directors, leveraging the firm’s experience, deep sector knowledge, operational resources, and global experience to drive increased value creation for the business and its mission.
This investment will also help scale existing Cellulant products, like Agrikore. Agrikore is a mobile blockchain-based platform that has served more than 7 million farmers across the continent, better connecting them to the market and helping them sell their goods to a diverse range of buyers more easily. It also expands access to government subsidy programs to help reduce costs for farmers, increase their yields, and raise incomes
Magister Advisors served as transaction advisors to Cellulant, and Orrick and KPMG provided diligence and review to The Rise Fund.
E-Business
LG Electronics Showcases Advanced HVAC Solutions at Mega Clima Nigeria 2026

LG Electronics reaffirmed its position as a leading innovator in climate control and energy-efficient air conditioning solutions with its participation at Mega Clima Nigeria 2026, the 9th International Air Conditioning and Refrigeration Exhibition recognized as the largest HVAC+R sector show in West Africa.

Held at the Landmark Centre, Lagos, the three-day exhibition brought together global manufacturers, distributors, contractors, engineers, and industry stakeholders to explore the future of heating, ventilation, air conditioning, and refrigeration technologies across the region.
As one of the featured exhibitors at the event, LG leveraged the platform to showcase a range of advanced HVAC solutions designed to address the growing demand for smarter, more energy-efficient, and scalable cooling systems across residential, commercial, and industrial environments.
With West Africa’s HVAC sector continuing to evolve alongside rapid urbanisation, infrastructure growth, and increasing attention to sustainability, Mega Clima has become a strategic meeting point for conversations around innovation, efficiency, and climate-responsive technologies. The 2026 edition featured over 100 global brands, thousands of professional visitors, technical workshops, and networking opportunities, further positioning the exhibition as a key industry platform within the region.
Showcasing Smart Climate Solutions for Residential and Industrial Needs
At the LG exhibition booth, visitors and stakeholders engaged directly with a range of the company’s advanced HVAC technologies, including the LG Multi V.5 and Multi VS systems, both designed to deliver high-performance cooling while optimising energy consumption.
Speaking during the exhibition, Business Development Manager, LG Electronics Nigeria, Ifeoluwa Babarinsa, highlighted the adaptability and efficiency of the showcased systems, particularly their ability to support multiple indoor units while maintaining low energy consumption.
According to him, the LG Multi V.5 system is designed primarily for industrial and large-scale commercial applications, while the Multi VS system is tailored toward residential use cases, providing flexible solutions for varying environmental and operational demands.
A major highlight of the systems is their scalability, with both solutions capable of connecting to as many as 64 indoor units, offering increased operational flexibility across different building types and installation requirements.
The exhibition also featured several indoor HVAC solutions compatible with the VRF systems, including the Round Cassette, Ceiling Concealed Type Units, and Four-Way Cassette Units.
Particular attention was drawn to the Round Cassette unit, which was presented as an innovative cooling solution suitable for spaces without conventional ceiling structures. The unit also demonstrated enhanced airflow performance through its round-flow air distribution system and faster cooling capabilities.
Through live demonstrations and product engagement sessions, LG provided visitors with practical insight into how modern HVAC technologies can improve comfort, operational efficiency, and energy management across residential and commercial spaces.
Reinforcing LG’s Commitment to Energy Efficiency and Innovation
LG’s participation at Mega Clima Nigeria 2026 reflects the company’s broader commitment to delivering technologies that align with evolving consumer and industry needs, particularly in markets where energy efficiency and sustainable infrastructure are becoming increasingly important.
As conversations around environmental sustainability and smart infrastructure continue to shape the future of the HVAC industry, the exhibition provided an opportunity for LG to reinforce the role of intelligent climate solutions in supporting long-term energy optimisation and building performance.
The company’s showcased systems emphasised not only cooling performance, but also operational efficiency, adaptability, and user-focused design, qualities that continue to define LG’s approach to innovation across both consumer and commercial categories.
“This year, we showcased our inverter product range alongside advanced HVAC solutions that reflect LG’s continued commitment to innovation, energy efficiency, and smarter climate control technologies. One of the key highlights was our AI-powered VRF solution, the Multi V i, which represents the next phase of intelligent cooling systems we are introducing into the Nigerian market. As the headquarters of LG Electronics West Africa, Nigeria remains a strategic hub for us, and we remain committed to expanding access to innovative solutions that meet the evolving needs of customers and businesses across the region.”
LG’s presence at the exhibition also reflected its continued investment in engaging industry professionals, technical experts, and business stakeholders through platforms that encourage collaboration, knowledge exchange, and technological advancement within the HVAC sector.
Positioning Technology as a Driver of Smarter Living and Infrastructure
Beyond product displays, Mega Clima Nigeria 2026 created a broader conversation around the future of climate control technologies within rapidly developing urban environments. From commercial buildings and hospitality spaces to residential infrastructure, the demand for efficient and intelligent cooling systems continues to grow across the region.
By participating in one of West Africa’s most influential HVAC exhibitions, LG demonstrated its readiness to support this growth through solutions that combine advanced engineering, smart functionality, and energy-conscious performance.
The exhibition further reinforced LG’s philosophy of creating technologies that improve everyday experiences while supporting the broader goals of efficiency, sustainability, and modern living.
As the HVAC industry continues to evolve across Africa, LG remains committed to delivering solutions that not only respond to present demands, but also anticipate the future needs of businesses, homes, and infrastructure across the continent.
E-Business
Kaspersky Warns that Scammers are Exploiting World Cup 2026 Travellers

Kaspersky experts explain which online offers travellers should be cautious of when planning their trip, to avoid spoiling their experience ahead of the upcoming games.

Thousands of fans are expected to attend the World Cup 2026, and many are already handling their travel logistics, purchasing their flights and other transport tickets, booking accommodation, and arranging everything they need to reach the host cities. As interest grows, so does the number of fraudulent schemes that exploit the fact that fans are actively preparing for their upcoming journey.
In late April 2026, Kaspersky experts detected a campaign exploiting the branding of a well-known transport app, targeting users in Mexico. The interface of a fake Spanish-language website, impersonating one of the services, prompts users to enter their phone number and password in order to “claim prizes.” In reality, the attackers are mimicking a trusted brand and attempting to steal users’ credentials from those lured by the promise of a reward.
Some cybercriminals go “a level lower” and post their offers on the dark web. Kaspersky Digital Footprint Intelligence experts discovered a thread advertising such services, published on a shadow forum in March 2026.
The listings included offers for discounted airline tickets, hotel bookings, and match tickets, allegedly at 20% off the original price. These offers are designed to lure users and can be highly dangerous, ultimately resulting in victims losing both their money and any services they expected to receive.
Entrepreneurs and property owners also in the crosshairs
Cybercriminals are also targeting businesses and entrepreneurs at the intersection of the travel industry, which is also involved in the event. Given the high demand for short-term rentals during the tournament, property owners have become an attractive target for scams.
For example, a fake website was discovered requesting account credentials for a well-known platform. In this way, scammers attempt to gain access to property owner accounts, potentially resulting in unauthorised withdrawals and financial losses.
Another common scheme involves fraudsters attempting to extract money from organisations by posing as representatives of well-known airlines and offering fictitious business partnerships. In these emails, they claim to be launching new projects or business expansion initiatives and state that they are actively seeking suppliers or contractors.
If a company representative responds to such an offer, the scammers typically escalate the deception in a subsequent stage. To enhance credibility, they send forged documents for completion and signature, including supplier registration forms and non-disclosure agreements.
The ultimate objective of the fraudsters in this scheme is to induce the organisation to pay a so-called “deposit,” ostensibly required to secure a priority position in a partner selection list.
According to the claims made in the fraudulent communications, this payment would later be fully refunded once the partnership is formally established. In reality, this promise is entirely deceptive. The perpetrators simply appropriate the funds, and no reimbursement is ever made to the victim organisation.
“The travel sector, particularly when it intersects with major events, is a persistent target for a wide range of scams and fraudulent schemes. For end users, it is often difficult to distinguish at first sight between a legitimate website and a spoofed one, or between genuine marketing communications from a reputable service and scam emails.
“We therefore advise treating overly attractive offers with a high degree of caution in order to protect your personal data and financial resources,” says Anna Lazaricheva, senior spam analyst at Kaspersky.
E-Business
Meta Platforms Contributed $820m to Nigeria’s Economy in 2025 – Report

Meta’s family of platforms, including Facebook, Instagram and WhatsApp, contributed an estimated 820 million dollars in annual economic value to Nigeria in 2025, according to a new report released on Wednesday.

Meta
The report titled “Nigeria’s Digital Economy” was conducted by independent research firm, Public First, and commissioned by Meta.
It stated that 14 million Nigerian small and medium-scale enterprises (SMEs) used Meta platforms in 2025 to start, run and grow their businesses.
According to the report, the platforms contributed about two billion dollars to Nigeria’s Gross Domestic Product (GDP) while generating an estimated 640 million dollars in productivity gains through instant messaging services.
The report noted that 81 per cent of Nigerian businesses surveyed said Meta platforms had helped them expand their customer base beyond their local areas.
It added that the digital tools had reduced customer acquisition costs and enabled businesses in different parts of the country to access wider markets.
The report also highlighted the growing role of artificial intelligence (AI) in Nigeria’s economy, projecting that AI could contribute 22 billion dollars to the country’s GDP by 2035 under favourable conditions.
It stated that 87 per cent of online Nigerians surveyed believed AI products developed within Africa would play an important role in the continent’s economic growth.
Speaking on the findings, Meta’s Director of Public Policy for Sub-Saharan Africa, Balkissa Ide Siddo, described Nigeria as one of the world’s most entrepreneurial and digitally engaged markets.
According to her, Meta platforms are helping to remove traditional barriers to business growth and enabling entrepreneurs to access broader economic opportunities.
“From a tailor in Lagos reaching customers across the country through Instagram, to a small business owner in Kano taking orders on WhatsApp, to a creator in Abuja building a global audience on Facebook, Meta’s platforms are unlocking real economic opportunity,” she said.
Siddo noted that WhatsApp had become a major gateway for AI adoption in Nigeria and across Sub-Saharan Africa.
She added that 93 per cent of Meta AI prompts in the region were made through WhatsApp, indicating that many users were engaging with AI technologies through platforms they already use daily.
The report further stated that 93 per cent of online Nigerian adults surveyed said they felt more connected to wider communities through Meta’s applications.
Also speaking, Alison Neyle, Director at Public First, said the findings reflected the increasing role of digital platforms in supporting entrepreneurship and participation in Nigeria’s growing digital economy.
“Nigeria’s digital transformation is creating new opportunities for businesses, creators and consumers alike.
“With the right combination of infrastructure, platform access and open-source AI, the upside for Nigeria is significant,” Neyle said.
The report projected that Meta’s contribution to Nigeria’s economy could rise to two billion dollars annually as digital adoption deepens and internet access improves across the country.
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