E-Financial
TLcom Secures First Close of $150mn Pan-African Tech Fund
TLcom, the Africa-focused venture capital firm, has today announced a first close of $70mn for its $150mn Africa focused tech fund, firmly positioning the investor to become the largest independent VC firm fully dedicated to the continent.
With a first close in line with the total size of its TIDE Africa Fund closed in 2020, TLcom’s second fund sees participation from Allianz, the world’s largest insurance company, through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest from the private sector, and major DFIs such as CDC Group (the UK’s development finance institution), IFC, Proparco and Swedfund. A second close of the fund is expected later in 2022.
With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa. With ticket sizes ranging from $500,000 – $15mn, TLcom expects to add an additional 20 early-stage startups to its portfolio with an emphasis on Seed and Series A stages and will target entrepreneurs tackling some of the continent’s most complex challenges in sectors including fintech, mobility, agriculture, healthcare, education and ecommerce.
Speaking on the launch of the new fund, Maurizio Caio, Nairobi-based Founder and Managing Partner at TLcom, says, “Since the closing of our previous fund, African tech has secured more high-value financing rounds, exits and M&As than ever before and this is only just the beginning.
“It is becoming increasingly evident that our sector has broken into a new era of maturity driven by very strong business fundamentals that African founders are demonstrating not only in the fintech space, but across a huge number of the continent’s largely underserved markets.”
“As we partner with some of the world’s leading global investors for our new fund, this is not only an endorsement of the massive value generation upside on the continent, but also of our proven track record in identifying and supporting entrepreneurs successfully winning and redefining Africa’s key verticals.
“In order to contribute to unlocking the next phase of Africa’s huge economic upside, we’ll be mobilizing our new fund to strengthen our partnership with African founders, with a special emphasis on female entrepreneurs, as well as our role as the leading local partner of choice for global VCs increasingly looking at Africa.”
The entrepreneurs supported by the TIDE Africa Fund have amassed huge traction in recent years with total revenues across its portfolio growing 3x since investment, over 2,300 jobs created and significant up-rounds secured with participation from leading global investors including Softbank, Owl Ventures and Index Ventures.
“To-date, TLcom’s portfolio companies have raised more than half a billion dollars of capital in addition to funding issued by the TIDE Africa Fund and on average, new investments secured from these startups were priced at 5x the valuation of the initial investment received from TLcom. In 2021, the investor also announced the first unicorn in its portfolio following Andela’s $200mn Series E funding at a valuation of $1.5bn.
Abhinav Sinha, Director and Head of Technology and Telecom at CDC (soon to become British International Investment (BII)), says “We are excited to expand our partnership with TLcom. The fund’s focus on business fundamentals coupled with deep understanding of local context has been instrumental in identifying market shaping businesses and innovative entrepreneurs in Africa.
“We are confident that our continued relationship will further amplify TLcom’s ambitions to accelerate impact to consumers and businesses across Africa’s diverse markets.”
Martin Ewald, Lead Portfolio Manager Impact Investments, AfricaGrow/Allianz Global Investors, adds “One thing is clear to those who are close to the African VC market: it will grow. We at AfricaGrow believe much more is possible in terms of capital influx into the continent especially in the VC space. There is considerable upside for everyone if investment activities accelerate even more: African businesses can boost productivity, gain in terms of competitiveness and technological edge and tens of millions more Africans could gain stable employment while generating returns for investors.”
Launched in 1999, TLcom currently has in excess of $350mn worth of funds under management across primary and secondary funds and boasts one of the leading portfolios in African tech featuring 12 startups including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods and uLesson.
The company’s highly experienced and growing team – which is also 50% female at a senior leadership level – consists of Founder and Managing Partner Maurizio Caio based in Kenya, Senior Partner Dr. Omobola Johnson based in Nigeria, and Partners Andreata Muforo in Kenya, and Ido Sum in the UK.
With its offices based in Kenya, Nigeria as well as the UK, TLcom invests across all stages of the venture capital cycle and manages a broad portfolio of tech-enabled startups addressing a range of sectors including agriculture, education, data analytics and logistics.
Ijeoma Agboti, Managing Director at FBNQuest Funds, closes “FBNQuest Funds is pleased to have participated in the first close of TLcom’s 2nd edition pan-African Tech Fund (TIDE Africa Fund II). This follows our first close commitment to the manager’s maiden fund (TIDE Africa Fund I).
“Our decision to back TLcom on its second fund was based on the fund manager’s demonstrated track record of investing in high growth tech companies with strong business fundamentals and implementing value creation strategies that improve the operations and profitability of these companies.
“We remain confident that TLcom is well-positioned to continue to deliver on our shared objective to provide capital, the required operational support and access to international partnerships to technology companies in the Africa region through the TIDE Africa Fund II. At FBNQuest Funds, we recognize the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are keen to play a pivotal role in enabling this growth.”
In continuation of its mission to make financial services simpler, faster, and more accessible, SmartCash Payment Service Bank, a subsidiary of Airtel Nigeria, has announced a strategic partnership with Leadway Assurance to offer Smartcash users an effortless access to Leadway’s mobile-friendly motor insurance service.
Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements. With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.
While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.
Commenting on this partnership, Chief Executive Officer, Smartcash PSB, Tunde Kuponiyi highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.
“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.
He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.
Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion.
“This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”
The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.
This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.
Central Bank of Nigeria (CBN) has suspended dividend payments to shareholders and bonuses to directors and senior management staff of banks currently benefiting from regulatory forbearance.
Forbearance refers to the temporary reduction or postponement of payments, such as for loans or mortgages, usually introduced to give temporary relief to individuals, and corporations, including financial institutions encumbered by financial straits.
The directive was contained in a circular dated June 13, signed by Olubukola Akinwunmi, director of Banking Supervision, CBN.
According to the CBN, the move is part of efforts to strengthen capital buffers, enhance balance sheet resilience and promote prudent internal capital retention within the banking sector during what it described as a transitional period.
The regulatory forbearance arrangement, which allows banks some relief in meeting credit exposure and Single Obligor Limit (SOL) requirements, is currently being reviewed by the central bank in terms of capital positions and provisioning adequacy.
As part of this review, the CBN directed affected banks to suspend dividend payments, defer bonuses, and refrain from making investments in foreign subsidiaries or launching new offshore ventures.
“This temporary suspension is until such a time as the regulatory forbearance is fully exited and the banks’ capital adequacy and provisioning levels are independently verified to be fully compliant with prevailing standards,” the CBN said.
The bank added that the measure is to ensure that internal resources are retained to meet existing and future obligations and support “the orderly restoration of sound prudential positions.”
The CBN also said it will continue to monitor developments and engage with institutions as necessary.
The move comes amid efforts to tighten supervision across the financial system following recent banking sector reforms and recapitalisation directives.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor.
“As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM). Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
Smartcash PSB Launches Access to Instant Motor Insurance via Leadway Assurance
GSMA, Mobile Industry Call for Strengthened Action to Advance Child Online Protection in Africa
CBN Suspends Dividend, Bonus Payments for Banks under Forbearance
Elumelu, UBA Chair Seeks Digital Sovereignty for Africa
Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case
E-Financial1 day agoFidelity Bank ED, Kevin Ugwuoke takes over as President of Risk Managers Association
News1 day agoWhy I am vying for AFRINIC board seat in 2025 election – Terry Edet
Telecom1 day agoCrypto Exchange MEXC Rolls Out P2P Support for Naira, Birr, and Rupee
General News1 day agoAirtel Concludes Nationwide Environment Week with Market Clean-Up by Employees
General News1 day agoCourt Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case
Broadcasting1 day agoMultichoice Nigeria Faces Revenue Decline Amid Economic Challenges
News1 day agoElumelu, UBA Chair Seeks Digital Sovereignty for Africa
E-Financial1 day agoCBN Suspends Dividend, Bonus Payments for Banks under Forbearance