E-Business
TradeDepot Raises $110 Million To Extend ‘Buy-Now-Pay-Later’ to Retailers Across Africa

TradeDepot, the leading B2B eCommerce and embedded finance platform in Africa, has raised $110 million in an equity and debt funding round to support the delivery of Buy-Now-Pay-Later services to 5 million SME retailers and drive further expansion of its merchant platform across the continent.

The Series B equity round was led by the International Finance Corporation (IFC) – a member of the World Bank Group, with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds.
Africa’s SME retailers generate $1 trillion in sales annually and contribute $2.6 trillion to the continent’s nominal GDP, but a fragmented distribution network and lack of access to financing has led to inefficiencies in distribution and many missed opportunities across the value chain.
Via its ShopTopUp platform, TradeDepot offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their own customers.
The new funding will expedite the delivery of this service to more retailers, increasing penetration for consumer goods brands and driving prosperity in one of the continent’s most critical sectors.
With active operations in 12 cities across Nigeria, Ghana and South Africa, TradeDepot leverages its data, technology and robust logistics operations to connect retailers with suppliers and unlock financing to fund inventory purchases for retailers, enabling increased sales, higher margins and other value-added services for all parties.
Speaking about the new funding, Onyekachi Izukanne, CEO and co-founder of TradeDepot, said, “We remain super focused on making digital commerce and financing both accessible and affordable to neighbourhood retailers across key cities in Africa.
We are delighted to be joined by an elite group of new investors and have IFC’s Wale Ayeni and Brian Odhambo of Novastar joining our Board of Directors, to support us on this journey to drive growth and prosperity across the continent.”
TradeDepot has built a network of leading consumer goods brands and SME retailers across Africa, and created a proprietary risk scoring engine that uses retailers’ purchase history, previous repayment performance and other related data points to predict their creditworthiness.
This game-changing financing model coupled with industry-leading technology to support logistics operations has led to a 200 percent increase in transaction volumes for retail store owners.
“The informal sector is a large and critical part of Africa’s economy, accounting for around 80 per cent of jobs in the region,” said Makhtar Diop, IFC’s Managing Director. “We are excited to work with TradeDepot to leverage technology to help small businesses across the continent, particularly the many retailers led by women, access the resources they need to grow and scale.”
E-Business
Firm Identifies Global Scam Activity Linked to the Release of Avatar 3

The premiere of Avatar 3 has taken place in several countries and has been accompanied by a noticeable increase in online interest. Amid the heightened attention surrounding the release, Kaspersky experts identified an increase in cyber-scam campaigns that exploit the movie’s launch and users’ desire to watch it online. The fraudulent websites target users across multiple regions, indicating attempts by attackers to reach a global audience.

The scam operates as follows: cybercriminals create suspicious websites that offer online access to the Avatar 3 movie. Attackers place particular emphasis on localisation, publishing the sites in multiple languages to attract users from different countries. However, the translations are often poorly executed and contain grammatical errors and inconsistencies, which may serve as indicators of fraudulent activity.
When users attempt to start the video, they are presented with a fake media player and prompted to register in order to obtain “full” or “unlimited” access to the film. As part of the registration process, users are asked to provide personal information, including an email address and mobile phone number.
At later stages, scammers may request additional data, including payment details, under the guise of activating a “free trial.” This creates risks of credential compromise, particularly if users reuse passwords across multiple services, and may also lead to financial losses.
“Cybercriminals consistently exploit major movie premieres to capture users’ attention and increase the effectiveness of their schemes. We advise accessing films only through official platforms and exercising caution when encountering websites that request personal or payment information. It is also important to use reliable security solutions to protect all devices, including mobiles,” comments Olga Altukhova, Senior web content analyst at Kaspersky.
E-Business
Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone

Galaxy Backbone (GBB) aligns with and celebrates the successful announcement by the Office of the Head of the Civil Service of the Federation on the achievement of a Paperless Civil Service, a significant milestone in Nigeria’s public sector reform and digital transformation agenda.

The milestone was formally highlighted at a press briefing led by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, who commended Galaxy Backbone for its sustained support and contribution throughout the implementation of the programme.
GBB has played a critical role in enabling this transition by providing secure, scalable, and shared digital infrastructure that supports the digitisation of government processes across Ministries, Departments and Agencies (MDAs). Through the 1Government Cloud, MDAs have been empowered to migrate from paper-based workflows to digital platforms, improving efficiency, collaboration, data security, and service delivery across the Federal Civil Service.
In addition, GovMail, GBB’s secure government email platform, has strengthened official communication, enhanced records management, and reinforced cybersecurity standards—key pillars in sustaining a paperless operating environment.
Galaxy Backbone acknowledges the collective efforts of the Office of the Head of the Civil Service of the Federation, Permanent Secretaries, Directors of ICT, consultants, partners, and dedicated public servants whose commitment and collaboration ensured the smooth delivery of this initiative.
The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, was represented at the press briefing by Akintayo Bamisaye, Acting Group Head, Research, Digital Innovation and Skills Department (RDIS).
GBB describes the achievement as a strong close to 2025 and reaffirms its commitment to supporting the Federal Government in building a modern, efficient, and digitally enabled public service.
E-Business
Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”
Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.
A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.
Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”
Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.
“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”
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