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Venco Secures $670,000 Pre-seed Funding to Deliver Digital Solutions for Properties in Africa

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Venco, a technology company that provides solutions to enhance living experiences in residential and commercial communities in Africa, has secured $670,000 in an oversubscribed pre-seed funding round to scale its all-in-one technology platform that manages collections, service charge administration, utilities vending, visitor access and other services associated with multi-unit property developments across Africa.

The pre-seed funding round was led by Zrosk Investment Management, with participation from other strategic investors including Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.

Starting with Nigeria and Kenya, the new funding will support VENCO to build out its credit delivery infrastructure for rent and household spend, as well as its expansion into other cities and countries on the continent.

With growing urbanisation across Africa, multi-property developments have emerged as the preferred mode of delivering residential and commercial real estate.

Of the 2.5 million households in Nigeria that earn more than $1,000 per month, 80 percent live in multi-property communities.

25 percent of their income is spent on rent and 50 percent is spent on other household needs, including consumables, utilities, internet data, cable TV and other services. This market for household spend represents a $22.5 billion opportunity in Nigeria, and $100 billion across Africa.

However, with the process of managing various aspects of life in these communal developments being largely manual and paper-based, there are many inefficiencies that negatively impact residents’ experience and profitability for property owners.

For example, the default-rate on service charge collection for multi-property developments in Africa can be as high as 60 percent, which means that property managers are either out of pocket or forced to operate on insufficient funds.

Even when payments are collected, the manual process means reconciliation is error-prone and theft is common.

Co-founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO) and Uzochukwu Alor (COO), VENCO automates collection and reconciliation of all dues and payments in communities resulting in improved receipts and better margins for property owners.

For residents, self-service tools provided by VENCO make processes such as visitor control, issue and emergency management as well as utilities-vending more seamless.

With residents able to build an economic profile based on their financial transactions on the VENCO platform, they can now access a range of embedded financial services, including insurance, credit facilitation for rent, service charges and household spend along with many other services.

VENCO has recorded over 200 percent growth over the last 9 months and is currently in 6 cities and more than 12,000 property units across Nigeria and Kenya. Since January 2022, it has processed more than $10 million in transaction value via its platform.

“The company is also partnering with ecommerce platforms to enable easier access to merchants within and around the community, energy companies to ensure reliable energy metering and collections, and other service providers to improve the overall experience in these communities.

According to Chude Osiegbu, CEO and co-founder of VENCO, “the manual nature of many processes associated with life in residential and commercial communities in Africa presents many issues that we believe technology can fix.

“Beyond this, we also want to leverage technology to deliver new services and experiences that will transform how people live in Africa’s growing cities and create better value for everyone across the board.

“Our goal is to deliver technology solutions that will enhance living experiences across the continent, and we are excited to have raised these funds to support that mission”

Samson Esemuede, Managing Director, and Chief Investment Officer at Zrosk Investment Management said “The team at VENCO are building a platform that allows for the validation of the GDP of the African household.

“Not only does a platform like VENCO allow for significant improvement in the experience of African residents, facility managers and property owners, it could potentially unlock at scale the sort of financial services the African consumer really needs.

“We view VENCO as both a SAAS and a financial inclusion play with a potential for strong multiplicative impact across the continent. We are excited to support the VENCO team in achieving their vision”.


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NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

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Nigeria Centre for Disease Control (NCDC) has intensified nationwide disease surveillance following reports of a Hantavirus infection cluster connected to international cruise ship travel involving several countries.

NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

Dr Jide Idris, director-general, NCDC, in a public health advisory, confirmed that Nigeria has not recorded any confirmed Hantavirus case and stated that the overall public health risk remains low.

According to the agency, the reported outbreak currently involves a limited number of confirmed and suspected infections linked to cruise ship exposure, while international investigations and contact tracing efforts continue.

The NCDC explained that the advisory was released to strengthen national preparedness and encourage vigilance against emerging infectious diseases amid growing global concern surrounding the outbreak.

Health authorities noted that Hantaviruses are mainly transmitted through exposure to infected rodents, their urine, saliva, droppings, or contaminated dust particles. Symptoms may include fever, fatigue, muscle pain, gastrointestinal illness, and in severe cases, respiratory complications.

The current outbreak has reportedly been associated with the Andes virus strain, which has shown limited human-to-human transmission through close contact in previous cases.

The NCDC stated that enhanced monitoring systems have been activated nationwide to support early detection and rapid response efforts.

The agency also urged Nigerians to maintain proper hygiene, prevent rodent infestations, safely store food items, and avoid exposure to rodents and contaminated environments.

Officials further advised the public to rely only on verified information from recognized health authorities and avoid spreading misinformation regarding the outbreak.

 

 


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Moniepoint Partners GDG Lagos, Women Techmakers to Empower the Next Generation of Women Architects in Tech

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In a critical move to bolster talent density and accelerate Nigeria’s digital economy, Africa’s all in one financial ecosystem, Moniepoint hosted an International Women’s Day event bringing together women in technology for a day of leadership development and hands-on product building.

Held at Moniepoint’ Headquarters in Lagos, themed “Break the Pattern,” the event was organised in partnership with Women Techmakers Lagos and Google Developer Group (GDG) Lagos with participants spanning both technical and non-technical backgrounds, reflecting the breadth of women currently active across Nigeria’s digital economy.

In a keynote address delivered by Kemi Nwogu, Head of Product at Moniepoint Inc, titled “Breaking the Pattern: How Women Can Redefine the Future of Tech,” she made the case that progress for women in technology requires not just access to existing structures, but the tools and confidence to reshape them. Furthermore, Nwogu issued a bold call to action, urging attendees to move beyond traditional career playbooks and take ownership of shaping the industry’s future.

“From a young age, many girls have been subtly discouraged from pursuing science and tech. They are told sometimes directly, sometimes indirectly, that tech is too hard, too technical, or simply not for them. These patterns are not facts, they are constructs. And what has been constructed can be deconstructed! The future of tech needs leaders who build people, not just products, cultures, not just systems,”said Nwogu.

On building skills with purpose, she urged women to “show up everyday, make small, steady progress with online courses, coding bootcamps, open-source projects while leveraging the full ecosystem; take on challenging tasks as your greatest classroom using real problems to build real skills; while knowing why you’re building a skill as every learning goal can be tied to a career journey.”

This thematic fare of the event was further explored in a panel discussion, “Unscripted: Leading Beyond the Patterns We Inherited”, moderated by Atinuke Oluwabamikemi Kayode and featuring leaders from fintech, creative design, and software engineering space, including Chukwu Adaeze (Creative Director, CAV Digital), Chinenye Ogbu (Customer Experience Lead, Hydrogen), and Motunrayo Koyejo (Senior Software Engineer, Cowrywise).

The robust and extensive conversation examined the professional archetypes that have historically defined leadership in the Nigerian tech ecosystem: the engineering culture that equates output with exhaustion, the creative industry’s tendency toward top-down authority, the script-driven rigidity of customer-facing roles. The panelists also provided deep insights into how they had navigated and, in places, dismantled those patterns within their teams and organizations.

The event went beyond conversations to a hands-on workshop, Prompt to Production, facilitated by Taiwo Famakinde which guided attendees through modern product development from prompt design through rapid prototyping to the deployment of a functional application using AI tools.

A lot of the participants entered with little to no prior experience building software products. The workshop then fed directly into a Buildathon, where participants developed and deployed their own solutions in real time, with the strongest builds recognised and rewarded at the closing ceremony.

“IWD celebrations are often heavy on inspiration, but we wanted to offer something more, a proof of capability. Oftentimes, there is a gap between having ideas and actually building them, and we set out to bridge that by creating a space where women could easily deploy their ideas into live products with AI in just a few hours. By the end of the day, something that once felt complex due to the fast pace of AI started to feel possible.

“Our participants left with both the technical confidence to build and the leadership frameworks to navigate their careers on their own terms, ensuring they are no longer just participants in the tech ecosystem, but the architects of its future. They are now ready to test their ideas and lead without waiting for perfect conditions or a full team.” said Funke Olasupo, Co-organizer, Women Techmakers Lagos.

Interestingly, the “Break the Pattern” event sits within a broader investment in Nigeria’s technology talent pipeline that Moniepoint has deployed over the years. As one of Nigeria’s most significant fintech employers, the company runs a critical engine that sustains Nigeria’s formal and informal economy.

Moniepoint has invested in developer community partnerships including its ongoing collaboration with GDG Lagos as well as internal programmes designed to build engineering depth across product domains that include its highly successful Women in Tech initiative, DreamDevs, HatchDev and the government’s acclaimed 3MTT programme.

 


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Google Disrupts AI-Driven Cyberattack, Warns of Emerging Security Risks

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Google says it has disrupted an attempt by a criminal group to use artificial intelligence (AI) to exploit a previously unknown software vulnerability, highlighting growing concerns over the use of AI in cybercrime.

Google Disrupts AI-Driven Cyberattack, Warns of Emerging Security Risks

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The technology company disclosed this on Monday, saying the hackers planned to exploit a “zero-day” vulnerability in an unnamed company’s digital system before the attack was intercepted.

A zero-day vulnerability refers to a software flaw unknown to the vendor or security teams, leaving no time to develop a protective fix before exploitation.

John Hultquist, Chief Analyst at Google’s threat intelligence arm, described the incident as a significant shift in cybersecurity threats.

“It’s here. The era of AI-driven vulnerability and exploitation is already here,” Hultquist said.

According to Google, the attackers intended to exploit a security flaw that would have allowed them to bypass two-factor authentication and gain access to a widely used online system administration tool.

The company said it had notified the affected firm and relevant law enforcement agencies, successfully disrupting the operation before any damage occurred.

Google, however, declined to identify the targeted company, the threat actors involved, or the AI model used in the attempted breach.

The firm said preliminary analysis suggests the hackers used a large language model, similar to those powering popular AI chatbots, to identify the vulnerability.

Google noted there was no evidence linking the attempted attack to any government-backed operation, although groups connected to China and North Korea have reportedly explored similar AI-enabled cyber techniques.

The disclosure comes amid growing debate over the regulation of increasingly advanced AI systems capable of coding, vulnerability discovery, and cybersecurity analysis.

Recent advancements in AI hacking tools, including Anthropic’s newly announced cybersecurity-focused model, Mythos, have intensified concerns among governments and technology firms worldwide.

The U.S. government has also stepped up oversight of advanced AI systems, with the Commerce Department recently announcing agreements with major technology firms, including Google, Microsoft, and xAI, to evaluate powerful AI models before public release.

Industry analysts warn that while AI could strengthen cybersecurity by helping organisations detect and patch software flaws faster, it could also accelerate cyber threats by enabling criminals to discover and weaponise vulnerabilities at unprecedented speed.

Dean Ball, Senior Fellow at the Foundation for American Innovation, said governments may need to consider stronger oversight of advanced AI tools.

“I don’t like regulation. I would prefer for things not to be regulated. But I think we need to in this case,” Ball said.

Experts say the growing use of AI in cybersecurity could create a transitional period of heightened digital risk before stronger defences are developed globally.


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