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Yep, Nigerian Financial Super-App Raises $1.5m in Pre-Seed Funding
Yep!, a financial super-app, has raised $1.5 million in a pre-seed funding round led by Greenhouse Capital as the company launches its revolutionary new digital financial super app on iOS and Android in five African countries (Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso).
The company has ambitious growth plans of doubling an existing network of about 100,000 merchants to over 200,000 by the end of 2022.
The founders are also in discussions with international credit providers to increase the super-app’s debt facility to $10 million by the end of this year as the company scales its lending operations.
Yep! Co-Founder Olaoluwa Awojoodu said: “We have secured a $500,000 credit facility that will enable us to kick-start the provision of working capital loans to our existing merchants as we expand across the continent.
“As we strive to deliver on our promise of bringing financial access to all Africans and connecting Africans to the world, increasing Yep!’s lending capacity will be a key catalyst in pulling more customers and merchants into our ecosystem.
“Access to finance can be transformative – it unlocks opportunities among those that need it the most and has a huge impact on the wider economy.”
Yep! is a digital financial services company leveraging technology to deliver unconventional and intuitive financial services and solutions that fills the gap left by existing banking models which fail to serve Africa’s unbanked, underserved and micro, small and medium enterprises (MSMEs).
As part of its mission to boost financial inclusion, Yep! will leverage its existing merchant network, PayCentre Africa, to ease entry into the formal economy for rural communities, who would otherwise be financially excluded. The company’s services enable entrepreneurs, small business owners, students, MSMEs, and merchants to gain safe and easy access to financial solutions digitally.
In 2021 alone, over 5 million customers transacted more than $2 billion through the company’s growing network of merchants. In an attempt to close the loop, bank these customers; Yep! secured a microfinance bank (MFB) licence in Nigeria, enabling the company to set up accounts for customers, businesses, and merchants, in a matter of seconds.
The firm is exploring partnerships with leading U.S. banks and service providers to expand its products to customers in the U.S., building on remittance flows to Africa from the diaspora and migrants from the region. Product lines across the Atlantic will include low-cost and freely accessible remittances to African countries, free checking and saving accounts and a credit card to start.
In recent years, remittance flows to low and middle income have soared as high as $550 billion, a figure that does not include sums transferred through informal channels.
With banks and money transfer services temporarily closed during the Covid-19 pandemic, millions of customers turned to online remittances, which continue to provide vital support to families affected by economic hardship or facing increasing costs for school. According to data from the World Bank, remittance inflows to Sub-Saharan Africa rose in 2021, rising by 6.2% to $45 billion.
As migration flows from the continent are expected to increase, and digitisation paces ahead, remittances to sub-Saharan Africa are set to receive unprecedented growth, a trend Yep! is sure to benefit from.
Airende Ojeomogha, Co-founder, Yep! said: “The informal sector is the backbone of economic activity in Africa and accounts for over 80% of jobs in cities across the continent.
“However, populations and businesses in this segment often do not have the necessary tools to grow and scale – due to restricted access to financial services that enhance growth, such as savings and credit facilities. With our network of around 100,000 merchants spread across West Africa, we get to hear from millions of customers and businesses, so we know our customers’ challenges.
“This strengthens our ability to build and provide the right products that eradicate their pain points and respond to evolving needs.”
Garry Ottosen, Co-founder, Yep!, said: “We want to create a disruptive financial platform that democratises access to financial services and economic opportunities for both retail and business customers across Africa. Yep! succeeds only when our customers do.”
Greenhouse Capital led the $1.5 million investment round, adding the firm to its portfolio of pioneering companies in Africa, including Y.C. companies Flutterwave, Credpal, and Helium health.
Ruby Nimkar, Partner at Greenhouse Capital stated why they invested in Yep! saying, “We are excited to support Olaoluwa, Airende and Garry as they make financial services accessible to consumers and businesses both on the continent, as well as in the diaspora.
“The founders are seasoned operators and we were impressed by the vision, the team and the speed of execution.”
The organisers of the Africa Tech Alliance Forum (AfriTECH 5.0) are delighted to announce George Agu, a distinguished technology entrepreneur and executive, as one of the keynote speakers at this year’s edition themed “AI & Sovereign Tech: Building Africa’s Digital Independence.”
Agu, the MD/CEO of ActivEdge Technologies Limited, is an astute founder and technology leader whose illustrious career spans over twenty-five years across core banking systems, enterprise applications, fintech, cybersecurity, and AI-powered e-government services. His experience blends strong technical expertise with strategic business leadership, having successfully built and scaled enterprise and public-sector technology platforms across West, East, and Southern Africa.
A Certified Information Systems Auditor (CISA) and Certified Information Security Manager (CISM), Agu is also an alumnus of The Wharton School and the London School of Economics (LSE) through executive education, with specialisations in Entrepreneurship Acceleration, FinTech Revolution, Strategic Innovation, and Public Policy Analysis.
He began his professional journey as a software developer at CSA Nigeria in 2000, later joining Neptune Software, where he rose from Systems Implementation Manager to Managing Director/CEO for West Africa. At Neptune, he played a pivotal role in the success of the Equinox and Orbit core-banking platforms, with Orbit earning the No. 1 global ranking in microfinance core banking by CGAP (Washington DC).
As a serial founder, Agu established ActivEdge Technologies, a pan-African systems integrator delivering solutions in cybersecurity, GRC, enterprise automation, cloud, and core infrastructure, executing projects in more than six African countries.
He went on to found PayEdge, a fintech company addressing MSME liquidity and supply-chain finance challenges, and Introspec, a settlement and reconciliation platform used by banks in over fifteen African countries.
His latest innovation, HarmonyEdge, is an AI-powered e-government platform that digitises workflows, enables analytics and decisioning, supports citizen engagement, and powers payment and e-reconciliation systems — currently being piloted in a leading African nation.
Beyond entrepreneurship, George Agu contributes actively at board and civic levels. He serves on the Abia State Global Economic Advisory Council, chairing a sector committee, and on the board of TN Cybertech Bank, where he leads the Technology and Strategy Committee.
He also chairs the Business Roundtable of the African Bar Association and serves as Deputy President of the South East–South South Professionals.
Speaking ahead of AfriTECH 5.0, Mr. Chike Onwuegbuchi, co-convener, described Agu as a “seasoned technology visionary whose work embodies the spirit of African innovation and digital self-reliance.”
“His keynote will provide practical insights on how AI and sovereign technologies can redefine digital transformation across Africa’s public and private sectors”, Onwuegbuchi said.
AfriTECH 5.0 will convene industry leaders, policymakers, investors, and innovators to explore the role of AI and indigenous technologies in driving Africa’s digital independence.
The event is supported by NCC with Digital Encode Limited as the Platinum Sponsor. Other Gold sponsors are Galaxy Backbone, itel, Digital Realty, ActivEdge Technologies, Tecom, Tizel Cybersecurity, AfriGoPay Financial Services Limited, SKOT Communications and other ecosystem partners.
Kashifu Inuwa, director general of the National Information Technology Development Agency (NITDA), has called for urgent and strategic investment in Africa’s digital public infrastructure, describing it as the foundation for sustainable economic transformation, job creation, and intra-African trade.
Speaking at the 2nd annual Sustainability Week Africa held at The Westin, Cape Town, South Africa, Inuwa emphasized that Africa’s economic destiny hinges on its own “compute capacity,” which he described as a primary factor of production in the 21st century.
“In the 21st century, compute power is a primary factor of production, and we cannot rely on exporting our raw data to other regions to process it and build products for us,” Inuwa said during a panel session on Digital Infrastructure for Jobs and Trade in Africa.
He urged African governments to emulate Europe’s collaborative approach to building high-performance supercomputers and AI factories by creating policy incentives that attract private sector investment in digital infrastructure.
Digital public infrastructure (DPI), he explained, operates at two levels: the shared physical and technical infrastructure such as connectivity and cloud capacity; and the functional layer, which includes digital identity, payment systems, and data exchange platforms that enable seamless access to services.
Citing Nigeria’s progress, the NITDA DG disclosed that over 130 million Nigerians have been enrolled under the national digital identity system.
He also revealed ongoing efforts to establish a national data exchange platform and a DPI Centre of Excellence to promote interoperability and best practices across all tiers of government.
“The Minister of Communications, Innovation, and Digital Economy in Nigeria, Dr Bosun Tijani, is leading and pushing for establishing a DPI centre of excellence, where we can have people building the actual DPI data exchange well, building APIs, and also coming up with best practices,” Inuwa stated.
On digital literacy, Inuwa reiterated Nigeria’s commitment to achieving 95% digital literacy by 2030 and 70% by 2027 under the National Digital Literacy Framework.
He noted that digital skills have become mandatory for students and civil servants, with partnerships involving Cisco and the National Youth Service Corps (NYSC) to train youth, women, and market traders in digital tools and AI-powered applications.
He called for clear policy frameworks to guide AI adoption and technology development across Africa, stressing that digital transformation is not a sector but an enabler for every sector of the economy.
“In Africa, we need to have our digital circuits by building our own capacity for digital self-determination. We should not rely on other countries to be sending hardware and software to us because our goal is to build a better life for our citizens, and technology will help us achieve that,” he said.
Inuwa concluded by advocating stronger coordination between governments, the private sector, and development partners to harmonise digital standards and scale innovation across the continent.
“Africa’s advantage lies in our ability to leap, to build collaboratively, and to design technology for inclusion. If we build the digital rails together, our youth will drive Africa straight into the heart of the global digital economy,” he said.
Sustainability Week Africa is a continental platform that showcases practical ways for governments, businesses, and communities to embrace green growth. The 2025 edition focused on Africa’s role in driving energy transition, climate resilience, and sustainable development.
Nigeria Data Protection Commission (NDPC) and Meta Platforms Inc. are set to formally adopt the final terms of a $32.8 million data privacy settlement before the Federal High Court in Abuja on Nov. 3, following months of negotiations over alleged breaches of Nigeria’s data protection laws.
The NDPC had in February 2025 imposed a $32.8 million sanction on Meta, alongside eight corrective orders, for allegedly violating the Nigeria Data Protection Act 2023.
The commission accused the global tech giant of engaging in behavioural advertising without obtaining proper user consent and transferring Nigerian user data abroad without legal authorization.
According to the NDPC, Meta’s practices contravened core principles of transparency and accountability in data processing, prompting the regulator to take enforcement action under the newly enacted data protection law.
Meta subsequently approached the court seeking a review of the commission’s decision and a stay of enforcement. However, the court declined the request, paving the way for both parties to enter into negotiations aimed at resolving the dispute amicably.
At the latest hearing, Meta’s counsel, Mr. Fred Onuobia (SAN), informed the court that both parties had reached a settlement agreement. Justice James Omotosho, presiding over the matter, welcomed the development but emphasized the need for judicial scrutiny of the settlement terms.
“There have been instances where issues not part of the original suit are smuggled into settlement terms. The court must therefore examine the document carefully before approval,” Justice Omotosho stated, before fixing Nov. 3 for formal adoption of the agreement.
The settlement, once adopted, is expected to conclude one of Nigeria’s most significant data protection enforcement cases and could set a major precedent for how global technology firms operate within the country’s regulatory framework.
Legal analysts say the case underscores the growing assertiveness of Nigeria’s data protection regime and signals a shift toward stricter compliance expectations for multinational digital platforms operating in the country.
The Nigeria Data Protection Act 2023, signed into law to strengthen privacy rights and data governance, empowers the NDPC to investigate violations, impose sanctions, and enforce corrective measures to safeguard citizens’ personal data.
Meta, which owns Facebook, Instagram, and WhatsApp, has faced increasing scrutiny globally over its data handling practices. The outcome of the Nigerian case is expected to influence future engagements between regulators and tech firms across Africa.
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