Telecom
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.”
Nigerian Communications Commission (NCC) has thrown its weight behind the upcoming Telecom Sector Sustainability Forum (TSSF 7.0), confirming its role as the headline keynote speaker for the Lagos event.
Over the years, the Telecoms Sector Sustainability Forum (TSSF) has evolved into a landmark industry convergence platform and an actionable catalyst for policy alignment, driving critical dialogue around the regulatory, economic, and infrastructural frameworks required to sustain Nigeria’s digital economy.
Taking place on 16th September, 2026, at the Radisson Blu Hotel, Ikeja, Lagos State, the seventh edition of the Telecoms Sector Sustainability Forum (TSSF 7.0), organised under the aegis of Business Remarks, will bring together key stakeholders driving the next phase of Nigeria’s telecommunications and digital growth.
Themed “Rethinking Nigeria’s Digital Infrastructure Strategy to Attract Investment and Drive Innovation”, TSSF 7.0 will address some of the sector’s most pressing priorities, such as policies, digital infrastructure expansion, digital inclusion, good connectivity, partnerships and investments needed to accelerate Nigeria’s next wave of innovations, digital transformation and economic growth.
Organised by Business Remarks, the forum has consistently brought together policymakers, mobile network operators (MNOs), infrastructure providers, data centre operators, policy advocates and financial technology stakeholders to dissect the pressing challenges facing the telecommunications ecosystem and chart a sustainable path forward.
Past editions have successfully addressed pivotal industry shifts, ranging from broadband penetration strategies, human capital flight, mobile virtual network operators (MVNOs) sustainability and infrastructure deficit funding to the operational integration of emerging technologies. By providing a neutral, high-level platform where regulators like the Nigerian Communications Commission (NCC) can interface directly with private sector players, the forum plays a vital role in ensuring that regulatory frameworks evolve in tandem with market realities.
Speaking about the event, the Convener, Bukola Olanrewaju, said the Nigerian telecoms sector investment has grown to $75.6 billion as of 2025, with a planned investment of over $1.38 billion in network capacity upgrades in 2026 targeted to enhance infrastructure resilience, boost coverage and improve quality of service for subscribers nationwide.
“As the industry faces a new frontier defined by deepening 5G and 4G penetration, expanding fibre optic networks, and complex macroeconomic pressures, the need to meet the growing demands for digital services while remaining profitable has become the defining challenge of the modern telecommunications landscape.”
At a time when investment in connectivity, subsea cables, fibre networks, data centres, cloud infrastructure and cybersecurity is reshaping the country’s digital landscape, TSSF remains a vanguard of thought leadership and industry engagement, fostering the public-private collaborations necessary to safeguard the backbone of Nigeria’s digital transformation.
Nigerian Communications Commission (NCC) has reaffirmed its commitment to promoting efficient broadband infrastructure deployment in Nigeria through collaborative implementation of the Dig Once Policy.
L-R: Prof. Olalekan Yinusa, Executive Director, Policy, Strategy and Research, Nigeria Governors’ Forum; Mr. Ayuba Shuaibu, Director, Policy Competition and Economic Analysis, Nigerian Communications Commission, NCC; Engr. Nadungu Gagare, Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy; Dr. Helen Aderibigbe Adeniyi, Hon. Commissioner, Ministry of Innovation Science and Technology, Kogi State, during the 2nd Stakeholders ‘ Consultative Forum on the Study to Develop a Mechanism and Cost-Based Structure for Sharing Duct Built Under The Dig-Once Policy in Nigeria, on the 8th July 2026, at the NCC Annex Office Mbora Abuja.
The Commission gave the assurance at the Second Stakeholders’ Consultative Forum to Develop a Pricing Mechanism and Cost-Based Structure for Sharing Ducts Built Under the Dig Once Policy in Nigeria, held at the NCC Annex Office, Mbora, Abuja, on Wednesday.
The forum brought together representatives of federal and state government institutions, telecommunications operators, infrastructure companies, industry associations, development partners and other key stakeholders to deliberate on the interim findings of the study and provide input towards the development of a transparent, equitable and cost-based framework for sharing underground duct infrastructure.
Speaking at the event, NCC’s Director, Policy, Competition and Economic Analysis, Mr Ayuba Shuaibu, said the consultative engagement underscored the Commission’s commitment to an open, transparent and inclusive regulatory process that accommodates the interests of infrastructure providers, network operators, public institutions and consumers.
Shuaibu noted that the proposed framework is intended to encourage infrastructure sharing, improve asset utilisation, reduce the cost of broadband deployment and facilitate the expansion of telecommunications infrastructure across the country.
According to him, the study is designed to establish a fair and transparent pricing mechanism for sharing underground ducts deployed under Nigeria’s Dig Once Policy, which encourages the installation of telecommunications ducts during road construction and rehabilitation projects. He explained that this would enable future fibre deployments without repeated road excavations.
“The Commission remains committed to a transparent, inclusive and consultative process. Our objective is to arrive at a pricing structure that balances the interests of infrastructure providers, access seekers and, ultimately, consumers, while also encouraging continued investment in broadband infrastructure.
“We encourage frank, constructive and solution-oriented contributions that will strengthen the final outcomes of this study,” Shuaibu said.
He added that observations, recommendations and contributions received from stakeholders during the consultation would be reviewed and incorporated into the final study report to ensure that the resulting framework is practical, commercially sustainable and responsive to industry realities.
Delivering the keynote presentation, the consultant, Mr Olugbenga Olabiyi, Managing Director of Dimension Data Limited, observed that passive infrastructure, including ducts, conduits, manholes and related facilities, constitutes one of the most capital-intensive components of broadband network deployment globally.
He said infrastructure sharing had emerged as an effective strategy for reducing deployment costs, improving efficiency and accelerating broadband expansion.
Olabiyi stated that Nigeria’s adoption of the Dig Once Policy presents an important opportunity to strengthen coordinated infrastructure deployment, minimise avoidable road excavations, improve utilisation of existing infrastructure and support broader broadband access across the country.
He also emphasised the importance of developing a predictable, transparent and equitable access framework, noting that inconsistent pricing models and unclear access conditions could undermine investment incentives and limit the benefits of infrastructure sharing.
“For Nigeria, where broadband expansion remains a national priority under the National Broadband Plan, successful implementation of the Dig Once Policy could become one of the most impactful infrastructure reforms in our telecommunications history.
“However, infrastructure sharing succeeds only when access is governed by fairness, transparency, predictability and effective market oversight.
“Without an equitable access framework, owners of shared infrastructure may inadvertently or deliberately create barriers to entry through excessive pricing, restrictive commercial conditions or discriminatory access practices. Such outcomes would undermine the objectives of the Dig Once initiative and discourage investment rather than promote it.
“This is why the NCC’s initiative to develop a cost-based pricing framework deserves commendation. A transparent and objective pricing methodology will provide confidence to investors, infrastructure companies, mobile network operators, Internet Service Providers, fibre operators and all participants within the communications ecosystem,” he said.
Participants at the forum reviewed the interim findings and provided recommendations on the proposed pricing methodology, implementation considerations and cost elements. Discussions focused on ensuring that the policy supports efficient infrastructure deployment while balancing the interests of infrastructure providers, access seekers and consumers.
The stakeholder consultation builds on earlier engagements conducted by the Commission on the study. It also aligns with the NCC’s commitment to implementing regulatory initiatives that promote broadband expansion, encourage infrastructure sharing and advance Nigeria’s digital transformation agenda.
MTN Nigeria is accelerating investments in network expansion and modernization to address rising demand for mobile and data services across the country.
The operator is deploying additional base stations, upgrading existing infrastructure, and expanding fiber connectivity to improve network capacity, coverage, and service quality.
The investments are designed to support increasing smartphone adoption, higher data consumption, and the growing use of digital services by consumers and businesses.
MTN said the expansion aligns with its long-term strategy to enhance customer experience while strengthening Nigeria’s digital infrastructure.
The company expects the ongoing upgrades to improve connectivity, support economic growth, and enable broader access to reliable telecommunications services as demand for high-speed broadband continues to increase.
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