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Pan-African Fintech Platform Appzone Secures $10mn Series A Funding

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Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has today announced the close of its $10mn Series A round. Led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures, the new round will bolster investment in Appzone’s core technologies and kick off a wave of new country expansions in a drive to build out a financial operating system intended to completely digitise and automate the delivery of financial services on the continent.  

Launched in 2008, Appzone delivers best-in-class products for digital core banking and interbank transaction processing with clients across seven African countries including high-profile names like Access Bank, GT Bank and Zenith Bank.

Since its inception, the company, also an alumnus of the Google launchpad accelerator, has led Africa’s fintech sector through radical innovation that resulted in a number of global firsts from the continent, including the world’s first decentralised payment processing network , the first core banking and omni-channel software on the cloud and the first multi-bank direct debit service based on single global mandates. To date, the company’s platforms have served 18 commercial banks and over 450 microfinance banks, amassing a yearly transaction value and yearly loan disbursement of $2bn and $300mn respectively.

As Africa’s traditional banks and fintech startups grapple with the increasing threat from telco companies and big tech players, Appzone’s products effectively and affordably equip them to deal with the sector’s most pressing challenges including legacy cost structures and a major lack of operational efficiency.

Currently, due to a severe dearth of high-quality localised solutions that address these problems, traditional and challenger banks in Africa are limited to using foreign technology solutions tailored for Western markets – many of which are plagued with the huge stumbling blocks of prohibitive pricing, insufficient flexibility to innovate and a lack of local tech support. 

Speaking on the fundraise, Appzone’s Co-Founder and CEO Obi Emetarom says: “We’re excited not only to be securing a significant capital raise, but also welcoming on board some strategic investors whose support will be key to our growth journey.

Today’s news allows us to scale Appzone’s products and services rapidly. For the last 12 years, we’ve worked in stealth mode, building the really complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions. 

In terms of next steps, we are now looking to hire from Africa’s top 1% to grow our team of elite talent who have proven themselves to be true  African builders; the brightest senior software engineers and domain experts, doing the incredibly hard work of building the backbone and next generation infrastructure for digital financial services at a level beyond world-class.

We are seeking out gifted and audacious engineering and entrepreneurial minds, hungry to accelerate economic prosperity and tackle challenging technology with us. We are not just trying  to bring African fintech on-par with the rest of the world – we exist to make our financial sector the most innovative and technologically advanced on the globe through solutions built for Africa by Africans.”

Currently, Appzone’s clients spread across Nigeria, Ghana, Gambia, DRC (Democratic Republic of Congo), Tanzania, Senegal and Guinea and to-date, the company has raised $15mn in equity funding with previous investors including Lateral Capital, GreenHouse Capital, Timon Capital and Itanna.

In 2018, the company obtained an officially approval from the Central Bank of Nigeria to operate as a Payment Solution Service Provider (PSSP) and has been the recipient of a number of industry awards including the Frost & Sullivan Award, NAMB (National Association of Microfinance Banks) and CeBIH (Committee of eBusiness Industry Heads) awards. 

Yomi Jemibewon, Co-Founder and Managing Director of Cardinal Stone Capital Advisers said: “Our investment in Appzone is further proof of Africa’s potential as the future hub of world class technology. Appzone is building a disruptive FinTech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure and Software as a Service.

The impact of Appzone’s work is multifold – the company’s products deepen financial inclusion across the continent whilst providing best-fit and low cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best in class employment opportunities.”

Despite its challenges, Africa’s banking sector is projected to reach a total market valuation of $129bn by 2022 according to McKinsey & Co. As the industry struggles to serve Africa’s huge unbanked population, there has been a growing influx of fintech platforms filling the gap. In recent years, these startups have attracted major interest from investors across the globe and in 2020, the sector accounted for over a third of the total $1.3bn in funding secured by African tech startups. 

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Google To Delete Billions Of Browser Records To Settle ‘Incognito’ Lawsuit

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CNN reported that Google will delete billions of data records as part of a settlement for a lawsuit that accused the tech giant of improperly tracking the web-browsing habits of users who thought they were browsing the internet privately.

The suit was originally filed in 2020 and accused Google of misrepresenting the kind of data it collects from users who browsed the internet via “Incognito” private browsing mode in Chrome. Google agreed to settle the suit late last year, but the terms of the settlement were first disclosed in a filing on Monday.

As part of the settlement, Google must delete “billions of data records” that reflect the private browsing activities of users in the class action suit, according to court documents filed Monday in San Francisco federal court.

Google will also update its disclosure to inform users about what data it collects each time a user initiates a private browsing session. Google has already started implementing these changes.

For the next five years, Google will also let private browsing users block third-party cookies as part of the settlement. Google also will no longer track people’s choices to browse the internet privately.

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NIN-SIM Linkage: NCC Directs Telecommunication Operators To Bar Non-Compliant Subscribers

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The Nigerian Communications Commission (NCC) has confirmed that it would not be reviewing its deadline to bar owners of more than four SIM cards whose SIM registration data failed to match their National Identity Number (NIN) data.

A source within the Commission explained that the Commission’s position was hinged on its objective to clean the country’s SIM ownership database, and ensure that criminals could not take advantage of having multiple unlinked SIMs to carry out their nefarious activities.

“We are not standing back on our decision. March 29th is sacrosanct. Our resolve is hinged on the need to close in on the chaos of untoward ownership of multiple SIM cards with unverified NIN details. We have instances where a single individual has over 10,000 lines linked to his NIN. In some cases, we have seen a single person with 1,000 lines, some 3,000 plus lines. What are they doing with these lines?

“From our interim findings, the owners of these lines did not purchase them for decent purposes or to undertake legitimate activities.

“We have given them enough time to make the decision of which of their lines they want to keep, and discard the others. They did not. All lines in this category with unverified NINs will be barred. They will be then expected to go to their operators and decide which of the lines they want to keep, as well as submit correct NIN details.

“Some people would say they want to use it for car trackers, or for IoTs, but provision has been made for these services already. They are not under the ‘Max-4 Rule.’

“Across the world, no country allows you to have 1,000 SIM cards to make calls or texts.”

The Max-4 Rule announced by the Federal Government in April 2021 provides that telecom subscribers cannot have more than four lines per mobile network operator.

The NCC has also provided Mobile Network Operators (MNOs) an extension till July 31st 2024 within which they are expected to verify all NINs submitted by subscribers with four (4) or less SIMs, as well as bar those whose NIN fail verification with NIMC.

An authoritative source within the Commission who is familiar with the matter stated that the Commission’s management arrived at the decision at a crucial meeting it held today to review requests from the major Mobile Network Operators requesting for extension for the verification of NINs submitted.

The source also stated that the Commission is mulling the idea to approve an online application solution for MNOs where their subscribers whose NIN verification failed due to biometric mismatch can update their records on the app, while existing subscribers can register additional lines.

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Kingsley Adonu’s Journey: A Tale of Hard Work and Dedication in the Telecom Industry

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In the fast-paced world of telecommunications, success is often attributed to those who demonstrate exceptional dedication and hard work. Kingsley Adonu’s remarkable journey stands as a testament to these qualities, paving the way for him to become a valuable partner with MTN, a leading global telecommunications company.

Adonu’s story begins with a humble background, where he cultivated a strong work ethic from an early age. His relentless pursuit of excellence caught the attention of industry leaders, setting the stage for a career marked by determination and resilience.

One of the key factors that propelled Adonu to success was his unwavering commitment to learning and staying ahead of industry trends. He immersed himself in the dynamic world of telecommunications, acquiring the knowledge and skills needed to navigate the rapidly evolving landscape. Adonu’s continuous pursuit of knowledge not only enhanced his expertise but also positioned him as a visionary in the field.

As he climbed the career ladder, Adonu faced numerous challenges, but his tenacity and commitment to overcoming obstacles set him apart. His ability to adapt to changing market dynamics and capitalize on emerging opportunities made him a standout professional in the telecom sector.

Adonu’s pivotal moment came when he aligned his efforts with MTN, a global telecom giant known for innovation and cutting-edge technology. Recognizing Adonu’s track record of hard work and dedication, MTN saw a valuable partner in him. The partnership marked a significant milestone in Adonu’s career, opening doors to new possibilities and avenues for growth.

The success of Adonu’s collaboration with MTN can be attributed to his strategic vision and innovative thinking. As a partner, he played a crucial role in steering the company toward continued success, contributing to its expansion and influence in the telecommunications market.

Kingsley Adonu’s journey serves as an inspiration for aspiring professionals in the telecom industry. His story underscores the importance of hard work, dedication, and a passion for continuous improvement. Adonu’s ascent to becoming an MTN partner is a testament to the transformative power of perseverance and a relentless pursuit of excellence in the dynamic world of telecommunications.

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