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South-West Nigeria and NITDA Sign Five-Year Partnership to Boost Digital Skills and Innovation

Lindsay Eke
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South-West Nigeria and NITDA Sign Five-Year Partnership to Boost Digital Skills and Innovation

The Development Agenda for Western Nigeria (DAWN) Commission and the National Information Technology Development Agency (NITDA) have signed a five-year agreement to promote digital transformation, strengthen innovation and support economic growth across South-west Nigeria.

The Memorandum of Understanding (MoU), signed in Abuja, will run from 2025 to 2030 and cover the six South-west states of Ekiti, Lagos, Ogun, Ondo, Osun and Oyo.

The partnership aims to make the region a leading centre for technology and innovation by improving access to digital tools, developing skills and creating new opportunities for startups, entrepreneurs and businesses.

Under the agreement, DAWN and NITDA will work together on several initiatives, including digital literacy programmes, innovation hubs, technology development centres, startup support schemes and the implementation of policies that promote Nigeria’s digital economy.

A key priority is contributing to the national goal of equipping 100 million Nigerians with digital skills by 2030 through the Digital Literacy-for-All initiative. With its large population, universities and growing technology talent, the South-west is expected to play an important role in reaching that target.

To guide the project, the DAWN Commission has developed a Digital Literacy and Startup Act Implementation Plan that will serve as the regional framework for coordinating activities and tracking progress across the six states.

Speaking at the signing ceremony, NITDA Director-General Kashifu Inuwa Abdullahi said stronger regional partnerships are essential for balanced economic development across Nigeria. He noted that while Lagos has become a major technology hub, other South-west states also have significant potential that can be unlocked through targeted investment and collaboration.

Abdullahi revealed that NITDA plans to establish digital learning centres and operational innovation hubs in every state. Rather than applying the same strategy everywhere, the agency intends to encourage each state to build technology ecosystems around its own strengths and economic needs.

He explained that although the South-west is widely recognised for its thriving fintech sector, individual states should also develop innovation clusters linked to industries where they hold competitive advantages.

The NITDA chief also welcomed the creation of regional development commissions, describing them as long-term institutions designed to drive sustainable economic progress instead of responding only to emergencies. He added that organisations such as the DAWN Commission can help bridge the gap between national policies and local implementation.

DAWN Commission Director-General Seye Oyeleye described the agreement as an important step towards preparing the region for the future digital economy. He said the commission would ensure that NITDA’s programmes and frameworks are actively implemented and monitored across the South-west rather than simply adopted on paper.

Oyeleye stressed that the success of the partnership would be measured by real outcomes, including stronger digital infrastructure, improved access to skills training and greater support for innovation-led businesses.

For entrepreneurs, startups and small businesses, the collaboration is expected to expand opportunities for digital skills development, technology adoption, innovation support and startup growth programmes. It is also intended to strengthen the region’s digital ecosystem and create new pathways for economic development.

Under the agreement, the DAWN Commission will coordinate implementation between NITDA and the six state governments, ensuring that national digital initiatives are translated into practical projects that benefit local communities and businesses. Both organisations have agreed to establish governance structures to oversee the partnership and monitor its progress.

DOA Business Series 2026 Highlights Nigeria’s Digital Future as Bunce Wins ₦10 Million Startup Prize

Lindsay Eke
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DOA Business Series 2026 Highlights Nigeria’s Digital Future as Bunce Wins ₦10 Million Startup Prize

The fifth edition of the DOA Business Series has brought together regulators, investors, business leaders and technology experts to discuss the future of Nigeria’s digital economy, with startup Bunce emerging as the winner of the 2026 Next Big Bet Pitch Competition and receiving prizes worth ₦10 million.

Organised by Duale, Ovia & Alex-Adedipe (DOA), the event took place on 4 June 2026 at the Civic Centre in Victoria Island, Lagos. This year’s theme, “Regulation, Capital and Business Competitiveness: Nigeria’s Digital Frontier,” focused on the role of policy, investment and infrastructure in driving sustainable digital growth.

Throughout the summit, speakers agreed that innovation alone will not determine Nigeria’s digital future. They stressed that reliable infrastructure, patient investment and effective regulation are equally important for building a competitive and resilient economy.

Delivering the keynote address, Dr Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), said trust created through sound regulation encourages investment, which in turn supports the digital infrastructure needed for economic development.

He pointed to the growth of Nigeria’s data centre industry, highlighting facilities operated by Equinix, Rack Centre, NTT Nigeria and Airtel, as well as planned projects such as LG3 and Kasi Cloud. According to Dr Maida, these investments represent more than technology assets because they improve connectivity for communities and create new opportunities for businesses.

He also acknowledged challenges including infrastructure shortages, energy constraints, skills gaps and regulatory hurdles, but urged government agencies, private companies and investors to work together to overcome them and accelerate digital transformation.

The first panel discussion examined the financing and infrastructure needed to strengthen Nigeria’s digital economy. Industry leaders from finance and technology sectors discussed broadband quality, investment in digital infrastructure and the importance of stable regulatory policies to attract long-term funding.

A second panel focused on artificial intelligence, data governance and digital innovation. Speakers explored how Nigeria and Africa can play a larger role in the global AI economy while protecting data privacy, encouraging responsible innovation and creating value from locally developed technologies. They argued that African businesses should aim to build and own digital solutions instead of relying mainly on imported technologies.

One of the event’s biggest highlights was the final of The Next Big Bet Pitch Competition, a platform created to support promising early-stage technology startups.

After presentations from six finalists, Bunce was selected as the 2026 winner and awarded cash and prizes worth ₦10 million, along with access to investor networks and increased market visibility. Judges praised the startup’s business model, scalability and commercial potential.

The organisers noted that Bunce follows in the footsteps of 2025 winner Trashcoin, a climate technology startup that uses artificial intelligence and blockchain technology to improve waste collection and recycling in Nigeria.

The event’s lead sponsor, i-invest, also promoted financial inclusion by rewarding six attendees with fixed-term investments through its digital investment platform.

Speaking after the event, DOA Managing Partner Adeleke Alex-Adedipe said the next stage of Nigeria’s digital economy will depend on effective execution, adding that collaboration between regulators, investors, innovators and infrastructure providers will be essential for long-term competitiveness.

DOA confirmed that details for the sixth edition of the Business Series and the next round of The Next Big Bet Pitch Competition will be announced in due course.

Airtel Africa Disburses ₦50 Million to 100 Tech Scholars in Nigeria

Habeeb Ajala
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Airtel Africa Disburses ₦50 Million to 100 Tech Scholars in Nigeria

Airtel Africa Tech Fellowship Supports 100 Nigerian Tech Students

The Airtel Africa Foundation has completed the first-year funding disbursement for 100 Nigerian students under its flagship Airtel Africa Tech Fellowship Programme.

The initiative targets high-performing but financially disadvantaged students enrolled in public universities. It covers tuition, accommodation, stipends, and essential learning tools, including laptops.

Each beneficiary received an average of ₦500,000, bringing total disbursement to ₦50 million as of May 29, 2026.

Expanding Access to Digital Education in Nigeria

The fellowship supports students studying technology-related courses such as Computer Science, Software Engineering, Data Science, Cybersecurity, Artificial Intelligence, and Information Technology.

Beneficiaries were selected through an independent process across accredited public universities in Nigeria. These include the University of Lagos, Ahmadu Bello University, University of Nigeria Nsukka, University of Ilorin, Obafemi Awolowo University, University of Benin, and Tai Solarin University of Education.

According to Airtel Africa Foundation, funding will continue throughout the students’ four-to-five-year academic journey.

Airtel Africa Strengthens Long-Term Tech Talent Pipeline

Chairman of Airtel Africa Foundation, Dr. Segun Ogunsanya, said the programme goes beyond financial aid.

“We are not just funding education; we are building a pipeline of skilled innovators who will contribute meaningfully to Africa’s digital economy.”

He added that transparency and full delivery of commitments remain central to the foundation’s mission.

Corporate Commitment to Digital Inclusion

Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, said the initiative reflects Airtel’s broader commitment to youth empowerment and digital inclusion.

He noted that investing in education is essential for long-term national development and economic transformation.

Programme Impact and Vision

The Airtel Africa Tech Fellowship is part of the foundation’s broader F.E.E.D agenda, which focuses on:

  • Financial Inclusion
  • Education
  • Environmental Protection
  • Digital Inclusion

Beyond financial support, the programme also provides mentorship, skills development, and exposure to industry-relevant learning experiences.

Afreximbank and Ethio Telecom Explore Strategic Funding for Digital Infrastructure Expansion

Habeeb Ajala
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Afreximbank and Ethio Telecom Explore Strategic Funding for Digital Infrastructure Expansion

Afreximbank and Ethio Telecom Explore Strategic Funding for Digital Infrastructure Expansion

Ethio telecom has entered strategic discussions with the African Export-Import Bank (Afreximbank) to strengthen financing cooperation aimed at accelerating digital infrastructure development across Ethiopia and supporting broader African digital transformation goals.

The engagement took place at Ethio telecom headquarters and brought together senior officials from both institutions, including Afreximbank’s newly appointed Regional Director and Head of Mission for East Africa, Humphrey Nwugo.

Alignment with “Next Horizon 2028” Strategy

A key focus of the discussions was alignment between Afreximbank’s continental financing capacity and Ethio telecom’s long-term transformation agenda, known as “Next Horizon: Digital and Beyond 2028.”

Both parties explored how structured financing could support Ethiopia’s ambition to deepen its digital economy while expanding infrastructure capacity and service delivery across the country.

Ethio Telecom Showcases Digital Transformation Progress

During the engagement, Ethio telecom presented its ongoing transformation from a traditional telecom operator into a digital-first enterprise.

The company highlighted its operational strength and expanding ecosystem of digital services, including:

  • telebirr mobile money platform
  • Zemen Gebeya digital marketplace
  • TeleStream media services
  • Cloud computing solutions
  • Z-nexus digital infrastructure services

These platforms form part of Ethio telecom’s broader strategy to position itself as a regional digital services provider.

Afreximbank Signals Interest in Financing Partnership

Afreximbank representatives reportedly expressed strong interest in supporting Ethio telecom’s expansion plans.

They noted the company’s financial stability, market leadership, and growing regional influence as key strengths that align with the bank’s mandate to support trade, infrastructure, and digital transformation across Africa.

Toward a More Connected African Digital Economy

Both institutions indicated readiness to explore tailored financing solutions that could support:

  • Expansion of digital infrastructure
  • Enterprise digital transformation
  • Innovation in financial and telecom services
  • Sustainable economic development initiatives

The discussions highlight a growing trend of collaboration between telecom operators and development finance institutions to close Africa’s digital infrastructure gap.

Viewpoint

As African economies continue to prioritize digital transformation, partnerships between institutions like Afreximbank and major telecom operators are expected to play a central role in financing infrastructure, expanding connectivity, and enabling inclusive digital growth across the continent.

FG Partners InternSify to Employ 3,000 Nigerian Tech-Savvy Youths Through 3MTT Programme

Habeeb Ajala
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FG Partners InternSify to Employ 3,000 Nigerian Tech-Savvy Youths Through 3MTT Programme

FG Partners InternSify to Employ 3,000 Nigerian Tech-Savvy Youths Through 3MTT Programme

The Federal Government has partnered with InternSify Africa Limited to create employment opportunities for 3,000 Nigerian youths through the 3 Million Technical Talent (3MTT) Programme, a national initiative aimed at building a digitally skilled workforce.

The partnership, formalized through a charter signed with the Federal Ministry of Communications, Innovation and Digital Economy, seeks to equip young Nigerians with in-demand technology skills while providing employment opportunities across the country’s education sector.

3MTT Youth Employment Programme Targets 3,000 Jobs

Speaking on the initiative, the Chief Executive Officer and Founder of InternSify Africa Limited, Julius Osilamah, said the programme is designed to help young Nigerians launch careers in technology and digital education.

According to him, successful participants will have opportunities to secure employment with monthly earnings of up to ₦150,000 while contributing to digital skills development in secondary schools nationwide.

The initiative forms part of the Federal Government’s broader strategy to expand digital literacy and strengthen Nigeria’s technology talent pipeline.

Youths to Teach Digital and Emerging Technology Skills

Under the programme, recruited youths will be deployed to senior and junior secondary schools across Nigeria’s 36 states to teach government-accredited technical and digital skills.

The training areas include:

  • Programming (Python, JavaScript, HTML/CSS)
  • Data Science Fundamentals
  • Artificial Intelligence (AI)
  • Robotics
  • Digital Entrepreneurship
  • Cybersecurity
  • Certified Ethical Hacking
  • CompTIA Security
  • Solar Energy Technology
  • Microsoft Word, Excel and PowerPoint
  • Internet Research Skills
  • Advanced Coding Programmes
  • Robotics Practical Training

The programme aims to expose students to future-focused skills while helping prepare them for careers in the digital economy.

Training Opportunity for Youths Without Technical Skills

Osilamah explained that applicants who already possess relevant technical skills will be employed and deployed immediately.

However, individuals without prior experience in the identified technology fields will undergo a one-month intensive training programme conducted by InternSify Africa before deployment.

This approach is expected to broaden participation and ensure that more young Nigerians can benefit from the initiative regardless of their current skill level.

Schools Across Nigeria Join the Initiative

According to InternSify Africa, the programme is already gaining momentum.

Osilamah revealed that:

  • More than 157 graduates have been engaged so far.
  • 94 secondary schools have enrolled in the initiative nationwide.
  • Additional schools and education stakeholders are being encouraged to participate.

He noted that expanding the programme’s reach will help accelerate digital literacy among students while creating sustainable employment opportunities for young people.

Why the 3MTT Youth Employment Programme Matters

Nigeria continues to invest heavily in digital transformation and technology-driven economic growth. However, skills shortages remain a major challenge across critical sectors such as software development, cybersecurity, artificial intelligence, and data analytics.

The 3MTT programme was launched to address this gap by developing a large pool of technical talent capable of supporting Nigeria’s digital economy ambitions.

By combining workforce development with technology education in schools, the partnership between the Federal Government and InternSify Africa aims to strengthen both youth employment and digital skills adoption nationwide.

Point of View

As Nigeria seeks to build a globally competitive digital workforce, initiatives such as the 3MTT youth employment programme are expected to play a significant role in developing future technology professionals while creating meaningful employment opportunities for young people.

The partnership also highlights the growing collaboration between government and private sector organizations to accelerate digital skills development and support the country’s long-term innovation agenda.

GSMA Report: Africa’s Mobile Economy Hits $240 Billion as AI and Digital Services Drive Growth

Habeeb Ajala
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0
GSMA Report: Africa’s Mobile Economy Hits $240 Billion as AI and Digital Services Drive Growth

Africa’s Mobile Economy Hits $240 Billion as AI and Digital Services Drive Growth

Africa’s mobile economy contributed $240 billion to the continent’s economy in 2025, representing 7.8% of GDP, according to the latest GSMA Mobile Economy Africa 2026 report.

The report indicates that Africa’s mobile industry is entering a new stage of development. While the past decade focused largely on expanding connectivity, operators are now concentrating on extracting greater value from digital networks through artificial intelligence (AI), digital services, enterprise solutions, and developer ecosystems.

Africa Mobile Economy Enters a New Growth Phase

According to the report, mobile network operators across Africa are evolving beyond their traditional role as connectivity providers.

Instead, they are positioning themselves as digital transformation partners for businesses, governments, and consumers. This shift is being driven by growing investments in AI-powered services, digital platforms, and programmable network capabilities.

GSMA Intelligence research shows that 79% of African mobile operators now identify becoming a digital transformation partner as a primary enterprise objective.

As a result, operators are increasingly focusing on solutions that support financial services, e-commerce, digital identity, cloud services, and public sector digital transformation.

Africa Mobile Economy Benefits from Open Gateway Initiative

The report also highlights increasing momentum behind the GSMA Open Gateway initiative.

The framework allows operators to expose standardized network Application Programming Interfaces (APIs) to developers and enterprises. These APIs enable businesses to build innovative digital services while leveraging secure telecom network capabilities.

According to GSMA, the initiative is helping strengthen:

  • Fraud prevention systems
  • Identity verification services
  • Digital trust frameworks
  • Secure financial transactions
  • E-commerce platforms
  • Digital government services

By opening network capabilities to developers, operators are creating new revenue streams while supporting innovation across multiple sectors.

Mobile Internet Adoption Remains Africa’s Biggest Challenge

Despite major progress in network expansion, the report identifies mobile internet adoption as Africa’s most pressing digital challenge.

While mobile broadband coverage now reaches most of the population, adoption continues to lag significantly behind availability.

The report reveals that:

  • 63% of Africans live within mobile broadband coverage but do not use mobile internet
  • Only 9% of the population remains outside broadband coverage areas

This finding suggests that infrastructure availability is no longer the primary obstacle to digital inclusion. Instead, affordability, digital literacy, and social barriers are preventing millions of people from participating in the digital economy.

Affordability Holds Back Africa Mobile Economy Growth

According to GSMA, affordability remains the single largest barrier to mobile internet adoption across the continent.

The report notes that many consumers continue to face challenges related to:

  • Smartphone affordability
  • Data costs
  • Limited digital skills
  • Low digital literacy levels
  • Socioeconomic barriers to technology adoption

To address these challenges, the GSMA is urging policymakers to implement measures that reduce the cost of devices and digital services while expanding digital skills training.

Evidence from several African markets suggests that lowering taxes on smartphones and digital services can significantly accelerate internet adoption and increase participation in the digital economy.

Mobile Operators Set to Invest $76 Billion in Infrastructure

Looking ahead, Africa’s mobile industry is expected to remain a major driver of economic growth and digital transformation.

The report estimates that mobile operators will invest more than $76 billion in network infrastructure between 2024 and 2030.

These investments will support:

  • 4G network expansion
  • 5G deployment
  • Data centre development
  • Cloud infrastructure
  • AI-enabled network services
  • Enhanced digital connectivity

However, the pace of progress will depend heavily on policy decisions related to spectrum allocation, taxation, affordability, investment incentives, and regulatory certainty.

Outlook

The GSMA report suggests that Africa’s digital future will depend less on expanding coverage and more on increasing adoption and usage.

While connectivity remains important, the next phase of growth will be shaped by AI-powered services, digital ecosystems, open network capabilities, and efforts to make internet access more affordable and accessible.

As operators continue transforming into digital service providers, the Africa mobile economy is positioned to play an even greater role in driving economic development, innovation, and inclusion across the continent.

AXIAN Telecom Secures €170 Million EBRD Loan to Expand Digital Infrastructure in Kenya and Senegal

Lindsay Eke
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AXIAN Telecom Secures €170 Million EBRD Loan to Expand Digital Infrastructure in Kenya and Senegal

AXIAN Telecom has secured a €170 million financing package from the European Bank for Reconstruction and Development (EBRD) to accelerate network expansion and digital infrastructure investments in Kenya and Senegal as the telecommunications group continues to strengthen its footprint across Africa.

The funding will support the rollout of next-generation connectivity and enhance broadband infrastructure in both markets, reinforcing AXIAN’s strategy of expanding access to high-quality digital services and supporting economic development through telecommunications investment.

In Senegal, the financing will be used to expand active 4G and 5G network coverage, strengthen core network infrastructure, and accelerate fibre-optic deployment to improve connectivity for businesses and consumers.

In Kenya, the investment will support the modernization and expansion of fibre infrastructure following AXIAN Telecom’s acquisition of Wananchi Group, a transaction that marked the company’s entry into the Kenyan telecommunications market. The planned upgrades are expected to enhance broadband capacity and improve digital services across the country.

The latest financing follows the African Development Bank’s approval of a $160 million senior corporate loan to AXIAN Telecom in 2025. That facility was intended to improve digital connectivity and promote financial inclusion across nine African countries while supporting investments in 4G and 5G infrastructure and the expansion of digital financial services.

The EBRD financing underscores the increasing role that development finance institutions are playing in supporting telecommunications infrastructure across Africa. Beyond expanding network coverage, such investments are aimed at improving internet accessibility, increasing data capacity, fostering competition in underserved markets, and enabling broader digital inclusion.

For AXIAN Telecom, the additional capital strengthens its ability to execute long-term infrastructure projects that support the continent’s digital transformation agenda while meeting growing demand for high-speed connectivity and modern communications services.

As governments and businesses across Africa continue to prioritise digitalisation, investments in telecommunications infrastructure are expected to remain a key driver of innovation, financial inclusion, and economic growth.

Nigeria Innovation Summit 2026 to Spotlight AI and the Future of Innovation in West Africa

Lindsay Eke
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Nigeria Innovation Summit 2026 to Spotlight AI and the Future of Innovation in West Africa

The 11th edition of the Nigeria Innovation Summit (NIS 11.0) will take place on October 6, 2026, at the Shell Hall of the Muson Centre in Lagos, bringing together innovators, entrepreneurs, policymakers, investors, researchers, and technology leaders to explore the role of artificial intelligence in shaping Africa’s future.

Organised by InnovationHub Africa, the annual event has become one of West Africa’s leading platforms for technology, entrepreneurship, and innovation, fostering collaboration across the public and private sectors while promoting solutions to economic and social challenges.

This year’s summit will be held under the theme “Innovating in the Age of AI,” reflecting the growing influence of artificial intelligence across industries and its potential to drive productivity, economic growth, and competitiveness throughout Nigeria and the wider African continent.

According to Programme Director Tony Ajah, the event aims to help stakeholders understand and leverage AI as it transforms sectors ranging from agriculture and financial services to healthcare and education.

He noted that the summit is intended not only to inspire participants but also to provide practical insights that support the development of resilient, future-ready systems and encourage Nigeria’s active participation in the global AI economy.

The one-day programme will feature keynote presentations, panel discussions, Nigeria Innovation Experience (NiX) Talks, workshops, fireside chats, startup pitch sessions, exhibitions, and demonstrations of emerging technologies. The event will conclude with the presentation of the 2026 Nigeria Innovation Awards, recognising individuals and organisations driving innovation across various sectors.

Beyond knowledge sharing, organisers say the summit is designed to facilitate investment opportunities, strategic partnerships, and policy discussions that can accelerate innovation-led development in Nigeria and across Africa.

Since its inception, the Nigeria Innovation Summit has attracted more than 15,000 participants, including over 240 speakers and panellists, representatives from 100 tertiary institutions and research centres, 40 government ministries, attendees from all 36 Nigerian states, and participants from more than 40 countries. The platform has also recognised nearly 100 innovation award recipients and partnered with over 170 sponsors and organisations.

As artificial intelligence continues to reshape industries and redefine competitive advantage worldwide, NIS 11.0 is expected to provide a forum for stakeholders to examine emerging opportunities, exchange ideas, and develop strategies that support sustainable innovation and digital transformation across the region.

PawaPay Surpasses 3 Billion Mobile Money Transactions as Africa’s Digital Payments Economy Accelerates

Lindsay Eke
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PawaPay Surpasses 3 Billion Mobile Money Transactions as Africa’s Digital Payments Economy Accelerates

Cross-border payments platform PawaPay has processed more than three billion mobile money transactions across Africa, marking a significant milestone that reflects the continent’s rapidly expanding digital payments ecosystem and growing adoption of mobile money for business and commerce.

The United Kingdom-based fintech company reached its third billion transactions in less than nine months, achieving the milestone three months faster than it took to process its previous billion transactions. During the same period, daily payment volumes nearly doubled from approximately 2.4 million to five million transactions.

The growth highlights the accelerating shift toward digital financial services across Africa, where mobile money has become a critical tool for payments, commerce, and financial inclusion.

Simplifying Fragmented Payment Networks

Africa’s payments landscape has historically been characterised by fragmented mobile money systems operated by different telecommunications providers across multiple countries. Businesses seeking to operate regionally have often been required to integrate separately with numerous mobile network operators while navigating varying regulatory requirements and foreign exchange complexities.

PawaPay addresses this challenge through a unified application programming interface (API) that connects merchants to nearly 50 mobile money operators across 20 African markets. The platform provides access to more than 218 million mobile wallets, allowing businesses to accept and disburse payments through a single integration.

Merchant Payments Drive Growth

While mobile money initially gained popularity through peer-to-peer transfers and remittances, merchant transactions are increasingly driving adoption across the continent.

Businesses now use digital payment infrastructure to collect customer payments, manage supplier transactions, process salary disbursements, and support cross-border trade. According to the company, it has facilitated more than €10 billion in settled payments to date.

To support this scale, PawaPay has invested in treasury management capabilities that handle foreign exchange across multiple African currencies, maintain regulatory compliance in key markets, and streamline settlement processes.

The company has also incorporated stablecoins into parts of its treasury operations since 2022 in an effort to reduce settlement times and mitigate currency-related risks associated with cross-border transactions.

Supporting Expansion Across Africa

Company executives say the platform is designed to remove operational complexity for businesses expanding into multiple African markets.

Rather than requiring merchants to establish individual payment integrations, treasury systems, and settlement processes in each jurisdiction, PawaPay provides a consolidated infrastructure that enables companies to focus on growth while relying on a single payments platform.

The milestone comes as Africa continues to strengthen its position as the world’s leading mobile money market. Industry data indicates that merchant payments and digital commerce are growing rapidly alongside increased smartphone penetration, improved connectivity, and expanding financial inclusion initiatives.

As interoperability between banks, mobile network operators, and fintech providers improves, platforms such as PawaPay are expected to play an increasingly important role in facilitating seamless cross-border transactions and supporting Africa’s evolving digital economy.

Ripple Acquires Equity Stake in Flutterwave at $3.3 Billion Valuation

Lindsay Eke
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0
Ripple Acquires Equity Stake in Flutterwave at $3.3 Billion Valuation

Blockchain payments company Ripple has acquired an equity stake in African fintech unicorn Flutterwave in a deal that values the payments company at approximately $3.3 billion, strengthening ties between two firms seeking to expand cross-border payment services across the continent.

Speaking in an interview with Bloomberg, Flutterwave Chief Executive Officer Olugbenga Agboola confirmed that Ripple’s investment provides the company with additional capital as well as a strategic partner to support its long-term growth plans. He did not disclose the amount invested or the size of Ripple’s ownership stake.

According to Agboola, the transaction is an equity investment rather than a commercial partnership, giving Ripple an ownership interest in Flutterwave’s future growth.

The investment comes as demand continues to rise for faster and more affordable cross-border payment solutions across Africa. Ripple has established itself as a provider of blockchain-based payment infrastructure in more than 90 countries and has been expanding its presence on the continent through partnerships with financial institutions and payment providers.

Flutterwave, meanwhile, has grown into one of Africa’s largest fintech companies, operating in 35 countries and providing payment infrastructure for businesses, financial institutions and merchants. The company has also expanded its digital asset capabilities, introducing stablecoin-based payment services that enable businesses and consumers to transact using dollar-pegged digital currencies.

Industry observers view the deal as strategically beneficial for both companies. Ripple gains access to one of Africa’s most extensive payment networks, while Flutterwave strengthens its ability to develop both conventional payment solutions and blockchain-powered financial services.

The investment also aligns with Ripple’s broader international expansion strategy. The company recently established a larger regional headquarters in Dubai’s financial district as it seeks to grow operations across the Middle East and Africa. Regulatory approvals in the United Arab Emirates have enabled Ripple to offer regulated international payment services and expand the use of its RLUSD stablecoin within the region.

For Flutterwave, the partnership represents another milestone as it continues to scale its infrastructure and explore emerging technologies aimed at improving cross-border commerce and digital payments throughout Africa.

With fintech innovation accelerating and blockchain adoption gaining momentum, the transaction underscores growing investor confidence in Africa’s payments ecosystem and its role in shaping the future of global financial infrastructure.

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