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Nigerian fintech, Nomba makes history, now valued at $150m

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Nigerian digital bank, Nomba, made history after it was valued at $150 million following its transition from a AI chatbot to a fintech company.

Founded in 2017 as Kudi.AI before the change of name, the company started out as “a simple solution model to help non-tech-inclined individuals navigate digital payment,” the company’s CEO, Adeyinka Adewale, said while announcing the news.

The company had moved from just an AI chatbot to creating a model that allowed the processing of payment by humans and not AI, with the move driving the company’s focus to provide solutions for customers who needed assistance when performing transactions.

It also helped in solving the problem of the high cost of cards that would be used to make online transactions.

Adewale said the change from an AI chatbox was the turning point for the fintech with the belief that solutions must be customized according to certain verticals, as what works for customer A may not work for customer B.

He added that Nomba’s aggressive fundraising process took less time than most because, before that time, they had maintained relationships with their investors.

“Because of that, we were able to navigate that change and stay afloat even with the decrease in funding for African startups in the tech industry.

“The hardware will allow restaurants to access menus, manage inventory, receive payments, and perform other business functions.

“Nomba’s model involves creating business solutions on demand from those businesses and fees charged per transaction,” he added.

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Ghana partners with The Gambia to provide free roaming services

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Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

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Tanzania to host 6th Ocean Innovation Africa summit in February

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Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.

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