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AFC, Vision Invest commit $300m to WIOCC for Africa’s digital infrastructure expansion

The Africa Finance Corporation (AFC) and Saudi Arabia-based Vision International Investment Company (Vision Invest) have committed a combined $300 million to WIOCC Group in a major investment aimed at accelerating the expansion of digital infrastructure across Africa.

The investment, formalised through a Shareholder Subscription Agreement (SSA) signed at the LEAP 2026 Global Technology exhibition in Riyadh, is expected to strengthen WIOCC’s capacity to deploy data centres, expand terrestrial fibre networks and invest in subsea cable infrastructure across the continent.

WIOCC Group, which operates in more than 30 African countries, said the investment would support its long-term strategy of building and operating carrier-neutral, open-access digital infrastructure to meet the continent’s rapidly growing demand for connectivity, cloud computing, artificial intelligence (AI) and other digital services.

The deal comes as Africa continues to face a significant digital infrastructure gap. Data cited by WIOCC from the International Telecommunication Union (ITU) shows that only 35.7 per cent of Africa’s population was using the internet in 2025, compared with a global average of 73.6 per cent.

The company said the gap, coupled with accelerating demand for data and AI services, underscores the need for large-scale investment in fibre networks, data centres and subsea connectivity.

The investment will enable WIOCC to accelerate data centre deployment and consolidation, increase its open-access terrestrial fibre footprint and invest strategically in new subsea assets, according to the company.

Commenting on the deal, AFC President and Chief Executive Officer, Samaila Zubairu, said digital infrastructure had become as critical to Africa’s economic development as transport and energy infrastructure.

“The Africa we build must be connected, competitive and equipped to create value from the digital economy, not only consume it,” Zubairu said.

He said fibre networks, data centres and subsea cables were now essential infrastructure for economic growth, innovation and AI, adding that the investment would expand the open-access digital backbone required by African businesses and communities to compete globally.

WIOCC Group Chief Executive Officer, Chris Wood, said Africa was positioned to benefit from the next phase of global digital growth but would require robust and scalable infrastructure to unlock that potential.

He said the fresh capital would allow the company to accelerate its expansion strategy while strengthening connectivity within Africa and between the continent and international markets.

According to Wood, WIOCC plans to deploy the investment across three major areas: data centre expansion, expansion of terrestrial fibre infrastructure and strategic investments in subsea assets.

The company has grown into one of Africa’s largest open-access digital infrastructure platforms since its establishment, with backing from African telecommunications operators and international development and investment institutions.

Its shareholders include Uganda Telecom, Dalkom Somalia, Djibouti Telecom, Mozambique Telecom (TMCEL), Zanzibar Telecom (Zantel), Botswana Fibre Networks (BoFiNet), Lesotho Communications Authority, ONATEL, TelOne and Telkom Kenya.

WIOCC has also received backing from international institutions including the International Finance Corporation (IFC) and African Capital Alliance (ACA).

Vision Invest President and Chief Executive Officer, Omar N. Al-Midani, said the investment reflected the growing importance of digital infrastructure to Africa’s economic future.

He noted that Africa is home to the world’s youngest population and is projected to account for more than one-quarter of the global population by 2050.

According to him, the continent’s expanding population and rising demand for digital services will require significant investment in connectivity and digital ecosystems.

The deal also deepens the involvement of Saudi Arabian capital in Africa’s infrastructure development, bringing Vision Invest together with AFC and WIOCC’s existing shareholders to finance the expansion of critical digital assets.

WIOCC Group Chief Strategy and M&A Officer, Joshua Smythwood, said the investment would strengthen the company’s financial position and provide greater capacity to respond to the evolving needs of customers across African markets.

AFC, established in 2007, has invested more than $19 billion across 36 African countries and currently has 48 member countries. Its investments span infrastructure sectors including energy, transport, telecommunications, natural resources and heavy industry.

For WIOCC, the $300 million investment represents a significant capital injection at a time when the continent is seeking to close its digital divide and build infrastructure capable of supporting the next wave of cloud computing, AI, data-driven businesses and cross-border digital services.

 

The post AFC, Vision Invest commit $300m to WIOCC for Africa’s digital infrastructure expansion appeared first on The Sun Nigeria.

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US-Nigeria remittances get new payment rail as Tranzmit integrates Yellow Card

Cross-border money transfers between the United States and Nigeria are set for new payment infrastructure as Tranzmit Payment Services integrates Yellow Card’s Payments API, introducing a stablecoin-powered settlement route into one of Africa’s most important remittance corridors.

The partnership is expected to help Tranzmit move money into Nigeria faster and with greater predictability, while reducing some of the costs and delays associated with traditional cross-border settlement channels.

Tranzmit, the U.S.-headquartered subsidiary of Tranzmit Corporation, said the integration will initially focus on its USA-to-Nigeria corridor, described as one of its largest and fastest-growing markets.

The move comes as fintech companies increasingly look beyond traditional correspondent banking infrastructure to improve the movement of money across borders.

Under the new arrangement, Tranzmit will use Yellow Card’s Payments API to facilitate conversions between U.S. dollar-pegged stablecoins and local currencies.

This provides Tranzmit with a direct settlement pathway into emerging markets and could reduce some of the friction created by multiple intermediaries in conventional international transfers.

For Nigerians receiving money from the United States, the impact could be felt in the speed and predictability of transfers, particularly where delays, exchange-rate movements and settlement costs can affect the final amount received.

The partnership also highlights the expanding use of stablecoins as financial infrastructure for payments and settlement rather than solely as digital assets for trading.

Stablecoins are digital tokens designed to maintain a relatively stable value against an underlying asset, commonly the U.S. dollar. In cross-border payments, they can provide a digital settlement mechanism before funds are converted into local currency.

Yellow Card is positioning its infrastructure to serve banks, fintechs and multinational companies seeking to move money across emerging markets.

The company supports more than 50 currencies and provides infrastructure for accessing U.S. dollars, managing treasury and facilitating cross-border payments.

Chris Maurice, CEO and Co-Founder of Yellow Card, said the integration gives Tranzmit’s emerging-market operations an upgrade by replacing some of the friction associated with legacy settlement systems.

“Tranzmit has been moving money and connecting people across borders for decades,” Maurice said, adding that the partnership would provide a faster and more transparent infrastructure for the markets its customers rely on.

Nigeria remains a critical market for international money transfers, supported by its large diaspora population and substantial flows of remittances from Nigerians living abroad.

For payment companies, improving the speed, cost and reliability of transfers into the country has therefore become an increasingly important competitive advantage.

Daniel Asturias, CEO of Tranzmit, said the company is focused on making transfers “simpler, smarter, and more seamless” through fintech technology.

The integration with Yellow Card marks another step in that strategy and strengthens the payment infrastructure available for the U.S.-Nigeria corridor.

It also reflects a broader shift in the global payments industry, where fintech companies are increasingly exploring stablecoin rails to complement or replace parts of traditional banking infrastructure.

For Nigerian consumers and businesses receiving dollars from the U.S., the real test will be whether the new rail translates into faster settlement, better exchange rates and more money reaching recipients with fewer surprises.

If the model delivers on those promises, the Tranzmit-Yellow Card partnership could add further momentum to stablecoin-enabled payments across Nigeria and other emerging African markets.

 

The post US-Nigeria remittances get new payment rail as Tranzmit integrates Yellow Card appeared first on The Sun Nigeria.

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At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa

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At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa

Africa’s leading engineers, product leaders, and innovators gathered in Lagos last weekend for the sixth edition of Thrive-In-Tech, an annual technology and innovation event with the theme “Build for Impact.”

Convened by Olufemi Ayilara, this year’s summit brought together technology professionals, aspiring tech talents, and ecosystem stakeholders for two days of learning, collaboration, and solution-building aimed at addressing Africa’s most pressing challenges.

The main summit held on Saturday followed a hackathon the previous day, where participants worked intensively to prototype technology solutions. The event featured panel sessions focused on how innovators can build products that create meaningful and lasting impacts across Africa and beyond.

Speaking on the theme, the keynote speaker, Oyedayo Otokiti, noted that the focus of the summit was to move beyond inspiration and drive practical outcomes.

At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa

He said: “The goal is not just to talk about technology, but to build solutions that work in African realities. When we are looking into the future, we need to look at the past first if you want to see a bit about the future.

“There are developers, cybersecurity experts, engineers, and social media managers. There are different careers that have spun out from using computers well.

“I think that AI will also follow suit. The AI we are adopting today will get to a point where we need some form of discipline to combat it in terms of security and privacy. Look at the past and see that everything good has a negative to it and that negative areas of AI will come within the next few years.

“Also, people should not just use AI for asking questions, coding, and getting answers. AI, as it is now, might not reflect every cultural relevance. But in the future, we are going to see adaptation and cultural localisation.

“We are going to see specialisation very relevant in agriculture, something portable, something farmers in the South-East can use in pest control. So definitely, tons of careers will come out from AI as we see it right now. Let’s be sure that we will adopt it properly.”

There were panel sessions where participants had opportunities to gain practical knowledge, connect directly with industry leaders, showcase their ideas, and collaborate on technology projects.

The summit also created space for networking and relationship-building within the African technology ecosystem.

Attendees included engineers, product managers, startup founders, students, and professionals from across Nigeria and other parts of Africa, reflecting Thrive-In-Tech’s push for broader representation beyond traditional tech hubs.

One of the panellists, Oluwaseun Oluboyo, Director, IT and Operations, Lagos Business School, said some of the skills people want to develop are skills that are distinctly human and will take a while for AI to catch up with creativity, collaboration, and communication.

He noted: “There are some things that are actually human capabilities that a computational engine can not do yet or will never do. There’s a human relationship that is going on there. So cultivate creativity, collaboration, and communication.

“Talking about the technical skills. People should learn how to use AI. People who use AI will displace the people who are not using AI. Let computers and the typing go. Just learn how to use AI and learn how to use it well.

“As to what we’ll be doing with AI, we honestly don’t know. Let’s not lie to you. Ten years ago, nobody knew there would be a role called social media manager, where you wake up in the morning, and you basically sit on the internet, tweeting, re-sharing, and get paid at the end of the month.

“People should look at those competencies that are distinctly human that will augment the brute force that AI will bring to the table. AI will be the muscle; while humans will be the brains. There are some things that it takes a human being to decipher.

“We are talking about security, sustainability, and reliability. You can build AI skills for some of those things, but you ultimately want human eyes and human intelligence to come to bear because when real money is at risk, an advanced AI will hack the financial system. So please, let’s take note of these things by leveraging AI itself as a tool, right, and incorporating engineering judgment in everything we do.”

Another panellist, Akolade Ayeni, Software Engineering Manager, GreenAfrica Airways, warned against solving a problem with AI from start to finish.

He stressed: “You start solving the problem by yourself as a human. A lot of people want to build or use AI to solve a problem or to create a task, but the first thing you need to understand is identifying your real problem.

“Then you ask how to get a better solution for the problem you are solving. For every task you do, even as an engineer, a developer, or whatever you do, there’s a part of your task that you don’t really need AI to get it done. Don’t depend solely on AI.

“Let’s not have this mindset that we can use AI to solve all problems. Start from the problem to profer solution, then identify the parts where AI can assist you. Don’t use AI from start to finish, and then it will become obvious that AI solves your problems.”

One of the sponsors, Esigie Aguele, CEO, Verifyme Nigeria, explained his reason for choosing to support the summit.

He said: “It is always good to support hackathons because they are the bedrock for innovation. When you want to find talent and great ideas in our community and our society, find people that you can help and push forward so that they can grow their ideas. It’s one of the best ways that we can support growing tech experts and brands.

“In our company, we regularly hire mostly youngsters who are tech savy. We have good internship programmes for talented people who want to join us and work, particularly out of school youths.”

With six editions completed, Thrive-In-Tech assured continuity in positioning itself as a platform for equipping African tech talent with the skills, connections, and platforms needed to scale solutions that matter.

 

The post At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa appeared first on The Sun Nigeria.

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