The startup ecosystem in Nigeria faces a critical challenge: risk aversion that stifles innovation and growth. But here’s where it gets controversial — is this fear of failure truly justified, or are we holding back our potential by avoiding calculated risks? To spark a thriving innovation culture, collaboration among key players is essential, and this is precisely what MTN Nigeria emphasizes.
Recently, MTN Nigeria called for a collective effort to accelerate the country’s startup landscape. During a lively panel discussion at the inaugural MTN Cloud Accelerator Demo Day and Investor Mixer, Babalola Oyeleye, the company's Chief Strategy and Investment Officer, highlighted the significant flow of funding into fintech startups. However, he also pointed out that Nigerian startups are increasingly stepping up to address local issues with inventive solutions.
Oyeleye stressed that the secret to overcoming the barrier of risk aversion lies in building partnerships—between development agencies, corporate giants, and startup founders. Initiatives like the MTN Cloud Accelerator serve as prime examples, providing platforms that support startups to grow beyond perceived limitations. With over 180 transactional partnerships, MTN Nigeria is actively working to co-create resilient, industry-specific solutions through collaborations.
Adding to this perspective, industry veteran Victor Asemota, who has partnered with MTN for more than twenty years, pointed out exciting trends transforming Nigeria’s startup environment. He advocates for broader corporate involvement, notably through mergers and acquisitions (M&A), rather than merely purchasing products, which is often less attractive to traditional businesses due to perceived risks. In his view, MTN is in a prime position to leverage M&A opportunities for substantial growth, which could also pave the way for more globally competitive Nigerian brands.
Asemota also emphasized that regulatory hurdles remain a significant hurdle for startups across Africa. Yet, he remains optimistic that with increased participation from global corporations, the continent’s entrepreneurial scene can flourish.
Highlighting the program’s achievements, a notable milestone was the presentation of N5 million non-equity grants to the first cohort of participating startups. This 12-week hybrid accelerator program was powered by a substantial N100 million in grants and brought together some of Africa's most promising startups spanning sectors like fintech, healthtech, agritech, edtech, and clean technology. These startups have demonstrated exceptional capacity to scale continent-wide by harnessing MTN’s extensive infrastructure, APIs, and strategic alliances.
Lynda Saint-Nwafor, MTN Nigeria’s Chief Enterprise Business Officer, described the accelerator as the start of a groundbreaking chapter in Africa’s digital transformation journey. She highlighted the initiative’s core vision: to build a world-class data infrastructure and empower startups to grow, innovate, and compete globally. She pointed out that Africa’s market is bursting with talent and resilience, yet many entrepreneurs lack the right environment and resources to truly expand internationally. This program aims to fill that gap.
Among the notable startups in the accelerator cohort are DoktorConnect, led by Joseph Olowe, which is transforming healthcare delivery from reactive to preventive through FDA-certified IoT devices; and MYITURA, founded by Shina Arogundade, which is creating integrated digital health ecosystems across Africa. In fintech, companies like Regxta, led by Bello Rukayat, aim to serve over 600 million underserved Africans with AI-driven digital banking, while Creditchek, headed by Kingsley Ibe, is developing machine learning tools for credit evaluation and fraud detection.
Other participating startups include Solarcorp, Hadi Finance, Proconnect, PBR Life Sciences, ProDevs, PipeOps, Uri Creative, Bunce, DebtRecuva Africa, Agrovesto, TrashCoin, XCHANGEBOX, Fusion Intelligence Technologies, Scrapays, Prembly, and Sproutly, each addressing critical needs across various sectors.
The accelerator provides participants with comprehensive support, including deep integration with MTN’s APIs and cloud infrastructure, exposure to Africa’s largest telecom network, personalized mentorship from industry experts, go-to-market assistance, and opportunities to present to investors.
So, is the Nigerian startup scene poised for a breakthrough, or are systemic barriers still too strong? And more broadly, can corporate and government collaborations truly unlock the continent’s latent entrepreneurial potential? These are questions worth pondering — share your thoughts and join the conversation.
