MTN Nigeria has demonstrated its commitment to strengthening the country’s innovation pipeline by releasing a total of ₦100 million in non-equity grant funding to 20 innovative entrepreneurs who successfully completed the first cohort of the MTN Cloud Accelerator program. Each of the 20 participating startups, which span critical sectors like fintech, healthtech, agritech, and edtech, received a ₦5 million non-equity cheque at the Demo Day event in Lagos.
Infrastructure and Ecosystem Support
The MTN Cloud Accelerator provided a robust 12-week support system focused on equipping African entrepreneurs to scale globally. This support included:
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Financial and Infrastructure Access: The non-dilutive funding was paired with deep technical resources, including cloud credits and direct integration with MTN’s digital ecosystem (MTN Cloud, MoMo, and Chenosis APIs).
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Networking and Mentorship: Participants received mentorship from industry leaders and crucial investor pitch opportunities, connecting them to potential capital.
Lynda Saint-Nwafor, Chief Enterprise Business Officer at MTN Nigeria, emphasized that the initiative is a deliberate investment to dismantle the “emerging market” narrative. She stated that African entrepreneurs possess innovation and grit, but require “the right environment, partners and tools to scale globally,” which the program provides by leveraging MTN’s world-class data centre and cloud capabilities.
Call for Collaboration
During the event, MTN Nigeria’s Chief Strategy and Investment Officer, Babalola Oyeleye, advocated for stronger collaboration among development agencies, corporations, and founders. He noted that MTN already has over 180 transactional partners and stressed the need to co-create inclusive and sustainable solutions with startups. Technology investor Victor Asemota suggested that telecom operators could further boost the ecosystem and tackle regulatory gaps by prioritizing mergers and acquisitions (M&A) of promising companies rather than just buying their products, thereby fostering the emergence of more Nigerian unicorns.
