Tizeti, an internet service provider backed by Y Combinator, is poised to become the first Nigerian startup to list on the Nigerian Exchange (NGX), TechCabal has reported.

The move marks a significant milestone for Nigeria’s tech ecosystem and is expected to boost the company’s ability to raise capital in Naira, reducing its reliance on venture funding in a challenging economic environment.

Founded in 2013 by Kendall Ananyi and Ifeanyi Okonkwo, Tizeti offers low-cost internet services across Nigeria, Ghana, and other parts of West Africa, utilising solar-powered towers and undersea cables.

In 2018, the company reported revenue of NGN880mn ($570,000) and has raised $7.4mn in two funding rounds. The initial public offering (IPO) represents a strategic step towards diversifying funding sources amid Naira devaluation and a sluggish economy.

The listing is also a major win for the NGX, which has struggled to attract tech firms to the domestic market. Historically, Nigerian tech companies have favoured foreign exchanges like Nasdaq or the NYSE, despite the mixed fortunes of internationally listed African startups, including Jumia and Swvl. Tizeti’s local listing could serve as a model for other startups aiming to scale operations while staying connected to their primary markets.

Tizeti’s services include unlimited internet for homes and businesses, public Wi-Fi hotspots, and voice-over-internet protocol (VoIP). Recently, it launched FreeFiber.Africa, an initiative providing affordable fibre broadband access. The company currently processes more than 180 terabytes of data daily, and is positing itself as a cost-effective alternative to satellite providers such as Starlink.