Month: July 2023

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Mastercard teams up with Nigerian B2B e-commerce platform Alerzo to digitize African SMEs

Key Developments

Mastercard teams up with Nigerian B2B e-commerce platform Alerzo to digitize African SMEs

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Mastercard has partnered with Alerzo, a fast-growing Nigerian startup based in Lagos, to digitize African SMEs.

The collaboration aims to drive financial inclusion and support the growth of Small and Medium-sized Enterprises (SMEs) through digital transformation.

The partnership between Mastercard and Alerzo seeks to address the challenges faced in accessing financial services and embracing digital technology.

SMEs play a crucial role in Africa’s economic development, but many of them have been constrained by limited access to formal financial services, hindering their growth potential.

Through this alliance, Mastercard and Alerzo aim to empower SMEs with the necessary tools and resources to harness the benefits of digitization fully.

By digitizing their operations, SMEs can enhance efficiency, reach a broader customer base, and streamline their financial transactions, ultimately driving growth and contributing to economic prosperity.

Alerzo has developed a comprehensive suite of digital financial services explicitly tailored for African SMEs. These services include digital payments, invoicing solutions, inventory management, and data analytics, all designed to simplify business operations and enhance financial transparency.

The strategic partnership will enable Alerzo to leverage Mastercard’s vast global network and expertise in digital payments to scale its offerings and reach a more extensive SME audience across Africa.

Through the digital solutions offered by Alerzo and Mastercard, SMEs will gain better access to formal financial services, enabling them to build credit histories and access credit facilities, which are essential for business growth.

As more SMEs adopt digital tools for their business operations, the overall business landscape in Africa is expected to become more vibrant and dynamic.

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Nigerian health-tech startup Clafiya raises $610,000 to reimagine healthcare service delivery in Africa

New Investments

Nigerian healthtech Clafiya raises $610,000 in funding to reimagine healthcare delivery in Africa

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Clafiya, a Nigerian health-tech startup, has secured $610,000 in a pre-seed funding round to further its mission of transforming healthcare access and services across Africa.

The funding round attracted participation from Norrsken Accelerator, Acquired Wisdom Fund (AWF), Hustle Fund, Voltron Capital, Microtraction, Ajim Capital, HoaQ, Bold Angel Fund, Shivdasani Family and other angel investors.

Launched in 2021, Clafiya aims to bridge the gap between patients and healthcare providers through its innovative platform.

The startup is on a mission to enhance healthcare accessibility and affordability in Africa through its comprehensive digital platform that aims to streamline communication and services between healthcare providers, patients, and other stakeholders in the healthcare ecosystem.

The platform offers features such as telemedicine consultations, online appointment scheduling, medical records management, and medication delivery services.

By leveraging technology, Clafiya aims to make healthcare services more convenient and efficient, especially for patients in remote or underserved areas.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Yoco: The South African Fintech Empowering SMEs with Innovative Payment Solutions

StartUp Spotlight

Yoco: The South African fintech empowering SMEs with innovative payment solutions

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In the vast landscape of African health-tech startups, LifeBank shines as a transformative force in Nigeria’s healthcare system.

The trend is primarily driven by technological advancements and changing consumer preferences.

Fintech startups have been at the forefront of these developments, with Yoco among the companies revolutionizing the sector.

Founded in 2015, Yoco has made strides in changing the payment industry in the country and empowering small businesses.

The fintech startup offers innovative payment solutions designed specifically for small businesses.

Recognizing the challenges entrepreneurs face in accepting electronic payments, Yoco set out to bridge the gap by introducing accessible, user-friendly, and technologically advanced payment options.

Yoco’s core offering is a range of Point of Sale (POS) devices and associated services that enable small businesses to accept card payments seamlessly.

In addition to the POS hardware, Yoco provides a robust mobile application that acts as a digital dashboard for merchants. This app allows business owners to track transactions, manage inventory, access sales insights, and gain valuable customer insights.

The startup’s mission is centered around empowering small businesses in South Africa. Their vision is to create an inclusive and vibrant economy by democratizing access to electronic payment systems.

Yoco aims to foster economic growth, drive financial inclusion, and boost entrepreneurship in the region by levelling the playing field and enabling businesses of all sizes to accept card payments.

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FarmCrowdy: The Nigerian ag-tech startup revolutionizing agriculture and empowering farmers

StartUp Spotlight

FarmCrowdy: The Nigerian ag-tech startup revolutionizing agriculture and empowering farmers

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In recent years, the Nigerian agricultural sector has experienced a significant transformation thanks to the groundbreaking efforts to agri-tech startups. 

FarmCrowdy is among the innovative startups that have emerged as a driving force in the country, revolutionizing the way agriculture is practiced, empowering small-scale farmers, and fostering sustainable development.Founded in 2016, FarmCrowdy is a pioneering Nigerian agri-tech startup with a vision to revolutionize agriculture in Africa.

After its launch, the startup set out on a mission to connect small-scale farmers with sponsors willing to invest in their farms. By leveraging the power of technology and crowdfunding, FarmCrowdy sought to address critical challenges faced by farmers and create a thriving ecosystem for agriculture.

At its core, FarmCrowdy operates a digital platform that bridges the gap between farmers and sponsors, allowing sponsors to invest in various agricultural ventures. The platform gives farmers access to much-needed capital, resources, and expertise, enabling them to increase their productivity and efficiency. In return, sponsors receive returns on their investments from the farm’s profits.

By providing farmers with financial resources, training, and technological assistance, FarmCrowdy aims to empower small-scale farmers and enhance their livelihoods. The startup is also committed to contributing to Nigeria’s food security by promoting efficient agricultural practices and increasing crop and livestock yields.

FarmCrowdy believes in harnessing the power of technology to revolutionize the agricultural landscape of Nigeria. By integrating digital solutions, data analytics, and remote monitoring, they enhance transparency, productivity, and sustainability. Since its inception, FarmCrowdy has achieved remarkable milestones and garnered recognition for its impactful work in the agri-tech and entrepreneurial domains. 

In conclusion, FarmCrowdy stands as a shining example of the transformative power of technology and crowdfunding in driving agricultural development and empowering farmers.  Their journey serves as an inspiration to other startups and organizations aspiring to make a positive impact on society while driving innovation.

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Nigerian fintech startup Kuda hits 6 million customer milestone as it continues to redefine financial inclusion in Africa

New Investments

Nigerian fintech startup Kuda hits 6 million customer milestone as it continues to redefine financial inclusion in Africa

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Kuda, one of the leading digital banks in Africa, has surpassed the six-million customer milestone, solidifying its position as a trailblazer in driving financial inclusion across the continent.

Founded in 2019, Kuda has rapidly evolved into one of the most prominent fintech startups in Africa, offering innovative financial solutions and reshaping the way individuals access and manage their money.

As the fintech sector continues to gain momentum across Africa, the company has been at the forefront of revolutionizing traditional banking services and making them accessible to the unbanked and underbanked populations.

Through its mobile app, the digital bank addresses the challenges of physical branches, reaching remote areas where banking services were once scarce.

By providing access to essential banking services, Kuda empowers individuals to save, invest, and engage in economic activities that were previously challenging due to the lack of access to traditional financial services.

As Kuda continues to flourish, its sights are set on broader horizons. The company plans to expand its presence into more African countries, cementing its position as a pan-African financial institution.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Egyptian fintech startup Money Fellows secures $4 million from Arzan Venture Capital

New Investments

Egyptian fintech startup Money Fellows secures $4 million from Arzan Venture Capital

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Arzan Venture Capital, a leading venture capital firm, has announced a significant investment of $4 million in Egyptian fintech startup, Money Fellows.

The strategic funding is set to accelerate Money Fellows’ mission of transforming traditional savings and credit associations through its innovative tech-driven platform.

Money Fellows has been gaining widespread recognition for its groundbreaking approach to ROSCAs, traditional rotating savings and credit associations that have been a cornerstone of financial solidarity for generations.

By harnessing the power of technology, Money Fellows has reimagined this centuries-old practice, providing users with a modern, efficient, and inclusive digital platform to participate in these financial circles.

Arzan Capital’s decision to invest $4 million in Money Fellows underscores the startup’s potential and its immense promise for revolutionizing Egypt’s fintech landscape.

One of Money Fellows’ primary objectives is to foster financial inclusion across Egypt by offering accessible financial services to individuals underserved by traditional banking institutions.

The platform enables members to pool their financial resources, creating a cycle of contributions and payouts, eliminating the need for high-interest loans or credit cards.

With Arzan Capital’s investment, Money Fellows plans to accelerate the platform’s expansion, reaching out to a broader audience in both urban centers and rural areas.

This will empower more Egyptians to take control of their finances, build creditworthiness, and achieve their financial goals, ultimately contributing to the country’s overall economic development.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Empowering Women, Empowering Communities: How Uganda’s Solar Sister is Bridging the Energy Gap with Women-led Solutions

StartUp Spotlight

Solar Sister: How Uganda's Solar Sister is Bridging the Energy Gap with Women-led Solutions

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In the heart of Africa, where energy poverty has long been a persistent challenge, a trailblazing social enterprise named Solar Sister is making a significant impact.

Founded on the principles of sustainability, gender empowerment, and community development, Solar Sister has emerged as a beacon of hope, bringing clean energy solutions to underserved communities and transforming lives one solar light at a time.

At its core, Solar Sister is on a mission to combat energy poverty by providing access to affordable and sustainable clean energy solutions. But the organization’s vision extends far beyond mere illumination.

Solar Sister recognizes the transformative power of women as key drivers of change in their communities. By empowering local women as clean energy entrepreneurs, the organization aims to create a ripple effect that touches not only households but also entire communities.

The essence of Solar Sister’s approach lies in its unique and community-driven model. The organization identifies and trains women entrepreneurs, also known as Solar Sister Entrepreneurs, equipping them with the tools and knowledge to become clean energy advocates.

Armed with a range of solar-powered products, these women take on the roles of trusted distributors and educators within their communities.

Solar Sister is driving socio-economic transformation by allowing women to run their businesses and participate in the clean energy sector. These women become role models for others, challenging traditional gender norms and contributing to more equitable societies.

Solar Sister’s impact goes beyond just providing access to clean energy. The organization actively supports the United Nations Sustainable Development Goals (SDGs) by promoting gender equality, clean energy, and economic growth.

Solar Sister’s work has a direct and tangible effect on the lives of those it reaches. With access to clean energy, households can now study, work, and engage in productive activities after sunset.

What started as a small initiative in Uganda has now grown into a far-reaching movement. Solar Sister’s success in Uganda has spurred its expansion to other African countries, amplifying its impact across the continent.

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Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

Key Developments

Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

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Starsight Energy, one of the leading solar energy solutions providers, has secured a $20 million investment.

The funding injection aims to accelerate the expansion of clean energy access across the East Africa region and marks a significant milestone in the company’s mission to drive sustainability and economic growth.

The company specializes in providing comprehensive, sustainable, and technologically advanced solar energy solutions to businesses, industries, and communities in the region.

The $20 million investment comes from a consortium of international investors, including the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF).

The funding demonstrates growing confidence in the potential of East Africa’s renewable energy sector and the significant impact Starsight Energy can have on the region’s economic and environmental sustainability.

With this substantial investment, Starsight Energy is poised to scale up its operations and expand its solar energy infrastructure across East Africa.

The company plans to use the funds to deploy more solar energy systems in key industries such as manufacturing, telecommunications, and healthcare, as well as in rural and underserved communities.

Starsight Energy’s expansion plans not only promise to provide access to reliable and sustainable energy but also offer a substantial boost to local economies.

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Breaking Barriers: 30 Inspirational Women Shaping the Future of Fintech in Africa

Breaking Barriers: 30 Inspirational Women Shaping the Future of Fintech in Africa

The fintech space in Africa is growing rapidly, with the sector raising over $1.4 billion in funding in 2022.

Over the years, the region has emerged as a hotbed of innovation and progress, thanks to the relentless efforts of visionary women who are revolutionizing the financial landscape.

 

This growth is being driven by a number of factors, including the increasing availability of mobile internet, the growing middle class, and the need for financial services that are more accessible and affordable.

One can scarcely imagine the African fintech landscape without the tireless contributions of a number of trailblazing women who have helped reshape the narrative of Africa’s technological potential, paving the way for an era of financial prosperity and economic empowerment.

 

These women have shattered glass ceilings and challenged norms, proving that there are no boundaries when it comes to creativity, resilience, and ambition. Their dedication to creating transformative solutions has not only facilitated financial inclusion for millions but also paved the way for sustainable economic growth and social progress.

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

Empower Africa shines a spotlight on 30 who have fearlessly navigated the fintech realm, paving the way for inclusivity, accessibility, and economic empowerment across the African continent.

1. Nkiru Amadi-Emina – Founder of Pivo

2. Ife Durosinmi-Etti – CEO of Herconomy

3. Oluwatosin Olaseinde – Founder of Money Africa

4. Fara Ashiru Jituboh – Founder of Okra

5. Martha Dali Mghendi-Fisher – Founder of African Women in FinTech & Payments (AWFP)

6. Maelis Carraro – Managing Partner at Catalyst Fund

7. Delila Kidanu – Co-Founder at Koa Technology

8. Odunayo Eweniyi – Co-Founder at PiggyVest

9. Tebogo Mokwena – Founder and CEO of Akiba Digital

10. Nelly Chatue-Diop – Founder of Ejara

11. Tomilola Majekodunmi – Co-Founder/CEO at Bankly

12. Meghan McCormick – CEO & Co-founder of OZÉ

13. Hilda Moraa – Founder & CEO of Pezesha

14. Jess Anuna – Founder & CEO at Klasha

15. Abigail Komu – Okonji – Consultant, Digital, Financial & Gender Inclusion at Mosi Africa Solutions

16. Mariéme Ndiaye – Director, Merchant Sales and Acquiring, West and Central Africa Visa CEMEA

17. Faith Nkatha Gitonga – Board Member, TechnoServe

18. Nika Naghavi – Group Head of Growth at MFS Africa

19. Mélanie Keïta – Climate Fintech Founder & CEO @Melanin Kapital

20. Sharon Karuga Kinyanjui – Principal Consultant, Diaspora Bridges Advisory

21. Zeituna Mustafa – Country Coordinator, United Nations Capital Development Fund (UNCDF)

22. Lebo Mokgabudi – Financial Inclusion @ IFC

23. Patricia Zoundi Epse Yao – Founder,  KIFFPAY-CI

24. Folasade Femi-Lawal – Digital Payment Expert

25. Rose Muturi – Managing Director, East Africa at Branch International

26. Thea Sokolowski – Head of Marketing at Stitch

27. Margaret Ondeng – Product Director @Peach Payments

28. Wachera Muriu – Co-Founder of KopaCent

29. Hayley Hopwood – CRO at Paystack

30. Mariam Cassim – Chief Executive Officer: Financial and Digital Services at Vodacom Group

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