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Turaco Acquires MicroEnsure Ghana to Boost Affordable Insurance Coverage in Africa

Key Developments

Turaco Acquires MicroEnsure Ghana to Boost Affordable Insurance Coverage in Africa

Turaco, Africa’s tech-enabled affordable insurance company, has acquired MicroEnsure Ghana from MIC Global.
 

Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.

The acquisition is part of Turaco’s plan to expand its reach and deepen the penetration of affordable insurance across Africa.

MicroEnsure Ghana is a leading microinsurance provider in Ghana with a strong track record of providing innovative and affordable insurance products to low-income earners and small businesses.

The acquisition is expected to benefit both Turaco and MicroEnsure Ghana’s customers. Turaco will leverage MicroEnsure Ghana’s expertise and distribution network to reach more customers and offer a more comprehensive range of products.

MicroEnsure Ghana’s customers will benefit from Turaco’s tech-driven platform, improving the efficiency and convenience of their insurance experience.

MicroEnsure Ghana is Turaco’s second acquisition in the past year, having acquired Kenyan microinsurance provider Maisha Microfinance Bank in 2022. The acquisi

Leading investors, including AfricInvest, Partech, and LeapFrog Investments, back Turaco. The company has raised over $50 million in funding to support its growth and expansion plans.

The acquisition of MicroEnsure Ghana is expected to have a positive impact on the insurance industry in Ghana and across Africa.

Turaco’s tech-driven platform and focus on innovation will help to make insurance more accessible and affordable for low-income earners and small businesses.

The acquisition will also help to deepen the penetration of insurance in Africa.

Insurance penetration in Africa is currently very low, at around 3%.

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iProcure: The Kenyan Startup Leveraging Tech to Revolutionize the Agricultural Supply Chain in Africa

StartUp Spotlight

iProcure: The Kenyan Startup Leveraging Tech to Revolutionize the Agricultural Supply Chain in Africa

Smallholder farmers in rural Africa face a number of challenges in accessing the agricultural inputs they need, including high prices, limited access, and a lack of information.
 

This inefficiency and opacity in the agricultural input supply chain can have a significant impact on farmers’ incomes and productivity.

However, in Kenya, iProcure, an agritech startup, has emerged as a beacon of hope and empowerment for farmers and a disruptor that is revolutionizing the agricultural supply chain like never before.

Who is iProcure?

iProcure is a Nairobi-based startup that is working to optimize the agricultural input supply chain in rural Africa.

Founded in 2013, iProcure has developed its distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system.

Recognized as one of Kenya’s pioneers of digital agriculture, iProcure leverages technology to bridge the gap between farmers and essential agricultural inputs.

What Do They Do?

iProcure’s core mission revolves around providing farmers with access to quality agricultural inputs, including seeds, fertilizers, pesticides, and more, through a seamless digital platform.

Here’s how they accomplish this:

Digital Ordering Platform: iProcure has developed a user-friendly mobile and web application that allows farmers to order agricultural inputs directly from the comfort of their homes. This eliminates the need for farmers to travel long distances to access these crucial supplies.

Network of Retailers: iProcure collaborates with a vast network of retailers strategically located across rural areas. These retailers serve as collection points, ensuring that farmers can easily pick up their orders.

Quality Assurance: Ensuring the quality of agricultural inputs is a top priority for iProcure. They partner with reputable suppliers and provide farmers access to certified products, improving crop yields and quality.

Credit Solutions: To further support smallholder farmers, iProcure offers credit solutions, enabling farmers to access inputs even when they lack immediate funds. This innovative approach fosters financial inclusion in the agricultural sector.

Their Mission:

iProcure’s mission is crystal clear: to empower smallholder farmers with the tools, knowledge, and resources they need to increase their agricultural productivity and improve their livelihoods.

They believe that by making high-quality agricultural inputs accessible and affordable, they can contribute to food security and economic growth in rural communities.

What They Have Achieved:

  • Raising over $20 million in funding from investors such as Safaricom, IFC, and Rabobank.
  • Expanding its operations to Kenya, Tanzania, and Rwanda.
  • Building a network of over 10,000 agro-dealers.
  • Supplying over 1 million smallholder farmers with agricultural inputs.

Impact:

iProcure’s work is having a significant impact on the agricultural sector in Africa.

By optimizing the supply chain, iProcure is helping to reduce the cost of agricultural inputs and make them more accessible to smallholder farmers.

This is leading to increased agricultural productivity and incomes for farmers.

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Nigerian Auto-Tech Startup Fixit45 Raises $1.9 Million Pre-Series Funding For  Expansion

New Investments

Nigerian Auto-Tech Startup Fixit45 Raises $1.9 Million Pre-Series Funding For Expansion

Nigerian auto-tech startup Fixit45 has raised $1.9 million in a pre-seed funding round for expansion.

The round was supported by several notable investors, including Launch Africa Ventures, Soumobroto Ganguly, and David DeLucia, along with several angel investors.

Fixit45 is a mobile app that provides on-demand car maintenance and repair services.

The app allows users to schedule appointments with verified mechanics who come to their location to perform the necessary services.

Fixit45 also offers various other services, such as car wash, roadside assistance, and spare parts delivery.

The company was founded in 2022 by three entrepreneurs: CEO Olumide Soyombo, COO Tolulope Olanrewaju, and CTO Samuel Olatunji.

Soyombo is a former engineer at Google and Microsoft, while Olanrewaju and Olatunji have both worked in the Nigerian auto industry.

The pre-seed funding round will be used to expand Fixit45’s operations in Nigeria and other African markets.

The company also plans to use the funds to develop new products and services, such as a subscription-based car maintenance service.

The investment in Fixit45 is a sign of the growing interest in the African auto-tech sector.

In recent years, there has been a surge in the number of startups developing innovative solutions to address the challenges of car ownership in Africa.

According to a report by Disrupt Africa, the African auto-tech sector is expected to reach $5 billion by 2025.

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 ROAM Introduces Kenya’s First All-Electric Shuttle Bus Built Entirely In The Country

Key Developments

ROAM Introduces Kenya's First All-Electric Shuttle Bus Built Entirely In The Country

ROAM, a Kenyan electric vehicle (EV) company, has introduced the Move, an all-electric shuttle bus that is the first of its kind to be built entirely in Kenya.
 

The Move is a zero-emission vehicle designed to provide a comfortable and efficient transportation solution for urban and rural communities.

The Move is equipped with a 170 kWh battery pack that gives it a range of up to 200 kilometers on a single charge.

It can accommodate up to 51 passengers and features ergonomic seats, spacious aisles, and a low-floor entry for easy access.

The bus is also equipped with various safety features, including a collision warning system, lane departure warning system, and automatic emergency braking system.

ROAM has partnered with several local companies to develop and produce the Move, including Kenya Vehicle Manufacturers (KVM), Associated Vehicle Assemblers (AVA), and East African Portland Cement (EAPCC). The bus is assembled at KVM’s factory in Thika, Kenya.

The Move is a significant development for Kenya’s transportation sector.

It is the first all-electric shuttle bus to be built in Kenya, and it represents a significant step forward for the country’s efforts to reduce its carbon footprint.

The Move is also expected to create jobs in the local economy and support the growth of Kenya’s EV industry.

In addition to its environmental and economic benefits, the Move also offers several advantages over conventional diesel-powered shuttle buses.

Electric buses are quieter and cleaner and require less maintenance than diesel buses. This makes them a more attractive option for operators and passengers alike.

ROAM plans to deploy the Move on several routes in Kenya in the coming months. The company is also exploring opportunities to export the bus to other African countries.

The introduction of the ROAM Move is a major milestone for Kenya’s transportation sector and the country’s efforts to combat climate change.

It is a testament to the country’s growing expertise in EV technology and its commitment to sustainable development.

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HearX Group: The SA Health-Tech Startup Making Hearing Healthcare Easy, Accessible, and Affordable For Everyone

StartUp Spotlight

HearX Group: The SA Health-Tech Startup Making Hearing Healthcare Easy, Accessible, and Affordable For Everyone

Meet HearX Group startup on a mission to revolutionize the world of audiology and hearing healthcare.

HearX Group is a South African startup developing innovative digital solutions to improve access to hearing healthcare.

Who is HearX Group?

Founded in 2015, HearX Group has swiftly become a trailblazer in the field of hearing healthcare technology.

This Pretoria-based startup combines cutting-edge technology with a passion for improving access to hearing care solutions.

Their journey began with a simple but powerful vision: to provide affordable, accessible, and accurate hearing screening solutions to people all over the world.

What Do They Do?

HearX Group specializes in developing innovative hearing health solutions that leverage the power of digital technology.

They have harnessed the capabilities of smartphones and tablets to create easy-to-use hearing screening and diagnostic tools.

Their flagship product, hearScreen, is a mobile application designed to perform accurate hearing screenings.

This app has transformed hearing assessments, making them more accessible and cost-effective, particularly in remote and underserved areas.

The startup also offers a suite of services for healthcare professionals, including hearTest and hearDigits, which enable comprehensive audiometry and hearing aid fitting, respectively.

These technologies have disrupted the traditional hearing healthcare model, making it possible for more individuals to receive timely and affordable care.

Their Mission

HearX Group’s mission is clear and compelling: they aim to democratize hearing healthcare.

They believe that everyone, regardless of their location or financial means, should have access to high-quality hearing services.

This mission aligns with the World Health Organization’s efforts to address the global hearing loss burden, affecting over 466 million people worldwide.

By leveraging technology, HearX Group has set out to eliminate barriers to hearing healthcare.

They have been instrumental in raising awareness about the importance of early hearing detection and intervention, a critical factor in improving the quality of life for those with hearing loss.

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Egyptian Bus Maker MCV to Export ElectricBus Bodies to Europe in New Agreement With Volvo Cars

Key Developments

Egyptian Bus Maker MCV to Export Electric Bus Bodies to Europe in New Agreement With Volvo Cars

Swedish automaker Volvo Cars and Egyptian bus manufacturer Manufacturing Commercial Vehicles (MCV) have signed an agreement to manufacture electric bus bodies in Egypt for export to Europe.

Under the agreement, MCV will start manufacturing electric bus bodies for Volvo’s city and intercity buses.

The first buses are expected to be delivered to European customers in the first quarter of 2025.

The agreement is a significant boost for Egypt’s automotive sector, which is rapidly growing.

Egypt is already a significant exporter of vehicles and components, and the new partnership with Volvo will help Volvo further expand the country’s electric vehicle industry.

The agreement is also a sign of Volvo’s commitment to sustainable transportation, having pledged to go all-Egypt’sc by 2030.

“MCV’s work will enable us to offer a complete range of Volvo city and intercity buses in the premium segment. MCV is an ideal partner with the skills and capacity country’she high demands of our European customers,” explains Dan PettVolvo’s Vice President of Volvo Cars.

The agreement between Volvo Cars and MCV has a number o“MCV’sfits for both companies and for Egypt as a whole:

For Volvo Cars, the agreement will provide access to a new and growing market for electric buses as it continues with its mission to reduce its carbon footpri”t.

For MCV, the agreement will provide access to new technologies and expertise from Volvo Cars. MCV is already a leading manufacturer of buses in Egypt, and the agreement will help the company expand its product range and enter new markets.

The agreement is a sign of Egypt’s growing importance as a destination for foreign investment and manufacturing.

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SeamlessHR: This Nigerian Startup is Transforming HR Across Africa

StartUp Spotlight

SeamlessHR: This Nigerian Startup is Transforming HR Across Africa

SeamlessHR is a Nigerian startup that provides cloud-based HR and payroll software solutions for medium to large-sized companies in several African countries.

Founded in 2018, the company has quickly become one of the leading HR tech providers in Africa, with customers in Nigeria, Ghana, and Tunisia, including renowned brands like PwC, Flutterwave, Sterling Bank, and Lagos Business School.

Who is SeamlessHR?

SeamlessHR is a team of experienced HR professionals and technologists who are passionate about helping African businesses leverage their greatest asset: abundant human capital.

The company’s mission is to “make HR easy for everyone” by providing a comprehensive and user-friendly HR platform that helps businesses automate and streamline their entire HR processes, from recruitment to retirement.

What does SeamlessHR do?

SeamlessHR offers a suite of HR and payroll software modules that help businesses manage their HR processes more efficiently and effectively.

These modules include:

  • Recruitment Management System (RMS)
  • Core HR Management
  • Performance and Competency Management
  • Payroll Management
  • Leave Management
  • HR Analytics

SeamlessHR’s software is cloud-based, which means that it is accessible from anywhere with an internet connection.

This makes it a particularly attractive solution for businesses with multiple locations or remote employees.

SeamlessHR’s mission

SeamlessHR’s mission is to “make HR easy for everyone.”

This means providing a comprehensive and user-friendly HR platform that helps businesses automate and streamline their entire HR processes, from recruitment to retirement.

SeamlessHR’s achievements

SeamlessHR has achieved significant traction in a short period of time.

The company has raised over $12 million in funding from leading investors, and its customer base includes some of the biggest and most well-respected businesses in Africa.

SeamlessHR has also been recognized for its innovation and impact on the African tech ecosystem.

In 2022, the company was named one of the “Top 100 Startups in Africa” by Disrupt Africa.

Conclusion

SeamlessHR is a Nigerian startup that is transforming HR across Africa.

The company’s cloud-based HR and payroll software solutions are helping businesses of all sizes to automate and streamline their HR processes, improve efficiency, and boost productivity.

SeamlessHR is headquartered in Lagos, Nigeria, and has offices in Ghana and Tunisia.

SeamlessHR’s software is used by over 100,000 employees across Africa.

The company’s customers include a wide range of businesses, from startups to large enterprises, in a variety of industries, including technology, finance, healthcare, and manufacturing.

SeamlessHR is committed to innovation and is constantly developing new features and modules for its HR platform.

The company is also focused on expanding its reach across Africa and helping more businesses benefit from its cloud-based HR solutions.

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Egypt’s Qardy Teams Up With Sandah to Give MSMEs Access to Finance

Key Developments

Egypt's Qardy Teams Up With Sandah to Give MSMEs Access to Finance

Egyptian fintech startup Qardy has announced a strategic partnership with microfinance company Sandah to provide micro, small, and medium enterprises (MSMEs) with greater access to financing.
 
 
 
 

The partnership aims to bridge the financial gap in the MSME sector in Egypt by offering a range of products and services tailored to their various needs.

Qardy is an online lending marketplace that connects MSMEs with lenders, while Sandah is a for-profit microfinance company that provides loans to small businesses.

The partnership between Qardy and Sandah is expected to benefit a large number of MSMEs in Egypt.

MSMEs account for over 90% of the country’s private sector employment and contribute significantly to the economy.

However, many MSMEs struggle to access financing from traditional banks and other financial institutions.

The Qardy-Sandah partnership is expected to make it easier and faster for MSMEs to get the loans they need to grow their businesses.

Benefits of the partnership for MSMEs:

The partnership between Qardy and Sandah is expected to offer a number of benefits to MSMEs in Egypt, including:

Increased access to financing: The partnership will make it easier and faster for MSMEs to get the loans they need to grow their businesses.


A wider range of financial products and services: The partnership will offer MSMEs a wider range of financial products and services tailored to their specific needs.


More competitive interest rates: The partnership is expected to lead to more competitive interest rates on loans for MSMEs.


Improved customer service: The partnership will provide MSMEs with access to a wider network of branches and customer service representatives.

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Nigerian Automotive Startup Mecho Autotech Raises $2.4M Pre-Series A for Expansion

New Investments

Nigerian Automotive Startup Mecho Autotech Raises $2.4M Pre-Series A for Expansion

Nigerian automotive startup Mecho Autotech has raised $2.4 million in pre-Series A funding to expand into wholesale spare parts distribution.
 
 
 
 
The round was led by Global Brain Corporation, with participation from Ventures Platform and Uncovered Fund.

Founded in 2021, the company provides a platform that connects vehicle owners with workshops that handle vehicle repairs and maintenance.
 
Mecho Autotech also offers a marketplace for spare parts, where workshops and vehicle owners can buy and sell spare parts.

The company’s pre-Series A funding will be used to expand its wholesale spare parts distribution business.
 
Mecho Autotech plans to build a network of warehouses across Nigeria to store spare parts. The company also plans to develop a logistics platform to deliver spare parts to customers quickly and efficiently.

The Nigerian automotive market is expected to grow at a CAGR of 10% over the next five years.
 
This growth is being driven by factors such as increasing disposable income, growing urbanization, and the rise of the middle class.
 

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