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MFS Africa and Madagascar’s Mvola Partner to Facilitate Inbound International Money Transfers

Key Developments

MFS Africa and Madagascar's Mvola Partner to Facilitate Inbound International Money Transfers

Pan-African digital payments network MFS Africa has joined forces with Mvola, the biggest mobile money provider in Madagascar, to pave the way for inbound international money transfers.
 

This strategic partnership has a dual mission: to bolster financial inclusion and drive economic development in the island nation.

In a significant milestone, MFS Africa has become the inaugural aggregator to go live with the mobile money division of Telma, Madagascar’s leading Mobile Network Operator (MNO) with a dominant 70% market share.

This collaboration enables the seamless transfer of remittances from Europe, the US, and the UK into Madagascar.

Additionally, the partnership streamlines MNO-to-MNO remittances to Madagascar from other African regions.

Nika Naghavi, Group Head of Growth at MFS Africa, explained the significance of this partnership, stating, “Providing financial services to Madagascar has long been regarded as costly and challenging due to its predominantly rural landscape and infrastructural limitations. This means that consumers in the country have been historically underserved by traditional financial institutions.”

Madagascar currently boasts over 10 million mobile money accounts, surpassing the number of traditional bank accounts.

More than a third of the population now can use mobile money for a wide range of financial transactions, including bill payments, peer-to-peer transfers, savings, and borrowing.

The collaboration between MFS Africa and Mvola promises to simplify the process of international money transfers into Madagascar, making it more accessible to the population and driving financial inclusion.

It also underscores the growing importance of mobile money services in serving the financial needs of a wide range of consumers, particularly in regions with unique challenges and opportunities, such as Madagascar.

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Ghanaian Startup Kofa Partners with TAILG Group to Introduce E-Bikes with Innovative Battery Swap Technology in Africa

Key Developments

Ghanaian Startup Kofa Partners with TAILG Group to Introduce E-Bikes with Innovative Battery Swap Technology in Africa

Ghanaian startup Kofa, a pioneer in battery network solutions, has teamed up with TAILG Group, a prominent electric vehicle (EV) brand hailing from China, to launch the Jidi electric motorcycle.
 

This innovative two-wheeler is equipped with cutting-edge battery swap technology, signifying a significant advancement in the EV landscape.

Kofa’s mission revolves around the creation of an affordable and customer-centric electricity network powered by portable batteries and renewable energy sources.

At the core of this endeavor is the Kofa Swap & Go system, a distributed network of batteries and swap stations designed to provide users with immediate access to a fully charged battery in a matter of seconds.

The partnership between Kofa and TAILG Group sets ambitious goals, aiming to deploy 200,000 electric vehicles and establish more than 5,000 battery swap stations across Africa by 2030.

The first shipments of the Jidi electric motorcycle, featuring the innovative battery swap technology, are anticipated to arrive in Ghana by the close of 2023.

Leveraging the benefits of Kofa’s batteries and battery swap networks, the Jidi is poised to reduce rider costs by up to 30 per cent, offering an attractive and eco-friendly transportation option.

The Jidi electric motorcycle is ingeniously designed around Kofa’s extractable battery, allowing for “unlimited battery range” by enabling battery swaps at any of Kofa’s Swap & Go sites.

Over the course of the coming year, Kofa’s swap network will gain momentum in Ghana, with plans to expand into new countries by 2024.

This expansion will see Kofa investing in and building swap infrastructure in various regions, further solidifying its commitment to sustainable transportation solutions.

The introduction of the Jidi electric motorcycle with its innovative battery swap technology not only marks a significant leap in eco-friendly transportation options but also demonstrates a commitment to addressing urban pollution and reducing carbon emissions in Africa.

This partnership holds great promise for advancing EV adoption and offering sustainable transportation solutions across the continent.

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Ilara Health: The Kenyan Health-Tech Bridging the Diagnostic Gap in African Healthcare

StartUp Spotlight

Ilara Health: The Kenyan Health-Tech Bridging the Diagnostic Gap in African Healthcare

Ilara Health is an innovative healthtech startup dedicated to providing diagnostic equipment and services to small clinics and pharmacies situated on the outskirts of urban areas in Kenya.

The significance of their work lies in the fact that approximately 70% of medical decisions require some form of diagnosis, such as a blood test.

Nevertheless, more than 500 million people in Africa today face challenges accessing or affording even a simple blood test.

Ilara Health strives to make diagnostics in Africa more affordable, accessible, and accurate, bridging the diagnostic gap and elevating the quality of healthcare.

Greater access to diagnostic equipment not only yields health benefits but also empowers clinics and pharmacies to increase their revenue by offering additional services to patients.

However, traditional diagnostic machines come with steep price tags, often reaching tens of thousands of dollars.

This cost is prohibitively high for Ilara’s customer base, consisting of informal businesses like clinics and pharmacies that lack access to traditional financial services commonly used by small and medium-sized enterprises (SMEs) to support their growth.

To surmount this challenge, Ilara Health has established partnerships with international manufacturers of next-generation, small, portable diagnostic devices, many of which integrate with mobile phones.

These devices, currently in the market, are capable of diagnosing infections as well as non-communicable diseases such as diabetes and hypertension.

Emilian Popa, the Co-Founder of Ilara Health, emphasizes the pivotal role played by smartphone medicine and digital health in making small, affordable, and precise diagnostic devices accessible.

These innovations are poised to replace the bulky and expensive legacy machines that have historically been out of reach for the facilities Ilara Health targets.

Although Ilara’s devices are significantly more affordable than their legacy counterparts, their price tags still present challenges for informal clinics to purchase outright.

To address this issue, Ilara introduced an innovative financing option: clients make a small initial deposit, and the remaining balance is settled over 24 months.

Ilara’s devices are connected to a technology platform that allows the company to remotely deactivate them if a client fails to make payments.

Challenges and Opportunities

Despite its innovative business model, Ilara Health faces several hurdles in its mission to transform healthcare.

Operating in areas where healthcare services are informal and disorganized presents unique challenges.

Understanding the dynamics of healthcare delivery in a low-income setting is complex, as many people may not be aware of the areas where Ilara operates, despite their proximity to major cities.

Another challenge involves providing extensive training to clients on how to operate the diagnostic devices. While they are skilled medical professionals, they often lack the necessary knowledge, requiring dedicated training efforts.

Moreover, many of these clinics encounter cash flow constraints that affect their ability to make timely payments. Managing the collection of leasing fees presents its own set of challenges, despite the presence of a well-structured system.

Ilara Health’s dedication to making diagnostic services more accessible, affordable, and accurate has the potential to reshape healthcare in Kenya and beyond.

Their innovative subscription model and partnerships with international manufacturers exemplify the power of sustainable economic models in the healthcare sector.

With continued efforts, Ilara Health is poised to make a profound impact on healthcare outcomes in Africa, improving the lives of millions who struggle to access vital diagnostic services.

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Kenyan Social Commerce Startup, Sukhiba Connect, Secures $1.5 Million to Expand Beyond Borders

New Investments

Egyptian Ed-tech Startup, OBM Education, Secures Funding for Expansion

Sukhiba Connect, a pioneering Kenyan social commerce startup, has successfully raised $1.5 million in funding to fuel its expansion ambitions beyond the country’s borders.
 

This funding round was led by CRE Venture Capital and saw participation from notable investors, including Antler, EQ2 Ventures, Goodwater Capital, Chandaria Capital, and several angel investors.

Established in 2021 by co-founders Ananth Gudipati (CEO) and Abhinav Solipuram (CTO), Sukhiba Connect initially embarked on its journey as a community commerce platform, streamlining buyer orders and simplifying bulk purchases for manufacturers.

However, the startup later transitioned to the conversational commerce sphere, primarily due to the capital-intensive nature of the initial model.

Sukhiba Connect has since developed a remarkable B2B conversational commerce tool that enables companies to engage with and sell products to their clients through Meta’s popular messaging service, WhatsApp.

With this innovative platform, sellers can seamlessly send notifications, categorize customers, manage orders, and accept local payment options like M-PESA, Kenya’s widely used mobile money service.

On the customer side, individuals can effortlessly browse product catalogs, add or remove items from their carts, and complete the entire checkout process, all without leaving the WhatsApp ecosystem.

Kenya boasts the distinction of being the leading African nation in WhatsApp usage, with a staggering 97% of Internet users in the country relying on the messaging service.

Notably, WhatsApp has become the preferred communication channel for internet users aged between 16 and 64, surpassing other social media platforms, as revealed by a survey conducted in the third quarter of 2022.

While WhatsApp offers several features to assist businesses in establishing in-app stores, certain gaps persist, and localization remains a challenge.

Sukhiba Connect, alongside other social commerce startups like Tushop and Kapu, has been diligently addressing these issues, but the co-founder, Ananth Gudipati, asserts that there is still a vast untapped potential in this space.

Sukhiba Connect’s B2B conversational commerce tool has enabled over 30 businesses to embrace WhatsApp commerce, the majority of which are prominent distributors and manufacturers serving nearly 15,000 micro, small, and medium-sized enterprises (MSMEs), including retailers.

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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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