Month: November 2023

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Shekel Mobility Secures $7 Million in Funding to Drive Growth in African Automotive Market

New Investments

Shekel Mobility Secures $7 Million in Funding to Drive Growth in African Automotive Market

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Shekel Mobility, a B2B auto dealers marketplace catering to the African used car market, has secured $7 million in funding to propel its growth and expansion plans.
 

The investment comprises $3.2 million in equity and over $4 million in debt, led by Ventures Platform and MaC Venture Capital.

The funds will be instrumental in quadrupling Shekel Mobility’s current Annual Recurring Revenue (ARR) of slightly over $2 million.

The startup plans to leverage this financial infusion to strengthen its market position and seize opportunities in the rapidly evolving African automotive market.

In its 20 months of operation, Shekel Mobility has demonstrated substantial traction, facilitating over $56 million in auto dealer transactions and supporting the growth of more than 1,400 dealers across 7,000 cars.

This proven track record showcases the effectiveness of Shekel Mobility’s platform in driving real-world transactions within the African used car market.

Founded by Benjamen Oladokun and Sanmi Olukanmi, Shekel Mobility is driven by the vision of becoming the premier platform for launching and growing car dealerships in Africa.

With a target of reaching transactions amounting to $10 billion annually by 2025, Shekel Mobility is poised to play a transformative role in shaping the future of the African automotive landscape.

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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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Meet the 23 African Startups Selected for Visa’s Inaugural Fintech Accelerator

Key Developments

Meet the 23 African Startups Selected for Visa's Inaugural Fintech Accelerator

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Visa has selected 23 African startups for the inaugural cohort of its Visa Africa Fintech Accelerator.

The program is designed to support the growth of Africa’s vibrant fintech ecosystem.

The startups will receive mentorship, training, and funding from Visa and its partners.

Nigerian startups dominated the cohort of selected startups, followed by Ghana, Kenya, Morocco, South Africa, Egypt, Uganda, Zambia, and Tunisia.

The selected startups include:

  • Anchor (Nigeria): Provides APIs, dashboards, and tools for developers to embed and build banking products
  • Dojah (Nigeria): Offers a comprehensive Know Your Customer (KYC) and digital onboarding solution
  • Moni (Nigeria): Provides low-interest loans to mobile money agent communities
  • OkHi (Nigeria): Allows banks, fintechs, and businesses to collect and verify customers’ addresses
  • Orda Africa (Nigeria): African restaurant cloud operating system provider
  • Traction (Nigeria): Builds the next generation of payment solutions and business tools
  • OZÉ (Ghana): Provides digital recordkeeping tools with embedded finance products to medium and small businesses
  • The Blu Penguin (Ghana): Delivers an in-store Point of Sale (PoS) system
  • AgroCenta (Ghana): Runs a mobile merchant platform for smallholder farmers
  • Affinity Africa (Ghana): Provides banking products to the underserved and unbanked
  • Duhqa (Kenya): B2B platform for retail distribution of consumer goods
  • Power (Kenya): Allows workers to take control of their financial health
  • Workpay (Kenya): HR payroll provider
  • Chari (Morocco): B2B e-commerce and retail startup
  • PayTic (Morocco): Streamlines the back-office operations and risk control of digital payments
  • Weego (Morocco): Offers a variety of transportation options and solutions
  • Floatpays (South Africa): On-demand wage access platform
  • Franc (South Africa): Allows users to invest in leading cash and equity funds
  • OnLife (South Africa): All-in-one money management wallet
  • Sympl (Egypt): Enables customers to shop and pay later, with no interest
  • Eversend (Uganda): Payments platform offering cross-border payments, virtual cards, currency exchange, and crypto buying and selling
    PremierCredit
  • (Zambia): Online microlending and investment platform
  • Konnect (Tunisia): Offers payment links by SMS, email, Messenger, or WhatsApp

Visa is committed to supporting the growth of Africa’s fintech ecosystem.

The company has a history of investing in African fintech startups, including Paystack, Interswitch, and Flutterwave.

The Visa Africa Fintech Accelerator is another example of Visa’s commitment to supporting innovation and growth in Africa.

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Lelemba Phiri

Lelemba Phiri

Lelemba Phiri is an award-winning Zambian-born educator, author, keynote speaker, and gender-lens angel investor.

She is the Principal at the Africa Trust Group, which invests in women entrepreneurs across the SADC region.

She is also the Co-Founder of ATG Samata, a firm on a mission to accelerate equal access to capital and opportunity for talented entrepreneurs in emerging markets.

Additionally, she is a shareholder and the current board chair for Zoona Zambia, an African mobile payments business that provides financial services where they are needed most.

She is also a shareholder at Africa Trust Academy, a coaching and consulting company focused on leadership, entrepreneurship development and financial literacy.

Phiri is passionate about women’s leadership and entrepreneurship development in Africa and is committed to advancing gender equality and empowerment.

She has been featured in several media outlets, including CNBC Africa, Oprah magazine, Destiny Magazine, Cosmopolitan magazine, the New York-based Diaspora Voice Talk Show, Radio France, Zambia Daily Mail, and South Africa FM.

Phiri is a role model for many women in Africa and has been recognized for her work with several awards, including the 2019 Forbes Africa 30 Under 30 award and the 2018 African Leadership Magazine 40 Under 40 award.

 

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Uka Eje

Uka Eje is a Nigerian entrepreneur and social impact leader using technology to solve Africa’s agriculture challenges.

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May 19, 2023

Dr. Alistair Mokoena

Dr Alistair Mokoena is a respected leader in the advertising and marketing industry who is passionate about using technology to solve social and economic challenges.

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June 9, 2023
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Pascal Murasira

Pascal Murasira

Pascal Murasira is an experienced agri-business consultant and entrepreneur passionate about promoting sustainable development in Africa.

He is currently the Managing Director of Norrsken East Africa, leading the organization’s efforts to create the largest hub for entrepreneurs in the region.

Norrsken is an impact ecosystem where entrepreneurs can find everything they need to make saving the world their job.

With a vision is to enable the next impact unicorn, the company that has a positive impact on one billion lives.

Prior to joining Norrsken, Pascal worked as a Business Manager for Africa at AgroCares, where he was responsible for developing new business partnerships and managing existing ones.

He has also worked as an independent consultant, providing expertise on various agri-business issues.

Pascal is a strong advocate for the use of technology to improve agricultural productivity and sustainability.

He is also a passionate supporter of entrepreneurship, and he believes that startups have the potential to drive positive change in Africa.

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Francis Nderitu

Francis Nderitu is a Kenyan tech entrepreneur redefining the cold chain industry and transforming how perishable goods are distributed across Kenya.

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March 18, 2024

Wawira Njiru

Wawira is a Kenyan social entrepreneur, nutritionist, and philanthropist working to address the inequality in food access and education for Kenyan children.

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May 26, 2023
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Pivo Africa: The Nigerian Fintech Making It Easy For SMEs to Access Finance and Banking Services

StartUp Spotlight

Pivo Africa: The Nigerian Fintech Making It Easy For SMEs to Access Finance and Banking Services

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Small and medium-sized enterprises (SMEs) play a vital role in the African economy, accounting for over 90% of businesses and contributing over 50% of GDP.

However, SMEs often face challenges in accessing finance and banking services, which can hinder their growth and development.

Be that as it may, fintechs are emerging as a game-changer for supply chain SMEs in Africa.
 
By leveraging technology, fintechs are offering innovative solutions that make it easier for SMEs to access finance, streamline their operations, and reduce their costs.
 
One such startup is Pivo Africa.
 
Pivo Africa is a Nigerian fintech startup that provides innovative financial solutions to individuals and businesses across Africa.
 
Founded in 2021 by a team of experienced entrepreneurs, Pivo Africa is on a mission to drive financial inclusion and make financial services more accessible and affordable for all Africans.

What Pivo Africa does

Pivo Africa offers a wide range of fintech products and services, including:

– Payments: Pivo Africa makes it easy for users to send and receive money both domestically and internationally. Users can also make payments to merchants and businesses using the Pivo Africa mobile app.

– Loans: Pivo Africa offers a variety of loan products to individuals and businesses, including personal loans, business loans, and asset finance. Pivo Africa’s loan products are designed to be more accessible and affordable than traditional bank loans.

– Savings and investments: Pivo Africa offers users a variety of savings and investment products, including high-yield savings accounts, money market funds, and mutual funds. Pivo Africa’s savings and investment products are designed to help users grow their wealth over time.

– Insurance: Pivo Africa offers a variety of insurance products, including health insurance, life insurance, and travel insurance. Pivo Africa’s insurance products are designed to protect users from financial risks.

Pivo Africa’s mission

Pivo Africa’s mission is to drive financial inclusion and make financial services more accessible and affordable for all Africans.
 
Pivo Africa believes that everyone should have access to the financial services they need to succeed, regardless of their income or background.

Pivo Africa’s achievements

Since its launch in 2021, Pivo Africa has achieved significant growth. The company has over 1 million users and has processed over $1 billion in transactions. Pivo Africa has also raised over $100 million in funding from leading investors.

Pivo Africa’s impact on the fintech ecosystem in Africa

Pivo Africa is helping to drive financial inclusion and make financial services more accessible and affordable for all Africans.
 
The company’s innovative products and services are making it easier for people to send and receive money, access loans, save and invest, and protect themselves from financial risks. 

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Kenya-Based Mobility Startup BasiGo Secures USAID Support  for Electric Bus Pilot Program in Rwanda

Key Developments

Kenya-Based Mobility Startup BasiGo Secures USAID Support for Electric Bus Pilot Program in Rwanda

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Kenyan mobility startup BasiGo has received a $1.5 million grant from the United States Agency for International Development (USAID) to support the pilot testing and scale-up of its electric buses in Rwanda.
 

This is the first time that USAID has awarded a grant specifically to support electric bus development in East Africa, and it is a sign of the growing recognition of the potential of electric vehicles to help the region reduce its reliance on fossil fuels and improve air quality.

BasiGo plans to deliver 200 electric buses to Rwanda before the end of 2024 as part of a commercial partnership with the Rwandan company AC Group.

The fleet will be operated mainly by public transport operators Kigali Bus Service, Royal Express, and Volcano. BasiGo will also provide them with all recharging and maintenance services.

The grant from USAID will be used to support the pilot testing of the electric buses in Kigali and help BasiGo refine its business model and develop financing solutions for bus operators.

The expansion of BasiGo’s operations to Rwanda is a significant step towards the electrification of public transport in East Africa.

It is also a testament to the company’s commitment to making electric buses affordable and accessible to transport operators in the region.

The success of the startup’s electric bus operations in Rwanda could pave the way for the wider deployment of electric buses in other East African countries.

This is expected to have a significant positive impact on the region’s environment and public health.

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Africa Tech Festival Selects 10 Finalists for Startup World Cup

Key Developments

Africa Tech Festival Selects 10 Finalists for Startup World Cup

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The top 10 finalists for the AfricaIgnite Pitch Competition have been announced, with five companies from Kenya and four from South Africa making the list.
 

The finalists will battle it out to represent Africa at the Startup World Cup in San Francisco in December, where they will have the chance to win a US$1 million grand prize.

The finalists are:

  • AsaanaPay (Kenya) – a payments and rewards platform for minority-owned businesses
  • Tausi App (Kenya) – a beauty startup that connects beauticians to clients
  • Ukwenza VR (Kenya) – a VR-based educational content provider
  • BenaCare (Kenya) – a homecare platform
  • Kyanda Africa (Kenya) – a payments service
  • Delta Scan (South Africa) – a specialist engineering inspection, digitization and BIM company
  • Oneway Connect (South Africa) – a job matching and recruitment software
  • Hippocampus Education (South Africa) – an adaptive tutoring Facebook Messenger bot
  • Gradlinc (South Africa) – a platform that helps prepare graduates for the workplace and connects them with opportunities
  • Bus54 (Nigeria) – a mobility technology company that provides a platform to aggregate intercity bus transportation in Africa

The AfricaIgnite Pitch Competition Final will take place at the Africa Tech Festival in Cape Town on November 16, 2023.

The winning venture will be selected to represent Africa at the Startup World Cup in December.

The AfricaIgnite Pitch Competition is a unique opportunity for African startups to showcase their innovative solutions to a global audience and compete for funding and mentorship.

The competition is also a platform to promote the African tech ecosystem and encourage investment in African startups.

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South Africa Gets $300 Million Support From the African Development Bank for Energy Transition and Climate Resilience

New Investments

South Africa Gets $300 Million Support From the African Development Bank for Energy Transition and Climate Resilience

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The African Development Bank (AfDB) has approved a $300 million facility for South Africa to support its Energy Governance and Climate Resilience Program.
 

The program aims to promote economic growth, accelerate mitigation and adaptation efforts, and reduce the carbon footprint of the South African economy.

The AfDB loan will be used to support structural reforms aimed at restoring energy security, promoting private sector participation in the electricity market, and improving the operational efficiency of state-owned utility Eskom.

The loan will also support efforts to increase renewable energy production, direct businesses towards low-carbon activities, and improve the financing of green projects.

The AfDB loan is accompanied by a $629,800 grant co-financed by the Climate Insurance Fund.

The grant will support efforts to ensure that affected communities are not left behind, integrate more women into the decision-making process, and help young entrepreneurs, particularly women, to acquire skills and create jobs in the green economy.

In addition to the AfDB, the South African government’s Energy Governance and Climate Resilience Program is funded by the World Bank ($1 billion), Germany ($551 million), and Canada ($91 million).

The AfDB loan is a significant contribution to South Africa’s efforts to transition to a clean energy future and build a more climate-resilient economy.

The program will help to create jobs, reduce pollution, and improve the quality of life for all South Africans.

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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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Goodwell Investments, Oikocredit, and GP SVF Inject $8.5M in Good Nature Agro to Empower 30,000 Farmers in Zambia

New Investments

Goodwell Investments, Oikocredit, and GP SVF Inject $8.5M in Good Nature Agro to Empower 30,000 Farmers in Zambia

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Zambian social enterprise Good Nature Agro (GNA) has secured $8.5 million in equity funding from Goodwell Investments, Oikocredit, and Global Partnerships/Eleos Social Venture Fund (GP SVF).
 

The investment will support GNA’s mission to empower approximately 30,000 smallholder farmers in southern Africa by providing access to inputs, input finance, climate-smart training, and a guaranteed market for high-value produce.

GNA’s business model is designed to help smallholder farmers professionalize their businesses and escape poverty.

The company focuses on the cultivation of drought-resistant, early-maturing legume seed varieties such as beans, cowpeas, soybeans, and groundnuts. This helps farmers to reduce their risk and improve their resilience to climate change.

GNA’s investors were drawn to the company’s innovative business model, its strong track record of success, and its commitment to social impact.

Goodwell Investments, Oikocredit, and GP SVF all have a mission to support African companies contributing to a more inclusive and sustainable society.

The new investment will enable GNA to expand its reach and impact.

The company plans to grow its client base to 50,000 farmers by 2027 and deepen its client engagement.

GNA will also use the funding to develop new genetics for greater yields and resilience and continue innovating in agricultural supply chains.

GNA’s success is a testament to the power of social enterprise to address complex challenges.

GNA is helping to create a more prosperous and sustainable future for Africa by providing smallholder farmers with the resources and support they need to succeed.

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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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