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Is Africa Heading Towards A Cashless Society?

Cash may have traditionally been king, but Covid-19 has contributed to a faster pace of digital payment adoption. Recently on AlphaCode’s monthly Industry Insights webinar, two global fintech players discussed the emergence of a plethora of digital payments and debated if cash is on its way out. Omosalewa Adeyemi, Head of Global Partnerships and Expansion at Flutterwave (a technology company that helps businesses in Africa and across the world send and receive payments) and Nicolas Vonthron, co-CEO of Mama Money (a rapidly growing international payment operator using mobile technology to reach new markets and underserved communities with a key focus on financial inclusion and social upliftment); explored the future of payments and...

How Leading B2B Companies Invest In Innovation

It was American investor Warren Buffett who said, “We continue to make more money when snoring than when active.”  This line of thought is not lost on many other financial experts who also favor long-term investments and believe “market timing” does not actually yield results and can be stressful, time-consuming, and risky.  In fact, the strategy of long-term investments in the financial market can easily be applied to a B2B organization’s approach to investing in business innovation.  Consider a 401(k)-retirement savings plan. Ongoing, predictable contributions to a 401(k) account throughout an individual’s career aims to build a long-term, guaranteed path to a comfortable retirement. Likewise, continuous developments and...

Africa’s Great Green Wall Just 4% Complete Halfway Through Schedule

The world’s most ambitious reforestation project, the Great Green Wall of Africa, has covered only 4% of its target area but is more than halfway towards its 2030 completion date, according to a status report. More funds, greater technical support and tighter oversight will be needed if the plan to plant 100m hectares of trees and other vegetation is to be realised, say the authors of the study, which was unveiled on Monday at a meeting of regional ministers. The Great Green Wall was conceived in 2007 by the African Union as a 7,000km (4,350-mile) cross-continental barrier stretching from Senegal to Djibouti that would hold back the deserts of the...

SMEGO Launches Platform To Enable Small Businesses Raise Funds In South Africa

South African Fintech startup SMEgo has launched a platform that will make business funding and grants easily accessible to founders and small business owners. According to SMEgo, the platform will “radically simplify and streamline the SMME funding application process for both SMMEs and funders.” A spokesperson for SMEgo, Rowan Spazzoli said, “Finding support in the form of funding needs to be simplified to get SMMEs back on their feet. Running a business in these times is difficult enough, finding support should not be.” Users accessing the platform will be prompted to complete a questionnaire providing SMEgo with their company particulars. READ Nigeria’s Yellow Card Raises Over $1.5M From Andreessen Horowitz...

SwedFund Commits $12M In Set Fund To Boost Renewable Energy Projects In Africa

Swedfund, the Swedish development finance institution, has committed $12m to SunFunder’s Solar Energy Transformation (SET) Fund.The investment will contribute to increased access to electricity and the increased generation of renewable energy in emerging markets. This takes SET Fund commitments to $60m, with Swedfund joining anchor investors DFC, Calvert Impact Capital, Ceniarth, and IKEA Foundation, among others. The fund’s junior layer has been filled, but there remains $10m available to senior investors. “We are delighted to start this partnership with Swedfund and expand our work with development finance institutions. To solve energy access and climate change we need to match institutional investments at scale with clean energy projects around...

Daily Digest Monday, 7 September 2020

Funding In West Africa Senegal’s First Major Gas Pipeline Gets US Government’s Funding As part of the United States government’s efforts to support Africa’s economic growth through its Power Africa and Prosper Africa Initiatives, as well as USTDA’s U.S. Gas Infrastructure Exports Initiative. Read more Mangwee, Candor Life & ArtsinAfrica.com Scoop $75,000 in Investments from Startup Circles.ai Mangwee, a payment platform that helps learning institutions automate payment and data management processes received $25,000 (R420,000) by Lelemba Phiri, Principal at the Africa Trust Group and Operating Partner for Enygma Ventures for a 10% stake. Read more Latest News Coldhubs Wins FCMB Agritech Epic Pitch 2020 FCMB’s Agric Desk selected 40 startups for the next...

Nigerian fintech startup partners with Visa to empower SME’s

Digital banking startup, Sparkle has announced a new collaboration with Visa that aims to benefit consumers, entrepreneurs, and SMEs across Nigeria through the expansion of payment methods The partnership will enable Sparkle to provide issuance of Visa cards to its users, benefiting consumers, entrepreneurs, and SMEs across Nigeria. Uzoma Dozie, founder and chief of Sparkle explains that the new partnership is a major milestone not only for the startup but for the Nigerian eCommerce industry and local SMEs.  “Our partnership with Visa will bring a wide range of benefits to Sparkle’s customers, individuals, entrepreneurs, and SMEs. We are excited to work with Visa as we strive to re-define e-commerce by...

Mangwee, Candor Life & ArtsinAfrica.com Scoop $75,000 in Investments from Startup Circles.ai

Mangwee, Candor Life & ArtsinAfrica.com Scoop $75,000 in investments at the recently held Startup Circles.ai Demo Day. The three were offered deals totaling $75,000 (R1,25-million) after graduating from Startup Circles’ Startup Launch and Investor Readiness programs. Mangwee, a payment platform that helps learning institutions automate payment and data management processes received $25,000 (R420,000) by Lelemba Phiri, Principal at the Africa Trust Group and Operating Partner for Enygma Ventures for a 10% stake. Mangwee Chief Executive Officer, Inonge Kampamba, explained that her team plans to roll out the solution to 50 higher learning institutions in Zambia and Tanzania and 15 in Namibia. The funding will be put towards platform improvement, logistics and...

Senegal’s First Major Gas Pipeline Gets US Government’s Funding

As part of the United States government’s efforts to support Africa’s economic growth through its Power Africa and Prosper Africa Initiatives, as well as USTDA’s U.S. Gas Infrastructure Exports Initiative. The United States Trade and Development Agency (USTDA) has taken interest in Senegal’s efforts to develop its petroleum industry, and to that effect, the Agency has announced a grant funding for a feasibility study to develop Senegal’s first major domestic onshore gas pipeline. This project will support cleaner and lower-cost power generation and enhance the country’s economic growth. USTDA’s engagement will help the developer – Fonds Souverain d’Investissements Stratégiques (FONSIS), Senegal’s sovereign wealth fund – attract financing...

COLDHUBS WINS FCMB AGRITECH EPIC PITCH 2020

ColdHubs has emerged the winner of the FCMB Agritech EPIC Pitch 2020. ColdHubs is a Nigerian startup aimed at helping farmers extend the shelf life of their produce by providing “plug-and-play” cold rooms. The cold rooms are 100% solar-powered and can be used by small-time farmers, retailers and wholesalers to preserve their perishable foods. Their innovation promises to extend the shelf life of the perishable goods to as long as 21 days. FCMB’s Agric Desk selected 40 startups for the next stage, and then 10 — ColdHubs, Pricepally, Beat Drone, Solaristique Nigeria, Ecotutu, eVet Africa, Farmz2U, Tradebuza, AgroHive and Farmspeak Technology — for the semifinals. For two days, the...

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