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Nigerian Fintech Company Interswitch And Workers Co-Raise $782k For Its COVID-19 Response Fund

At a time when startups and businesses across Africa are considering laying off their staff strength, Nigerian leading financial technology company, Interswitch together with its workers have raised N305 million ($782k) towards the organisation’s COVID-19 response effort. Employees of the organisation contributed a total of N75 million and the company augmented their efforts with the sum of N230 million. Announcing the fund and how it will be deployed, the Founder and Group Chief Executive Officer at Interswitch, Mr. Mitchell Elegbe, said the fund from Interswitch Group and its employees would be deployed to support the setting up and equipping of isolation centres, purchase of COVID-19 Test kits, provision of Personal...

TIA enters into co-investing agreements with Dazzle, Jozi Angels

The Department of Science and Technology’s Technology Innovation Agency (TIA) has agreed to work with and offer matching funds with two local angel investors, Jozi Angels and Dazzle Angels (SA’s first female-focused angel group). The agreement is part of TIA’s Industry Matching Fund which the agency launched last year to offer a blended funding model between funders and industry, TIA said in a statement yesterday. Under the terms of the agreement, TIA will co-invest alongside the angels within these networks on a one-to-one basis. See related: Alex Angels launches ~$6 million early-stage fund to back Egyptian startups The two angel funds join the SA SME Fund and the Industrial Development Corporation (IDC), which are already...

Black entrepreneurs stand a chance to win R500k in TechAccel Programme

Johannesburg’s Tshimologong Precinct and IBM have opened applications for their three-month long TechAccel Programme, which aims to assist black tech entrepreneurs. The startup with the winning idea can take home R500 000 in investment. The programme will offer incubation, development support, training, coaching and mentorship. Applications close on 15 May. Shortlisted applicants will be contacted on 19 May and the programme runs from 2 June to 31 August 2020. See related: Africa Mobility Initiative inviting startups to apply for $25,000 mobility challenge The ideal candidate is a black entrepreneur who has an existing company that offers IT solutions, has an existing footprint with large clients and generates between R3-million and R10-million per year from...

SwypePay, the SME-focused digital payments startup wants to support 1M SMEs in Africa

SwypePay, a Kenyan digital payment firm developed by Terra Softworks, aims to signup and support 1 million businesses in Africa by 2024 despite being hit hard by COVID-19 this year. SwypePay, which offers SMEs in Africa a payment platform to help them accept payments instore or online via a web interface and a mobile app, also aims to impact the lives of over 3 million people in Africa and around the globe through its service offerings and growing developer ecosystem. See related: Facebook Invests US$5.7 Billion In Indian Telecoms Company “For us, it’s been tough since we have clients in the service industry, however, it has also tested the...

MENA’s financial comparison site yallacompare raises $4.25M

yallacompare.com, Egypt and Middle East’s finance comparison site has sold 9.6% stake to Kuwaiti’s Gulf Insurance Group for $4.25 million for regional expansion. yallacompare CEO Jon Richards said, “We are delighted to add gig as an investor and partner and have big plans for the next few years. I believe that the combination of gig’s regional and industry expertise and yallacompare’s digital capability will combine to deliver innovative products via customer-friendly channels to consumers across the region. ’’ See related: Egypt central bank plans $50mn to $100 mn fintech fund With the investment, yallacompare expects to double its market share by the end of 2020.’ strong competitive market position in Kuwait,...

OLX Group acquires 39% of Emerging Markets Property Group, pumps in $150M for growth

OLX Group has announced a merger with Emerging Markets Property Group (EMPG) which runs property sites in Pakistan, Egypt, Lebanon, and the UAE. OLX Group, a Prosus’s global classifieds business, alongside existing EMPG shareholders, will also invest $150 million into the group, which values EMPG at US $1 billion after the transaction. After the deal, OLX Group will own 39% of the company.  See related: APPLY: IPA tables $800,000; invites African innovators to solve remote learning challenges amid COVID-19 According to Martin Scheepbouwer, CEO of OLX Group, “I’m proud of what we have built in these four markets. Our brands are household names, and currently help tens of millions of people...

Nestlé provides over USD 3.4 million for COVID-19 relief in Central and West Africa

Nestlé is supporting more than 850,000 vulnerable people in Central and West Africa as part of a USD 3.4 million effort to help countries in the region fight COVID-19. At a time when hunger is a growing concern the company is donating nutritious food and beverages to 170,000 families, corresponding to 850,000 people, across the region in Angola, Burkina Faso, Cameron, Gabon, Mali, Niger and Nigeria. Nestlé is also contributing masks and other personal protective equipment (PPE) to keep frontline health workers safe. The company is also donating medical equipment to hospitals in Burkina Faso, Côte d’Ivoire, Ghana and Senegal. Additionally, in Burkina Faso, it will...

Instabug, A Debugging Software Startup, Has Raised $5M From Accel To Shakeup Mobile App Development

Smartphones have become our primary tool for interacting with society at large. From calling an Uber to having food delivered to your doorstep through Instacart, smartphones are an integral part of how people today live their lives. However, when bugs in these device’s apps appear, the seamless access to goods, services, work, and entertainment starts to break down. Sometimes these bugs can be so infuriating, the device owner shakes their phone out of frustration. Omar Gabr and Moataz Soliman have observed the experience-degrading nature of these smartphone bugs and launched Instabug as a remedy. Instabug is a software-as-a-service (SaaS) startup providing mobile developers with in-app feedback and...

Angola’s Banco Millennium Atlântico Gets $40 Million to (SMEs)

The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in par Efforts aimed to helping small and medium enterprises weather the storm of the Covid-19 impact in Angola has received a boost with the $40 million financial packages from African Development Bank and  African Growing Together Fund to support Angola’s Banco Millennium Atlântico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises. Read also: [APPLY] Google, Flutterwave Training For 5000 SMEs Starts March 4 The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel financing from the Africa...

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