In a riveting and enlightening symposium, “TECH Skillup Abakaliki,” unfolded its transformative narrative on November 18, 2023.
Leading the charge was Mr. Chinedu Ossai, the regional Manager of Digital Dreams Limited, who shared invaluable perspectives on navigating and making informed decisions when embarking on a career in tech.
His insights laid out a comprehensive roadmap for aspiring tech enthusiasts, offering guidance on the myriad paths available in the ever-expanding tech industry.
Mr. Chinedu’s compelling discourse painted a vivid picture of the dynamic tech landscape.
Drawing on his wealth of experience, he illuminated the audience on the diverse opportunities and challenges within the tech world.
His roadmap for aspiring tech enthusiasts extended beyond the event, providing a blueprint for those looking to carve a niche in this rapidly evolving industry.
Following Mr. Chinedu’s illuminating presentation at the TECH Skillup Abakaliki 2023, Engr. Edoga Chukwudi, the visionary founder, and CEO of Digital Dreams Limited, took the stage to reinforce the paramount importance of cultivating digital literacy in our contemporary world.
Using a powerful analogy, he likened the digital landscape to a speeding train, emphasizing the need for individuals to position themselves at the steering or within the confines of technological understanding.
This metaphor underscored the critical significance of acquiring digital skills and comprehending the diverse roles available in the technology landscape.
Engr. Chukwudi’s poignant message delved into the inevitable impact of the ascendancy of artificial intelligence (AI) and advanced technology on the labour market.
As the gears of technology continue to turn, certain job roles are destined for automation, raising the specter of significant layoffs, particularly for those without the necessary skills.
This served as a stark reminder of the pressing need for individuals to not only upskill but also to be agile in adapting to the ever-changing demands of the job market.
Dr. Emeka, the distinguished ICT director of Ebonyi State University, then took center stage to elaborate extensively on the vast expanse of opportunities within the tech world.
His insights were a comprehensive exploration into the potential for growth, innovation, and development that the technology sector holds for those astute enough to seize it.
Dr. Emeka delved into the highest tech cities in the world, showcasing how these hubs of innovation are at the forefront of technological advancements.
Moreover, Dr. Emeka shed light on the future of tech jobs, emphasizing emerging roles and skill sets that will be in high demand.
From data science to artificial intelligence, he provided a glimpse into the exciting landscape of future employment opportunities in the tech realm.
Additionally, he touched upon the highest-paying tech jobs, outlining the lucrative careers that await those who navigate this digital frontier with skill and proficiency.
To complement this, Dr. Emeka shared valuable insights on where to access these tech jobs online.
He highlighted reputable platforms, industry-specific job boards, and online communities that serve as hubs for connecting tech talent with cutting-edge opportunities.
This practical guidance aimed to empower the audience not just with theoretical knowledge but with actionable steps to embark on their own tech journeys.
The event, with its dual perspectives from Mr. Chinedu and Dr. Emeka, solidified itself as a lighthouse of knowledge and inspiration for its attendees.
It not only presented a panoramic view of the digital landscape but also equipped participants with the insights necessary to navigate the unfolding Tech frontier successfully.
The collective wisdom shared by these industry luminaries at the TECH Skillup Abakaliki 2023 resounded with a resolute affirmation: digital literacy is not merely an option but an indispensable necessity for anyone aspiring to not only survive but thrive in our rapidly advancing technological era.
The U-Law Black Friday 7.0 event featured a panel session moderated by Kelechi Ibe, Senior Associate at UUBO. The panellists included Nissi Madu, Managing Partner at Co-Creation Hub Limited; Ayomide Oladunjoye, General Counsel and Company Secretary at MONI; Hakeem Akiode, Head of Growth at YouVerify; Adetola Adeleye, Head of Legal at First Ally; and Tosin Osinbodu, CEO of Chaka.
Titled “Why Are Startups Failing: Building a Strong Compliance Culture,” the session aimed to analyze the challenges faced by startups and the importance of facilitating a competitive compliance culture for their success.
Throughout the session, various panellists shared their perspectives on key challenges faced by startups. Four critical areas of support for startups: product, talent, distribution, and funding, were reiterated. Pointing to the changing dynamics of funding, startups were encouraged to think differently about profitability and growth. The expansion of investor interest beyond the tech space was noted, with a shift towards verticals like education.
The discussion extended to challenges in talent acquisition, where human error and high costs were identified. Startups were urged to focus on collaborations for regional expansion and user growth as well as the need for a deep understanding of business economics and differentiation in the market, was stressed.
Challenges faced by companies that might be trending toward failure were also discussed. The importance of solving real-world problems and adapting to changing circumstances was highlighted. The conversation acknowledged that, while some companies might cease to exist, the overall ecosystem presents abundant opportunities for new solutions.
The dialogue then shifted towards the regulatory space in Nigeria, addressing compliance challenges. The lack of clarity around regulations, bureaucratic hurdles in dealing with government regulatory services, and the high cost of compliance were discussed. The need for startups to prioritize compliance and due process was also emphasized.
In a legal perspective, lessons learned from startups that faced compliance issues was a major pointer. Examples were given, including the revocation of licenses by the Central Bank of Nigeria (CBN) affecting fintechs. The importance of caution, diversification, and ethical considerations in navigating regulatory challenges.
A legal expert provided insights into setting up a strong compliance culture. The importance of engagement with regulators, having tailored policies and procedures, and gradually scaling compliance efforts were emphasized. The role of compliance in building trust with customers, preventing fines, and gaining investor confidence was highlighted.
Investors often view a startup’s compliance practices as an important factor when considering investments.
Here are some key points from an investor’s perspective:
Risk Mitigation: Investors seek startups with strong compliance structures as it minimizes legal and regulatory risks. A well-managed compliance framework demonstrates a commitment to ethical business practices and adherence to laws, reducing the chances of legal issues that could impact the investment.
Long-Term Viability: Compliance is seen as integral to a startup’s long-term success. Investors are more likely to invest in companies that show a commitment to sustainable and ethical business operations. This is significant for building trust not only with regulators but also with customers and other stakeholders.
Market Expansion: Startups that are compliant with relevant regulations are better positioned for market expansion. Investors are interested in companies that can drive regulatory space effectively, especially when planning to scale operations or enter new markets.
Financial Integrity: Compliance practices often reflect a startup’s financial integrity. Investors look for transparent financial reporting, adherence to accounting standards, and a clear understanding of the financial implications of compliance. This contributes to building trust in the startup’s financial management.
Due Diligence: During the due diligence process, investors assess a startup’s compliance history. Any past legal or regulatory issues may raise concerns and potentially affect the investment decision. Therefore, startups with a clean compliance record are generally more attractive to investors.
Adaptability to Change: Regulations can evolve, and investors value startups that show adaptability to changing compliance requirements. This includes having mechanisms in place to stay informed about regulatory changes and adjusting business practices accordingly.
Ethical Considerations: Ethical business conduct is becoming increasingly important for investors. They are more likely to invest in startups that not only meet legal requirements but also align with ethical standards and social responsibility. Compliance with environmental, social, and governance (ESG) criteria is gaining prominence.
In summary, startups that prioritize and effectively manage compliance are viewed more favourably by investors. This not only mitigates risks but also contributes to building a foundation for sustainable growth and long-term success.
The panellists and speakers at the U-Law Black Friday 7.0 event provided a comprehensive overview of the challenges startups face, the significance of compliance, and strategies to build a resilient business structure. The insights shared aimed to guide startups in striving through the complex terrain of regulations and enabling a culture that promotes long-term success.
U-Law Black Friday 7.0 was held recently, gathering small and medium-sized enterprises (SMEs) and fintech firms, with a comprehensive exploration of legal considerations in the African business sector.
Themed “The African Business Journey: Stories of Resilience,” U-Law Black Friday 7.0 included legal experts, entrepreneurs, and industry leaders who focused on how startups and MSMEs can scale through to success despite challenges.
In a fireside chat, Chinedu Azodoh, Co-founder of Max NG spoke on his personal journey, providing invaluable insights into the challenges and triumphs he faced in the African business sector.
U-Law Black Friday 7.0
Reflecting on his experiences, Azodoh recalled, “In 2005, I was fortunate to finish my college education. In 2006, my father retired from the army, and for six months we kept looking at each other in.the house because we were on strike. He said I needed to leave the house and go anywhere and shortly after, I got a scholarship in the US. I set off and later on embarked on a project, after which I fell in love with the dynamics of the market.”
Azodoh touched on his university years, where he aimed to improve the quality of life. “Out of college, my focus shifted to service. I wanted to build systems that helped individuals achieve financial peace and contribute to economic prosperity,” he shared.
The discussion shifted to the inception of Max NG, a company that has significantly impacted the transportation sector in Africa. Azodoh provided insights into the challenges faced in the Nigerian market, noting the importance of addressing issues related to motorcycle transportation regulation.
He further highlighted the stress of dealing with regulations: “In Nigeria, there’s no regulation around motorcycle transportation. We were at the mercy of states to determine our fate.” He elaborated on the challenges faced during meetings with government officials and the need to navigate a complex regulatory ecosystem.
“One of the most challenging things for the business was the lack of regulation around motorcycle transportation in Nigeria.” The struggle extended beyond economic considerations to safety concerns. He detailed meetings with government officials and the need for industry-specific regulations.
“The challenge also reflected broader issues in Nigeria, where politics often overshadowed economics. Privatizing politics over economics became a recurring theme.”
U-Law Black Friday 7.0 fireside chat
A key aspect of Max NG’s success was its strategic use of technology. Azodoh shed light on how technology was leveraged to enforce safety measures and improve operational efficiency. “We published traffic data, implemented smart traffic lights, and built a filing system to hold riders accountable,” he explained.
Azodoh emphasized the importance of technology in overcoming challenges, stating, “We figured out how to leverage technology for safety, selection, and validation. We even paid the Lagos state government to prove our commitment to safety.”
As the regulatory landscape evolved, Max NG underwent transformations. Azodoh discussed the shift to electric vehicles, stating, “We changed our entire business model to focus on electric vehicles. It wasn’t easy, but every three to four years, businesses need to adapt.”
He highlighted the importance of focusing on long-term outcomes: “Entrepreneurs are essential to recovery. Your mindset is critical to your performance. You need to manage yourself and focus on long-term satisfaction.”
Azodoh shared invaluable insights into the art of fundraising, emphasizing the significance of relationships. “Fundraising is literally about relationships. Build relationships through stories and industry knowledge,” he advised.
The discussion shifted to investor relations, with Azodoh providing candid advice to startups seeking funds. “Ask investors if they lead rounds and identify deal breakers. Investors aren’t doing you a favor, but don’t be arrogant about it,” he emphasized.
Azodoh concluded: “People who do not have money to give you are the most curious people in the world. Fundraising is about relationships, and relationships will fundraise. Your time is very important”
The U-Law Black Friday 7.0, Chinedu Azodoh’s fireside chat dissected the complexities of the African business sector, reflecting on the resilience required to scale through the regulatory space and transform challenges into opportunities.
As part of the Nigeria’s on-going efforts to give fillip to the economy and shore up its fiscal and monetary agenda even as the after-effect of global macro-economic realities continue to linger on, strident calls have been made for concerted efforts to be directed at creating more thriving technology hubs outside of Lagos and Abuja.
This is in recognition of the catalytic role as well as the potential of tech hubs in driving economic growth, promoting inclusive development, pushing the boundaries of innovation so as to address some of the country’s most pressing challenges and increasing demand for digital solutions that will make life better across different spheres of our national life.
In demonstration of its oft-stated commitment to powering the dreams of individuals and businesses, leading financial technology company, Moniepoint Inc, announced its support for the Enugu Tech Summit in its firm belief that empowering and investing in tech hubs outside of traditional centers is essential for creating a more inclusive technology landscape in Nigeria.
HatchDev – Cross section of Participants during a session
The Enugu Tech Summit, brought together industry leaders, entrepreneurs, innovators, and government stakeholders to discuss the latest trends, challenges, and opportunities in the technology sector.
By sponsoring and actively participating in this event, Moniepoint aims to contribute to the development of the nation’s burgeoning tech sector which will give room for the creation of more startups that will positively impact the country’s economy.
Ifeanyi Duru, Vice President, Sales and Partnerships, Moniepoint Inc.,
“We are excited to support the Enugu Tech Summit as it is a firm explication of the passion which we have shown over time in fostering financial inclusion and our conviction that by diversifying the geographical footprint of technology hubs, Nigeria can fully harness the benefits that come with a well-oiled, balanced and evenly spread system. We are confident that events like this and the recently held Akwa Ibom Tech Week which we also supported will play a crucial role in shaping the future of technology in Nigeria.”
In his keynote address, Enugu State Governor, Peter Mbah promised that his administration would continue to train at least 40,000 youths across the state in relevant digital and entrepreneurial skills that would enable them to compete globally. Speaking to the theme of the summit, “Innovation Unleashed: Transforming Enugu’s Future”, Mbah said the strategic role of his government in enabling a better and viable future for the youths operating in the state was to provide an environment full of opportunities for them to thrive.
He stressed that measures were being put in place that would ignite the young people in the state to unleash their creative energies by embracing the emerging future of robotics, artificial intelligence, augmented reality, virtual reality, innovation through skills in information and technology.
“My objective here is to get you to begin to think digitally, to understand that the emerging future is the one that requires you to acquire a digital skill to thrive. The innovation landscape here is not barren at all. With your innovation here, you are able to create a greener pasture right here on our soil than any other place in the world. See this event as a serious business where you have come to acquire a skill; a skill of a lifetime. A skill that will enable you to conquer the world right here in Enugu State,” the governor said.
Williams Uchemba, convener and founder of TxE Africa, expressed his gratitude to sponsors like Moniepoint while stating that this year’s event represented the huge potential and promise that Enugu holds for the youths in the fields of technology and entrepreneurship.
It will be noted that the emergence of tech innovation hubs in many countries around the world has contributed to the growth of their GDP as it is a veritable means of creating jobs, attracting investments, expansion of the economic base, and stimulating socio economic development.
As the Federal Government of Nigeria continues to support and challenge its teeming youthful population to innovate indigenous solutions that have global impact, Kashifu Inuwa Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), has unveiled the NIJA Chat, a messaging, gaming and lifestyle app which he said will help build public digital infrastructure and boost the Nation’s economy.
Inuwa who made this known after unveiling the Nija Chat Application by iCELL in Abuja, said it is a clarion call to all Nigerians both home and the diaspora to embrace the tech to encourage more of such innovative ideas to emerge from the country.
According to the Director-General, the journey which started six months ago when the iCELL team solicited NITDA’s support to build the application was one that the Agency was pleased to be a part of.
“NITDA worked hand-in-hand with them to refine and accelerate the thoughts, as well as offered technical support to build this app”,Inuwa noted.
While describing the application as a super frontier app, Inuwa stressed that the application is more like a lifestyle app where one can find everything in one place.
“This is a futuristic app because frontier applications are increasingly being promoted in the world today”.
“So, you can personalise your experience and have everything done in this particular app, rather than hop from one app to another just to do the same thing”, the DG affirmed.
The NITDA Boss joined the team to test the workabilities of the app by making some local/international audio and video calls on the messaging app, and afterwards averred that it was indeed a fantastic experience.
Attributing the feat to Nigeria’s young and talented population, Inuwa said with the right environment, which the government is constantly working on to harness the amazing potential of the Nation’s digitally natives, the ‘Digital Nigeria’ quest would be attained sooner than later.
“President Bola Ahmed Tinubu has mandated our Ministry to accelerate Nigeria’s economic diversification by enhancing productivity in critical sectors, and with apps like this one, it will pretty much help in that direction”.
“Our SMEs can use this application to promote their products and services, communicate with customers and suppliers”, Inuwa said.
Whereas the official launch of the app is billed for 1st January, 2024, the DG offered some observations regarding the app that need to be worked upon as he also expressed the hope that the next stage should be to build a payment wallet on it.
“When the payment wallet is brought onboard, anyone can receive and send money easily and this will help promote the cashless transactions which is ultimately, the future we are building”.
“We will continue to urge our startups to take up on innovative ventures like this, in order to enhance the quality of life for our citizens and make connections seamless”, Inuwa assured.
Inuwa commended the team for coming up with the project and bringing it to impact level, adding that the Tinubu’s administration will not relent in its efforts toward encouraging and supporting indigenous solutions.
Kashifu Inuwa Abdullahi, DG NITDA, while unveiling the Nija Chat platform, in company of the teammates and stakeholders
Earlier while welcoming guests, Abbey Abbey the Chief Technical Officer, iCELL, gave a brief of the Nija Chat, noting that platform will redefine the way Nigerians and the world connect, live and play around in the digital space, emphasising that the Nija Chat is not just a messaging, gaming and lifestyle app but a testament to the future of cutting edge technology and the limitless possibilities of human connections.
In a world where connection is key, Abbey noted that NIJA Chat has taken it a notch higher by seamlessly integrating the messaging and gaming experience that transcend the norm.
“This is not just about lifestyle, it also aligns with the dynamic spirits of our users, bringing you an experience like no other, especially as the platform offers a secure, vast, and intuitive interphase, ensuring that your connections are as vibrant as possible”, Abbey espoused.
Abbey went further to illustrate that beyond messaging and gaming, Nija Chat platform is also a companion in lifestyle which avails its users exclusive content and personalised experiences that have been curated in the app, covering all facets of life.
“Today, we are not just unveiling an app, we are actually unleashing a new revolution as it is not just connecting people but creating a digital ecosystem that adapts to your business, evolves with your preferences and also grows with your aspirations”, Abbey maintained.
He appreciated his team for their brilliant minds which brought about the development of the app and lauded other stakeholders, especially NITDA, for partnering and supporting the course.
Other stakeholders who were present to herald the era of the latest app in town added their voices to applaud the innovation and beckoned on Nigerians to download, install and use it, in order to enhance local content and bolster the Nation’s digital economy.
Five thousand, three hundred (5,300) small and medium-sized businesses (SMBs) across Africa today celebrated their graduation from Google’s Hustle Academy, showcasing their commitment to enhancing their business skills and knowledge.
This graduation marks a continuation of the program’s impact, with over 10,300 entrepreneurs having participated since its inception in 2022.
The Hustle Academy program, designed to address specific challenges faced by SMBs in Africa, offers practical skills and resources to help these businesses grow.
This year’s graduation adds to the momentum gained from last year’s 5,000 graduates, reflecting a growing community of businesses engaged in continuous learning and improvement.
Alongside the graduation, 15 SMBs have been chosen to receive support from the 75 Million Naira Hustle Academy Fund.
This initiative aims to provide a combination of financial assistance, mentorship, and business tool access to some of the most promising Nigerian SMBs.
The recipients represent various industries and demonstrate the creativity of Nigerian entrepreneurs:
Olumide Balogun, Google West Africa Country Director, stated;
“The passion and resilience shown by these SMBs are truly inspiring. The Hustle Academy is a testament to what focused training and resources can achieve. We are not just celebrating their graduation today; we are recognizing their potential to reshape and invigorate the Nigerian business landscape.”
Graduates of Google Hustle Academy 2023 from Nigeria
Femi Bolaji, founder of Wauley Projects Limited, a graduate from Nigeria and one of the 15 fund recipients, commented, “The Hustle Academy has equipped us with vital business knowledge, and being selected for the fund is a significant boost that will propel our business forward.”
The Google Hustle Academy graduates and fund recipients represent a diverse array of industries, each bringing a unique story and vision for the future.
Google Hustle Academy has graduated five thousand three hundred (5,300) in the 2023 class across Africa including the release of the programme’s first Impact report.
Fifteen (15) small business owners also received N5 million each as funding to expand their businesses.
In a bid to help businesses grow, Google launched the Hustle Academy in 2022 to empower businesses and boost them to the next level.
The completely free Google Hustle Academy include experts who deliver live training sessions virtually; hence, all you need is relevant technology to support your participation in the programme, stable internet connection and a laptop with web camera and microphone.
Google Hustle Academy 2023 graduation fund recipients with the special guests
Benefits of Google Hustle Academy
Live workshops: The majority of the training is delivered live and online. These virtual sessions, led by expert trainers, are designed to be practical, interactive and hands-on
Peer networking sessions: Participants are provided with opportunities to come together with their peers, network, share insights, and explore examples of best practice
Guest speaker events: In partnership with organisations and market leaders, participants are able to learn from those in-the-know at a number of guest speaker events
1:1 mentoring: Opportunities for 1:1 mentoring and support enable participants to tackle any gaps in their knowledge, and tailor the learning to meet their needs
Olumide Balogun, country director for Google West
Speaking at the graduation ceremony at the Transcorp Hilton Hotel, Abuja, Mr. Olumide Balogun, country director for Google West, said Google Hustle Academy has graduates from all Nigeria’s geo-political regions.
He reiterated that the Academy was launched in 2022 and to date have graduated more than ten thousand (10,000) businesses across Africa, including more than four thousand four hundred (4,400) in Nigeria.
Commenting on the impact of the programme, Balogun said:
“My largest take-away, when reviewing the report and listening to the testimonials from our graduates, is that Africa’s SMBs, armed with the right tools and knowledge, can do anything they set their minds to”.
He further stressed that Google aims through the programme is to ameliorate the challenges faced by SMBs by equipping with relevant skills to survive the current has economic situation.
“And in this challenging business environment, that is more important than ever. Rising inflation and the cost of living crisis has significantly impacted the sustainability of small businesses across Africa.
“The International Financial Corporation (IFC) estimates that there are at least 44 million formal MSMEs in Sub-Saharan Africa, half of which require more finance than they can access to grow their businesses. The finance gap is estimated at more than $400 billion”.
“Digital Skilling and tools have a significant role to play here. Not only do SMBs that are digitally enabled report access more than their analogue counterparts. This is also true for Hustle Academy graduates, where 80% report positive revenue growth over the past year. We also see that our graduates report an increase in accessing funding post-graduation”, the Country Director, Google West Africa said.
To further boost access to funding for SMBs, the tech giant announced N75million Hustle Academy Fund for 15 SMBs, including mentorship and access to business tools.
The recipients represent various industries and demonstrate the creativity of Nigerian entrepreneurs “and we look forward to announcing and celebrating them today”, Balogun added.
He stressed that SMBs are critical to Africa’s economic growth and job creation. “I am encouraged to see the impact of that digital skills programmes like Hustle Academy have in supporting these businesses”, Balogun added.
Google Hustle Academy is backed by thee Small and Medium Enterprise Development Agency of Nigeria (SMEDAN); the Office of the Vice President; National Information Technology Development Agency (NITDA); Lagos State Employment Trust Fund (LSETF), and others.
Tola Adekunle-Johnson, senior special assistant to the Vice President on Job Creation and SMEs
In a goodwill message, Tola Adekunle-Johnson, senior special assistant to the Vice President on Job Creation and SMEs, promised more support for the SMBs in the country.
He announced that the President, Bola Ahmed Tinubu, will soon inaugurate the SMEs Council as means to coordinate public-private sector collaborations to achieve more results.
Charles Odii, director general, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN)
Licensed Business Development Service Providers (BDSPs) for SMEDAN
Charles Odii, director general, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), congratulated the graduates for gridding the challenges in the ecosystem.
The excited DG announced the on-boarding of the Google Hustle Academy into SMEDAN licensed Business Development Service Providers (BDSPs) Scheme.
The BDSPs are Nigerians from the entrepreneurial ecosystem across the country that have met the requirements to practice their profession in a particular jurisdiction.
Payment24, the global payments platform provider specialising in payment and loyalty solutions, announced today that it has invested in Switzerland-headquartered Inergy 24, a European-based technology service provider.
The businesses will collectively provide customers throughout Europe access to the Payment24 platform, including payment, fleet management, mobile and retail, loyalty, electric vehicle (EV), and Cloud Switch solutions.
Payment24 is an emerging leader in digital platform development with a presence in five continents and 18 countries. With the growing demand for its white-label and infrastructure-agnostic solutions in Europe, its investment in Inergy 24 provides the company with a further launchpad into the continent and the scalability needed to provide its multi-national clients with the expertise and reach required to support the global rollout of the Payment24 platform.
“As a fairly new player in the European digital and fuel payments ecosystem, our platform provides customers bound to unwieldy legacy payment solutions with an entirely reimagined digital solution that is quick and easy to deploy. This is extremely exciting time to enter the European market, and we are experiencing enormous interest in the platform and its additional retail and banking capabilities,” says Shadab Rahil, Joint CEO at Payment24. “Our investment in Inergy 24 allows us to better serve and deliver solutions to clients across Europe.”
As part of the agreement, the Payment24 team has appointed industry expert Alan McGown as the CEO of the Inergy 24 and joint Payment24 CEOs Shadab Rahil and Nolan Daniel will serve on the company’s board. Alongside ongoing investment and access to its platform, Payment24 will provide Inergy 24 with access to its development, support, sales, and marketing teams.
Payment24 has significantly advanced in the payment and loyalty sector, particularly in the fuel industry. It operates one of Africa’s largest private label refuelling networks, handling transactions for a significant portion of the region’s fuel stations and facilitating cross-border refuelling.
Payment24 also operates in multiple countries in the Americas and is experiencing tremendous growth in the region.
This is supported by its growth in fuel loyalty programmes, processing billions of litres of fuel annually, and its expansion into retail loyalty, enhanced by click-and-collect and mobile payment features.
Its services include advanced payment channels like windshield fuel tags, Fastlane, mobile payments and vouchering, and customer engagement methods like WhatsApp and USSD, and it offers solutions for car rental business and banking, supported by its recent launch of Cloud Switch, a cloud-based payments and transacting solution.
In recognition of the shift towards alternative energy, the company also offers an electric vehicle (EV) solution, enabling transactions for EV and traditional fossil fuels that meet European and EU standards.
Beyond its expertise in closed-loop payments, Payment24 now supports open-loop EMV payments, combining the security of its traditional system with open-loop requirements.
“The investment from Payment24 comes at a time when European businesses are hungry for a change from outdated, inflexible payment solutions,” says Alan McGown, CEO at Inergy 24. “The modularity and expandability of the Payment24 platform allows our customers to think beyond payments and add elements such as loyalty, telematics, mobile payments, and even vouchers to their offerings. Its EV payment is also exceptionally relevant for the growing ESG requirements in Europe.”
“Over the last three years, the Payment24 platform has grown from a fleet management and petroleum payments solution to an all-encompassing payments and transacting solution,” says Nolan Daniel, joint CEO at Payment24. “We are constantly developing the platform, and today we are delivering solutions to customers in the banking, oil, retail, convenience, transport, and logistics markets. In addition, our ongoing development and the inclusion of technologies such as AI to the platform ensure that our clients benefit from constant modernisation and can adapt their offerings at the speed of business.”
At its core, Payment24 remains committed to an open, highly integrative platform compatible with various third-party technologies and hardware, ensuring real-time service delivery.
This approach allows the platform to work seamlessly with partners and competitors, highlighting its versatility and adaptability in the evolving digital payment landscape.
Kenyan fish farming platform, Aquarech, has raised $1.7 million in equity investment in a funding round led by the Netherlands-based global aquaculture investment fund Aqua-Spark.
Additional investments were made by Acumen, Katapult, and Mercy Corps Ventures, highlighting confidence in the innovative approach to sustainable aquaculture Aquarech brings.
Founded in 2019 by CEO Dave Okech, along with co-founders James Odede and Joseph Okoth, Aquarech is advancing fish farming methods that enhance the livelihoods of small-scale fishing communities and champion environmentally sustainable practices. The platform facilitates trade and fosters trustworthy relationships among fish farmers, feed manufacturers, and buyers.
With a focus on bolstering outcomes for small-scale fish farmers in Kenya, Aquarech plans to allocate the newly acquired funds strategically. The investment will be channelled into hiring top-tier talent, acquiring more feed, and establishing infrastructure to support further vertical integration of their technology.
Aquarech’s mission aligns with the growing demand for fish as an affordable and healthy protein source for Kenya’s expanding population. The startup aims to enhance the aquaculture value chain in the country, anticipating an increase in fish consumption from 200,000 to 300,000 tonnes over the next five years, according to company-provided figures.
CEO Dave Okech noted the impact Aquarech aims to achieve, stating, “The proverb says, ‘If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime,’ and that’s what we’ve set out to do, starting by improving the aquaculture value chain.“
The mobile app platform developed by Aquarech is a unifying force within the aquaculture ecosystem, facilitating trade and information exchange between feed manufacturers, farmers, and buyers. The app offers a range of features, including climate-smart precision fish feeding techniques, market access, technical training, and financial access, with a 90-day credit period for farmers to pay for feed.
Christiaan Lensvelt, Head of New Deals at Aqua-Spark, expressed enthusiasm for supporting Aquarech’s mission, stating, “Aquarech is committed to improving local livelihoods by supporting smallholder to medium farmers to become commercially and environmentally sustainable.” Lensvelt highlighted Aquarech as one of the few aquaculture startups in Africa with a unique combination of field experience and digital tools, positioning it for significant positive impact in the industry.
FrontEdge, a Lagos-based fintech, has raised $10 million in a debt and equity seed round, with over 70% of the funding coming from the debt component.
The fund will help in achieving the mission of facilitating the growth of African cross-border trade by providing SME exporters and importers with working capital and innovative software tools, FrontEdge has set for itself.
Founded in 2021 by Moni Alli, a former McKinsey consultant with a background in digital transformations for major banks in Nigeria, South Africa, and Morocco, FrontEdge addresses the SME financing gap in Africa. The fintech offers a lending-first platform that goes beyond traditional banking models, enabling SMEs to access upfront capital without the need for collateral.
Alli, in an interview with TechCrunch, highlighted the outdated nature of traditional banking processes, where balance sheets are often geared towards large corporates, leaving SMEs underserved. FrontEdge seeks to digitise and tailor financing processes specifically for African SME exporters engaged in cross-border trade.
Unlike banks that rely on collateral-based lending, FrontEdge intervenes with upfront capital based on transaction-based underwriting. The fintech steps in when goods are on an actual vessel or at the warehouse, providing capital with average payment terms set between 60-90 days. This accelerates receivables, allowing exporters to engage in more transactions.
FrontEdge has evolved beyond its lending-first approach, integrating with databases to gain insights into cross-border trading dynamics and underwriting offshore credits. The platform facilitates the setup of overseas offshore accounts, addressing challenges related to capital controls and high fees within the banking system.
The fintech operates as a vertical bank, offering financing, cross-border payments, and offshore accounts tailored to the specific needs of African traders. In addition to financial services, FrontEdge provides software tools such as logistics management, cargo insurance, and document management to complement its offerings.
FrontEdge, listing JP Morgan and Providus Bank among its partners, aims to empower African exporters with funding and tools to compete on a global scale. The company’s CEO emphasizes the importance of creating a level playing field for African exporters against counterparts in South America, Europe, and the U.S.
Since its launch, FrontEdge claims a 20% month-on-month growth of SME exporters on its platform, with customers reportedly tripling their sales. The fintech’s revenue comes from a spread of the transactions it finances, and it emphasizes avoiding losses while demonstrating successful repayments.
FrontEdge plans to use the capital raised to hire more talent, expand its financing product across multiple African countries, and launch additional products to diversify revenue streams. The lead investor, TLG Capital, expresses confidence in FrontEdge’s mission to empower African SMEs and facilitate their engagement in global trade.
Cameroonian health startup Waspito has secured a $2.5 million seed extension from investors, including DP World, Newtown Partners, Saviu Ventures, AAIC Investment, Axian Ventures, and CFAO’s Health54.
The funds are earmarked to support the expansion efforts of Waspito, particularly in the Francophone region.
Waspito, often described as the ‘Facebook for healthcare,’ is a health-focused social network that empowers users across Africa to connect with verified doctors instantly through video calls, breaking away from traditional telemedicine models involving pre-registration and appointment booking.
The startup, founded by Jean Lobe Lobe in early 2020, strategically positioned itself at the intersection of technology and healthcare just before the global health emergency caused by the Covid pandemic. Waspito’s mission is fixed on making quality healthcare accessible to all Africans, especially in regions where the doctor-to-patient ratio is strikingly low.
Waspito’s unique approach allows users to choose from a list of online doctors for immediate video consultations. For medical tests, the platform collaborates with partner laboratories, offering home sample collection services. Waspito has also forged partnerships with local hospitals to ensure seamless transitions for patients requiring further attention or admission.
Jean Lobe Lobe emphasizes the importance of keeping doctors constantly available online. With less than 2 doctors for every 10,000 people in target countries, Waspito aims to bridge the gap by providing a one-stop-shop for all healthcare services. Patients can make payments through various options, including insurance, incentivizing doctors to stay online for extended periods.
The startup, recently honored as the best health startup in Africa at the VivaTech awards has reached 650,000 users in Cameroon and Ivory Coast, onboarded 950 doctors, and facilitated 60,000 consultations. Waspito anticipates further growth with its hybrid model, currently being piloted in Ivory Coast.
The hybrid model involves the establishment of mini-clinics within the branch network of La Poste Corporation, Ivory Coast’s national postal service, providing offline patients with virtual access to doctors and other healthcare services. This innovative approach addresses the challenges of internet and smartphone accessibility in Africa, particularly among underserved populations.
Waspito plans to roll out the hybrid model in Cameroon and Senegal by the end of the first quarter next year. With the support of funds from DP World and other investors, Waspito is focused on making quality medical services readily available to all.
African venture capitalist, Aduna Capital has launched its $20 million fund, with major focus on investing in the Northern Nigerian startup ecosystem
General Partner at Aduna Capital, Surayyah Ahmad, co-managing the fund with Sanusi Ismaila, expressed enthusiasm about this initiative, emphasizing a zeal to identify and nurture exceptional opportunities in the region.
Aduna Capital’s investment strategy allocates 55.5% of its capital to startups in Northern Nigeria, leveraging the projected growth that positions Nigeria as the world’s 4th largest country by 2050.
While maintaining a strong focus on the North, the fund will also channel investments to outstanding founders across the country and the broader African continent. Notably, the vision encompasses a dedication to achieving 50% female representation among the startups receiving backing.
Surayyah Ahmad, an experienced founder with a successful track record, brings a wealth of knowledge to this venture. Having founded the eCommerce startup YDS Online, which was later acquired in 2022, Ahmad has a deep understanding of the challenges and opportunities within the startup sector.
Her co-founder, Sanusi Ismaila, is a major figure in technology innovation in Northern Nigeria, having established Colab, the region’s largest innovation hub. Colab has been essential in nurturing startups and fostering tech talent, contributing to the emergence of successful ventures like Sudo and Payant.
Aduna Capital aims to redefine the investment space by shifting attention from Lagos, which currently hosts over 80% of Nigerian startups. Recognising the imbalance in investment distribution and the challenges faced by female founders, Aduna Capital aspires to bridge these gaps and be a catalyst for transformation in Northern Nigeria.
The fund will concentrate on pre-seed and seed-stage startups, with plans to invest in over 50 ventures in these early stages. Ahmad disclosed that investments ranging from $50,000 to $200,000 will be the norm, and the firm is open to occasionally writing angel checks to address the angel investing gap in the region.
Acknowledging the scarcity of exits in the market, Aduna Capital intends to exit investments at the Series A stage. However, Ahmad clarified that around 20% of portfolio companies would be retained, with provision for follow-on investments.
While details about the percentage of secured funds remain undisclosed, Ahmad confirmed that a substantial portion is ready for deployment, signaling the fund’s readiness to commence investments. In a unique approach, Aduna Capital will explore alternative models, accommodating regional investors uncomfortable with the traditional VC model, such as profit-sharing arrangements.
Aduna Capital’s ultimate goal is to foster innovation, inclusivity, and economic growth in Nigeria and beyond, creating a lasting impact on the African continent.
It’s all too easy to think of startup founders as young, vigorous, and touched with immortality. But the sector is full of stories of founders dying before their time. Such deaths are always tragic but can be even more so when there isn’t a clear plan in place.
Without that plan, conflicts can quickly arise between the family of the deceased, investors, business partners, and other interested parties.
Often, the source of this conflict is the founder being subject to a “deemed offer” or “deemed sale” clause.
This clause leads to an automatic forced sale of the deceased’s shares.
When a deemed offer is in place, the deceased’s family can lose access to that person’s stake in the business, even if it’s earmarked for them in the will.
Knowing that, how can founders safeguard the interests of their businesses and investors while protecting their family legacy?
The answer relies on mastering the detail and being diligent in execution.
Understanding deemed offers
A deemed offer provision stipulates that under specific predefined circumstances — generally described as ‘trigger events’ — a shareholder is ‘deemed’ to have offered their shares to the company and/or the remaining shareholders for purchase. In agreements where a deemed offer focuses on a sale to the company and the company fully or partially turns down the offer, the remaining shares are then offered to the other shareholders proportionate to their existing shareholding.
When such a clause is triggered, the venture’s other shareholders are generally given first option on the shares at a pro rata rate in relation to their existing shareholding. In the absence of an agreed-upon price for the shares, the shares would generally be offered at their fair market value.
The offer will then need to be accepted for it to be binding on the other shareholders. If the offer is not accepted, the deemed offer would fall away, meaning that the affected shareholder (or their legacies) would have full title to the shares.
Most shareholder agreements would generally contain a list of events concerning shareholders that would trigger a deemed offer. These events generally include, but are not limited to:
Death
Shareholder disability or incapacity
Insolvency
Sequestration in the case of natural persons
Liquidations/business rescue/administration in the case of juristic shareholders
Criminal convictions, etc.
For the purposes of this article, we’ll focus on death.
From the perspective of co-founders, shareholders, and external investors, deemed offer provisions play a vital role in maintaining an efficient capital structure. This framework ensures that, among other things, significant ownership stakes are held by active contributors who play a pivotal role in the company’s ongoing growth, as opposed to passive stakeholders. By doing so, these provisions prevent the dilution of ownership concentration and safeguard the overall ownership stake of existing shareholders.
In the case of a shareholder’s death, the estate’s executor, often unfamiliar with the business, can disrupt operations and risk business continuity, especially when the deceased held a significant stake in this business. Executors generally prioritise the liquidation of a deceased estate, potentially leading to the sale of the deceased shareholder’s shares (typically to the highest bidder) to external buyers.
A more favourable outcome for surviving shareholders and/or the company is having the first option on whether they wish to purchase the deceased’s shareholding or not.
Navigating the crossroads of business and personal estate legacies
While a forced sale of a deceased founder’s shares may intend to secure business interests through a seamless transfer of ownership to surviving key stakeholders, the business’s interests don’t always align with those of the deceased founder’s personal legacy.
However well-intentioned, a forced sale triggered by a founder’s passing can harm the value of the founder’s personal estate.
As such, it becomes crucial for founders to equip themselves with robust financial planning knowledge, striking a balance between business pursuits and the preservation of their personal estates.
Maintaining family interests during business succession requires skillfully balancing ongoing business operations and protecting the founder’s estate. It is, therefore, of paramount importance that the terms of shareholder agreements are crafted in a manner that protects both the founder’s interests and the company’s path forward.
To achieve this balance, active and intentional discussions between founders, other stakeholders, and investors must be had.
Within these negotiations, there are a number of options that founders can explore when it comes to keeping a deemed offer clause in place while doing right by their families.
One option is to explore partial deemed offers. Here, founders can negotiate for only a portion of their shares to be available for sale when a deemed offer occurs following their death.
This measured approach ensures that the founder’s estate retains a stake in the business, allowing it to share in the venture’s future prosperity.
The portion of shares subject to a forced sale can then be negotiated with the remaining stakeholders. From an investor or existing shareholder’s perspective, the real risk in agreeing to such a compromise could be if, post-sale, the deceased estate continues to hold a significant portion of the venture’s shares, complicating voting etc.
If a deceased estate holds just a passive or non-controlling interest in the business, it shouldn’t be that much of a concern.
Another option is to explore non-discounted deemed offers. It is quite common in deemed offer clauses for the remaining shareholders and the company has the first option to purchase the deceased’s shares first at a certain discount.
While this can feel cold, it may be a necessary incentive for them to take advantage of the offer, simultaneously increasing their ownership and offering liquidity to the departing deceased shareholder’s estate.
This approach streamlines the sale process and mitigates the need to involve new third-party buyers.
The discount generally varies from one transaction to another, depending on the influence held by the requesting shareholder (usually an investor and/or majority shareholder) and the bargaining power of other shareholders.
While there is no guarantee that an investor would agree to a zero discount on a forced sale, a founding shareholder may attempt to negotiate for one or in the worst case, a reduced discount.
Needless to say, negotiating these options requires a sound understanding of the law and/or corporate transactions in general.
As such, it is always recommended that founders seek the help of legal counsel to offer guidance tailored to individual circumstances.
Exploring alternative approaches
From a personal estate planning perspective, there could be other ways in which a founder can plan their affairs such that in the event of their death, there is business continuity and that the surviving shareholders are not prejudiced.
While the below does not constitute legal nor financial advice, here are some possible thoughts that could be unpacked with the help of a qualified finance or legal professional:
Buy-sell agreements
In this type of agreement, co-shareholders can take a life insurance policy to cover the lives of each other. In the unfortunate event of a co-shareholder’s passing, the life insurance pay-out can then facilitate the purchase of the deceased shareholder’s interest by the surviving co-shareholder.
Keyman insurance
Companies can opt for life insurance policies on key shareholders’ lives. In the event of an insured shareholder’s death, the insurance proceeds (generally payable to the company) can then fund the company’s repurchase of the shares held by the deceased shareholder.
The protective shield these products offer, by ensuring seamless transitions and business continuity, aligns well with the heightened responsibilities and higher stakes of more advanced startup phases.
Therefore, while the cost factor might be a challenge initially, as startups grow and their financial capacity strengthens, these insurance products become strategic tools that warrant some consideration.
It pays to plan ahead
In the world of startups and visionary founders, balancing business success with family legacies requires careful planning.
Deemed offer provisions in shareholder agreements play a vital role in this process. By negotiating thoughtfully and seeking expert advice, founders can chart a path that preserves both their business and personal legacies.
In a keynote address at the Global Tech Africa Conference held recently, U.S. Consul General Will Stevens shed light on the United States’ role in shaping Africa’s technological sector.
Amidst the discussions, Will Stevens noted that 80% of Nigerian startups were incorporated in the United States, marking a significant trend in the dynamic tech sector.
As Consul General Will Stevens addressed the audience, he highlighted the non-static nature of Africa’s economies, especially Nigeria, which is a key market in the U.S. agenda for supporting the growth of the digital economy on the continent.
“Up to 60 percent of African startups are incorporated in the United States – this figure is 80 percent when considering Nigeria alone,” noted Will Stevens, emphasizing the deep and impactful connection between U.S. investors and the Nigerian startup sector. This statistic speaks volumes about the mutual interest and collaboration between the two nations in fostering innovation and economic growth.
The financial investment pouring into African tech startups is one that catches the interest of many. In 2021, African startups collectively raised $4.8 billion, translating to an average of over $1 million every 2 hours. Consul General Stevens pointed to the significance of U.S. venture capital firms, stating, “U.S. venture capital firms are investing heavily in African tech startups with over 60 and 40 percent of venture capital funding in Nigeria and Africa respectively coming from the United States.”
Despite the global decline in venture capital investments, U.S. investors, including Techstars, Y-Combinator, and 500, have closed over 100 major deals within the first 9 months of the year in 2023. This reaffirms the sustained interest and commitment from the U.S. in supporting the digital economy’s growth in Africa, with Nigeria positioned prominently on the radar.
The Consulate in Lagos is not just a spectator in this ecosystem but an active participant. Consul General Stevens shared, “At the Consulate here in Lagos, we work with numerous startups to facilitate their participation in incubator and accelerator programs, thereby connecting these Nigerian startups with global markets.” This collaborative effort extends beyond financial support, acting as a bridge that connects Nigerian innovation with international opportunities.
Beyond the financial figures and the promising trend of Nigerian startups incorporated in the U.S., Consul General Stevens highlighted the broader impact of these investments. “Startups are creating not only jobs – but careers, boosting economic growth, and advancing innovation,” he remarked. The positive ripple effects extend beyond mere economic indicators, embodying a solid force in the Nigerian tech sector.
While celebrating the successes achieved, Consul General Stevens acknowledged, “Despite all of these successes, we believe it is still Day 1 in the African tech sector.” This forward-looking perspective asserted the limitless potential for growth and collaboration, where the United States remains at the forefront in nurturing innovation and shaping the future of Nigeria’s tech sector.
Naija Tech Brain, an independent organisation dedicated to fostering innovation and entrepreneurship in Nigeria, recently celebrated its maiden pitch competition and gala night.
The gathering brought together top investors, startup influencers, government officials, venture capital firms, and esteemed entrepreneurs.
Graced by notable figures, including Dr. Adetola Salau, the Special Adviser to the Executive Governor of Kwara state on Policy Formulation; Sophie Elejue, CEO of Push Factor; Damilola Teidi, Head of Platforms and Networks at Ventures Platform Fund; Hakeem Onasanya, Senior Business Program Manager at Africa Development Center West Africa, Microsoft; and several other influential personalities in the Nigerian business landscape.
Sherry Pepple, the Founder of Naija Tech Brain, opened the event with a heartfelt welcome address, expressing gratitude to everyone in attendance. She emphasized the organisation’s commitment to bringing positive change by empowering promising and underrepresented Nigerians. Sherry Pepple, reflecting on her experiences abroad in the finance sector, highlighted the need for entrepreneurship in Nigeria, especially in the dynamic tech and innovation space.
“Lagos is far gone in technology and has set the pace in regard to being the hub for technology and innovation. Nigerians can think, it’s only through thinking that you can bring change, and that was how Naija Tech Brain was birthed,” she shared.
The organisation embarked on a six-month journey across all states in Nigeria, identifying and nurturing young talents. The top 10 finalists underwent a 10-week isolation program, fostering collaboration, networking, and exposure to diverse perspectives. Sherry Pepple emphasized the organisation’s paradigm shift in focus – empowering startups through partnerships and sponsorships to ensure sustainable growth.
The grand finale of the pitch competition featured a keynote speech by Dr. Femi Adeluyi, the National Coordinator for the National Talent Export Programme. Dr. Adeluyi highlighted Nigeria’s potential to become a global innovation hub, stressing the importance of fostering an environment that encourages creativity, risk-taking, and adaptability.
The speaker delved into the essence of an innovative society, distinguishing between invention and innovation. Dr. Adeluyi pointed to the significance of improvement and addressed critical areas like education, healthcare, and climate change as significant for innovation. The presentation covered funding options, advising against bank loans until viability is proven, and listing various sources such as personal savings, angel investors, venture capitalists, and crowdfunding.
Government support was a focal point, with recommendations for tax incentives, grants, and startup incubators. Intellectual property protection was emphasized, cautioning against taking loans without a proven revenue stream. The talk concluded with a quote from Steve Jobs, emphasizing the opportunity for innovation in times of change.
The event featured engaging panel sessions, with discussions on leveraging technology for enhanced business operations. Experts emphasized the need for technology to connect local entrepreneurs to the global market, particularly in the context of Nigeria’s growing export potential.
The discussions covered key areas such as logistics, payments, and data analytics. The speakers highlighted the importance of awareness, technology-driven platforms, and efficient logistics solutions to bridge gaps in international trade. The role of data analytics in decision-making, particularly in supply chain management, was noted as an important factor for efficiency and effectiveness.
The highlight of the evening was the pitch competition, where the top 10 tech founders showcased their startups. Onyinye Okoh, Founder of Norah, an online gift-giving platform, emerged as the winner, securing N3 million cash prize. Jennifer Esiaba, Founder of 8mg Health, and Olaniyi Samuel, Founder of Flourish, secured the second and third positions, receiving cash prizes of N2 million and N1 million, respectively.
Sherry Pepple, Chief Coordinator and Founder of Naija Tech Brain appealed for continued support for innovation and entrepreneurship in Nigeria. She expressed the organization’s commitment to creating a platform for Nigerians to showcase their talents on an international scale and highlighted ongoing efforts to provide investment opportunities for founders.
The Gala Night was not just about pitches; it featured various entertaining elements, including a fashion show, comedy, and music. Special awards were presented, including an Audience Award and recognition for individuals who significantly supported the project.
Naija Tech Brain continues its dedication to fostering innovation and supporting the growth of Nigeria’s tech ecosystem. Sherry Pepple urged attendees and partners to join hands in propelling the country towards becoming a global force in technology and entrepreneurship.
Naija Tech Brain’s maiden pitch competition and gala night set a new standard for celebrating and elevating innovation and entrepreneurship in Nigeria. The event showcased the potential of the country’s tech ecosystem and highlighted the importance of collaboration, support, and a forward-thinking approach to building a thriving innovation landscape.
