The two-day congress, held at the J. Randle Centre in Lagos, brought together over 6,000 investors from 37 countries to discuss strategies for increasing local capital participation in Africa’s innovation economy.

Omotayo Ojutalayo, general manager of Enterprise Business Development at MTN Nigeria, highlighted a critical challenge facing the continent’s startup ecosystem during a panel on co-investment strategies.

“I think when one of the speakers was presenting the lifecycle of the startups, we see that a number of them just drop off, and we don’t know what’s happening to them,” she said. “So it’s important that those soft skills are also invested into them.”

Ojutalayo explained that MTN’s recently launched Cloud Accelerator Program selected 20 startups from over 8,000 applicants for a 12-week program connecting them with experts in financial management, human resources, risk and compliance, and regulatory affairs.

“So it’s not just about putting in the capital, which everybody just thinks about, but it’s about the other softer skills that startups need to have,” she added.

Ms. Akintomide warned entrepreneurs about the complexity of scaling across African markets, despite technological advances.

“Technology has dissolved borders,” she noted, but cautioned that “some of the best business ideas have been sacrificed on the altar of regulation.” Her advice to startups was direct: “Don’t go in blindly, and don’t go in alone,” emphasising the importance of partnering with local players who understand market dynamics and regulatory landscapes.

Ojutalayo echoed concerns about startups limiting their ambition to single markets, stating:

“You need to think across borders. There’s a market for it, so there’s a lot of market research and insights you need to get, so that we don’t become a local champion.”

The panel also explored collaborative investment models, with Mr. Oti Ilentamhen, CPA Investment Principal at Alitheia Capital, describing co-investment as a key de-risking strategy when entering unfamiliar markets.

Speaking to Oti’s conversation Ojutalayo stressed the need for clear roles in investor partnerships: “When investors are coming together, you need to understand who has the expertise in these areas, and then we can collaborate together.”

With Africa’s venture funding reaching $4.5 billion in 2024 but only a small fraction originating from local investors, ABAN’s 10th anniversary congress underscored the urgent need for greater domestic capital participation and more strategic support systems for the continent’s growing startup ecosystem.

Although the amount was undisclosed, however, the impact- focused funding will enable the award-winning, Nigeria-based recycler to create a healthier environment, safer jobs, and improved livelihoods throughout its region of operations.

Goodwell and Alitheia invested in Hinckley through uMunthu II, a fund providing smart equity to early growth stage companies throughout Africa.

The investment will be used to construct a lithium-ion battery recycling facility and a lead acid battery recycling facility.

Both plants will be located in Nigeria’s Ogun State, with plans to collect and recycle up to 30,000 tonnes of e-waste per year and expand Hinckley’s export operations. uMunthu II’s investment marks Goodwell’s entry into the waste management sector, and the huge impact potential that comes with that industry.

A global problem with local solutions

Globally, the majority of collected e-waste isn’t yet disposed of responsibly ,and only 22.3% is recycled.

In sub-Saharan Africa, that number is even lower, with only an estimated 1% to 15% of generated e-waste being recycled.

West Africa generates 750,000 tonnes of e-waste annually, and that figure projected to exceed one million tonnes by 2030.

Nigeria accounts for 500,000 tonnes, making it the region’s largest e-waste producer and the third largest in Africa, after South Africa and Egypt.

The lack of proper waste management across the continent leads to land, soil, air and water pollution, as well as greenhouse gas emissions.

Hundreds of thousands of informal waste collectors face hazardous conditions and health risks.

Meanwhile, many industries are in desperate need of recycled materials to reduce their dependence on virgin-mined resources.

The need for efficient, sustainable waste management is growing fast, as is the urgency for the private sector to contribute to sustainable solutions.

Hinckley E-Waste Recycling is one such endeavour. Sourcing much of the e-waste through a network of local collectors, Hinckley’s commitment to both social impact and environmental sustainability is central to the company’s ethos.

Supplying the recycled material needs of clients like Samsung, HP, Lumos, and PZ Cuzzons, Hinckley has been named Best E-waste Recycling Company in Nigeria 2024 by both the Lagos State Environmental Protection Agency (LASEPA) and the Waste Management Society of Nigeria (WAMASON).

Hinckley has also partnered with Carbon Trust and Energy 4 Impact supported by the IKEA Foundation and UK Aid via the Transforming Energy Access platform, to participate in the Ze-Gen (Zero Emission Generator) and productive-use-of-renewable-energy (PURE) programs, replacing diesel generators with second-life battery systems.

Support from the UK Aid funded program, Manufacturing Africa, enabled a critical step towards Hinckley’s success, providing the company with transaction facilitation support led by Kemi Onabanjo and Yasmin Osaghae.

Practical plans for greater impact 

For Hinckley, this is just the beginning of their impact.

Adrian Clews, CEO of Hinckley E-Waste Recycling, said:

“Although e-waste recycling is an emerging income stream for many people in Africa, it is still generally informal and unregulated.

At Hinckley, we see that improving e-waste recycling infrastructure has the potential to decrease negative health and environmental outcomes, while increasing average incomes for over 100,000 Nigerians currently working as informal waste collectors.

This investment will help further our mission of environmental stewardship and livelihood improvement, from formalising e-waste collection to constructing recycling plants that meet international industry standards. Our objective is to effectively manage the increasing volume of complex e-waste across Nigeria in a safe and sound manner.”

“Our investment in Hinckley is based on a compelling business case, anchored on the growing importance of e-waste recycling,” observed Doubra Eghaghe of Alitheia Capital. “Increased production of electric vehicles and adoption of renewable energy is driving demand for batteries and the resources required to manufacture them, while also contributing to the issue of e-waste. Recycling and repurposing the core materials found in batteries is crucial to sustainably meeting this growing demand. Hinckley’s potential to create meaningful social and environmental impact reflects the core ambitions of the uMunthu II fund. We are excited for the opportunity to work together in strengthening, scaling, and literally building Hinckley’s vision for a cleaner, more inclusive future.”

He made this statement at the second edition of W.O.M.A.N by Alitheia, a high-level forum for Women in Manufacturing, Agribusiness, and Nutrition and key stakeholders, hosted by Alitheia Capital, a pioneer in gender-lens impact investing private equity firm, in collaboration with Manufacturing Africa, a UK government programme focused on attracting Foreign Direct Investment into the manufacturing sector, at his residence in Lagos.

Since its inaugural fund launch in 2009, it has grown to manage over $250 million (approximately £186 million) in assets spread across various funds including co-managing the largest gender-lens fund in Sub Saharan Africa.

Themed “Scaling Sustainable Manufacturing & Energy Transition for Women-led SMEs in Africa,” this year’s edition brought together a dynamic mix of industry leaders, women entrepreneurs, investors, policymakers, and energy solution providers to explore the pivotal role of women-led businesses in Africa’s sustainable industrial transformation.

The discussions addressed the acute pressures SMEs face amid surging fuel prices and electricity tariffs – conditions that have made sustainable energy adoption both an environmental and economic imperative.

Insights from Alitheia’s own portfolio reveals that adopting renewable energy can cut operational costs by as much as 60%, underscoring the financial viability of clean energy for scaling women-led businesses.

Participants examined practical pathways for women entrepreneurs to access clean energy solutions, scale sustainable manufacturing practices, and contribute meaningfully to Africa’s green economy.

In his remarks, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter stated:

“We are proud to collaborate with Alitheia Capital on W.O.M.A.N. (Women in Manufacturing, Agribusiness, and Nutrition) to drive Africa’s green industrial future. We recognise the indispensable role of women in this transition and are committed to expanding access to capital and capability to ensure sustainable growth. This event reflects our shared vision for inclusive and transformative development, and we are committed to supporting this      journey through targeted investments and strategic private partnerships.”

Also speaking, Tokunboh Ishmael, co-founder and managing partner at Alitheia Capital, said:

“We are no longer just talking about sustainability as a nice-to-have. It’s an economic imperative, especially for women entrepreneurs at the heart of Nigeria’s industrial transformation and through W.O.M.A.N by Alitheia, we’re not only spotlighting solutions—we’re scaling them. In our own portfolio, we’ve seen up to a 60% reduction in energy costs among businesses that have adopted clean energy. This is proof that green transition is not only possible but profitable.”

The event also featured keynote addresses and panel discussions with industry leaders including Yemisi Iranloye (CEO, Psaltry), Affiong Williams (CEO, ReelFruit), Temilola Adepetun (Managing Director, SKLD), James Fabola (CFO, Arnergy Solar), Bukola Badmos (Executive Director & CFO, Starsight Energy), and Sarah Ogbewey, (Head, Strategic Partnerships, Renewable Energy & Mobility, Sterling Bank).

Alitheia Capital also launched Nzinga, its SME capacity-building platform designed to equip entrepreneurs with tools for scaling their businesses sustainably.

In parallel, Manufacturing Africa unveiled its Green Business Building (GBB) accelerator, which will drive the growth of green businesses through strategic support on core business problems, leading to the development of an ecosystem for green manufacturing and green jobs in Nigeria.

The day closed with an ESG knowledge session, exhibitions from green energy and manufacturing solution providers, and a resounding call to action: expand access to capital, strengthen ecosystems, and enable policy that supports inclusive green industrialization.

More than 12 years after investing in Baobab Nigeria (first via their GWAMDC fund and later uMunthu), Alitheia and Goodwell have now exited the investment.

This is not only a testament to the impressive growth and financial stability Baobab Nigeria has achieved with the support of these two investors, but it also proves the ability of patient capital to drive both financial and impactful returns.

The impact of this now-completed partnership is far-reaching: from operating only in Kaduna state to 16 states in Nigeria, Baobab Nigeria has grown from serving 19,000 customers through a regional network of five branches to serving 230,000 customers through a national network of 38 branches.

Significantly, this was achieved by continuing to serve Baobab’s original, inclusive customer base, with average loan and deposit sizes remaining consistently small throughout the period of impressive growth.

A pioneering partnership: local investor with a local presence 

A joint vision for inclusive financial services was the core motivation for Alitheia and Goodwell’s investment in Baobab (then trading under the name MicroCred) in 2012.

This led to a further investment through the uMunthu Fund in 2015. uMunthu represented the first private capital investors working in northern Nigeria (previously the realm of DFIs). Additionally, Alitheia and Goodwell were the first local, on-the-ground investors in Baobab – prior to this investment there were no Nigerian investors represented on the company’s board.

Since that first investment, Alitheia and Goodwell have poured hands-on, proactive expertise into Baobab. uMunthu supported the bank’s professionalisation, enabling improved governance at board and management level, driving its growth from a unit microfinance institution (MFI) to a top national MFI.

It also advised on financial structuring, and provided access to local networks and a deep understanding of the local business environment.

These improvements drove the bank’s expansion within Nigeria, making it the jewel of the Baobab portfolio and emphasising the potential for sustainable success in emerging markets.

Growing business, growing impact  

At the start of the investment relationship, up to 70% of Nigeria’s overall population lacked access to financial services.

The numbers were even more drastic in northern Nigeria, Baobab’s primary area of operation. Over the past decade, Baobab Nigeria has played a significant role in closing the financial inclusion gap, with government statistics citing that 26% of Nigerians lacked access to financial services in 2023 – a notable improvement.

Since the initial investment in 2012, Baobab has reached 12 times more customers through 7.6 times more bank branches, with the support of 3.2 times more staff. All this whilst the average loan and deposit sizes remained small, at NGN 2 million (EUR 1,250) and NGN 91,000 (EUR 58), confirming Baobab’s ongoing commitment to reaching underserved audiences.

During this time, the company’s balance sheet increased 37 times and its loan book size increased 43.5 times.

The financial value of uMunthu’s investment tripled in naira value during the holding period, truly demonstrating what is possible with patient capital.

This exit marks a new phase for Baobab Nigeria, as uMunthu passes the baton to the holding company. Now fully owned by the international Baobab Group, the Nigerian team plan to keep doing what works: serving the underserved, positively impacting the businesses and communities that have come to rely on – or are just now learning of – Baobab’s inclusive, scalable financial services.

A bright future is an inclusive future 

“This was a bank that was operating out of a single room in northern Nigeria when we invested, and today it is top-three nationally licensed microfinance bank. We’ve walked a journey of leadership, governance, and financial and impactful growth, scaling from small beginnings through to the top-tier national microfinance bank that it is today. We’re proud of what’s been achieved together, and look forward to seeing where the future will take Baobab Nigeria,” shared Tokunboh Ishmael, Alitheia managing partner.

The Alitheia and Goodwell teams are continuing this pragmatic, locally led, hands-on approach with the rest of the uMunthu portfolio, and are optimistic about the potential for additional exits in 2025.

Meanwhile, their uMunthu II Fund is entering its final fundraising phase; it is actively seeking investors who want to be involved in the kind of success and impact Baobab Nigeria has demonstrated.

Women-led businesses in Africa face a $42 billion financing gap, yet studies consistently show that gender-diverse companies outperform others by at least 20%. If African economies fully embraced inclusivity, GDP could rise by over 13%.

Today, the world marks the International Day of Women and Girls in Science and it’s necessary to move beyond rhetoric and focus on practical solutions that break long-standing limitations. 

At the Gender Bonds Toolkit Dissemination Workshop organised by FSD Africa, Techeconomy had an insightful conversation with Tokunboh Ishmael, managing director and co-founder of Alitheia Capital. 

She shared her journey in ensuring gender-focused investments, the strategies used to break investor scepticism, and the systemic changes required to promote an inclusive business environment.

Breaking Investor Scepticism on Gender Initiatives

TE: While speaking earlier, you mentioned that it took years to convince investors to support the gender initiative. What strategies were you able to use to break the scepticism behind it or to gain traction for initiatives that address gender-based inequalities?

TI: In the first instance, we showed that there was actually an economic gain and impact from including everybody. When you heard me earlier, I said that everyone should picture their favourite football team playing with just half of the players—were they likely to win? And everybody was like, no, they’re going to lose.

We showed that there was economic potential. The female economy is worth $12 trillion globally. The African economy could have an uplift of over 13% in GDP contribution if we build more inclusive companies and economies. 

At the company level, you have better decision-making at boards, better governance, and better ideas that create products benefiting everyone.

Another key thing we did was launch a Gender Lens Toolkit for investing in companies, showing how, at every stage of the investment process, gender is a factor for success. 

It provides a framework to rate companies from gender-negative to gender-strategic and guides them in developing gender action plans. These plans help businesses diversify their income, increase revenue, and drive down costs.

Research has shown that gender-diverse companies outperform by at least 20%. In showing this and providing practical guidance on gender-smart investing, we were able to convince investors to come along.

Measuring the Impact of Gender-Focused Investments

TE: With over 70% of your fund investors focused on women, what tools or metrics do you use to measure the long-term impact of this investment on local economies and communities?

TI: Just as I mentioned, we track several key areas:

• Female Founders: We intentionally invest in female-led businesses, which is why we can maintain a portfolio where over 70% of our investments go to women.
• Board Representation: In many companies, boards are overwhelmingly male, with women as the minority or even nonexistent. We work on increasing female representation.
• Employment Practices: We assess hiring policies to ensure more high-level jobs are accessible to women.
• Product Inclusion: We ensure that the products developed by these businesses support not just half of the population but the entire population. Being intentional about creating essential products for female consumers is key.

Beyond Funding: Systemic Changes to Support Women in Business

TE: You mentioned the $42 billion financing gap for women-led businesses in Africa. Beyond funding, what systemic changes or policies do you believe are essential to creating an enabling environment for women?

TI: First of all, we need intentionality—both in investment and policymaking. We need policies ensuring that capital allocation isn’t overwhelmingly skewed toward men. There must be diversity at the investment allocation stage, meaning pension funds, insurance companies, and other investors must actively consider female-led businesses.

Why? Because you know what you know—if investors don’t have diverse perspectives, they won’t naturally identify opportunities that target women.

So, for me, the key elements are:

• Intentionality in investment decisions.
• Diverse allocation of capital at the funding stage.
• A clear goal to ensure Africa reaches its full economic potential through inclusive investing.

Again, the enabling business environment plays a huge role. It’s not just about injecting money into businesses; it’s also about ensuring lower costs of doing business, improved infrastructure, and overall business-friendly policies. 

Most SMEs in Africa are led by women, so when we talk about creating a better ecosystem, we are indirectly supporting these women-led businesses.

Solving the Root Cause of Gender Inequality

TE: Many organisations have launched initiatives to bridge gender inequality, yet the gap remains wide. What is the root problem that we need to address?

TI: Money makes the world go round, and we need to move beyond lip service when it comes to capital allocation.

The gender financing gap amounts to billions of dollars. Our fund is just $100 million, which is a drop in the ocean compared to the need.

If we continue prioritising only short-term, high-gain investments, then we’re not serious about sustainable development. Leaders in Nigeria and Africa must put their money where their mouth is.

When leaders talk about Nigeria being a tough place to invest, they should realise that they have the power to change that narrative. Investment in sustainable growth means investing in:

• The future of every African,
• The future of every Nigerian,
• And creating an environment where every citizen can reach their full potential.

Our conversation with Tokunboh Ishmael stressed the need to ensure financial access for female-led businesses. Bridging the gender gap has become an economic necessity. 

Today we celebrate International Day of Women and Girls in Science, and it’s time to stop treating gender inclusion as a side issue and recognise it as the foundation for long-term prosperity.

The amount was undisclosed as at the time of filing this report.

Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.

The firm is proud to be the first to commit, underscoring its desire to support the growth of companies driving financial inclusion in underserved communities.

Founded in 2019, OmniRetail provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers.

This often-overlooked group constitutes the backbone of commerce across sub-Saharan Africa, contributing significantly to the region’s GDP and providing livelihoods to millions of individuals.

Despite their economic importance, these small businesses grapple with uncoordinated supply chains and fragmented distribution networks, hindering their growth and economic stability.

Archit Bagaria, head of Investments at OmniRetail, encapsulated the company’s mission, saying,

“Africa deserves a robust digital infrastructure layered on top of the existing informal retail – the impact of which cannot be overstated. As the largest employer and the only ecosystem that can truly ensure efficient distribution of essential goods, healthcare, and financial inclusion – informal retail plays a very important role in the economies we want to transform. With support from Goodwell, one of the top impact funds focused on the continent, we are just getting started on our journey of a true digital infrastructure play that will impact and transform retail in Africa!”

Through its flagship platform, Omnibiz, and innovative tools like OmniPay and Mplify, OmniRetail equips retailers with essential resources and tools to procure products, build and access credit, and optimize their business for higher profitability and scale.

With over 140,000 small retailers and 90 brands onboarded, the company is well-positioned to redefine the retail industry in the region.

With social impact at the core of its business model, OmniRetail is an ideal addition to Goodwell and Altitheia’s uMunthu II investment portfolio, which is dedicated to supporting local businesses providing essential goods and services to underserved populations.

Reflecting on the company’s potential for delivering positive impact, Oti Ilentamhen, Investment Principal at Alitheia commented,

“With a strong focus on empowering underrepresented entrepreneurs, particularly women who make up 78% of its customer base, OmniRetail exemplifies the potential for technology-driven solutions to drive positive change in underserved communities. As the company continues to expand its reach and impact, encompassing distribution, logistics and financial services, it sets a compelling example for the broader investment community, showcasing the immense value of supporting businesses that prioritise both financial success and social responsibility.”

As OmniRetail continues its journey to modernise informal retail across West Africa, this investment will fuel the company’s expansion plans.

In addition to strengthening its presence in Nigeria, OmniRetail has extended and is scaling its digital offerings to Ghana and Cote d’Ivoire, with the aim of doubling in size by the end of 2024.

Goodwell looks forward to partnering with OmniRetail throughout this exciting growth phase, supporting its vision to enable retailers and communities to thrive in the digital age.

Complete Farmer will leverage the funding in catalyzing the transformation of farming practices in the region and enhance efficiency across the agricultural value chain.

The equity portion of this funding round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments through its uMunthu II Fund. Joining the initiative were Proparco, Newton Partners, and VestedWorld Rising Star Fund. On the debt financing side, Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments have provided crucial support.

Tamer El-Raghy, Managing Director of ARAF, highlighted the progress made by Complete Farmer in facilitating global trade for Ghanaian farmers. He noted that the platform’s technology and farming protocols have enabled farmers to access quality inputs, agronomical support, and premium markets, ultimately resulting in improved yields and income for farmers.

Complete Farmer, founded in 2017 by CEO Desmond Koney, operates as an end-to-end agricultural marketplace connecting African producers with global industries. The platform’s proprietary cultivation protocols enable both smallholder and commercial farmers to cultivate commodities that meet global market specifications, ensuring post-harvest offtake.

The company offers two primary solutions: CF Grower, which assists African farmers in optimizing productivity and gaining access to global markets through precision farming instruments and data-driven cultivation protocols, and CF Buyer, which provides global purchasers with access to commodities grown to their specifications, streamlining the procurement process.

Since a strategic pivot two years ago, Complete Farmer has experienced rapid growth, bringing together over 12,000 farmers across five key regions in Ghana. The platform has overseen the cultivation of over 30,000 acres of land and has successfully delivered commodities to Asia, Europe, and other global destinations while reducing post-harvest losses.

Complete Farmer’s revenue has skyrocketed, reaching $5.3 million by the end of 2022, with projections to reach $7.5 million in 2023. The company, which takes a 30% commission of profits made per trade between farmers and buyers, has ambitious plans to generate additional revenue streams.

Among these initiatives, Complete Farmer is developing an embedded finance product to facilitate direct remittance from buyers to farmers. Additionally, they are working on a vendor platform where farmers can purchase fertilizers and commodities to enhance farm efficiency.

The investment secured in this funding round will be instrumental in scaling these new products, establishing strategic partnerships, expanding domestic operations, and financing CAPEX and working capital investments, including the expansion of fulfillment centers in Ghana and the launch of new ones in markets such as Togo.

Complete Farmer’s commitment to transforming agriculture in Ghana is set to make a significant impact, benefiting both farmers and global industries while contributing to the growth of the nation’s agritech sector.