“I save with akawo (daily contribution), but I need money to feed my family, so the savings don’t grow,” Yiteovie, a self-taught fisherwoman, said.

Yiteovie is a mother who stopped her formal education in SS2. Like many people across the riverine communities of Bayelsa, she turned to fishing as a means of survival and a way to care for her children.

But in the event of an unforeseen crisis, how long can Yiteovie and her household rely on the little savings she is able to set aside from her daily hustle?

Only about a month, according to a report by Moniepoint Africa, which shows that 42 percent of Nigeria’s informal businesses would survive for just one month without income.

At the centre of this unsettling finding is another Moniepoint report estimating that more than 50 percent of Nigerian businesses fail within their first year, and by the fifth year, an astonishing 95 percent cease operations.

This means that Yiteovie, and thousands of other small enterprises, from the young e-commerce founder in Lagos to the fashion designer in Aba, operate under constant uncertainty with a high likelihood of failure.

But why does Nigeria have such an alarmingly high rate of business failure?

Several reasons have been identified: insecurity, poor infrastructure, and inadequate market research are often cited as major causes. While the impact of these factors cannot be overstated, the role of customer acquisition and retention is frequently overlooked.

Shina Memud, convener of MarTech Africa, one of Nigeria’s largest marketing gatherings that brings together over 1,000 professionals to discuss marketing challenges, believes that knowing how to acquire, engage, and retain customers is an essential survival skill for every business.

“Reading the Moniepoint report, what you can’t help but ask is: how can people like Yiteovie grow their businesses? What technologies, platforms, or tools can they leverage to reach more customers so they aren’t pushed out of business by a single unforeseen circumstance?” Memud said.

Memud, who is also the founder of Yournotify, a growth-and-automation marketing platform, explained that the rising rate of business failures, and the number of otherwise promising small businesses that struggle due to limited marketing knowledge, inspired him to start the MarTech Africa summit.

Across its last two editions, thousands of professionals have gathered to learn from top African marketing leaders about the core requirements for business growth. At MarTech Africa 2, held earlier this year, industry veterans such as Maurice Igugu (Chief Marketing Officer, Sterling Bank), Idemudia Dima-Okojie (Marketing Director, Mastercard), and Linda Obi (Founder/CEO, Afrihealth) shared sector-specific insights from their years of experience.

“For the 2026 edition, we’ll focus on how businesses can acquire customers, engage them meaningfully through personalised communication, and retain those customers as loyal advocates. That’s why the third edition, slated for February 28, 2026, is themed ‘Growth Loop: Redefining Customer Acquisition, Engagement, and Retention,’” Memud said.

According to Ingressive Capital, African startups allocate between 20 to 40 percent of their operating budgets to marketing and customer acquisition, a burden that has pushed many small businesses out of operation.

The question now is whether there are ways to reduce these heavy costs while still reaching the right customers.

While exploring more cost-effective customer-acquisition strategies, MarTech Africa 3.0 also plans to show businesses how to retain the customers they already have, a crucial focus, given research showing that a 5 percent increase in customer-retention rates can boost profits by 25 to 95 percent.

The post Why Nigerian Small Businesses Fail and the Hidden Factor We’re Not Talking About  appeared first on Tech | Business | Economy.

Aiming to simplify order fulfilment and retail distribution for businesses, Renda is particularly focused on e-commerce businesses, FMCG manufacturers, and agricultural companies.

Co-founded by siblings Ope and Bimbo Onaboye, Renda differentiates itself by providing a complete solution that goes beyond typical middle-mile or last-mile delivery services. 

The platform aggregates existing resources across the logistics chain, including warehousing, delivery vehicles, and cash collection services. This allows businesses to access flexible storage, manage inventory, process orders, manage deliveries and returns, and receive real-time cash on delivery reconciliation – all in one place.

Similar to companies like Flexport and ShipBob, Renda leverages an asset-light model. Rather than owning warehouses or trucks, the company partners with existing providers, creating a network of over 300 warehousing facilities, 3,000 delivery vehicles, and 2,000 cash collection partners. 

This approach allows Renda to offer scalable solutions tailored to each client’s needs without the burden of managing a fleet of assets.

Renda has transitioned its focus to enterprise-level clients, typically larger businesses with longer contracts, resulting in commendable revenue growth — 450% year-over-year.

With clientele including established names like OmniRetail, Jumia, M-KOPA, and Dangote, Renda plans to utilize the new funding to improve its platform offerings, expand into new cities within Nigeria and Kenya, and strengthen its partnership network. 

Additionally, the company wants to introduce embedded financial products for its delivery partners, such as weekly loan access and health insurance benefits. Renda also sees potential in using AI to automate processes and optimize logistics costs.

Ingressive Capital, the lead investor in the round, sees Renda’s solution as essential for Africa’s manufacturing and e-commerce ecosystems. “Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfilment infrastructure,” said Maya Horgan Famodu, founder and partner at Ingressive Capital. 

The firm believes Renda can capitalize on the current market trends, with rising inflation and shipping costs driving demand for efficient logistics solutions.

Other participants in Renda’s pre-seed funding round included Techstars Toronto, Magic Fund, Golden Palm Investments, Reflect Ventures and Vastly Valuable Ventures. Additionally, Founders Factory Africa and SeedFi contributed $600,000 in debt funding.

The post Nigerian Startup Renda Raises $1.9m to Simplify Logistics for African Businesses appeared first on Tech | Business | Economy.

The investment round, led by Ingressive Capital and supported by Techstars, HoaQ Capital, and numerous angel investors, marks a good point for Klas as it endeavors to democratize access to quality education worldwide.

Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, the edtech startup is a stimulating entity in the edtech sector, offering an innovative platform that empowers users to create, sell, and deliver ebooks, courses, and live classes seamlessly. With its user-centric approach and innovative features, Klas was built on a new dynamic of online learning, going beyond geographical boundaries and bolstering education for learners and educators alike.

Klas provides an intuitive interface and essential tools for creators to launch and manage their online academies effortlessly. From scheduling and payments to interactive class features and comprehensive analytics, Klas offers a holistic solution tailored to the diverse needs of educators across various disciplines.

Klas has been likened to the Shopify of online education, enabling users to establish and monetize their virtual schools with unparalleled ease and efficiency. The genesis of Klas traces back to Nwachuku’s personal journey, marked by resilience and determination following a life-altering accident that fueled his ambition to boost online learning.

Klas’ mission includes simplicity and accessibility, addressing the complexities inherent in existing platforms and empowering educators of all backgrounds to engage with learners effectively. By leveraging proprietary technology and a user-centric approach, Klas seeks to bridge the gap between traditional and online education, offering a seamless experience for creators and learners alike.

The investment round comes on the heels of Klas’s successful entry into Techstars, a well-known startup accelerator program, spotlighting the company’s huge potential and growing traction within the global edtech sector. With a rapidly expanding user base spanning over 30 countries and 125,000 students globally, Klas is set to transform the way education is delivered and consumed in the digital age.

Reflecting on the company’s journey, Nwachuku expressed gratitude for the relentless support of investors and stakeholders, emphasizing Klas’s commitment to empowering educators and learners worldwide. As the platform prepares for accelerated growth, fueled by the infusion of capital, Klas remains steadfast in its pursuit of excellence and innovation, set to transform the future of education on a global scale.

With plans to amplify its international presence and enhance user experiences through localized currency options, Klas aims to thrust online education into new frontiers, empowering millions of learners to unlock their full potential and pursue their educational aspirations with confidence and conviction.

The post Techstars-Backed Nigerian Edtech Klas Raises $1 Million to Empower Creators Worldwide appeared first on Tech | Business | Economy.

Spotify launched in South Africa in 2018 and in 38 more African countries in 2021. Okumu believes that Spotify is growing alongside its young population and is “resonating with a youthful audience… in a continent that is diverse as Africa. We needed to make sure that the product was custom-made for the region.”

Okumu acknowledges the musical complexities of the continent, and adds that it is important to “know that the world is ready and read indicators like the popularity and growth of different genres from the continent becoming billboard hits in the US, for example.”

She continues, “We’ve seen such amazing success from artists like Wizkid, who is now a billboard artist, something that 10 years ago we might have only dreamed of. I think that’s also very much a result of what streaming is doing in the music world as a whole. It’s enabling discovery.”

According to Okumu, “a lot of Africa is unbanked and does not use credit cards”. To best cater to its new market, Spotify leveraged a partnership with M-PESA, a mobile payment service which is local to Kenya. “We are continuing to ensure that we partner with different service providers across the continent to make sure that the lifestyle of the audience that we want to court also makes sense to the product or makes sense with the product.”

The playlist African Heat is an example of a customised playlist that creates a taste of various African nations. This has enabled discovery for all music lovers across the world, “When you see them being reflected in global charts, then you know that it’s not just a story that we are telling ourselves, the success is global, it’s real, it’s exciting.”

In Nigeria, CNN meets Ife Durosinmi-Etti, founder and CEO of Herconomy, who shares the difficulties she faced when raising money for her business.

The World Bank says all-female start-ups received only 3% of the almost 2 billion dollar of investment going to African tech start-ups from 2013 to 2021. “What I’ve noticed in the tech space is that women are over mentored and underfunded. We need to do more to fund more women and ensure that their businesses actually grow from small businesses to big businesses,” says Durosinmi-Etti.

Fara Ashiru Jituboh, founder and CEO of Okra, raised 3.5 million dollars of venture capital (VC) funding in 2021. “Last year was one of the biggest funding years generally across the board. This last year, if you look at venture capital dollars into technology companies were over 5 billion, 2021 getting close to 6 billion,” she says.

Founder of Ingressive Capital, Maya Horgan Famodu believes that with the help of advancing technical contributions, talent, and infrastructure, “We’re seeing the version 4.0 of a typical emerging market technology ecosystem.”

She adds, “I don’t think there is necessarily a shortage of women technical talent across Africa. If you look at Nigeria, the requirement now for 30% plus of board members to be female. There are a ton of women owned funds [in Nigeria]. Almost every prominent VC in Nigeria has a female partner. If you have a bunch of female founded funds that are hanging out in diverse communities, then likely their portfolios will be reflective. We’re continuously seeing that materialise. There is a literal higher return on investment and higher IRR with diverse teams.”

Durosinmi-Etti concludes, “While funding is very difficult for women to get, some women are getting it and it is opening up. Things are changing.”

Horgan Famodu believes “We are all capable and we are all requisite. We’re all required to build a better Africa.”

The post Marketplace Africa explores Women Entrepreneurs in the Fintech Space appeared first on Tech | Business | Economy.

Healthtracka will utilize the funding to scale its B2B2C offering where partner companies in Nigeria can deliver at-home testing to their employees and accelerate its growth beyond current reach.

Investors who participated in this round include Africa-focused early-stage VC Ingressive Capital and U.S.-based venture fund Hustle Fund. Angel investors included Alumni Angels Alliance and Flying Doctors.

Ifeoluwa Dare-Johnson and Victor Amusan launched Healthtracka in May 2021 to bridge the medical gap and lack of infrastructure that exists in Africa.

The digital health platform offers at-home health services with easy-to-read diagnostic test results for patients, received within 3 days. The health startup, leveraging technology, makes the entire medical process stress-free, with screening tests done in the comfort of users’ homes.

Healthtracka asserts to have excellent laboratory partners who are the best in pathology laboratories m, with labs that have the highest level of accreditations such as ISO and MLSCN certifications.

The company has plans to launch its subscription plans for retail customers, offer APIs for telehealth service providers, hospitals, and pharmacies to provide at-home blood testing for their patients and expand operations beyond Nigerian to Kenya and Ghana before the end of the year.

Healthtracka’s network of phlebotomists has increased 20x since its launch to over 100 and the startup has delivered almost 7,000 tests at home, with revenue growing 30% month-on-month.

The post Healthtracka Raises $1.5 Million to Accelerate Inclusive Healthcare Across Africa appeared first on Tech | Business | Economy.

Remedial Health is on a mission to build tech-enabled, pharmacy-centred healthcare networks across the continent. The funds, as well as its participation in Y Combinator, will accelerate the fruition of its goal. 

“We are not only making it easier for neighbourhood pharmacies and PPMVs (patent and proprietary medicine vendors) to access affordable and authentic medicines from leading manufacturers. We are also rolling out our PMR (patient medical records) platform that will make them more efficient and profitable, and give them access to consolidated data on customers to support the delivery of better healthcare services across the continent,” Remedial Health wrote.

Transforming Africa’s pharmaceutical sector with technology solutions

In Africa’s $45 billion pharmaceutical industry — projected to reach $70 billion by 2030, PPMVs are responsible for 80 percent of sales. They are basically businesses without a trained pharmacist that sell pharmaceutical products on a retail basis for-profit and they provide the main source of medicines for many common illnesses. 

However, they have to navigate an opaque supply chain and a fragmented marketplace to access the stock they need for their stores which can make them very unprofitable. 

This also means manufacturers have limited visibility into their performance, leading to inefficient decision making on forecasting, production and distribution.

Remedial Health has created a digital procurement platform that makes it possible for store owners to source all the medicines, consumables and small medical devices for their practice via a mobile app or mobile responsive web store at open-air medicine market prices and have them delivered within 24 hours. All products are vetted before distribution to verify their authenticity.

The startup’s proprietary Patient Medication Records and Inventory Control (PMR) software, Remedial Rx also enables these store owners to build and access a consolidated database of customer information that will drive the delivery of improved healthcare services across the continent. 

“With our platform, it will be easier to make informed decisions on which products are best suited to a customer based on their medical history. It will also enable us to provide consolidated, real-time data on market behaviour to manufacturers for increased profitability and better decision-making across the value chain.”

Remedial Health’s PMR platform helps pharmacies and PPMVs manage their inventory and day-to-day operations so that they can focus on patient care. 

The healthtech has also incorporated a Buy-Now-Pay-Later service which means store owners can stock up and maximise the sales opportunities available to them. They only pay after the stock has been dispensed to customers.

Pharmacies and PPMVs have been the frontline of healthcare in Africa for many years and Remedial Health is innovating for them and connecting them more effectively to manufacturers, ensuring that their data is reflected more accurately in decision making across the pharmaceutical value chain.

“We are starting in Nigeria but this is just the beginning. We are just getting started on our mission to drive the digitisation of Africa’s pharmaceutical sector.”

Appreciating its investors, Remedial Health wrote: “We want to thank our investors Global Ventures and Ventures Platform, as well as Ingressive Capital, Voltron Capital, Flutterwave’s Olugbenga “GB” Agboola, Victor Asemota, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund and other investors that participated in this round.”

“We are also looking forward to the support and network of partners that Y Combinator will expose us to, and the impact it will have on our business.”

The post Remedial Health Accepted into Y Combinator, Raises $1m pre-seed appeared first on Tech | Business | Economy.

Founded in May 2021, Alvin is a smart money manager app leveraging technology to help users track their finances and set easy budgets around savings, ultimately achieving financial goals and objectives.

The startup launched its flagship product, the Alvin App v1 Labrador public beta, as an intentionally soft launch while it made amendments ahead of a formal launch, and ended last year by closing an oversubscribed $740,000 pre-seed funding round.

The round was led by Ingressive Capital and included Zephyr Acorn, Voltron Capital, Future Africa as well as Tahseen Consulting. Other notable investors in the round included Paystack CEO Shola Akinlade, and Tony Nicalo, the former CEO of marketing company Dondé. It also includes $100,000 from US-based B2B SaaS-focused accelerator programme by Forum Ventures after Alvin was selected to take part in its W22 batch starting this month, while a few additional American and Kenyan angels also participated.

Alvin was built to solve the lack of optimisation for the local context in financial apps across Kenya, lack of savings guidance to help acquire needed assets, and the absence of daily support to help individuals save for goals that require consistency for long periods of time.

The first version of the Alvin app — Labrador, is currently in private beta. It features automated expense tracking for M-Pesa, and the ability to create a budget in two minutes, showing users how much they can spend on things like groceries, entertainment and rent each month based on their income and most important savings goal. 

The company has a target to include in its product offerings, card transaction tracking for Kenyan banks and the ability to contribute to high-interest yield savings accounts without having to leave the Alvin app. 

The Alvin app will launch publicly in Kenya in the next few months, but the startup already has international ambitions.

With powerhouses Ingressive Capital, Shola Akinlade, Voltron Capital and Future Africa onboard, the company has immediate plans to expand to Nigeria in the latter half of 2022.

The post Kenya’s Alvin raises $740,000 to enable disciplined savings for users appeared first on Tech | Business | Economy.