Author: Akin Naphtal

Remedial Health has secured $1 million in pre-seed funding to digitize pharmacies, and stem the supply of fake and substandard pharmaceutical products, starting with Nigeria before expanding to the rest of Africa. The round was led by Global Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund, and other angel investors, including Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota. Part of the new funding will be used to extend the startup’s buy-now-pay-later (BNPL) offering, for an even wider reach. Founded in 2020 by Samuel Okwuada, a trained pharmacist and self-taught software developer, together…

Mdundo, an Africa-focused music streaming service, is banking on more partnerships with telcos across the continent to grow its earnings and user base. Last year, the company signed deals with MTN and Airtel in Nigeria, and Vodacom in Tanzania, which appear to be paying off after its user-base almost doubled as it added paying subscribers as a source of revenue. MTN and Airtel Nigeria have a combined customer-base of 124.5 million, while Vodacom Tanzania has 15.6 million subscribers, giving Mdundo access to a huge target audience. According to the Founder, Martin Nielsen, “This is a new revenue stream for us.…

Startups have sought to use technology to digitize processes in Africa’s B2B e-commerce and retail space over the past couple of years. While many focus on moving products and providing credit, issues around cash overdependency haven’t been tackled at scale.  Here’s why this is a critical problem. When traditional distributors move goods from manufacturers and suppliers to retailers, they collect cash through a network of agents. These agents, from different parts, then proceed to make lump-sum payments into a central bank account. For the most part, there is a lot of fraud behind the scenes because of inefficiencies in manual reconciliation processes on…

Kenya’s central bank has called on the public to share their views, before May 20th, on the possibility of adopting a digital currency, just one day after it emerged that Zambia is also testing its viability too. Nigeria became the first country in Africa to launch its central bank digital currency (CBDC), dubbed the eNaira, in October last year while Ghana is said to be at an advanced stage of launching its e-cedi. The The Bank of Zambia is also carrying out research on digital currencies. The CBDCs, unlike cryptocurrencies like Bitcoin and Ethereum, are developed by central banks and pegged on…

By Samuel Saint-Ayisi Protestors, with the name, Coalition of Concerned Ghanaians, have poured onto the streets of Accra-Ghana, to express their opposition to the Electronic Transaction Levy Bill (E-Levy), which is before Parliament for consideration. The demonstration dubbed: ‘Yentua’, a Twi word meaning ‘We won’t pay’ was led by the youth wing of the National Democratic Congress (NDC), also saw groups such as Justice 4 Ghana advocacy group, Alliance for Social Equity and Public Accountability (ASEPA), Coalition of Nation Builders Corps (NABCO) trainees, Coalition of Concerned University Students, head porters and okada riders participating. The demonstration was also made up…

Olubayo Adekanmbi, an award-winning business and digital innovation executive, has joined Airtel Africa, to lead its strategy, partnership and sustainability roadmap. Prior to his appointment by Airtel Africa headquartered in London, United Kingdom, Adekanmbi previously worked for MTN in South Africa and Nigeria as Chief Transformation and Strategy Officer, Chief Marketing and Strategy Officer, General Manager, Business Intelligence and Head of Strategy and Analytics. He has about 21 years cognate industry experience. Information on Airtel Africa’s website, indicates that Olubayo Adekanmbi will be “responsible for leading strategic business-wide initiatives, including innovation, strategic investment, operational efficiencies, and partnerships. In addition to…

Owing to his expertise and professional achievements over the years as a tech expert, President Muhammadu Buhari appointed renowned technocrat, Dr Vincent Olatunji as the first National Commissioner/Chief Executive Officer of the newly established Nigeria Data Protection Bureau (NDPB). The federal government of Nigeria recently approved the establishment of the Bureau following the successful implementation of the National Digital Economy Policy and Strategy which has recorded a significant increase in the adoption of data platforms in the country. The Nigeria Data Protection Bureau will be responsible for consolidating the gains of the NDPR and supporting the process for the development…

Google has announced that it will train, 5,000 small and medium enterprises (SMEs) and entrepreneurs in Nigeria, Kenya and South Africa would be receiving free training through the newly launched Hustle Academy. Teju Abisoye, Executive Secretary, Lagos State Employment Trust Fund, said in a statement that the training would help their businesses thrive. Abisoye said that Google Hustle Academy is a boot camp-style training designed to help entrepreneurs and small businesses owners position their businesses for investment opportunities and build viable business models for the future. He said that the Hustle Academy is a practical educational program with interactive activities…

Kenyan startup BasiGo, an electric vehicle technology and financing company bringing electric bus services to Sub-Saharan Africa, has raised a US$4.3 million seed funding round to help it commercialise its business model and begin local assembly of electric buses. BasiGo launched operations earlier in the year in Nairobi having secured KES100 million (US$900,000) in funding. The startup provides state-of-the-art electric buses along with charging and maintenance services for bus operators, making these vehicles affordable through a financing model that allows operators to pay for the battery and charge separately from the bus through a pay-as-you-go financing arrangement. The US$4.3 million…

The MENA region has about 400 million people with $500 billion in annual savings. But as a relatively young population, most of them have minimal equity market and investment exposure. Replicating the success of Robinhood in the U.S., some platforms are looking to create investors out of the region. One such is Egypt-based Thndr. The company has raised a $20 million Series A round to democratize investing in the Middle East and North Africa. In developed markets such as the U.S. and Europe, up to half of the population invests in financial instruments. However, people in developing markets such as North Africa and…