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On April 16, Uganda-based two-wheel ride-hailing platform SafeBoda announced that it had completed 1 million rides in Ibadan, a southwestern city in Nigeria. The company, which first launched in Uganda, is disrupting the offline market of local motorcycles referred to as boda-bodas in Uganda and okadas in Nigeria.
The number of POS terminals in Nigeria grew from 150,000 in 2017 to 543,000 in April 2021, according to Statista. In Nigeria, POS terminals are used to process card payments at retail locations as well as for agency banking purposes, a branchless banking system where agents act like human ATMs.
India, with 32 startups, is the second-largest demographic represented in the new batch, while Nigeria is third, having delivered 18 startups. Location : Lagos, Nigeria. Location : Lagos, Nigeria. ” Founders : Henry Mascot started a company in 2017 to help hospitals digitize records. Location : Lagos, Nigeria.
Nigeria’s informal trade sector, worth over $244 billion, has more than 40 million micro, small and medium businesses. Most of these businesses operated offline until a few years ago when startups brought about digitization by providing infrastructure and a gamut of e-commerce and financial services.
Nigeria has an average of 4.8 The concept was to capture and build reliable offline data (where 90% of the country’s economic activities reside ) and provide insights on hard-to-reach rural and semi-urban areas for businesses, NGOs and development organizations. “The L-R: Tomi Ayorinde (CEO) and Dami Ayorinde (COO).
A couple of digital freight companies are tackling this problem, like Nigerian-based MVX. What followed was the launch of MVXtransit, a digital freight booking platform, helping cargo owners find deals on moving containers across Nigeria. And also, we see a huge potential in the offline market.
Shared transportation in Nigeria, Africa’s largest country by population, is a thriving business, at least when done the conventional way: offline. With millions of Nigerians using danfo minibuses and okadas to commute to their various workplaces and destinations, mobility startups have sought to digitize the market.
There’s no end to digitizing the operations of small and medium businesses (SMBs) in the traditional retail sector across sub-Saharan Africa. In Nigeria alone, this industry, worth more than $200 billion, consists of over 40 million businesses of varying sizes, according to reports. Image Credits: Pastel.
Millions of small businesses globally, especially in emerging markets, have stayed offline for the better part of the past decade. In Nigeria, some go to the extent of keeping information offhand. And though there are some similarities, Ekezie believes he and his team have rewired Kippa to adapt to the needs of businesses in Nigeria.
Startups digitizing B2B e-commerce and retail in Africa continue to grab the headlines after the pandemic paved the way for widespread offline retail and commerce disruption. TradeDepot , a Nigeria- and U.S.-based A large majority of small and medium-sized businesses in Nigeria and across Africa are offline.
Countries such as Nigeria, Kenya and South Africa are majorly responsible for skyrocketing adoption rates as citizens try to hedge against currency devaluation and build wealth. For instance, we were the first to launch QR codes for offline onboarding. One thing which is the backbone of Bitmama is that we are very innovative.
Nigeria has a population of almost 200 million, with 60% under the age of 25. But when it comes to being a software engineer or digital skills, you really don’t,” said the CEO. “We The company is also exploring B2B partnerships with private schools in Nigeria and Africa, using AltSchool’s curriculum in their classes.
With limited access to technology, these restaurants typically resort to using offline methods, including pen and paper, for things like manual reconciliation and inventory management. Our software digitizes the process of those who write things in hand and helps them figure out their inventory management and recipe yields.”.
While Africa’s health systems are still reeling from the effects of the COVID pandemic, the adoption of digital health services has been revved in some countries. These startups digitize the supply chain and distribution to providers. “The However, a particular segment has achieved scale faster within the past year.
Kippa said the investment will allow it to develop financial products that help SMEs grow their businesses and grow its team in Nigeria. Before such solutions, many of these businesses ran operations such as managing money, inventory tracking, and records of staff and suppliers offline, mainly with pen and paper or ledgers.
It provides merchants via its PalmPartner app with online payment and offline POS acquiring services and plans to introduce digital marketing services soon. PalmPay launches in Nigeria on $40M round led by China’s Transsion. The unicorn has a presence in Nigeria and Egypt.
In a market where internet-enabled app-based banking can reach 300 million subscribers on the continent, USSD technology, predominantly offline and used mainly by feature phones, outpaces it with 850 million connections. And so what we’re doing is building for them, because despite having a smartphone, they want to be offline.
Let’s say you’re a freelance engineer in Nigeria working for a U.S. A few issues using third parties or a Bureau De Change, or BDC as commonly known in Nigeria, include inflated rates, you can only access them for specific hours, proximity and there are chances you’d get cheated. Grey has grown to transact north of $1 million monthly.
And for some countries like Nigeria, customers need to accurately provide their addresses to financial institutions such as banks and fintechs to set up bank and other accounts. OkHi is tackling these challenges in Nigeria with its technology and has raised a $1.5 million seed extension to scale its efforts.
While big restaurants and restaurant chains are often capable of setting their management systems or using well-known point-of-sale providers, thousands of smaller restaurants in Africa rely on offline methods such as pen and paper to produce receipts and make reconciliations.
The business opportunity for remittance is lucrative despite digital lenders vying for less than 20% of the international money market dominated by traditional offline players. in average transaction fees, digital senders like NALA pitch themselves to customers as platforms with the best rates and lowest prices.
In addition to Tunisia, GOMYCODE is present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal and Nigeria. It also plans to deepen its presence in the countries already present, especially Egypt and Nigeria. They operate online-only or hybrid models (a combination of offline and online settings).
The company offers a range of services, from digital banking and payment services to financial services APIs and payment bots. Nigeria’s SME market alone is valued at $220 billion annually. Nigeria’s Paga acquires Apposit, confirms Mexico and Ethiopia expansion. million, according to Crunchbase.
Since the start of this year, Jambo has already signed up over 12,000 students across 15 countries (Morocco, Nigeria, Ethiopia, Equatorial Guinea, Uganda, Kenya, Congo, Uganda, Rwanda, DR Congo, Tanzania, Zambia, Namibia, Madagascar and South Africa) to take a curated web3 curriculum, both online and offline.
Yet, some Kenyans still lack other digital financial services from savings to investments. Apart from being offline models, savings with microfinance banks, cooperatives and informal saving groups have manual, expensive and opaque processes. ” Digitally , some banks offer savings products to Kenyans.
First, around product development, the team is eager to build next-generation digital renewable energy. With a similarity to the offline grid, Infinity connects to all the loads in a residence or business place and controls them digitally while providing data and analytics in the process. “These are the core differences.
Jumo and MNT Halan raised $120 million rounds, as digital payments gateway MFS Africa gained $100 million. It is also poised for greater growth as the adoption of lending, digital payments, banking and insurance services grows. . Deals by stage in Africa over the years. Image Credits: Briter Bridges.
Last week, Nigerian digital bank Carbon introduced Carbon Zero , a product that lets customers purchase electronics and gadgets while paying in small installments at a 0% interest rate. The company started in 2012 as a digital lender. Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 2019.
She notes, "It doesn't specifically talk about open content, but discusses online and offline content income models in depth, with numbers." Election observers across Nigeria will be using mobile phones to text officials if they spot irregularities during Saturday's election. Check out Greenlight Nigeria and Mobile Monitors.
Beth is an expert in facilitating online and offline peer learning, curriculum development based on traditional adult learning theory and other instructional approaches. In some ways, Generation Z are extreme versions of Millennials, particularly because they are the first generation to be born into a digital lifestyle.
Nigeria remains a largely cash-dominated country. Today, Bankly , a Nigerian fintech startup digitizing cash for the unbanked, announced that it has closed a $2 million seed round. In the absence of a banking system nearby or a disregard for one, the unbanked resort to these traditional systems because they work completely offline.
ULesson , an edtech startup based in Nigeria that sells digital curriculum to students through SD cards, has raised $7.5 It opens up the world for us to do all kinds of really amazing things we’ve wanted to do in the world of edtech that you can’t do in a strictly offline sense,” the founder added.
While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely. The platform helps online and offline merchants to accept payments from their customers via several products and solutions. million Series A round. In July 2020, Paymob raised $3.5
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