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Rwanda: CcHUB, Google, Mojaloop Foundation announce 9 Startups for Fintech Incubation Programme

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Organizers of the Fintech Incubation Programme, Co-Creation Hub, Google, Rwanda’s Ministry of ICT and Innovation, and Mojaloop Foundation have announced the nine startups selected for the programme.

This first cohort of the program will conclude with a demo day in July 2022 where the startups will present to investors through the CcHUB syndicate.

CcHUB vowed to support the teams to achieve product stability and scalability, market readiness, and investment. They will be able to leverage mentorship from industry and domain experts while taking advantage of Google products and Mojaloop.

CcHUB, which announced a partnership with tech-giant Google last December is Nigeria’s first pre-incubation space designed to be a multi-functional, multi-purpose space where work to drive creative social tech ventures takes place.

The HUB is a place for technologists, social entrepreneurs, government, tech companies, impact investors, and hackers in and around Lagos to co-create new solutions to the many social problems in Nigeria.

The incubation programme is a part of the ongoing efforts to turn Rwanda into the Fintech hub for Africa with Mojaloop as the national payments switch. The programme aligns with Rwanda’s ambition to drive inclusive economic development by leveraging technology.

The nine start-ups selected to join the programme are:

KudiBooks; is a payment and accounting software for non-finance and non-accounting professionals targeting SMEs across Africa. They help users send and receive payments from their preferred financial institution within Kudibooks.

Food Bundles; is leveraging digital technology to improve market links for smallholder farmers and meet the growing demand for fresh food produce. The platform helps farmers participate in e-commerce, get paid on their mobile money, and more!

Quiqpay; is leveraging digital technology to improve market links for smallholder farmers and meet the growing demand for fresh food produce. The platform helps farmers participate in e-commerce, get paid on their mobile money, and more!

Bafana.io; This amazing startup is giving over 1200 African artists and creatives a personal page where they can easily share their work and a digital wallet to collect tips/payments from their fans around the world.

Uplus Mutual Partners (Uplus); is a digital group financing platform where people can efficiently raise funds and savings with their family, friends, and colleagues.

PesaChoice; is a financial technology company that focuses on data-based lending. The startup offers short term loans without the requirement of collateral.

CentWise; aims to unlock financial access for micro traders such as street vendors and hawkers by building alternative collateral products. The company converts financial data into bankable profile insights.

PayingTone; is a marketplace that provides ecologically trackable products and services on credit. The platform brings a digital product passport technology to enable a gamified ecological footprint tracker for recurring consumption customers.

Exuus; is a FinTech company working towards achieving universal financial inclusion for both the unserved and underserved through technology. The company’s flagship product SAVE is a digital & inclusive wallet that allows users to manage both their savings (individually and/or in saving groups) and spendings.

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Ex-Jumia executives set to launch new e-commerce platform, Kapu

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A couple of former executives of e-commerce giant, Jumia, have teamed up to float a new company to be known as Kapu which will be launched next week in Kenya.

In a statement on Friday, leader of the team, Sam Chappatte, who was Jumia’s CEO before leaving the firm in November last year, the new e-commerce platform which will be launched in the east African country before expanding to other countries on the continent.

Other top former Jumia executives who have teamed up with Chappatte who is the founder and CEO of Kapu include Cyrus Onyiego who served as Jumia Travel MD and Jumia Food COO, who is now Kapu’s COO, as well as Stanislas Barth, ex-Jumia Head of Offline Sales who will serve as Head of Supply and Marketing at Kapu.

The new platform, according to Chappatte, is coming at a time Kenya continues to record steady growth in e-commerce.

“According to statistics, e-commerce user penetration is above the regional average, with revenues expected to have a positive annual average growth of 16.4% by 2025.

“With revenue of US$1.1 billion and a share of 76.1%, e-commerce generated the highest digital revenues in 2020. Kenya is also ranked among the top drivers of e-commerce volumes in Sub-Saharan Africa,” he said.

“Just last year, a report by digital payments firm, Visa, revealed that the country’s e-commerce transactions are mainly driven by cross-border merchants.

“This means two things, firstly there is potential for the local e-commerce market to develop, and a need to examine if sufficient acquiring infrastructure exists domestically to enable these players.

‘The growth is driven by both digital payments and cash-on-delivery showing the potential to convert more customers to digital payments through CNP, such as card-on-file and CP SoftPOS or mPOS activities,” he added.

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Kenyan smartphone reseller startup, Badili Africa, secures $2.1m funding to scale up operations

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Kenyan smartphone reseller startup, Badili Africa, has secured $2 1 million in pre-seed funding to enable it scale up its operations beyond its country of origin.

Founded in March 2022 by the duo of Rishabh Lawania and Keshu Dubey, Badili enables customers to trade in their old phones for new ones at friendly prices, according to Lawania who is the CEO of the company.

The seed finding was led by Venture Catalysts, V&R Africa, Grenfell holdings and SOSV with participation from family offices and angel investors from Kenya, Nigeria, South Africa and India, Lawania said in a statement on Friday.

“We are launching in Uganda and Tanzania and have established strong partnerships with original equipment manufacturers (OEMs).

“Within the next six months, we will be expanding to a few West African markets to get our foot in the door of some of the major markets in Africa,” he said.

“We are a young startup but since our launch in March this year, we have expanded to over 37 towns in Kenya with about $2M in annual revenue.

“The seed funds are meant for the expansion of our operations across the continent which is one of the fastest growing in the world,” he added.

According to its website, Badili Africa has a platform where sellers express interest to sell their phones and then get an evaluation and a quote before determining the final price.

The company then refurbishes and repackages the phones before selling them with a one-year warranty.

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