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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.

Tech

Kenyan music streaming platform, Mdundo, reports 290% user growth since 2020 IPO

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Foremost Kenyan music streaming platform, Mdundo, says it has recorded a whopping 290 percent user growth which has taken it to a 20 million mark since going public in 2020.

Mdundo which was launched in 2023, provides access to the continent’s hottest music to users in 15 countries in Sub-Saharan Africa, with millions monthly downloads and streams via its website and app.

According to Disrupt Africa, the company got listed on the Nasdaq First North Growth Market Denmark in 2020 following an over-subscribed pre-sale period that raised $6.4 million at the time in a bid to solidify its leading position in the pan-African music market.

Since then, it has grown the number of monthly active users by 290 percent from five million to almost 20 million, with revenue growing by approximately 340 percent over the same period.

Mdundo CEO Martin Nielsen, in a statement on Thursday, said the platform is also planning to focus more deeply on the five biggest music markets in Sub-Saharan Africa which include Nigeria, South Africa, Kenya, Tanzania and Ghana.

“Our growth strategy in the last two years has paid off with strong user growth and consistent revenue growth across our core markets. Looking forward towards 2025, we will continue focusing on aggressive growth in users and revenue but with an increased focus on driving value per user and we expect a positive EBITDA by 2025,” Nielsen said.

“Our focus will remain on user and revenue growth and we expect to grow our revenues by approximately 100 per cent from this year to the year ending June 2023,” he added.

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Nigerian fintech, Moove, secures $20 million credit from British International Investment

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Nigerian mobility fintech startup, Moove has made significant moves with its capital as it has secured a $20 million four-year structured credit.

The tech company received the credit from the British International Investment (BII), the UK government’s development finance institution.

The investment was announced at a business reception in Lagos co-hosted by the British high commissioner in Nigeria.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”  Catriona Laing said.

BII’s Chief Executive Officer, Nick O’Donohoe, while speaking on the rationale behind the move said “in Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.” O’Donohoe concluded.

Moove, according to information on its official website, was founded in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing. It was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa.

Moove raised $23 million in 2021 to scale rapidly across the continent.

The tech company is raising its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.

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