Tech

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

Published

2 years ago

June 30, 2022

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.

Tech

Kenya’s startup BuuPass partners with GiftPesa to launch digital travel vouchers

Published

1 day ago

November 23, 2024

Isaac Dachen

Kenyan digital ticketing and transportation management solutions startup, BuuPass, has entered into a partnership with fintech company, GiftPesa, to introduce digital travel vouchers ahead of the holiday season.

In a statement by BuuPass cofounder and CEO, Sonia Kabra, the move will offer a more flexible and convenient way for Kenyans to manage and gift travel arrangements during the bustling holiday period.

“We’ve noticed a growing demand for digital solutions in the travel industry, especially during peak periods like the holiday season,” said Kabra.

“This partnership with GiftPesa enhances the travel experience for our customers, offering them a convenient way to send travel tickets as gifts and have a safety net for unconfirmed travel dates.

“Unlike traditional paper vouchers that can expire or get lost, GiftPesa vouchers are valid for 12 months and can be redeemed in parts at over 3,000 outlets across the country.

“This flexibility allows recipients to use the vouchers for multiple trips or select their preferred destination, making travel more accessible,” she added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a leading B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

GiftPesa, on the other hand, is a fintech startup that provides businesses and individuals with a platform for creating digital vouchers.

The partnership between the two companies will introduce digital travel vouchers, helping users manage and gift travel arrangements during the bustling holiday period.

Tech

Ghana partners with The Gambia to provide free roaming services

Published

3 days ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.