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Nigerian fintech startup, CredPal, secures more funding from Cairo Angels syndicate

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A Nigerian fintech startup, CredPal, has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund, to expand its “buy now, pay later” incentive to customers.

Launched in 2018 by the duo of Fehintolu Olaogun and Olorunfemi Jegede, CredPal has placed itself as one of Nigeria’s most preferred consumer credit platform that gives buyers the freedom to “buy now and pay later” and helps merchants acquire more customers to increase their sales.

According to Disrupt Africa, the Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, with the company announcing in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and to scale across Africa.

While speaking on the new funding, Olaogun said:

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit.

“My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together.”

The Cairo Angels is Egypt’s first formal network of angel investors, and since its formation has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.

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Tanzania’s horticultural industry gets $2.1m grant from TradeMark Africa to boost market expansion

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The Tanzanian horticultural industry has recieved a grant of $2.1 million from TradeMark Africa to enable it boost its market expansion.

According to TradeMark Africa’s Regional Director for East and Central Africa, Ms. Monica Hangi, the Tanzania Horticultural Association (TAHA) and TradeMark signed a grant agreement to initiate the Phase II of their collaborative project

“The Phase I of the project which ran from January 2019 to June 2023, yielded tangible results, with 27,854 farmers (35% women, 65% men, and 40% youth) linked to markets, and approximately 50,000 tons of horticultural products worth roughly TZS 42.7 billion (US$18.3 million) sold.

“This second phase, backed by a $2.1 million (Tzs 5.4billion) grant from TMA funded by the Foreign, Commonwealth & Development Office (FCDO), Norway, and Ireland, spans three years and focuses on advancing market access, promoting sustainable trade practices, and empowering local farmers in the horticultural industry,” she said in a statement on Wednesday.

Hangi noted that despite notable successes recorded with the first phase, the sector continues to face substantial challenges, including limited financing access, climate change impacts, and inadequate market information, which could hinder growth.

“These challenges necessitate a united approach from both the government and private sector, incorporating policy support, research and development investment, and development sector initiatives aimed at improving market and credit access for farmers,” she said.

She added that the grant highlighted the significance of supporting the horticultural sector, particularly in mitigating unemployment among youth and women.

“Our commitment through this substantial grant is to upscale production, increase export volumes, and, consequently, job opportunities, thereby reinforcing Tanzania’s standing in the global horticultural market,” said Hangi

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Civil society group says planned online regulation under IBA Act, an affront on media freedom (Video)

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Chapter One Foundation Executive Director, Linda Kasonde, says the planned online regulation under the new Independent Broadcasting Authority (IBA) Act is an affront to media freedom and freedom of expression.

Kasonde said most of the countries which have regulations in place for online content like Podcasts are well known for dictatorship type of governance.

She said this during the Foundation’s public forum on the IBA Act titled the new IBA Act: “Are media freedoms under threat” in Lusaka on Friday evening.

“It’s worthy listing the countries that regulate online broadcasting and these area as follows China, Eriteria, Cuba, Iran, North Korea, Belarus, Burma and Tagministan and if you pay attention to this list you will notice that these are well established dictatorship,” Kasonde stated.

She urged government not to join such countries which do not respect freedom of expression and in the end deny people access to the right information.

She added that the Cyber Security Act also aggravated the situation in Zambia of inhibiting democratic values and media freedoms.

Kasonde advised that government should not create unnecessary barriers to information that would inhibit the market place to ideas from freely being allowed to flow.

“So if Zambia does decide to enact the new IBA Act what would be the potential consequences to freedom of expression in our country,” she asked.

Kasonde noted that with the existing IBA Act, the country had seen the law weaponised and used to shut down private or independent broadcasters such as Prime TV, Komboni Radio and KBN News.

She said the proposal on regulating public broadcasters which had been getting away with a number of issues as a result of politics was welcome and would be supported and not the regulation of online broadcast.

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