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Nigerian fintech, FastaMoni launches school fee payments platform, EduPali

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Nigeria’s fintech startup, FastaMoni Technologies has launched an online school fees payment platform known as EduPali which is “designed to tackle the significant challenges posed by high education costs and limited access to education in Africa,” the fintech said in a statement on its website.

The statement noted that the
EduPali platform would provide a digital payment solution that would streamline school fee payments which would benefit educational institutions, students and their parents and guardians.

Co-founder and CEO of FastaMoni, Adetola Adele, who spoke on the launch of the platform, said the focus was on “optimising payment processes by ensuring affordability and flexibility for parents.”

“We provide various payment options, including split payments for low-income families and one-off payments for families with moderate income levels.

“By facilitating these flexible payment options, we aim to increase compliance rates and enable more families to afford their children’s education,” Adele said.

He added that EduPali also offered credit facilities to schools, as well as empowering them to efficiently manage their operations and ensure smooth functioning.

“Our platform also incorporates an AI system that enhances community engagement and helps mitigate fraudulent practices, such as cross-carpeting between schools on our platform,” Adele added.

He opined that since the launch of the platform, it had “onboarded more than 100 schools, catering to a student population exceeding 20,000,” while the startup was also in the process of raising $500,000 pre-seed funding round to scale up its operations.

“By securing these investments, we will further strengthen our financial resources, enabling us to expand our operations and advance our mission of providing innovative financial solutions for the education sector,” Adele said.

Tech

Bolt invests $107m in Nigeria to boost safety standards

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Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

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Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

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Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

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