Tech

Nigeria’s mobility startup, Mecho Autotech raises $2.4m for wholesale spare parts distribution

Published

1 year ago

September 14, 2023

Nigeria-based mobility startup, Mecho Autotech, has announced securing $2.4m in venture funds which will see it expand its wholesale spare parts distribution business.

The startup, in a statement on Thursday, said it successfully closed the pre-Series A investment round with Global Brain Corporation leading the funding, with support from Ventures Platform, and Uncovered Fund participating in the funding.

The statement said the company would use the capital to launch a B2B distribution platform for aftermarket spare parts, which accounts for 80% of the value of Nigeria’s $8BN automotive industry.

“In our original business model, our core focus was on vehicle maintenance and repair. But we soon realized a much larger issue—there was an extreme scarcity of high-quality spare parts in the market,” Olusegun Owoade, Mecho Autotech’s CEO/Co-founder said.

He added that the funds would enable the startup to leverage its partnerships with aftermarket spare parts manufacturers in Asia, as well as Mecho’s online market space to allow spare parts vendors and workshop owners buy affordable high-quality spare parts.

“This will prevent stock-outs of high-demand spare parts like tires, suspension parts, brakes, and batteries,” he said.

“In partnership with local banks, Mecho will also offer credit up to N10 million to automotive supply chain players, including inventory financing (vendors), working capital (workshop owners), and financing for vehicle maintenance and parts procurement (corporate fleet owners).”

“Spare parts vendors face frequent stockouts and struggle to access inventory financing. In our marketplace, vendors can source inventory from leading aftermarket spare parts manufacturers and access credit.”

“By solving for spare parts stockouts, we can help solve one of the biggest problems in our industry,” Owoade added.

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

17 hours 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.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

2 days ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.