Tech

Nigerian fintech Carbon acquires Vella Finance

Published

2 months ago

February 19, 2024

Nigerian fintech, Carbon, has announced the acquisition of struggling fintech, Vella Finance, through its parent company, One Credit Limited.

Co-founder and CEO of Carbon, Chijioke Dozie, who made the announcement in a statement, also announced a launch of a “groundbreaking AI-powered business banking platform.”

“Carbon spearheaded the consumer finance revolution in Nigeria in 2016. Our goal was to give consumers unprecedented access to finance from their mobile devices,” said Dozie.

“Since then we have provided some loans to SMEs but not in a manner that meets our standards or the customers’ expectations. We have known the Vella Finance team for some time and admired their innovation and understanding of the market needs.

“We saw in them the same innovative and pioneering spirit that ignited Carbon. They had built an SME platform that we believe is unrivaled in the market and given our aspirations, the deal was a no-brainer.”

On his part, Mark Afolabi, co-founder and CEO of Vella Finance, who welcomed the deal, said it was “exciting news” for businesses.

“We are thrilled to join forces with Carbon. These are trying times for businesses in Nigeria and by joining forces, we can provide businesses a platform that provides AI driven insights into their transactions, low-cost accessible loans and the power of A.I models built into the platform to help with any business challenge,” he said

Carbon is one of Nigeria’s leading while Vella enables borderless transfers and remittances across the world powered by cryptocurrency.

Related Topics:Carbon Featured fintech Vella Finance

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Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

18 hours ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.

Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

2 days ago

April 25, 2024

Akanimoh Etim

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”