Tech

Nigeria’s online loan platform Veend repositions to provide on-demand access to cash

Published

3 months ago

February 7, 2024

Nigeria’s online loan startup, Veend, has announced its intention to reposition its services to provide on-demand access to finance for emergency or working capital purposes to borrowers with verifiable income.

Co-founder and CEO, Olufemi Olanipekun, who made the announcement on Tuesday, said the company which came on board in 2021 was upgrading its services which included “providing instant loans online, meeting urgent personal needs with quick cash loans in less than five minutes without collateral” for customers.

“Our biggest customer group are Nigerian civil servants who are married with children, and barely earn enough to keep up with their household expenses,” Olanipekun said.

“So they set up side businesses like farms and bakeries, and some of them sell construction materials so they can earn more money to afford the necessities of their household.”

“For this customer group, Veend provides on-demand access to funds via USSD, mobile app, credit-enabled cards, and website.”

“Credit penetration is still low in Africa and is currently at 13 per cent in Nigeria. Though it is easy to lend, the problem that has prevented credit from growing sustainably is the problem of defaults.”

“We are taking another approach by educating consumers on how to be a responsible borrower and how to manage their finances, and we are providing tools to help them earn more.”

“Our model differs from that of the competition because we can access alternative data after getting consent from the customer and deduct repayment directly from the customer’s income source,” Olanipekun said.

“This approach allows us to maintain a low default rate. We also do not harass our customers if they default. We know life happens sometimes. Instead, we help them by recommending how they can restructure their finances to suit their new situation,” he added.

Related Topics:Featured Online Loans Veend

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Tech

RepAir, Cella partner to launch carbon capture in Kenya

Published

2 days ago

April 27, 2024

Akanimoh Etim

Global Direct Air Capture (DAC) firm, RepAir, has entered into a partnership with carbon storage technology company, Cella, to launch a first-of-its-kind innovative Carbon Capture and Storage venture in Kenya.

In a statement on its website on Friday, RepAir said the venture will see a replication of its “cultivating partnerships” with storage firms in Europe, U.S. and Africa.

“This storage agreement will streamline the sale of high-quality carbon credits to off-takers, enabling corporations to meet evolving ESG standards, manage offsets and advance towards net zero goals,” the statement issued by RePAir CEO, Amir Amir Shiner, stated.

“Our solution sets a new standard, requiring only 600 kWh per ton of CO2 captured, marking the lowest energy consumption on the market.

“This agreement is perfectly aligned with the launch of our commercial demonstrator in 2025, empowering RepAir to offer high-quality carbon credits to our customers.

“It will see to the establishment of a storage partnership with Cella aimed at creating dedicated value chains for extracting CO2 from the atmosphere and permanently storing it underground through in-situ mineralization.

Corey Pattison, CEO, Cella, who also issued a statement on the partnership, said “by partnering with Cella at our first demonstration site, RepAir can capitalize on two critical resources: the potential for truly permanent, highly verifiable carbon storage via mineralization combined with Kenya’s abundant renewable energy sources.

“Together these resources provide a comprehensive solution for capturing and storing CO2 for off-takers. This collaboration represents an extraordinary opportunity to nurture mutual growth.”

Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

3 days 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.