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Mastercard announces winners of 2024 Women SME Leaders Awards

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Mastercard has announced the winners of the third edition of its Women SME Leaders Awards which celebrates the achievements of women-owned and led businesses across diverse sectors in the Eastern Europe, Middle East and Africa (EEMEA) region.

The winners included women entrepreneurs from Egypt, Namibia, South Africa, Tanzania, Turkey, Lithuania, UAE and Ukraine

The Mastercard Women SME Leaders Awards which was launched in 2022, is the first initiative of its kind to recognize outstanding female entrepreneurs shaping the future of the region, according to Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

“At Mastercard, we believe when we support women entrepreneurs, we are not only supporting the economy but also their desire to solve real needs,” Ajmal said while announcing the winners of the award.

“That’s why we are committed to creating an enabling environment for women to fulfil their potential as business leaders. The Mastercard Women SME Leaders Awards is an integral part of our women’s empowerment journey.

“This initiative helps us generate momentum so we can continue to uplift the most impactful women changemakers,” Ajmal stated.

He added that this year’s edition of the awards was “open to all women owning or leading businesses with a turnover under $13.6 million and 6-50 employees that have their offices or offer their services in the EEMEA region.”

The Women SME Leaders Awards 2024 jury included Mastercard’s Ajmal, Tamara Pupic, Managing Editor, Entrepreneur Middle East, and Nezha Alaoui, Founder and CEO, Women Choice.

“The Women SME Leaders Awards aligns with Mastercard’s global pledge to connect 25 million women entrepreneurs to the digital economy by 2025 as part of its efforts to build a more sustainable and inclusive world,” Amjal said.

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Kenya’s auto-tech startup BuuPass expands system to new operators

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Kenyan auto-tech startup, BuuPass, has announced the expansion of its Bus Management System (BMS) to new operators in a bid to further enhance transparency and operational efficiency for bus companies in the country.

Founded in 2016 by the duo of Sonia Kabra and Wyclife Omondi, BuuPass has grown from a B2B2C mobility marketplace to become a leader in digital ticketing and transportation management solutions that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

“What we are witnessing is nothing short of a digital renaissance in bus operations. Our Bus Management Service isn’t just a tool—it’s the future of this industry,” said Kabra, who doubles as the CEO of the company.

“So far, BuuPass has sold over 16 million travel tickets and generated over US$100 million in total value of goods sold, while it has also taken part in the Google for Startups Accelerator Africa and been backed by the Google for Startups Black Founders Fund. It also acquired counterpart QuickPass earlier this year.

“The BuuPass BMS is designed to address the most pressing challenges faced by bus operators. At its core, the system enhances transparency and control by providing real-time visibility into all aspects of operations, from ticket sales to route performance.

“Among the newly enrolled operators are Abuya, Abandu, Shoreline, and Bin Ibrahim, serving crucial routes such as Nairobi-Garissa, Nairobi-Moyale, Nairobi-Busia, Mombasa-Busia, and Mombasa-Kitui.

“To ensure smooth integration, BuuPass provides these operators with scanning devices, computers, and digital printers, along with comprehensive training for their staff on system usage,” she said.

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Tanzanian fintech Nala secures $40m funding to boost expansion

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Tanzanian payments platform, Nala, has announced securing $40 million in Series A funding from several global investment firms such as San Francisco-based VC firm, Acrew Capital, DST Global and Amplo, as well as other angel investors, which it says will be used for its global expansion and to strengthen its payment systems across Africa.

The startup which has its headquarters in Kenya, is a fintech that enables seamless money transfers from the UK, US, and the EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Nala’s founder and CEO, Benjamin Fernandes, who announced the new funding in a statement, said it is coming on the heels of a $10 million seed round in 2022 and will further improve the reliability of its African payment systems by establishing its own payment infrastructure.

Fernandes highlighted how the new capital would fast-track the company’s global expansion efforts, focusing on its Nala Money App and its business-to-business (B2B) payment platform, Rafiki API.

“This funding allows us to go beyond remittances and scale beyond Africa, building a comprehensive payments ecosystem. We’re reinvesting to enhance our infrastructure, ensuring affordable, reliable payments for everyone,” Fernandes said.

“With our own payment rails and the growth of our B2B platform Rafiki, we’re not just talking about change – we’re building it. We have bold, ambitious plans, so stay tuned for the next couple of years.

“For the first time, we are profitable and cash flow positive. Our transaction volume has surged 34 times over the last 20 months,” he added.

He noted that the company has expanded from a seven-member team to nearly 100 employees, and is serving nearly 500,000 customers globally.

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