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Google announces 10 African startups for its accelerator programs

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Ten startups have been chosen by Google for its three-month virtual Africa Accelerator Program, which aims to help African startups use technology to address some of the most critical problems facing the region.

After reviewing close to 1,000 applications, the startups from Ghana, Kenya, Nigeria, South Africa, and Uganda were chosen, demonstrating exceptional talent and inventiveness within the African tech community.

The dominant search engine stated in a statement on Wednesday that African startups are essential to the continent’s technical advancement and economic growth.

According to Google, these firms are improving living conditions all around the continent and generating jobs at the same time by providing customized solutions to local problems.

As investment flows have slowed due to the present “funding winter” in Sub-Saharan Africa, the IT company stated that the tenacity and inventiveness of African entrepreneurs still shine.

“Since its inception in 2018, the Google for Startups Accelerator Africa program has supported 106 startups from 17 African countries.

“These startups have collectively raised over $263m and created more than 2,800 direct jobs, showcasing the program’s substantial impact on the African tech landscape,” the technology multinational stated.

The emphasis on artificial intelligence in this year’s cohort underscores the growing significance of cutting-edge technologies in tackling Africa’s most critical issues.

The eighth cohort of the Google for Startups Accelerator Africa program is a pleasure to welcome, according to Folarin Aiyegbusi, Head of Startups Programs for Google in Africa.

“These startups represent the future of African innovation, harnessing the power of technology to solve real-world problems and uplift their communities. We are committed to supporting these founders by providing them with the resources and mentorship they need to succeed and scale their solutions.”

The Google for Startups Accelerator Africa: Class 8 includes

CDIAL AI (Nigeria): Transforming multilingual communication across Africa with the power of artificial and collective intelligence.

Earthbond (Nigeria): Lighting up homes and businesses across Africa with affordable, reliable energy solutions, bolstered by carbon accounting and development finance.

Fixxr (South Africa): Putting car owners and businesses in the driver’s seat with transparent and convenient on-location vehicle maintenance and repair services.

Lifesten Health (Rwanda): Innovating health and wellness through cutting-edge screening and incentive-based programs focused on physical, mental, and nutritional health.

MyAIFactchecker (Nigeria): Equipping users with an AI-powered tool to combat misinformation and promote informed decision-making through fact-checking.

Nakili (Kenya): Bringing salons, barbershops, and spas into the digital age with a mobile-based app for streamlined management and enhanced customer experiences.

NextCounsel (Nigeria): Supercharging lawyer productivity with an AI-powered tool for contract management, solicitor engagement, compliance, and more.

Nobuk Africa (Kenya): Simplifying financial management for groups and collectives across Africa with a seamless platform for collecting funds, reconciling payments, and generating reports.

Rana Energy (Nigeria): Providing clean, reliable energy solutions to SMEs and communities through a data-driven ecosystem.

Triply (Kenya): Building Africa’s travel operating system, connecting travellers with seamless booking experiences and travel businesses with powerful management tools.

The ten startups will take part in a structured program from July 29 to September 20, 2024, to support their growth. According to Google, these firms will gain direct access to the knowledge of seasoned business owners and mentors who have completed the startup journey.

“They will engage in technical workshops to refine their products, hone their business strategies, and strengthen their leadership skills. The program will also prepare them to secure follow-on funding from Google’s global network of investors,” the statement highlighted.

In their quest to scale their solutions and make a bigger impact, these entrepreneurs’ enrollment in the accelerator program represents a critical milestone.

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Nigerian fintech PalmPay launches USSD Service for users without internet connection

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Nigerian payment fintech startup, PalmPay, has announced the launch of its USSD code aimed at offering additional service to Nigerians even without internet connectivity.

The new service, according to the Managing Director of PalmPay, Chika Nwosu, the USSD Service is
an additional way for customers to manage their finances without the need for internet connectivity.

“With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones,” Nwosu said in a statement on Monday.

“At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission. Our platform ensures seamless connectivity for our users.” he said.

“In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances.”

Launched in 2019, PalmPay which has been operating under a Mobile Money Operator (MMO) license issued by the Central Bank of Nigeria (CBN), the fintech has pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’.

The MD added that customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents.

“The addition of a USSD access point is designed to further enhance the accessibility and convenience of the platform for consumers in a market where data network outages are common.

Nwosu, further emphasized the company’s commitment to financial inclusion

“PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchant.

“The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.”

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Egyptian fintech Paymob extends Series B funding to $72m as It expands across MENA

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Egypt-based payment fintech, Paymob, has announced successfully raising an additional $22 million in a Series B extension, bringing its total Series B funding to $72 million which will see it pursue its growth strategy at home and in the wider MENA region.

The extension round was led by EBRD Venture Capital with participation from Endeavor Catalyst while existing investors PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures also participated in the round.

Co-founder and CEO of the Paymob, Islam Shawky, who made the announcement, said the extension round follows Paymob’s continued profitability in its core market of Egypt, having recorded 6x revenue growth since the initial Series B funding in Q2 2022.

“We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there.

“This funding will help Paymob to fully capitalize on the momentum in our established markets, as we accelerate our GCC rollout. We remain committed to creating a cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact,” Shawky said.

The payment platform which was founded in 2015 by Shawky, Alain El Hajj and Mostafa Menessy, is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.

According to its profile on its website, the fintech’s omnichannel gateway offers more than 50 payment solutions and empowers close to 350,000 merchants with access to innovative financial services. It has expanded to the United Arab Emirates (UAE), Saudi Arabia and Oman.

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