Tech

Egypt’s MaxAB completes landmark merger with Kenya’s Wasoko group

Published

3 months ago

August 28, 2024

Two of Africa’s B2B e-commerce companies, Egypt’s MaxAB and Kenya’s Wasoko, have wrapped up a tech merger following the signing of preliminary terms in Q4 2023.

Wasako, formerly known as Sokowatch, had in March 2022 closed a $125 million Series B equity round which enabled retailers to restock products for their businesses at any time via mobile app with free same-day delivery, and is accessed across Kenya, Tanzania, Rwanda, Uganda, Zambia and the Democratic Republic of Congo (DRC).

On its part, MaxAB, which creates a market for local underserved merchants and mom-and-pop shops in Egypt and Morocco to grow, increase their revenues and enhance their own quality of life, had closed its own $40m Series B equity round in October 2022.

The merger talks had been ongoing since December’s amid challenging times for fundraising in Africa and with the final closure, the two companies say they are announcing and by the “merger-of-equals”, which they said would bolster the growth and development of the pair to establish the most successful digital retail platform on the continent.

A joint statement issued on Wednesday states that the landmark deal has now been completed.

“Conducted as an all-stock transaction, it establishes a truly pan-African platform for communities to access essential digital and physical goods, marking Wasoko and MaxAB’s evoluty yayion from B2B e-commerce companies to a multi-vertical ecosystem for Africa’s US$600 billion informal retail sector.

“Leveraging Wasoko and MaxAB’s extensive, hyper-localised online and offline expertise across Kenya, Tanzania, Rwanda, Egypt and Morocco, the newly-formed entity boasts the continent’s largest network of B2B informal retailers of more than 450,000 merchants, connected to more than 65 million consumers.

“The two companies have successfully integrated their tech stacks and operations, with the combined company’s unrivalled retailer network and offerings enabling the launch of new business units beyond e-commerce and the development of AI systems.

“Building on burgeoning trade ties between North and East Africa, this deal unifies the leading B2B players in both regions, establishing an unmatched platform for serving communities across the continent. Through our integrated technology stack, our expanded Pan-African reach uniquely positions us to offer the best products and services from across Africa at maximum accessibility and affordability, supercharging our growth beyond what either company could achieve independently.

“This merger proves that massive, world-class tech companies can be built in Africa for Africa. As first-movers, we fully embrace our responsibility to drive the development of a mature and thriving ecosystem, building foundational infrastructure that will empower future companies to fully unlock Africa’s vast economic potential in years to come.”

Related Topics:Featured MaxAB Merger Tech Wasako

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

10 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

1 day 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.