Tech

Nigerian digital fintech, Umba, acquires Kenya’s microfinance bank

Published

1 year ago

February 11, 2023

Nigeria’s pan-African digital bank, Umba, has launched its operations into the Kenyan market following its acquisition of the eastern African country’s Daraja Microfinance Bank.

Though the acquisition of Kenyan microfinance bank was concluded last year, Umba officially announced its latest operations in the country on Friday after years of success in Nigeria, with an eye on spreading to several African markets.

While making the announcement, Umba CEO, Tiernan Kennedy, said the move will enable the fintech startup to offer full banking services in Kenya, including current accounts insured by the Kenya Deposit Insurance Corporation (KDIC), interest-bearing savings accounts, fixed deposit accounts, lending, and payments.

Founded in 2018 by Irish entrepreneur Kennedy and Barry O’Mahony, Umba offers its customers including individuals ans SMEs the opportunity to interact with banks and mobile money networks, providing a transparent, low-fee service that allows users to take control of their financial lives, Kennedy said.

“Umba users get a no-fee current account, low-cost payments, billpay and loans. The lender leverages the proprietary data generated by customers to offer credit products and generate revenue where customers can receive and repay credit products through their mobile phones,” he said.

“It’s a fantastic opportunity we have been given to bring Umba to the Kenyan market.”

“It’s been an extremely challenging and lengthy process to make this acquisition but the ability to stand on our own two feet and grow the bank into a serious player in the market is absolutely worth it.”

“It is gratifying that Umba has the backing of leading VC investors including Lachy Groom, Lux Capital, Palm Drive Capital, and strategic angels such as Monzo founder Tom Blomfield and executives from NuBank,” he added.

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Tech

African Union, Google Africa launch campaign to celebrate creative economy

Published

1 day ago

May 3, 2024

Akanimoh Etim

The African Union has entered a partnership with Google Africa aimed at celebrating the continent’s thriving creative economy which has “fueled innovation, create jobs, and economic growth across Africa.”

Addy Awofisayo, Head of Music for Sub-Saharan Africa, who announced the collaboration, said Google Africa, having recognized this potential, decided to team up with the African Union to launch the #DiscoverMyAfrica Shorts Challenge, a month-long campaign of the continent’s rich diversity, heritage, and vibrant spirit.

“In celebration of Africa Month, YouTube creators across Africa are invited to share short videos capturing their unique perspectives using the #DiscoverMyAfrica hashtag,” Awofisayo said.

“The challenge encourages them to showcase various facets of African life, from music and art to food, fashion, and local landmarks.

“It will be a curated playlist of African-inspired music on YouTube Music that will fuel inspiration and accompanies these creative expressions.

“This initiative goes beyond celebration. #DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally.

“By providing a platform for African voices, the challenge fosters cultural exchange and positions Africa as a hub of creative energy.

“It’s about unlocking the vibrant future of Africa’s creative landscape, aligning with the vision of a digitally-enabled Africa harnessing its cultural wealth for economic growth and social progress.

“YouTube is committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Awofisayo.

He added that the “initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

The #DiscoverMyAfrica Challenge is part of the African Union’s collaborative effort in driving innovation through strategic partnership with Google, through the Office of the Youth Envoy, Make Africa Digital (MAD) initiative.

The MAD initiative is implemented under the African Union’s Digital Transformation Strategy 2020-2030 which envisions an “integrated and inclusive digital society and economy in Africa that improves the quality of life of Africa’s citizens.

Tech

Nigeria’s food delivery startup Chowdeck raises $2.5m to optimise operations

Published

2 days ago

May 2, 2024

Akanimoh Etim

Nigeria’s on-demand food delivery startup, Chowdeck, has announced securing the sum of $2.5 million in seed funding that will enable it optimise operations and support its expansion plans into more cities across the country.

Femi Aluko, the CEO and co-founder of Chowdeck who made the announcement on Thursday, said the funds which came from investors including Y Combinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds and Haleakala Ventures, will will enable the startup to double down on its market leadership in the cities they are already operating in as well as lay the groundwork for further expansion into other Nigerian cities.

“We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire,” Aluko said.

“Chowdeck was birthed to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors and riders.

“We are pleased with the success we have achieved to date and excited to have raised these funds that will enable us to replicate that success in more parts of Nigeria, and add value to our customers, vendors, and riders in as many ways as we can,” Aluko added.

Chowdeck which was launched in Lagos in October 2021, allows customers to order meals from a variety of restaurants and have them delivered to their doorstep within 30 minutes.

A participant in the Y Combinator accelerator in 2022, Chowdeck has acquired more than 500,000 users and more than 3,000 riders, serving eight Nigerian cities including Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba.