Connect with us

Tech

Uncap VC earmarks $33m to empower early-stage African SMEs

Published

on

Kenya’s Venture Capital firm, Uncap, has announced earmarking a whopping $33 million fund aimed at fostering the growth of early-stage small and medium-sized enterprises (SMEs) across Africa.

Uncap CEO, Franziska Reh, who made the announcement on a statement, said the firm will collaborate with key partners to unlock new growth opportunities for African businesses.

She stated that the fund presents a “unique non-dilutive, revenue-based financing model that provides crucial support to early-stage businesses without requiring equity stakes.”

“These partnerships include O-Farms, a circular agriculture program run by Bopinc and funded by the Ikea Foundation, and SAIS, an agritech initiative supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ.

“The fund has garnered support from global institutions, including the Bill & Melinda Gates Foundation and the Bayer Foundation. This backing underscores the potential impact of Uncap’s innovative approach to SME financing in Africa.”

“This initiative by Uncap represents a significant step towards addressing the financing challenges faced by African SMEs. By offering a flexible, non-dilutive funding model, the fund aims to empower entrepreneurs to grow their businesses while retaining control.

“As Africa’s SME sector continues to evolve, innovative financing solutions like Unconventional Capital could play a crucial role in driving economic growth and development across the continent,” Reh added.

Uncap’s track record includes investments in 87 companies across seven sub-Saharan African countries with their portfolio spanning eight sectors, including agriculture, education, food and beverages, media and entertainment.

According to the CEO, to qualify for funding, intending SMEs must be registered limited companies in Kenya, Rwanda, Uganda, or Nigeria and should have at least two years of operational history and a minimum revenue of $89,000 in the past 12 months.

Tech

Kenya’s startup BuuPass partners with GiftPesa to launch digital travel vouchers

Published

on

Kenyan digital ticketing and transportation management solutions startup, BuuPass, has entered into a partnership with fintech company, GiftPesa, to introduce digital travel vouchers ahead of the holiday season.

In a statement by BuuPass cofounder and CEO, Sonia Kabra, the move will offer a more flexible and convenient way for Kenyans to manage and gift travel arrangements during the bustling holiday period.

“We’ve noticed a growing demand for digital solutions in the travel industry, especially during peak periods like the holiday season,” said Kabra.

“This partnership with GiftPesa enhances the travel experience for our customers, offering them a convenient way to send travel tickets as gifts and have a safety net for unconfirmed travel dates.

“Unlike traditional paper vouchers that can expire or get lost, GiftPesa vouchers are valid for 12 months and can be redeemed in parts at over 3,000 outlets across the country.

“This flexibility allows recipients to use the vouchers for multiple trips or select their preferred destination, making travel more accessible,” she added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a leading B2B2C mobility marketplace 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.

GiftPesa, on the other hand, is a fintech startup that provides businesses and individuals with a platform for creating digital vouchers.

The partnership between the two companies will introduce digital travel vouchers, helping users manage and gift travel arrangements during the bustling holiday period.

Continue Reading

Tech

Ghana partners with The Gambia to provide free roaming services

Published

on

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.

Continue Reading

EDITOR’S PICK

Culture11 hours ago

South African DJ Black Coffee bags World’s Best DJ 2024

South African disc jockey, DJ Black Coffee, has been named the World’s Best DJ 2024 at the Golden Moon Awards....

Sports12 hours ago

Wafcon 2024 draw throws up interesting pairings

The draw for the 2024 Women’s Africa Cup of Nations (Wafcon) holding in Morocco from July 5 to 26 next...

Metro12 hours ago

Zambian govt successfully repatriates trafficked toddler from Mozambique

The Zambian government has announced the successful repatriation of a one-year-eight-month-old child who was trafficked to Mozambique. Making the announcement...

Metro15 hours ago

Finland-based Nigerians in panic as authorities search for Simon Ekpa’s sponsors

Some Nigerians based in Finland have been thrown into panic mode following the arrest and detention of the self-styled Prime...

Politics17 hours ago

Mauritius’ Prime Minister to double as Finance Minister

In an effort to maintain a tight eye on the economy, Mauritius’ Prime Minister, Navin Ramgoolam, who took office this...

VenturesNow2 days ago

IMF mission concludes 4th loan program assessment in Egypt

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had...

Politics2 days ago

Mali’s junta names spokesman Abdoulaye Maiga new Prime Minister

A day after dismissing Choguel Maiga for criticising the government, Mali’s governing junta named its spokesperson, Abdoulaye Maiga, as Prime...

Musings From Abroad2 days ago

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment...

Musings From Abroad2 days ago

China’s Xi meets with Morocco’s Crown Prince

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday. According to Morocco’s MAP, Crown Prince...

Metro2 days ago

65% of Nigerian households lack money for healthy food—Survey

A survey conducted by the National Bureau of Statistics (NBS) has revealed that around 65% of Nigerian households, which is...

Trending