TechPression

Author: Hauwa Ali

  • South African Startup Moya Money Rebrands as Bloo Money

    South African Startup Moya Money Rebrands as Bloo Money

    Bloo Money, formerly Moya Money, has unveiled its vibrant new identity, signalling a fresh chapter in its journey as a South African fintech startup.

    Founded in March 2021 by Thulani Masebenza and Sabica Pardesi, Bloo Money empowers freelancers through its innovative financial app.

    According to the founders, the decision to rebrand was driven by several factors:

    Uniqueness: Bloo Money sought a name that would stand out in the crowded fintech landscape. The shift from Moya Money to Bloo Money reflects the company’s commitment to being distinctive and memorable.

    Read also: Madica launches grant support program for African startups

    Playfulness: The new name is playful, resonating with the creative spirit of many of its customers. Bloo Money aims to inject fun and energy into the financial industry.

    Global Accessibility: With cofounders operating in different continents—Thulani Masebenza in South Africa and Sabica Pardesi in the UK—the name change ensures that Bloo Money can be easily pronounced and recognised worldwide.

    A Core Product with a Fresh Focus

    While the name has changed, Bloo Money’s core product remains steadfast. The company continues to offer a **Freelance Management System (FMS)**, supporting businesses in managing their freelance administration efficiently.

    According to Sabica, the foundational principle behind Bloo Money’s vision is the freelancer’s relationship with money. By providing tools and services that transform how freelancers work and handle their finances, Bloo Money aims to empower this dynamic workforce.

    Innovation, Customer-Centricity, and Differentiation

    The rebranding isn’t just cosmetic; it signifies a renewed commitment to innovation and customer-centric solutions. Bloo Money’s statement emphasises this focus on differentiation and forward-thinking.

    As the fintech industry evolves, Bloo Money stands ready to paint a brighter financial future—one that combines practicality with creativity, all while supporting freelancers across the globe.

    Read also: Three Nigerian students launch healthcare startup for elderly people

    About Bloo Money’s Financial App

    Bloo Money’s financial app empowers freelancers by transforming how they work, handle their finances, and manage their freelance businesses.

    Bloo Money’s core product is its Freelance Management System ( FMS). This system streamlines administrative tasks for freelancers, allowing them to focus on their work without getting bogged down by paperwork.

    The FMS includes invoicing, expense tracking, project management, and client communication. Freelancers can easily create and send professional invoices, track income and expenses, and manage their projects—all within the app.

    Bloo Money’s vision centres around the freelancer’s relationship with money. The app provides tools and resources to help freelancers make informed financial decisions.

    Users can set financial goals, monitor cash flow, and gain insights into their earnings. Whether saving for taxes, planning for business growth, or managing irregular income, Bloo Money aims to empower freelancers to take control of their finances. The app’s interface is designed to be intuitive and user-friendly. Freelancers can easily navigate different sections, access relevant information, and perform tasks efficiently.

    With cofounders operating in different continents (South Africa and the UK), Bloo Money ensures that its app is accessible to freelancers worldwide. The app’s features cater to the needs of a diverse freelance community, regardless of their location. Bloo Money’s recent rebranding showcases a renewed focus on innovation. The company aims to stay ahead of industry trends and continuously enhance its app.

  • Oriki Energy empowers Nigerian startups through Solar Initiative

    Oriki Energy empowers Nigerian startups through Solar Initiative

    Oriki Energy, a Paris-headquartered social enterprise, has announced a significant initiative to bolster Nigeria’s solar power sector. The company’s strategy involves establishing a network of solar stations that promise profitability and sustainability, aimed at invigorating local economies from the ground up.

    Oriki Energy’s commitment is set to materialize in Abeokuta, Ogun State, where a diverse group of 100 entrepreneurs—equally split between men and women—will be equipped to launch their solar power ventures. This initiative, spanning from May to August 2024, is a business endeavour and a partnership with cultural roots involving the esteemed Olowu of Owu, Oba Prof. Saka Matemilola.

    Seni Oyekanmi, the founder and CEO of Oriki Energy, is the driving force behind this ambitious project. With a vision to empower a million Nigerian entrepreneurs by 2034, Oyekanmi’s plan is more than a business model; it’s a transformative agenda for nationwide empowerment through renewable energy.

    Read also: Three Nigerian students launch healthcare startup for elderly people

     Oriki Energy’s sustainable start

    The program kicked off on May 1st, as revealed by Funmi Kogbe, a representative of Oriki Energy, during a press briefing at the Olowu’s palace. Kogbe emphasized the company’s recognition of Nigeria’s entrepreneurial zeal and economic promise, viewing the nation’s landscape as fertile ground for innovation and impactful change.

    By tapping into the vast potential of solar energy, Oriki Energy is not just providing a green alternative but is also enabling Nigerian entrepreneurs to flourish in profitable and life-enhancing businesses. This initiative is a testament to the company’s dedication to creating a brighter, self-sufficient future for Nigeria’s industrious population.

    Specific benefits of solar power for entrepreneurs

    By tapping into the vast potential of solar energy, Oriki Energy is providing a green alternative and enabling Nigerian entrepreneurs to flourish in profitable and life-enhancing businesses. This initiative is a testament to the company’s dedication to creating a brighter, self-sufficient future for Nigeria’s industrious population.

    Oriki Energy’s solar initiative is more than just a business venture; it’s a beacon of hope for sustainable energy solutions, economic empowerment, and community development in Nigeria. As the program unfolds, Abeokuta entrepreneurs will harness the sun’s power to drive positive change and economic progress.

    Oriki Energy’s business model

    Oriki Energy’s business model revolves around empowering Nigerian entrepreneurs through solar energy. The company aims to establish a network of solar stations across Nigeria. These stations serve as hubs for solar power generation, distribution, and training. By strategically locating these stations, Oriki Energy ensures that solar power is accessible to local communities, businesses, and entrepreneurs.

    The heart of Oriki Energy’s model lies in empowering entrepreneurs. They focus on equipping individuals with the knowledge, tools, and resources to start and run their solar power ventures.

    Read also: Nigeria opens startup portal for tech innovators

    Oriki Energy collaborates with cultural leaders and local authorities. For instance, their partnership with the Olowu of Owu, Oba Prof. Saka Matemilola, demonstrates a commitment to cultural integration and community engagement.

    Oriki Energy recognizes Nigeria’s entrepreneurial zeal and views the nation as fertile ground for innovation. By tapping into the vast potential of solar energy, they offer a green alternative while enabling entrepreneurs to build profitable and impactful businesses.

    Oriki Energy’s initiative is not just about solar panels; it’s about driving positive change and economic progress. Abeokuta entrepreneurs will harness the sun’s power to create self-sustaining businesses and contribute to their local economies.

    Oriki Energy’s business model combines renewable energy, entrepreneurship, and cultural collaboration to create a brighter future for Nigeria. Their commitment goes beyond profit—empowering individuals and communities through sustainable practices.

  • Google opens applications for AI Accelerator program for African startups

    Google opens applications for AI Accelerator program for African startups

    Google has thrown open the doors for applications to the 8th cohort of its Google for Startups Accelerator Africa program. 

    This year’s focus is on startups leveraging the power of artificial intelligence (AI) and machine learning (ML) to address the continent’s most pressing challenges and unlock unprecedented opportunities.

    The Program is a three-month, equity-free virtual program that equips African startups with mentorship, technical resources, and access to a global network of experts and investors. Since its launch in 2018, the program has supported 106 startups from 17 African countries, raising over $263 million and creating more than 2,800 direct jobs.

    Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google, commented on the program’s impact: “We’re excited to support the next generation of African AI pioneers through the Google for Startups Accelerator, providing them with the resources and mentorship they need to build successful, impactful businesses. Africa’s tech ecosystem is a hotbed of innovation, and AI has the potential to be a transformative force across various sectors.”

    Read also: Google postpones stoppage of third parties cookies in Chrome

    Class 8: The Future of AI in Africa 

    The upcoming Class 8 program, set to run from June to September 2024, will offer an enhanced suite of support for the selected startups. This includes equity-free support of up to $350,000 in Google Cloud credits, personalised guidance from Google AI experts, seasoned entrepreneurs, and industry leaders, and in-depth training on AI/ML development, product strategy, and scaling.

    Africa’s startup ecosystem is a vibrant hub of creativity and technological advancement, driving economic growth, creating jobs, and solving societal challenges. As digital transformation gains momentum across the continent, these startups are becoming increasingly pivotal in shaping Africa’s future across various sectors, including fintech, agritech, healthcare, and education.

    African startups with AI and ML tools are not just an investment in the companies’ futures but also the continent’s future. The Google for Startups Accelerator Africa program stands as a beacon of hope and a testament to the belief that African startups can lead the charge in solving global problems and driving innovation forward.

    Read also: Google Developer Groups, others to host #BuildWithAI Hackathon

    How do startups join Google Startups Accelerator Africa?

    Startups interested in applying for the Google for Startups Accelerator Africa program can follow these steps:

    Eligibility Check: Ensure your startup is based in Africa or is developing Africa-centred solutions. The program is open to startups utilising AI/ML in a transformative way.

    Application Period: Applications are open from April 29 to May 20, 2024.

    Online Submission: Complete and submit your application online by visiting the official Google for Startups Accelerator Africa website.

    Required Participation: It’s important to note that the CEO & CTO must attend the program, and appropriate team members should be available to join all program elements.

    Program Benefits: Selected startups will receive access to Google engineers, technical project partnerships, Google product support and advice, custom mentorship, inclusion in the Google for Startups Accelerator Global Community, Google Cloud Credits, and marketing spotlight opportunities.

    The programme does not provide grants or cash to companies, but the assistance and tools can help them develop. 

  • Madica backs three promising startups with $200,000 each

    Madica backs three promising startups with $200,000 each

    Madica, a pioneering investment initiative, has unveiled its inaugural investments in three groundbreaking startups.

    This strategic infusion of capital, up to $200,000 for each venture, is part of a broader commitment to nurture early-stage African innovation through comprehensive support over 18 months.

    Madica, which emerged in 2022 under the auspices of Flourish Ventures, operates with a mission to bridge the systemic gaps plaguing Africa’s startup ecosystem. By providing sector-agnostic support, Madica confronts the continent’s challenges head-on: limited funding access, a shortage of investors, and a critical need for structured mentorship.

    Read also: Madica launches grant support program for African startups

    Medics Selected startups for the program

    The trio of startups selected for investment exemplifies the diverse potential of African tech-enabled solutions. 

    Kola Market, hailing from Ghana, is revolutionising the B2B sector by empowering SMEs to boost sales, streamline inventory, and secure financing through an integrated platform. 

    GoBEBA, based in Kenya, is transforming e-commerce with its direct-to-customer platform, ensuring the swift and safe delivery of essential goods in urban locales. 

    South Africa’s NewForm Foods is at the forefront of food innovation, enabling the rapid development and scaling of cultivated meat products at costs that defy industry norms.

    Emmanuel Adegboye, the visionary at the helm of Madica, expressed his enthusiasm for the investments, recognising them as a testament to the untapped potential within the African tech ecosystem. These startups, often sidelined by global investors due to perceived risks, now have the opportunity to flourish and integrate into the international startup community.

    Read also: Thepeer closure sparks concerns among investors

    Madica’s investment strategy 

    Madica’s investment strategy is inclusive and dynamic, employing an open application process that invites founders to apply without prior introductions. Collaborating with local incubators, accelerators, and angel networks, Madica seeks entrepreneurs who promise to innovate and drive economic growth. With plans to invest in ten more startups within the year, Madica is poised to catalyse a new era of venture capital and mentorship across Africa.

    Marie-Reine Seshie, the founder and CEO of Kola Market, echoed the optimism of her fellow entrepreneurs, highlighting the significance of Medica’s support beyond mere funding. This partnership represents a leap forward for Kola Market, accelerating its mission to transform the SME landscape in Africa.

    Madica’s strategic investments signal a new chapter in African entrepreneurship, where innovative ideas are recognised and robustly supported to achieve their full potential. As these startups embark on their growth journeys, they carry with them the aspirations of a continent eager to claim its place in the global tech arena.

  • Three Nigerian students launch healthcare startup for elderly people

    Three Nigerian students launch healthcare startup for elderly people

    Three Nigerian students studying in the United Kingdom have launched “Sandfortcare“, a groundbreaking healthcare startup to ensure quality care for elderly parents back home in Nigeria. 

    The founders, Damilola Olaopa, Hameed Abdulrahman, and Isatayo Samuel, are trying to bridge the gap between children living abroad and their ageing parents who often lack adequate support.

    The idea for Sandfortcare was born out of a tragic experience. One of the founders, a healthcare assistant in the UK, faced the devastating loss of his father in Nigeria. Despite dedicating himself to caring for others, he couldn’t be there for his parent due to the geographical distance. This poignant moment prompted the trio to create a solution to provide personalised and compassionate healthcare services for elderly Nigerians.

    The Startup focuses on Nigerians living in the UK, offering peace of mind to children concerned about their parents’ well-being. 

    Read also: Nigeria opens startup portal for tech innovators

    How the Sandfortcare works

    Sandfortcare provides remote consultations, allowing parents to connect with healthcare professionals even when their children are far away. The startup operates on a monthly subscription fee model. Parents in Nigeria become beneficiaries of the service, while their children abroad sponsor the subscriptions. Each parent receives a personalised care and support plan based on their unique needs. Regular health checks, nutrition guidance, and meal planning ensure their well-being.

    Sandfortcare ensures timely prescription refills, preventing any lapses in medication. The family member residing in the UK (the sponsor) receives timely wellness reports, informing them about their parents’ health.

    While Sandfortcare currently caters to Nigerians in the UK, the founders have ambitious expansion plans. They aim to extend their services to other countries across Europe and North America, including the United States and Canada. Damilola Olaopa emphasised, “For now, the startup is for Nigerians in the Diaspora, especially in the UK. However, we are actively exploring opportunities beyond our current scope.”

    How to Get Sandfortcare Started

    Visit the Sandfortcare website at Sandfortcare.com.Register and create an account. Select your parents’ preferred hospital from over 4800 listed options. Authorise their personalised care plan.

    Sandfortcare is not just a healthcare startup; it’s a heartfelt endeavour to ensure that ageing parents receive the care they deserve, regardless of geographical boundaries. As these three students continue to make waves in the industry, their commitment to family and compassion shines brightly.

    About the team behind the startup

    The team behind Sandfortcare is composed of three Nigerian students who are currently pursuing their Master’s degrees in the United Kingdom. Here’s a brief overview of the team:

    Damilola Olaopa: He founded Sandfortcare and is the driving force behind the startup’s vision. Damilola conceived the idea for Sandfortcare after a personal experience where a colleague who works as a healthcare assistant in the UK lost his father back in Nigeria. This event highlighted the need for reliable healthcare services for older people, especially those whose children live abroad.

    Read also: Nigerian mobility startup, Moove secures $110 Million in Q1 2024

    Hameed Abdulrahman: As a co-founder, Hameed brings his expertise and passion for healthcare to the team. His role involves overseeing the development of personalised care plans and ensuring that the services provided meet the highest standards of quality and compassion.

    Isatayo Samuel: Also a co-founder, Isatayo’s contributions are crucial to the operational aspects of Sandfortcare. He focuses on the logistics of connecting Nigerian parents with healthcare providers and managing the remote consultation services offered by the startup.

    The team’s combined efforts have resulted in a startup dedicated to offering personalised and compassionate healthcare and support services to the parents of Nigerians living in the UK. Their goal is to ensure that parents in Nigeria receive the highest quality of care tailored to their unique needs, allowing their children in the UK to have peace of mind knowing their parents are in good health condition.

  • GCIP Nigeria celebrates Cleantech Innovators

    GCIP Nigeria celebrates Cleantech Innovators

    The Global Cleantech Innovation Programme (GCIP) Nigeria has celebrated the remarkable achievements of innovative small and medium-sized ventures within the nation’s cleantech sector. 

    Held recently in a vibrant gathering of visionaries, entrepreneurs, and environmental enthusiasts, this event marked a pivotal moment for Nigeria’s sustainable future.

    The GCIP 2024 Awards recognised outstanding contributions from cleantech startups. Notable winners included Henry Lamba of Schrodinger Technologies Ltd: Overall Winner; Victor Boyle-Komolafe of GIVO Africa: 1st Runner Up; Enohi Ukpebor (E-Sam Energy Solutions Ltd): 2nd Runner Up; Sidikat Folami of FabriThread Cycle Limited: Best Female-led Startup; Enohi Ukpebor (E-Sam Energy Solutions Ltd): Best Climate Mitigation Startup.

    Read also: Seven essential tools to launch and grow your startup

    Dr. Uche Nnaji, Minister of Science, Technology, and Innovation, emphasised the global shift toward clean energy technologies. FMSTI, recognising this trend, is conducting a Technology Needs Assessment for Climate Change Mitigation and Adaptation across critical sectors of the economy. Dr Nnaji urged all Nigerians to embrace and support the deployment of clean energy innovations, emphasising their critical role in shaping Nigeria’s sustainable future.

    Mr. Reuben Bamidele, National Programme Officer at the UNIDO Regional Office in Nigeria, shed light on the country’s energy challenges. Despite Nigeria’s status as a lower-middle-income country with a substantial GDP, low access to modern energy services remains a significant constraint. Approximately 47% of the population lacks access to grid electricity, and even those with access face regular power cuts. Nigeria’s vulnerability to climate change, as highlighted by the 2017 Climate Change Vulnerability Index, underscores the urgency of sustainable solutions.

    Nigeria’s Role in Global Climate Action

    Nigeria, a signatory to the United Nations Framework Convention on Climate Change (UNFCCC), bears global obligations and a responsibility to its citizens and environment. With over 200 million people, the country urgently needs sustainable and environmentally friendly innovations. Leveraging its youthful population, Nigeria can drive clean technology development across various sectors. By doing so, it not only fulfils its climate commitments but also positions itself as an emerging economic and technological powerhouse.

    The GCIP Nigeria, funded by the Global Environment Facility (GEF) and implemented by the United Nations Industrial Development Organisation (UNIDO), has become a hope for the country’s cleantech ecosystem. The program aims to nurture cleantech innovators, promote renewable energy technologies, and address climate change challenges. Under the collaborative efforts of the Co-creation Hub and the Federal Ministry of Science, Technology, and Innovation (FMSTI), the GCIP has created a dynamic platform for transformative ideas.

    Read also: SunCulture secures $27M funding to power water pumps in Africa

    A Call for Sustainable Innovations

    Akinwande Akinsulire, Startup Support Leader at Co-creation Hub, emphasised the program’s vision of creating a collaborative community. Since its inception, the GCIP has supported 49 innovators, fostering a culture of problem-solving and technological advancement. With Nigeria’s demographic dividend – over 50% of the youth population – the country stands poised to lead clean technology development. By embracing sustainable innovations, Nigeria can pave the way for a greener, brighter future.

    The GCIP Nigeria’s celebration of cleantech achievements is a rallying call for innovation, resilience, and environmental stewardship. As the world grapples with climate challenges, Nigeria’s entrepreneurs are lighting the path toward a cleaner, more sustainable tomorrow.

  • Investment downturn hits African startups in Q1 2024

    Investment downturn hits African startups in Q1 2024

    The African startup ecosystem has faced a significant downturn in investment inflows, particularly in Nigeria, which has seen a steep decline in startup funding, according to the data from The Big Deal, which meticulously tracks investment deals.

    The first quarter of 2024 marked a stark contrast to the funding frenzy of the third quarter of 2021, with African startups securing a mere fifth of the capital they had previously attracted. This contraction in funding has been more severe than the global average, signalling a shift in investor confidence and strategic focus.

    The investment landscape for startups often reflects broader economic trends and investor sentiment. In the case of African startups, the recent funding figures are a sobering reminder of the continent’s fragile position in the global financial hierarchy. Despite being home to a burgeoning population and a hotbed of innovation, African startups have struggled to capture the attention and wallets of international investors.

    Read also: Thepeer closure sparks concerns among investors

    Africa’s startup financing falls while the US and Europe rise

    While African startups grapple with a funding shortfall, their counterparts in the US and Europe have witnessed a resurgence in investment, with the US market growing by 33 per cent and Europe by 8 per cent. This divergence indicates a broader trend where investment flows are increasingly concentrated in established markets, leaving emerging economies to fend for themselves.

    The narrative of African startups is not mere numbers and percentages; it is a story of resilience and adaptability. Despite the funding drought, local entrepreneurs have not been deterred. They continue to innovate, often with fewer resources and under more challenging conditions than their global peers. The entrepreneurial spirit that pervades the continent is a testament to the potential that lies within.

    One of the most telling aspects of the current funding landscape is the role of local investors. As foreign investment has waned, local financiers have stepped up to fill the void. This shift towards indigenous investment is a silver lining, suggesting a growing confidence within the continent’s business community. It also hints at a future where African startups may be less reliant on the whims of global capital and more anchored in regional economic dynamics.

    Read also: Nigeria opens startup portal for tech innovators

    African Startup Challenges and Opportunities

    The funding figures for the first quarter 2024 reveal a complex tapestry of challenges and opportunities. While the drop in investment is concerning, it is not an isolated phenomenon. Regions across the globe, except for Europe, have experienced double-digit decreases in startup funding. Yet, the African market has borne the brunt of this contraction, raising just over half of what it did in the same quarter of the previous year.

    The decline in funding is not merely a reflection of investor sentiment; it is also a consequence of macroeconomic headwinds. The continent has been hit hard by economic challenges, including recessions, inflation crises, and downturns, which have exacerbated the decline in funding. Prashant Matta, a partner at Panache Ventures, has highlighted these issues, noting that the economic turmoil has dampened investor enthusiasm for African ventures.

    Despite the gloomy funding statistics, there is a sense of cautious optimism. The recent growth in investment in Europe and the US, coupled with an increase in the number of deals on the continent, may herald the early signs of a rebound. The African startup ecosystem is no stranger to boom and bust cycles, and many hope this is merely a trough before the next wave of growth.

    The African startup scene is at a crossroads. The funding drought of the first quarter of 2024 has been a wake-up call for the continent’s entrepreneurs and investors. It has underscored the need for a more self-sufficient and resilient startup ecosystem, one that can weather global economic storms and emerge stronger. As the world watches and waits, the African startup story continues to unfold, full of promise and potential, even in the face of adversity.

  • Uleval Technology unveils Firazi App for logistics management

    Uleval Technology unveils Firazi App for logistics management

    A new dawn in logistics management has arrived with the launch of Uleval Technology’s innovative Firazi App. 

    This state-of-the-art software promises to streamline the complex processes of the logistics and haulage industry, offering a beacon of hope for businesses grappling with operational challenges.

    The company aims to elevate the customer experience by offering real-time tracking of shipments, ensuring orders are received promptly and with minimal need for interaction with the sender.

    At the recent unveiling in Lagos, Uleval Technology’s Managing Partner, Adebisi Gbenga, highlighted that the software platform was crafted with an in-depth comprehension of the logistic service needs of both customers and businesses.

    Read also: How to stay safe when downloading apps

    He emphasised that Firazi app is crafted not only to address logistical complexities but also to facilitate connections between businesses and individuals, as well as fostering business-to-business collaborations beyond just logistics.

    Reflecting on the company’s five-year journey, Gbenga shared, “As a startup, we’ve been on a path of innovation, creating applications that contribute to economic growth. We identified a gap in the market for a service that upholds accountability, transparency, and flexibility in fulfilling orders, which led to the creation of Firazi.”

    The firm partners with other businesses to integrate the solution provider application into their platforms, ensuring a seamless operational flow.

    Gbenga further explained that Firazi alleviates the financial burden on business owners, removing the necessity to employ an IT team, the expenses associated with developing an application from the ground up, and the overall costs of running a company.

    The journey to Firazi’s inception

    The journey to Firazi’s inception began five years ago when Uleval Technology embarked on a mission to foster innovation and bolster the economy through technological advancements. The brainchild of Mr Adebisi Gbenga, the Managing Partner at Uleval Technology, Firazi, was conceived in response to a glaring need for accountability, transparency, and flexibility in order fulfilment.

    Firazi stands out as a meticulously crafted solution tailored to meet the intricate demands of customers and businesses within the logistics sector. It’s real-time order tracking capabilities and minimal interaction requirements for order receipt mark a significant leap forward in customer experience.

    Firazi Empowers Businesses and Individuals Alike

    Uleval Technology’s business collaboration ensures a frictionless operational experience, leveraging the Firazi App. Mr Gbenga emphasises the cost-saving potential of the software, which liberates business owners from the financial burdens of hiring IT teams and developing applications from scratch.

    Firazi’s Business Consultant, Emmanuel Adedeji, highlights the app’s capacity to provide critical information on staff and asset management, which is particularly beneficial for warehouse operations and logistics businesses. The peer-to-peer functionality of the app not only optimises spending but also empowers individuals to earn and deliver goods globally swiftly and securely.

    Underpinning Firazi’s robust platform is a commitment to security, as noted by Firazi’s Analyst, Dada Abiola. Integrating an encryption module and a GPS tracking system ensures the safety and precise navigation of deliveries, addressing the pivotal concerns of the modern logistics landscape.

    Read also: Tech on budgets: mastering essential skills in 2024

    The Future Ahead Firazi App

    As Firazi takes its first steps in Lagos, it sets a precedent for the future of logistics services. With its user-friendly interface and comprehensive features, the Firazi App is poised to become an indispensable tool for the industry, driving efficiency and economic growth.

    Uleval Technology’s launch of the Firazi App is more than just a technological breakthrough; it’s a visionary leap towards redefining the logistics industry. It encapsulates the spirit of innovation and the relentless pursuit of excellence that Uleval Technology embodies.

    The Firazi App is not merely a software solution; it’s a movement towards a more connected, efficient, and secure logistics world. As businesses and individuals embrace this transformative tool, the ripple effects of its benefits will be felt across the economy, heralding a new era of logistical prowess. With Firazi, Uleval Technology reaffirms its position as a harbinger of change, steering the industry towards a brighter, more streamlined future.

  • Thepeer closure sparks concerns among investors

    Thepeer closure sparks concerns among investors

    The abrupt closure of Thepeer, an API-driven startup, has sparked a wave of concern among its investors. 

    The company, which had once set out to revolutionise wallet-based payments in Nigeria, found itself at a crossroads, leading to a shutdown that has left stakeholders clamouring for transparency and accountability.

    Launched with much fanfare and the backing of heavyweight investors, Thepeer aimed to be at the forefront of Nigeria’s digital payment solutions. With a hefty $2.3 million war chest from two funding rounds, the startup attracted the attention of industry giants like Rallycap, Sunu, and Timon Capital, along with fintech leaders Flutterwave and Chipper Cash. The vision was clear: to make wallet transactions a norm in Nigeria’s bustling markets.

    Read also: Thepeer, Nigerian startup Shuts down operations

    However, the journey from a groundbreaking idea to a sustainable business model is fraught with challenges. Thepeer’s co-founders, Michael Okoh and Chike Ononye, faced the daunting task of convincing users and merchants to adopt a new payment method. Despite their efforts, the integration of wallets remained an arduous task, each requiring a unique setup that drained resources faster than they could be replenished.

    Shocking termination of Thepeer startup 

    On April 1, 2024, the founders announced the shutdown, citing difficulties in user onboarding and a labyrinth of regulatory hurdles. The decision shocked many, especially since it followed closely on the heels of a shareholder’s audit request. Thepeer’s inability to scale became its Achilles’ heel, with Ononye admitting the underestimated complexities of customer acquisition.

    The startup’s financial health soon became a focal point of discussion. With a monthly burn rate of $17,000 and meagre revenues, questions arose about funds management. Investors were puzzled by the discrepancy between the reported expenses and the remaining capital, prompting calls for a thorough audit.

    As the dust settled on Thepeer’s operations, the silence from the founders only intensified investor unrest. Documents obtained revealed a lack of communication, with some shareholders left in the dark for months. The founders’ claim of receiving only a fraction of the announced seed funding fueled the fire, with no evidence to support their statement.

    The final straw came with the revelation of an email from CEO Chike Ononye informing investors of the impending closure and the return of remaining funds. The request for confidentiality until a public announcement raised eyebrows, further entangling the situation.

    Read also: Nigerian API-based Startup, Thepeer Raises $2.1M Seed Led by Raba Partnership

    Thepeer’s Aftermath

    Thepeer’s shutdown has opened Pandora’s box of investor scepticism and the need for stringent oversight in the startup ecosystem. The call for an audit is not just about financial reconciliation; it’s a demand for transparency that could set a precedent for future endeavours. As the fintech sector evolves, the lessons learned from Thepeer’s rise and fall will undoubtedly shape the narrative of startup stewardship in Nigeria and beyond.

    In a market where trust is currency, the actual cost of Thepeer’s shutdown extends beyond the balance sheet. It’s a stark reminder that innovation must go hand in hand with accountability and that every visionary leap should be grounded in operational reality. The investors’ quest for an audit is more than a search for missing funds; it’s a pursuit of trust, which, once lost, is the most complex asset to regain.

  • Path to sustainable African renewable energy

    Path to sustainable African renewable energy

    Over half of Africa’s people, about 600 million people, lack access to even the bare minimum of electricity. The challenge lies in extending access without exacerbating global warming by relying on fossil fuels. However, a new study reveals that Africa has the potential to transform its energy landscape by fully utilising renewable resources.

    A team from Rwanda and Germany has built the Renewable Power Plant Database Africa, the first of its kind on the continent. This database compiles available open-access data on hydro, wind, and solar energy sources.

    Read also: Nigeria turns to agri-food tech startups to boost food production

    African Transnational Electricity Sharing and Data Accessibility

    To achieve this renewable energy transformation, African countries must embrace transnational electricity-sharing arrangements. Cooperation across borders is crucial to ensure a stable supply of renewable energy for all. Additionally, providing openly accessible and location-specific data is fundamental for developing an integrated sustainable renewable energy mix.

    Solar energy, in particular, is poised to play a pivotal role. Recent progress in improving efficiency rates for solar cells, driven by the so-called ‘miracle material’ perovskite, has been remarkable. Commercial costs have fallen, making solar increasingly attractive.

    In 2023, scientists from the University of Exeter and University College London published a groundbreaking paper in the journal Nature Communications. They declared that solar energy had reached an “irreversible tipping point.” The transition to clean energy is not only reachable but inevitable. Solar energy, widely available on Earth, is becoming economically competitive due to increasing investments.

    Africa’s Clean Energy Future

    As Africa faces the urgency of climate change and strives for sustainable development, renewables offer hope. By harnessing solar, wind, and hydropower, African countries can unlock their potential and provide affordable, clean electricity to millions. It’s time to embrace a future powered by the sun, the wind, and the flow of water – a future that benefits both people and the planet.

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    As of now, two African countries, Ethiopia and the Democratic Republic of Congo, have achieved the remarkable feat of generating nearly all their electricity from renewable energy sources, with solar playing a significant role. 

    These countries are leading the way in sustainable energy adoption. These nations have harnessed their abundant solar resources to power their grids, demonstrating the potential for clean energy solutions in Africa. It’s worth noting that while solar energy is abundant across the continent (Africa is home to 60% of the world’s best solar resources), the adoption of solar PV capacity remains relatively low, with only 1% of installed solar capacity currently in place. However, the growing awareness of climate change and the decreasing costs of solar technology may pave the way for more African countries to embrace solar energy in the future.