Author: Daisi Victory

Kyosk acquires Kwikbasket to help in farm produce distribution across Africa

A digital-first and data-driven distribution network named Kyosk Digital Services has strengthened its position in the African fresh produce market through the acquisition of KwikBasket, which led to the introduction of the Farm & Fresh division.

KwikBasket is a significant player in the agriculture industry, recognised for its know-how in the distribution of agricultural products and for offering helpful services and solutions to farmers, commercial kitchens, and other players in the food chain.

Retail distribution firm Kyosk Digital Services prioritises a digital-first strategy and data-driven insights. By coming up with innovative ideas, the company hopes to increase the availability of goods and services throughout Africa significantly.

By easing communication between organisations and their customers and vendors, Kyosk App increases supply chain efficiency.

Read also: FarmTrace announces fresh funding to scale cloud-based Agtech solution

Kyosk Launching of Farm

With the launch of Farm & Fresh, Kyosk intends to transform the African fresh produce market by working with KwikBasket, a company with considerable experience in agriculture.

“This acquisition marks a major milestone for Kyosk as we broaden our footprint in the fresh produce market in Africa and enhance our offering to cater to the needs of farmers, retailers, kitchens, eateries, and other consumers,” said Raphael Afaedor, Co-Founder and CEO of Kyosk Digital Services. By establishing an accessible, effective market that benefits all parties involved in the food supply chain, KwikBasket is in a good position to assist African farmers in realising their full potential.

With this expansion, Kyosk will be able to transform the way that fresh produce is purchased, transported, and consumed throughout Africa using its data-driven, digital-first distribution network.

Farmers in Africa have a variety of difficulties as a result of ineffective and disorganised distribution channels. For farmers, distribution issues are a typical source of irritation because they result in lower yield, lower income, wasted food, and higher overall food costs. Farmers can benefit from Kyosk’s Fresh product line’s higher productivity, consistent sales channels, competitive prices, helpful data and analysis, and premium agricultural supplies. By providing these resources, Kyosk hopes to encourage farmers’ development and prosperity.

Additionally, Kyosk Fresh offers a steady stream of several high-quality items to meet the demands of cafes, restaurants, and other clients. Due to lengthy lead times in the supply chain, kitchens and restaurants frequently confront several difficulties. Concerns regarding consumer health and safety, food waste, logistical costs, and delays in order fulfilment are a few instances of these difficulties.

By strengthening stock management, improving logistics, and centralising more functions, Kyosk Farm & Fresh aspires to ameliorate some of these problems. As a result, restaurants and kitchens may retain competitive pricing while ensuring food safety, transparency, and traceability across the supply chain.

As part of the launch of the Farm & Fresh product line, the uLima digital platform will change to Kyosk Farm. The ability of uLima to link farmers with superior inputs and local marketplaces was beneficial to farmers.

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uLima and Kyosk Farm

After uLima provides a strong foundation, Kyosk Farm will build upon it by utilising its present features and capabilities while enhancing the user experience. Kyosk Farm offers higher crop yields by facilitating farmers’ access to data, analysis, and agri-inputs, including fertilisers and money. Farmers will have access to reliable markets with competitive prices, enhancing the long-term profitability of their businesses.

Africa’s retail market is expected to increase by 5-6% per year, reaching a total of over $600 billion. Kyosk focuses on more than 60% of retail trade in Africa that is conducted by small businesses and traditional traders. These businesses, which are mainly found in economically struggling and underdeveloped urban regions, frequently provide subpar services. Due to the various middlemen involved, they pay significant transportation expenses and struggle to communicate with manufacturers and wholesalers. As a result, small firms deal with a lack of lending options, supply shortages, and income losses.

Using a digital platform called Kyosk, African farmers, neighbourhood kiosks, and their communities can exchange high-quality goods and services. Direct orders from retailers to FMCG producers cut out expensive middlemen, resulting in cheaper costs and more savings. To better serve its consumers and meet their diverse needs, Kyosk has expanded its range to include electronics, medications, and personal care products.

By working with banks, Kyosk goes above and beyond simply delivering goods by offering support to small businesses like farmers’ markets and mom-and-pop stores. By offering services like loans and insurance, they can encourage the financial inclusion of underrepresented enterprises and individuals.

July 8, 2023
Amazon Prime Video hires Super Sport CEO Gideon Khobane

Former SuperSport CEO Gideon Khobane has been named Amazon Prime Video Africa’s new director.

Khobane will be in charge of expanding Amazon’s video streaming business across Africa.

He previously worked as CEO of MultiChoice Group-owned by SuperSport, from 2016 to 2020, and as MultiChoice group executive for general entertainment from 2018 to 2022.

According to Variety, Khobane will collaborate with Prime Video Africa Originals, directed by Ned Mitchell, content acquisitions headed by Ayanna Lonian, and the product teams responsible for introducing user features.

Having worked as a television executive for 15 years (including 8 at M-Net), Amazon is probably hoping that Khobane’s expertise will help it gain ground in the very competitive African streaming sector.

Specifically, “Khobane joins Amazon with a mandate to support the growth of the Prime Video service across sub-Saharan Africa, including South Africa and Nigeria,” the firm explained.

Read also: Amazon, Marriot, others commit to hiring refugees in Europe

Monthly Subscription on Amazon Prime Video

In South Africa, a monthly subscription to Prime Video costs R79, and subscribers can stream content in 4K resolution on two devices at once. When compared to competitors like Netflix, Disney+, and Showmax from MultiChoice, that is very attractive pricing.

The Terminal List, The Boys, and the award-winning Lord of the Rings: The Fellowship of the Ring may all be found on Prime Video. However, as it begins to take the African market more seriously, the streaming service has concluded that international content alone is not enough to set it apart.

With Khobane in his new position, Prime Video is demonstrating its long-term commitment to the region of sub-Saharan Africa and its dedication to providing its subscribers there with a service that meets their needs and interests.

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Spokesperson for Amazon Studios

It’s the most recent move to strengthen Amazon’s executive team. Amazon’s Studios division expanded its local originals development team for South Africa and Nigeria towards the end of last year. In South Africa, Brendan Gabriel has been promoted to the role of senior unscripted creative executive, and Kaye Ann Williams has been promoted to the role of head of original scripted & movies.

Kemi Lala Akindoju is in charge of finding and developing the next African originals for Prime Video in Nigeria in her capacity as senior movies creative executive, while Mike-Steve Adeleye is in charge of doing the same for Prime Video on a global scale in his role as senior scripts creative executive.

July 6, 2023
Samsung, others violate Kenyan laws

Phone manufacturers like Samsung have refused to comply with regulations set forth by Kenya’s information and communications technology (ICT) regulator, the Communications Authority (CA).

In 2018, the CA released detailed rules outlining the required capabilities and technical criteria for mobile devices imported into Kenya.

These rules apply to a wide variety of electronic gadgets, such as smartphones, feature phones, portable gadgets, gadgets installed in vehicles, RF interface cards, and modems. It is important to note that the standards applied to more than only the aforementioned gadgets.

Read also: Samsung forbids staff from using AI chatbots

The regulator has not taken adequate action, and phone manufacturers continue to ignore these rules. There is no trace of the recommendations on the regulatory agency’s website.

Currently, customers in Kenya and other countries are buying gadgets without the necessary accessories listed in the document, making the lack of enforcement all the more troublesome.

Guidelines specify that “a mobile cellular device shall be equipped with a wired or wireless earpiece facility.” However, wired or wireless headsets are not included with most officially offered devices in Kenya.

More On The Violation

Phones without accompanying charging bricks are being sold in violation of local law, which raises even another difficult problem. It is required by law that “the AC Adaptor for a mobile cellular device shall be fitted with a suitable and appropriate power supply cord and mains plug that meets the standards established by the regulatory body in charge of electricity in Kenya.” In 2020, Apple introduced the iPhone 12 series, which paved the way for other firms like Samsung to sell phones like the S23 lineup and certain A-series devices without a charger.

Manufacturers of mobile devices have stated that financial and ecological considerations are the main reasons for this exclusion.

They state that one of their environmental priorities is to reduce waste, specifically packaging waste and electronic trash. The biggest reason, though, appears to be financial, as cutting out accessories like chargers and headphones can save firms billions of dollars.

Phone manufacturers also earn money from users by selling them additional accessories. The wireless earbud fad was launched by Apple, but many other companies have since joined in.

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Taking headphones out of the box forces buyers to spend more on wireless earbuds, while leaving charging bricks out of the package forces them to buy additional fast-charging accessories. Despite any potential negative effects on the environment, manufacturers stand to gain from the surge in demand for complementary products.

Thankfully, some companies still include accessories like charging bricks, cords, and headphones with their handsets. These include Chinese original equipment manufacturers (OEMs) like BBK Electronics (OPPO, vivo, and others), Transsion (TECNO, Infinix, and itel), and Xiaomi.

We’re crossing our fingers that these companies will buck the industry standard and keep consumer convenience a top priority by providing these necessities in their products.

July 5, 2023
Nigeria Haul247 introduces “Airbnb for Trucks”

An innovative Nigerian company, Haul247, has made its mark in the rapidly evolving logistics industry with the introduction of a revolutionary concept sometimes referred to as the “Airbnb-for-trucks.”

This revolutionary system streamlines how companies connect to crucial transportation and storage facilities.

Haul247 took its moniker, “247,” from the well-known slang term for consistency and availability, emphasising the importance of speed, productivity, and effectiveness.

Read also: Haul247 secures $3 million for Africa’s logistics sector

Haul247’s CEO, Sehinde Afolayan, places a premium on these qualities and claims that the logistics industry never sleeps.

In an interview, Afolayan reveals some of Haul247’s inner workings, explaining how he plans to make the company into Nigeria’s answer to Airbnb for the trucking sector.

There has been remarkable growth in Nigeria’s logistics startup scene in recent years. Successfully addressing issues like inadequate road infrastructure, traffic congestion, and limited warehousing capacity, these startups have created everything from food delivery services like Jumiafoods to last-mile delivery solutions like Gokada, and now Haul247.

The company is now helping firms streamline their logistics and boosting productivity across the sector.

Haul247 is a time-saving platform that lets big businesses reserve trucks and storage spaces across Nigeria. Haul247 creates strategic agreements with big FMCG giants that possess a global vendor registration licence, such as Unilever and PZ, in order to gain a substantial market presence and expand globally.

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The Haul247 Secondary Distribution

Haul247’s secondary distribution capability, which provides extensive warehousing solutions for enterprises, is a fundamental differentiator between it and industry forerunners like Lori and Kobo360. Haul247’s CEO, Sehinde Afolayan, criticises the current approach used by many FMCG manufacturers, which is centred on a single manufacturing hub based in Lagos. Problems arise when trying to ship items across vast distances using this method, as the timing of deliveries is then subject to the vagaries of weather and other external factors. Haul247’s approach is the planned placement of distribution centres across the country and their careful management, allowing businesses to ship goods to these hubs more efficiently.

Haul247’s unique software is the backbone of the business, enabling logistics and warehousing services to be booked by individuals, businesses, manufacturers, and FMCG companies. This cutting-edge programme takes care of order requests, includes accurate quotations, and efficiently pairs them with available vehicles and storage facilities.

Additionally, the software equips carriers by letting them monitor their shipments in real-time all the way to their final destination.

Haul247 makes money through commissions on the lease of warehouse space to businesses. Afolayan reveals that Haul247 has big aspirations to expand into Ghana and Uganda after receiving a $3 million seed investment.

Afolayan adds that Haul247’s sensitization programmes are another way the company helps warehouse owners maximise space utilisation. The company also offers incentives for drivers, routinely checks in with drivers by phone, and strictly enforces driving time limits in an effort to ensure the safety of its drivers.

Haul247 is confident in its ability to succeed despite operating in a market dominated by powerful rivals.

“Expect the development of a unicorn in the next few years’, Haul247’s CEO said. You may count on a company run by successful business people with extensive management experience. Our expansion will be steady and centred, not all over the place. We are dedicated to making constant improvements and expanding our operations.”

July 5, 2023
Kunda Kids announces fundraising round, new YouTube series

The premiere of Kunda & Friends, the flagship animated series from children’s media publisher and creative studio Kunda Kids, will take place on May 29 at The Cineworld Cinema, The O2, in Greenwich, London.

A pre-seed funding round of $700,000 was also recently closed by the company, with participation from Zrosk Investment Management, Voltron Capital, Argentil Capital, HoaQ, Kaleo Ventures, angel investors Abi Ajayi, Chiamaka Ezenwa, Adetayo Bamiduro of MAX, and Benjamin Fernandes, CEO of Nala Money.

“With this funding, we can keep developing the Kunda Kids app and collaborating with artists from the African diaspora.”

According to a survey conducted in 2022 by the Geena Davis Institute on Gender in Media, black and multiracial characters are among the least frequently featured groups in children’s media (1.9% and 0.6%, respectively).

Read also: YouTube Takes on TikTok: Give Creators 45% Revenue

Kunda Kids was created with the goal of revolutionising children’s media about Africa. Parents and teachers may help children become global citizens who respect and value diversity by introducing them to aspects of African history and culture in engaging, kid-friendly ways.

The 3D animated children’s show Kunda & Friends is a musical adventure set in Africa. The adventures of Kunda, a little boy of African and Asian descent, and his pals Sana, a girl of African and Indian descent, and Fela, a boy from Nigeria, and their animal companions Leo the lion and Ella the elephant, are chronicled in this animated series.

Afrobeats and Amapiano, popularised by Grammy-winning performers like Ladysmith Black Mambazo and more contemporary artists like Burna Boy and WizKid, provide as inspiration for the music in the Kunda & Friends soundtrack.

The series’ narrative centres on friendship and teaches youngsters valuable prosocial lessons, giving teachers and parents a chance to interact with their children through shared viewing.

“I am overjoyed to report that our pre-seed round has closed, and I am extremely appreciative to the awe-inspiring investors who share our goal. We can now officially establish Kunda & Friends and begin funding Africa’s amazing creative talent. Together, we will change the narrative by fostering a new generation of African storytellers.” says Kunda & Friends creator, Oladele Olafuyi.

“It is our goal to make available high-quality stories in a variety of media for children all around the world so that they can learn more about Africa’s rich and diverse past. It’s crucial that kids be able to relate to and identify with characters in high-quality media. They can become the leaders of tomorrow if we let them feel a part of something bigger than themselves from a young age.” says Kunda & Friends, co-creator Louisa Olafuyi.

Providing greater avenues for African talent in publishing and production is central to Kunda Kids’ aim.

The studio is dedicated to hiring talented people from many walks of life, including those who work in animation, painting, writing, production, and business. Co-founder of Creatures Animation Studio and former Disney producer Raymond Malinga is also the director of Kunda & Friends, and he has said, “Kunda & Friends is an opportunity to affect not just children all across the world, but also the lives of artists who wish to participate in performances of a grander scale.

On Monday, May 29th, you can watch the first four episodes of Kunda & Friends, with subsequent episodes airing weekly.

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About Kunda Kids

Inspiring the next generation of global citizens, Kunda Kids is an award-winning children’s media publisher and creative company. In 2020, husband-and-wife duo Oladele and Louisa Olafuyi launched a children’s publishing company called Kunda Kids with the goal of introducing more African culture, history, and language learning to the field and using stories to instil virtues like independence, cooperation, and kindness in young readers. Over 130 nations have downloaded the Kunda Kids app, and the company has sold over 25,000 books.

May 31, 2023
EU launches digital transformation centre in Kenya

A Digital Transformation Centre (DTC) has been established in Kenya with the support of the European Union (EU), Germany, and Estonia.

The purpose of the digital transformation centre, which will cost 4 billion Kenyan shillings, or approximately $29 million, is to bolster the digital economy of the East African nation and to support open and inclusive digital governance.

The German government’s primary development organisation, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), will be in charge of carrying out the plan.

The Estonian Centre for International Development will also work together with the GIZ as a partner.

Henriette Geiger, the EU Ambassador to Kenya, stated that the centre will collaborate with partners on major issues of the Kenya Digital Master Plan 2022-2023 in order to establish a digital government that is both open and inclusive.

“The centre will also promote the ethical use of emerging technologies, and youth employment through digital skills and enhance the bridging of the gender digital divide,” Geiger said. “These are all goals that will be advanced by the centre.”

Read also: NITDA, CISCO signs MOU to close digital skills gap in Nigeria

Kenya’s digital plan

Kenya recently received support from the World Bank, which granted $390 million in funding for the country’s Digital Economy Acceleration Project in April 2023. This support is intended to further amplify the digital economy already present in the country.

This project will concentrate on increasing the country’s access to high-speed Internet, improving the quality of education and selected government services, and developing skills for the regional digital economy.

“We partnered with the government of Kenya to provide solutions that enable an inclusive and human-centered public service delivery,” said Kairi Saar-Isop, the director general for the Department for Development Cooperation and Humanitarian Aid at Estonia’s Ministry of Foreign Affairs Department for Development Cooperation and Humanitarian Aid. “We partnered with the government of Kenya to provide solutions that enable an inclusive and human-centered public service delivery.”

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Strategies for the digital transformation of Africa

Recently, African nations have been successful in securing funding and grants to support their objectives for digital transformation.

The World Bank also provided Senegal with finance in the amount of $150 million in April 2023 in order to expedite the digital transformation project that the West African nation was working on.

In addition, the World Bank agreed to provide Ghana with a grant of two hundred million dollars to assist with its digital transition in September of 2022.

In November 2022, the Parliament of Uganda gave its approval to a loan in the amount of 140 million dollars, with the cash being designated for a significant digital project that would increase Internet access in the East African nation.

In addition, the Rwandan government announced in January 2023 that they will be using an AFD loan to fund a digitization project that will cost forty million dollars.

May 31, 2023
uLesson introduces Miva Open University

After making a name for itself as a leading provider of online K-12 education across Africa, the innovative Nigerian edtech behemoth uLesson has announced its entry into higher education with the launch of Miva Open University.

After four years of tremendous success in the K-12 arena, during which time an ecosystem of online learning was established, one that resonated with millions of people across the continent, this strategic shift was made.

uLesson’s founder, Sim Shagaya, took to Twitter to share the news that a licence has been issued to the company’s subsidiary, Miva Open University. This is a big deal for the company because they want to expand into higher levels of schooling after K-12. The Federal Executive Council granted Miva a licence after the National Universities Commission (NUC) recommended it, allowing the company to put its extensive knowledge of the K-12 market to use in the higher education sector.

Read also: Online learning may replace in-person tutoring

Since uLesson’s beginning in 2019, Shagaya has been its visionary. He recently shared his excitement and thanks with the NUC for their thorough procedure and openness to working together. He promised that Miva Open University would revolutionise distance learning in terms of accessibility, cost, effectiveness, convenience, and originality. Computer Science, Software Engineering, Accounting, Economics, Business Management, Public Policy & Administration, Data Science, and Cybersecurity degrees will be our first offerings, followed by a quick expansion into other degree categories, such as nursing and law.

Miva Open University will provide fully accredited degrees, in contrast to the K-12 model, which supplements standard school lessons with regionally relevant curriculum. This action further demonstrates uLesson’s dedication to its comprehensive education approach, which aims to meet the urgent demand for high-quality, low-cost higher education.

The news is being released at a time when Nigeria’s higher education system is struggling with issues like inadequate funding, a high student-to-teacher ratio, and inadequate facilities. Students, especially those interested in pursuing careers in the technological sectors, have been compelled by this fact to seek education elsewhere, primarily through online platforms.

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More On The uLesson app

The uLesson app has been downloaded over two million times, and the company has received praise from educators, parents, and kids. Shagaya hopes to use his recent successes as a springboard to transform higher education in his home region completely.

Miva Open University’s mission is to close the skills gap in Africa by providing young people with the education and credentials they need to meet the growing demand in fields like data science, software engineering, and cybersecurity. In his own words, Shagaya elaborated, “Our mission is to provide accessible, high-quality education that helps our students succeed in the digital marketplace.”

Other Nigerian edtech ventures, such as AltSchool Africa, which provides certificates in computing courses after a year of study, may present competition for uLesson as they set out on their grand adventure. Miva’s licenced degree programmes are a potential USP that might help it stand out in Africa’s growing edtech sector.

uLesson’s entry into higher education is a significant movement as the digital landscape continues to revolutionise teaching and learning across Africa. How this growth develops and what impact it has on Africa’s broader digital education environment will be fascinating to observe.

May 31, 2023
Nigeria grants Volition Cap licence for fund management operations

The asset management business Volition Cap made the exciting announcement that it has been granted a fund management licence by the Securities and Exchange Commission (SEC) of Nigeria, effective as of December 2022.

Volition Cap’s aim is to enable the industrious middle class to amass wealth. This licence enables the company to operate as a registered fund manager in Nigeria at the same time as it is getting ready to introduce a suite of retail and institutional investment products targeted at people of African descent who live on the African continent as well as in the Diaspora.

In comparison to the average decline of 60% in Europe and 50% in the United States, the middle class in Africa has increased to 34% during the previous three decades, as reported by the African Development Bank.

This is in contrast to the trend that has seen the middle class in Europe and the United States decline to 50% and 60%, respectively. Despite their growing wealth, the majority of this socioeconomic class’s liquid assets are primarily held in bank savings and deposits, according to a report published in 2019 titled “The Investment Potential of Nigeria’s Middle Class.” This leaves a large hole in economic empowerment in developing countries.

Read also: Tyme digital bank secures $77.8 million in funding

More on the licence

Volition Cooperative is a licenced multi-purpose cooperative that makes investing stress-free for its members. Volition Cap, which was established in 2018, is a game-changing asset management that uses conventional cooperatives. Volition Cap launched this model through Volition Cooperative, which was founded in 2018.

In addition to offering regular products, Volition Cap gives working professionals living in the diaspora the ability to convert remittances into investments rather than merely giving money to family members back home. This enables these individuals to sustainably finance the upkeep of their families and acquire assets in their home countries.

Additionally, Volition Cap offers its services to high-net-worth individuals (HNIs) and institutional investors. These services include fund and treasury management, company investment counselling, and individual or family investment plans. In addition, the specialists at Volition Cap have educated more than 10,000 people on various aspects of investment literacy.

Volition Cap will be able to lower the cost of investment services and overcome the difficulty of providing quick access by relying on technology to market their products. This homegrown business is set to scale its bespoke solutions across Africa and the Diaspora thanks to the legitimacy and trust that an SEC licence gives.

Volition Cap’s Chief Executive Officer, Subomi Plumptre, has this to say about the company’s origins: “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class.” Since the beginning of our business, one of our primary goals has been to put this group in a better position to achieve financial success. We are introducing retail and institutional goods to support economic growth, and the SEC licence is a critical milestone for us at this point.

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About Volition Cap

Volition Cap is a company that has a proven track record of performance. They have established and managed an African cooperative with 3,000 members, which led to contributors reaching a financial independence rate of up to 75% within three years. In addition, the company has established a private equity fund with thirty million dollars to invest in agricultural and real estate projects in Africa, and it has distributed more than two hundred fifty thousand dollars from its entertainment and media fund to help local filmmakers.

May 31, 2023
Tyme digital bank secures $77.8 million in funding

Tyme, a digital banking firm, has secured two new foreign investors and successfully funded an additional US$77.8 million as part of a pre-series C capital raising initiated in January.

Norrsken22, which is an Africa-focused digital growth fund, and Blue Earth Capital (BlueEarth), which is an independent global impact investing firm, are the two companies that have recently become shareholders. As part of Tyme’s pre-series C capital campaign, which began in January 2023 and is scheduled to come to an end later this year, the company’s existing shareholders contributed a total of $77.8 million in funding, joining forces with the two new investors.

The cash will be used to partially purchase back some of the company’s shares, as well as to further operations in South Africa and the Philippines, as well as for future expansion into Southeast Asia.

“We invested in Tyme Group thanks to our long-standing partnership with Apis Partners, who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion,” said David Moore, principal of funds and co-investments at BlueEarth. “Apis Partners looks to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion.”

“We have examined a large number of different fintech companies from all across the continent, and Tyme has distinguished itself from the competition with its remarkable growth, its unique offering, and its exceptional capacity to connect and serve new consumer groups. “We are looking forward to being a part of the next phase of their journey,” Natalie Kolbe, managing partner at Norrsken22, added in a statement. “The exceptional management team have already built one of the largest challenger banks in the world.”

The completion of Tyme’s Series B funding round occurred in December 2021. This round of funding brought in a total of $180 million and was spearheaded by current stockholders.

“We remain excited and committed to further creating value in building a global digital banking portfolio with our fellow shareholders and partners,” said Dr Patrice Motsepe, founder and chairman of African Rainbow Capital (ARC), which remains Tyme’s majority shareholder. “We welcome the new investors who have participated in this raise,” he added.

Read also: Standard Chartered Bank begins women in tech program in SA

Customer milestone for Tyme Bank

As of the 12th of May, 2023, TymeBank, the cornerstone of Tyme’s operations in South Africa, celebrates reaching the 7 million client milestone.

The launch of TymeBank in South Africa took place in February 2019, and the company is currently adding 200,000 new members each and every month.

It was the first bank in South Africa to run its operations completely off of a network that was built on cloud architecture.

Following its initial foray into the market as a disruptor, TymeBank has asserted that it has successfully established itself as “the credible alternative to legacy banks” in South Africa.

In order to make banking more accessible to South Africans from all walks of life and across the economic spectrum, TymeBank utilises a hybrid approach that combines digital banking with traditional service.

The bank has formed agreements with the largest church in South Africa, the Zion Christian Church, as well as national shops Pick & Pay and Boxer, the world’s leading fashion retailer, The Foschini Group (TFG), and other prominent fashion retailers.

TymeBank purchased the fintech company Retail Capital in 2022. Retail Capital is the largest SME funder of its sort in the market, having previously granted more than R5.5 billion ($285 million) in working capital to more than 43,000 business owners in South Africa.

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Expanding Asian sphere of influence

GoTyme was first introduced to the Philippine market in October 2022 through a collaboration with the Gokongwei Group. In order to provide Filipino clients with financial service alternatives that are both reasonable and easily accessible, the digital bank was modelled after South Africa’s TymeBank.

According to Tyme, the organisation has a revenue run rate of more than $100 million per year. The number of new clients signing up for the service in South Africa and the Philippines is increasing at a rate of 300,000 per month.

As part of its global reach, the company has established a centre for product development and engineering in Ho Chi Minh City, Vietnam. The centre is home to more than 300 engineers.

Singapore, home of Tyme’s worldwide headquarters, is where the company’s functions of strategy, business development, data, analytics, and artificial intelligence are managed.

May 31, 2023
E3 Capital, Lion’s Head close first climate fund at $48 million

E3 Capital (previously Energy Access Ventures) and Lion’s Head Global Partners, an investment bank with a focus on emerging markets, have raised $48.1 million in the first close of their E3 Low Carbon Economy Fund for Africa.

Dutch Development Finance Institution FMO, Swedish Development Finance Institution Swedfund International AB, Private Sector Development Investor AFD Group Subsidiary Proparco, and German Development Finance Institution KfW in Partnership with the Federal Ministry for Economic Cooperation and Development (BMZ) make up the E3LCEF Limited Partners.

To join the increasing list of funds supporting entrepreneurs in Africa’s climate tech industry, the fund aims to close at $100 million. Startups, such as solar energy service providers and electric vehicle (EV) companies, will get seed and expansion capital from the fund.

Read also: Applications open for second GSMA climate resilience fund

“African enterprises with product market-fit and great economic potential at the core of the low carbon economy are beginning to emerge. In a statement, E3 Capital founder and managing partner Paras Patel remarked on the “staggering” calibre of the entrepreneurs they were encountering.

“We are passionate about helping African entrepreneurs build the next generation of innovative businesses that innovate, scale, and impact the lives of all of us in the coming years,” added Patel.

E3 Capital partner Vladimir Dugin said that the VC firm regularly invests between $500,000 and $3 million in firms from the seed stage all the way up to the Series A stage. Businesses all around sub-Saharan Africa will benefit from the new fund’s investments.

Investment firm E3 Capital has made 15 separate investments totalling €75 million in decentralised energy businesses in East, West, and Southern Africa through its Energy Access Ventures Fund I (EAVFI).

The subsidiary of Lion’s Head Asset Management, which manages $700 million on behalf of governments, international organisations, and private corporations, offers corporate finance consultancy services.

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More On E3 Capital and Lion’s Head Funding

We believe this is an excellent opportunity to invest in low-carbon firms in Africa that are showing signs of expanding to significant sizes. Clemens Calice, CEO of Lion’s Head, praised the E3 team for their “unique expertise” in working with early-stage startups throughout the continent. “Their existing portfolio is starting to show signs of clear winners.”

Financial support is being provided by the E3LCEF and other climate-focused funds in Africa to entrepreneurs who are spearheading energy transition efforts and developing solutions to assist communities adapt to the impacts of climate change.

Funds like Novastar’s $200 million Africa People + Planet Fund, which supports startup founders working on agriculture and climate solutions on the continent, are relatively new. Equator, a venture capital firm focused on climate technology, has completed the first closure of a fund to support seed and Series A companies working to improve the energy, agriculture, and transportation industries.

The Energy Entrepreneurs Growth Fund (EEGF) raised over $110 million last year, while the Satgana, AfricaGoGreen Fund (AAGF) finished the second tranche of its fundraise in February, all of which are investment entities with an African climate focus. Additionally, a new fund established by Oxfam Novib and Goodwell will give venture debt to early-stage companies in this industry.

May 31, 2023