Habari Pay’s profits demonstrate GTCO’s bet on retail banking
According to GTCO’s half-year financial statements, Habari Pay reported a profit of ₦1.3 billion after tax. A breakdown of GTCO’s operating segments shows retail banking is its second-biggest revenue-generating segment. Habari Pay, the fintech arm of Guaranty Trust Holding Company (GTCO), posted profits of ₦1.3 billion in the first half of 2023. That’s a 312% jump compared to the previous year, according to GTCO’s half-year financial statements. Habari Pay’s growth shows promising adoption of the bank’s digital payments business as it looks to bolster its hold on the fintech sector. The fintech arm closed June 2023 with a cash balance of ₦3.6 billion. GTCO launched Habari in 2018 as a super-app that provides everything from streaming content to an e-commerce marketplace. The bank, with its ecosystem of small business customers, wanted to create a marketplace hub to support vendors across different industries. Though it was created by one of Nigeria’s biggest banks, it didn’t focus on providing banking services, and it struggled to gain traction among digital users. But in 2020, the lender announced its broader push into digital payments with a corporate restructuring that would make Habari a separate company wholly owned by the bank. In June 2021, Guaranty Trust Bank transitioned into a holding company from its standalone commercial banking structure. It made Habari Pay a standalone business offering payments, a marketplace, and small business services. HabariPay’s flagship product, Squad, combines a payment gateway and e-commerce platform with a Point-of-Sale business. Habari Pay recorded a profit-after-tax of ₦836 million last year, according to GTCO’s 2022 financial report. The two-year-old Habari Pay competes with established payment providers like eTranzact and Moniepoint. eTranzact profits rose to ₦1.01 billion in the first half of 2023—representing a 149% increase compared to the previous year. TechCabal Insights projects that the transaction value of the Nigerian digital payments market will reach N580 billion by the end of the year. Retail banking is GTCO’s second-largest revenue-generating segment GTBank, the holding company’s commercial bank, reports performance across six segments—corporate banking, commercial banking, business banking, retail banking, SME banking, and public sector banking. Per the financial statements, the corporate banking segment reported ₦118.5 billion in revenue, followed by retail banking with ₦72.8 billion, representing 67.6% of the revenue and 20.5%, respectively. Similarly, the corporate banking segment declared a profit-after-tax of ₦47.9 billion, while the retail banking segment recorded ₦19.1 billion. One thing is clear: GTCO will continue to bet on its market relevance to compete with other large banks and fintechs such as Palmpay, Kuda, and Fairmoney. With the entrance of Moniepoint, formerly TeamApt, the retail banking market is expected to become more competitive. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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Jay-Z and Jack Dorsey-funded Bitcoin nonprofit acquires Qala
The Jay-Z and Jack Dorsey-funded Bitcoin non-profit acquires Qala, in an undisclosed deal to support next generation of Open-Source Bitcoin Developers ₿trust, the non-profit company formed by Block CEO Jack Dorsey and American rapper and entertainment mogul Shawn Carter, popularly known as Jay-Z, has acquired Qala, an organisation that trains African Bitcoin and Lightning engineers. Following this acquisition, Qala has rebranded into ₿trust Builders Programme. ₿trust, a 500BTC ($21.5million) endowment fund was formed in February 2021 to “fund #Bitcoin development, initially focused on teams in Africa & India.” Qala, founded in 2021, sources, trains, and matches African software developers with leading Bitcoin companies from across the world. With its latest acquisition by ₿trust, Qala has the needed resources to build the next generation of African Bitcoin talent pipeline. Speaking on the acquisition, Bernard Parah, Co-Founder and Director of Qala, said their goal was to build African engineers with deep understanding of Bitcoin’s capabilitites, and that the aquisition further strengthens the goal. It costs up to $200 million a year to keep Bitcoin’s code maintained and functioning. Several developers around the world write and maintain code for the Bitcoin blockchain, however, African developers make up a small fraction of these developers. Since its launch, Qala has added more than 100 community members across seven countries. “Qala is a programme designed to train the next generation of Bitcoin and Lightning Network developers from across the African continent. The goal is to find, upskill and match African developers with Bitcoin companies from around the globe,” a statement on the website reads.
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As Starlink faces hurdles, Amazon launches competitor in Africa
Vodafone and Amazon are working on Project Kuiper satellite internet service, a competitor to Starlink in Africa. Vodafone and Project Kuiper, Amazon’s Low Earth Orbit satellite (LEO) communications initiative, today, September 5, 2023, announced a collaboration to use Project Kuiper’s network to extend the reach of 4G/5G services to more of their customers in Europe and Africa. Project Kuiper claims to connect geographically dispersed cellular antennas back to the companies’ core telecom networks. This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed wireless links back to the core networks. Shameel Joosup, CEO of Vodacom Group said “collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon’s satellite constellation to quickly reach more customers across the African continent.” The Vodacom group plans to use Project Kuiper’s high-bandwidth, low-latency satellite network to bring the benefits of 4G/5G connectivity to areas that may otherwise be challenging and prohibitively expensive to serve via traditional fibre or microwave solutions. Amazon expects to begin beta testing Project Kuiper services with select customers by the end of 2024, and Vodafone and Vodacom plan to participate in that testing through this collaboration. The partnership comes at an interesting time when Starlink, a competitor to Project Kuiper, has been experiencing regulatory pushback, particularly in southern Africa. South Africa has banned the import, reselling and usage of the service, Zimbabwe has warned against the service, citing licensing while Botswana states that the service is yet to get the requisite licensing despite planning to launch in the country in Q3 2023. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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Andrew Barden and Zekarias Amsalu: A conversation with the minds behind the Africa Fintech Summit
Noel K. Tshiani is the founder of Congo Business Network, which has partnered with the Africa Fintech Summit (AFTS) since April 2019 to mobilise startups and government officials from the Democratic Republic of Congo to participate in various editions of the summit held in Washington, Addis Ababa, Cairo, and Cape Town. He discusses the evolution of the summit from its inception to the upcoming November edition in Lusaka, Zambia, with Andrew Barden, lead organiser, and Zekarias Amsalu, co-founder of the event. Since its inception in 2017, the Africa Fintech Summit (AFTS) has grown into a key fintech event, not just in Africa, but globally. Can you share with me the initial vision behind the AFTS, and how it has evolved over the past editions, leading to the upcoming 10th edition in Lusaka, Zambia? Andrew Barden: The original vision, which remains our vision today, is that Africa is uniquely positioned to be a global leader in the financial technology industry, that much work remains to be done, and that fintech can transform people’s lives and economies through the power of meaningful financial inclusion and enhanced sustainable development. We take great care in organising each summit because we are uniquely positioned to be a catalyst for enabling investment, building balanced regulation, and facilitating collaboration across sectors and geographies. Over the years, AFTS has become the top stage for industry stakeholders to explore, debate, and connect around this shared vision for African fintech. The AFTS has supported millions in capital raise efforts and has been instrumental in shaping policy guidelines and startup ecosystems. From your perspective, what are some of the most transformational impacts the summit has had, especially concerning the African fintech landscape? AB: That is a spectacular question. Personally, I have always been fascinated by the entrepreneurial process. One of the programmes we have run since day one is our AlphaExpo Micro-Accelerator. This non-equity programme has enabled many startups across the continent to not only raise their public profile, but also to connect with potential investors and like-minded individuals. Some people have told me, “Africa has too many fintechs.” I do not agree with that thinking. I believe that as a pan-African ecosystem, we need to do everything we can to remove the barriers to entry that prevent entrepreneurs from taking the step from idea to execution. The summit is known for its cross-sectoral collaborations involving investors, entrepreneurs, and regulators. How do you manage to bring such diverse stakeholders under one roof, and what has been the secret sauce in fostering successful partnerships and new business ventures? AB: The short answer is a lot of phone calls, emails, and letters. Getting the right decision makers in the room is the result of years of building relationships across industries and geographies. At AFTS, we pride ourselves on not being a “pay-to-play” event; it is important to us that this diverse and dynamic industry is well represented at each edition. The secret sauce for us is our thought-leadership-first approach and our focus on keeping the majority of our audience at the C-suite and director level. These two things work together to allow for the organic discovery and conversation necessary for efficient dealmaking and relationship building. Given the variety of participants at the summit, from seasoned investors to budding fintech entrepreneurs, how do you ensure that there is a shared vision and synergy among attendees? What strategies have proven effective in aligning the interests of these diverse groups towards common goals? AB: Of course, everyone will have their own opinions and insights, but when it comes to the macro vision of Africa’s fintech industry as a means to drive meaningful financial inclusion and sustainable economic development, I have not met many people in our industry who disagree with that vision. However, when it comes to the specifics of how that vision can be realised, that is where people start to disagree. One of the benefits of being a sector-specific event is that AFTS attracts an audience that is already heavily focused on the fintech sector. With a wide net of different stakeholders attending AFTS, it is special to listen to many of the conversations on and off stage, because, while people may share a macro vision for African fintech, the different perspectives often help open people’s eyes to much more than their “focus area”. For me, it is less about aligning everyone’s vision and more about facilitating a conversation about a vision that is both geographically diverse and inclusive of different stakeholders. Last year, in collaboration with Congo Business Network, AFTS organised a panel in French at the 8th edition in Cape Town, South Africa. This year, you have renewed this partnership for the panel titled: “Fintechs and the future of financial inclusion in francophone Africa”. Why is it essential to emphasise the French-speaking region in Africa, and what unique opportunities and challenges does francophone Africa present in the fintech business? AB: There has been a divide that has cut off much of francophone Africa from participating in the conversations around financial technology in Africa. For me, it is important that we emphasise that Africa is not a monolith but rather a mosaic of cultures, languages, and more. I would say that not only is it important to highlight the francophone part of the continent, but it is also paramount that we facilitate the pan-African community to come together in a meaningful way. If you have ever been to an African Union meeting, there are many languages being spoken and translated at the same time. I see no reason why the private sector cannot do the same. As we look towards the 10th edition of the AFTS in Lusaka, Zambia, what should attendees expect in terms of content, innovation showcases, and opportunities? Further, as a co-founder, can you share some insights on the future trajectory of AFTS, especially in light of the rapid developments in African fintech? Zekarias Amsalu: We have a lot planned for the Lusaka edition and have been working closely
Read MoreExclusive: Leatherback denies losing funds to little-known SDQ Facilitators
Leatherback, a cross-border payments startup, is the subject of ongoing speculation within high-level online communities of the Nigerian tech ecosystem. The UK-based company, which raised $10 million pre-seed, is backed by ZedCrest Capital and provides cross-border payment services to customers in South Africa, Egypt, Uganda, India, the UAE, and Nigeria. An unsubstantiated report making the rounds on closed WhatsApp and Telegram communities claims that Leatherback lost a significant sum to an entity known as SDQ Facilitators–TechCabal will not describe the rumours in detail as they remain unsubstantiated. The initial source of the rumour also remains unclear. Leatherback told TechCabal it is aware of the rumours and denied all the claims. In an exclusive interview with TechCabal, Leatherback’s CEO Toheeb Ibrahim also denied other rumours that transactions with SDQ Facilitators had exposed the fintech to an ongoing investigation that has left its bank accounts frozen worldwide. “[It’s] terrible and laughable,” he said. “Our accounts are fully functional, and you can log in right now, create an account and complete a transaction.” Although Ibrahim denied any wrongdoing, losses or association with SDQ Facilitators, he said Leatherback has provided information on the former to the Nigerian Police Force and the Economic and Financial Crimes Commission (EFCC). While TechCabal could not independently verify the investigation details from the EFCC and the police, Ibrahim said, “We don’t know who they [SDQ Financials] are; we’ve not engaged them before, and we don’t have any links with them. If the authorities call at Leatherback, we’re inclined to respond; the extent of our investigation is to the extent the police have asked, ‘What do you know about these people?’ and we have provided those details to them. “Hopefully, they can find whoever is involved, but none of Leatherback’s funds are affected in this situation,” Ibrahim added. The company also pointed out that it is subject to regulation by the UK’s Financial Conduct Authority (FCA) and that all client’s funds are safe. TechCabal investigations turned up little information about SDQ Facilitators. The entity is incorporated in Nigeria, and details on the website of the Corporate Affairs Commission show one individual–Lawal Mohammed Kazeem–with significant control at the company. SDQ did not respond to TechCabal’s request for comments. Industry insiders told TechCabal SDQ is a Nigerian currency trading company that buys and sells the US dollar at a lower exchange rate than the prevalent parallel market value. Last week, TechCabal reported that Float, a fintech company originally founded to help startups with cashflow management, dabbled into currency trading instead. In a series of transactions that eventually went wrong, the startup lost money and could not pay at least $6 million in client deposits. It shows the precarious nature of attempting to profit from Nigeria’s arbitrage situation. With the greenback only readily available on the black market, some companies are tempted by promises of cheaper access to FX, but the results can be disastrous. A trader familiar with the situation but asked not to be identified so they could speak freely told TechCabal that the payoff for companies in currency trading was too much to be ignored. “A company I’m familiar with made N1.4 billion trading currencies in only one month,” they told TechCabal. Leatherback said it is familiar with people’s attempts to get cheaper foreign exchange through third parties; “We always encourage people to stop dealing with intermediaries when they need foreign exchange.” As to why it didn’t respond to the rumors, the company said, “Leatherback’s accounts are open, the platform is open. Instead of responding to these rumors, if they tell you Leatherback accounts are down, please log in and find out if it’s working. If you log in and it’s working, everything answers itself.”
Read MoreLagos Blue line will have to wait four weeks to be electrified
Lagos Blue rail line was inaugurated yesterday but its electrification process will take a month as the transport authority tests growing adoption On Monday, the Lagos state government launched its blue line, a 27km intra-city line connecting Okokomaiko to Marina and the first light-rail system in the city. Governor Babajide Sanwoolu was one of first passengers on Monday on a light rail system that has only been partially delivered after its conception in 2008. Yet the blue line will still have to wait four weeks to be electrified while it is still in testing phase, said the Lagos Metropolitan Area Transport Authority (LAMATA). Presently, the train is pulled across its electric tracks with a diesel locomotive. LAMATA told TechCabal that the situation is temporary. “What I don’t want us to be saying is that it is not electrified because people may want to run across the tracks,” Abimbola Akinajo, LAMATA’s Managing Director said. “The tracks are currently electrified.” While the blue line waits, to be electrified, the 37km red line, which is expected to be operational by the end of the year, will run on diesel. The red line stretches from Agbado to Ebute Meta and connects with the blue line at Marina. While the blue line will eventually have eleven stations, only five stations from Mile 2 to Marina, have been launched as phase one of the plan. Akinajo said the second phase of the blue line comprising six stations from Okokomaiko to Festac would be completed in three and a half years. “What we really want to do is add two more stations. We would include Alakija, Festac and bring that into operations in 18 months.” The Blue line is not open on both sides but currently operates like a monorail from Mile 2 to Marina. According to LAMATA, the both sides of the railway will work jointly once it is switched onto electric. Passengers worry about the price point Three passengers told TechCabal that they love the experience; the average travel time from Mile 2 to Marina is 20 minutes with a last mile provision at Marina to take you into Falomo, TBS and Victoria Island. However the price point is still a concern. While a ticket from Marina to Mile 2 is N750, the state government is providing a 50% discount until the end of the year. Akinajo said the system must generate enough to sustain itself. “Let’s start with what we have,” Akinajo told TechCabal. “Transportation is important. When we are able to move, the economy of Lagos grows.” In its unelectrified state, it carries a thousand passengers. The train is expected to carry 175,000 passengers daily with five stations in operation and will 500,000 passengers when the blue line is fully complete.
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Latest update for my NSFAS application status 2023
The NSFAS funding application for the 2023 edition has officially closed for the year. Therefore, any willing applicant who didn’t apply for the 2023 NSFAS funding will have to look out for the 2024 opening of the NSFAS applications. Meanwhile, those who have applied are advised to keep tracking their My NSFAS application status. Pending the next application season, there are things you may want to prepare towards. To apply for the National Student Financial Aid Scheme (NSFAS) in South Africa, there are five crucial things you need to keep in mind: 1. My NSFAS eligibility status Before you start your NSFAS application, ensure you evaluate your eligibility status. Generally, you must be a South African citizen, a permanent resident, or a refugee. You also need to be enrolled or intend to enroll at a public university or TVET college. Meeting these criteria is essential to proceed with the application. 2. Required documentation for My NSFAS status Gathering the necessary documents is vital to the success status of your NSFAS application. These typically include your certified copy of your ID or birth certificate, your parent/guardian’s ID, proof of their income (payslips or affidavits), and your own proof of income if applicable. Academic transcripts or acceptance letters from your institution are also needed. 3. Online application NSFAS primarily uses an online system throughout the majority of your application status updates. You must have access to the internet and a valid email address. Visit the NSFAS website (www.nsfas.org.za) during the application period, create an account, and complete the application form. Ensure all your details are accurate to avoid processing delays. 4. Deadlines NSFAS has specific application windows, so it’s crucial to know the opening and closing dates for applications. Missing these deadlines can result in your application being rejected. Typically, application periods open in August and close around November for the following academic year. However, this is subject to the discretion of NSFAS. 5. Follow-up and communication After submitting your application, you should track your My NSFAS status. Therefore, regularly check your email and the NSFAS portal for updates. You may be required to provide additional information or attend interviews. Stay in touch with NSFAS and promptly respond to any requests to ensure your application progresses smoothly. Final thoughts on My NFAS application status updates Applying for the My NSFAS 2024 requires careful attention to eligibility status, thorough documentation, online application submission within the specified timeframe, and active communication with the organisation. By following these five key steps, you increase your chances of securing financial assistance to pursue your higher education goals in South Africa.
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SRD SASSA latest 2023 news; Bank details and more
As you may already know, the SASSA SRD application deadline has been moved to 2024. You can read up on the month and more here. Alongside this, there is important information regarding appeals, grant application updates, and changing your bank details for the SASSA SRD R350 Grant. And this article will concisely highlight them for you. The SRD SASSA grant application updates If you applied for this grant this year and haven’t gotten it and your application status still reads ‘pending’, your application will automatically be considered each month until 2024. If your status is reading “rejected” or anything connoting a decline, you may need to appeal if you feel you were wrongly refused. Meanwhile, you can modify your responses to the screening questionnaire at any time if your circumstances change or if there are errors in your application. To do so, simply visit this link: https://srd.sassa.gov.za/sc19/reconfirmation and follow the instructions. Appealing the SRD SASSA decline or rejection If your application was rejected at any point in 2023, you have the option to file an appeal. You can learn how to initiate the appeal process by visiting the DSD appeals website or directly accessing the appeals portal if you’re already familiar with the process. Changing SASSA bank details For approved beneficiaries of the SASSA SRD R350 Grant looking to update their banking details, you can do so by visiting this link: https://srd.sassa.gov.za/said and navigating to the “How do I change my banking details” section. You’ll see a portal to enter your ID. After providing your ID Number, you will receive an SMS with a secure link unique to you. Click on this link and carefully follow the provided instructions. If you choose to receive your grant in a bank account, please ensure that the account belongs to you. SASSA cannot deposit your grant into someone else’s bank account. Similarly, if you opt for the money transfer option through a major bank, make sure that the mobile phone number receiving the SMS is registered in your name. SASSA cannot transfer your grant to a mobile number registered to someone else. It’s important to note that these updated banking details will be used for future payments after they are verified.
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👨🏿🚀TechCabal Daily -mPharma lays off 150 staff
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning It is the end of an era. Microsoft is discontinuing WordPad after 28 years. If you are wondering what WorPad is, it is that app that you keep opening mistakenly when you are trying to open your Notepad or Microsoft Word on your desktop. In today’s edition mPharma lays off employees Binance’s global head of product resigns Anchor raises $2.4 million in seed funding Pick and Pay customers can pay in Bitcoin The World Wide Web3 Event: The Moonshot Conference Job opportunities Layoff mPharma lays off 150 employees Image source: TechCabal mPharma is parting ways with some of its workforce. mPharma, the Ghanaian startup that manages prescription drug inventory for pharmacies and their suppliers, has laid off 150 employees. According to the company’s CEO, Gregory Rockson, the layoffs are in light of the current macroeconomic conditions driven by the naira devaluation. ICYMI: This news comes after the company raised a $35 million Series D last year. In September 2022, the startup bought a majority stake in HealthPlus, a leading pharmacy chain in Nigeria, for an undisclosed amount. A year before, it also bought a 55% stake in Uganda’s Vine Pharmacy— the second country in East Africa after buying Halton’s Pharmacy in Kenya for $5 million in 2019. The road ahead: The startup operates in nine African countries: Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda, Uganda, Gabon, and Ethiopia. Now with a lighter workforce, the company says that the company will focus on its online pharmacy product, Mutti. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Crypto Binance global head of product resigns Image source: Zikoko Memes The world’s largest crypto exchange, Binance, is facing another setback Yesterday, the global head of product and design at Binance, Mayur Kamat, resigned from his position. Why? According to Kamat, he is leaving Binance due to personal reasons and to “transition product leadership to Binance’s next-gen leaders”. Kamat’s decision to step down adds to a growing list of senior executives who have left Binance. The company also laid off over 1,000 employees in July. Regulatory woes: These departures come at a time when Binance is navigating intense regulatory scrutiny in the United States. In one lawsuit, the SEC alleges that Binance provided false information to its customers and redirected funds towards independent investment portfolios owned by Zhao. If the regulatory agency’s lawsuit proves successful, both Zhao and Binance might face prohibitions on conducting business within the US. Power your startup growth Join burgeoning entrepreneurs & innovators in Ghana, Nigeria, Senegal, South Africa, & Kenya to pitch your startup and unlock funding, mentorship, & growth opportunities at the 2023 MEST Africa Challenge. Apply today! . Funding Anchor raises $2.4 million Image source: Zikoko Memes Anchor, a Nigerian fintech company that provides banking-as-a-service (BaaS) solutions, has secured $2.4 million in seed funding. The Y Combinator (YC) backed company, which became publicly known just a year ago after raising over $1 million in pre-seed funding, has now secured $2.4 million in seed funding. The round was led by Goat Capital, with participation from FoundersX, Rebel Fund, and existing investors such as Y Combinator and Byld Ventures. About Anchor: The company provides developers with a suite of tools, APIs, and dashboards to facilitate the integration and creation of banking solutions. How will it use the funding? Anchor says it has now hit over $550 million in annualised total transaction volume, with revenue growing 30% month-on-month. It plans to use the raise to bring in more customers and improve its compliance. Unlock new opportunities for your business Unlock new opportunities for your business with Vesicash! Seamlessly expand into emerging markets using our secure, all-in-one and cost-effective payment infrastructure. Contact Vesicash via our website www.vesicash.com or reach out to our dedicated team at info@vesicash.com Crypto Pick and Pay gets more Bitcoin payment channels Image source: TechCabal South Africans now have more options to pick and pay with crypto. VALR and Luno have partnered with CryptoConvert to support Bitcoin payments from their apps at all Pick n Pay stores around South Africa. Last year, Pick n Pay, the South African retailer, announced its successful pilot phase would allow customers to pay for purchases using cryptocurrencies on their smartphones. This new development comes after CryptoConvert announced in February that its CryptoQR platform was active in all of Pick n Pay’s over 1,500 stores in South Africa. Shoppers can also buy airtime, electricity, flight and bus tickets, and pay municipal bills with bitcoin at the till. The full rollout of CryptoQR across Pick n Pay’s national footprint came after a successful trial at stores in major cities. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $27,259 + 0.10% – 11.18% Ether $1,634 – 0.01% – 10.53% BNB $214 + 0.27% – 11.13% Cardano $0.257 + 0.52% -12.36% * Data as of 02:17 AM WAT, September 5, 2023. Events The Moonshot Conference Early bird tickets are still selling out fast for Moonshot by TechCabal! If you’re an international fan eager to be part of this incredible event, the time has come for you to secure your seat and get an exclusive discount. Be part of the gathering of the most audacious players in Africa’s tech ecosystem and get your early birds ticket now. Get your ticket today. Job Openings FairMoney – Product Manager – Abuja, Nigeria(Remote) Smollan – IT Officer – Lagos Nigeria (On-site) Zeps – Backend Engineer (Java) – Nairobi, Kenya Kyosk – Country Product Manager – Nigeria( On-site) What else we are reading John Malone’s charter squeezes Disney at vulnerable moment Free AI tools are killing South Africa’s web designer job market Written by – Mariam Muhammad & Faith Omoniyi Edited by – Noah Banjo
Read MoreWasoko launches cross-border operations into DRC
Wasoko, Africa’s largest B2B e-commerce startup, expands its African B2B e-commerce network into DRC, leveraging its Rwandan hub. Wasoko, an African e-commerce company that currently operates in Kenya, Tanzania, Rwanda, Uganda, and Zambia, has expanded into the Democratic Republic of Congo (DRC). This marks its second country expansion this year, following its debut in Zambia in May. The expansion is being facilitated through Wasoko’s existing e-commerce hub in neighbouring Rwanda. The e-commerce company has expanded its reach to small businesses in Goma, the capital of DRC’s North Kivu province, with the help of cross-border trade zones supported by the Rwandan government as part of its more comprehensive drive to foster regional economic integration. Growth in Rwanda Following its expansion into Rwanda in 2019, Wasoko witnessed an astounding increase in its revenues, surging from $2 million in its inaugural year of operation to $48 million in 2022. Presently, the platform caters to over 5,000 informal retailers exclusively in Rwanda. Given the impressive performance achieved in Rwanda, Wasoko is equally optimistic about leveraging its existing infrastructure to drive growth for small businesses in neighbouring DRC. “As one of Africa’s largest countries, the DRC presents a substantial market opportunity for Wasoko. Despite a rapidly growing population of nearly 100 million people with increasing purchasing power, the country’s significant infrastructural challenges have placed huge limitations on its e-commerce sector, which presents a vastly untapped opportunity,” Daniel Yu, Wasoko’s founder and Global CEO said regarding the expansion. Wasoko’s expansion into the DRC is the latest milestone for the company. In March 2022, Wasoko raised a $125 million Series B round, making it the largest venture financing round ever raised for a non-fintech startup in Africa. Philip Lucky, Acting Chief Investment Officer, Rwanda Development Board, enthusiastically praises Wasoko’s expansion into the DRC. According to him, “The Government of Rwanda is pleased with Wasoko’s expansion to the DRC. It joins Rwanda’s success stories of its proof-of-concept strategy, which allows investors to set up and test their solutions in Rwanda before scaling to the region. We remain committed to improving Rwanda’s ICT & Innovation eco-system in order to enable investors and startups to thrive.” After expanding to DRC, Wasoko plans to replicate its model in other African regions. This is part of its long-term goal to strengthen its Pan-African presence, empower local businesses, and connect African consumers with a wide range of products and services. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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