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Flutterwave Raises $170m Fund from International Investors

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Flutterwave, Africa’s payments technology company, has announced a $170 million fundraise, secured from a leading group of international investors. 

This is part of a successful Series C round, led by growth-equity firms Avenir Growth Capital and Tiger Global Management LLC, with participation from new and existing investors.

The funding is coming on the backdrop of their $35 million Series B funding raised in January 2020. This round of funding, brings the total investment in Flutterwave to $225 million, making the firm one of the few African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty. 

Flutterwave has recorded an exceptional revenue growth of 226 per cent CAGR from 2018 to 2020, as a result of a favourable regulatory landscape, enabled by the Central Bank of Nigeria (CBN) under Governor Godwin Emefiele. 

Founder and CEO of Flutterwave, Olugbenga Agboola, said that “Our successes would not be possible without our amazing People, who work tirelessly to achieve our goals, the trust and support we have received from our investors, partners and customers as well as regulatory bodies like the Central Bank of Nigeria which under the leadership of Governor Godwin Emefiele has created enabling environment for technology, innovation and financial inclusion.”  

Agboola, said further “Flutterwave will utilise the funding to continue its drive of empowering small businesses, which are the bedrock of the Nigerian economy, while facilitating smooth digital transformation for both Governmental and Non-Governmental organisations.” 

According to him, this will also help Flutterwave execute an audacious growth strategy to become a leading global payments company connecting the highly fragmented African digital payments landscape.

“As we look to the future, our focus remains the same, to support our over 290,000 merchants across Africa every day as they strive to build their businesses and grow the economy.

“We look forward to increasing our investments across the continent, deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.” 

There are clear indications that Flutterwave will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products such as the newly launched Flutterwave Mobile, an app to help accelerate ecommerce growth as a result of the success of the Flutterwave Stores.

The company will also continue collaboration with the public sector in facilitating online payments for crucial projects and programs such as the Abuja-Kaduna online railway booking system, Covid test online booking system, Nigeria immigration services online payment portal, among others.

Flutterwave was founded with the mission to create endless possibilities for customers and businesses in Africa and the emerging markets. 

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APPON Honours Danbatta For e-Procurement Delivery

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The Association of Public Procurement Practitioners of Nigeria (APPON) has conferred the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, with the “Excellent Service Delivery and Accountability Award”.

The award was in recognition of Danbatta’s outstanding performance and contribution to the canons of the public procurement profession in Nigeria by ensuring that the NCC complies strictly with the provisions of the Public Procurement Act (PPA) 2007.

He received the award at the 3rd Annual National Conference and Awards Ceremony organized by the APPON in Lagos recently.

Danbatta was adjudged to have led an NCC that is transparent and open and compliant with the provisions of public procurement as enshrined in applicable laws of the land.

In his remark, APPON National President, Akparawa Kanico, congratulated the EVC for his remarkable leadership and ability to inspire everyone around him towards ensuring effective procurement process in the Commission.

He stated that the leadership finesse and administrative prowess of Danbatta have reflected in the impressive growth that the telecoms sector has witnessed in being an enabler of growth in other sectors of the economy and the national economy as a whole.

Responding, the Danbatta appreciated the organisers of the Awards for the recognition while describing it as ‘a great motivation to him and the Commission to be more transparent, open and process-driven in its procurement activities.’

Meanwhile, speaking on the topic: “Implementation of e-procurement in Nigeria: Prospects and Challenges” at the event, Danbatta said broadband connectivity, being driven by the Federal Government, through the Commission, will enhance electronic procurement (e-procurement) that will ensure greater accountability and transparency in governance process in Nigeria.

He stressed that e-procurement was the way to go and that the Commission will continue to create the enabling environment required for e-procurement to thrive through NCC’s dedicated commitment to driving the attainment of ubiquitous broadband connectivity across Nigeria. 

Danbatta said Nigeria’s investment in broadband infrastructure is yielding substantial benefits for the country’s e-procurement sector, revolutionizing the way businesses engage in procurement processes, especially Government-to-Business (G2B) and other e-government activities.

“With the new administration in the country making broadband connectivity an outstanding pillar in its policy thrust, the Commission would continue to focus on improving broadband infrastructure to change the landscape of procurement governance, and help to unlock new possibilities for businesses and public institutions. 

“With improved Internet connectivity, businesses across the country now have faster and more reliable access to e-procurement platforms, enabling them submit proposals, monitor tender opportunities in real time, and participate in online bidding process,” he said.

At the event, two members of staff of the Commission were inducted as APPON Fellows. They are Adejoke Atte, NCC’s Head of Procurement Department and a Principal Manager in the department, Bernard Kwembeh.

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Innovations

MTN Nigeria Invests Over N100m on 2nd Edition of Media Innovation Programme 

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The second edition of the MTN Media Innovation Programme commenced on May 15, 2023. MTN Nigeria is investing over 100 million Naira in this second edition of the programme, which is aimed at building the capacity of media practitioners in Nigeria.

The investment fulfils the organisation’s commitment to impacting the Nigerian media industry through intensive training that opens the participants to knowledge about media convergence, technology, and the future of combining outstanding reporting with media technology. 

The MTN Media Innovation Programme is a fully funded six-month Fellowship for 20 fellows executed by the School of Media and Communication, Pan-Atlantic University. The programme will also include a study trip to the University of Witwatersrand South Africa, a visit to the MTN Innovation Centre, amongst other engagements.

Speaking to the process that led to the conceptualisation of the intervention, Chief Corporate Services Officer, MTN Nigeria, Tobechukwu Okigbo said, “When MTN commemorated its 20th milestone in Nigeria, we had a conversation regarding the challenges facing the media in Nigeria and how we can intervene. We put a paper together, took it to the Board, it was approved, hence we are here today.

“The world is constantly changing, and media practice has been altered with advancements in technology. The modern media practitioner needs to remain innovative, which is the essence of the MIP. We have seen the impact of the programme among media practitioners and are motivated by the value this cohort will bring to media practice in Nigeria.”

MTN Nigeria is committed to enabling innovation in Nigeria by investing in the necessary infrastructure such as the 5G technology and human resources. At the end of the programme, every MIP fellow will experience improved knowledge of the telecommunications industry in Nigeria and how it ties to media innovation. This will help the practitioners understand and interrogate telecommunication industry trends when necessary. The programme will also enhance the quality of writing and reporting within the industry to ensure they are at the forefront of global reportage of technological trends. 

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Enterprise

Andela Rwanda Launches Apprenticeship Program to Connect Africa’s Top Organizations with Talent

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Andela, the global network for remote technical talent, has announced the launch of the Andela Rwanda Apprenticeship Program, a 12-week program that aims to introduce global organizations to the vast potential of up-and-coming Rwandese tech talent.

The apprenticeship program offers companies the chance to build their team with graduate apprentices from the Andela Technical Leadership Program (ATLP). The ATLP is Andela Rwanda’s signature accelerator program, in partnership with the country’s Ministry of ICT and Innovation,  empowering Rwandese nationals with the prerequisite software engineering they need to be future tech leaders. 

The ATLP simulates a real-world technology product setup, where participants learn to work within a team to build web applications with best practices based on Javascript and its associated frameworks. The program has so far successfully trained 380 junior engineers from across ten different African countries, with over 70% of the graduates from the ATLP currently employed. There are currently 150 additional learners in the program. 

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