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UK Government Empowers 10 Tech SMEs in Nigeria

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Designed to empower early-stage Nigerian startups that are solving challenges resulting from the COVID-19 pandemic, the UK government, in January through the UK-Nigeria Tech Hub launched it’s iNOVO Accelerator Programme for 10 early stage startups building innovative solutions to tackle the challenges caused by COVID-19 across the Education, Agriculture and Health sector in Nigeria.

In partnership with StartupBootcamp Afritech and Ventures Platform as implementing partners, this 3-month virtual programme afforded the top 10 selected Startups an opportunity to receive capacity building and learn startup training, mentorship, and support to scale their products and business models rapidly.

The top 10 startups across EdTech, AgriTech and HealthTech also received an opportunity to validate their solutions with pilots and proof of concept engagements and use their newfound insights to rapidly pivot and scale. All of this was done with the help of dedicated Entrepreneurs, mentors, investors, and industry experts. To wrap up the programme, these startups also got the opportunity to pitch in front of an audience comprised of investors, corporate and government partners at the virtual demo day event.

The second pronged strategy of the programme was to also provide a great learning experience for selected startups that couldn’t make a cut into the programme. Of a total of 750 applications received, the UK-Nigeria Tech Hub also sponsored 100 startups from the pool of applications received to gain life-time access to the Accelerator Squared platform where they are provided with the necessary insights and modules to help them build products and companies to scale impact.

Founders were very impressed by the Accelerator Squared platform-the interactive playbook that provides startup founders with more than a dozen graduated modules to progress through every stage of the startup journey was a valuable asset that assisted in helping them fine-tune their business models.

The Interim Country Director of the UK-Nigeria Tech Hub, Lamide Johnson said: “Seeing the incredible impact this programme has been for the participating startups is a testament to the fact that if we want to give room for innovation to solve some of the arduous problems faced in Nigeria, more interventions such as this are needed to provide the needed information, network and support for early-stage startups building innovative solutions.

“Through this programme, we readily saw the need to support and provide more spring-boards for early-stage startups seeking to scale their impact.”

Speaking on the programme experience, some of the top 10 startups gave remarkable feedback on how the iNOVO Accelerator programme had an impact on their Startups.

The CEO ofSchoola Abdul Bature,stated: ‘It has been an incredible 3 months of hardwork. With the help of StartupBootcamp AfriTech and Ventures Platform, our gamified learning solutions for secondary and primary schools has managed to get the attention of corporate parteners and key stakeholders. Which has led to a partnership with the Nigerian Turkish International Colleges and an onboarding of 25 other partners.

Furthering on this: Damilola Olaopa, CEO ofFoodbank.ng, a food loan service startup, stated that through the programme, his team has managed to leverage the partnerships made to get the required support. “The partnerships we have made will help us to scale our operations rapidly. Our partnership with First Bank reduces our exposure to risk as the bank takes on the responsibility of providing the funds, creditworthiness assessment, recollection and reconciliation of loans. This will not only help us scale our operations rapidly but will also lead to more revenue for the bank and for us too,” said Dami.

In the course of this programme, cloud-based hospital management startupMedipal secured two major partnerships with notable Insurtech Company, Curacel (Startupbootcamp Afritech alumni) as well as eTranzact- an African finance giant. Medipal’s client numbers have increased and they have been ranked as Lagos’ number 1 Electronic Medical Record Company by the governing body of hospitals, the Association of General and Private Medical Practitioners of Nigeria.

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Start-ups/Fintech

NCC Opens Applications for 2023 Talent Hunt Research Through Hackathon

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The Nigerian Communications Commission (NCC) has kicked off activities for the third edition of its Talent Hunt Research through Hackathon as part of giving expression to its Strategic Vision Plan 2023-2025, which is to encourage the development of new technologies and indigenous content through cutting-edge research. The goal of this initiative is to stimulate sustainable economic growth and development in Nigeria.

Therefore, the Commission has invited Tech Hubs, and Innovation-Driven Enterprises (IDEs) in Nigeria to enrol their start-ups and their solutions in the Talent Hunt Research through a Hackathon organised by NCC. The Hackathon focuses on Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas.

The NCC Talent Hunt Research Through Hackathon leverages Emerging Digital Technologies to facilitate the development of home-grown innovative solutions and local content development in the telecommunications sector while fostering economic growth and social advancement in Nigeria.

The competition enables the translation of novel ideas into the development of hardware/software solutions that address industry and societal challenges. The best three solutions, one from each of the three areas listed above will receive grants of N10 million each for the development of the solutions.

The Commission has set out eligibility criteria for those seeking to participate in the competition, which include that the Enterprise must provide a certificate of registration with the Corporate Affairs Commission (CAC), the Enterprise must not have previously received support from the Commission, the project should have clear relevance to one of the three thematic areas above, it must provide a clear problem statement, proposed solution, and roadmap to deployment.

Other requirements include a proof of concept (which may also include technical feasibility of the idea with diagram, algorithm, existing models, or case studies; the solution must be novel with the applicant making a declarative statement on ownership of the intellectual property, the solution including prototype development shall be concluded within 6 months of receipt of the Grant and must propose a detailed commercialization plan of the prototype.

The Entry Submission format indicated that the proposal must include ideation,

Minimum Viable Product (MVP) and solution, Current Sweat Equity Investment, Product-Market Fit status, Verifiable Go-to-Market status, Growth Feasibility Assurances, Maturity Model and Timeliness and existing time: Disaster Recovery, where applicable

All applications should be made online and must follow the stipulated entry format and there is no financial cost to participating in the competition while full control and ownership of the intellectual property of the developed solutions remain with the Commission.

The entries must be made by a Tech Hub/Innovation-Driven Enterprise that must show evidence of the relationship with the Start-up/solution being entered, a 4-page Executive summary of the project concept, a 3-5 minute video of the pilot project, names, age, contact details, passport photos and profile of all team members and the website (if available) as well as an E-mail address of the applicant.

All interested and qualified enterprises should submit requested documents in a zip folder to https://ncc.gov.ng/talenthuntresearchhackathon2023 with the subject of the mail titled “Submission from <business name>” and the zipped file named after the business.  

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Visa Unveils Africa Fintech Accelerator Program to Kickstart $1bn Investment

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Visa has announced the launch of the new Visa Africa Fintech Accelerator program to help enable Africa’s expanding start-up community through expertise, connections, technology, and investment funding. 

The launch of the Africa Fintech Accelerator program follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth.

The initiative was introduced by Visa Executive Chairman Alfred F. Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech, Morocco.

The Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring.

Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.

Fintech startups throughout Africa can apply to be part of the program through two application phases each year, starting from July 2023. With more than 1,000 Africa Fintech start-ups taking part in the Visa Everywhere Initiative* (VEI) competition in 2022, finalists from Africa country editions this year will be invited to join the accelerator program.

“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast,” said Alfred F Kelly Jr., Executive Chairman, Visa, Inc. “Visa has been increasing our investments in Africa for decades and strengthening partnerships throughout the continent to support the next wave of innovation and growth.  Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale.”

The support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitization. In line with Visa’s corporate purpose to uplift everyone, everywhere by being the best way to pay and be paid, this support of Africa’s fintechs will facilitate additional opportunities to expand financial inclusion.

“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy,” said Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa. “Visa has been working with this innovative community to create new programs and solutions to help fintechs scale, while giving access to Visa’s technology and partner ecosystem.  Through the new Visa Africa Fintech Accelerator, we are looking forward to working with more brilliant entrepreneurs and companies to shape the future of money.”

In addition to its $1 billion pledge to Africa, Visa has recently introduced several business initiatives and programs to further advance the payments ecosystem in Africa.  These include:

  • Establishing local operations in the Democratic Republic of Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa from which it supports payments in all 54 countries.
  • Unveiling the first dedicated Visa Sub-Saharan Africa Innovation Studio, in Nairobi, Kenya, to provide a state-of-the-art environment to bring together clients and partners to co-create future-ready payment and commerce solutions.
  • Introducing and expanding new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone to turn a simple mobile phone into point-of-sale terminal, as well as lowering remittance costs through innovative solutions like Visa Direct.
  • Establishing Visa as the fintech partner of choice, working with innovators and entrepreneurs, including through the Visa Everywhere Initiative program, with dedicated country programs in South Africa, Kenya and Egypt.
  • Launching new programs to support women’s empowerment together with financial partners, including She’s Next, which is bringing funding, mentoring and networking opportunities to female entrepreneurs leading growing SMBs in Egypt, Kenya, Morocco, and South Africa.
  • Collaborating, with partners, to advance financial literacy in several languages, including localized versions of Practical Money Skills in Egypt and Morocco for the first time.

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Start-ups/Fintech

Entrepreneurs, Start-ups Receive upscaling strategies as 9mobile’s Hack visits Enugu

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 The coal city of Enugu was abuzz as Nigeria’s innovative and SME-friendly telecommunications brand, 9mobile, further reaffirmed its commitment to the growth of SMEs when it hosted small businesses, start-ups, and budding entrepreneurs at ‘The Hack’, its networking and business mentorship initiative, taking them through strategies and solutions that will help them build their business presence, and upscale.

This edition of ‘The Hack,’ the first in the series for 2023, was held at the popular Amadeo Event Center, by Tunnel Crossing in Enugu.

The Hack’ by 9mobile is an enterprise mentorship and networking event where seasoned SME mentors, business leaders, growth experts, and facilitators share practical business fundamentals and insights to help SMEs and growing businesses scale up.

Lead Facilitator and Online Business Coach Nelly Agbogu, also known as ‘NaijaBrandChick, spoke extensively on the topic: ‘How to use social media to grow your business’, and emphasized the importance of social media to the growth of SMEs. “Every business must be on social media to leverage presence and ease of accessibility, to make sales, engage with customers, and generate business leads”, she said.

Agbogu harped on the choice of social media platforms and knowing the ideal place brands can meet customers, noting that brands must be honest with themselves when making choices of social media platforms to reach their markets. She hinged business success on stability, trust, and intentionality. “I will always tell anybody who cares to listen. To succeed in business, one must be consistent, trustworthy, and intentional about business. If you are not consistent in your actions, you will lose it. So, remain scalable, profitable at every single point in time, and consistent”, she advised.

The Head of Network and IT Procurement at 9mobile, Femi Olaojo, spoke on ‘Negotiating Your Way to Business Growth’, and noted the significance of vendor performance evaluation, cost of ownership, sourcing strategies, and contracting in business.

The Manager of SME Marketing, 9mobile, Segun Dawodu, spoke on ‘Sme Business Automation’, stating how automation can help reduce business costs. “Automation can help you, as an SME, to streamline your processes, increase efficiency, reduce cost, and customer experience”, he said.

“What we do at 9mobile is to help you automate your customer expectations with voice solutions, CUG, accounting, inventory management, customer relations management, and CRM tools”, Dawodu disclosed.

The attendees all expressed gratitude to 9mobile for the initiative. They professed that ‘The Hack’ in Enugu broadened their horizons on how to grow their businesses. 

The Hack’ is a platform by 9mobile that seeks to support and promote entrepreneurs in the SME space. It is anchored as a business and networking mentorship program facilitated by business experts who share business ideas with participants and groom them to scale their businesses. The first edition was held in Lagos and has since made stops in Abuja and Port Harcourt, with the next stop scheduled to hold in Kano.

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