2023 has been a tough year for African startups. A global economic downturn led to a decrease in venture capital funding for startups worldwide, impacting African startups as well. Funding for African startups dropped significantly, with estimates suggesting a decline of 50% or more compared to 2022. This decline made it difficult for startups…
Author: Staff Writer
Staff Writer
I am a staff at Innovation Village.
In a strategic move, consumer goods giant Procter & Gamble (P&G) has revealed its intention to dissolve on-ground operations in Nigeria and transition the country into an import market. The announcement was made by the Chief Financial Officer of the group, Andre Schulten, during his presentation at the Morgan Stanley…
In a notable achievement, FBN Holdings, one of Nigeria’s longstanding banks, reached a significant market capitalization milestone, surging to N1.06 trillion on Wednesday. This milestone follows a week of robust growth, with FBNH’s share price experiencing an impressive approximately 10 percent increase. With this accomplishment, FBN Holdings officially joins the…
In a significant move to bolster impact investment in Africa, the Mastercard Africa Growth Fund has announced substantial investments totaling $27 million in three prominent investment firms: Chui Ventures, VestedWorld, and SME Impact Fund. Chui Ventures secures $9 million from the fund, VestedWorld receives $10 million, and SME Impact Fund…
Airtel Africa, a leading telecommunications provider on the continent, has announced the launch of Nxtra by Airtel, a groundbreaking data centre business aimed at addressing the escalating demand for reliable and sustainable data centre capacity in Africa. Nxtra is poised to establish one of the largest networks of data centres…
Kenyan e-commerce startup Sky.Garden is making a grand comeback, unveiling its revamped platform following its acquisition by tech credit platform Lipa Later in December 2022. Lipa Later has injected a Ksh.250 million investment into Sky.Garden, igniting ambitious plans to connect with 100,000 merchants within the next year. The rejuvenated Sky.Garden…
Jumia, a leading e-commerce platform in Africa, has revealed a significant leadership change with the appointment of Sunil Natraj as the new Chief Executive Officer (CEO) for Nigeria. The company, in an official statement, disclosed that Sunil Natraj will assume his role as CEO effective January 1st, 2024, succeeding Massimiliano…
BasiGo Ltd., one of Africa’s foremost Electric Bus solution providers has secured $5 million in debt funding from British International Investment (BII), the UK’s development finance institution and impact investor. The funding, facilitated through BII’s Climate Innovation Facility, is designed to accelerate climate innovation in emerging markets. BasiGo, a trailblazer…
Lipa Later Group, a prominent fintech platform with a mission to empower African businesses through innovative financing solutions, proudly announces the successful closure of a KES 500 million ($3.25 million) privately placed debt issuance. This milestone underscores Lipa Later’s unwavering commitment to providing cutting-edge financing options that enhance e-commerce, financial…
Eight visionary enterprises led by dynamic young African women have emerged triumphant in the 2023 YouthAdapt challenge, each securing grant funding of up to $100,000. This transformative initiative, jointly organized by the African Development Bank Group and the Global Center on Adaptation, with support from the Africa Climate Change Fund,…
The Former Kaduna State governor, Mallam Nasir El-Rufai announced that he is planning to launch a $100 million venture capital fund for startups in Nigeria. He made this known in a discussion with BusinessDay newspapers while in Marrakech at the Africa Investment Forum in November. He mentioned his readiness to…
The Central Bank of Nigeria (CBN) has issued a directive imposing a “Post No Debit” restriction on all bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) effective April 2024. The term “Post No Debit” refers to a restriction placed by banks on specific accounts, preventing…
In a conversation with Simeon Ononobi, Co-founder and Chief Product Officer at Connected Analytics, we delve into the revolutionary potential of StoreSmart and its transformative impact on businesses across Africa. Innovation Village: Simeon, thank you for joining us today. Could you start by telling us what inspired the creation of…
Protecting yourself against deepfake attacks involves a combination of cybersecurity practices, awareness, and proactive measures. What are deepfakes? Deepfakes are a form of synthetic media created using artificial intelligence (AI) techniques, particularly deep learning algorithms. The term “deepfake” is a combination of “deep learning” and “fake.” These technologies use neural…
In the heart of every thriving startup is a dynamic, pulsating core that propels it forward – its culture. It’s the unwritten code that shapes behavior, bends decision-making, and molds the identity of the enterprise. This intangible yet palpable force can be the wind beneath a startup’s wings or the…
A highly productive workforce not only drives profits but also contributes to a positive workplace culture. While there are numerous strategies to boost employee productivity, we’ve compiled a list of the ten best, with a special focus on an often-overlooked gem: service awards for employees. 1. Service Awards for Employees:…
In a strategic move, South African billionaire businessman and conservationist Jonathan Oppenheimer has successfully acquired full ownership of GZ Industries (GZI), a prominent beverage can manufacturer in Nigeria, from Affirma Capital. Affirma Capital, the private equity firm, previously held a 37.5% stake in the can supplier. This acquisition not only…
Amini, a Kenyan Climate tech startup announced that it has raised $4 million in a seed round led by Salesforce Ventures and the Female Founders Fund. Other participants in the round include new investor, climate-tech VC Satgana and previous investors – Pale Blue Dot and Superorganism who participated in a $2 million…
Independent Communications Authority of South Africa (ICASA), the South African telecoms regulator, has issued a statement that Elon Musk’s Starlink does not hold any licence to operate in the country. It seems that the regulator is reacting to some reports that Starlink service is available in the country using a…
LemFi, an international money transfer service, announced that it has suspended its services to Ghana. This is in reaction to the recent suspension of several international money transfer companies from sending remittances into the country by the country’s Central Bank. The Bank of Ghana asserted that LemFi and other companies…