Nigerian fintech startup Bujeti has successfully raised $2 million in seed funding to propel its comprehensive corporate card issuance and expense management platform to new heights. The funding round was spearheaded by Y Combinator, featuring contributions from notable investors such as Alan Rutledge, Heirloom VC, Tristan Walker, Entrée Capital, Voltron…
Author: Staff Writer
Staff Writer
I am a staff at Innovation Village.
Dangote refinery is set to commence production after receiving one million barrels of crude oil from Agbami offshore oil field, off the Niger Delta. According to the Dangote group in a statement, this cargo is the first of 6 million barrels that would enable an initial run of the refinery.…
In the dynamic landscape of modern finance, there’s a refreshing wind blowing: the shift towards simplicity. Gone are the days when obtaining financial assistance felt like trekking through a thick jungle of bureaucracy. Imagine walking through a serene meadow instead. This new era ushers in the promise of business loans…
Flutterwave, one of Africa’s leading payments technology company, announced that it has secured money transfer licenses for 13 U.S. states, enhancing its ability to facilitate faster, more affordable, and secure cross-border transactions between the United States and Africa. The newly acquired licenses cover Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine,…
Development Finance Institutions, British International Investment (BII), FMO, and Proparco, along with renewable fund manager Frontier Energy, have announced a co-investment exceeding $52 million in the Planet Solar project, a greenfield 50MW solar power initiative in Sierra Leone. Developed by Frontier Energy and Planet One, the project aims to address…
Bitmama Inc., a prominent cross-border payment solutions company, and Payday, a pioneer in digital payment solutions, have jointly announced the acquisition of Payday by Changera, a product of Bitmama Inc. This was disclosed In a statement made available to Innovation Village. This is however, coming as a surprise as Payday announced…
tappi, a digital commerce Software as a Service (SaaS) solution tailored for small and medium-sized businesses (SMEs), has successfully raised $1.5 million in a pre-seed funding round. The investment was led by Mercy Corps Ventures and Chui Ventures, with participation from notable backers, including Digital Currency Group, SOSV, Resilience17, growX…
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…
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…