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African Start-ups Bag $195m in Funding for 2017

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Funding in African tech start-ups has surged 51% to reach $195 million in 2017 as compared to figures of same period in 2016.

This is according to a newly released report from African entrepreneurship news portal, Disrupt Africa. The Disrupt Africa Tech Start-ups Funding Report 2017 states that the record amount of funding was secured over the course of 2017, by the highest number of start-ups to date in the same period.

Gabriella Mulligan, co-founder of Disrupt Africa, says the firm is proud to document the rise of the African ecosystem. “More start-ups were given more funding than ever before. There can be no clearer validation of the quality of innovation and businesses being built from within Africa.”

According to the report, which is in its third year of publication – tech ventures in the region raised an estimated $129 million in 2016, while 125 tech start-ups managed collect $186 million in 2015.

“The number of African tech start-ups to raise funding hit 159 – up from 146 companies in 2016 and 125 in 2015. South Africa, Nigeria and Kenya proved to be the top three destinations for tech investors in 2017, both in terms of numbers of deals and total amount of funding, although, for the first time since tracking began, the amount of funding secured by Nigerian start-ups overtook SA,” noted the report.

Fintech ventures proved to be the most popular yet again, with 45 start-ups raising an estimated third of the total funding figure for 2017. In 2016, the sector raised 24% ($31.4 million) of the overall funding. The e-commerce sector saw the biggest percentage growth as compared to the previous year – leaping 350% to raise $16.7 million while agri-tech also gained some traction.

Roger Bezuidenhout, head of marketing at SNAPnSAVE – a local cashback coupon app start-up that received R14 million in funding last year – says the increase in funding is an indication that investors are starting to understand the African market better.

“The market is definitely not getting any easier to navigate, I would say investors are getting a better grip on the African market and are better able to see opportunity as well as guide start-ups better.

The start-up market is tough and investors want to see things are working and the people in charge or founders, have the attitude and skills to take their money and grow it. We are no longer competing just locally or regionally, we are competing globally and that means we need to keep up and adapt.”

Dr Sumarie Roodt, chairperson and director of Silicon Cape, adds that it is encouraging to see a decline in hesitation to invest in Africa, “It is encouraging to see that venture capitals are more open to investing in Africa and are relooking at their investment strategies for the continent,” she says.

“There is, however, always room for improvement especially when it comes to diversity issues. As much as there is a massive growth in funding, we need to take a closer look and any of the start-ups are 100% female owned or if there is a fair representation of people of colour and so forth.”


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E-Business

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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