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Eze Secures $3.7M Seed Funding to Build Global Marketplace for Electronics Wholesaling

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Eze, a wholesale marketplace for used and new electronics, has secured $3.7 million in seed funding to develop its technology infrastructure, broaden its product offering and expand into new markets in Africa, Europe and South America.

 

The funding round was led by Right Side Capital Management, with participation from C2 Ventures, Boro Capital, EVPI Investments and other angel investors.

The global market for consumer electronics is projected to grow to reach $1.70 trillion by 2028, driven by rising disposable incomes of consumers, the growing tendency towards digitization and the increasing utility of personal electronic devices such as smartphones, wearables and other devices.

However, the process of buying and selling these devices in wholesale quantities still remains heavily manual, especially in emerging markets. This heavily manual process leads to various inefficiencies and adds to the cost burden for buyers which they typically pass on to consumers, raising the barrier to access potentially life changing products.

Headquartered in Los Angeles, California, Eze (pronounced – “Easy”) connects thousands of buyers across the world to used and new smartphones, laptops, tablets and other electronics.

Buyers can purchase from the largest electronics inventory repository in the world with over 200,000 SKUs available at any time and have their orders delivered as quickly as the next day, depending on where they are ordering from.

Buyers can also pay securely in their local currency, making it easier for them to buy the electronics they need. Eze vets all sellers and physically inspects each device that is purchased before it is shipped to the buyer, to ensure that all devices are fully functional and meet the prescribed quality grading.

The startup already has loyal customers in more than 50 countries across the world, including the US, UK, Nigeria, Mexico, Ukraine, UAE and it has sold more than 500,000 devices, with less than 1 percent defect rate.

According to Josh Nzewi, CEO and co-founder of Eze, “Our mission is to power unfettered access to consumer electronics across the world, enabling users to maximise their potential with the experiences provided by these devices. We are thrilled to have the support of our investors, and we look forward to using this funding to enhance our platform and provide even more value to our customers.

“Our goal remains to become the go-to destination for B2B buyers and sellers in the electronics industry, especially in emerging markets, and this investment will help us achieve that goal.”

“We believe that Eze has the potential to revolutionise the wholesale electronics marketplace,” said Chris Cunningham of C2 Ventures. “Their platform is user-friendly, with integrations that enable an excellent buyer experience. We are excited to support them in their expansion journey.”


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Afreximbank and Ecobank Join Forces to Boost Trade and Compliance Across Africa

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African Export-Import Bank and Ecobank Group have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.

With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA).

It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa.

Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.

The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world.

It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.

MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.

The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.

Afreximbank is a pan-African multilateral financial institution established to finance and promote intra- and extra-African trade.

Ecobank Group is a leading private pan-African banking group with unrivalled African expertise.


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Leadway Assurance Pledges Transformative Role to SMEs

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Leadway Assurance said it has chosen to go beyond risk underwriting to play the role of transformative partner for Small and Medium Enterprises (SMEs) in the country.

The underwriting firm played this role by empowering SMEs with practical strategies on how to navigate risks inherent in Yuletide season.

Leadway recently organized a webinar session for SMEs titled, “Driving Increased Sales During the Festive Season.”

Speaking on the reason for the session, the underwriting firm said it realized that as momentum into the 2024 festive season continued, businesses, especially small and medium enterprises (SMEs), face paradoxical realities of increased sales opportunities and consequent cocktails of business risks.

It said recognising the fact that with consumer spending and holiday making increasing businesses for SMEs, there were the possibilities of risk from these spikes in commercial activities such as – theft, accidents, burglaries, fire outbreaks, frauds, and system failures.

Against this backdrop Leadway said it has reaffirmed its position as a transformative partner to SMEs by empowering businesses with practical strategies for navigating the complexities of the season.

“This aligns with the brand’s mission to deliver robust risk management and business solutions to bolster economic growth, Head of the Retail Division at Leadway, Umashime Oguzor-Doghro said.

As connected to insurance, Oguzor-Doghro said: “Insurance was often seen as a reactive tool, but at Leadway, we position it as a strategic asset. With our competitive risk management solutions—spanning property, transit, and employee coverage, we enable businesses to operate with confidence, knowing they are protected from the unforeseen.

What sets us apart is our free advisory service, which ensures businesses are fully equipped before they even take up our insurance products.” he added.

In addition to risk management, Oguzor- Doghro said the webinar championed collaboration as a catalyst for success, adding that Leadway’s partnerships with event managers and SME stakeholders aim to ensure seamless operations during the festive season, reinforcing the company’s role as more than just an insurer but a reliable business ally.


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Mastercard, MTN, and Arifu Launch Digital Skills Program for African Small Businesses

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Mastercard Center for Inclusive Growth, MTN Group Fintech and Arifu have partnered to support about one million small businesses in Cote’ D’Ivoire and Uganda, to digitize their operations, increase the use of digital financial services and access digital marketplaces through the MoMo Coach chatbot.

This program, part of the Center’s global Mastercard Strive initiative, aims to enhance the resilience and growth of small businesses by providing essential digital skills. It is one of the ways Mastercard Strive has disseminated chatbot-ready business building content for small businesses in the region, which is currently also available in Kenya and Nigeria.

Small businesses in sub-Saharan Africa, especially those impacted by the pandemic, have faced significant barriers in adopting digital tools. As of December 2022, only 27.65% of businesses in sub-Saharan Africa had adopted digital tools to enhance their efficiency, showing a slight improvement from 19.44% in August 2020. A lack of relevant skills continues to limit their growth and access to essential financial services. MoMo Coach addresses these gaps by providing free, accessible upskilling content via popular messaging platforms.

Supported by the Mastercard Center for Inclusive Growth and delivered by Caribou Digital, this program equips small businesses with digital skills, enabling them to adopt digital tools, access capital, and engage more effectively in digital marketplaces. The program aligns with Mastercard Strive’s broader goal of reaching 18 million small businesses around the world to go digital, get capital, and access networks and know-how.

“Small businesses are vital to Africa’s growth and create opportunities for a more resilient and inclusive regional economy. We are delighted to catalyze a partnership between MTN Group Fintech and Arifu to equip almost one million small business owners with the digital skills and knowledge essential for thriving in an increasingly digital economy, setting them up for success.” said Subhashini Chandran, Senior Vice President of Social Impact for Asia Pacific, Europe, Middle East and Africa

The MoMo Coach solution, powered by Arifu’s Grasp Platform, uses mobile messaging to deliver micro-learning experiences. It is accessible across multiple channels, including WhatsApp, Telegram, Facebook Messenger, SMS and MoMo. This gives small business owners and entrepreneurs flexibility in accessing practical, actionable tips to unlock growth opportunities in the digital economy.

Serigne Dioum, CEO of MTN Group Fintech, further adds: “Empowering small businesses with digital skills is key to driving inclusive growth in Africa. Through MoMo Coach, we are unlocking opportunities for entrepreneurs to thrive in the digital economy, strengthening communities, and shaping the future of business across the continent.”

The program has been rolled out in Côte d’Ivoire and Uganda, reaching over 930,000 MTN customers, merchants, and agents, with more than 75,000 small business owners accessing free digital courses and over 45,000 actively engaging with MoMo Coach. Courses offered include “How to Start Your Business,” “Money Management,” and “Grow and Secure Your Business.” These courses are based on insights derived from MoMo merchants and agents, and they address key challenges like affordability and access to relevant business knowledge—enabling small business owners to navigate the digital landscape.

Aminata, a 31-year-old business owner from Gôh-Djiboua, Côte d’Ivoire, is one of the many beneficiaries of MoMo Coach. Selling shoes and clothing since 2022, she says: “There’s a lot of competition, but MoMo Coach helps me sell better. Before, I used all my profits to buy new stock, which left me using my capital for expenses. Now, I split my profits: one part for business growth, another for expenses, and some savings for other projects.” She has also started using WhatsApp to increase her sales, noting: “My income has increased. When I post my goods, I sell more.”


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