E-Business
Innovate Africa Launches with $2.5M Angel Fund for Early-Stage Africa-Focused Startups
Innovate Africa, an angel investment fund that supports early-stage founders in funding life-changing ideas, taking startups from conception to product and financing innovative ventures, has launched with an initial $2.5 million rollout.
Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.
Since 2019, the African funding landscape has witnessed positive growth, with disclosed exits surpassing $2.3 billion – representing a significant 13.4% of the total $17.2 billion raised by African startups. Despite this growth, early-stage founders face challenges navigating the path from ideation to market fit.
The persistent lack of early-stage funding further compounds these difficulties, hindering many startups from reaching their full potential and contributing to the continent’s economic growth.
With a mission to empower startups to thrive in Africa’s ever-evolving tech landscape, Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF).
The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.
With an average investment of $50,000, the venture fund offers a comprehensive support package designed to propel promising startups towards success.
The robust suite of critical advisory resources includes expert guidance in finance, governance, public relations, and strategy, ensuring a solid foundation for growth. Through its Product Leadership Accelerator, the fund delivers crucial product development support, helping startups refine their offerings and achieve product-market fit.
It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains. The fund’s portfolio strategy encompasses first cheque funding, a refined product operating model, valuable network and partnerships, assistance with revenue model iterations, and comprehensive operations and governance advisory.
This holistic approach aims to accelerate startups’ path to success, providing them with the tools, resources, and connections needed to navigate early-stage challenges and achieve sustainable growth.
Innovate Africa Fund is anchored by a network of experienced operators and product specialists across Africa, providing a vigorous foundation of knowledge and experience to guide early-stage founders towards success.
Managing Partner, Kristin is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund.
She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times. Kristin’s portfolio companies have generated over $100m in revenue and collectively serve over 100,000 users.
Complimenting Kristin’s expertise is Christian, Founder of Firtsi and Work Nigeria. A world-renowned product expert, Christian is a partner at the Silicon Valley Product Group (SVPG), and helps companies transform the way they work to create products customers love and brings immense value to the business.
He is co-author of INSPIRED, EMPOWERED, LOVED and TRANSFORMED–New York Times Best-Selling books that have shaped product management globally. He has shaped companies like Amazon and Merrill Corporation, and tackled complex product challenges for industry giants like Microsoft, Interswitch, and Squarespace.
His extensive background in enterprise and consumer products has helped scale businesses from the ground up. His track record includes successfully founding over two dozen companies worldwide.
Speaking about the launch of the Fund, Kristin Wilson, Managing Partner of Innovate Africa Fund said: “Having witnessed the struggles that early-stage African founders face up close, we know that brilliant ideas often lack the resources they need to truly thrive.
“It’s not just about funding, it’s about deep expertise and strong connections–and our investment strategy breaks the cycle of innovators being at the mercy of those with too much leverage and too little knowledge.
“As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors”
“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” says Christian Idiodi, Founder of Innovate Africa Foundation. “The African diaspora has sent over $150 billion back to the continent in the past three years, but financial support alone isn’t enough.
“Many are eager to contribute their talent and expertise to impactful ventures, and that’s where we come in. It takes an ecosystem to build a startup. By reaching founders at a very early stage, we can connect them to key partners and help foster their success. Ultimately, our decisions today will shape who builds, owns, and benefits from the next wave of disruptive technology in emerging markets.”
E-Business
NIMC Grants NCoS Licence to Register Inmates for NIN
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
E-Business
NIMC Trains 388 Personnel to Boost NIN Enrolment
National Identity Management Commission (NIMC) has kicked off a three-day training program for 388 personnel aimed at enhancing the National Identification Number (NIN) enrolment process across the country.
The training, tagged “Refresher Training of Trainers on NIN Integration to the National Social Register: Technical and hands-on devices and field operations and procedures”, is in collaboration with the National Social Safety-Net Coordinating Office.
The training is also to equip personnel with the necessary skills to efficiently handle the complexities of enrolment processes
In her address at the event held in Port Harcourt on Monday, Abisoye Coker-Odusote, director-general and chief executive officer, NIMC, noted that the initiative aligns with the commission’s overarching goal of achieving secured and great success for the Renewed Hope social initiatives.
Represented by Adedapo Adedoyin, her technical advisor on ICT, the NIMC DG said the event is a pivotal initiative that marks a significant step forward in our mission to enhance and modernize the National Identification Number enrolment process across Nigeria.
She stated, “Today, I am pleased to announce the launch of a comprehensive training program aimed at refreshing the technical and operational skills of the National Social Safety-Net Coordinating Office State Operations Coordinating Unit and NIMC staff.
“This initiative focuses on practical and field-based exercises, ensuring that our teams are well-equipped to handle the complexities of enrolment processes with precision and efficiency.
“This initiative aligns with our overarching goal of achieving secured and great success for the Renewed Hope social initiatives. Through verified digital identification, we aim to improve the lives of Nigerians by providing them with access to essential services and opportunities that require a reliable and secure identity verification system”.
Coker-Odusote explained that the training program will be conducted in two batches, encompassing four states: Kwara, Nasarawa, Kano, and Rivers. A total of 388 attendees will participate in this initiative, including 225 NASSCO State Operations Coordinating Unit representatives, 35 NIMC facilitators, and 128 State support staff.
She added, “The sessions are meticulously designed to foster knowledge sharing and hands-on experience with NIMC’s enrolment device and software, ensuring that our personnel are adept at using these tools to their full potential.
“By empowering our teams with enhanced skills and practical experience, we are setting the stage for more efficient and accurate NIN enrolment processes across the nation”.
Coker-Odusote further said the training program “is a crucial step toward achieving the World Bank’s Identification for Development Initiative target of enrolling 180 million Nigerians with secure digital IDs.
“By bolstering our technical and operational capabilities, we are ensuring that NIMC is well-positioned to meet and exceed this target, thereby contributing to the global vision of inclusive and accessible digital identification for all”.
The NIMC boss8 called for collaboration between all stakeholders saying, “As we embark on this journey, I urge all participants to embrace this opportunity for growth and development.
“Together, we can build a robust and efficient National Identification System that will serve as the cornerstone for Nigeria’s social and economic progress.”
E-Business
Kaspersky Discovers New Scam Scheme Targeting Businesses on Social Media
Kaspersky experts have uncovered a new phishing scam targeting businesses that promote their pages on Facebook. Scammers send emails allegedly on behalf of Meta for Business – Facebook’s platform for businesses – claiming the recipient’s page contains prohibited content.
The email suggests users provide explanations in order for their account and page to be unblocked. The goal of the attackers is likely to get access to users’ business accounts.
Kaspersky’s anonymised data shows that such emails started reaching users on 14 December 2024, with complaints coming from organisations all over the world, including the Middle East, Turkiye and Africa.
By examining the “From” field in the email it can be seen that the domain does not belong to Facebook. According to Kaspersky data the emails that this campaign used were sent from different domains.
The link in the email redirects users to Facebook Messenger. On Messenger, the account posing as Facebook’s support team appears legitimate, creating a false sense of trust.
There is an indication that this is a fan page, but it is easy to miss in a situation of high stress after being accused of spreading illegitimate content.
This scheme stands out for its sophistication. Unlike earlier scams that accused users of copyright violations and directed them to respond via email, this approach simulates internal communication on the Facebook platform itself.
“In 2025, we anticipate a rise in attacks leveraging social engineering and user trust in major platforms. Scams like this are becoming more sophisticated as attackers strive to mimic official services closely.
“Users must remain vigilant, verify the authenticity of messages, and avoid clicking on suspicious links. We strongly advise users not to engage with suspicious accounts and to activate additional security measures, such as two-factor authentication.
“If you receive such an email, report the incident to Facebook’s support team and update your passwords immediately if any information has been compromised,” comments Andrey Kovtun, Email Threats Protection Group Manager at Kaspersky.
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