E-Business
Tappi Raises $1.5m in Pre-Seed Round to Digitise, Build Online Trust for Africa’s SMEs
Tappi, an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses, has raised $1.5m in an oversubscribed pre-seed round led by Mercy Corps Ventures and Chui Ventures.
With participation from Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups and Reflect Ventures, the investment also saw contributions from angel investors and advisors from global tech companies, including Google, Salesforce, Zendesk and the financial sector.
The early-stage funding will further tappi’s mission to empower SMEs to gain visibility and build trust in the digital commerce ecosystem as the company broadens its footprint across Africa.
Founded in 2022 by Kenfield Griffith and Louis Majanja, tappi is digitizing Africa’s $20bn SME market through software sophistication. Offering SaaS and enterprise-grade tools to SMEs in Africa starting as low as $2/month, tappi integrates and partners with some of Africa’s largest mobile network operators and financial institutions, extending its addressable market to over 100M SMEs.
tappi embeds AI in its operations in Kenya and Nigeria, facilitating a seamless online business profile creation process through an intuitive chat experience. Payments, Messaging, and AI are all pivotal to the company’s end-to-end digital commerce stack, which aims to be the SEO backbone to increase revenue for SMEs across the continent.
This is achieved by helping businesses gain visibility, consolidating payments with verified reviews to build online trust, and paying for online ads with mobile airtime.
Since its inception, tappi has captured verified reviews on $3m consumer transactions and engaged with over 150K consumers.
With this new funding, tappi will double down on its current markets by building a solid sales force to boost direct sales, leveraging a strong 90% retention rate.
tappi will also forge strategic partnerships, building on its existing relationship with MTN Nigeria, which has seen a 19% MoM growth in business ads and business data bundle subscriptions. Further investment will also focus on talent acquisition and overall brand building.
Speaking on the round, Kenfield Griffith, tappi CEO and co-founder said, “We are grateful to be supported by great investors who share our vision and the mission to address the untapped potential within Africa’s informal SME markets, particularly in overlooked service industries such as food services, fashion, and agriculture, and health and beauty. We are eager to empower SMEs across Africa by providing them with a trusted identity online to find customers. The current investment will support our mission to make inroads with our customers through direct sales and partnerships across the continent.”
“There are ~44 million (M)SMEs in Africa, driving ~60% employment and ~38% of GDP on the continent. Yet, these businesses, ~60%+ women-led, remain the most underserved and vulnerable to shocks, especially those accelerated by climate change. While some may have access to mobile wallets, payment platforms, and online tools, few have a holistic package that offers them the ability to establish a verified digital presence, create a performance record, track income, and leverage these to increase incomes and resilience. Our investment reaffirms Mercy Corps Ventures’ belief in tappi, and is very much in line with our purpose of inclusivity and developing financial resilience amongst SMEs in Africa,” added Hetal Patel, Director of Investments at Mercy Corps Ventures.
In a recent 2023 Africa MSME Pulse Survey, 62% of respondents [majority from Kenya, Nigeria and South Africa] reported an increased reliance on technology and online tools. Additionally, over 25% plan to invest in e-commerce and website development, highlighting the significant opportunity in the digital commerce ecosystem. tappi is well-positioned to meet this growing demand as it fosters trust and drives economic growth across Africa.
Lynda Saint-Nwafor, chief enterprise business officer, MTN Nigeria, said, “At MTN, we’re committed to fueling the growth of over 40 million MSMEs in our markets through tech-driven solutions. Partnering with tappi, we’ve launched MTN Thryve, empowering SMEs to connect with current customers and find new customers via Facebook and Instagram ads using MTN data bundles and airtime. tappi’s technology aligns with our vision, and we’re excited to be part of SME success stories in our markets.”
E-Business
Kaspersky Contributes to Joint INTERPOL-AFRIPOL Operation Combating Cybercrime Across Africa
Kaspersky has recently assisted its partner law enforcement agencies INTERPOL and AFRIPOL in a joint effort to disrupt cybercrime across the African region.
Dubbed “Serengeti,” the operation has led to the arrest of more than 1,000 individuals suspected of links to cybercrimes such as ransomware operation and business email compromise (BEC) attacks, resulting in nearly US $193 million in financial losses worldwide.
As Africa is going through a rapid digitisation, the threat of cybercrime on the continent is also escalating. In the African region in general and West Africa in particular, ransomware emerges as one of the most prominent attack vectors, targeting critical infrastructure, financial institutions, and manufacturing facilities, among others.
During the first 10 months of 2024, ransomware detections in West Africa surged by 36% year-on-year, according to Kaspersky data. Other noticeable cyberthreats targeting users and organisations in the region include spyware and password stealers.
Conducted from September 2 to October 31, operation Serengeti dismantled 134,089 malicious infrastructures and networks linked to cybercrimes including ransomware operations, BEC attacks, digital extortion and online scams — all identified as prominent threats in INTERPOL’s 2024 Africa Cyber Threat Assessment Report.
Kaspersky has contributed to the operation by sharing information on threat actors, data on ransomware attacks and malware targeting the region, as well as up-to-date indicators of compromise (IoCs) for malicious infrastructure across Africa.
Among the malware targeting African countries was also a well-known Brazilian banking trojan Grandoreiro – Kaspersky recently released new findings on this trojan at its Security Analyst Summit. Additionally, ransomware families detected in attacks on African organisations among others included LockBit, Rhysida, and Medusa.
The operation has also resulted in the identification of more than 35,000 victims of cyber offenses investigated.
Valdecy Urquiza, Secretary General of INTERPOL, said: “From multi-level marketing scams to credit card fraud on an industrial scale, the increasing volume and sophistication of cybercrime attacks is of serious concern.
Operation Serengeti shows what we can achieve by working together, and these arrests alone will save countless potential future victims from real personal and financial pain. We know that this is just the tip of the iceberg, which is why we will continue targeting these criminal groups worldwide.”
Ambassador Jalel Chelba, AFRIPOL’s Acting Executive Director said: “Through Serengeti, AFRIPOL has significantly enhanced support for law enforcement in African Union Member States. We’ve facilitated key arrests and deepened insights into cybercrime trends. Our focus now includes emerging threats like AI-driven malware and advanced attack techniques.”
“We are proud to contribute to this multi-stakeholder operation orchestrated by INTERPOL and AFRIPOL,” comments Yuliya Shlychkova, Vice President, Global Public Affairs, Kaspersky. “The emerging dynamics of the threat landscape in Africa requires a stronger regional dialogue on mitigating acute cybersecurity risks.
Kaspersky firmly supports INTERPOL’s and AFRIPOL’s efforts to prevent and disrupt cybercrime attacks across Africa and shares the holistic approach towards creating a more cyber-resilient environment within the continent.”
Thanks to the cooperation with INTERPOL and AFRIPOL, Kaspersky has been an active contributor to fostering a more cyber-savvy environment in the African region.
In addition to the vast record of joint operations in Africa, with the latest being INTERPOL-led operation Synergia II, Kaspersky has recently sealed a five-year cooperation agreement with AFRIPOL to further strengthen its role in creating a more cybersafe climate on the continent by sharing Kaspersky’s extensive data on local cyberthreats and cybercrime trends with the organisation.
E-Business
NITDA Alerts Nigerians on Cybersecurity Risks Linked to Spotify
National Information Technology Development Agency (NITDA) has issued a public alert warning Nigerians about a cybersecurity threat involving the use of Spotify to promote malicious activities.
The agency, in a public notice issued on Tuesday, disclosed that threat actors are exploiting the popular music streaming platform to advertise game hacks, pirated software, and spam links that could expose users to cyber threats.
According to NITDA, cybercriminals embed malicious promotions in playlist names and podcast descriptions on Spotify, explaining that these promotions are used to advertise game hacks for popular video games such as Fortnite, GTA, Apex, and Roblox. Additionally.
They also promote pirated software (commonly referred to as ‘cracks’), spam links, and other malicious sites.
This abuse is said to leverage Spotify’s web player results to improve the search engine visibility of these harmful websites, putting unsuspecting users at risk of malware, scams, and other cyber threats.
NITDA warned that the exploitation of Spotify could lead to exposure to scams and phishing attacks, downloading of malware that can compromise user devices and Loss of personal and financial data through interactions with malicious websites.
To manage the risks, NITDA advised users to exercise Caution with suspicious playlists and podcasts and avoid engaging with playlists or podcasts that feature unusual or suspicious text in their descriptions.
It also warned users not to click Unknown Links, and also ensure the Spotify app is updated to the latest version to minimise vulnerabilities.
The agency further advised Spotify users in Nigeria to remain vigilant and adhere to cybersecurity best practices to safeguard their personal information and devices.
According to the agency, the websites posing as OpenAI’s popular AI, ChatGPT, are tricking users into downloading malicious files or software to their devices.
E-Business
Konga Yakata’s Last Week: Don’t Miss Out on Incredible Deals
Excitement is reaching a fever pitch among shoppers as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers nationwide are gearing up for a rain of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024.
The month-long Konga Yakata campaign, which kicked off on Friday, November 1, has delivered an unparalleled shopping experience, treating customers to incredible discounts, engaging promos, and unbeatable incentives.
In addition to massive price cuts across a wide range of products, Konga has thrilled shoppers with exciting events such as Treasure Hunts, Flash Sales, Bargain Bash, Brand Days, and specialized Black Friday packages like the Budget Store, Under 50k Store, and TGIF Epic Drop.
The highlight of the Yakata 2024 season will be this year’s Black Friday, which takes place on Friday, November 29. Thousands of customers will be able to score exclusive discounts on items including electronics, clothes, home appliances, computers, and groceries.
Reflecting on the experience so far, a satisfied anonymous shopper who snagged a TV at a discounted rate said, “Konga Yakata has been nothing short of amazing this year. The discounts are unbelievable but true, and the convenience of shopping online is unmatched.
“I’ve already made several purchases, and I’m excited to see what other deals are in store for the final week.”
Konga’s Black Friday sale has been a boon for consumers, offering respite from the economic challenges many Nigerians face. By providing access to affordable products and services, Konga has empowered shoppers to make the most of their money.
Despite the prevailing economic challenges, shoppers have embraced the Yakata season, targeting high-value deals and leveraging Konga’s tailored offerings to make significant savings. With the countdown underway, the excitement is expected to hit its peak on Friday as customers traditionally wait for that day to grab the most exclusive deals.
Speaking on the heightened anticipation, Kunle Ajani, Group Head of Marketing at Konga, stated, “We’re thrilled with the overwhelming response to Konga Yakata this year, and we’re committed to ensuring the final week delivers the biggest surprises yet.
“We are proud to offer a platform where shoppers can enjoy exceptional value, despite the economic realities.”
As the curtain closes on the 2024 Yakata season, shoppers can look forward to a flurry of last-minute deals, culminating at midnight on November 30. From tech enthusiasts to lovers of electronics and deal hunters, Konga Yakata continues to redefine the shopping experience, making it a season to remember for all Nigerians.
Take advantage of the final week of Konga Yakata. Visit Konga.com and experience the thrill of shopping at unbeatable prices.
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