E-Business
The Rising Stars: 7 Unicorns Shaking the African Continent
The African continent has been experiencing a surge in the number of startups that are making waves across various industries. These startups, popularly referred to as unicorns, are companies that have achieved a valuation of over $1 billion. In this article, we will be taking a look at seven of these unicorns that are shaking up the African continent and disrupting traditional business models.
Flutterwave:
Founder(s): Iyinoluwa Aboyeji and Olugbenga Agboola
Contributions: Flutterwave, a Nigerian fintech startup, has revolutionized digital payments in Africa. Founded in 2016, Flutterwave provides a seamless platform that enables businesses and individuals to send and receive money across Africa and internationally. The founders’ visionary approach has helped drive financial inclusion by creating accessible payment solutions, boosting e-commerce, and fostering economic growth in the African market. Their innovative efforts have made Flutterwave one of Africa’s most prominent unicorns, valued at over $1 billion.
Maser:
Founder(s): Prateek Suri
Contributions: Prateek Suri’s vision is critical in its attaining unicorn status. His vision for Maser is to democratize access to quality and affordable consumer electronics across the world. Known for his strategic acumen and innovative thinking, Suri has consistently pushed the boundaries of what is possible. His relentless pursuit of excellence has cemented Maser’s position as a trailblazer in the industry, disrupting traditional norms and setting new benchmarks for success. Maser Group emerges to be 7th unicorn for making 1 Billion USD Revenue under Suri’s Leadership.
Jumia:
Founder(s): Sacha Poignonnec and Jeremy Hodara
Contributions: Jumia, often referred to as the “Amazon of Africa,” was founded in 2012 and has since become one of the continent’s most successful e-commerce platforms. Sacha Poignonnec and Jeremy Hodara’s entrepreneurial spirit and dedication have transformed the retail landscape in Africa, providing a convenient and reliable online marketplace for customers across the continent. Jumia’s remarkable growth has not only empowered local businesses but also accelerated the adoption of e-commerce, facilitating economic opportunities and job creation.
Andela:
Founder(s): Jeremy Johnson, Christina Sass, Ian Carnevale, and Brice Nkengsa
Contributions: Andela, established in 2014, has emerged as a trailblazing company in the African tech scene. Its founders recognized the immense talent pool in Africa and built a platform that connects African software developers with global companies seeking remote engineering teams. By providing world-class training and mentorship, Andela has played a pivotal role in nurturing a thriving tech ecosystem in Africa. The founders’ commitment to fostering local talent has not only created thousands of high-quality jobs but also elevated Africa’s reputation as a hub for software development.
Paystack:
Founder(s): Shola Akinlade and Ezra Olubi
Contributions: Paystack, founded in 2015, has reimagined online payments in Africa, empowering businesses of all sizes to accept payments seamlessly. Shola Akinlade and Ezra Olubi’s groundbreaking initiative has revolutionized the fintech sector, facilitating secure transactions and driving digital entrepreneurship. By addressing the challenges associated with payments in Africa, Paystack has catalyzed economic growth and enabled numerous startups to flourish, propelling the continent’s digital transformation.
Interswitch:
Founder(s): Mitchell Elegbe
Contributions: Mitchell Elegbe founded Interswitch in 2002, envisioning a future where digital payments would redefine Africa’s economic landscape. Interswitch has become a key player in the financial technology space, offering a range of payment solutions and infrastructure that have modernized banking and commerce in Africa. Elegbe’s visionary leadership and relentless pursuit of innovation have played a vital role in expanding financial inclusion and driving economic development across the continent.
Cellulant:
Founder(s): Ken Njoroge and Bolaji Akinboro
Contributions: Ken Njoroge and Bolaji Akinboro co-founded Cellulant in 2004, recognizing the potential of mobile technology to transform Africa’s agricultural and financial sectors. Cellulant’s innovative mobile payments platform has revolutionized how farmers, businesses, and consumers interact, driving financial inclusion and fostering growth. Njoroge and Akinboro’s commitment to leveraging technology for social impact has earned Cellulant recognition as one of Africa’s leading fintech unicorns.
Conclusion:
The rise of these seven African unicorns exemplifies the spirit of innovation and entrepreneurship sweeping across the African subcontinent. Through their visionary leadership and transformative solutions, the founders have not only built successful companies but also catalyzed economic growth, job creation, and technological advancement. These unicorns have demonstrated the potential and power of African innovation on a global stage, reshaping perceptions and establishing Africa as a vibrant market ripe with opportunities. As these remarkable success stories continue to unfold, Africa’s future looks brighter than ever, inspiring a new generation of entrepreneurs and paving the way for prosperity and progress.
By Fabian Tarpael, Abuja
Hisense electronics unveiled a flagship showroom in Abuja over the weekend. Speaking at the event, Mr. Mustapha Khries, the Abuja Branch Manager of the Fouani Group, highlighted the significance of the flagship store, describing it as the first of its kind in the entire West African region.
He also addressed the challenges facing businesses in Nigeria, particularly the high exchange rates and transportation costs.
“The Fouani Group remains resilient and ready to overcome challenges, unlike others who often exit the market when faced with similar issues.”
Ms. Haifa Du, Senior Sales Manager for Hisense Electronics, emphasized the brand’s commitment to affordability and innovation, stating that Hisense offers the most cost-effective and advanced solutions in the market.
The event underscored Hisense’s dedication to technological innovation and sustainability while reaffirming its leadership position in the consumer electronics market.
Mr. Robbin Wei, Senior Sales Manager of Hisense Group, supported by Mr. Greg and Ms. Haifa Du, showcased various innovative products from the new flagship store.
Among the standout products showcased include; The Hisense 110″ Smart Ultra AMOLED TV, featuring unique capabilities such as a solar-powered remote control and a “locate remote” function to find misplaced remotes easily.
PalmPay, Africa-focused fintech operating Nigeria’s most used mobile wallet, and Jumia, Africa’s e-commerce giant, today announce a strategic partnership to enhance the digital payment ecosystem on the continent, starting with payment integrations and co-marketing efforts in Nigeria.
This partnership underscores both parties’ commitment to developing the digital payment ecosystem in Nigeria and grow the use of the cashless economy.
WIth PalmPay now available as a payment method, shoppers on Jumia will now be able to pay for their purchases with the option to check out with their PalmPay wallet, ensuring a seamless user experience and transaction reliability through the direct integration.
“We are proud to partner with Jumia as we bring together the best of fintech and e-commerce to redefine the online shopping experience,” said Sofia Zab, Chief Marketing Officer, PalmPay. “This strategic alliance aligns perfectly with our shared commitment to delivering a superior user experience and exceptional value to our customers.”
Speaking on the partnership, Sunil Natraj, CEO, Jumia Nigeria added: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience.
“This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”
This alliance marks the beginning of a long-term collaboration between two industry giants, aiming to drive innovation, increase convenience for consumers, and foster the adoption of digital payments across Africa.
To celebrate the launch of the partnership, PalmPay and Jumia are launching a special Christmas campaign, running from December 11th to 30th. During this period, customers who make purchases on Jumia using the PalmPay payment method will stand a chance to win exciting cash rewards. More details can be found on the brands’ respective social media pages. @palmpay_ng and @JumiaNigeria.
Aero Contractors is thrilled to announce the launch of its “12 Days of Christmas” campaign, a festive and engaging social media initiative designed to spread holiday cheer and reward loyal customers.
Running from December 13 to December 24, 2024, this exciting campaign underscores Aero Contractors’ commitment to connecting families, friends, and communities during the holidays.
The “12 Days of Christmas” campaign invites travel enthusiasts, loyal customers, and holiday travelers to participate in fun and interactive activities on Aero Contractors’ social media platforms, including Instagram, Facebook, and X (formerly Twitter). Each day will feature engaging posts such as trivia, puzzles, and challenges designed to ignite the festive spirit and encourage community participation.
Participants are encouraged to follow Aero Contractors’ social media pages, engage with the daily posts by liking, commenting, or sharing, and follow the specific instructions for each day’s activity.
Winners will be selected daily and announced on the respective platforms. Exciting prizes await participants, with the grand reward of a free return economy class ticket—a perfect gift for reconnecting with loved ones or exploring new destinations this holiday season.
“At Aero Contractors, we believe in the power of togetherness, especially during the holidays,” said Capt. Ado Sanusi, Managing Director of Aero Contractors.
“Our ‘12 Days of Christmas’ campaign is our way of giving back to the community that has supported us throughout the year. It’s an opportunity to engage, celebrate, and reward our customers while spreading joy and festive cheer.”
This campaign targets travel enthusiasts, loyal Aero Contractors customers, and families looking to make the most of the holiday season. Through this initiative, Aero Contractors reaffirms its dedication to safe, reliable, and efficient air travel, bringing people closer when it matters most.
Follow Aero Contractors on Instagram, Facebook, and X to join the “12 Days of Christmas” campaign. Engage daily for a chance to win a free return economy class ticket and other exciting offers.
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