E-Business
Treepz Acquires Ugabus in Expansion Move, Closes its Seed Round @ $2.8M
In a bid to digitize the public transportation system and provide safer, reliable and comfortable commute options across Africa, Toronto-based shared mobility company, Treepz, has announced its acquisition of a similar Ugandan bus company Ugabus.
Treepz was founded in 2019 and currently operates in Nigeria and Ghana. It is simply a platform that powers road transportation systems using technology. Treepz operates a digital platform allowing passengers to book daily rides along fixed routes within Lagos and Accra.
They also serve as an aggregator for over 12 bus travel companies including the likes of GUO, Efex Executive, Libra Motors, ABC Transport who commute customers on Treepz across 21 cities in Nigeria in the last 6-months since launching this product.
Transport operators can now make better use of their bus systems by replacing manual servicing and ticketing with digitalized offerings and services from Treepz.
Ugabus started in 2016 and currently has 70% of all bus operators in the East African country on its platform with a mobile money technology for easy payments.
Speaking on the acquisition deal, the CEO and Co-founder of Treepz, Onyeka Akumah said, ‘Everyone at Treepz is excited to welcome the team at Ugabus to the Treepz Family. This has been in the works for sometime, along with our deal that happened in Ghana a few months ago, and so, we are really happy about closing the deal successfully.
East Africa is an exciting target for Treepz and from Uganda, we would work with this new team led by Hakiza in Uganda to explore our growth plans across the neighbouring countries as we aim towards building the largest shared mobility platform in sub-saharan Africa.”
The Treepz all in one app allows passengers to search, compare and book rides within cities and from one city to the other, conveniently from the comfort of their homes.
Ugabus’s indegious intercity-focused technology therefore complements Treepz’ progressive model to bring on-demand public transportation and shared mobility to a new terrain in Africa including mobile money technology.
“We care alot about how people move from one city to another, and we did our best to build the most reliable bus booking app in Uganda. Now we’re joining the TREEPZ family to accomplish a bigger vision-one that we think we can better achieve with TREEPZ.
“We have known and respected the exploits of the founding team led by Onyeka Akumah and today, we are very happy that we would be pioneering the business growth of Treepz in East Africa starting with Uganda.” said Ronald Hakiza, CEO and Founder Ugabus.
The exact terms of the deal were not disclosed, but the 100% acquisition will see Treepz impressively extend its geographic footprint in East Africa, given that Ugabus operates in all cities in Uganda.
Ugabus will now be renamed as Treepz Uganda and will begin operations on the 1st of December 2021 with the support of the Ugandan Government expected that day. Also, Ronald Hakiza who was the CEO of Ugabus will now become the Country Manager for Treepz Uganda and will be bringing on board his team to support the business growth plans.
In addition to expanding into new markets and building the largest shared mobility in Africa, Treepz has announced today that is has raised an additional $1.6 million USD in seed funding with new investors coming on board.
The company has now successfully closed its oversubscribed seed round after raising a total of $2.8 million USD in the last 3 months starting in August 2021 when their seed round was announced with $1.2 million in investment.
The impressive growth at Treepz has also attracted attention of the team at Google with extra funding from the Google Africa Black Innovation Funds announced in October 2021. According to Onyeka, the 2-year-old startup will be using all of these funds to aggressively expand it’s on-demand ride-sharing and intercity bus ticketing services in Africa.
The new investors joining the round includes Japanese VC, Uncovered Fund along with Dubai based venture capitalists including Blanford Capital and Jonomi Capital. Also, Egypt-based fund, Jedar Capital participated in the round with follow-on investments from previous investors.
According to Takuma Terakubo, CEO & General Partner of Uncovered Fund Inc, he discussed their investment and said, “Treepz has impressed us with their remarkable traction in the latter part of the year and are poised for even further expansion, particularly through strategic partnerships. Treepz is building the most important mobility infrastructure in Africa’s megacities.
The development of public transportation is essential in African countries where urbanization is advancing. We look forward to their building the infrastructure for people’s mobility through digital value. As a Japanese VC who places importance on the mobility industry, we would like to provide a lot of value to them.”
Also speaking on investing, Founding General Partner, Jedar Capital, Sherif Nessim had this to say; “I am happy to be supporting Onyeka and treepz team on their mission to modernize daily transportation for African people.
Onyeka’s reputation as an award winning entrepreneur and ex co-founder of successful startups as well as the strong team brought me to a strong conviction that this a team focused on executing a great vision to become the largest mobility and transportation provider in Africa, supporting in-country and intra-countries travel for Africans where many depends on travelling to neighboring countries for work every day, this round will help them boost and fuel their expansion plan in West and East Africa and I am sure they will continue to grow across these regions the coming 12-18 months”.
Treepz is now one of the leading mobility startups in Africa in the just 2 years since launching in Nigeria focused on powering public transportation systems starting with buses. With its presence in Nigeria, Ghana and now Uganda, the startup is leveraging local expertise, its technology-focused solutions, a strong leadership team and well-managed government relationships across Africa to digitize the transportation space one country at a time.
E-Business
Lagos, NIPOST Partner to Transform e-Commerce Delivery
Lagos State government and the Nigerian Postal Service (NIPOST) are joining forces to revolutionise e-commerce logistics in Nigeria’s economic capital.
The collaboration aims to enhance last-mile delivery and optimise connectivity within Lagos and beyond.
During a courtesy visit to governor Babajide Sanwo-Olu, Ms. Tola Odeyemi, postmaster-general and CEO of NIPOST, highlighted the strategic importance of Lagos in driving innovation in the e-commerce sector.
“As the e-commerce landscape continues to evolve, Lagos leads the charge in this growth. Through enhanced postal and logistics services, we seek to empower small businesses and individuals engaging in this expanding sector,” Odeyemi said.
She underscored her commitment to fostering partnerships that would align NIPOST with the demands of a modern economy, identifying Lagos as a pivotal partner.
Lagos is central to achieving our vision of efficient and future-ready postal services, she added.
Odeyemi applauded Lagos state for its vibrant programmes that drew global attention during the December festivities, stating that such initiatives could drive further economic growth and diaspora engagement.
She pledged enhanced postal and logistics support to drive e-commerce growth and empower small businesses in Nigeria., highlighting NIPOST’s readiness to collaborate with Lagos State to enhance last-mile delivery, foster innovation, and improve public service delivery.
Lagos, as Nigeria’s economic hub, is a critical partner in our vision to make NIPOST’s services more efficient and relevant in today’s world, Odeyemi stated.
She commended Lagos State for its strides in infrastructure and governance, underscoring the importance of strategic partnerships to optimize connectivity within Lagos and nationwide.
Governor Sanwo-Olu challenged NIPOST to rethink its approach and embrace technology as a transformative tool for business facilitation.
“For NIPOST to remain relevant, you must challenge the status quo, revamp your services, and adopt innovative strategies that address today’s needs and anticipate future demands,” the governor advised.
He also pledged Lagos state’s support in upgrading NIPOST’s infrastructure to improve service delivery and create an enabling environment for seamless e-commerce operations.
E-Business
Cybersecurity Firm Warns of Phishing Threats Targeting Telegram Premium
Kaspersky has warned that fake Telegram Premium offers have been spreading globally, targeting users with phishing scams and malware disguised as alternative app versions.
These attacks aim to steal account credentials or compromise devices. The scams capitalise on Telegram Premium’s popularity and gifting feature, making it crucial for users to remain vigilant.
Telegram Premium is a subscription that offers exclusive features, such as faster download speeds, voice-to-text conversion, premium stickers, an ad-free experience, and more. Users can gift a subscription, and scammers capitalise on this gifting feature and the Telegram Premium topic in general.
One of the tricks begins when a user receives a message that appears to come from someone in their contact list, whose account may have been hacked. The message claims: “You’ve been sent a gift — a Telegram Premium subscription”.
Below, there’s a link that looks legitimate but actually redirects the user to a phishing page, prompting them to log in to Telegram. If victims scan the code or enter their credentials, their account is immediately compromised, giving scammers access to their login details, password, and potentially their authentication code.
There are other tricks referencing the Telegram Premium theme, and not all of them necessarily start with messages on Telegram. Attackers may also use other methods to send phishing links, for example, email.
For instance, perpetrators host fake “giveaways” for Telegram Premium subscriptions. Victims are lured into participating, and in a series of steps, they are directed to a phishing site where they are prompted to enter their Telegram account credentials, ultimately resulting in their account being compromised.
Another machination involves cybercriminals sending victims an invitation to download a ZIP archive that claims to contain a version of the messenger service with a “Premium” subscription. The download link redirects users to a phishing page where they are once again asked to log in to Telegram.
Yet another fraud involves distributing malicious software disguised as an alternative version of the Telegram app with a “built-in” Premium subscription. Scammers send victims links to download APK files claiming they are modified versions of the app, but they turn out to be malware.
“Phishing schemes capitalising on the Telegram Premium topic has been observed in several languages, suggesting that the perpetrators operate globally. Even if these scams haven’t yet reached a specific region, there is a probability they could eventually make their way there.
Therefore, it’s always important to remain cautious and skeptical of offers that seem too good to be true. Additionally, make sure your Telegram security and privacy settings are up to date, and your device has a robust security solution,” advises Olga Svistunova, security expert at Kaspersky.
E-Business
FG to Add Iris Biometrics to Digital ID for more Inclusion
National Identity Management Commission of Nigeria (NIMC) has said that it is looking at ways of streamlining and expanding the rollout of digital ID in Nigeria and one of the options on the table is adding iris biometrics to its digital ID enrollment.
Iris biometrics is a biometric authentication technology that uses the unique patterns of the iris to identify a person
The hint was dropped recently by Abisoye Coker-Odusote, director general and chief executive officer, NIMC, during a Digital Public Infrastructure (DPI) Journalism Fellowship training which took place in Abuja.
Speaking through a representative, the NIMC boss said this idea is among a litany of innovations which they are planning to introduce to the digital ID system in order to make it more inclusive, The Sun reports.
At the moment, biometric enrollment for the National Identification Number (NIN) in Nigeria involves face and fingerprints.
Adding the iris modality, according to the official, will make it possible for citizens with disabilities to be equally issued the important credential which is necessary to access a wide range of services in the country.
“We are exploring the use of iris recognition technology to cater to the specific needs of individuals with disabilities,” the representative was quoted as saying. Uganda is one other African country which has announced the addition of iris biometrics to its new generation biometric national ID card.
The NIMC CEO said despite the challenges the ID authority faces, its commitment to build an inclusive ID system and expand coverage remain unwavering.
She emphasized the important of the NIN as an essential tool in getting access to several services.
In order to streamline access to services, Odusote said they have been working tirelessly with their partners to enhance interoperability among government agencies to facilitate identity verification.
This, she says, will save Nigerians the stress of having to register many times with government agencies to obtain services.
The innovations envisaged by the NIMC are part of a broader reforms plan which aims to give the ID authority a new legislative framework for more efficient identity management.
It also comes at a time when the World Bank has extended its support for the country’s digital ID program by another two years, with a target to issue 180 million digital IDs by the close of the extension.
The Nigeria ID4D has pledged in the past to create the enabling environment to the issuance of NINs to persons living with disabilities.
A recent investigative report however suggests that many aged and physically challenged citizens in Nigeria go through tough times seeking the NIN.
Some have reportedly had their SIM cards blocked while others have been locked out of their bank accounts for their inability to register for a digital ID.
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