News
Treepz Launches Treepz Kenya as it Continues African Expansion Plan
The award-winning African Mobility Startup, Treepz has announced the successful launch of Treepz Kenya following strategic investment deals to raise additional $1.2m over the last 12 months.
Treepz which was founded in September 2019 in Nigeria, has announced today that it has further expanded its operations in East Africa, with a focus on Kenya, just over a year after launching in Uganda and Ghana. With the launch of Treepz Kenya, it is the company’s 4th country where it operates from in 3 years.
This new expansion follows investments made in Treepz in the last couple of months led by GIIG Africa Fund along with MoAngels, Roselake VC, Unpopular VC, Goodwater Capital and BKR Capital.
There were also follow on investments from Treepz current investors including ShockVentures, Winston Limited led by the Lynch Brothers, Aston Investments and Novum Actus led by Clara Ogunsemi.
With the launch of its Kenyan service in Nairobi and later in Mombasa, the team at Treepz is also excited to welcome Mr. Samar Patel as its new Country Manager for Treepz Kenya.
Mr. Patel brings on 18 years wealth of sales, transportation and technology experience to the role, having most recently held a similar position with SWVL Kenya. Under his leadership, it is expected that Treepz Kenya will continue to grow and innovate in the region.
In recent times, Treepz has had a strong focus on vehicle rental service or what the company refers to as Business Treepz. This move has also led to Treepz Kenya signing up a couple of high-profile companies to provide commuting service for their employees or students. These companies includes reputable firms like Twiga Foods, Abacus Schools, OAK House School, Diamond Trust Bank, with 20 big-name deals across Kenya in the pipeline.
These partnerships demonstrate the growing demand for Treepz’s innovative solutions especially with vehicle rental services for businesses, and the company is confident that this trend will continue as it expands its reach.
Commenting on the announcement, Onyeka Akumah, Co-Founder and CEO of Treepz, says: “We are thrilled by the addition of Samar to our team and the launch of Treepz Kenya in Nairobi.
“This was made possible with the support we received from our current investors amid a turbulent 2022. Also, after winning the GSA African Award in Cape Town last year, we received funding from it’s funding arm – GIIG Africa Fund and that was also very timely for us.
“Today, our efforts are focused on building a centralised solution across the 4 countries we operate in and to provide Africans with excellent mobility services, for their personal and business needs. We hope this will be the experience Kenyans will enjoy with our service and remember, as we build a world-class mobility business for Africans and the rest of the world”.
GIIG Africa’s investment into Treepz comes as the startup was named the Africa Winner in the ‘IndustrialTech’ category at the 2022 African Startup Awards – the largest independent startup ecosystem competition on the continent and exclusive vehicle for the GIIG Africa Fund to find, fund and scale Africa’s most innovative startups with Sustainable Development Goal-aligned solutions.
In doing so, GIIG Africa now joins the long list of Treepz’s investment partners, which include the likes of Techstars, Google, Orbit Startups, LoftyInc, Niche Capital, ODBA, Microtraction, Crossfund, Uncovered Funds and Jedar Capital, among others.
While not as widely regarded as sectors such as fintech, mobility tech has attracted significant attention from investors in recent years. According to the latest ‘Africa Tech Venture Capital’ report by Partech, the vertical accounted for US$ 195 million (or 4%) of total funding for African startups in 2022 – putting it on-par with health-tech (US$181-million) and ahead of the ed-tech and agri-tech sectors (US$97-million and US$86-million respectively).
This figure is expected to grow as demand for transportation increases amid Africa’s booming population growth and rising rates of urbanization.
“You’ve also got to factor in trans-national developments such as the African Continental Free Trade Area,” says Jo Griffiths, Co-Founder of GIIG Africa.
“These policies will result in a significant increase in the movement of people, goods and services – and as such – there’s going to be an even greater demand in the coming years for mobility solutions built for the African context.
“As investors, we’re excited to be working with the team behind Treepz because we see mobility-tech as a key enabling factor for Africa’s socio-economic growth.
For now, we look forward to supporting their efforts aimed at empowering Kenyan commuters.”
In a bid to fast-track the impact of technology on African growth, Griffiths adds that applications to the next round of the African Startup Awards are now open, with innovators from across the continent encouraged to apply before 26 February 2023, for their chance to receive funding from the GIIG Africa Fund.
News
PalmPay, Jumia Reward Users in Festive Campaign
This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.
Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.
A Strategic Partnership To Enhance Digital Payments
The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.
Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”
Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”
Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “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.”
How to Join the Holiday Fun
Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!
Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.
Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.
To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.
News
Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests
Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.
This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.
The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.
According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.
The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.
Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.
The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.
According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.
Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.
“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.
“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.
“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”
News
Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1Bn Loan Claim
Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed claims that the Nigerian National Petroleum Company Limited (NNPCL) used a $1 billion loan secured through a crude forward sale agreement to support the refinery during a liquidity crisis.
In a statement on Wednesday, Anthony Chiejina, company’s chief branding and communications officer, said the NNPCL’s stance was a distortion of the facts.
“We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery,” Chiejina said.
Chiejina stated that the refinery’s decision to enter into a partnership with the NNPCL was based on the recognition of “their strategic position in the industry as the largest offtaker of Nigerian crude” and at the time, the sole supplier of petrol into Nigeria.
“We agreed on the sale of a 20% stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them,” Chiejina said.
“If we were struggling with liquidity challenges we wouldn’t have given them such generous payment terms. As at 2021 when the agreement was signed, the refinery was at the pre-commission stage.”
According to the statement, the agreement would have been cash-based rather than credit-driven if the refinery struggled with liquidity issues.
The refinery’s spokesman said the NNPCL was subsequently unable to supply the agreed 300,000 barrels a day of crude (bpd).
He stated that the shortfall was because the NNPPC “had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve”.
“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their inability to supply the agreed crude oil volume,” he said.
“NNPCL failed to meet this deadline which expired on June 30th 2024. As a result, their equity share was revised down to 7.24%. These events have been widely reported by both parties,” he said.
- Telecom1 day ago
From Niche App to Global Giant: TikTok’s Controversial Journey
- Telecom1 day ago
Group Advocates for Digital Rights at 2024 Internet Governance Forum
- Broadcasting1 day ago
Aero Contractors Celebrates Long-Serving Employees at Award Ceremony
- E-Financial1 day ago
CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
- Telecom1 day ago
Patricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
- Broadcasting50 mins ago
Africa Magic Announces Call for Entries for 11th AMVCA
- E-Business49 mins ago
Ozi Launches to Redefine $460 billion Global Package Delivery Market
- Telecom50 mins ago
How Artificial Intelligence is Revolutionizing Business Plans for Entrepreneurs