olgbenga-agboola

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Mamadou Cissé (Senegalese, b. 1960), Lagos City - Nigeria - Big City Live !!!, 2010. Felt and gel pens on thin, soft wove paper, 29.6 x 42 cm.

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Water connection in Lagos, Nigeria

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Os subtis movimentos da água

Lagos/Portugal

Video: cjmn

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Lagos, Portugal. March 2022    

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How Olugbenga Agboola Is Making Money More Mobile in Africa 

In an era defined by free-flowing fungibility, Africa’s currencies more closely resembled a deep iceberg than free-flowing water. That is, until fintech entrepreneur Olugbenga “GB” Agboola entered the chat. 

Agboola, a native of Nigeria, honed his technical skills working with giants like Google Wallet and PayPal. He furthered those bona fides by taking positions with international banks across the globe. So, when he returned to his home continent, he was quick to notice the slow speed of the e-payments system.

While Western countries had spent years creating ways for consumers to access credit and transfer money over the internet, Africa was adopting this technology at a slower pace. More than half of Africa’s population don’t have traditional bank accounts. 

To complicate matters, many countries took different approaches to modernizing their financial systems, leaving a patchwork of payment services that rarely talked to one another and severely slowed international transfers.

“The way Africa is, different payment methods work for different regions and different markets,” Agboola explains. “Bank transfers are very popular in Nigeria, but not as much in South Africa. Mobile money is very popular in Kenya, in East Africa but not as much in Nigeria.” 

Agboola and his company, Flutterwave, see this as an opportunity.

International Complications

In many cases, African banks would transfer information to the United States or Europe, where they would be assessed, processed, and sent back. The process took days. 

In the meantime, workers waited on paychecks, vendors counted down the hours until they received compensation, and corporations moved at a snail’s pace. Without fast access to cash, projects that hit a snag could be stalled for lengthy periods of time, leading to frustration and wasted money. 

The predicament struck a chord in Olugbenga Agboola. If he could create a technology that would allow businesses to move money more efficiently, he could correct a market inefficiency and help his home continent take advantage of modern technology. 

Flutterwave began as a one-stop shop that would allow enterprise businesses to collect transactions from customers and send their money across international borders quickly. Once it succeeded and showed a remarkable ability to cut through red tape, Olugbenga Agboola wanted to expand his platform to incorporate small businesses and individuals. 

“That is our one guiding principle in expansions and partnerships: We try to bring payments close to the people,” Agboola says. “We give people what payment method they’re very comfortable with.”

Olugbenga Agboola: Meeting People Where They Are

But to make the product work for smaller accounts, Flutterwave had to change. Corporations are willing and able to adjust their payment practices if it means saving money and time. But regular consumers are more resistant to banking changes. Instead of offering a new way to do things, Olugbenga Agboola needed to meet consumers where they were. That meant offering local businesses and individuals a faster way to use the payment systems they felt comfortable using.

“If in your market what people like using is a bank transfer, we make it available in your market,” Agboola shares. “If it is mobile money, we make it available in your market. But we also help you do business in other places.

“So, if you’re trying to pay off a tariff, you’re going to see suggestions on the platform for the best way to do that. If you want to make a payment, you see mobile money and all the popular payment methods there.”

His efforts have led Flutterwave to unprecedented heights. As the most valued startup in Africa, it has achieved rarefied success — and it’s not slowing down.

Making money more mobile across the continent has opened Africa to itself; people in different countries in the continent can buy from one another. 

Olugbenga Agboola sees the increased use of e-payment services in Africa as a way to bolster the economies of many countries, bring African art and products to new consumers, and create a new generation of business leaders across the continent.

“E-commerce is a big part of growing the economy of Africa. A lot of things are happening and businesses are trying to get online. And in fact we have this new campaign that says ‘start anywhere.’ And what this means is that payment technologies, logistics companies, e-commerce platforms, are all joining hands together to ensure that somebody in Kigali, Rwanda can just sit down in their room and get started on a business on their phone thanks to a combination of technologies, and begin to sell online,” he said. 

“I find that very, very interesting for what it promises the user, what it promises the owner, and what it promises the budding entrepreneur who is starting something new.”

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Sanjeev Mansotra on Digital Revolution in Africa: Unveiling the Potential for Growth and Innovation

Africa, sometimes called the "dark continent," is currently experiencing a digital revolution that is altering how people live, work, and interact. The African continent is embracing the digital era and unlocking its potential for prosperity and creativity because of technological advancements and improved internet connectivity. According to Sanjeev Mansotra digital technology, including computers, applications, and machine learning, presents new possibilities for individuals, companies, and occupations. This shows that having access to the Internet in African nations boosts employment and lowers poverty. 

The broad adoption of mobile technology has been one of the main forces behind this digital revolution. In Sub-Saharan Africa, smartphone use will rise to 87% by 2030 from 51% in 2022, predicts the Global System Operators and Manufacturers Association (GSMA) report "The Mobile Economy 2023," which was published on February 27, 2023. “By incorporating AI into banking, education, health care, and many other industries, Africa has a significant opportunity to make its mark on the digital revolution and advance the digital culture there”, asserts Sanjeev Gandhavraj Mansotra.

One such invention that is altering the financial environment in Africa is mobile money. Mobile money platforms have developed as a substitute for traditional banking services, making it possible for people to send and receive money, pay bills, and access financial services via their mobile phones. Traditional banking services are inaccessible to many Africans. Millions of formerly unbanked people now have access to financial services, boosting the economy and lowering poverty. 

In Africa, the digital revolution is changing entrepreneurship and education. The education gap is closed, and African youth are given more power thanks to e-learning platforms and online courses. In industries including fintech, e-commerce, health tech, and agritech, African tech startups are on the rise, utilizing technology to address regional issues and raise living standards. As per Sanjeev Mansotra’s core education analysis African government must adopt the growing digital culture, whether it is about AI in education, banking healthcare, or fintech, the continent must educate itself with digital literacy as today’s era is completely transforming into digital aspects.  

The digital revolution is also making it easier to access necessities like healthcare. To receive medical advice and consultations without having to travel, telemedicine platforms connect patients with doctors virtually. Bridging the gap between isolated people and healthcare experts is especially important in rural areas with few healthcare facilities. 

Africa's digital revolution is not without its difficulties. Obstacles including the digital gap, a lack of infrastructure, and cybersecurity issues must be addressed. However, there is a tremendous opportunity for growth and innovation if firms and governments invest in digital infrastructure and regulations. 

In Africa, the digital revolution is leveling the playing field, empowering people, and opening new avenues for social and economic advancement. As Africa uses technology to its advantage, it will soon dominate the digital economy and serve as a powerhouse for creativity and innovation. Africa's digital revolution is paving the way for a better future by creating a connected, thriving continent that is equipped to meet the challenges of the twenty-first century.

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Solarpunk irrigation system combines radical mix of technologies for rural farming communities in Niger

Invented in Niger by computer scientist and social entrepreneur Abdou Maman Kané, this remote-controlled solar-powered field irrigation system combines affordable mobile phone technology with renewable energy and water pumps to transform the age-old practice of irrigating fields by hand in rural Niger, saving farmers from backbreaking labour and saving time for other generative pursuits.

Abdou Maman-Kané’s remote irrigation system is powered by a set of wind turbines and photovoltaic solar panels. The installations are connected to several sensors, which are in turn connected to a network of pipes installed in the fields. To operate the device, the farmer simply activates a code in an application installed on his smartphone.

“All you have to do to start up the irrigation system is dial a number on your cell phone"

We give farmers a pump, which can be used both above and below ground, depending on where the water is located. For 95% of the installations that we do, the pump is powered by solar panels, which we also install.

We make sure to adapt the irrigation system according to which crops the farmer is cultivating. For example, we use a drip system if plants only need to be hydrated through their roots. If the plants also need to have their leaves watered, we alter the system.

Finally, we install a box between the pump and the solar panel that contains a SIM card, which makes it possible to control the whole system remotely. Each time that we install this system, we do a careful study of how much water each plot of land needs.

If the farmer happens to be illiterate – which is the case for many farmers in Niger – then the server automatically sends a signal to start up the pump for a set amount of time. If the farmer does know how to read, then he can indicate how long he wants the pump to run in the app. These calls cost 200 CFA francs [Editor’s note: or 30 euro cents].

“Tele-irrigation” system is the name Abdou Maman-Kané has given to his invention. Abdou Kané established a private company, Tech-Innov S.A.R.L., in Niamey, capital of Niger, to manage, operate and market the system and its derivatives, which include an automatic watering component; a drinking water kiosk for rural environments, and an agri-info multimedia center. Tech-Innov also conducts research and participates in numerous initiatives to help develop the country’s industrial sector and contribute to society as a whole. 

Sources for this article

https://observers.france24.com/en/20151029-niger-remote-irrigation-system-saving-water-farmers-energy-environment-crops-cell-p

https://www.africastrictlybusiness.com/faba-for-africa-by-africans-horticultural-tele-irrigation-system/

https://www.afrik21.africa/en/niger-startup-company-launches-solar-powered-remote-irrigation-system/

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Olugbenga Agboola: A Day in the Life of the Tech Unicorn Founder 

As the man behind Africa’s leading payments technology company, Olugbenga “GB” Agboola stays busy. But what, exactly, does it take to run a $3 billion company on a day-to-day business? 

His company, Flutterwave, is a payment services platform for African businesses, corporations, and individuals. Launched in 2016, it quickly became the first tech unicorn founded in Africa, and was most recently valued at more than $3 billion in its latest fundraise.

As is befitting the founder of a fintech startup, Olugbenga Agboola begins his workday by looking at the bottom line. Like most CEOs, he is responsible for the long-term vision of his company, but as a hands-on worker who is still involved in managing the day-to-day operations of the company he founded, he can’t help but keep an eye on what happens from one day to the next.

“So my typical day starts with me looking at our revenue. The first thing I do in the morning is open my Slack and check my Slack bot,” he said. “That tells me how much money we made over the last day. I look at the growth, or maybe the drop, and I see who are customers who were responsible for that growth or that decline. That's the first thing I check every day for the past seven years. It’s crazy.” 

Once he’s got a handle on how the previous day went, Olugbenga Agboola turns his attention to matters of the present and the future. 

“After I check on our finances, if I am home in the U.S., what I do next is I wake my daughter up for school. I enjoy that a lot, and then stand behind the door till she gets ready enough to tell me that I can come back in. Then I spend my morning time with her, eating breakfast and talking, then I drive her to school. That’s a really important part of my day. I like starting out the day being grounded and humble with my family,” he said.

From there, he starts the real work. While some entrepreneurs use a routine or set schedule, Olugbenga Agboola has a different method. He organizes his work into chunks of time devoted to a specific area of his company. It can be about growing, fixing, changing, or adding a service. 

“What I do next is to build on whatever my current theme is. I tend to work in themes. Either this month or this week will have a theme that I choose, and that focuses where I put my efforts,” he said. “My theme can be soft, such as better the customer experience, or it can be more technical, like growing revenue by X percentage. But no matter what theme I pick out, whether it’s making world-class marketing by doing A, B, or C, or something else, I always make sure to be very, very specific. That way I can focus my efforts best.”

Working on a theme provides a broad outline for Olugbenga Agboola’s day. It determines where his energy will be spent when he has time between meetings, and how he’ll use any free moments of brainstorming. It also directs how he engages with the workers at Flutterwave. 

Working in themes allows him to dig deeper into certain areas of his business. When he returns to the same theme every day for a week or a month, he’s able to clearly picture the minutiae in a way that’s often hard for CEOs to understand.

“I always speak to the leader of that team that owns my theme for that week or month, so that I can say, ‘Hey, where are we on this? What have you done there? Is there a strategy for this? Is there a plan?’” Olugbenga Agboola stated. “No matter how much I get derailed in the week, I still go out of my way to prioritize that team. I like to keep the ship on course that way.”

Working in themes has been good for business. It has helped Agboola move quickly, such as when Flutterwave launched Send, its personal payment service, or when it built an online marketplace practically overnight that allowed African makers a place to sell their goods online during the COVID-19 pandemic.

But just as important as staying on theme during the week, he believes, is to take breaks during the days off.

“I always make sure that I hit my goals by Friday because I have plans for the weekend,” he said. “And then again, on every Sunday, I plan for the upcoming week. I map out what I want to accomplish, and I make sure it’s something that I can reasonably do. Then I have the next five days to finish what I’ve set out for myself.” 

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Best Tech Startups Companies In Nigeria 2022

2021 was a crucial year for venture capitalists and African technology entrepreneurs. Reopening companies and returning to regular life was a sign that people continued to practice routines that they developed during lockdowns. In the wake of this change in the preferences of customers, Africa had one of the most technologically advanced industries. 

As African technology continues to grow and grow, it’s not a surprise. The market is primed for a technology boom as the percentage of Africa’s youth populace is growing. 

The list of technological firms in Nigeria fast-growing firms to be on the lookout for in 2022 was generated from the last round of investment rounds.  

Releaf 

Releaf Agritech, an agritech business was founded on the 17th of January 2017 by Ikenna Nzewi along with Uzoma Ayogu, has set out to industrialize oil palm processing in Africa and boost production. The Kraken machine, which was developed by a agritech business with a mission developed to speed up palmnut processing and decrease the amount of waste. Releaf also supports environmentally-friendly farming practices. 

Safeboda 

The two-wheel ride-hailing system of this Ugandan company was established in 2018 , before launching an app that is nifty in the year 2019. Uganda and Nigeria have now served more than 1 million users in transportation, parcel delivery grocery and food delivery and payments, savings in addition to other financial service. There are 25,000 drivers working for the organization and have delivered more than 40 million packages to and around the US in addition to the UK. 

Kippa

Kennedy Ekezie, Duke Ekezie, and Jephthah Uche have returned to the drawing boards after their previous venture failed to uncover a business-worthy challenge in Nigeria. After that, the group took on a tour of the market to better understand the difficulties faced by Nigeria’s microbusiness owners. They discovered a severe issue that they were able to fix following their research journey – bookkeeping. The issue was fixed in February 2021 when they announced the introduction of Kippa an easy-to-use financial management app for small-business owners. After just a few short months of expansion, Kippa attracted thousands of users and also raised $3.2 million of pre-seed capital in 2021. The question of how much more it can grow in 2022 is logical.

TymeBank 

Using a hybrid approach of digital banking and physical service centres, this technology-driven startup in Nigeria is speeding up the process of financial inclusion. Pick n Pay and Boxer locations around the country have kiosks at which customers can sign up for services (more than 80percent). 

Twiga foods

Utilizing technology to establish food supply chains as well as retail distribution networks across Africa, Twiga Foods has been doing so since the year 2014. This tech-based startup in Nigeria has a mobile, cashless, B2B-based platform that connects farmers and sellers. But, it’s been difficult to keep the purity of the products acquired from Twiga’s smallholder farmers. 

Wave 

The company raised $200m through Series a funding last year, the mobile money service that is based in the United States and Senegal made headlines. The wave became the first unicorn in Francophone Africa with a valuation of $1.7 billion following this funding round. 

In 2014, two co-founders formed the company in response to their discontent with the challenges and the high cost of paying money into Africa through North America. This tech-based startup in Nigeria was established in the year 2018 by the co-founders after selling Sendwave to WorldRemit in 2017. The company, which was founded in 2017, claims to be Senegal’s leading mobile money player and more than half of Senegal’s adult customers. 

Chooya 

Following the previous tech-related startups in Nigeria that failed, Igwe Uguru founded Chooya which is an e-commerce search engine that has become Africa’s own version of TikTok for eCommerce. Allowing customers to recommend and be compensated for their suggestions is one of the distinct characteristics of the Chooya platform. 

When Chooya took home the Entrepreneurship World Cup, with the cash prize that was $950,000. market boomed. Since the time, there has been incredible growth, with thousands of companies joining the platform. It was founded by a group of entrepreneurs in Aba, Nigeria, the Aba-based firm plans expanding to more African cities in 2022, beginning with Nigeria. 

Edukoya 

Former Google Nigeria CEO Honey Ogundeyi started Edukoya in May 2021 after being fired. Edukoya offers a variety of useful features specifically targeted at Nigerian secondary school students. A data-driven, question bank that includes instructions for each step, a personalized performance tracking system, as well as the ability to provide 24/7 exam preparation and homework help are few of the features offered. After a short period of beta testing the 96 percent of students who tried Edukoya scored higher on their exams. 

Minly 

Creators across around the Middle East and North Africa are able to use Mainly, an Egyptian-based platform, to build personal, authentic relationships with their followers. Mainly has received a seed investment of $3.6 million in the last year. 

From artists and musicians to social media celebrities and professional athletes such as Egyptian soccer player Mahmoud Trezeguet (who plays at Premier League club Aston Villa) Mainly has a dedicated fan base of more than 50,000 people since its inception around 2020. 

Stitch

Since its $4 million first round of seed funding in Feb 2021 Stitch has secured an additional $2 million in seed funding to speed development, launch its solution and enlarge the size of its Nigerian workforce.

With the help of Stitch’s data service app developers can link their apps to customers’ bank accounts and share their transaction history and balances confirm their identities and even make payments through their apps. The amount of millions of dollars on fees has been handled by Stitch since its inception together with Chipper Cash, Paystack, Franc, Sanlam, Yoco and Flexclub as some of its frequent customers.

Payday 

In order to “create PayPal for Africa,” Payday received a Pre-seed capital in the amount of 1 million USD in the month of October 2021. This was the first Rwandan firm accepted in the Techstars Toronto Accelerator Program in the same month. 

Favour Ori, a Rwandan fintech, launched its service back in 2021 and it’s helping Africans transfer and receive money all over the world. Payday had more than five thousand users within the first three weeks of operation, the majority of whom were referred by relatives and friends. They also processed $1.4 million in transactions. 

TalentQL’s AltSchool 

Many people in Africa are eager to learn digital skills, yet there’s not a lot of places to understand these skills. That’s why in October of 2021 TalentQL has opened AltSchool. AltSchool is one of the tech startup in Nigeria that will start offering classes in April 2022. It’s geared towards people who want to learn the basics of software engineering to prepare to work within the industry. 

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Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’

Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’

The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed. Nigeria’s Burgeoning Fintech Scene This dominance has convinced VCs to pour tens of millions of…

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The Power of Perseverance: How Olugbenga Agboola’s Challenges Shaped the Future of Payments with Flutterwave

It’s hard for a company not to take on the personality of its founders. They’re the ones who set the culture, express the vision, and make those first crucial hires. Luckily for Flutterwave, Olugbenga “GB” Agboola has the kind of work ethic and demeanor that’s built for success.

The way a founder’s personality seeps into their company is plain to see across almost every industry. Jeff Bezos’ ultra-competitive spirit pervades the machinations of Amazon. Apple still follows Steve Jobs’ form-follows-function ethos and emphasis on simplicity. And who can deny that Tesla is the very manifestation of Elon Musk’s idiosyncratic style and outsider positioning?

So how does a conscientious overachiever like Olugbenga Agboola affect a payment services company that has gone from simple startup to Africa’s first unicorn? It may be harder to notice the personality of a tech company focused on finance, but it’s there. It just takes a little bit of digging to uncover how the company seems to reflect everything about how he is and how he conducts business.

Olugbenga Agboola: ‘People Are the Secret Sauce’

For starters, look at how the company has grown.

“I have to admit that I am very people-centric,” Olugbenga Agboola said. “I listen to people a lot. I think of what people will feel. I think of their own career growth, what will work for them. I do this because I realized very early that people are the secret sauce of the company. It’s not our technology. It’s our people.”

A company that focuses on people doesn’t grow according to data trends. It grows according to user needs and employee availability. By that metric, it’s easy to see how Olugbenga Agboola’s outgoing personality and thoughtful disposition are baked into the strategy that’s led Flutterwave to its most recent $3 billion valuation. 

“It’s the people that come to work every day that put in their shift, those are the people that matter,” he stated. “So I put them ahead of my investors, ahead of my board.”

That’s one way that Flutterwave has been able to keep growing amid the COVID-19 pandemic and the post-pandemic economic challenges. Flutterwave’s emphasis on employee morale has kept it chugging along at its typical breakneck speed. 

As it turns out, when employees feel valued, well compensated, and important, they work harder and stay longer. That ensures that Flutterwave doesn’t suffer from brain drain and that legacy information remains with the company, even as it grows into new markets and launches new products. 

The other way that Flutterwave manifests the personality of Olugbenga Agboola is through its product strategy. 

“I rely on the Colin Powell rule, which is that you have to be data-aware, not data-dependent,” he said. “When you know too much about something, it’s too late. For example, I imagine that to make a decision, I need just 60% of the information required. By the time I get to 95% or 90% and I’m sure, then it’s too late for a decision to be made. It’s already in the past, and the right time to act is long gone. I believe in that a lot. It’s something that I use in my work, and it’s worked for me all my life. That’s one [piece of] advice that I would give and also to ensure that I do that.”

Flutterwave began by helping large companies navigate payments across national borders. International corporations are great clients because they have lots of money. But instead of continuing to focus solely on the biggest fish, Flutterwave pivoted toward helping small businesses and, eventually, individuals. 

Those were moves that seem prescient in retrospect but had a risky feeling at the time. The company made the moves anyway, relying on Olugbenga Agboola’s intuition and understanding of the facts. 

“The other thing I do is to trust my gut,” he shared. “That’s something that has always driven me in the right direction and really helped me stay true to what I want to accomplish. It helps me do the right thing and act quickly.”

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Why I'll Never Investors Willing To Invest In Africa

There are numerous reasons to invest, but investors should be aware that Africa is a place that tests their patience. The African markets aren’t always stable and time horizons might not always be a good idea. Even sophisticated businesses may need to adjust their business plans as Nestle did in 21 African countries last year. Many countries also face deficits. These gaps must be filled by smart and savvy investors who will bring more prosperity to Africa. TLcom Capital’s $71 million TIDE Africa Fund

The latest venture by TLcom Capital closed at a reported $71 million. The fund’s predecessor was shut in January of last year. TLcom, Bio, CDC Group and Sango Capital contributed five million dollars. The first fund invested in more than a dozen tech companies from Kenya, Nigeria, and South Africa. TIDE Africa II will focus on fintech companies in East Africa. The investment firm has offices in Kenya and Nigeria. TLcom’s portfolio comprises Twiga Foods and Andela as along with uLesson and Kobo360. The investment firm invests between $500,000 and $10 million for each company. TLcom is a Nairobi-based VC company with more than $200 million under control. The firm’s Managing Partner, Omobola Johnson, has helped establish more than a dozen tech companies across the continent including Twiga Foods and a trucking logistics company. The investment firm’s team is comprised of Omobola Johnson, a former Nigerian minister of technology and communication. private investor looking for projects to fund is an equity investment fund which invests in growth stage tech companies in SSA. It will invest between $500,000 and $10 million in early-stage companies and will focus on Series A and II rounds. The fund will be focused on Anglophone Africa but it plans to invest in Eastern and Southern African countries. TIDE for instance has invested in five high-growth digital companies in Kenya. Omidyar Network’s $71 Million TEEP Fund The Omidyar Network, a US-based philanthropic investing firm, aims to invest between $100 and $200 million in India over five years. Pierre Omidyar, co-founder of eBay, founded the fund and has invested $113 Million in 35 Indian companies. The firm invests in India’s consumer internet, entrepreneurship and financial inclusion. It also has investments in property rights, government transparency, government transparency, and companies with social impact. The Omidyar Network’s TEEP Fund invests in projects that enhance access to government information. Its mission is to identify nonprofits that use technology to create public information portals and tools for citizens. The network believes that open access to government information improves citizens’ awareness of the government’s processes, which in turn leads to a more engaged society that holds government officials accountable. Imaginable Futures will invest the funds in non-profit and for-profit organisations that focus on education and health. Raise You should select a company with a focus on Africa if are looking to raise money for your African startup. One of these companies is TLcom Capital, a fund management company based in London. Angel investors have been drawn to its African investments and the team has raised funds in Nigeria and Kenya. TLcom has just announced the launch of a new fund worth $71 million that will invest in 12 startups prior to reaching profitability. The capital market is becoming aware of the potential of Africa venture capital. Private investors are increasingly recognizing the potential for Africa’s growth and don’t need to be limited by institutional investors. This means that raising money has never been easier. Raise allows businesses to conclude deals in half the time and is free of any institutional constraints. There’s no perfect method of raising funds for African investors. The first step is to comprehend how investors think about African investments. While how to get funding for a business are drawn to YC hype, it’s vital to be aware of the broader implications of this Silicon Valley giant and the Agenda 2063 of the African Union. African companies are now searching for the YC signal to make contact with US investors. Kyane Kassiri, a Tunisian venture capitalist, recently talked about the importance the YC signal when it comes to raising funds for African investors. GetEquity GetEquity, an investment platform that is based in Nigeria was established in July 2021. It aims to bring about democratization of the funding of startups in Africa. It aims to make financing African startups easier for everyone by providing capital-raising tools and world-class capital to all startups. It has helped numerous startups to raise more than $150,000 from investors of all kinds. Additionally, it offers a secondary market for investors to purchase other investors’ tokens. Like equity crowdfunding, investing in early-stage companies is very exclusive. It is generally only accessible to the most well-known individual angel investors, capital institutions, and syndicates. It is not usually available to family members and friends. New startups are attempting to change this unwelcome arrangement by making it easier to access capital for startups in Africa. The platform is available on iOS and Android devices and is free to use. GetEquity’s blockchain-based wallet is now available to investors. This makes it possible to invest in startups in Africa. Investors can invest as low as $10 in African startups by using crypto funds. Although this might seem like an insignificant amount when in comparison to traditional equity funding, it is still a significant amount of money. Following the recent demise of Paystack by Spark Capital GetEquity has become an ideal platform for African investors who want to invest in Africa. Bamboo Bamboo’s first obstacle is convincing young Africans to invest on the platform. Investors in Africa had only a few options prior to the present including crowdfunding, foreign direct investment (FDI), and legacy finance companies. A mere third of the African population has been able to invest on any platform. But now the company is expanding into other parts of Africa and plans to launch in Ghana in April 2021. More than 100,000 Ghanaians are waiting to be added to the waitlist as of this writing. Africans have few alternatives for saving money. With company funding options hovering around 16% the currency is declining against the dollar. It is beneficial to invest in dollars to protect against rising inflation and a falling currency. Bamboo has seen rapid growth over the last two years, is one platform that lets Africans to invest in U.S. stock options. It plans to launch in Ghana in April 2021, and already has more than 500 users who are waiting to get access. Once registered, investors can get their wallets funded with just $20. You can add funds to your wallet using credit cards, bank transfers, or payment cards. Afterwards, they are able to trade ETFs and stocks and receive regular market updates. Since Bamboo’s platform is bank-level secure and safe, it is able to be used by anyone within Africa that has an acceptable Nigerian Bank Verification Number. Bamboo’s services can also be utilized by professional investment advisers. Chaka Nigeria is a hub for legitimate investment and business. The entertainment and film industry is among the top in the world and its growing fintech industry has resulted in an explosion in startup formation and VC activity. One of the most well-known supporters of Chaka, Iyinoluwa Aboyeji, said to TechCrunch that the country’s progressive developments will eventually open doors to a new class of investors. Chaka also received seed-funds from Microtraction which is managed by Michael Seibel, CEO of Y Combinator. The weakening relationship between the US and China has accelerated Beijing’s interest in African investments. The growing anti-China sentiment and trade war has made it more appealing to investors to invest in African companies outside of the US. Although the continent of Africa has a number of developing economies, most markets are not big enough for venture-sized businesses. African entrepreneurs should be ready to adopt an expansion-minded perspective and build a coherent expansion story. The Nigerian Stock Exchange is overseen by the Central Securities Clearing System, which makes it a safe and secure investment in African stocks. Chaka is free to join, and you will be paid a 0.5% commission for every trade. Withdrawals of available cash can take up to 12 hours. On the other hand, withdrawals of sold shares can take up to three working days. Both cases are handled locally. Rise Africa is receiving positive news from the increased number of investors looking to invest. The economy is stable and its governance is sound, which draws international investors. This has led to an increase in living standards in Africa. However, Africa is still a risky place to invest and investors must be cautious and do their homework. There are numerous opportunities for investment in Africa, but the continent needs to make improvements to draw foreign capital. how to get investors must collaborate to create a more conducive business environment and improve the business climate in the near future. The United States is more willing to invest in Africa’s economies via foreign direct investment. U.S. governments assisted Senegal in advancing a major healthcare financing facility. The U.S. government also helped get investment in the latest technologies in Africa and also assisted pharmacies in Kenya and Nigeria stock high-quality medicine. This investment could lead to jobs and build long-term relationships between the U.S.A and Africa. While there are several opportunities in the African market for stocks, it is vital to know the market and conduct proper due diligence to make sure that you do not lose money. If you’re a modest investor, it’s a great idea to invest in exchange-traded fund (ETFs) which track the performance of a variety of Sub-Saharan African businesses. For U.S. investors, American depositary receipts (ADRs) are an easy way to trade African stocks in the U.S. stock market.

[olgbenga-agboola]

South Africa has seen the development of a thriving technology startup ecosystem in recent years. With increased access to local talent, supportive government initiatives, and funding, South African technology startups have been able to make a mark in a variety of industries including fintech, e-commerce, health tech, and agritech. Here are some key points about the South African technology startups landscape.

[olgbenga-agboola]

Flutterwave: The Service That's Enabling African Entrepreneurs to Go Global, According to Olugbenga Agboola

There’s a modern axiom that says we’re all living in a global world, where the internet has empowered citizens of every nation in the world to connect with each other instantly. But for many individuals and businesses in Africa,  that’s never been true. But Olugbenga Agboola is changing that. 

As the founder of Flutterwave, a Nigeria-based fintech platform that provides payment services to businesses in Africa, Olugbenga Agboola is bringing the reality of global connections to entrepreneurs all across the African continent.

And with those connections come opportunities. Small businesses owners and individual entrepreneurs in Africa now have the ability to peddle their wares on the global stage. 

“This is transformational,” he said. “At Flutterwave, we’re making an impact because what we do is to allow a small business that has previously sold to customers based only in Lagos, Nigeria, to  now sell to everyone all over the world without having to do anything extra. That’s why we work hard. That dream requires us to do our job as a company very well to make that work.”

If Olugbenga Agboola sounds especially excited about helping startups, it’s because he knows a few things about the space. Since he first launched Flutterwave in 2016, the company has gone on to break nearly every record possible, quickly amassing a valuation of $1 billion. As the company has expanded across national borders and into other continents, it has continued to raise the bar. Its most recent valuation clocked in at just over $3 billion. 

Agboola believes that similar successes can come for other African startups, especially now that Flutterwave has made it faster and easier for them to move money around. 

“Depending on how you look at it or the lens through which you look at it, Flutterwave can make a truly impactful transformation for Africa’s entrepreneurs,” he said. “So, while we are working hard to create the best company and the best service we possibly can, we are also helping to create a new wave of Africa entrepreneurs who see what we've done, and they can become inspired by that. They can think, ‘I am going to try something as well.’” 

Flutterwave not only allows entrepreneurs the ability to send and receive payments quickly and securely, it has also launched several auxiliary services that benefit entrepreneurs by giving them easier access to foreign capital and a ready-made. 

For example, its most recent product is called Send. It’s a remittance service focused on the African continent. Now, for example, people living in Ghana can receive money instantly from relatives or supporters in the UK. Or take their digital store, which provides an online marketplace for African creators to sell their goods to people across the globe. 

Prior to the launch of Flutterwave, most African companies had no access to immediate payment options. Even if the company was international and used a bank with branch locations in two different countries, payments to workers, suppliers, and others would take days to process. 

Olugbenga Agboola jokes that it was often faster to withdraw cash from the bank, board an airplane, and then distribute physical payments after landing than it was to wait for payments to clear the SWIFT system African countries used. 

African entrepreneurs faced grave disadvantages when competing for funding, both on the continent and abroad. 

To create a better system, Agboola not only had to create a functional and easily adoptable payments platform. 

“One of the problems I noticed while I was working for a bank in Africa was that I knew, technologically, it was possible to transfer money across national boundaries in just a few seconds, but we were not allowed to by national regulations, unless we used the SWIFT for that transfer, which would cost a premium,” he said. 

“So, the pressing thing was to build a payment system that could connect every payment type together, so that companies could literally make that transfer in seconds, and have it be as cheap as a local transfer.”

And that’s exactly what Olugbenga Agboola did. Drawing on his experience at fintech companies like PayPal and Google Wallet, he created a fast-processing system that could transfer money securely between African banks, companies, and individuals. 

“For me, a big piece of the work is helping companies and entrepreneurs who are in Africa and who want to come to Africa,” he said. “All these companies who are global who want to do payments in Africa, we can become a service for them to use, just as we are a service for local African companies to use. We wanted to make it possible for businesses to grow and expand all across Africa, and that’s exactly what we’ve done.” 

#olugbengagboola

[olgbenga-agboola]

Africa, a continent celebrated for its rich cultural diversity and breathtaking landscapes, is now making its mark in the global tech ecosystem. In recent years, African technology startups have emerged as key players in the world of innovation, entrepreneurship, and digital transformation. In this comprehensive blog, we will explore the exciting landscape of African tech startups, their remarkable achievements, the challenges they face, and the promising future that lies ahead.

[olgbenga-agboola]

Gadgets Africa, the leading platform dedicated to all things tech and innovation on the African continent, is more than just a hub for gadget enthusiasts. With a mission to foster the growth of technology in Africa, this dynamic platform serves as a bridge between technophiles and the latest advancements shaping the continent's digital landscape. From showcasing the most cutting-edge smartphones, tablets, and wearables to spotlighting game-changing startups and disruptive innovations, Gadgets Africa is the go-to resource for staying informed and inspired. With an unwavering commitment to transparency, reliability, and inclusivity, this platform propels Africa's tech ecosystem into the global spotlight, creating opportunities and connecting individuals across borders.

[olgbenga-agboola]

Welcome back to Chain Reaction. subscribe here Annyeong, or hello, friends! While I’m typically based in New York City, this week I’m reporting from Seoul, South Korea for Korea Blockchain Week. The week has been jam-packed with a number of conference events as well as offsite side events and networking happy hours. I’ve listened to a number of panels surrounding topics like web3 gaming, enterprise Blockchain adoption (I moderated one), institutional adoption, regulatory climate and investing in Asia. I also kept busy with a of interviews with local experts on the Market evolving out east as well as people who flew in to meet with startups based in the region. This means I’ll be putting out more articles on TechCrunch based on these conversations in the coming days and weeks…so keep an eye out for that. Meanwhile, there was some News that transpired in the web3 world, so let’s get into it. This week in web3 Crypto funding in August wasn’t as good as the numbers may lead you to believe (TC+) blockchain tech needs a ‘ChatGPT moment’ to scale enterprise adoption (TC+) MetaMask now allows crypto cash-out to PayPal and banks, but fees could be high Gleen’s tech-savvy chatbot for Discord and Slack attracts Solana founder in oversubscribed round The US can’t kill crypto: Real regulations are coming The latest pod For this week’s episode, Jacquelyn interviewed Charlie Shrem, founder of the bitcoin Foundation, general partner at Druid Ventures and host of the Charlie Shrem show. Before all that, he was the co-founder and CEO of BitInstant, which was a bitcoin payment processor that started in 2011. Shortly after founding the company, he was charged with operating an unlicensed money-transmitting business, and for allegedly attempting to launder over $1 million through the now defunct dark web marketplace Silk Road. He spent a little over a year in a low-Security prison as a result. Now, Charlie is a vocal advocate for clearer crypto regulation, he’s a crypto investor, podcaster and even a movie producer. We discussed how the bitcoin and crypto ecosystems have changed (and stayed the same) over the past decade as well as how his incarceration shaped his view on the industry. We also talked about: Need for regulatory clarity in the U.S. Crypto projects and sectors he’s following How the bitcoin ecosystem is growing Friend.tech Advice for listeners Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear! Follow the money Story Protocol raised over $54 million in round led by a16z crypto Domain name startup D3 Global raised $5 million in a seed round led by Shima Capital Cross-chain communication protocol Socket raised $5 million from Coinbase Ventures and Frameworks Kotani gets $2 million pre-seed to help African workers send money home via crypto GenTwo raised $15 million in a Series A funding round led by Point72 Ventures What else we’re writing Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week. Our favorite startups from YC’s Summer 2023 Demo Day, Day 1 (TC+) Clubhouse is trying to make a comeback Tech companies are finding their profitability groove (TC+) Here’s why some investors are sitting out of YC Demo Day (TC+) EU confirms six (mostly US) tech giants are subject to Digital Markets Act