With over 100,000 downloads of its Android app, this Nigerian fintech continues the journey it began in 2018 to enable access to various financial solutions. Its participation in Y Combinator in 2019 enabled it to access funding to develop its technology and support its growth.
CredPal is a fintech solution developed by a Nigerian startup that allows users to access a variety of financial services through its mobile app, including saving, investing, and a Buy Now, Pay Later (BNPL) option. Founded in Lagos in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, the company raised $15 million in March 2022 to expand its offerings and support growth across the continent.
Discussing the funding round, Fehintolu Olaogun said, "We’ve built out a merchant suite to cater to those who have like full-fledged e-commerce websites to those with brick and mortar store and social commerce merchants. [...] Our tech allows consumers to be able to interface with CredPal across a wide range of channel."
In 2019, the fintech joined the Winter cohort of the California-based accelerator Y Combinator and has positioned itself in the Nigerian market by highlighting its BNPL offering. The aforementioned funding has facilitated the rollout of services in a niche segment of financial technology. Users create an account when they first log into the mobile app, which is available on both Android and iOS platforms. They must provide personal information to gain access to all the financial services offered by the fintech.
In addition to BNPL, CredPal offers savings accounts, virtual credit cards, and the "Credit Builder" program. This latter service helps customers combat a poor credit history by providing access to credit through investments. It allows clients to demonstrate their ability to repay debts on time, thereby improving their credit score and securing a brighter financial future.
Regarding the credit card, Fehintolu Olaogun mentioned that it was designed to increase the reach of the BNPL service. The savings feature allows users to accumulate points to qualify for increasingly significant credit lines. CredPal lends between 5,000 (about $4.34) and 500,000 nairas to its users based on their eligibility. They have between 30 and 180 days to repay the loan, after making a 30% down payment. Interest rates range from 4% to 9%.
Adoni Conrad Quenum
The International Telecommunication Union (ITU), in collaboration with FNSV Korea, has launched the ITU BSA Application Challenge to revolutionize user authentication in digital financial services. The aim is to leverage blockchain technology to create a highly secure and transparent password-free authentication system. Applications are open until April 30, with the deadline to submit solutions set for August 1, 2024.
With a degree in finance, he now devotes himself to his two passions: agriculture and technology. He champions responsible farming that respects the environment and leverages technology to achieve his goals.
Josias Wendinda Kere (photo), a Burkinabe financial market analyst and entrepreneur, has merged his passions for agriculture and technology through his startup, Agri Minga, established in 2018. As the CEO, Kere is at the forefront of revolutionizing African agriculture with hydroponic and aeroponic soil-less farming techniques, as well as smart greenhouse cultivation.
His company, Agri Minga, develops both environmentally friendly and socially impactful agriculture in Burkina Faso. By eschewing chemicals and genetically modified organisms, it grows a variety of plants, including fruits, vegetables, and herbs, in a controlled environment. The company also markets soil-less farming kits and incorporates task-tracking technology to optimize growth conditions.
From April 15 to 18, 2024, Agri Minga will participate in the World Electronics Forum in Morocco, providing Kere an opportunity to share his insights and collaborate with other industry stakeholders.
Kere has received support from various African development programs. A former participant in the AGreenLab program, supported by organizations such as Impact Hub and La Fabrique, he also accessed an acceleration program from the Orange group. This support enabled him to "finalize the design of a tool for controlling and monitoring agricultural parameters in greenhouses or open fields," he told We Are Tech Africa.
When asked about his development goals, Josias Wendinda Kere stated, "Our objective is to expand our service range by introducing innovative new offerings such as an artificial intelligence-managed control and monitoring module. We also aim to recruit the necessary skills to provide superior service and establish strategic partnerships with research institutions in the agricultural sector."
Josias Wendinda Kere holds a professional degree in banking, finance, and microfinance, earned in 2008 from the African Institute of Management. In 2010, he earned a master's in management and finance, specializing in financial markets, from the Ecole Supérieure de Gestion et Finance (ESG) in Paris. Additionally, he has developed computer skills since middle school.
After completing his studies, he worked for several years in the banking and finance sector. Among other positions, he served as a trader analyst at Holding Bourse and Investment from 2011 to 2013. From 2012 to 2023, he taught courses in trading and technical analysis, securities negotiation on capital markets, and computer programming. In 2016 and 2017, he was the consultant responsible for managing foreign exchange risk at SONABHY, Burkina Faso’s national hydrocarbons corporation.
Melchior Koba
The Mauritian government has unveiled a series of ambitious measures aimed at fast-tracking the country's digital integration and development. The initiative seeks to boost socio-economic growth by focusing on key sectors such as education.
In Mauritius, secondary schools will the Google Classroom learning platform starting the next second term, the Ministry of Education, Higher Education, Science, and Technology recently announced. The move is part of an effort to enhance the online teaching experience and practices within the nation's schools.
"Google Classroom will be rolled out from the second term of the 2024 academic year. A comprehensive briefing session will be held for headmasters, and clear protocols and guidelines will be established. Training sessions will also be arranged for educators to optimize the use of Google Classroom," the ministry stated.
This initiative is a key component of the national "Digital Mauritius 2030" strategy, which aims to digitize the country's key sectors, including education. The strategy also includes providing internet connectivity in primary and secondary schools, introducing children to computers, and specifically coding, from an early age. To support this, the government launched a tablet distribution project in 2014.
For the implementation of Google Classroom, Google accounts will be created for both students and their parents. Teachers will be able to create engaging learning experiences that they can customize, manage, and assess. The entirely free application will also help manage classroom assignments, organize homework, enhance collaboration, and improve communication.
Samira Njoya
The solution, launched by several tech entrepreneurs, aims to revolutionize the pharmaceutical supply chain. It is growing fast and intends to expand to several countries in Africa.
Egyptian startup Grinta has developed an e-health solution that allows pharmacies to replenish their medicine stocks via its web and mobile platforms. Founded in 2022 by Hamza Tag, Yosra Badr, Mohamed Azab, and Ali Youssef, the Cairo-based startup aims to become Africa’s leading wholesale platform for medicines, cosmetics, and medical supplies, serving as the primary intermediary between pharmaceutical laboratories and pharmacies.
To achieve its ambitions, Grinta has made several acquisitions of companies operating in its sector. Last August, it acquired Auto Cure, a business-to-business e-commerce platform serving independent pharmacists in Alexandria, bolstering its growth in this region. “The acquisition of Auto Cure underscores Grinta’s commitment to delivering value to its customers and expanding its presence in the Egyptian market,” said Mohamed Azab.
Grinta’s mobile application, available on iOS and Android, requires pharmacies to create an account to access its supply chain. They can replenish their supplies via digital distributors, manage their stocks and sales, access educational content, and arrange financing or loans. “We empower our customers to purchase the pharmaceuticals and supplies they need and provide them with tools to manage their working capital and inventory through an easy-to-use and inclusive platform, enabling them to prioritize patient care,” the startup explains.
Beyond Egypt, the e-health platform, which claims to have served over 7,000 pharmacies and delivered more than 200,000 orders by August 2023, is also operational in Tanzania. With ambitions for expansion, the Android version of its mobile application has been downloaded more than 10,000 times, according to the Play Store.
Adoni Conrad Quenum
Financial inclusion has become a key priority for governments and financial regulators across Africa, with a particular emphasis on central banks. Initiatives are being implemented to improve access to financial services for a greater number of people.
Algeria's mobile payment interoperability project is nearing completion and should be activated this year, according to Assia Benchabla Queiroz, administrator of the payment systems group GIE Monetique. She recently spoke to Algérie Presse Service, Algeria’s state-owned news agency, about the project’s goal to ease transactions between users of various mobile money operators and enhance access to financial services.
“We are well advanced in the deployment of mobile payment (m-payment). The GIE monétique has specified its operating scheme, and each bank is expected to acquire its solution,” Queiroz stated.
To achieve that goal, mobile payment stakeholders will need to collaborate closely to establish common standards and protocols. They will also need to connect to a switch crucial for the smooth management of mobile payment flow across a platform. This initiative will allow users to conduct transactions even between customers of different banks, thereby promoting the widespread adoption of mobile payments for purchases and account-to-account transfers.
The project is part of the government's action plan to modernize the banking and financial system and increase its attractiveness and efficiency to enhance its contribution to economic recovery. Its implementation is expected to enable seamless communication among various payment service providers, paving the way for transparent transactions across different platforms, irrespective of the service provider used.
This progress will ease the use of mobile payment, particularly for making purchases using QR codes and conducting account-to-account transfers.
Samira Njoya
On Thursday, April 11, Chinese tech firm Huawei announced a partnership with telecom firm MTN Cameroon. The agreement aims to enhance women’s digital skills. As part of the agreement, participants will attend training workshops on advanced technologies, including 5G, artificial intelligence, cloud computing, and cybersecurity. The objective is to reduce the gender digital gap in the country.
He develops AI-powered solutions that transform the African protein industry.
Egyptian pharmacist and entrepreneur Omar Zaghloul (photo), co-founder and CEO of AIProtein, is spearheading the production of vegan and eco-friendly protein powders through an artificial intelligence (AI) - powered process.
AIProtein, a biotech startup established in 2023, is at the forefront of producing eco-friendly, vegan, and gluten-free protein powders. The company leverages a hybrid AI/Internet of Things (IoT) production platform, using local organic nutrients for sustainable aquaculture and scalable protein purification technology.
The startup aims to tackle the environmental, social, and economic challenges associated with traditional protein production, while also striving to meet the nutritional needs of the world’s expanding population.
Zaghloul earned his bachelor’s degree in pharmaceutical sciences from the German University of Cairo in 2017. He furthered his education at Zewail City of Science and Technology, graduating in 2021 with a degree in Biomedical Sciences, Drug Design, and Development.
His professional journey began in 2017 as a marketing manager at Pharco Pharmaceuticals, where he also served as a quality assurance trainee and an R&D stability trainee. In 2019, he took on the role of community partner at workspace provider Regus.
Simultaneously, Zaghloul became the head of intellectual property and technology transfer at Zewail City of Science and Technology. In 2020, he coordinated the innovation and entrepreneurship programs at the innovation center.
After serving as a program development manager and management consultant at CEO ENTREPRENEUR for a year and a half, Zaghloul returned to Zewail City of Science and Technology in 2022 as an innovation management consultant.
In recognition of his commitment and excellence in entrepreneurship and innovation, Zaghloul was named Middle East CEO of the Year in 2023.
Melchior Koba
The COVID-19 pandemic highlighted the importance of institutions and businesses adopting new technologies to improve their efficiency and competitiveness. However, many challenges remain, and not all countries are progressing at the same pace.
Despite an 8.21% growth, sub-Saharan Africa continues to be one of the regions with the lowest business digitalization rates worldwide. As of December 2022, only 27.65% of businesses had adopted digital solutions to enhance their efficiency, a slight increase from 19.44% in August 2020. In stark contrast, East Asia witnessed the most significant growth, with its digitalization rate soaring from 13% in 2020 to 54% in 2022, marking a 41% increase.
The World Bank, in its report “Global Digitalization in 10 Charts” published on March 5, attributed the slow adoption of digital solutions in sub-Saharan Africa, particularly among small and medium-sized enterprises (SMEs), to the low usage of computers and the internet. The report further highlighted the lack of skills, poor adherence to stringent cybersecurity and data protection regulations, and inadequate awareness of digitalization challenges among businesses as contributing factors.
The World Bank and the International Finance Corporation (IFC) disclosed that less than 7% of micro-businesses in sub-Saharan Africa use digital technologies, such as smartphones and computers, for their operations, while 71% believe they are unnecessary.
A study conducted in seven African countries and published in April 2023 revealed that of these 71%, approximately 35% claimed they lacked the knowledge to use these technologies. This underscores a digital skills gap that needs to be addressed or the need for digital entrepreneurs to develop technologies that align with existing skill levels. The remaining 35% cited cost as a barrier to technology adoption.
As African countries progressively step into the fourth industrial revolution, businesses must integrate digital solutions into their core strategies. Digital skills have become vital to nurture and maintain business activities in a rapidly evolving competitive landscape. This vision aligns with the African Union’s Agenda 2063, which emphasizes that accelerating digital transformation must infiltrate all economic sectors to sustainably bolster the growth of African countries.
Samira Njoya
He is a determined entrepreneur who stands out for his commitment to finding innovative solutions to financial challenges in Africa, particularly for immigrants and their families.
Egyptian entrepreneur Adham Azzam (photo), co-founder and CEO of Balad, has established a multi-currency, multi-channel cross-border payment infrastructure for Africa. Balad, founded in 2022 by Azzam, Sally Asaad, and Mohamed Assem, provides a comprehensive digital platform to facilitate financial transactions between immigrants and their families back home. The startup’s services include money transfers, mobile banking applications, and prepaid debit cards, offering low fees and instant fund delivery via Balad cards.
Before this venture, Azzam co-founded Lnddo in 2019, serving as COO until 2022. Lnddo is a forward-thinking company that leverages technology and data analytics to provide innovative credit solutions to businesses in the region, including the UAE, Egypt, and Saudi Arabia.
Azzam, a civil engineering graduate from the Institut National des Sciences Appliquées in Toulouse, France, furthered his academic credentials with an Executive MBA from INSEAD in 2012. He began his professional career in 1999 with Bouygues Construction as a site engineer.
In 2006, he joined VINCI Concessions, a transport infrastructure firm, as a project manager of the Compagnie Financière et Industrielle des Autoroutes (Cofiroute), a subsidiary of the company. He later joined the International Finance Corporation (IFC) as a Senior Investment Officer in 2016. In 2018, he assumed the role of Chief Executive Officer at EgySolar, a company specializing in solar energy development, before fully committing to entrepreneurship in 2019.
Melchior Koba
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ExxonMobil Foundation, in partnership with Junior Achievement Africa (JA Africa), a subsidiary of JA Worldwide, has recently initiated a non-profit organization aimed at empowering youth: the ExxonMobil STEM Africa initiative. This $300,000 program is designed to foster science, technology, engineering, and mathematics (STEM) education among approximately 3,000 African students across Nigeria, Namibia, Angola, and Mozambique. Further details about the program are available upon request.
Like many African countries, Burkina Faso is accelerating its digital transformation, affecting various sectors of activity. In the education sector, the country has decided to join forces with several universities, including Russia's Synergy University.
On Monday, April 8, Burkina Faso’s Minister of Higher Education, Research and Innovation, Adjima Thiombiano, welcomed a delegation from Moscow’s Synergy University, led by Denis Bondgreuskiy. The Russian university aims to share its expertise in digital sciences with Burkina Faso.
“Synergy is a university that has built its education on the digital science system, and we would like to share this experience with Burkina Faso in terms of new technologies and science,” Bondgreuskiy said. The officials discussed many topics, including the educational systems of both countries and the significance of digital sciences in education.
The visit is part of a memorandum of understanding signed between Burkina Faso and Russia in various sectors, including higher education, last June. In December 2023, Synergy University President Vadim Lobov met with Burkina Faso’s Prime Minister, Apollinaire Joachimson Kyélèm de Tambèla, to discuss potential collaboration between the Russian university and Burkina Faso.
According to the “Measuring Digital Development: The ICT Development Index 2023” report published by the International Telecommunication Union in December 2023, Burkina Faso scored 28.5 out of 100 on the information and communication technology development index, ranking 40th in Africa. This score surpasses Madagascar’s 26.4 but falls short of DR Congo’s 29.1 in a ranking led by Morocco with 85.1.
Adoni Conrad Quenum
In a bid to enhance tax services management, tax authorities have invested in a new digital solution. It will replace the existing E-tax portal.
On Monday 8 April in Libreville, Gabon's tax authority inaugurated the "Digitax Gabon," a platform designed to simplify the collection of corporate tax revenues. The initiative mainly aims to optimize tax management and improve relations between taxpayers and the tax authorities. The launch ceremony was attended by Minister of Economy Mays Mouissi, Minister of Public Accounts Charles M'Ba, and Minister of Communication Laurence Ndong.
"This initiative, supported by the General Directorate of Taxes (DGI), aims to revolutionize tax management in Gabon by digitalizing administrative procedures. Digitax Gabon represents a major shift in the modernization of Gabon's tax administration. This innovative platform will enable the integrated management of all tax processes, including the management of the tax base, tax collection, tax auditing, the handling of disputes, and the remote payment of taxes," explained the tax authorities.
The new platform is in line with the public administration modernization drive initiated by Gabonese authorities in 2021, with the rollout of a plan to transform the economy. The country has since undertaken several initiatives to remain at the forefront of the technological revolution underway on the continent. Last January, Gabon secured a $68.5 million loan from the World Bank to accelerate its digital transformation through the "Digital Gabon" project.
For the September 2023- February 2024 period, the Ministry of the Economy’s tax collection target was XAF419.5 billion (around ‘686.3 million) but the actual collection stood at XAF560 billion.
Adoni Conrad Quenum
On Wednesday 10 April, Botswana's Minister of Foreign Affairs, Lemogang Kwape, and France's Secretary of State for Development and International Partnerships, Chrysoula Zacharopoulou, signed a partnership declaration dubbed the "𝑫𝒆𝒄𝒍𝒂𝒓𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝑮𝒂𝒃𝒐𝒓𝒐𝒏𝒆".
The declaration outlines the primary areas of cooperation where Botswana and France aim to bolster their partnership. These areas include digital entrepreneurship, sustainable agriculture, and tourism.