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Madica Invests $800,000 in Four New Startups to Drive Mission Investment

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Madica

By Adedapo Adesanya

Madica, a structured investment program designed for pre-seed stage startups in Africa, has announced an $800,000 investment in four startups from Egypt, Morocco, Tunisia, and Tanzania.

According to a statement on Wednesday, these startups include Medikea (Tanzania), Motherbeing (Egypt), Pixii Motors (Tunisia), and ToumAI (Morocco). The latest portfolio features underrepresented founders or startups from underserved regions, spanning AI, FemTech, mobility, and healthcare.

Each startup has received an investment of up to $200,000 and will participate in Madica’s comprehensive investment programme which includes 18 months of support through a highly personalised curriculum, hands-on mentorship, and two fully-funded week-long founder immersion trips to key local and global ecosystems, including Cape Town and London.

These trips offered startup founders expert-led sessions, networking with potential investors, customers, and other stakeholders, as well as in-depth workshops on investment readiness, organisational culture, and team building.

The portfolio companies will also gain access to executive coaching opportunities and access to Madica’s global network of investors for follow-on funding, all designed to spur growth and ensure the long-term viability of the startups.

This new funding marks Madica’s North Africa investment debut and reaffirms its commitment to backing mission-driven founders building solutions in markets often overlooked for VC funding.

Launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm with purpose, Madica is a sector-agnostic investment program designed to address structural gaps in Africa’s startup ecosystem.

The programme tackles key challenges startups face, such as limited access to capital, a scarcity of investors, and insufficient mentorship. It also provides the structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.

Commenting on the new portfolio companies, Mr Emmanuel Adegboye, Head of Madica, said, “In our first full year of investments, we made six new investments, bringing our total number of backed startups to eight.

“What’s particularly exciting is that we set out to build a portfolio with at least 50 per cent gender diversity in their leadership teams. We are currently exceeding that goal in addition to a significant portion of our portfolio having female CEOs.”

“Additionally, these investments span eight different countries and six diverse sectors, which is exactly the kind of portfolio diversity Madica aims to achieve across underrepresented geographies, sectors, and founder profiles,” he added.

On her part, Ms Nour Emam, Co-Founder and President of Motherbeing shared, “When Yousef and I started Motherbeing, our goal was clear: to empower women with knowledge and resources for informed reproductive health decisions, free from societal norms. Building this solution has been an incredible journey, and we’re thrilled to have Madica’s support in advancing our mission.

“We look forward to the program’s invaluable insights, opportunities, and support as we scale and improve health outcomes for women in the region.”

“We are thrilled to have Madica’s support as we strive to become Africa’s first e-scooter exporter,” shared Mr Anis Fekih, CEO of Pixii Motors, adding that “Madica’s investment program, combined with Flourish Ventures’ global expertise in supporting entrepreneurs, provides the operational and strategic backing we need to accelerate our growth and make a global impact.”

The Madica team has also added accomplished entrepreneur, operator, and investor Mr Yoeal Haile as a mentor. He will bring his deep expertise and local operational insights to support Madica founders in scaling their ventures.

Since its launch, Madica has invested in tech-enabled startups, including Kola Market, GoBeba, NewForm Foods, and Earthbond, and has remained a vocal advocate for gender diversity in African tech.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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MoMo PSB to Reward Customers in New Referral Programme

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MoMo PSB

By Modupe Gbadeyanka

A new campaign designed to reward its customers who refer others to the brand has been introduced by a digital financial services provider, MoMo PSB.

The chief executive of MoMo PSB, Mr Phrase Lubega, described the initiative, Refer and Win, as an avenue to give back to loyal customers whilst promoting seamless and convenient transactions.

Mr Lubega disclosed that the company’s goal is to redefine banking by making financial transactions seamless, accessible, and rewarding for every Nigerian.

“This initiative is about giving back to our customers while promoting the ease and convenience of using MoMo for everyday transactions.

“By simply transacting on the platform, customers get the chance to enjoy free airtime and data for life, an offer that truly rewards their loyalty,” he said.

“With initiatives like Refer & Win, we are not only incentivising our customers but also reinforcing our commitment to financial inclusion. We want every transaction on MoMo to be more than just a payment, it should be an opportunity to gain more value, convenience, and benefits,” Mr Lubega stated.

The Refer & Win promo allows customers to win free airtime or data for life when they transact on MoMo and refer their family and friends to do same.

This campaign is part of MoMo PSB’s ongoing commitment to deepening financial inclusion and enhancing the digital banking experience for millions of Nigerians.

With Refer & Win, MoMo customers, who perform qualifying transactions and refer their family and friends to open activate/reactivate their accounts, stand a chance to be among the 11 lucky winners to receive star prizes of airtime or data every month for 50 years, or the 110 lucky winners to receive consolation prizes of airtime or data every month for one year.

The promo is open to both new and existing customers, reinforcing the fintech’s mission to provide seamless, rewarding, and secure financial services to customers.

To participate, customers need to complete eligible transactions such as MoMo-to-MoMo transfers, other bank transfers, Pan African inbound and outbound remittance, bill payments, betting wallet top-up and airtime/data purchase, and refer as many friends as possible to open accounts and do the same.

They get an instant 100MB on every active referral. This activity also increases their chances of being among the lucky winners in the periodic draws. There will be a weekly electronic draw from week 2 – week 12 which will see a total number of 121 lucky winners emerge at the end of the promo duration.

Each qualifying transaction automatically enters them into the promo, with winners selected through periodic draws. The promo will run for 12 weeks effective 18th March – June 8th, 2025.

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GOtv Step Up: More Channels, Bigger Entertainment

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GOtv Step Up

Since January, GOtv has been talking about the Step Up offer, but let’s be honest, most people just hear “Upgrade and get more channels” and keep it moving. Sounds nice, but what does it actually mean?

Here’s what you might not know. When you step up, you don’t just get extra channels, you also stand a chance to get Showmax for free. Yes, free. No extra cost, no hidden charges, just you, your screen, and an all-access pass to even more entertainment. But we’ll get to that in a second.

Let’s talk about Step Up first. You pay for one package, and for a limited time, GOtv bumps you up to a higher one. No extra charge, just an instant upgrade to more of the good things, like better movies, bigger football matches, and shows that make screen time actually worth it. It’s like booking an economy flight and somehow landing in business class.

And it’s not just any random channels. We’re talking Africa Magic Showcase and ROK for the Nollywood lovers, BET and MTV Base for music and pop culture lovers, and of course, SuperSport Football and SuperSport LaLiga for the die-hard football fans who don’t play about their games. Basically, the kind of lineup that makes you wonder how you ever survived without it.

Now, about standing a chance to get Showmax for free. If you’re lucky enough, stepping up could also give you access to some of the most talked-about shows right now, such as Gangs of London, It Ends With Us, Abigail, and many more.

So yes, Step Up isn’t just about “more channels.” It’s about getting the kind of entertainment that makes you forget what time it is. And if you’re lucky? You won’t just be watching on GOtv, you’ll have Showmax too. All it takes is a quick upgrade.

Simply download the MyGOtv app or dial *288# to subscribe, reconnect, or Step Up your package. And if you don’t want to miss a moment, the GOtv Stream App lets you catch your favourite shows anytime, anywhere.

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MTN, Wema Bank, OPay Top Customer Service Index in 2024

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Daudu Gotring OPay

By Adedapo Adesanya

MTN, FiberOne, Wema Bank, Opay, Slot emerged best in their respective sub-sectors in 2024, according to a survey ranking on the Nigeria Customer Service Index (NCSI)

The NCSI report is an annual survey that measures customer satisfaction across various sectors in Nigeria, providing insights for organisations to improve their customer service delivery.

According to the report released on Monday, the Nigerian telecoms sector witnessed a significant improvement in customer service, with the Global System for Mobile Communications (GSM) space scoring 61 per cent and the Internet Service Providers (ISPs) scoring 71 per cent.

It stated that the telecoms sector, which comprises GSM and ISPs, recorded a 63 per cent customer satisfaction rating, representing a 4.6 per cent increase compared to its 2023 rating.

The sector’s growth is attributed to the improved performance of ISPs, which scored 71 per cent, up from the previous year.

In the GSM space, MTN topped the customer satisfaction rating with 66 per cent, followed by Airtel with 64 per cent, Globacom with 62 per cent, and 9mobile with 52 per cent.

In the ISPs category, FiberOne emerged as the top performer with 76 per cent, followed by IPNX with 74 per cent, Starlink with 68 per cent, Spectranet with 66 per cent, and Smile with 65 per cent.

The NCSI report, which assessed customer satisfaction across various sectors in Nigeria, also evaluated the performance of other sectors, including finance, hospitality, and healthcare.

According to its survey, the finance sector recorded a 72 per cent customer satisfaction rating, representing a 6.2 per cent increase compared to 2023.

In the banking sub-sector, the report noted that Wema Bank topped the customer satisfaction rating with 72 per cent, followed by First Bank with 66 per cent, Sterling Bank and Access Bank with 66 per cent, and UBA with 65 per cent.

“In the Fintech sub-sector, Opay emerged as the top performer with 81 per cent, followed by Moniepoint with 78 per cent, Paystack and PalmPay with 77 per cent, and Flutterwave with 73 per cent.

“However, the e-commerce sector recorded a decline in customer satisfaction, scoring 60 per cent, down from 68 per cent in 2023.

“Slot topped the e-commerce sector with 74 per cent, followed by Jumia with 72 per cent, Konga with 68 per cent, and Jiji with 65 per cent,” it stated.

The NCSI report listed other notable performers to be the Transportation sector with 73 per cent, Hospitality sector 72 per cent and Healthcare sector with 70 per cent, Real Estate sector 62 per cent and Power sector with 61 per cent.

It noted that the sectors with the worst performance included the E-commerce sector with 60 per cent, followed by the Power sector 61 per cent, then the Real Estate sector with 62 per cent.

The survey showed that the companies with the worst performance in their respective sectors included 9mobile (GSM) with 52 per cent, Smile (ISPs) with 65 per cent, Jiji (e-commerce) with 65 per cent, and UBA (Banking) with 65 per cent.

According to the NCSI, the report is based on a survey of over 16,000 customers, who rated their experiences with various organisations across different sectors.

The survey, which was conducted online, covered respondents from Lagos, Abuja, Oyo, Kaduna, Rivers, and Enugu, representing diverse age, education, and income brackets.

Highlighting the importance of the Nigerian Customer Service Index (NCSI), Mr Olatunji Adeleye, Head of Customer Service at Lafarge Plc, noted that this pioneering benchmark, which debuted in 2023, was designed to elevate customer service standards in Nigeria.

“The Index encourages sectors to introspect and identify areas for improvement.

“As a nation, it is imperative that we recognize the importance of treating all customers with respect and dignity, regardless of their background or profile,” Mr Adeleye added.

He noted that the NCSI report provided valuable insights into the collective performance in customer service, highlighting strengths, weaknesses, and opportunities for growth and development, thereby informing strategies for enhanced service delivery.

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