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Bumpa Raises $4m to Boost Retail Automation

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Bumpa boost retail automation

By Adedapo Adesanya

Bumpa has raised $4 million in seed funding to build the future of commerce for African sellers and boost retail automation with payments, socials, logistics, credit, and analytics that will spur the growth of small businesses.

The round was led by Base10 Partners, the largest black-led fund in the world, with participation from Plug & Play Ventures (through their commerce fund) and SHL Capital (Sahil Lavingia, CEO of Gumroad).

Others included Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club14, and Fast Forward Ventures.

With over 42 million small and medium enterprises (SMEs) in Nigeria today, the day-to-day operations of a small business owner are still riddled with a lot of manual & offline processes, mistrust, lack of records, and inefficiencies.

Bumpa wants to build the infrastructure to power digital commerce, enabling African small business owners to start, manage and grow their businesses from their mobile devices.

It wants to help small businesses to launch their business online with a website they can manage on their mobile device, manage their inventory, and engage their customers.

Also, it allows them to keep online records of their inventory, sales and customers and get detailed analytics of their business across all the channels they sell.

Speaking on this, Mr Kelvin Umechukwu, the chief executive officer of Bumpa, said the startup had supported customers to record over 200,000 orders and trade a gross merchandise volume (GMV) of $20 million.

He added, “We will continue to abstract the complexities and reduce the fragmentation to achieve higher standards of retail automation on the continent; with payments, socials, logistics, credit, analytics, etc; providing you with innovative ways to manage and grow your business.

“We will also be investing in hiring more talented people to join the team, people that will be dedicated to your business growth and will do all they can to see you succeed through building products, sealing partnerships, providing you with 24/7 support, and figuring out ways to grow your businesses (if you are one of these people, we have open roles, kindly check out our career page).”

In August, Bumpa released an integration with Meta, which will allow businesses that sell on Instagram to collect payments, store their buyer’s information, support the buyer through their buying decision, request payments, and share invoices/receipts all from the Bumpa app and without the buyer needing to leave Instagram.

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.

Economy

I Fully Agree Oil Has Been a Curse to Nigeria—Moghalu

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kingsley moghalu

By Aduragbemi Omiyale

A former deputy governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has said oil has been a curse to Nigeria.

He said this in reaction to the discovery of oil in the northern part of the country.

On Tuesday, President Muhammadu Buhari flagged off the Kolmani Integrated Development Project in Bauchi, and he said the country attracted $3 billion investment in fossil energy from the project at a time when the oil and gas sector was becoming less attractive.

“It is, therefore, to the credit of this administration that at a time when there is near zero appetites for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over $3 billion to this project,” Mr Buhari said.

The Kolmani Integrated Development Project is a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer.

The Kolmani River field has huge commercial deposits of hydrocarbons, which the President said is “over one billion barrels of oil reserves and 500 billion cubic feet of gas.”

But Mr Moghalu, who contested to be the President of Nigeria in 2019 under the Young Progressives Party (YPP), believes that the country has not gained anything meaningful from being an oil-producing nation.

Nigeria is one of the leading producers of crude oil in Africa. Most of the foreign exchange (FX) earnings come from the sale of the commodity. However, oil theft and corruption have subjected its citizens to abject poverty, with the government resorting to borrowing to fund its budgets.

“I fully agree with those who say oil has been a curse to Nigeria. Many of them question the ultimate value of the reported Kolmani oil find in Northern Nigeria.

“But I am also practical enough to know three things. First, some countries like Saudi Arabia, Gulf States, and Norway were smart enough to use oil to build their economies but diversified into other means of wealth creation and also built-up savings (reserves/Sovereign Wealth Funds) for the rainy day that have served them well.

“Secondly, the real secret of the wealth of nations does NOT lie in natural resources. It lies in economic complexity – the ability to prioritize technological innovation and use it to manufacture complex products that are value-added and competitively produced and then exported to dominate the world trading system. Singapore, South Korea, Japan, Switzerland and many other of the world’s wealthiest countries have NOTHING of value under their soil but have used this principle to create wealth for their citizens. That’s why they are rich, but we in Nigeria and most other African countries, with our so-called blessing of natural resources, are in a poverty trap.

“We in fact have the resource curse. 70% of the world’s strategic minerals are in Africa, but the continent’s share of world trade is just 3% in 2022.

“The third thing I am practical enough to know is that, as Nigeria is currently led and configured, the dominant mentality of its political leadership is still fixated on natural resources and resource rents. They simply do not share in, & do not care, about the secret of the wealth of nations.

“Their minds still haven’t evolved to that knowledge or, more accurately, the political will to de-emphasize natural resource thinking and shift to real wealth creation,” the respected economist said in a series of tweets via his verified Twitter handle, @MoghaluKingsley.

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Economy

Index Rises 2.04% on Interest Airtel Africa, MTN Nigeria Shares

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NSE lists Airtel Africa Shares

By Dipo Olowookere

It was another positive outing for the Nigerian Exchange (NGX) Limited on Friday as it closed higher by 2.04 per cent on the back of buying interest in Airtel Africa, MTN Nigeria and 16 others.

The sustained upward movement was buoyed yesterday by the 1.10 per cent growth posted by the insurance sector, the 0.26 per cent improvement in the industrial goods space, and the 0.25 per cent rise in the banking counter.

The trio offset the 2.37 per cent loss printed by the consumer goods counter, as the energy index closed flat when trading activities were brought to an end at 2:30 pm.

Consequently, the All-Share Index (ASI) closed higher by 949.40 points to 47,554.34 points from 46,604.94 points, as the market capitalisation grew by N517 billion to settle at N25.902 trillion compared with Thursday’s closing value of N25.385 trillion.

The stock market was quiet on Friday as the most active stock, FCMB, only traded 16.8 million units, while MTN Nigeria sold 16.4 million units. Fidelity Bank traded 7.5 million shares, Zenith Bank exchanged 6.4 million equities, and Access Holdings transacted 5.8 million equities.

From an analysis of the activity chart, a total of 99.0 million stocks worth N5.5 billion were traded by investors yesterday in 2,780 deals compared with the 138.6 million stocks worth N2.2 billion traded in 3,434 deals, indicating an increase in the trading value of 154.41 per cent, a decline in the number of deals by 19.04 deals and a drop in the trading volume by 28.58 per cent.

Red Star Express ended the day on top of the gainers’ chart after its value rose by 9.66 per cent to N2.27, Regency Assurance appreciated by 8.70 per cent to 25 Kobo, Livestock Feeds grew by 8.16 per cent to N1.06, Prestige Assurance expanded by 7.50 per cent to 43 Kobo, and Airtel Africa improved by 7.41 per cent to N1,450.00.

Conversely, Capital Hotel topped the losers’ log yesterday after it went down by 10.00 per cent to N3.06, Nestle Nigeria fell by 10.00 per cent to N963.90, International Breweries drained by 2.27 per cent to N4.30, GTCO lost 1.48 per cent to N20.00, and Wema Bank depreciated by 0.97 per cent to N3.07.

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Economy

Naira Gains at P2P, Weakens at I&E

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naira value

By Adedapo Adesanya

The Naira closed stronger against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on the last trading session of the week by N1 to sell at N786/$1 compared with the previous day’s exchange rate of N787/$1.

Similarly, in the black market, the Naira appreciated against the American Dollar by N2 to trade at N775/$1 yesterday, in contrast to the N777/$1 it closed on Thursday.

However, in the Investors and Exporters (I&E) segment of the forex market, the domestic currency depreciated against its US counterpart by 0.3 per cent or N1.33 to settle at N446.33/$1 compared with the preceding session’s N445/$1.

Data from FMDQ Securities Exchange indicated that the FX turnover at the I&E window on Friday was $117.26 million, lower than the $145.89 million reported a day earlier by $28.63 million or 19.6 per cent.

In the interbank segment, the Nigerian Naira closed flat against the Pound Sterling and the Euro yesterday at N526.97/£1 or N455.56/€1, respectively.

Meanwhile, in the cryptocurrency market, there were recoveries as a majority of the 10 cryptos tracked by Business Post pointed north, with Dogecoin (DOGE) surging by 14.6 per cent to trade at $0.093.

This happened as the crypto market is still reeling after a brutal month, with investor confidence shattered following news that FTX, once one of the biggest and most popular crypto exchanges, went bust.

Binance Coin (BNB) recorded a 5.5 per cent appreciation to trade at $311.11, Ethereum (ETH) saw its value go up by 3.8 per cent to sell at $1,220.31, Cardano (ADA) recorded a 2.9 per cent rise to quote at $0.319, and Solana (SOL) appreciated by 2.8 per cent to trade at $14.41.

Further, Ripple (XRP) recorded a 2.4 per cent gain to settle at $0.4079, Bitcoin (BTC) made a 1.4 per cent improvement to sell at $16,626.37, Litecoin (LTC) jumped by 1.3 per cent to trade at $77.20.

But the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $0.9995 and $1.00 apiece.

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