Economy

Google Picks Awabah, LifeBank, Flex Finance, Others for $4m Funding Support

Published

3 years ago

06/09/2022

By Aduragbemi Omiyale

A total of 60 startups established by entrepreneurs of African origin have been selected by a tech giant, Google, for the second cohort of Google for Startups Black Founders Fund (BFF) for Africa.

The beneficiaries will have the opportunity to have a share of the $4 million in funding support to assist their companies to expand their operations to other regions.

A digital pensions platform from Nigeria, Awabah, is among the startups chosen by Google for the programme and will join others to undergo a 6-month training programme that includes access to a network of mentors to assist in tackling challenges that are unique to them.

The 60 startups from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda will also be part of tailored workshops, support networks and community-building sessions.

According to Google, the 60 grantees, made up of 50 per cent women-led businesses, will also receive non-dilutive awards of between $50,000 and $100,000 and up to $200,000 in Google Cloud credit.

The beneficiaries were taken from various sectors such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality and smart cities.

Business Post gathered 23 startups were picked from Nigeria, 12 from Kenya, six from Rwanda, five from South Africa, four from Uganda, three each from Cameroon and Ghana, two from Ethiopia and one each from Botswana and Senegal.

The Google for Startups scheme was launched in April 2012 and has created over 4,600 jobs and raised more than $290 million in funding.

The Google for Startups Black Founders Fund programme will introduce the grantees in Africa to Google’s products, connections, and best practices which will help the founders to level the playing field as they build better products and services that add value to the African economy.

The Head of Startup Ecosystem, SSA for Google, Folarin Aiyegbusi, while commenting on the initiative, stated that, “Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow.

“We hope that the Black Founders Fund program will be able to bridge the gap of disproportionate funding between ex-pat startups over local and black-led companies.”

Funding for the Google for Startup Black Founders Fund will be distributed through Google’s implementation partner, CcHUB.

“The equity-free cash assistance to startups will enable them to take care of immediate needs such as paying staff, funding inventory, and maintaining software licences. This is to help the grantees buffer the cost of taking on debt in the early stages of their business as many of them do not have steady revenue streams yet,” Aiyegbusi disclosed.

“Programs like the Black Founders Fund enhance the African ecosystem – where we currently have gaps in funding and infrastructure. Google getting involved and throwing its might behind thriving entrepreneurs in Africa is a beautiful thing, and I am very happy that Google has continued the Black Founders Fund in Africa initiative in 2022,” the CEO of MyMedicines and alumni of the 2021 BFF program, Abimbola Adebakin said.

Below is the list of the 60 startups selected for the programme:

S/N	Name	Country	About
1.	Agrikool	South Africa	Agrikool is an agritech platform that connects farming producers and buyers to a fair and reliable market.
2.	Ajua	Kenya	Ajua is an end-to-end operating system for SMEs to build a credible online presence, get feedback on their businesses and manage the relationship with their customers
3.	Awabah	Nigeria	Awabah is a digital pensions platform for Africa’s workforce
4.	BAG Innovation	Rwanda	BAG Innovation is a virtual and gamified platform that offers real-time access to experiential learning for university students and recent graduates
5.	Bailport	Rwanda	Baliport is a cross-border, multi-currency payment platform focused on enabling intra-Africa & Africa outbound money transfers through blockchain.
6.	Bee	Cameroon	Bee finances motorcycles to drivers while also providing training and access to jobs.
7.	Bookings Africa	Nigeria	Bookings Africa enables Africa’s gig workforce to digitise and monetize their skills by connecting clients efficiently and transparently to skilled talent across Africa.
8.	Brastorne	Botswana	Brastorne connects the unconnected in Africa, enabling rural villages to have access to the digital world without smartphones or data.
9.	Built	Ghana	Built enables access to business and financial tools for Sub-Saharan African small and medium-sized businesses (SMBs).
10.	BuuPass	Kenya	BuuPass is a travel startup – building digital rails for Africa’s intercity transport industry and supporting bus, train & flight transportation
11.	Cauri Money	Senegal	Cauri Money is a cashless remittance platform helping African migrants move money from around the world into mobile wallets in Africa.
12.	Clafiya	Nigeria	Clafiya connects individuals, families, and businesses to health practitioners – enabling access to convenient, quality, and affordable, on-demand primary care from their mobile phones
13.	ClinicPesa	Uganda	ClinicPesa provides an easy-to-use platform where low-income users can set aside funds as low as $0.30 daily dedicated towards healthcare and get access to healthcare loans
14.	COVA	Cameroon	COVA is a digital insurance platform that enables partner businesses to easily and seamlessly deliver insurance products to their users
15.	CreditAIs	South Africa	CreditAIs provides credit scoring tools for micro-businesses and individuals that do not fit the existing traditional credit scoring models
16.	DohYangu	Kenya	DohYangu enables end consumers in Africa to shop FMCG products & get cashback rewards at various retail stores, saving up to 25%
17.	Easy Matatu	Uganda	Easy Matatu provides a mobile platform that allows commuters to book and pay for scheduled rides on vetted and inspected minibuses
18.	Eden Life	Nigeria	Eden Life provides an operating system for receiving and rendering essential services in Africa – focused on offering food, cleaning, laundry, and beauty services to their customers.
19.	Estate Intel	Nigeria	Estate Intel provides reliable data to businesses that are investing or operating in the African real estate space.
20.	Eversend	Uganda	Eversend is a neobank, providing critical financial products in Sub-Saharan Africa – including cross-border financial services.
21.	Exuus	Rwanda	Exuus empowers informal saving groups with a digital ledger, digital wallet, decentralised social credit score, and instant micro-loans to both groups and individuals.
22.	Flex Finance	Nigeria	Flex Finance helps businesses in Africa to manage approval workflow, access credit, issue corporate cards to employees and make disbursements all from one platform.
23.	FlexPay	Kenya	FlexPay is a merchant-embedded digital savings platform that rewards customers for saving up for purchases – a save now buy later (SNBL) solution at checkout.
24.	Gamr	Nigeria	Gamr is an eSports tournament aggregation platform, helping African gamers discover tournaments they can play in and get rewarded for.
25.	Garri Logistics	Ethiopia	Garri Logistics matches shippers looking to move cargo with vehicle owners and drivers, while finding optimal route pairings to reduce empty miles.
26.	Haul 247	Nigeria	Haul247 is a logistics platform that connects manufacturing companies and farmers with trucks and warehouses.
27.	Healthlane	Cameroon	Healthlane provides advanced comprehensive health screening and personalised plans, biometric monitoring, genetic analysis as well as in-person and virtual visits with top-rated doctors .
28.	Healthtracka	Nigeria	Healthtracka is a platform that allows users access on-demand healthcare services in the comfort of their homes.
29..	HerVest	Nigeria	HerVest offers a highly secured, women-focused financial platform that enables women to participate in key financial services, with a focus on female farmers.
30.	Kapsule	Rwanda	Kapsule is a data as a service company that helps healthcare providers, insurers, and pharmaceutical companies to make better decisions
31.	Keep IT Cool	Kenya	Keep IT Cool is an early-stage, fast-growing social enterprise that leverages technology to strengthen the African aquaculture and poultry value chain through cold chain and storage
32.	KUDIGO	Ghana	KUDIGO offers an omni-channel digital commerce platform to empower micro and small businesses in Africa
33.	Kyshi	Nigeria	Kyshi provides multi-currency accounts and remittance services to and from Africa
34.	Leja	Kenya	Leja is an Android/USSD application enabling African micro-entrepreneurs to digitise all their business transactions and manage all their finance in one place
35.	LifeBank	Nigeria	LifeBank leverages technology to provide value in multiple segments (production, marketplace and distribution) of the healthcare supply chain such as blood, oxygen and medical supplies
36.	Mapha	South Africa	Mapha provides delivery as a service to businesses in peri-urban & township areas
37.	Norebase	Nigeria	Norebase provides a single digital platform and technology tools for entrepreneurs and businesses to start, scale, and operate in any African country and the United States.
38.	OneHealth	Nigeria	OneHealth is an online pharmacy & healthcare platform that provides access to medicines, healthcare information, and solutions (Laboratory services & Doctors) to the last mile patient.
39.	PesaChoice	Rwanda	PesaChoice bridges the gap in liquidity for low-middle income earners across the continent and drives access to financial services.
40.	Pindo	Rwanda	Pindo is a cloud communication platform for businesses, optimised for developers.
41.	Pivo	Nigeria	Pivo is a credit focused digital bank for trade, supporting businesses across Africa
42.	QShop	Nigeria	QShop is an easy to use DIY e-commerce platform designed to help small and medium-sized businesses scale and sell better online.
43.	Rekisa	South Africa	Rekisa helps businesses create their e-commerce websites and assists them with various digital marketing activities
44.	Scrapays Inc	Nigeria	Scrapays is creating operating system infrastructure for the recycling value chain in developing nations.
45.	Shiip	Nigeria	Shiip leverages web, mobile and API technology to connect individuals & businesses to delivery services in and out of Africa
46.	Solutech (Kenya):	Kenya	Solutech helps field-sales teams to sell more efficiently by leveraging powerful insights while providing FMCG companies with real-time data for day-to-day and strategic decision-making.
47.	Spleet	Nigeria	Spleet leverages a ‘Rent Now, Pay Later’ model to drive its mission to ensure that every African can afford a space to live in.
48.	Stears	Nigeria	Stears is a financial intelligence company providing subscription-based content & data to global professionals. Its mission is to build the world’s most trusted provider of African data.
49.	Synnefa	Kenya	Synnefa is building Africa’s first mini-farm ERP connected to IoT sensors that provide soil data which is combined with farmer activity data to create a farmer experience score that is passed on to financial partners to use on their credit score.
50.	Technovera	South Africa	Technovera is an innovative tech startup focused on technology inclusion through the development of simple technologies aimed at improving last mile access in Africa.
51.	TERAWORK	Nigeria	TERAWORK is an online freelance marketplace focused on matching freelancers to service buyers.
52.	TIBU Health	Kenya	TIBU Health is an omnichannel healthtech company connecting patients to healthcare services and professionals at a time and location of their choosing.
53.	Topset Education	Nigeria	Topset Education is an edtech platform that makes quality education accessible to Africans everywhere.
54.	TopUp Mama	Kenya	TopUp Mama enables restaurants in Africa to purchase food supplies, access financial services and manage their business.
55.	Wellahealth	Nigeria	Wellahealth provides technology and financial tools to healthcare providers and patients to enable affordability and accessibility of healthcare in emerging markets.
56.	Xente	Uganda	Xente is a digital financial platform with in-built spend management to support businesses across Africa
57.	Zanifu	Kenya	Zanifu enable SMEs to purchase inventory and pay later
58.	ZayRide	Ethiopia	ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout local areas in Ethiopia
59.	Zuberi	Ghana	Zuberi is a fintech platform based out of Accra, built to provide financial products and services to salaried workers in a way they have never experienced before
60.	Zuri Health	Kenya	Zuri Health provides affordable and accessible healthcare services to patients across Sub-Saharan Africa via mobile app, website, Whatsapp chatbot and SMS service.

Up Next

Customs Street Shells 0.69% on Sustained Profit-Taking

Don't Miss

DMO Opens Subscription for September Savings Bonds

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

2 Comments

Economy

Oil Prices Rise Amid Lingering Iran Worries

Published

2 minutes ago

17/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.

Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.

The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.

Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.

The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.

Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.

Weighing against those fears are potential supply increases from Venezuela.

The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.

According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.

Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.

Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.

Economy

Dangote Refinery’s Domestic Petrol Supply Jumps 64.4% in December

Published

22 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The domestic supply of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery increased by 64.4 percent in December 2025, contributing to an enhancement in Nigeria’s overall petrol availability.

This is according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its December 2025 Factsheet Report released on Thursday.

The downstream regulatory agency revealed that the private refinery raised its domestic petrol supply from 19.47 million litres per day in November 2025 to an average of 32.012 million litres per day in December, as it quelled any probable fuel scarcity associated with the festive month.

The report attributed the improvement to more substantial capacity utilisation at the Lagos-based oil facility, which reached a peak of 71 per cent in December.

The increased output from Dangote Refinery contributed to a rise in Nigeria’s total daily domestic PMS supply to 74.2 million litres in December, up from 71.5 million litres per day recorded in November.

The authority also reported a sharp increase in petrol consumption, rising to 63.7 million litres per day in December 2025, up from 52.9 million litres per day in the previous month.

In contrast, the domestic supply of Automotive Gas Oil (AGO) known as diesel declined to 17.9 million litres per day in December from 20.4 million litres per day in November, even as daily diesel consumption increased to 16.4 million litres per day from 15.4 million litres per day.

Liquefied Petroleum Gas (LPG) supply recorded modest growth during the period, rising to 5.2 metric tonnes per day in December from 5.0 metric tonnes per day in November.

Despite the gains recorded by Dangote Refinery and modular refineries, the NMDPRA disclosed that Nigeria’s four state-owned refineries recorded zero production in December.

It said the Port Harcourt Refinery remained shut down, though evacuation of diesel produced before May 24, 2025, averaged 0.247 million litres per day. The Warri and Kaduna refineries also remained shut down throughout the period.

On modular refineries, the report said Waltersmith Refinery (Train 2 with 5,000 barrels per day) completed pre-commissioning in December, with hydrocarbon introduction expected in January 2026. The refinery recorded an average capacity utilisation of 63.24 per cent and an average AGO supply of 0.051 million litres per day

Edo Refinery posted an average capacity utilisation of 85.43 per cent with AGO supply of 0.052 million litres per day, while Aradel recorded 53.89 per cent utilisation and supplied an average of 0.289 million litres per day of AGO.

Total AGO supply from the three modular refineries averaged 0.392 million litres per day, with other products including naphtha, heavy hydrocarbon kerosene (HHK), fuel oil, and marine diesel oil (MDO).

The report listed Nigeria’s 2025 daily consumption benchmarks as 50 million litres per day for petrol, 14 million litres per day for diesel, 3 million litres per day for aviation fuel (ATK), and 3,900 metric tonnes per day for cooking gas.

Actual daily truck-out consumption in December stood at 63.7 million litres per day for petrol, 16.4 million litres per day for diesel, 2.7 million litres per day for ATK and 4,380 metric tonnes per day for cooking gas.

Economy

SEC Hikes Minimum Capital for Operators to Boost Market Resilience, Others

Published

23 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has introduced a comprehensive revision of minimum capital requirements for nearly all capital market operators, marking the most significant overhaul since 2015.

The changes, outlined in a circular issued on January 16, 2026, obtained from its website on Friday, replace the previous regime. Operators have been given until June 30, 2027, to comply.

The SEC stated that the reforms aim to strengthen market resilience, enhance investor protection, discourage undercapitalised operators, and align capital adequacy with the evolving risk profile of market activities.

According to the circular, “The revised framework applies to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers.”

Some of the key highlights of the new reforms include increment of minimum capital for brokers from N200 million to N600 million while for dealers, it was raised to N1 billion from N100 million.

For broker-dealers, they are to get N2 billion instead of the previous N300 million, reflecting multi-role exposure across trading, execution, and margin lending.

The agency said fund and portfolio managers with assets above N20 billion must hold N5 billion, while mid-tier managers must maintain N2 billion with private equity and venture capital firms to have N500 million and N200 million, respectively.

There was also dynamic rule as firms managing assets above N100 billion must hold at least 10 per cent of assets under management as capital.

“Digital asset firms, previously in a regulatory grey area, are now fully covered: digital exchanges and custodians must maintain N2 billion each, while tokenisation platforms and intermediaries face thresholds of N500 million to N1 billion. Robo-advisers must hold N100 million.

“Other segments are also affected: issuing houses offering full underwriting services must hold N7 billion, advisory-only firms N2 billion, registrars N2.5 billion, trustees N2 billion, underwriters N5 billion, and individual investment advisers N10 million. Market infrastructure providers carry some of the highest obligations, with composite exchanges and central counterparties required to maintain N10 billion each, and clearinghouses N5 billion,” the SEC added.