Economy
Google Picks Awabah, LifeBank, Flex Finance, Others for $4m Funding Support
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. |
South Africa |
Agrikool is an agritech platform that connects farming producers and buyers to a fair and reliable market. |
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2. |
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 |
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3. |
Nigeria |
Awabah is a digital pensions platform for Africa’s workforce |
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4. |
Rwanda |
BAG Innovation is a virtual and gamified platform that offers real-time access to experiential learning for university students and recent graduates |
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5. |
Rwanda |
Baliport is a cross-border, multi-currency payment platform focused on enabling intra-Africa & Africa outbound money transfers through blockchain. |
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6. |
Cameroon |
Bee finances motorcycles to drivers while also providing training and access to jobs. |
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7. |
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. |
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8. |
Botswana |
Brastorne connects the unconnected in Africa, enabling rural villages to have access to the digital world without smartphones or data. |
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9. |
Ghana |
Built enables access to business and financial tools for Sub-Saharan African small and medium-sized businesses (SMBs). |
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10. |
Kenya |
BuuPass is a travel startup – building digital rails for Africa’s intercity transport industry and supporting bus, train & flight transportation |
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11. |
Senegal |
Cauri Money is a cashless remittance platform helping African migrants move money from around the world into mobile wallets in Africa. |
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12. |
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 |
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13. |
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 |
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14. |
Cameroon |
COVA is a digital insurance platform that enables partner businesses to easily and seamlessly deliver insurance products to their users |
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15. |
South Africa |
CreditAIs provides credit scoring tools for micro-businesses and individuals that do not fit the existing traditional credit scoring models |
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16. |
Kenya |
DohYangu enables end consumers in Africa to shop FMCG products & get cashback rewards at various retail stores, saving up to 25% |
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17. |
Uganda |
Easy Matatu provides a mobile platform that allows commuters to book and pay for scheduled rides on vetted and inspected minibuses |
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18. |
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. |
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19. |
Nigeria |
Estate Intel provides reliable data to businesses that are investing or operating in the African real estate space. |
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20. |
Uganda |
Eversend is a neobank, providing critical financial products in Sub-Saharan Africa – including cross-border financial services. |
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21. |
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. |
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22. |
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. |
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23. |
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. |
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24. |
Nigeria |
Gamr is an eSports tournament aggregation platform, helping African gamers discover tournaments they can play in and get rewarded for. |
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25. |
Ethiopia |
Garri Logistics matches shippers looking to move cargo with vehicle owners and drivers, while finding optimal route pairings to reduce empty miles. |
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26. |
Nigeria |
Haul247 is a logistics platform that connects manufacturing companies and farmers with trucks and warehouses. |
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27. |
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 . |
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28. |
Nigeria |
Healthtracka is a platform that allows users access on-demand healthcare services in the comfort of their homes. |
|
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29.. |
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. |
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30. |
Rwanda |
Kapsule is a data as a service company that helps healthcare providers, insurers, and pharmaceutical companies to make better decisions |
|
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31. |
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 |
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32. |
Ghana |
KUDIGO offers an omni-channel digital commerce platform to empower micro and small businesses in Africa |
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33. |
Nigeria |
Kyshi provides multi-currency accounts and remittance services to and from Africa |
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34. |
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 |
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35. |
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 |
|
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36. |
South Africa |
Mapha provides delivery as a service to businesses in peri-urban & township areas |
|
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37. |
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. |
|
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38. |
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. |
Rwanda |
PesaChoice bridges the gap in liquidity for low-middle income earners across the continent and drives access to financial services. |
|
|
40. |
Rwanda |
Pindo is a cloud communication platform for businesses, optimised for developers. |
|
|
41. |
Nigeria |
Pivo is a credit focused digital bank for trade, supporting businesses across Africa |
|
|
42. |
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. |
South Africa |
Rekisa helps businesses create their e-commerce websites and assists them with various digital marketing activities |
|
|
44. |
Nigeria |
Scrapays is creating operating system infrastructure for the recycling value chain in developing nations. |
|
|
45. |
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. |
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. |
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. |
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|
49. |
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. |
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. |
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51. |
Nigeria |
TERAWORK is an online freelance marketplace focused on matching freelancers to service buyers. |
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52. |
Kenya |
TIBU Health is an omnichannel healthtech company connecting patients to healthcare services and professionals at a time and location of their choosing. |
|
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53. |
Nigeria |
Topset Education is an edtech platform that makes quality education accessible to Africans everywhere. |
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54. |
Kenya |
TopUp Mama enables restaurants in Africa to purchase food supplies, access financial services and manage their business. |
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|
55. |
Nigeria |
Wellahealth provides technology and financial tools to healthcare providers and patients to enable affordability and accessibility of healthcare in emerging markets. |
|
|
56. |
Uganda |
Xente is a digital financial platform with in-built spend management to support businesses across Africa |
|
|
57. |
Kenya |
Zanifu enable SMEs to purchase inventory and pay later |
|
|
58. |
Ethiopia |
ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout local areas in Ethiopia |
|
|
59. |
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. |
Kenya |
Zuri Health provides affordable and accessible healthcare services to patients across Sub-Saharan Africa via mobile app, website, Whatsapp chatbot and SMS service. |
By Adedapo Adesanya
All insurance and reinsurance companies operating in Nigeria are required to remit 0.25 per cent of their annual net premium income to a new fund, according to new guidelines by the National Insurance Commission (NAICOM).
The insurance regulator has issued binding guidelines for a new industry-wide protection fund that will compel every licensed insurer and reinsurer in the country to make annual cash contributions, or risk losing their operating licence.
NAICOM published the framework for the Insurance Policyholders’ Protection Fund (IPPF) under the authority of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law last August.
The guidelines, which take effect immediately, did not disclose an initial capitalisation target for the fund or a timeline for when it would be considered adequately funded for resolution purposes.
The IPPF is designed to function as a resolution backstop as a capital pool available to settle outstanding policyholder claims when a licensed insurer or reinsurer becomes insolvent or enters regulatory distress.
The mechanism addresses a longstanding vulnerability in the Nigerian market, where policyholders holding valid claims against failed insurers have historically had no guaranteed recourse.
The 0.25 per cent payments are due into designated deposit money bank accounts no later than June 30 each year.
NAICOM said it will supplement industry contributions by injecting 0.25 per cent of the balance held in the existing Security and Insurance Development Fund (SIDF) into the IPPF annually, creating a dual-stream capitalisation model.
The guidelines state explicitly that failure to remit the full assessed contribution within the stipulated timeframe shall constitute grounds for suspension or cancellation of an operator’s licence. The same penalty framework applies to defaults on any loans extended from the fund.
Day-to-day management of the IPPF will be delegated to an independent professional Fund Manager, subject to a minimum paid-up capital threshold of N5 billion.
Investment activity is restricted to low-risk, government-backed instruments. This is a deliberate constraint intended to preserve liquidity and protect the fund from market volatility.
Members are bound by a Code of Conduct that bars them from using their positions for personal advantage or to direct decisions in favour of any insurer, reinsurer, or connected party.
The guidelines introduce a mandatory early-warning mechanism: insurance operators who become aware of imprudent practices within their organisations or elsewhere in the industry are required to report such conduct to NAICOM within five working days.
The commission has provided explicit anti-retaliation protections, stating that no whistleblower shall be subjected to retaliation, intimidation, or any form of adverse action for making a disclosure.
By Modupe Gbadeyanka
President Bola Tinubu has been called on to use his influence to halt the passage of the proposed Customs, Excise and Tariff Amendment (CETA) Bill.
The proposed piece of legislation is currently before the National Assembly, and it seeks to introduce a percentage levy per litre of the retail price on non-alcoholic beverages.
In an outlined advertorial published in key newspapers, the Organised Private Sector of Nigeria urged the federal government to engage with the leadership of the parliament to stop the ongoing legislative process with a view to stepping down the CETA Bill, thus allowing the executive-led fiscal reforms to be fully integrated and aligned.
The OPS comprises the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), and the Nigerian Association of Small and Medium Enterprises (NASME).
In the advertorial signed by the presidents of all members of the group, it was submitted that allowing for more talks would strengthen policy coherence, enhance predictability, and improve the effectiveness of the nation’s excise framework.
It was stressed that halting the bill would also encourage structured, evidence-based engagement with industry stakeholders, thereby ensuring that any future measures will effectively balance revenue generation, public health objectives, and economic sustainability.
“While we fully support well-designed fiscal reforms and evidence-based public health interventions, we are concerned that the Bill, in its current form, raises significant social, economic, administrative, and legal issues that could undermine Your Excellency’s broader fiscal reform objectives,” the body stated.
While calling on the government to restrain the Senate from proceeding with the process, the organisation noted that the proposed levy would therefore constitute a regressive measure, reducing consumer purchasing power without providing viable alternatives or meaningful public health support.
Commenting on the impact of such a levy on industry stability, investment, and employment, OPS stated that the sector was already under severe pressure from exchange rate adjustments, high energy costs, and rising prices of imported inputs, packaging materials, and machinery.
“An additional excise burden would further increase production costs, reduce capacity utilisation, delay or cancel planned investments, and threaten the livelihoods of thousands of small distributors, retailers, and informal traders who depend on high-volume, low-margin sales.
“These pressures would inevitably be passed on to consumers through higher prices, leading to reduced demand and potential further job losses across the value chain,” it stated.
While commending the president for the leadership and bold economic reforms undertaken since assuming office in 2023, it noted that the reforms have played an important role in restoring macroeconomic stability and rebuilding confidence within the business community.
By Adedapo Adesanya
Three stocks further weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.12 per cent on Wednesday, April 8, with the Unlisted Security Index (NSI) down by 44.43 points to 3,930.91 points from the previous day’s 3,975.34 points, and the market capitalisation went down by N26.59 to N2.351 trillion from N2.378 trillion.
MRS Oil lost N11.00 during the session to close at N161.00 per share compared with Tuesday’s closing price of N172.00 per share, Central Securities Clearing System (CSCS) Plc dipped by N3.74 to N67.95 per unit from N71.69 per unit, and Afriland Properties Plc fell by N1.10 to sell at N15.95 per share versus N17.05 per share.
There were two gainers at the midweek trading session, led by IPWA Plc, which appreciated by 55 Kobo to N6.61 per unit from N6.06 per unit, and First Trust Mortgage Bank Plc improved its value by 4 Kobo to N2.32 per share from N2.28 per share.
Yesterday, the volume of securities rose by 620.4 per cent to 5.7 million units from 797,264 units, the value of securities increased by 25.1 per cent to N32.7 million from N26.1 million, and the number of deals climbed by 12.1 per cent to 37 deals from the preceding session’s 33 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by CSCS Plc with 57.2 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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