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.

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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

FG Unveils Industrial Policy to Raise Manufacturing Contribution to 25%

Published

11 hours ago

05/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The federal government plans to boost the manufacturing sector’s contribution to the Nigerian economy to 15 per cent by 2030 and 25 per cent by 2035, from its current 8.2 per cent.

This was revealed in the newly launched Nigeria Industrial Policy (NIP), which was unveiled by the Federal Ministry of Industry, Trade and Investment (FMITI).

According to data, the sector employs 13 million Nigerians, mainly in food processing, cement production, textiles, pharmaceuticals, and the automotive industry.

The FG stated that the aim of NIP frameworks is “to drive economic growth, reduce dependence on oil exports, and promote sustainable development” and contribute to achieving Nigeria’s aspiration of attaining the $1 trillion economy by 2030.

The government said the plan would “accelerate Nigeria’s industrial transformation by leveraging its natural and human capital to promote inclusive, sustainable, and competitive manufacturing, deepen economic diversification, and generate mass employment through innovation, infrastructure development, investment, and export.”

It explained that the policy direction of its NIP is anchored on the development of four sectors, namely metals and solid minerals, oil and gas, construction, and manufacturing.

Over the past decade, the agro-allied industry has contributed an average of 25 per cent (27 per cent rebased) to Nigeria’s real GDP and currently accounts for 35 per cent of total employment. It serves as a primary source of raw materials for key manufacturing sectors, including food processing, leather goods, and textiles, reinforcing its pivotal role in driving industrial linkages and inclusive economic development.

The report noted, however, that the industry faces challenges such as limited mechanisation and outdated farming techniques, post-harvest losses, and insecurity.

The government assured that relevant legal and institutional frameworks are in place to address key challenges such as inadequate power supply, low access to finance, and competition from cheap imported products, limiting the performance of the sector.

The Minister of State, FMITI, Mr John Owan Enoh, described the NIP as “a comprehensive framework that reaffirms our national resolve to diversify the economy, create inclusive prosperity, and secure Nigeria’s rightful place as a leading industrial hub in Africa and the wider global economy.”

The government said that each of the four sectors comprises multiple sub-sectors that offer strategic opportunities for industrial development.

“These sectors have been prioritised due to strong comparative advantages, potential to generate large-scale employment, and deepen local value addition and expand exports.

“The future outlook for the industry is bright with abundant natural resources, massive investment in the development of Special Economic Zones (SEZs), the growing market size, and participation of Nigeria in AfCFTA and ECOWAS Trade Liberalisation Scheme (ETLS)”, the report added.

Economy

Financial Inclusion Drives Economic Growth—Smartcash CEO

Published

11 hours ago

05/03/2026

Dipo Olowookere

By Dipo Olowookere

The chief executive of Smartcash Payment Service Bank (PSB), Mr Ayotunde Kuponiyi, has stressed the importance of financial inclusion to any nation’s economy.

Speaking with journalists in Lagos on Tuesday, he said the country will always experience economic growth when the majority of its citizens are financially included.

According to him, this is why the Central Bank of Nigeria (CBN) has intensified its efforts to drive financial inclusion in the country to about 80 per cent.

“Financial inclusion is important because when 80 per cent of your population is included financially, it then ensures growth in the economy,” he said at the unveiling of the nationwide marketing campaign of Smartcash titled No Be Cho Cho Cho.

“We have about 40 million or 50 million Small and Medium Enterprises (SMEs) in Nigeria, and a number of them don’t have bank accounts, but when they are included financially, they have access to finance, borrowing, and then grow their income.

“As the industry grows, they employ more hands (job creation), and when this happens, the government earns more revenue from taxes paid by the employed persons, which the government then uses to improve the standard of living of the citizens. Infrastructure will also be provided by the government. This is why financial inclusion is extremely important,” Mr Kuponiyi stated.

Commenting on the new campaign, the Smartcash boss said it reflects a broader philosophy of accountability in digital finance, with the zero-charge model, which eliminates fees on transfers and bill payments.

“Through our flagship zero-charge service, we promise no fees on P2P transfers or bill payments. Furthermore, our savings account offers 15 per cent per annum compounded interest, paid daily without penalties. Unlike conventional banks, we charge you nothing, ensuring your money truly works for you,” he averred, stressing that the zero-fee does not apply to the stamp duty charged by the federal government on transactions above N10,000.

He stated that the initiative centres on the three pillars of reliability, transparency and demonstrable service delivery and addresses what the company describes as a widening trust gap in Nigeria’s digital payments market.

Mr Kuponiyi also revealed that beyond consumer banking, the platform is also expanding its footprint through a nationwide network of agents that facilitate transactions and financial services in underserved communities.

Smartcash is the digital financial services platform of Airtel Nigeria, which is a subsidiary of Africa Plc, operating across 14 countries.

Economy

Oil at $85 Could Boost Nigeria’s External Balance Account—Bloomberg

Published

12 hours ago

05/03/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigeria has been identified as one of the winners of an oil windfall following the US and Israel’s war on Iran.

According to Bloomberg Economics, the rise in prices will improve the current account balance of just three sub-Saharan African economies.

Bloomberg Economics’ Ms Yvonne Mhango wrote in a report on Thursday that if oil stays at about $85 a barrel, Angola, Nigeria and Ghana will see their current account balance improve, while the Democratic Republic of Congo, South Africa and Kenya will be among the worst-hit.

“For most African economies, higher oil prices mean weaker currencies and renewed inflationary pressure, which could put rate hikes back on the table,” she said.

According to the analyst, Nigeria, which is Africa’s largest oil producer, will not only gain from crude sales but from fuel exports.

Bloomberg Economics data showed that Nigeria’s current account balance could benefit by as much as 2.3 per cent of gross domestic product (GDP), second only to Angola’s 3.3 per cent and Ghana’s 0.2 per cent.

Already, the 650,000-barrel-a-day Dangote oil refinery has raised the prospect of sending more product to Europe if the price is right.

Dangote is offering up to 44,000 metric tons of jet fuel for loading March 20-22, as well as at least 40,000 tons of ‌gasoil ⁠with a maximum sulphur content of 50 parts per million for loading ⁠March 15-30.

However, countries like Africa’s largest economy – South Africa – may face challenges if India and Oman, two of its biggest fuel suppliers, cut down on exports. It may see a -1.0 per cent hit to its current account balance.

South African consumers are bracing for fuel costs to increase in April, according to Central Energy Fund data, while traders moved to price in a chance of an interest-rate hike later this month.

Following US and Israeli strikes on Iran over the weekend and retaliatory moves by the Islamic Republic, global crude prices have adjusted sharply.

The Strait of Hormuz, a narrow shipping lane between Iran and Oman, through which roughly a fifth of global oil supply normally passes, has been blocked completely by Iran.

As of press time, Brent crude, which Nigeria prices its crudes is trading up at 2.3 per cent at $83.23. Nigerian crude grades, Brass River and Qua Iboe, are selling at $87 per barrel.