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:
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S/N |
Name |
Country |
About |
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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. |
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39. |
Rwanda |
PesaChoice bridges the gap in liquidity for low-middle income earners across the continent and drives access to financial services. |
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40. |
Rwanda |
Pindo is a cloud communication platform for businesses, optimised for developers. |
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41. |
Nigeria |
Pivo is a credit focused digital bank for trade, supporting businesses across Africa |
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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. |
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43. |
South Africa |
Rekisa helps businesses create their e-commerce websites and assists them with various digital marketing activities |
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44. |
Nigeria |
Scrapays is creating operating system infrastructure for the recycling value chain in developing nations. |
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45. |
Nigeria |
Shiip leverages web, mobile and API technology to connect individuals & businesses to delivery services in and out of Africa |
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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. |
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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. |
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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. |
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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. |
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56. |
Uganda |
Xente is a digital financial platform with in-built spend management to support businesses across Africa |
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57. |
Kenya |
Zanifu enable SMEs to purchase inventory and pay later |
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58. |
Ethiopia |
ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout local areas in Ethiopia |
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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 |
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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
The National Insurance Commission (NAICOM) has said the passage of the National Insurance Regulatory Commission Bill by the Senate will unlock greater investment in Nigeria by strengthening regulatory oversight, enhancing investor confidence and creating a more transparent and accountable insurance industry.
Describing the development as a significant milestone in efforts to strengthen the regulatory framework of Nigeria’s insurance industry, the commission particularly praised the leadership of the Senate and the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Adetokunbo Mukail Abiru, for their roles in securing the successful passage of the Bill in the Red Chamber.
According to NAICOM, the proposed legislation will enhance regulatory oversight, improve transparency and accountability, and boost public confidence in the insurance sector.
The commission said the bill is expected to attract greater investment into the industry, promote sustainable growth, and deliver benefits to policyholders, insurance operators, and the wider economy.
NAICOM also noted that the Senate’s commitment to advancing reforms in the insurance sector would support the modernisation of insurance regulation and strengthen financial inclusion across the country.
It added that the passage of the Bill reflects the legislature’s resolve to protect the interests of citizens while promoting the stability of Nigeria’s financial system.
The Commission reaffirmed its readiness to ensure the effective implementation of the new legal framework once the Bill receives presidential assent, pledging continued collaboration with industry stakeholders to position the insurance sector as a key driver of national economic development.
Earlier this week, the Senate passed the much-anticipated bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
According to lawmakers, the outgoing National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the country’s insurance business and projections.
By Aduragbemi Omiyale
About $2.5 billion has been raised by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) from its private equity placement.
The exercise, Business Post learned, attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners, and individual investors.
Notable participants included the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), reflecting deep and diversified confidence in DPRP’s long-term prospects.
The transaction is believed to be Africa’s largest publicly disclosed primary equity private placement, marking a significant milestone in the history of the organisation and demonstrating strong investor confidence in the refinery’s long-term growth strategy, including raising its current capacity from 700,000 barrels per day to 1.4 million barrels per day.
The capital raise is the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise. The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.
The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities.
With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity.
“This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.
“It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security,” the chief executive of Dangote Industries Limited and Chairman of DPRP, Mr Aliko Dangote, stated.
Also, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the overwhelming investor response validates the company’s operational performance and growth outlook.
“The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential,” he remarked.
By Aduragbemi Omiyale
Shareholders of Transcorp Plc should expect their phones to buzz with bank alerts very soon, as the board has proposed the payment of an interim dividend of 40 Kobo per share for the first half of the 2026 fiscal year.
The company announced the cash reward payment to investors in the unaudited financial statements submitted to the Nigerian Exchange (NGX) Limited.
The interim dividend would be paid on Tuesday, July 28, 2026, subject to appropriate withholding tax deduction and to shareholders whose names appear in the Register of Members as of the close of business on Thursday, July 23, 2026.
Analysis of the results showed that the conglomerate delivered a strong revenue and profit performance, with improved margins and ratios notwithstanding challenges in the operating environment.
The performance was driven by the organisation’s disciplined cost management and operational efficiency, underpinned by a resilient business strategy and solid corporate governance ethos.
In the period under review, the power sector was impacted by gas supply constraints, as well as grid-related challenges, which saw a reduction in the overall power supply in the country.
Similarly, the hospitality business continues to innovate and leverage its assets to deliver superior service excellence.
These challenges impacted Transcorp’s earnings, which contracted to N241.5 billion in the first half of this year from N279.0 billion in the corresponding period of 2025, while profit after tax moderated to N54.4 billion from N65.2 billion in H1 2025.
“These results reflect the quality of the underlying business and resilience of the group’s earnings. Despite a lower revenue base arising from sector-wide power infrastructure constraints, we expanded our profit-before-tax margin to 31.4 per cent, from 30.7 per cent in the prior period, a direct result of disciplined cost optimisation and operational efficiency across our businesses.
“Our financial position remains strong, with a robust equity base which grew to N367.8 billion by half-year 2026. Our strength is hinged on the diversified earnings capability from key sectors, including the hospitality business, which grew its profit after tax by 21 per cent. This financial foundation gives us the confidence to protect and grow long-term value for our shareholders as operating conditions normalise,” the Chief Financial Officer of Transcorp, Mr Festus Izevbizua, stated.
Also, the chief executive of the firm, Mr Owen Omogiafo, said, “Despite disruptions to power transmission infrastructure and a challenging macroeconomic environment, Transcorp delivered a strong profit and an even stronger balance sheet, a reflection of our operational discipline and efficiency.
“At Transcorp Group, our operations are driven by our purpose to improve lives and transform Africa. We continue to create impact in the sectors that matter most to Nigeria’s future, and that same conviction continues to guide us through every phase of the cycle.
“Despite the constrained grid infrastructure seen in the first half of the year, we forged ahead, engaging with strategic partners to deliver much-needed power to Nigerians.
“Through our 5,000-capacity, multi-purpose event facility, Transcorp Centre, and our flagship 1,000-key Transcorp Hilton Abuja, we have continued to make the Federal Capital Territory the preferred location for business and leisure.
“Our strategy is clear, our balance sheet is robust, and our confidence in the value we are creating for our shareholders remains firm.”
