Economy
TruQ, Orda, 23 Others to Share $4m Google for Startups’ Black Founders Fund
By Aduragbemi Omiyale
Twenty-five African startups chosen from Nigeria, Kenya and others have been selected to receive $4 million from Google for its Startups’ Black Founders Fund.
The funding will provide the businesses with the capital needed to take their ventures to the next level and expand to new markets, supercharging economic opportunities and job creation.
Each firm will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network.
A statement from Google said startups led or co-founded by women made up 72 per cent of the group, highlighting the role women play in shaping Africa’s startup ecosystem.
It further stated that the 25 African startups embody the diverse entrepreneurial spirit across the African continent.
From accessible healthcare to efficient logistics to innovative fintech solutions, these startups are harnessing the power of technology to address some of Africa’s most pressing challenges.
HealthDart is elevating healthcare by providing comprehensive services and insurance through its digital platform.
Tushop is reimagining retail with a group-buying platform in Kenya that encourages cost-saving and community engagement.
Herconomy is breaking new ground in the fintech sector with its goal to become Africa’s first women-focused bank.
“Startups play a major role in advancing Africa’s digital transformation. We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa.
“The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed,” the Head of Startups Ecosystem for Africa at Google, Folarin Aiyegbusi, said.
One of the beneficiaries, Ms Ifedayo Durosinmi-Etti, the founder of Herconomy, said, “At Herconomy, we are on a mission to reimagine the financial landscape for women in Africa.
“Being chosen for the prestigious 2023 Black Founders Fund will fuel our revolutionary vision and accelerate our progress.
“With the funding and support provided by the program, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale.”
The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early-stage Black-led high-growth businesses across Europe and Africa.
List of Startups
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Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
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BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms.
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Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
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Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
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Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
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Excel At Uni (South Africa): Supports student funders via digital services.
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EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
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Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
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Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
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HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
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Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
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Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform.
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MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
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My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
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Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
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Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
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Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa.
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Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
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Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora.
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Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
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TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
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Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
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Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
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Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
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Zydii (Kenya): Localised digital training solutions for African SMEs.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
