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3MTT Advisory Committee set up | MaC VC closes $150m Fund III

3MTT Advisory Committee set up | MaC VC closes $150m Fund III

Plus: Ghana’s Tendo Technologies acquires Shopa

Innovation Village
November 04, 2024

Today’s Menu ☕️

Emeka Afigbo, Iyin Aboyeji, others appointed as 3MTT Advisory Committee members
Techstars Exit Deals Blow to Nigerian Tech Ecosystem
British International Investment and Absa Group unveil $150 million trade facility to boost African SMEs
Ghana’s Tendo Technologies acquires Shopa to enhance supply chain infrastructure in Africa
MaC VC closes $150 million Fund III to boost seed-stage tech investments

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APPOINTMENTS

Emeka Afigbo, Iyin Aboyeji, others appointed as 3MTT Advisory Committee members

To accelerate Nigeria’s ambitious 3 Million Technical Talent (3MTT) initiative, the federal government recently announced the formation of an advisory committee comprised of some of the nation’s most respected tech leaders. This committee is tasked with steering the program toward its target of equipping three million Nigerians with the digital skills essential for driving growth in Nigeria’s digital economy and preparing a globally competitive workforce.

The committee, chaired by Emeka Afigbo, Senior Director of Developer Success at Okta, will guide the strategic direction and ensure alignment with industry standards and employment trends. By involving top leaders with diverse expertise, the government aims to solidify the 3MTT program’s foundation and maximize its reach and impact.....……continue reading

ECOSYSTEM

Techstars Exit Deals Blow to Nigerian Tech Ecosystem

Techstars, the renowned global startup accelerator, has abruptly ended its Lagos program, ARM Labs Lagos Techstars, just two years after its launch in 2022. This unexpected closure comes as Techstars grapples with financial challenges, having fallen short of its revenue goals in 2023 and subsequently implementing cost-cutting measures.

The ARM Labs Lagos Techstars accelerator, a joint venture with Asset & Resource Management (ARM), aimed to support early-stage startups in Africa with funding, mentorship, and access to Techstars’ vast network. The program had successfully completed two cohorts, welcoming 24 promising startups into the Techstars portfolio. These companies, including Surge Africa, Rana, PressOne Africa, and GetEquity, will continue to receive support from Techstars despite the program’s closure.

However, the current cohort, which commenced in March 2024, has been discontinued, leaving participating startups in a state of uncertainty. This sudden halt raises questions about the future of these budding businesses and the overall impact of Techstars’ withdrawal on the burgeoning Nigerian tech ecosystem.........continue reading

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BANKING

Core Banking Upgrades: Managing Risks and Expectations for All Stakeholders

In recent months, Nigerian banks like GTBank, Zenith Bank, and First Bank have embarked on ambitious upgrades to their core banking systems. While these changes aim to offer enhanced functionality, streamline operations, and bolster security, some of these transitions have been rocky.

From disrupted transactions to prolonged downtimes, these system upgrades impact a broad network of stakeholders, including customers, employees, regulatory bodies, shareholders, vendors, and partners.

It has been so bad in some cases that the Central Bank of Nigeria has reportedly directed commercial banks to get regulatory approval before changing their core banking software.

Here’s a look into why these transitions matter, the role of each stakeholder, and a roadmap for smoother core banking upgrades..…….continue reading

INVESTMENTS

British International Investment and Absa Group unveil $150 million trade facility to boost African SMEs

British International Investment (BII), the UK’s development finance institution, has announced a $150 million trade facility in collaboration with Absa Group. This facility is designed to address Africa’s significant trade finance gap, which is estimated to be between $100 and $120 billion.

This new agreement builds on a longstanding partnership between BII and Absa, which has already provided substantial trade liquidity to several African countries, including Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique. Since 2019, this partnership has supported over $1 billion in trade volumes.

The new facility will target critical sectors across the continent, such as agriculture, fast-moving consumer goods (FMCG), and healthcare. It aims to provide sustainable and inclusive funding, particularly focusing on small and medium-sized enterprises (SMEs) and businesses led by women and young entrepreneurs..…….continue reading

SUPPLY CHAIN

Ghana’s Tendo Technologies acquires Shopa to enhance supply chain infrastructure in Africa

Ghanaian retail-tech startup Tendo Technologies has announced a strategic acquisition of its counterpart, Shopa, in a deal aimed at revolutionizing supply chain infrastructure across Africa. Tendo Technologies, founded in 2021 by Felix Manford, Evans Boateng, Derrick Mungai, and Primerose Katena, empowers tens of thousands of individuals to launch and grow their online businesses without the need for initial capital by connecting them with suppliers.

The company boasts a robust network of over 10,000 retail resellers in Ghana and Nigeria, where it expanded in 2022, reaching more than 42,000 customers with a diverse range of products including fashion, beauty, electronics, and fast-moving consumer goods (FMCG).

Shopa, also founded in 2021 by Michael Hammond, Frank Addae, and Ulrich Checkap, optimizes the distribution of FMCG through its technology platform that connects retailers directly with suppliers and manufacturers. Shopa has built a network of over 3,000 retailers in Ghana and advanced operational systems..…….continue reading