AIICO takes up 5% stake in InfraCredit💰, Build-a-thon launch🤖

TODAY’S MENU

• Presidential Council unveils Strategic Alliance to Redefine Consumer Credit in Nigeria

• Nigerian Govt. in partnership with Raspberry Pi, launches Build-a-thon to introduce students to embedded systems and maker culture

• AIICO Insurance Invests in InfraCredit, Enhancing Infrastructure Financing

• Opportunities

CONSUMER PROTECTION

Presidential Council unveils Strategic Alliance to Redefine Consumer Credit in Nigeria

The Presidential Council on Industrial Revitalisation has initiated the formation of a Technical Working Group, comprising representatives from key entities such as the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC), and the Federal Competition and Consumer Commission (FCCPC).

This collaborative effort aims to establish a comprehensive framework to bolster consumer credit in Nigeria.

The Technical Group also includes members from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).

The Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, announced the five-month timeline set for the Committee to achieve its outlined objectives.

The specific goals of the Committee encompass increasing consumer credit adoption in Nigeria, establishing a sustainable credit system aligned with global best practices, and fortifying the supporting infrastructure, including technology, data, financial institutions, and global partnerships........….read more

TECHNOLOGY

Nigerian Govt. in partnership with Raspberry Pi, launches Build-a-thon to introduce students to embedded systems and maker culture

The Federal Ministry of Communication, Innovation and Digital Economy in partnership with Raspberry Pi, has announced the launch of “Build-a-thon” , an initiative to introduce senior secondary students to embedded systems and maker culture. According to the Minister, Dr. ‘Bosun Tijani in a post on X, “this is part of our strategic plan to promote early-technology adoption to shape tomorrow’s innovation leaders.”

According to the website, “Build-A-Thon goes beyond just programming but presents an opportunity to introduce a new learning experience designed to cultivate critical thinking, teamwork, and problem-solving skills among our secondary school students.”…….read more

INVESTMENTS

AIICO Insurance Invests in InfraCredit, Enhancing Infrastructure Financing

InfraCredit, a top-rated infrastructure credit guarantee institution, has secured a significant equity investment from AIICO Insurance Plc, representing a 5% stake in InfraCredit’s total share capital. This move makes AIICO the second private domestic institutional investor, alongside Leadway Assurance Plc.

With AIICO’s equity investment, InfraCredit’s paid-in capital will see a boost to US$175.14 million, translating to an aggregate guarantee issuing capacity of up to NGN742.77 billion (approximately USD 875.7 million). This infusion of capital is integral to sustaining InfraCredit’s ‘AAA’ credit rating and broadening its ownership structure in alignment with its envisioned capital framework……read more

Egypt’s iSchool Secures $4.5 Million Funding to Drive Global Expansion

Egypt-based edtech startup, iSchool, has successfully raised $4.5 million in a funding round led by VentureWave Capital, an Irish VC. Other contributors include OneStop Capital UK, Webit Investment Network, and Oraseya Capital, the Venture Capital arm of the Dubai Integrated Economic Zones Authority

iSchool’s platform offers live gamified classes led by top coding instructors, targeting students aged 6 to 18. Covering a curriculum spanning AI, VR, app development, game development, and web development, iSchool instills foundational concepts from early childhood. This unique approach, combined with international accreditation, has fueled iSchool’s rapid growth.

Founded in 2018 by Muhammad Gawish, Ebrahim Youssef, Mustafa Abdelmon’em and Osama Ghareb, iSchool initially aimed to address the lack of technology education curricula or programs for 100 million students in the MENA region.

With its new funding, iSchool Holdings is expanding its footprint in Ireland, positioning itself for global scale. The capital will support iSchool’s rapid expansion into six additional countries in the MENA region, facilitate technological scaling for the ‘Online Coding Platform,’ and pave the way for extending its gamified online classroom app service throughout Sub-Saharan Africa..…..read more

IFC Partners with Scatec to Finance Botswana’s First Utility Scale Renewable Independent Power Producer

To support Botswana's efforts to transition to a more sustainable and affordable energy mix, IFC announced a $31.4 million investment to finance a 60 MWp solar project developed by Scatec, a leading global renewable energy developer.

The $31.4 million debt package consists of an innovative dual currency financing with IFC providing $16.4 million and mobilizing up to $15 million equivalent in Botswana Pula from First National Bank of Botswana, acting through its Rand Merchant Bank division.

The investment will finance the development of a solar photovoltaic (PV) renewable energy plant as the first phase of the Mmadinare Solar Complex. The complex is located close to the town of Selebi-Phikwe, 400 kilometers northeast of the capital Gaborone. This project will involve the development, design, financing, construction, operation, and maintenance of the plant, as well as the necessary connection infrastructure…..read more

STARTUPS

Letaji, Chestify AI, OneHealth, Sayna and Koa Academy to compete for $50K Equity Prize in 2023 MEST Africa Challenge

These five startups – Letaji, Chestify AI, OneHealth, Sayna and Koa Academy – have qualified to compete for $50K Equity Prize in 2023 MEST Africa Challenge. They beat 40 competing startups from Ghana, Kenya, Nigeria, Senegal, and South Africa in the MEST Africa Challenge (MAC), an Africa-wide pitch competition for early-stage technology startups.

These top 5 Regional Winners which represent diverse sectors, including fintech, health tech, e-commerce, and edtech, emerged victorious after rigorous pitch sessions.

The finalists are expected to pitch for the winning prize money at the end of January, an event that will be organized and hosted by MEST Africa...……read more

OTHER STORIES

Here are the 45 grantees for National AI Research Grant Scheme (NAIRS)

In October 2023, Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, introduced the “Nigeria Artificial Intelligence Research Scheme,” an initiative designed to provide financial support to startups and researchers, aiming to create a vibrant and sustainable artificial intelligence (AI) ecosystem within Nigeria.

The Honourable Minister, in a post on X, has announced the 45 grantees which come from healthcare to agriculture, finance to education.

The Nigeria Artificial Intelligence Research Scheme aims to foster a vibrant and sustainable AI ecosystem in Nigeria by providing grants and facilitating knowledge sharing and collaboration among individuals and
organisations in the AI industry.

Eligible AI researchers and startups can apply for grants of up to N5,000,000 (Five million Naira)…..read more

OPPORTUNITIES

• African social entrepreneurs are invited to apply for the FINCA Ventures Prize, which offers grants up to US$70,000 for solutions aiming to alleviate global poverty. Applications are open here.

• The Anzisha Prize has opened applications for its latest edition, focusing this year on green entrepreneurs who combine innovation and sustainability. The Anzisha Prize aims to significantly increase the number of entrepreneurs in Africa that create job opportunities. Interested entrepreneurs can apply until December 30.

• The GSMA has announced a new initiative, the GSMA Humanitarian Innovation Fund, in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO). The fund aims to address humanitarian challenges in low and middle-income countries. Interested parties can apply until February 12, 2024.

• Applications are open for the African Agri-tech Scale-Up Programme, which aims to help agri-focused and agri-adjacent ventures scale across the continent more quickly. Applications are open here until December 30.