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🪙 Nigeria Dismisses Charges Against Binance Executive | 🚐 BasiGo secures $42 m for expansion

🪙 Nigeria Dismisses Charges Against Binance Executive | 🚐 BasiGo secures $42 m for expansion

Plus: 💸 Klasha raises $2m for Chinese expansion

Innovation Village
October 24, 2024

Today’s Menu ☕️

🪙 Nigeria Dismisses Charges Against Binance Executive Tigran Gambaryan Amidst International Pressure
🚐 BasiGo secures $42 million to expand electric public transportation in Sub-Saharan Africa
💸 Nigerian fintech startup Klasha secures additional $2 million for expansion into Chinese market
💰 AfDB Sanctions $100 Million Loan to Empower Nigerian Youth and Women Entrepreneurs via YEIB Program
🥇Three Nigerian Startups Win N24 Million in TotalEnergies Startupper Challenge 2024

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🪙 CRYPTOCURRENCY

Nigeria Dismisses Charges Against Binance Executive Tigran Gambaryan Amidst International Pressure

Tigran Gambaryan

Nigerian authorities have dropped all charges against Tigran Gambaryan, an executive at Binance, allowing him to seek medical treatment abroad after months of diplomatic talks between Nigeria and the U.S. The Economic and Financial Crimes Commission (EFCC) formally withdrew the case against Gambaryan, citing his deteriorating health and diplomatic interventions.

Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, had been detained in Kuje Correctional Centre, Abuja, since February, facing accusations of laundering over $35 million. Despite his and Binance’s denials, the court repeatedly denied his bail requests, citing concerns about flight risk. While charges against Gambaryan have been dropped, Binance still faces allegations of money laundering and tax evasion in Nigeria……continue reading

🚐 ELECTRIC VEHICLES

BasiGo secures $42 million to expand electric public transportation in Sub-Saharan Africa

BasiGo, a prominent provider of electric bus solutions in sub-Saharan Africa, has just announced a substantial infusion of new capital totaling US$42 million. This financial boost includes US$24 million from a Series A equity funding round and US$17.5 million in debt facilities.

The newly acquired funds will help BasiGo achieve its ambitious goal of rolling out 1,000 electric buses in East Africa over the next three years. In Kenya, the investment will enhance the manufacturing capabilities at BasiGo’s E-Bus assembly line and extend its innovative Pay-As-You-Drive service to additional vehicle types, while also upgrading its technology platforms to make electric buses more accessible and user-friendly for passengers........continue reading

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💸 PAYMENTS

Nigerian fintech startup Klasha secures additional $2 million for expansion into Chinese market

The Nigerian fintech startup, Klasha, has successfully secured an additional $2 million in investment to bolster its business-to-business (B2B) cross-border payment infrastructure with a focus on the Chinese market. Established in 2021 by entrepreneur Jess Anuna, Klasha is at the forefront of simplifying the process of transferring funds across emerging markets. The company has engineered a robust platform complemented by APIs that enable seamless transactions involving over 120 different currencies, offering merchants a cost-effective and time-saving solution.

Klasha’s recent announcement highlighted the procurement of $2 million in funding aimed at propelling the company’s growth ambitions in Asia. This strategic move includes the establishment of a new branch in Hangzhou, China. Klasha has already established partnerships with several Asian Payment Service Providers (PSSPs) and enterprises, including notable names like Coda Pay, Fomo Pay, Easy Transfer, and the Chinese Chamber of Commerce located in Yiwu.......continue reading

💰FUNDING

AfDB Sanctions $100 Million Loan to Empower Nigerian Youth and Women Entrepreneurs via YEIB Program

The African Development Bank (AfDB) has sanctioned a substantial loan of $100 million to bolster the entrepreneurial efforts of Nigerian youth and women through the Youth Entrepreneurship Investment Bank (YEIB) initiative. This initiative is strategically designed to stimulate economic expansion and generate employment opportunities.

YEIB serves as a synergistic hub, uniting financial and non-financial stakeholders, which includes the Nigerian Ministry of Finance, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN). The initiative will benefit from additional financial backing, with the DBN and NSIA contributing $25 million and $5 million, respectively.......continue reading

🥇STARTUPS

Three Nigerian Startups Win N24 Million in TotalEnergies Startupper Challenge 2024

Three innovative Nigerian startups have been awarded a total of N24 million to expand their impactful solutions after being declared the winners of the TotalEnergies Startupper Challenge 2024. These startups stood out among the 100 to be chosen from 32 African countries participating in this year’s competition.

Mrs. Adesua Adewale, General Manager of TotalEnergies Country Services, remarked on the growing enthusiasm among young African entrepreneurs, as evidenced by the increasing number of applications with each edition of the challenge. From 11,000 complete applications in the first edition to 14,000 in the fourth, with about 1,500 coming from Nigeria, the trend reflects the youth’s eagerness to initiate and innovate responsibly.

The winners will undergo a three-month training program on how to effectively utilize the N8 million to scale their businesses. The Startupper Challenge targets startups less than three years old or those with pioneering ideas that positively impact their communities or the planet.......continue reading