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03 – 04 – 2019

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Today marks 10 years since Paga’s founder and CEO, Tayo Oviosu embarked on the Paga journey. A journey, he says, that was born out of the frustration with needing to carry cash everywhere in Nigeria and the inability to make payments efficiently. In 10 years, the company has grown to a team of 460 and counting, recruited over 20,000 agents, served over 12 million customers, process over 72 million transactions worth $4.6 billion in value. In a special 5 part series to commemorate 10 years, Tayo shares his stories and lessons in what it has taken to build the leading mobile money company in Nigeria. Read part 1 here.

Nigeria-based health tech startup, MDaaS Global has raised over $1 million in equity funding according to a US Securities and Exchange Commission filling made on April 1. MDaaS Global before now had raised $400,000 with the latest being a $100,000 investment from Ventures Platform in 2018. Launched in 2015 by Oluwasoga Oni, Genevieve Barnard Oni, Joe McCord and Opeyemi Ologun, the startup originally sold, leased and maintained medical devices to/for health organisations before it pivoted to building and operating diagnostic centres across Nigeria. You can learn more about MDaaS Global and other health tech startups in Nigeria in our industry report, The State of Health Tech in Nigeria.

Egypt’s Brimore has raised $800,000 in a seed funding round led by Algebra Ventures and Endure Capital. Brimore’s end-to-end distribution platform connects manufacturers with a community of individuals who will market and sell their products. The startup, a beneficiary of Flat6labs’ accelerator programme, was founded in 2017 by CEO Mohamed Abdulaziz, CBO Ahmed Sheikha, and Mahmoud Refaay. The seed funding will be used for technology development, marketing and team expansion.

mPharma, has been awarded $1.5 million as one of five winners of the 2019 Skoll Awards for Social Entrepreneurship. This follows a recent announcement that the Ghanaian health startup is set to buy Kenya’s second largest pharmacy chain and that it is about to complete a $12 million Series B funding round. The four other 2019 Skoll awardees are Crisis Text, South Africa’s Harambee Youth Employment AcceleratormPedigree and Thorn.

On the 18th of April, 2019, The British High Commission to Nigeria and EFInA (Enhancing Financial Innovation & Access) are convening an interactive session that brings fintech operators, investors, policy makers and hubs to explore the ways in which increased funding and enhanced regulatory harmony can grow the Nigerian Fintech ecosystem. Also, EFInA will announce the winners of its $2 million Fintech Challenge Fund; fintech companies who have built solutions to improve financial inclusion among low-income earners in Nigeria. Sign up here to indicate interest to attend. Limited seats are available.

Women In Entrepreneurship & Technology (WETECH) is organising a conference and workshops on Saturday, April 06, 2019 under the theme “Entrepreneurship & Technology at the heart of the development of female leadership”, in ActivSpaces premises in Akwa Douala. Find out more and register here.

Joshua Chibueze, Co-founder at Nigerian fintech startup, PiggyVest, speaks with TechPoint about the need for an efficient national identity system in Nigeria.

The highly anticipated IPO of Jumia will happen this month according to a Quartz Africa report. The company is offering 13.5 million American depository shares for purchase which could fetch it as much as $216 million if fully sold. Jumia has already received a boost ahead of the public offering following a $56 million private placement from Mastercard Europe.

TechCabal is pleased to introduce its first paid report, The State of Health Tech in Nigeria. This essential report looks deeply into the state of Nigeria’s health industry, the challenges facing that industry and the innovative startups working to find solutions to those challenges. The report profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors and regulators to consider. Get the report here.

From TechCabal

The Challenge for Healthcare Innovators In Nigeria Is To Do More With Less

+ A Recap of our Health Tech Townhall

That’s it for today.

See you tomorrow.
– Olanrewaju

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