South African Insurtech Startup, Inclusivity Solutions, Raises US$1.56 million In Series A Funding Round
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The African Development Bank yesterday launched the Africa Digital Financial Inclusion Facility (ADFI) to aid safety and expansion of digital financial transactions in Africa. The Fund is supported by the Bill & Melinda Gates Foundation, the Agence Française de Développement (AFD) and the Government of Luxembourg. It aims to provide at least 320 million Africans access to digital financial services and will deploy US$100 million in grants and US$300 million in the form of debt from the Bank’s ordinary capital resources by 2030 to this effect. Last year, the percentage of financially included adults (formal banking sector) rose by 7% from 2014. In sub-Saharan Africa, the spread of mobile money contributed greatly in driving inclusion spreading account ownership to up to 95 million previously unbanked adults.
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Global digital money transfer platform WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay employees and contractors in 140 countries worldwide, including Nigeria, Ghana, Kenya, and South Africa. The platform will first be available to businesses registered in the U.K. The new service will not only allow businesses seamless transfer of value but will do so at competitively low fees and exchange rates.
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| Are you a healthcare entrepreneur? We’ve put together some great content for you detailing how to develop new products and services, and the major pillars of growth. There’s more! Download our report, “The State of Health Tech in Nigeria”, for a sector deep dive into challenges, opportunities and recommendations compiled especially for innovators, investors and regulators. Get it here. |
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Apply before July 31 for the GSMA Innovation Fund for Digitisation of Agricultural Value Chains. The GSM Association (GSMA) is looking to offer up to eight grants of £220 000 each for agritech businesses across two categories: mobile money and data-driven categories.
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| South African insurtech startup Inclusivity Solutions has raised US$1.56 million in the first tranche of its Series A funding round led by Goodwell Investments with participation from Allan Gray, RGAx and angel investors. The startup which creates and designs digital insurance solutions delivering these through digital channels in partnership with mobile operators and insurance companies, is looking to expand into more emerging markets. They also intend to accelerate the growth of their existing products in East and West Africa with this recent round of investment. |
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| Internet shutdowns in Sudan are not new but earlier this week, access to the internet was completely cut off amidst recent protests and reported violence over the military’s forceful removal of leader Omar al Bashir as the country demands a transition into civilian rule. In the last five years, more than 20 African countries have experienced some measure of severed access to the internet over political uprisings. According to the Washington Post, only 31% of Sudan’s 40 million citizens have access to the internet, and only 7% of the population use social media. |
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| Mrs. Hilda Kabushenga Kragha has been appointed Chief Executive Officer of careers platform, Jobberman Nigeria. She will be responsible for the growth and operations of the company. Until her recent appointment, Kragha worked as an Engagement Manager at McKinsey & Company, advising blue chip clients on strategy, human capital, and organisational transformation projects. |
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| Motorbike railing service Gokada recently announced they were expanding their service offering to include boat ride services across waterways in Lagos, Nigeria. The new service named GBoatNG is being powered by a partnership with Lagos Boats. Premier routes are on the Lagos island across Ikoyi, Lekki and Victoria Island and customers can book available rides via its booking platform. There is an ongoing discount for early bird customers. |
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That’s it for today,
We’ll see you next week!
– Kay
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