Business News
Ropeways, AfDB reap gains at Africa Investment Summit
Dr Akinwumi Adesina has said that transactions worth $40.1 billion have been secured at the second edition of the African Investment Forum.
President of the African Development Bank, Dr Akinwumi Adesina has said that transactions worth $40.1 billion were secured at the second edition of the Africa Investment Forum, according to the Punch.
The Details: Adesina stated that the number of transactions initiated by the bank and its partners in this year’s event surpassed last year’s record which stood at $38.7 billion. This year, 56 deals worth $67.6 billion went into boardroom sessions, a 44% increase from last year.
Meanwhile, the promoters of the Lagos Cable Car Project, Ropeways Transport noted that it was still in need of $50 million to make up funds already secured to execute the project. Despite the difficulty of securing land that would serve as stations for the transport system, Dapo Olumide, Chief Executive Officer of the Cable Car Project, explained that the company could only get $230 million for the kickoff of the project.
Olumide said the company made a presentation at a closed-door session for the $50 million additional funding that would be required to see the project come to life within a period of two years.
Similarly, Nigerian governors were not exempted from the event. They, like other fund seekers, met with potential investors in closed-door meetings. Abia State Governor, Dr Okezie Ikpeazu, and the Ekiti State Governor, Dr Kayode Fayemi, were at the event to solicit financing for some projects although Nigerian transactions were yet to be announced as sealed.
[READ ALSO: 12 African startups selected for 2019 Series-A Venture Showcase]
Nairametrics gathered that the Abia State Government made a presentation on a project called “Enyimba City” which has already secured no less than $10 million in funds from the bank for a feasibility study on the project. The stage of discussion reached is, however, unclear.
Speaking at the close of the event, Adesina, while expressing joy at the progress made in terms of the sealed and proposed transactions, said “It’s been a phenomenal three days of intense engagements. You can feel the energy in the hallways, the marketplace, restaurants, over meal, as all you hear is all about deals and deals. We have had an incredible event.”
What you should know: A record 2,221 participants from 109 countries — 48 countries from Africa and 61 from outside of Africa reportedly participated in the event.
Corporate deals
DEAL: Nigeria’s Cowrywise raises $3m pre-series A funding
Nigerian fintech startup, Cowrywise has raised $3m in pre-series A funding.
Nigerian fintech startup Cowrywise has raised $3m pre-series A funding.
This funding round was led by Washington DC-based Quona Capital, with participation from Sahil Lavingia, Tsadik Foundation, and a syndicate of local and diaspora based Nigerian angels.
Founded by Razaq Ahmed and Edward Popoola in 2017, Cowrywise gives Nigerian’s access to a range of goal-oriented savings and investment products.
The Quona led investment brings Cowrywise’s total funding amount to $3.3 million since its 2017 launch.
The company first introduced savings on its platform, followed by mutual funds and they currently have 19 different mutual funds and at least 20% of the total mutual funds in the country are listed on its platform.
According to Ahmed, while Nigerian’s millennials may have high digital connection levels, they lack access to high-quality savings and investment products. Which is what Cowrywise is offering.
The startup has more than 220,000 users currently. According to the Techcrunch, there are only half a million Nigerians actively investing in mutual funds. When compared to the total number of active bank accounts in the country of more than 40 million, it is obvious Cowrywise still has room to grow in the $3 billion markets.
This new funding will be used to increase its customer base and also expand its product offerings, support more fund managers in Nigeria, and build its investment management structure.
What you should know
- Cowrywise, an app that helps you easily plan, save, and invest online with the strongest interest rates and investment returns is the first Nigerian startup to be backed by Quona Capital.
- In June 2018, Cowrywise closed an Angel round of $50,000 led by Microtraction. In August 2018, it raised a $120,000 seed round from Y Combinator and another seed round from Kairos by December of the same year.
- It received undisclosed funding from K-50 Ventures in April 2019, before receiving an $80,000 grant from UK-DFID backed accelerator, Catalyst Fund. A first for a Nigerian startup.
- In February 2020, Quona Capital led the $14 million series A round for Kenyan eCommerce Startup, Sokowatch.
- The company has also significantly invested in South African startups like Lulalend, Yoco, ZOONA, and ALLLIFE.
Tech News
Whatsapp to require biometric authentication for PC and web access
WhatsApp is adding a new biometric feature to confirm users’ identity when linking accounts to PC or the web.
WhatsApp is adding a new biometric feature to confirm your identity when you want to link your WhatsApp account to a PC or the web.
The social media app is rolling out this new feature for its web and desktop apps, which will let people create an additional authentication layer using biometrics when they want to use WhatsApp on desktop or web.
Users will now have the option (not a requirement) to add in a biometric login, which uses either a fingerprint, face ID, or iris ID — depending on the device — on Android or iPhone, to add in the second layer of authentication.
When implemented, it will appear for users before a desktop or web version can be linked up with a mobile app account.
WhatsApp told TechCrunch that it is going to be adding in more features this year to bring the functionality of the two closer together. There are still big gaps: for example, you can’t make calls on the WhatsApp web version.
To be clear, the biometric service, which is being turned on globally, will be opt-in: users will need to go to their settings to turn on the feature, in the same way, that today they need to go into their settings to turn on biometric authentication for their mobile apps.
WhatsApp has added that it will not be able to access the biometric information that you will store in your device and that it is using the same standard biometric authentication APIs that other secure apps, like banking apps, use.
This new feature will work alongside another, which sends your phone notifications whenever somebody logs into your account on the web or a computer.
What you should know
- The company has been getting a lot of backlashes since it announced it will now share its users’ personal information, including phone numbers, IP addresses, contacts, and more with Facebook from February 8, 2021.
- WhatsApp’s new privacy policy forced many users to quit the app and to seek alternatives in Signal and Telegram
Economy & Politics
Nigeria, now 2nd most corrupt country in West Africa – Transparency International
Nigeria is now the second most corrupt country in W/Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.
