It was an interesting time, over the weekend, for the ten African startups that won a total of $1 million at the grand finale of the maiden edition of the Africa Netpreneur Prize Initiative (ANPI). The event took place in Accra and was attended by Jack Ma, the Chinese billionaire whose brainchild this is to support African entrepreneur.
The biggest winner of the night
Nigeria’s LifeBank was declared the biggest winner and was awarded the sum of $250, 000 to facilitate its business of saving lives. The healthcare startup specialises in the use of technology and logistics to deliver “lifesaving medical products” to hospitals across Nigeria and beyond.
Information reaching us from the event also noted that the company’s Founder, Temi Giwa-Tubosun, was bestowed with the Jack Ma African Business Hero Award. An excited Tubosun was quoted by CNN to have said the following:
“The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa.”
— Africa’s Business Heroes (@africa_heroes) November 16, 2019
The first and second runners-up
Other winners also emerged one of which is Nawah Scientific, a private research centre in Egypt that received $150, 000. Water Access Rwanda was also awarded $100, 000 to facilitate its operations in Rwanda it works to provide access to clean drinking water.
3 other Nigerian startups win
With half of the prize going to the top three winners, the remaining $500,000 was left to be shared between seven startups. Three Nigerian startups got a cut from this sum, and they include the following:
- Thrive Agric: An agric-tech company that works to avail small farm owners access to finance
- DrugStoc: A startup that uses IT to fight counterfeit drugs
- Black Swan Tech Ltd: Works to increase birth registration and immunisation of newborn
Other winners drawn from across Africa include: Afrikrea.com from Ivory Coast, J-Palm Liberia, Mumm from Egypt, and Uzuri K&Y from Rwanda.
— Black Swan Tech (@BlackSWTech) November 16, 2019
The panel of judges at the event included Jack Ma, First Bank of Nigeria’s Chairman, Ibukun Awosika, and Zimbabwean serial entrepreneur and billionaire, Strive Masiyiwa. They were praised for doing “stellar” job at finding the right winners.
Stellar panel of judges with serious questions and actionable advice @AFNetpreneurs in Accra @joetsai1999 Jack Ma, Strive Masiyiwa, and @IbukunAwosika. Down to which slides to remove, governance structures, realistic addressable markets. Look out for it on youtube pic.twitter.com/mdVgKcvbOX
— Aubrey Hruby (@AubreyHruby) November 16, 2019
In the meantime, the Africa Netpreneur Prize Initiative (ANPI) is set to give out another $1 million to deserving African entrepreneurs next year. This will be done for ten consecutive years, with $10 million awarded in total.
Payroll Support Program: FG pays 101,567 beneficiaries first-month salary
The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.
President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.
This information was disclosed in a tweet by the official Twitter handle of the President.
I am pleased to announce that 101,567 beneficiaries drawn from 16,253 businesses today received their first monthly payment from our Payroll Support Program. The program is a @SurvivalFund_ng Covid-relief initiative to support qualifying MSMEs with staff salaries for 3 months.
— Muhammadu Buhari (@MBuhari) November 18, 2020
The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.
Why this matters
The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.
What you should know
In July, Nairametrics reported that the Federal Government had announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.
The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.
A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.
Development Bank of Nigeria disbursed over N150 billion in 3 years
52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.
Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.
This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.
What you should know
A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.
#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs: https://t.co/DD6bn1t8u2
— Government of Nigeria (@NigeriaGov) November 17, 2020
What they are saying
The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”
Why it matters
The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.
The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.
FG commences disbursement of N20,000 special grant to rural women
Special grant project will see over 700,000 women empowered with N20,000 each.
The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.
This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.
Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.
What they are saying
Commenting on the latest development, the verified tweet reads thus:
“MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.
“The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.”
MAKE GOOD USE OF THE CASH GRANT- Umar Farouq tells Rural Women.
The HM @FMHDSD @Sadiya_farouq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families. https://t.co/W2y9x3mzyE pic.twitter.com/ZdGZ3fXhOy
— Federal Ministry of Humanitarian Affairs (@FMHDSD) November 12, 2020
What you should know
The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.
It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.
The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.