As Ed-tech apps gain prominence among education institutes globally due to lockdowns forced by the COVID-19 outbreak, Microtraction has invested in Nigerian ed-tech startup Gradely.
The artificial intelligence-enabled educational tool now joins a growing list of Nigerian startups backed by Microtraction.
It is unclear how much capital Gradely secured from the fundraising, but this investment came after Microtraction announced that it has changed its standard deal by increasing its investment to $25,000.
The investment in Gradely is the first for Microtraction this year and according to the investment firm, the Nigerian startup is closing the gap in Nigeria’s educational system and taking advantage of the COVID-19 crisis.
“Nigeria has repeatedly reported abysmal performances in the annual private West African Senior School Certificate Examination (WASSCE).
“Factors such as low access to quality education, which is connected to a dearth of funds in Nigeria’s education sector, low quality of learning resources, are hindering students making it difficult for them to pass core subjects like Mathematics and English Language.
“Gradely is addressing this problem by helping parents and teachers get a hang of these issues early in the student’s journey, reduce reliance on the government’s funding of the sector and prevent repeat mass failures,” Microtraction said
What does Microtraction see in Gradely? Gradely is used by parents and teachers to identify learning gaps of their children and students, with the AI-driven educational tool.
The tool was designed to provide recommendations and close the identified gaps through personalised homework as well as other periodic tests that can be taken by kids, teachers, and parents.
It also recommends educational products and services to buy and offers live online tutoring. There are over 4,500 Math practice questions and more than 80 video lessons for WASSCE and International General Certificate of Secondary Education (IGCSE). Gradely is being utilised by about 70 schools to digitise homework for their students.
These are some features that lured Microtraction during the fundraising, “Gradely launches at a time when most schools are looking to explore digital learning for the first time. Gradely’s laser focus on getting intelligible insights from the student’s work is what truly differentiates them and underscores their desire to make an impact in the collective growth and educational journey of each student in Sub-Saharan Africa.”
Microtraction added that “We believe that Gradely’s approach moves us closer to improving the country’s recurring mass failure in certificate examinations thereby producing qualified students that are ready for the next chapter of their educational journey.
“We are confident in the team’s ability to pull this off by driving improved retention and results for primary and secondary school students in Africa.”
How COVID-19 is fuelling demand for ed-tech: Demand for ed-tech platforms has risen since the outbreak of the disease globally. Home-schooling has become a culture among schools due to the lockdown which has restricted movement. So with the surge in demand for eplatform-based education, investing in startups like Gradely is rewarding to Microtraction.
With this investment, Gradely becomes one of the many Nigerian startups that have received financial support from Microtraction.
Some of the startups in Microtraction’s portfolio include Accounteer, Riby, Thank U Cash, CowryWise, Wallet.ng, Schoolable, 54gene, Termii and Festival Coins. Ghana’s Bit Sika has also secured funding from Microtraction.
Africa Prudential proposes dividend of N1 billion for shareholders
Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.
The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.
This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.
According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.
The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.
The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.
What you should know
- Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
- Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.
Konga launches revolutionary membership programme, Konga Prime
Konga Prime puts money back into the pockets of subscribers by helping them make great savings.
Konga, Nigeria’s leading composite e-Commerce giant, has rolled out Konga Prime, a revolutionary membership programme, with a lot of benefits for shoppers.
Konga Prime members enjoy unlimited free shipping, have access to exclusive offers and early bird deals, among others.
The incentives-filled loyalty programme went live on Monday March 1st, 2021.
Specifically, Konga Prime brings together a suite of exciting benefits which delivers great value to subscribers, helping them enjoy exclusive deals and other incentives such as faster deliveries of their orders. In addition, Konga Prime puts money back into the pockets of subscribers by helping them make great savings, incomparable to that offered by any other retail platform.
Furthermore, members of Konga Prime including busy individuals and families get to enjoy premium access to the full range of Konga’s cutting-edge assets. Among these are its powerful e-Commerce engine and online presence as well as the nationwide reach of a growing list of over 31 stores spread across the nooks and crannies of Nigeria. With this, Konga Prime members can take advantage of nationwide delivery of their items as fast as the next day.
Also, members have the added incentive of unlimited free delivery from Konga.com and access to discounts that make shopping faster and cheaper for all categories of shoppers.
Interested subscribers can sign up for Konga Prime here: https://www.konga.com/konga-prime Membership of Konga Prime is available to all customers, effective March 1st, 2021, beginning with Lagos and Abuja, the Federal Capital Territory (FCT). Equally important, Konga is currently offering specially discounted rates for interested subscribers to sign up for Konga Prime. In other words, subscription rates for Konga Prime membership have been slashed by as much as 50% for early bird subscribers.
In Lagos, membership of Konga Prime is currently up for N1,000 a month, as against N2,000 and N2,490 for three months, instead of N4,950 along with a 7-day free trial period. For Abuja, membership rates presently stand at N1,290 a month, as opposed to N2,500 and N3,490 for three months, instead of N6,950.
Meanwhile, the Konga Prime rollout is set to be extended to other states soon.
Vice President, Konga Online, Kenny Oriola, says the initiative is one that will deliver great value for members, including exclusive access to a growing list of special offers. These include unlimited free delivery, early access to exclusive deals as well as partner benefits and rewards.
“This initiative was implemented to provide a platform that allows our esteemed customers enjoy great value, including having their orders delivered to their preferred location for free. Saving time and money is not just the end goal here, but having access to exclusive deals, and mouth-watering discounts on special products also makes this service one to subscribe to.
‘‘Today, we kick-off this initiative in Lagos and Abuja. Subsequently, other states across the country will benefit from this service. We urge all interested subscribers to take advantage of the ongoing discounted rates to sign up for this value-adding programme,’’ he disclosed.
Further, Oriola submits that in the future, Konga will leverage its wide-ranging assets to add additional benefits for members in a variety of services and offerings, adding that the list of benefits will continue to grow over time.
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