Charles Udoh - Afrikan Heroes

Tamwilcom’s Innov Invest Program: 12 Incubators Secure Funding to Empower Moroccan Startups

January 9, 2024

Twelve partnering support structures have been selected for the implementation of the financing offering in the 3rd edition of the Innov Invest program.

Tamwilcom revealed on Monday the twelve Partnering Support Structures (PSS) that will play a key role in the implementation of the new generation of financing dedicated to innovative startups within the framework of the 3rd edition of the Innov Invest program initiated by the Innov Invest Fund with the support of the Ministry of Economy and Finance and the World Bank.

This selection follows a call for expressions of interest launched on June 28, 2023, and the selected PSS were designated by an independent commission composed of national and international experts. These partners will be actively involved in the early stages of the startup lifecycle, namely ideation, incubation, and pre-acceleration.

For the “Ideation” segment, Tamwilcom has selected the following structures: Enactus, Incubooster, Univers Startup & Entrepreneur, and Euromed Innovation Center (EIC). In the “Incubation” segment, the selected PSS are Cluster CE3M, Cluster EnR, Emerging Business Factory (EBF), R&D Maroc, Réseau Entreprendre Maroc (REM), and Startup Maroc. Finally, in the “Pre-acceleration” segment, Impact Lab and SB3S have been chosen.

These structures, engaged in a contractual process with Tamwilcom, will be responsible for deploying a financing offering comprising two flagship products: “Tech Start” and “Tech Boost.” “Tech Start,” designed for the “Incubation” segment, supports startups that have surpassed the Proof of Concept (POC) stage by providing a contribution of up to 400,000 DH (USD40,000), covering up to 80% of expenses related to the development of prototypes or products at the MVP (Minimum Viable Product) stage.

Regarding the “Pre-acceleration” segment, “Tech Boost” offers an honorary loan of up to 750,000 DH (USD75,000) for startups that have surpassed the MVP stage and are seeking to introduce their products to the market. This financing can cover up to 80% of the project cost, particularly for breakthrough innovations (Deep Tech).

The PSS involved in the deployment of these instruments, as well as those involved in the “Ideation” segment, will benefit from technical assistance, the extent of which will depend on their performance and achievements.

It is worth noting that the Innov Invest Fund (IIF), created by the Ministry of Economy and Finance in collaboration with Tamwilcom and with the support of the World Bank, aims to promote access to financing for startups and innovative project leaders in Morocco.

Kenyan Climate Tech Startup Octavia Carbon Secures Funding for Carbon Capture Technology

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

ZeroComplex AI Secures Substantial Pre-Seed Funding to Drive AI Integration Across Africa

ZeroComplex AI, a burgeoning player in the field of artificial intelligence, has successfully secured significant pre-seed funding from a consortium of distinguished investors. This financial backing is earmarked to advance the company’s mission of facilitating the seamless integration of AI into digital infrastructures across the African continent.

On a global scale, there has been an unparalleled surge in the development and adoption of AI in recent years. The transformative impact of AI is evident across diverse sectors such as finance, health, education, software development, and e-commerce, revolutionizing work processes and problem-solving approaches. Its ability to enhance efficiency, streamline complex operations, process vast datasets, and deliver swift and precise analyses surpasses human capabilities.

Forward-thinking companies worldwide are increasingly interested in incorporating AI into their existing systems to harness its transformative potential. ZeroComplex AI is at the forefront of making this integration process effortless for organizations, irrespective of their size or industry. The company harnesses the power of AI to address workflow challenges, propelling businesses and organizations to new heights globally.

The brainchild of Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo, ZeroComplex AI emerges from the visionary minds behind Crenet, a B2B technology consulting and implementation company specializing in digital products for enterprise organizations. The founders, with their extensive experience in technology implementation projects across diverse sectors, recognized the profound opportunities presented by AI in simplifying business processes. Years dedicated to constructing AI implementation projects equipped the team with the requisite skills and competencies to establish ZeroComplex AI.

Discussing the transition from Crenet to ZeroComplex AI, Kehinde Olateru, Co-founder of Crenet and former Head of Flutterwave Labs, states, “Based on the conversations we were having with customers who wanted to know how AI would impact their businesses, we realized that AI integration will be one of the toughest things for a lot of businesses, especially businesses that have existing digital infrastructure. So we decided to put together AI workflows that are specific to different use cases for a lot of these businesses, regardless of their size.” This realization led to the creation of ZeroComplex AI, with the primary goal of simplifying the AI integration process for businesses through its tailored AI workflows.

Pitch2Win and the subsequent funding round played pivotal roles in ZeroComplex AI’s journey. In 2023, the startup secured the second position in the Pitch2Win competition, capturing the attention of Olumide Soyombo, founder of Voltron Capital and one of the judges at the event. This fortuitous encounter resulted in investments from Voltron Capital, Henry Kaestner’s Kaleo Ventures, Alpha Gaps, Velocity Digital, and numerous other esteemed angel investors.

The oversubscribed seed funding round signifies a resounding vote of confidence in ZeroComplex AI’s potential. The company has already piloted three AI workflow solutions, addressing use cases in finance, education, health, and various industries. Looking ahead, ZeroComplex AI aspires to pioneer additional AI workflow solutions across a diverse array of global industries.

Ethiopia Signs Access Deal With Somaliland

Kenyan Climate Tech Startup Octavia Carbon Secures Funding for Carbon Capture Technology

January 4, 2024

Octavia Carbon, headquartered in Kenya, has secured funding to advance its Direct Air Capture (DAC) technology, with a primary focus on extracting carbon dioxide (CO2) from the atmosphere. The company is committed to combating climate change through the development, construction, and deployment of machines designed to directly capture atmospheric CO2 using DAC technology. Martin Freimüller, the founder and CEO of Octavia Carbon, emphasized the pivotal role of carbon capture technologies in addressing climate change. He expressed confidence that their DAC technology would contribute significantly to reducing global carbon emissions in the pursuit of a net-zero future.

Octavia Carbon not only pioneers in technological solutions but also provides a platform for the purchase of carbon credits. This allows both companies and individuals to offset their carbon footprint affordably. Simultaneously, the initiative aims to promote climate justice for communities in Kenya. Leveraging Kenya’s natural geothermal resources, geological advantages, and a pool of talented individuals, Octavia Carbon ensures cost-effective operations.

Martin Freimüller’s vision is encapsulated in the company’s mission to offer innovative technology while acknowledging the growing demand for durable and verifiable carbon credits in the carbon market. Esther Mwikali, Investment Manager at Renew Capital, expressed excitement about supporting Octavia in their endeavors. Renew Capital, an Africa-focused impact investment firm, recognizes the significance of Octavia Carbon’s contribution to global climate solutions. The investment received by Octavia Carbon underscores the importance of pioneering climate solutions and Africa’s active role in fostering a more sustainable future.

Renew Capital, as the driving force behind the investment, stands as an Africa-focused impact investment firm. The organization supports growth-oriented founders who possess a unique combination of skills, grit, and passion. Acting on behalf of the Renew Capital Angels, a global network comprising angel investors, foundations, and family offices seeking both financial returns and sustainable social impact, Renew Capital plays a crucial role in promoting impactful and sustainable ventures.

The collaboration between Octavia Carbon and Renew Capital symbolizes a strategic alliance in the pursuit of innovative climate solutions and a commitment to shaping a more sustainable future.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Cameroon’s Koree Raises Pre-Seed Round to Fuel Expansion Plans Across Francophone Africa

Cameroonian fintech Koree, specializing in enabling customers to save spare cash on their cards, has successfully secured a $200,000 pre-seed funding round. The funds are earmarked for expanding the network of merchants, scaling the user base, and ultimately achieving product-market fit, as stated by Koree’s founder, Magalie Gauze-Sanga.

The pre-seed round received support from various investors, including Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors. Koree addresses the challenge of spare change in cash-based economies by utilizing a card and digital wallet system, allowing merchants to return customers’ spare change. Additionally, merchants can leverage Koree’s platform to create loyalty programs, offering cashback rewards to customers.

In pursuit of its fundraising goal, Koree is gearing up to launch a new marketplace that incentivizes users with rewards on their everyday purchases. According to Gauze-Sanga, consumers will earn cash while shopping on the Koree app across 14 categories such as bakery, supermarket, fast food, movies, and pharmacy. The cash earned can be directly redeemed into the user’s mobile money account.

To facilitate the redemption process, Koree will collaborate with customers’ referenced payment service providers. Since its launch in September 2022, Koree has garnered over 13,000 users and processed more than 50,000 cash-based transactions totaling $400,000. The fintech has also generated 30,000 private wallets, with revenue sourced from charging merchants a subscription fee and a commission on each transaction.

Noteworthy achievements include winning the Orange Fab Cameroon challenge in June 2023, providing access to resources for expansion. The Orange Fab acceleration program offers mentorship from industry experts to support Koree’s strategic development plans. Subsequently, in October, Koree secured victory in the Ecobank Fintech Challenge, securing $50,000 in non-dilutive funding, which is being utilized to hire for business development and engineering roles.

With a team spanning Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga emphasizes the importance of a physical office, to be located in Douala, Cameroon, as it would facilitate team bonding and the creation of a robust work culture.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Triodos IM Continues Fintech Expansion, Invests $2.1M in South African FinTech UsPlus for Sustainable Impact

January 3, 2024

Triodos Investment Management (Triodos IM) has expanded its presence in the fintech sector within emerging and developing markets. The Triodos Microfinance Fund and Triodos Fair Share Fund have jointly provided a debt facility of EUR 2 million ($2.1M) to UsPlus in South Africa. UsPlus is a high-impact tech company specializing in offering flexible working capital solutions to the Small and Medium Enterprises (SME) sector.

In alignment with the latest generation of fintech companies in South Africa, UsPlus endeavors to leverage technological advantages to target financially excluded businesses and entrepreneurs profitably. Established in 2015, the company focuses on providing alternative funding solutions to SMEs through discounting products. This financing method enables SMEs to sell their invoices to a third party at a discounted rate, allowing them immediate access to cash. The innovative aspect of this product lies in its ability to provide SMEs with easy and rapid access to working capital, which would otherwise be tied up in unpaid invoices. UsPlus has facilitated approximately USD 133 million in funding to SMEs through its debtor discounting product.

Investment Officer Stanley Anyetei expressed, “This investment in UsPlus demonstrates Triodos Investment Management’s ongoing commitment to investing in innovation for financial inclusion, addressing the access to finance gap across the African continent. We eagerly anticipate collaborating with the UsPlus team to deepen our impact on this continent by contributing to inclusive economic growth.”

UsPlus acquires clients through various channels, including word of mouth, industry meetings, accountancy firms, and their web portal. Each client must be legally registered with a minimum track record of three fiscal years and undergo an assessment of debtors/supply agreements. UsPlus also ensures that potential clients do not engage in activities negatively impacting the environment and social issues, based on the IFC Exclusion list. Once these criteria are met, UsPlus initiates the access process, analyzing the client’s operational performance, among other factors. The entire process, except for the client visit, is conducted digitally, minimizing the timeline to disbursement. The maximum turnaround time is one week for new clients and half a day for existing clients.

UsPlus has demonstrated operational performance and resilience over the past eight years. The debt facility provided by the Triodos IM financial inclusion funds aims to support this innovative fintech in scaling up and diversifying its funding base, thereby further enhancing support for the underserved SME sector in South Africa.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Energy Optimization: Tunisian Startup Wattnow Establishes Itself in Toulouse

The Tunisian startup Wattnow offers an intelligent IoT solution for energy management in businesses. It has recently opened its subsidiary in Toulouse.

According to the latest data published by Eurostat, the statistical office of the European Union, gas and electricity prices are finally beginning to stabilize in the market. This is good news, especially for French businesses that have been heavily impacted by the surge in energy prices since the Covid crisis and, particularly, the start of the war in Ukraine.

Between 2019 and 2022, the price of gas doubled, averaging barely €35 per MWh to almost €70 per MWh. On the electricity front, prices increased by 38% over the period, reaching around €130 per MWh (source: Insee).

Reducing Energy Waste

Even though the situation is improving today, many uncertainties continue to weigh heavily on the energy market. Consequently, managing consumption has become a priority for numerous companies of all sizes. Founded in 2018 and based in Tunis, Tunisia, the startup Wattnow has made it its mission to help companies optimize their energy usage and extend the lifespan of their assets to reduce costs and carbon footprint.

In the midst of growth, the rising star has chosen Toulouse (Haute-Garonne) to open its first subsidiary in France. A significant step for Wattnow, which aims to market its solution combining machine learning and IoT (Internet of Things) in France and establish an R&D center to strengthen its software development and artificial intelligence (AI) teams.

The Wattnow solution is made up of smart sensors that collect data and a prediction algorithm that detects, analyzes, and optimizes real-time energy consumption, automating certain processes such as lighting or air conditioning. Already deployed on more than 500 sites across three continents, including several local subsidiaries of major French companies, the Wattnow solution retrieves over 1 billion data points per month.

Why Toulouse?

Given the strong interest of French companies in Wattnow’s solution and the significant challenges posed by reducing carbon footprint and the associated costs, the start-up, identified by the Tunis office of Business France, decided to establish itself and market its solution in France. In a press release dated November 13, 2023, AD’OCC, the economic development agency of the Occitanie Region, explains that “Wattnow was looking for an ecosystem with a strong industrial and tertiary fabric, offering recognized skills in IoT and AI, with good connectivity to Tunisia for its establishment. Occitanie was chosen for all these criteria among eight other sites in France.”

To support it in this new phase, the Tunisian rising star benefited from the International Decision Makers’ welcoming program during the Energaïa exhibition in December 2022. This allowed them to meet companies and experts from the Occitanie region and “decide on their establishment in Toulouse.” This project aims to create more than sixty jobs over three years.

Wattnow Toulouse Wattnow Toulouse Wattnow Toulouse

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Cameroon’s Maviance Dominates 2023: Surges with 13.8 Million Transactions and 320% Growth

January 1, 2024

Maviance, a multiservice platform that facilitates payment operations such as bill payments, sale of communication credit, and mobile money transactions in the CEMAC region, reports 13.8 million transactions with a total value of 295 billion XAF between January and November 2023. According to the information released by the company, these figures reflect a 320% increase in transactional flows.

“This growth is mainly attributed to two factors: the launch of its digital mass payment solution in the market and the adoption of SmartCash by the Société Anonyme des Boissons du Cameroun (SABC) for the digitization of its collections. Maviance’s mass payment solution, used by both small and large organizations, is a digital platform that enables companies to dematerialize their payment processes (salaries, bonuses, missions, up to +5000 people) in a single operation and instantly access transaction reports,” it reads.

SmartCash, it is learned, is a digital solution proven by entities like ENEO since 2017. It allows companies to instantly collect payments through various payment channels by connecting “our network of agents, payment providers (Mobile Money), microfinance institutions, banks, and GIMAC directly to the company’s information system.”

Thanks to its extensive partner network comprising more than 150 financial institutions, Maviance provides them with the convenience of collecting payments even in rural or underserved areas not served by banks.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

MINDEX Launches Mauritius’ First Virtual Assets Marketplace

December 29, 2023

MINDEX, a leading financial technology company, proudly announced the inauguration of Mauritius’ inaugural virtual assets marketplace, marking a significant milestone for the region’s financial ecosystem. The Financial Services Commission (FSC) recently granted MINDEX the Virtual Assets Marketplace license, further expanding its capabilities in the digital financial landscape.

This achievement follows MINDEX’s previous approvals for the digital securities exchange and clearing house from the FSC in February 2023 and the MINDEX Digital Custodian in January 2022. The newly acquired license complements MINDEX’s existing digital securities exchange, digital custodian, and clearing house, creating a comprehensive ecosystem for users to exchange virtual assets, including tokenized real-world assets, stablecoins, and cryptocurrencies.

Manisha Dookhony, Chairperson of MINDEX Limited and Advisor to multiple African governments, expressed optimism, stating that this development positions Mauritius as a regulated center for virtual assets in Africa and beyond. She emphasized the positive impact of this step towards creating a unique marketplace for virtual assets, aligning with the vision of the African Continental Free Trade Area (AfCFTA).

Christian Angseesing, Chairman of the Board of MINDEX Digital Custodian Limited, praised the FSC’s forward-thinking approach, seeing it as a proactive endorsement of innovation and technology. He highlighted the potential for Mauritius to become a hub that unites investors from diverse African economies, fostering economic collaboration.

MINDEX leverages blockchain technology to facilitate regulated market access for both institutional and retail investors. The company aims to establish a comprehensive digital ecosystem for Africa, combining its digital custodian, exchange, clearing and settlement facilities, and now, a virtual assets marketplace. With three decades of success as an International Financial Centre (IFC), Mauritius is poised to retain its competitive edge by embracing the opportunities presented by financial technology.

Jessica T. Naga, CEO of MINDEX, emphasized the importance of providing investors worldwide with direct access to information for assessing investment opportunities. She highlighted MINDEX’s commitment to utilizing blockchain technology to optimize trade and enhance liquidity in Africa.

The government’s commitment to establishing Mauritius as a regulated FinTech hub of choice for Africa is evident in the FSC’s issuance of relevant licenses to MINDEX. The move signifies a strategic step towards leveraging local skills and capabilities to propel the jurisdiction to new heights in the evolving landscape of digital finance.

MINDEX’s aspiration is to build a fully regulated virtual asset ecosystem that spans Mauritius, Africa, and beyond. By harnessing blockchain technology, the company aims to streamline financial services and products, providing a comprehensive suite of services, including listings, automated transactions, collateralization, fund administration, asset management, and post-trade support.

All On Invests $2.25M in Nigeria’s Baobab+ for Solar Solutions

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

All On Invests $2.25M in Nigeria’s Baobab+ for Solar Solutions

December 28, 2023

All On, a prominent Nigerian impact investment company, has inked a strategic $2.25 million credit facility investment deal with Baobab Plus Nigeria. This investment is set to propel the deployment of 1,536 solar energy systems across Nigeria, ranging from 600W to 3KW.

The partnership aims to leverage Baobab+ Nigeria’s existing Pay-as-you-Go Agent Network, spanning 21 locations across the Southwest, North Central, and Northwest regions. All On emphasized that the collaboration will not only illuminate homes and communities but also empower them while safeguarding the environment.

In an official statement, All On’s CEO, Caroline Eboumbou, highlighted the company’s dedication to increasing access to energy products and services for underserved communities in Nigeria. She emphasized the support for innovative companies, such as Baobab+, that are leading the charge in renewable energy access.

“This collaboration with Baobab+ is proof of our commitment to supporting Nigeria’s path to sustainable development and creating a brighter future for all Nigerians,” Eboumbou asserted.

Baobab+ Nigeria’s CEO, Kolawole Osinowo, expressed enthusiasm about the partnership, describing the investment as a unique financing model that allows Baobab+ to expand its reach and empower SMEs and communities nationwide. Osinowo emphasized that by providing affordable solar systems, Baobab+ is not only delivering cost savings and improved living conditions but also contributing to environmental sustainability.

“This perfectly aligns with Baobab+’s mission, and with All On’s invaluable support, we can make a significant impact on the lives of countless people,” Osinowo noted.

The investment will facilitate the expansion of Baobab+’s PayGo Agent Network into new locations, with a focus on rural off-grid and underserved communities. The flexible payment options offered to consumers aim to remove the major price barrier, making solar energy products accessible to those on low incomes by adapting to their spending habits.

Baobab Plus All On Baobab Plus All On

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Fawry and Simple Touch Join Forces for Digital Payment Overhaul in MENA Restaurants

In a move set to reshape the future of fintech and digital payments in the Middle East and North Africa (MENA) restaurant sector, Fawry, a leading Egyptian digital banking and payments technology company, has proudly announced a strategic partnership with Simple Touch, a key player specializing in cutting-edge business management software and enterprise resource planning (ERP) solutions for the food and beverage sector in the region.

The primary objective of this collaboration is to enhance Simple Touch’s restaurant management systems by integrating Fawry’s latest innovative financial technologies within the MENA region. Speaking on the significance of this alliance, Mohamed Kamel, Head of Acceptance Business Development and Billers Relationship Management at Fawry, expressed enthusiasm, stating, “We are delighted about this fruitful collaboration with Simple Touch, aiming to revolutionize the restaurant sector by infusing innovative technology into their extensive customer base across the MENA region.”

Kamel emphasized Fawry’s proven track record in digital payment solutions, highlighting the opportunity to contribute to the advancement of the food and beverage industry through this strategic partnership. “Our goal is to provide an integrated and innovative solution that caters to the needs of companies in this sector, ultimately enhancing their efficiency and elevating the overall customer experience,” he added.

Hady Samir, co-founder and head of the commercial sector at Simple Touch, echoed Kamel’s sentiments, expressing pride in the partnership with Fawry as a significant opportunity to strengthen their presence and expand their business innovatively across the region. Hady stated, “This collaboration marks a milestone in combining our expertise in developing business management software in the food and beverage industry with Fawry’s innovative technologies in the realm of fintech and digital payments.”

Samir highlighted the cooperation’s goal of delivering cutting-edge solutions in the regional restaurant sector, clarifying its potential to improve performance and efficiency across the industry. The agreement is poised to empower food and beverage business owners, facilitating advanced technological solutions that streamline financial operations and digital payments for restaurant customers throughout the MENA region.

This strategic alliance unfolds within the broader context of ongoing development in the food and beverage sector in the MENA region, aiming to align with evolving industry needs. The collaboration is anticipated to be a catalyst for the advancement of digital payment systems within the food and beverage sector across the region, paving the way for further extensive cooperation in the future.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.