The culture of an organisation affects not only the employees but also its overall operations. It affects the company’s brand, perception and bottom line.
Culture is a collection of ethical precepts that guide human behaviours. And values are definitive human convictions. They define what is good and bad, right and wrong, important and unimportant. Although we are inherently value-laden, societal culture and our experiences shape our values over time.
Ayobamigbe Teriba, Relationship Operations Officer at Ingressive Capital
Company culture or organisation culture is a self-sustaining pattern of behaviour. It determines how people work and interact and how things are done. The culture of an organisation defines employees’ experience, business operations, digital transformation and sustainability of the business.
Across the world, companies are trying to put out fires started by COVID-19. And they might be dealing with the devastating effects of the pandemic much after it is contained. Pandemics create pandemonium. Coronavirus is the first global health crisis since the 1918 Spanish Influenza.
According to Johns Hopkins’ sociologist and historian, Alexandre White, the global pandemic has caused fear, anxiety, and paranoia. Parents are worried about the welfare of their children. Children are worried about their aged parents. Employees are scared of losing their jobs. Employers are scared of losing customers and inability to sustain their businesses.
How to build a strong company culture
The executive leadership of an organisation defines its culture. But the employees are key to maintaining the organisation culture and the ultimate success of the organisation. The Deloitte Core Beliefs & Culture Survey shows that companies with a strong sense of purpose and culture have strong financial performance.
Organisations that scale globally are imbued with calmness and candour. These organisations give employees options in the form of convenience in dressing, extensive remote options, vogue leave and care packages. The common lie is that only tech firms or startups give employees these options, but the secret of high-scaling organisations is in their progressive culture.
Progressive organisation culture enables employee retention and provides a common sense of ownership and purpose.
Empathy is also an important ingredient in a company’s culture. Past and present events have shown that organisations must be empathic in their business operations to retain staff and customers. For instance, the CEO of Airbnb, Brian Chesky, was emphatic in his letter to Airbnb’s staff. He detailed the financial health of the company and the roll-out of a staff retrenchment.
A common denominator of culture across all organisations is talent
Effects of a Strong Company Culture
In addition to its impact on revenue, a good culture affects companies in these five key areas:
Attract and Keep Talent: The most significant way of sustaining a company culture is through the recruitment and onboarding process.
One of the high-scaling companies that have maintained a commanding outlook via their recruitment process is Paystack, highlighted here. In the last report by Techpoint on Paystack’s core team of about 112, there has been an impressive number of mid-career professionals who have worked with industry leaders but are presently on board the Paystack journey. It takes more than a good paycheck to attract good talent.
Improve Efficiency: What COVID-19 showed C-suite is that oftentimes, less is more; you can somewhat do more with fewer people. As a result of the global pandemic, a lot of organisations were forced to shed weight and reduce headcount on non-essential staff in the quest to maintain core business survival and preserve their books. This article Future of work is choice explains efficiency further.
Currently, productivity includes flexibility, convenience, and leveraging technology which is viewed as an enabler, rather than a disruptor. For productivity to be maximised, talents need to be comfortable, bright and motivated.
Employees become Advocate: In a time where companies are slashing budgets on ads/promotions that don’t have massive turnover leads, the best and most sustainable form of marketing is still word of mouth, especially in the age of influencer marketing. Delve into the world of Twitter and you will find motivated staff tagging their organisations’ social media pages on their with Bio; this is a simple and free way of getting more eyeballs, accentuating your companies and creating top of mind awareness in marketing.
You differentiate yourself in the marketplace: With the influx of more capital in the form of venture investments, mergers and Foreign Direct Investments, there are competitive ways organisations are standing forward and attracting customers, aside from products and services offerings. The current dynamics of work has enabled companies to set up attractive perks to attract top talents, from vested employee shares to remote work, company lunch and free times and staff care-packages.
As COVID affects our societal way of life and as we take health precautions, the culture of the future will aid physical isolation to flatten the curve.
Organisations must build structures that aid talent cohesion emotionally and socially as human connection brings complex values to our lives: relationships give us a sense of belonging in the group, a sense of identity in contrast to others in that group and an almost therapeutic-support system; a cure for loneliness.
Having a Healthy and Committed Team: What differentiates most teams is the commitment and sheer application of knowledge of staff to different tasks. A bad employer loses the most productive hours of his staff to job search as talents send out applications, CVs and cover letters using paid company hours while anxiously looking for exits out of organisations.
Not to mention, a healthy culture reduces stress, chaos and burnout in your organisation.
In conclusion, no matter how cool, talented, educated or rich you are, how you treat people tells all. Integrity is everything.
Ayobamigbe Teriba, Relationship Operations Officer at Ingressive Capital.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
If Tunisia had not passed a Startup Act in 2018, the fate of Galactech, a game publishing startup, located within the Megrine Business Center, would have been heavily uncertain. A year before, in 2017, Tunisia was no where to be found on the list of top ten venture investments destinations in Africa. And if Galactech had worked harder, it would possibly have taken sheer luck to break through the ceiling. Now, barely a year after securing a startup label under the Tunisian Startup Act, the startup has proceeded to raise hundreds of thousands of dollars in investments, thanks to the Oman Technology Fund (OMF) and other angel investors. Not only that, Tunisia is now crawling up on the VC funding table for Africa, occupying the 11th position in 2019. In fact, according to Startup Act Annual Report released by Smart Capital, an organization empowered by the Tunisian government to administer the Startup Act, startups (mostly early-stage) in the north African country received over $22.4m from investors in 2019 alone. This is a big deal for a country of only about 11.8 million people. However, while these may look glamorous on the surface, below, we dig deeper into whether this whole excitement of a Startup Act is worth it, after all.
Timeline, Startup Act in Africa, 2020.
TUNISIA
Two years on, startups in Tunisia know the respite the Startup Act could bring in their early-stage journeys. Galactech is a living witness, and to have been given a label under the Startup Act means so many things. For a 3 year-old startup that it was then, a startup label is not a fancy appendage; it could open so many doors, including the following:
The startup grant:
The grant, which is in the form of a monetary grant, could allow Galactech’s co-founders and all those who are shareholders in the startup to cover their living expenses for one (01) year, following the grant of the label. The maximum amount of the grant is $2 per month and the minimum amount is $0.37 per month.
Bearing the cost of licences:
Since Galactech (and other ‘labelised’ startups) are in the business of innovation, there is a huge chance that most of their products will need patenting or other forms of legal protection. Smart Capital comes in here to help them by covering the cost of their patent registration whether in Tunisia or in other offshore countries. This support also extends to the provision of legal services and other support necessary to procure all the required protection in respect of the startup’s intellectual property.
Startup creation leave
For founders of Galactech and other startups, being labelled as a startup under the Startup Act will also automatically allow them a work leave of up to one (1) year, which can be renewed for another one year. What this means is that if the founders have previously been in paid employment and are blocked from leaving the employment or setting up a competing business, the grant of the Startup Label to startups founded by them will mean that their employers (public or private) cannot oppose their departure from the companies to build their startups; the only exception being the case of a private employer employing less than 100 employees.
However, if the startup fails within that one year of the leave, or the founders simply do not want to continue the journey, the founders granted the leave may terminate it (any time) and return to their original jobs with notice.
Hence, were Galactech founders to exploit this benefit, it would give them the edge to dedicate themselves full-time to the launch and development of the startup.
Apart from this, the Tunisian government, through Smart Capital, contributes to continued payment of the startup founders for the period during which they are on work leave, under the Startup Grant Scheme.
SIVP and employment programs:
Were any of Galactech employees fresh-out-of-school, and eligible for any employment programs in Tunisia, including the Initiation To Professional Life Course (SIVP), they could still go back to claim all these benefits from Smart Capital once they are done being employed. These benefits are reserved for them till three (3) years after they have quit their employment.
The good fail:
Startups labelled under the Startup Act also get a chance to fail honorably. The Startup Act encourages good failure by promoting the peaceful winding up of startups. For instance, throughout Galactech’s life as a labelled startup (at most, 2 years), it is entitled to pull funds from the Tunisian Startups Guarantee Fund if it experiences financial turbulence.
Galactech, as well as other labelled startups, as long as they continue to be labelled, cannot also pay Tunisia’s corporate tax (which is 25% of their annual turnover). They also will not pay any tax or charges relating to an employee and employer in Tunisia.
Special currency account:
In the same vein, Galactech and other startups also have the right, by virtue of the Startup Act, to open a special foreign currency account which they can freely fund with contributions of capital, turnover and dividends in foreign currency. Through this means, the startups can invest, freely and without any official authorization, proceeds from the accounts in order to buy both tangible or intangible goods, create subsidiaries abroad or acquire stakes in foreign companies.
Other Incentives:
By virtue of the Startup Act, Galactech and other startups in Tunisia are exempt from corporation tax of 25%. They also have access to Technological Cards, loaded to the tune of, at least, $36 per year. Technology cards are a form of credit cards in Tunisia, and usually last for a period of 12 months. They are mostly used to buy things on the internet.
Startups in Tunisia are also considered Authorized Economic Operators within the meaning of the Customs Code. An Authorized Economic Operator (AEO) is a person involved in the international movement of goods in whatever function that has been approved by or on behalf of a national customs administration as complying with World Customs Organization or equivalent supply chain security standards. The advantage of being designated an AEO is that you will be considered low risk by customs authorities, which should result in fewer border delays due to examinations. You will also have faster access to the border and business resumption benefits in the event of border disruptions. Furthermore, you will also have reduced risk of potential tampering to your shipments. This builds confidence with customs and border authorities and enhances a company’s reputation and marketability. There is also another exemption in this regard, for startups in Tunisia. This is in respect of obtaining the approval and technical control procedures of the CERT (Center for Studies and Research in Telecommunications) on import.
Last but not least: Tunisian startups legally authorized to issue bonds which can be converted into shares later on, are also permitted to issue more of those convertible bonds in the future, notwithstanding the periods agreed by the parties during which the bonds may be converted into shares.
Investors in Startups in Tunisia are not left out
Thus, for Oman Technology Fund and a host of other business angels that invested in Galactech (as well as other startup investors), the amounts they invested in the startup will be fully subtracted from their tax base. This is also the case if they invest indirectly in startups through regulated venture capital funds located in Tunisia. The investors will not also pay capital gains tax of 10% on any profit they make from selling their shares (stakes) in Tunisian startups.
Their investments are also protected by the Tunisian Startups Guarantee Fund. That is to say, they will be able to recover the full amounts they invested in any Tunisian startup if the startup goes bankrupt. However, to be able to access their funds back, the startups must properly be wound up, through the right procedure.
These incentives are not only available to startup investors who invest money; they are also available to startup investors who make contributions to startups in kind. Therefore, if the contribution is made in kind, the shareholders of a startup are entitled to choose a contribution auditor that will assess the actual value of the said contribution for purposes of claiming tax benefits, among others.
What results are already on ground in Tunisia?
While Galactech may be a perfect example of a startup under the Tunisian Startup Act, it is merely a sneak peak into a booming ecosystem.
“This project, initiated in February 2016 and which we often like to describe as Law 72 of the 21st century, aims to be a liberating framework of energies and the innovation potential of the country and the region,” says Haythem Mehouach, director-general, Smart Capital.
“It presents a universe of excellence, transparent, inclusive and merit-based that offers set of incentives and services to encourage the launch and development of startups from Tunisia,” he further says.
According to the report recently released by Smart Capital, over 248 startup labels were granted between April 2019 and March, 2020, although this figure currently stands at 379 as at December, 2020.
No. of startup labels granted in Tunisia from April, 2019 — March, 2020. Source: Startup Act Annual Report, 2019–2020, Smart Capital, Tunisia.
From the report, 3 sectors (Business Software & Services, Marketplace, EdTech) represent more than a third of the startups granted labels; while only 10 sectors of activity account for 85% of the total number of labelled startups.
The report also shows that only six Tunisian labelled startups have subsidiaries in foreign countries. The subsidiaries are only 8, half of which are in Europe, and the remainder spread between the Middle East and North African (MENA) region and Africa. Europe (and in particular France) remains the 1st international expansion destination for Tunisian labelled startups.
The report also states that foreign startups are gradually migrating over to Tunisia, attracted by the Startup Act. Consequently, about 14 foreign startups in Tunisia have been granted the labels as at March, 2020. The report then hints that 85% of these startups have their parent companies in Europe.
In terms of community support and access to incubators and accelerators, the report notes that 107 startups, representing 43% of labeled startups had already been supported by SSOs (Startup Support Organizations), such as accelerators, incubators, etc., all of them offering various support services to the labelled startups.
Quite interestingly, the advent of the Startup Act has also seen increased participation of female founders on the Tunisian startup scene. In this regard, the report notes that 4% of startups were founded exclusively by women (of whom 62% are individual founders) and 68% exclusively by men (of which 15% are solo-founders). The remaining 28% of the startups were founded by mixed teams of men and women.
Which sectors do the labelised startups belong to? Source: Startup Act Annual Report, 2019–2020, Smart Capital, Tunisia.
Interestingly again, the report notes that labelled startups raised $22.4m in investments in 2019, alone. Before 2019, the total amount of funds raised by Tunisian startups was only $19.6m. 72% of the amount raised in 2019 came from Tunisia. However, the report concedes that more than a third of these startups (38%) have not achieved turnover in 2019 while about a third (32%) made less than $37. Only about 23% of labelled startups have generated a turnover between $37k and $370k and nearly 7% of them have had the volume of their transactions exceeding $370k.
“For labeled startups which reported revenues in 2018 and 2019, we see a more than 80% growth in annual turnover,” the report notes.
In terms of job creation, the labelled startups are doing their bits. From the report, a record number of 2829 jobs (61% male and 39% female)were created by all the labelled startups, with each startup at least creating 11 jobs, and adding at least 3 more new jobs. The report further notes that 28% of these jobs were created during the 1st year of the Startup Act.
In terms of funding, only 1 in 4 startups got venture capital funds from among the labelled startups, according to the report. Although the report pointed out that much of the funding came from families and savings, equity subscription, however remains a major instrument of financing for startups. Startups also accept convertible bonds. Interestingly also, 13% of the startups were supported by donations received from donors.
Progress: The Tunisian Startup Act as at December, 2020.
SENEGAL:
In Senegal, the Startup Act is yet to fully take shape, as is the case in Tunisia. However, the Senegalese government has, by a memorandum dated February 24, 2020 issued by the country’s Ministry of Finance and Budget, the Finance law of December 20, 2019, which came fully into force throughout the country on December 28, 2019, brought to an end the regime of taxation for the country’s startups and SMEs. To learn more about the benefits both startups and investors have under Senegal’s newly passed Startup Act, click here.
Lessons from Tunisia’s seeming success with its Startup Act
Tunisia’s Startup Act has largely succeeded because of a collaboration between the public and private sectors. For instance, Smart Capital, the company in charge of administering the Tunisian Startup Act is privately managed, although with public shareholding. The company was approved by the Tunisian Financial Markets Council, and works with the country’s Ministry of Communication Technologies and Digital Economy and the Ministry of Finance. Smart Capital’s mission is simple and straight-forward: design and implement the Startup Tunisia initiative (including among others, the Startup Act and the Fund of Funds ANAVA), in order to make Tunisia a country of startups at the crossroads of the Mediterranean, MENA region and Africa.
Thus, handing over the administration of the Act to a private entity has saved the Act from the bugs of bureaucracy and inefficiencies that eat up most government commissions and agencies in Africa. The company has been promoting Tunisian startups and planning several launches of funds in support of startups, recently.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Leading retail chain, Pick n Pay has officially launched PnP Mobile – South Africa’s newest Mobile Virtual Network Operator (MVNO). The service will use MTN’s mobile network infrastructure to offer customers prepaid, SIM-based access to services including airtime, data, and SMS. Smart Shoppers will earn data rewards in addition to loyalty points when shopping at any Pick n Pay store countrywide – including Express, Clothing and Liquor stores. They will also be able to earn up to 2.5GB in free data rewards each month.
Richard van Rensburg, Chief Technology and Services Officer at Pick n Pay
Sources say that for every R10 spent in-store, customers will instantly earn 5MB in data. To qualify for this reward, customers will need to link their Smart Shopper card and top up their PnP Mobile SIM card with at least R50 over a 30-day period. Customers will be able to register their new SIM card without any paperwork and within minutes through Pick n Pay’s new paperless RICA facility, expected to launch in 500 selected stores later this year.
“Mobile technology is core to South Africans’ way of life and an essential part of the monthly grocery shop. Our country has a very high mobile phone penetration, but data costs have been a barrier. We believe expanding our services to enter the mobile market will benefit millions of our customers,” says Richard van Rensburg, Chief Technology and Services Officer at Pick n Pay.
“This is an outstanding innovation for our customers, and we’re very excited about the extra benefits they will earn. Innovation has been absolutely central to creating South Africa’s favourite loyalty programme and this new Smart Shopper innovation means that customers walk out our stores with affordable groceries, points on their card and now free data on their PnP Mobile SIM card.”
“Our pricing will be simple, transparent and competitive with other providers plus we’ll be offering substantial free data rewards just by shopping in our stores,” adds van Rensburg.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
A consortium of Cairo based investors have entered into an agreement to establish the Cairo Angels which will be Egypt’s first formal network of angel investors. This will be followed by the launching of a syndicate investment fund to back pre-Series A startups in Africa and the Middle East. The Cairo Angels, which invests in and supports startups and early-stage, high-growth businesses, said it has already started fundraising and aims to close during the first quarter of next year.
member of the fund’s investment committee, Aly El Shalakany
Sources close to the group say that the syndicate fund will target startups that are pre-Series A and looking to fuel growth and expand regionally, and Cairo Angels believes its executive team, investment committee and board will provide a unique value proposition, leveraging its expertise and relationship capital in order to maximise impact on portfolio startups.
Speaking about the development, member of the fund’s investment committee, Aly El Shalakany said that “we are always looking at ways to bring new ideas and innovation to our region and launching the fund is the next step in our evolution. We have enjoyed great success investing in this space and we now want to democratise access to this exciting asset class to active and passive investors alike. Our new model will bring something different to the market and provide much needed capital to a clear gap in the funding life cycle of startups in our region,” Investors who are interested in this asset class are invited to apply to join as a limited partner in the fund, and Cairo Angels will be hosting an information session in this regard on November 16.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Senegalese NGO Social Change Factory has been successful in gaining support and commitment from Microsoft. Their partnership will allow thousands of young people to receive free training in digital professions. For Microsoft, this collaboration is part of the “Global Skills Initiative” program.
“The Covid-19 crisis has demonstrated how important digital technology is in the economy and the functioning of a country. This sector has been able to perform well, in a dramatic context, “said the NGO in a statement.
The role of Social Change Factory is to ensure that the implementation in Senegal of Microsoft’s global program is a success. The young people who take part will benefit from internationally recognized certifications, stamped with the seals of Microsoft and LinkedIn. Although the project is promoted to youth, there are no limits or selection criteria whatsoever.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
French telecoms company Orange has just colonised the whole of West Africa following the commercial launch of Djoliba, a terrestrial and subsea fibre network to help deliver connectivity throughout the sub-region. The regional backbone reaches eight countries in total — Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Nigeria, and Senegal — with 16 points of presence and around 155 technical sites. From its submarine network, it ultimately reaches around 300 points of presence around the world. The Djoliba terrestrial fibre network spans over 10,000 km (around half of Orange’s total deployment in the region), alongside a further 10,000 km of submarine cables.
Jérôme Barré, CEO Orange Wholesale & International Networks
“Orange actively participates in the development of underwater and land infrastructures, which enable the digital transformation of the African continent, by investing 1 billion euros each year. With Djoliba, local populations will be able to access even more easily health or education services, as well as the uses offered by cloud computing. The development of access to digital technology is a major challenge for Africa and I salute the remarkable work of our teams in all the countries which made it possible for the Djoliba project to see the light of day,” Alioune Ndiaye, CEO of Orange Middle East and Africa.
Here Is Why Orange’s Djoliba Is Unique
Until now, telecommunications networks in West Africa have been built within each country, right down to its borders: there was no cross-border network.
To provide a service between two capitals, operators had to integrate the offerings of several providers and join together several different networks that interconnected at border points.
A real innovation, the Djoliba network simplifies the interconnection processes between countries.
Djoliba is the first network offering complete security in West Africa with more than 10,000 km of terrestrial optical fiber network, coupled with 10,000 km of submarine cable, offers at very high speeds (up to 100 Gbit / s) and 99.99% availability rate.
This network covers 16 points of presence with a network of nearly 155 technical sites, and links 300 points of presence in Europe, America and Asia.
It relies on Orange’s Tier 1 network and therefore allows seamless connection with the Group’s international networks.
By using the very high-speed transmission offers of the Djoliba network, new network customers will then be able to access the Group’s platforms and thus benefit from the entire range of offers marketed by Orange in Africa: IP transit, mobile service platforms, hosting in Orange data centers in Africa, VPNs, etc.
Operated and maintained from Dakar for greater efficiency, responsiveness and proximity, this new backbone covers 8 countries: Burkina Faso, Ivory Coast, Ghana, Guinea, Liberia, Mali, Nigeria and Senegal. Natively interconnected with domestic networks within countries, this broad coverage will make it possible to democratize access to connectivity for operators and businesses.
Let’s take a closer look at Djoliba! It’s the first pan-African🌍 fiber optic #network. It provides a high-speed international #connectivity and helps support the local content ecosystem through interconnections with #OrangeIC’s #CDN offer. 👀 Have a look here⬇️ #AfricaCom2020pic.twitter.com/IgStfjWUv2
Djoliba may look like it is the best thing yet to happen to the telecommunications industry in West Africa, but regional industry players — MTN, Airtel, others— know the implications of this. Earlier in June this year, Orange’s Chief Executive Stephane Richard told Les Echos business newspaper that the company would benefit from having a wider footprint in Africa and would give itself a few months to make further inroads into the continent.
“It could make sense to be in economies such as Nigeria and South Africa,” Richard was quoted as saying. “If one considers there are things to do, the time frame I am considering is rather a few months than a few years.”
Perhaps launching Djoliba is a veiled attempt at fulfilling this promise.
The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market.
The region makes a large chunk of its revenues from payment transfers — a key part of the group’s diversification into financial services.
Orange said earlier this year it was bringing its operations in the Middle East and Africa into a single entity, paving the way for a potential listing of the operations that could raise cash to invest in overseas expansion.
Orange is currently present in 18 African countries and has more than 120 million customers. The Group continues to invest on the continent to offer reliable, secure and high-quality connectivity, and thus contribute to the digital inclusion of populations.
Djoliba Orange West Africa Djoliba Orange West Africa
What Does This Mean For West African Startups?
Djoliba means a lot of things to startups in West Africa. First, it will open up more of the previously unreached markets in the region, thereby increasing the available markets for African startups as well as aiding their expansion efforts.
Secondly, it is the first international attempt to link up French-speaking West African countries Burkina Faso, Côte d’Ivoire, Guinea, Mali, and Senegal with their English-speaking neighbors Nigeria, Ghana and Liberia. Thus, it would become easier to have cross-border connectivity with Djoliba.
“Thus, all operators, companies and institutions in West Africa now benefit from a seamless connectivity offer, open to the whole world, thanks to a single point of customer contact and unparalleled service availability,” Jérôme Barré, CEO Orange Wholesale & International Networks said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
The AgriPitch Competition aimed at promoting agripreneurs across Africa with hope that Africa will solve Africa’s food security problems through integration of technology innovations has reached its final stages with 25 young African agripreneurs shortlisted. The AgriPitch competition was launched by the African Development Bank’s AgriPitch with a prize of $120,000 in seed funding prizes, training and other benefits. The AgriPitch organisers received more than 2,500 applications and evaluated 605 proposals from 30 countries under the theme of “Driving Sustainable Nutrition and Gender Inclusivity in Africa’s Agri-Food Systems: Youth Agripreneurs Seize the Decade.”
AgriPitch
The final round offers young entrepreneurs in Africa’s agricultural sector the opportunity to pitch their agribusiness proposals online to a panel of experts and investors who will select the winners. The finalists are from 12 African nations, and all aged under 35.They were selected under the competition’s “Startup,” “Mature Business” and “Women-Empowered Business” categories.
Those selected in the “Startup” category are Agripoa (Tanzania), Bringo Fresh (Uganda), Digifarms Africa (Cameroon), Farm Kiosk (Uganda), Farmspeak Technology (Nigeria), One Kiosk (Nigeria), Premium Hortus (Benin), Releaf (Nigeria), Solar Freeze (Kenya), and Tropic Coffee Company (Rwanda).
The “Mature Business” finalists are Agwenda Investments (Malawi), Bee Happy Enterprises (Kenya), Carl Group (Rwanda), Dasfarm (Ghana), Foodlocker (Nigeria), Herdy (Kenya), Lentera (Kenya), Lono (Ivory Coast), Stawi Foods (Kenya), and Tilaa (Ghana), while the “Women-Empowered Business” finalists are AquaFarms Africa (Guinea), Baby Grubz (Nigeria), Farmz2U (Nigeria), INVXT Agro Investimentos (Mozambique), and Mhogo Foods (Kenya).
Finalists are now enrolled in the AYAF/AgriPitch online training platform, a two-week business development bootcamp, before pitching at the winners’ ceremony on November 16 and 17. “It is encouraging to see that almost 62 per cent of all AgriPitch 2020 applicants self-described as being women-led businesses or having women make up at least 50 per cent of their management,” said Wambui Gichuri, the AfDB’s acting vice president for agriculture, human and social development.
“Word is spreading that AgriPitch is the competition where all qualified agripreneurs can get the training and support to grow their businesses.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Kenyan Artificial Intelligence powered startup WAYO, is deploying AI to help companies have superior customer experience management through its platform that collects, monitors, and evaluates in real-time, is helping retail companies predict demand for their products, and plans to scale into Nigeria shortly.
WAYO founder, Ernest Makotsi
Established in 2015, WAYO allows retail organisations with large customer bases to obtain insights into the performance of their products and services, and accurately predict demand across all their touchpoints promptly.
This in turn allows them to derive action points and adapt to customer needs when it matters the most, thereby increasing retention and brand equity. Founder Ernest Makotsi said that the WAYO platform has three main use cases.
“First, we allow retailers to evaluate their service in real time. Customers can easily give you feedback at the point of service. Collect and analyse customer experiences across all service points to respond and resolve customer issues quickly, effectively and accurately,” he said. Secondly, it cuts down on customer wait times.
“Our mobile-integrated queue management solution helps organizations minimise wait times and accurately predict demand which improves customer flow. We achieve this by allowing customers to join a queue before getting to the branch and monitor progress through SMS or instant messaging apps such as Telegram on their mobile phones. In these challenging times of the COVID-19 pandemic, organisations can use this solution to avoid overcrowding and ensure social distancing,” Makotsi said.
Finally, WAYO makes customer support simple, with its mobile-integrated help desk allowing retailers to solve customer-related questions quickly and simply, thanks to an AI chatbot feature. All vitally important services for a retailer, but WAYO has its roots in a personal tragedy for Makotsi.
“In 2008, my father had to be admitted to hospital, and the experience we went through as a family wasn’t pleasant, as it was impossible to communicate with the person in charge at the hospital,” he said.
“My father, unfortunately, did not make it out of hospital, and I found myself wishing the hospital had a well-structured communication network between its patients, their loved ones and the people in charge. A real-time feedback loop would have probably improved our experience, I believed, as we left with many unanswered questions.”
At the time, given the circumstances, he did not dwell too much on the idea, but six years later he was talking to a cousin employed at a commercial bank.
“To my amazement she talked a lot about the challenges they had in collecting actionable data when it comes to customer feedback, and was suggesting I create a solution as she was looking at some of the work I had done in the technical space,” Makotsi said.
“That’s when it dawned on me that it was a business idea, and at the same time I was given an opportunity to present a business idea to a number of investors at the KICC.”
During this event Makotsi met Johnni Kjelsgaard, chief executive officer (CEO) of the Nairobi-based GrowthAfrica incubator, and ended up taking part in its Idea to Innovation programme.
“During the programme I developed a prototype, and I received some seed funding to pilot the project. After a successful pilot with one of the leading hospitals in Kenya, we got a proof of concept, and we signed a partnership deal with The Grass Company, a research agency in Kenya, which invested additional money to scale the product to multiple clients,” said Makotsi.
Since then, progress has been very encouraging.
“We have worked with Bill & Melinda Gates Foundation as part of the Grand Challenges exploration, where we developed a low cost and reliable technological solution to capture relevant data relating to the delivery and use of digital financial services in developing countries,” said Makotsi.
“We have also worked with Mater Hospital providing real-time customer feedback, among other organisations in the banking and telecommunication sectors.”
Such is WAYO’s success in Kenya, it is already planning expansion, and the startup is working with a number of potential partners to survey and test the market ahead of a launch in Nigeria towards the end of next year. Makotski believes WAYO, which monetises via monthly usage fees but is still investing heavily in product development, is filling a vital gap for all types of organisations, starting with retailers.
“Organisations rely on data to make critical decisions, and data related to the delivery and use of their products and services is critical to unlocking key barriers to their widespread adoption, which is critical to scaling businesses,” he said.
“But at the same time, data collection techniques and methodologies are often expensive, error-prone, slow, low resolution, and unsustainable, providing only a snapshot of “today”. Therefore a lot of businesses end up with data they cannot act on. This is the main challenge WAYO is addressing. With a focus on customer experience we seek to provide decision support tools that will help businesses turn data into action.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The African Export-Import Bank (Afreximbank) has disbursed US$200 million to Zenith Bank Plc Nigeria under its Pandemic Trade Impact Mitigation Facility (PATIMFA).The funds will assist Zenith Bank to continue to maintain foreign currency trade flows impacted by the COVID-19 pandemic. They will also allow Zenith Bank to on-lend to eligible sub-borrowers involved in the manufacture and supply of medical resources needed to combat the COVID-19 pandemic.
Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu
Speaking on the facility, the Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu said: “The Afreximbank facility undoubtedly underscores the confidence reposed in Zenith Bank, and it will enable the bank to contribute to the fight against the COVID-19 pandemic by providing trade finance and foreign currency funding for the importation of urgent medical equipment and raw materials.”
Prof Benedict Oramah, president Afriexim bank
Zenith Bank Plc is Nigeria’s largest bank by Tier-1 capital. The bank serves more than 9 million corporate and individual clients through its network of over 500 branches across Nigeria and its subsidiaries in the Gambia, Ghana, Sierra Leone and the United Kingdom. It also has a representative office in Beijing China, and Dubai (UAE) a branch of Zenith Bank UK.
Prof. Benedict Oramah, President of Afreximbank, said: “The Pandemic Trade Impact Mitigation Facility (PATIMFA) is designed to support and stabilize the foreign exchange resources of African countries, enabling them to support critical imports under emergency conditions. We are pleased to contribute to keeping economies going especially during this pandemic. The role that banks such as Zenith Bank play in Africa is huge. Supporting them to carry out their mandate is our greatest contribution to making sure that African countries and institutions build back better from the shocks of the pandemic.”
PATIMFA was set up in March 2020 to provide financing to assist Afreximbank member countries to adjust in an orderly manner to the financial, economic and health services shocks caused by the COVID-19 pandemic. This 3-year medium-term facility has been availed through direct funding. Afreximbank has already disbursed more than US$3.5 billion under PATIMFA. In addition, the Bank provided a grant of US$3 million towards the COVID-19 Special Fund set up by the African Union as well as to the African Center for Disease Control and other agencies.
Afreximbank has a history of providing support to African economies in times of economic crisis. During the 2015 economic crisis, it introduced a Counter-Cyclical Trade Liquidity Facility under which it disbursed more than $10 billion on a revolving basis to enable member countries to adjust to the adverse economic shocks. That facility helped key African economies to manage that crisis and recover swiftly.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Following a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector on 22 April 2020 on strategies aimed at containing the Covid-19 pandemic in the continent, the African Development Bank has approved $27.33 million in grants to boost the African Union’s (AU) efforts to mobilize a continental response to curb the COVID-19 pandemic.
President Cyril Ramaphosa
The approval follows a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector on 22 April 2020, chaired by H.E. Cyril Ramaphosa, President of South Africa and chairperson of the AU, at which the Bank’s President, Akinwumi Adesina, pledged strong support for the AU’s COVID-19 initiative.The AU Bureau meeting called for contributions to the African Union’s COVID-19 Response Fund established by the AU Commission chairperson, Mr. Moussa Faki Mahamat, in March 2020.
Speaking after the Board approval of this operation, President Adesina said: “with this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal that collectively, the continent can address the pandemic, which is straining health systems and causing unprecedented socio-economic impacts on the continent.”
The Bank’s grant financing will support the Africa Centers for Disease Control and Prevention (Africa CDC) in providing technical assistance and building capacity for 37 African Development Fund (ADF) eligible countries, particularly the Transition States, to combat the COVID-19 pandemic and mitigate its impact. The ADF is the Bank’s concessional window.
Sourced from the ADF’s Regional Operations/Regional Public Goods envelope and the Transition Support Facility, these two grants will support the implementation of Africa CDC’s COVID-19 Pandemic Preparedness and Response Plan through strengthening surveillance at various points of entry (air, sea, and land) in African countries; building sub-regional and national capacity for epidemiological surveillance; and ensuring the availability of testing materials and personal protective equipment for frontline workers deployed in hotspots. The operation will also facilitate collection of gender-disaggregated data and adequate staffing for Africa CDC’s emergency operations center.
At the beginning of February 2020, only two reference laboratories—in Senegal and in South Africa—could run tests for COVID-19 on the continent. The Africa CDC, working with governments, the World Health Organization, and several development partners and public health institutes, have increased this capacity to 44 countries currently. Despite this progress, Africa’s testing capacity remains low, with the 37 ADF-eligible countries accounting for only 40% of completed COVID-19 tests to date.
“Our response today and support to the African Union is timely and will play a crucial role in helping Africa look inward for solutions to build resilience to this pandemic and future outbreaks,” said Ms. Wambui Gichuri, Ag. Vice President, Agriculture, Human and Social Development. This support will complement various national and sub-regional operations financed by the African Development Bank under its COVID-19 Response Facility to support African countries to contain and mitigate the impacts of the pandemic.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
