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Nigerian Startup TechAdvance Raises $1m In New Funding To Expand To Emerging Markets

August 9, 2019

Nigerian startups too are having a field day here. TechAdvance, leading Nigerian payment application development company is the latest to join startup fundraising bandwagon. The payment solution has raised $1m in new funding, putting the startup’s valuation at USD $20M.

Here Is The Deal

The investment was led by the Bahrain-based energy investment company Lamar Holding.
Lamar’s investment will support TechAdvance’s strategy to substantially expand its global expansion.
The move will broaden Lamar’s successful portfolio into the technology industry, and give the company a foothold into the African continent.

‘‘The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers. These funds will allow us to shift our focus to these opportunities — especially the launch of our digital bank, without compromising our existing business lines,” Founder and CEO of TechAdvance, Edmund Olotu said.

A Glance At Lamar Holding

Lamar Holding is an established developer and long-term operator of projects across Saudi Arabia’s national energy infrastructure network. Through a portfolio of companies and strategic joint ventures, Lamar Holding has garnered an unrivaled record of winning and delivering contracts in the Saudi energy market.

Why Lamar Holding Chose To Invest In TechAdvance

On why TechAdvance, Hani Abdulhadi, Vice President at Lamar Holding noted:

“We are delighted to make this investment in one of Nigeria’s most exciting and innovative companies. This is an opportunity for Lamar and TechAdvance to collaborate and distribute its expansive suite of digital solutions to emerging markets in Africa and the Middle East.”

A Glance At TechAdvance

TechAdvance is a payment application development company founded in 2009 with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organizations in Nigeria. It oversees various niche subsidiaries including GPay Africa, PayElectricityBills, Advance Bancorp Digital Microfinance Bank, and others.
TechAdvance runs a network of subsidiaries, each of which focuses on different verticals in emerging markets including utility bill payments, digital financial services, and transportation software. Earlier this year, the company was highlighted as one of the top companies to Inspire Africa in the London Stock Exchange Group’s Report for 2019.
TechAdvance, through its subsidiaries, recently acquired a microfinance bank and obtained approval in principle for a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria. The company also recently received approval from the Central Bank of Bahrain to operate in the country, signaling its intentions to grow beyond Nigeria and Africa.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

From 2020, South African Schools Will Get A New Curriculum Featuring Coding and Robotics

July 21, 2019

Give it to South Africa. Unlike Rwanda that recently introduced the first public coding academy which only a few students may ever get a chance to attend, South Africa is going the extra mile to making it compulsory for coding and robotics to be taught in all primary and high schools across the country. This will, of course, take off in 2020, when a new curriculum comes into effect. This appears to be a major first in Africa.

Here Are Things You Need To Know

South Africa’s Department of Basic Education is currently updating its curriculum to ensure that the children coming from the South African education systems are equipped with the skills that will ensure they are ready to either become tech entrepreneurs or enter the workforce from day 1 of graduating from high school. This is according to Tourism minister Mmamoloko Kubayi-Ngubane who was presenting at the High-Level Political Forum on Sustainable Development at the United Nations recently.

“(The) South African government has developed Coding and Robotics curricula Grade R-3 and will complete Grade 4 to 9 before the end of 2019,” she said.

“This curricula will provide learners with understanding and will develop their skills and competencies to prepare them for the 4th Industrial Revolution. The curricula will ensure that our schooling system produces learners with the foundation for future work and equip them with skills for the changing world.”

Here Is The What Is Intended by The South African Government

The coding curriculum is aimed at developing learners’ ability to:

Solve problems, think critically and work collaboratively and creatively;
Function in a digital and information-driven world;
Apply digital and ICT skills;
Transfer these skills to solve everyday problems.

“Using University of South Africa’s (UNISA’s) 24 ICT Laboratories located throughout the country, 72,000 teachers will be trained to teach coding to primary school learners,” Kubayi-Ngubane said.

“We will do this in partnership with civil society, academic institutions and businesses such as Africa Teen Geeks and international players like MIT.”

To make this happen, South Africa’s Department of Education has already developed a framework for ‘teaching and learning of coding’.

“Coding requires a dedicated platform and the Department with the assistance of Google and other Big Businesses through Africa Teen Geeks are developing a coding platform that will utilise Artificial Intelligence and Machine Learning to customise learning and teaching.

“This Coding platform will be available in all 11 official languages ensuring that rural and township children will be introduced to coding in their own mother tongue in line with this government mission to provide an inclusive education accessible to all,” she said.

Kubayi-Ngubane said that the Department will pilot the coding curriculum in 2020.

“Throughout this year we are preparing the system to ensure that the schools are ready for full implementation post 2020. Each township and rural school in the country will be appropriately resourced to ensure creation of an enabling environment,” she said.

South Africa Is Setting A Big Example For Other African Countries

Take it or leave, the era of technological disruption has come to stay. Forward-thinking countries are shooting their shots early. For example, computer programming will become a mandatory subject in Japan’s elementary schools from April 2020, as the country seeks to train a new generation in highly sought information technology skills.

The basics of coding will be taught starting in the fifth grade. New textbooks approved by the education ministry on March 26 task students with digitally drawing polygons and making LED lights blink using simple commands, for example.

South Korea began working the subject more heavily into elementary and middle school curricula in a 2007 review of its educational system.

In 2014, the U.K. introduced programming into mandatory education for students aged 5 to 16

With the growing influence of technology, expect it to take priority over basic analytical subjects such as maths in no due time.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

DHL partners with Teach For Uganda to create greater employability among youth

July 20, 2019

DHL Express, DHL Global Forwarding and DHL Supply Chain, part of the Deutsche Post DHL Group (DPDHL Group), launched a partnership today with Teach For Uganda, a network partner of Teach For All, to eradicate education inequity, raise a nation of true leaders and promote educational opportunities and employability for young people in Uganda.

This marks DPDHL Group’s 18th partnership with Teach For All under the new strategic framework(1), a focus to nurture employability and life skills of young people from difficult socio-economic backgrounds around the world, and its first partnership in Africa.

James Kassaga Arinaitwe, Founder and CEO of Teach For Uganda, said, “We believe in the potential of all children to thrive and become better leaders in their various communities. The partnership with DHL Uganda will accelerate our momentum and help us improve the lives of the children through excellent and practical education and develop our fellows as effective teachers and leaders in their communities and nation.”

Along with providing financial support, this partnership will also see employees from DHL Express, DHL Global Forwarding, and DHL Supply Chain volunteer to support over 36 Teach For Uganda Fellows who will, in turn, make a positive impact in the lives of at least 15,000 students across Uganda.

“According to Uganda Census data, over half of Uganda’s population comprises youth under the age of 29 and it is estimated that 86% of those are unemployed, underemployed or at the level of becoming employable. (2) While we understand there is much to be done in order to close the gap, we hope that the engagement our volunteers will have with Ugandan youth will help improve these numbers,” said Fatma Abubakar, Country Manager, DHL Express Uganda.

Paul Erongot, Country Manager, DHL Global Forwarding Uganda added, “Globally DHL is committed to improving the communities in which we operate. Having been in Uganda for over 30 years, we want to be able to create a positive impact within the local community. We hope our volunteers’ interactions with these youth will help provide them with an understanding of

what the demands of the real working world are, and the skills they need to tackle these challenges head-on.”

Zachary Mukwaya, General Manager, Country Operations Uganda, DHL Supply Chain continued, “We are looking at giving the youth exposure and access to business leaders as well as skills-based training. Over time as the interactions grow between DHL volunteers and the Teach for Uganda students, we hope to nurture a cohort of youth who are more confident, focused and own the skills needed to move forward in their careers.”

Teach For Uganda recruits exceptional Ugandan graduates from diverse fields of study, who are trained to become teachers, known as Teach for Uganda Fellows, then placed in underserved schools and communities around the country as Teach For Uganda participants. These teacher-leaders would commit two years as teachers and mentors to their students.

In addition to giving their time to Teach for Uganda, DHL volunteers will continue to support SOS Children’s Villages Uganda with whom it has had a partnership since 2013.

Deutsche Post DHL Group’s corporate responsibility program “Living Responsibility” is comprised of three programs focused on environmental protection (GoGreen), disaster management (GoHelp) and education (GoTeach). Under the GoTeach program, Deutsche Post DHL Group provides support to Teach For All as well as 18 other network partners in the Asia Pacific, Europe, Latin America, and the Middle East.

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.

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Facebook, Other Tech Companies May Be Barred Entirely From Offering Financial Services and Digital Currencies

July 15, 2019

The US House of Reps is pushing to ban Facebook and other tech companies from ever having anything to do with financial services or digital currencies.

A bill to prevent big technology companies from functioning as financial institutions or issuing digital currencies is currently being circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

Here Is What The Bill Is Proposing

In a sign of widening scrutiny after Facebook Inc’s (FB.O) proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.
Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber, says Reuters.
Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle.
Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.
The draft legislation, “Keep Big Tech Out Of Finance Act”, describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc (MA.N), PayPal Holdings Inc (PYPL.O) and Uber Technologies Inc (UBER.N), would form the Libra Association to govern the new coin. No banks are currently part of the group.
Last week, U.S. President Donald Trump criticized Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to the U.S. and global regulations if they wanted to “become a bank.”

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection, and financial stability.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Nigerian ed-tech Startup ScholarX Raises $100k in pre-seed Round

June 24, 2019

Nigerian ed-tech startup ScholarX has joined the league of African startups that raise funds to kick-start their businesses. The startup has raised US$100,000 towards an intended US$200,000 pre-seed funding round to launch new products and grow its team.

At A Glance

The startup was launched in Nigeria in 2016. The ScholarX app allows users to select parameters and scroll through lists of available scholarships that match their requirements.

Co-founder and chief executive officer (CEO) of ScholarX, Bola Lawal said this round of funding for ScholarX (US$100,000 of a pre-seed round so far) came mostly from angel investors.

“We are primarily raising for our new model, called SkillsFund, which we are ready to run a full pilot of in July,” he said.

“SkillsFund democratises labour-force reconditioning by providing financing to help new entrants — recent graduates — get up-skilled via verified training partners in in-demand skills and then help place them with local employers seeking fresh talent.”

The World Bank ‘s map of tech hubs in Africa. Click here for a more expanded view

The startup said funds raised would also go towards building the startup’s capacity in terms of staff and technology to handle funding, recruitment, and placement of successful students in the program.

“This means that ScholarX will be positioned to actualise its goal of building an ecosystem around education financing for current students and recent graduates. It means that we won’t just stop at providing scholarships but provide additional training opportunities that will directly lead to jobs for the growing youth population,” he said.

ScholarX last rolled out a new product back in 2017 when it launched Village, an education crowdfunding platform that allows African secondary school and university students to create fundraising campaigns for backing by sponsors.

The Nigerian startup took part in the global WISE Accelerator and the Cape Town-based Injini ed-tech incubator last year and was named part of the third Google Launchpad Africa accelerator cohort in March.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.