Press Release
Cargoplug joins the Newest Cohort in the Techstars Washington D.C. powered by J.P. Morgan Accelerator
Long transit times, high shipping costs, regulatory hurdles, lack of visibility on shipments…. These are some of the common challenges faced by African and global businesses who rely on cross-border movement of goods to run their operations. Cargoplug, a female-led, forward-thinking logistics solutions provider has made it its mission to soothe these headaches over the last decade and is excited to announce its acceptance into the renowned Techstars D.C. Accelerator Program powered by JP Morgan. Techstars focuses on providing access to capital, one-on-one
mentorship, and customized programming for tech-enabled businesses like Cargoplug.
At its inception in 2013, the brand operated as a B2C company called Jand2Gidi – this name translates as ‘UK to Nigeria’ in Nigerian slang. It was birthed due to the pain experienced by its founders – Ujama Akpata and Kikelomo Fola-Ogunniya, who had returned to Nigeria after pursuing their education in the UK. Since their humble beginnings in 2013, they have delivered well over half a million packages all over the world, becoming a trusted logistics partner beyond Africa.
Notable deliveries from the UK to Nigeria included fresh burgers from McDonald’s, cold medication, fresh groceries, and annual reports for multinationals within 48 hours. The brand started with a small dream, built capacity, established logistics networks worldwide, and continued to grow despite challenges such as forex fluctuation, reduced buying power, ination, and funding issues, amongst others. At the turn of a decade in logistics, Jand2Gidi decided it was time to embark on a new journey as Cargoplug – on a larger scale, to a wider audience and expanding its services to meet the growing demands of global trade and cross-border solutions.
Cargoplug, ‘Your Everyday Global Shipper’ provides seamless and trackable logistics solutions that eliminate uncertainties and reduce transit times for shipping in and out of Africa, making supply chain management more accessible, efficient, and user-friendly. One of their star services is 24-hour delivery of parcels from the UK to Nigeria at competitive rates. The brand provides easy-to-use dashboards and secure APIs that can be plugged into leading e-commerce platforms to power cross-border deliveries. Cargoplug streamlines the entire process from pick up overseas to customs clearing, insurance, and last-mile delivery at the destination, and they have now built shipping APIs to power the same service for other logistics providers, global lifestyle brands, and leading e-commerce platforms that wish to offer the same value-adding logistics services to their clients.
“We’re beyond excited to be selected for the Techstars D.C. Accelerator. We started Cargoplug to bridge the gap for individuals and small businesses who often feel overwhelmed by the complexity of logistics, and we have since grown into a logistics force to be reckoned with. Being selected for the Techstars D.C. Accelerator is not just validating our work but a signal that we’re on the right path. We’re excited to learn, grow, and most importantly, make a bigger impact on the lives of our clients” said Kikelomo Fola-Ogunniya Founder and CEO of Cargoplug.
“For us, this isn’t just about scaling the company; it’s about changing the logistics game for high-growth businesses everywhere. We’ve always believed that products of the world should be available to anyone anywhere, and with Techstars’ support, we’re going to make that happen.” chimed in Co-founder Ujama Akpata.
A Game-Changing Opportunity
Techstars D.C. has a track record of accelerating high-potential startups, and Cargoplug’s selection is a testament to the company’s innovative approach to logistics. Throughout the program, Cargoplug will receive the tools, insights, and connections needed to scale operations, rene its technology, and enhance the overall customer experience. Cargoplug joins other companies on the program that are not just pioneering advancements in technology but embody the spirit of innovation that it takes to grow something from nothing.
Looking Ahead
With the guidance of Techstars, Cargoplug will focus on expanding its offerings, forging new partnerships, and creating more tailored solutions for businesses. The accelerator program will help the company sharpen its vision and execute with greater impact. Companies that go through Techstars have collectively raised over $23 billion in funding, with an average valuation of $100 million per company. We’re raising $500,000 through a SAFE round to support our B2B pivot and rapid scaling. With one converted customer leading to multiple recurring deliveries, we plan to invest in expanding our tech team, upgrading AI for operational eciency, and funding expansion into new African cities. We’ll also boost international marketing and enhance customer experience to meet growing demand.
For all business and investment inquiries:
Email: services@getcargoplug.com
Call: +2348182200858, +2348068944930
Website www.getcargoplug.com
ATIDI CEO, Manuel Moses and Hiroshi Matano, MIGA Executive Vice President (Image: Supplied)
The African Trade & Investment Development Insurance (ATIDI), and the Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximising development impact.
The organizations will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across the African continent and MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform. The partnership will also seek to improve efficiency in joint project due diligence, maximising cost savings and eliminating duplication.
Manuel Moses, CEO, ATIDI: “Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA and ATIDI’s de-risking solutions are essential to achieve this crucial agenda. Beyond signing of this agreement, we look forward to a dynamic collaboration with MIGA, to leverage our institutions’ respective assets for the benefit of our continent.”
The agreement framework emphasizes mutual reliance, accountability, and comparability. Each party will regularly share operating standards and procedures to help identify comparable outcomes to further both organizations’ development mandates.
Hiroshi Matano, MIGA Executive Vice President says; “Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity. This agreement will play a significant role in helping the continent attract foreign investment for key development projects.”
Both organizations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilized, and reduced project processing times. Moreover, both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.
The strategic agreement framework underscores the commitment of MIGA and ATIDI to create a world free of poverty on a livable planet. The two organizations aim to mitigate investment risks by pooling resources, thereby accelerating sustainable economic growth in Africa.
Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a groundbreaking onlending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
With this new initiative, Lendsqr is setting up a capital pool of up to N1 billion line of credit for lenders targeted at Lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The onlending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
A new era of B2B2C lending
Lendsqr’s onlending initiative represents a strategic step forward in Nigeria’s lending ecosystem. With the ability to offer overdraft loans, the company enables smaller financial institutions to lend confidently, knowing they have a reliable source of capital backing them up. This move is expected to deepen financial inclusion, create a ripple effect on local economies, and ultimately support the development of a healthier financial services landscape in Nigeria.
Lendsqr now joins established onlending capital in Africa such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation, in providing capital to lenders to drive financial inclusion and much needed growth within the SME economic subsector.
Expanding access and opportunities
By providing loan capital directly to digital lenders, Lendsqr aims to empower lenders to reach more customers, serve new markets, and achieve more stable growth. The initiative not only addresses immediate funding gaps but also sets a foundation for long-term partnerships across the financial industry.
“We’re excited to be the catalyst for growth in Nigeria’s lending sector. Our onlending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem where every licensed lender, big or small, can thrive,” added Joy B. Bello, Head of Sales at Lendsqr.
Lendsqr’s onlending initiative is currently available exclusively to Nigerian lenders. Interested parties can learn more and apply at Lendsqr Capital Portal.
Qore has announced the successful approval to implement its indigenous core banking solution, BankOne, in Tanzania. This landmark achievement marks Qore’s debut implementation of BankOne in Tanzania, underscoring the company’s dedication to deploying disruptive fintech infrastructure that enhance financial inclusion, automate banking processes, and facilitate seamless payments.
The Tanzania Cooperative Development Commission (TCDC), which oversees over 2,500 Saccos, including several regional and national cooperatives, plays a pivotal role in ensuring the smooth operation and regulation of these entities. By collaborating closely with TCDC, Qore aims to empower Saccos to secure and grow their members’ funds with ease, while providing real-time, cloud-native banking experiences through BankOne. This collaboration is set to revolutionize the cooperative sector in Tanzania, driving financial inclusion and innovation at an unprecedented scale.
Qore’s solution is designed to support the unique needs of Saccos, offering features such as real-time transaction processing, comprehensive financial reporting, and robust security measures. By leveraging BankOne, Saccos will be able to streamline their operations, reduce costs, and enhance the overall member experience.
This implementation is a significant milestone for Qore as it continues its rapid international expansion. “The deployment of BankOne in Tanzania is a testament to our commitment to bringing innovative banking solutions to new markets,” said Timothy Ngao, Country Manager for Tanzania at Qore Technologies. “We are excited to support the financial growth and stability of cooperative societies in Tanzania, and we look forward to many more successful implementations in the region.”
The company is proud to be at the forefront of this transformation, supporting the development of sustainable and economically viable cooperative societies across Tanzania.
