Every young Nigerian before age 30 should try as much as possible to work at least 2 jobs. After 30, commit to one you can build a lasting next decade of career with then automate the second to get extra income. You won’t die, working 2 jobs wont make you less but you will earn.
Let’s start with why you need it?
At Fundall @get_fundall, we recently built a retirement calculator that helps both Entrepreneurs and 9-5ers calculate how much they will need when they retire. We invited several people from the 2 groups to use the tool.
After several tests, we discovered that none will be able to meet up the amount they will need to live at their current monthly expenses if we take into consideration an average annual naira depreciation of <=4 and an inflation rate of <10%.
To achieve retirement you need to either start saving young (in your 20’s or 30’s) and save at least 10% of your income each year, or if you start saving late (in your 40’s and 50’s), you’ll have to save a large portion of your income, as much as 50% a year.
Lets use this scenario;
You’re 25 and want to retire at 50, your monthly expenses is 50,000 and you don’t have anything in Retirement. Your future yearly spending will be 1,599,502 naira when you retire.
To survive your retirement, you have to have saved up 79,975,090 naira before you retire (at an assumption that you will stay at your current monthly expenditure and would live till 100).
You need to save at least 60,275 in a retirement account that will yield at least 10% annual returns. The question is, how many people that spend 50,000 monthly can afford to set aside 60,275 naira monthly?
The best bet for many is to get a side hustle or another job so they can earn more and have enough for the days they will retire. Retiring is when you stop working actively and you start earning passively. To some, it can be 40, 50 or you can choose to retire at 65 years.
I will advise that all young people start thinking about retirement, do not over splurge! Ours is the show-off generation, everything around us says “buy”. You need to discipline yourself. Read this article
At Fundall, one of our biggest vision is to help young Africans earn more so they can live sustainable lifestyles. Hence, the need to develop tools that can enable everyone build wealth and grow business.
At Fundall, we’ve built tools that can help you save and invest, get personal and business loans, a peer to peer marketplace that you can sell and earn and business tools to automate your business finances.
Sign up via https://fundall.io We will be live very very soon!
Credit: Taiwo Obasan
Releaf secures $4.2 million in seed funding and grants to drive industrialisation of food processing in Africa
Releaf co-Founders (Image: Supplied)
Releaf, an agtech start-up that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable, has raised $2.7 million seed funding in a round led by Samurai Incubate Africa, Future Africa and Consonance Investment Managers with participation from Stephen Pagliuca, Chairman of Bain Capital and Justin Kan (Twitch). Releaf also secured $1.5 million in grants from The Challenge Fund for Youth Employment (CFYE) and USAID.
The seed funding will enable the development of industrial food processing technology in Nigeria’s smallholder-driven Oil Palm sector while the grant will enable Releaf to provide working capital and other value-added services for smallholders and small-scale processors. Grant funding will support the training, recruitment and retention of more women and youth in Nigeria Oil Palm sector through the creation of both digital and technical jobs.
Nigeria’s oil palm industry is dominated by smallholder farmers, with 80 percent of local market share. However, production rates are low because many still rely on ineffective processes for de-shelling, including the use of rocks and inappropriate hardware. These ineffective processes also lead to low quality palm kernels which are largely unfit as input for high quality vegetable oil manufacturing. As a result, food factories are unable to purchase these raw materials and operate significantly under capacity. On average, food factories have 3X more installed capacity than utilization, which impacts the cost of food and hampers further investment into processing capacity.
Releaf acts as a bridge between smallholder farmers and food manufacturing companies with its proprietary patent-pending machinery, Kraken. Kraken can process any quality of palm nut into premium quality (95 percent purity) inputs for food factories. Releaf’s software connects the start-up to more than 2,000 smallholder farmers, ensuring consistent, large-scale supply. While palm kernel oil production is not foreign to Nigeria, Releaf’s technology and scale means it can process 500 tonnes of palm nuts per week. The software offerings also allow the start-up to receive inbound supply requests from farmers via USSD, provide working capital financing as well as collect proprietary data on supply availability.
Speaking about the new funding, Ikenna Nzewi, CEO and co-founder of Releaf, said, “our mandate is to industrialize Africa’s food processing industry. This round of funding enables us to develop and prove our technology with smallholder farmers in the oil palm sector. Given Nigerians spend ~60 percent of their income on food and Africa’s population is set to increase by 100,000 people per day over the next three decades, we’re presented with an incredible opportunity to feed more people, reduce consumer costs, and supply the fastest-growing food market in the world. Releaf is committed to harnessing technology to accelerate the economic wealth of rural, agrarian societies throughout the Continent. We firmly believe that a robust real economy is the foundation for long-lasting and shared prosperity for Africans and are excited to deepen partnerships with like-minded organizations, governments, and firms.”
This new funding will enable better productivity and accelerate the eradication of the menial and archaic processes that are prevalent across Nigeria’s oil palm sector and the agriculture sector as a whole. It will also enable Releaf to drive more value and profitability across the oil palm value chain, as well as support direct and ancillary job creation in the farming communities of South and Eastern Nigeria.
Rena Yoneyama, Managing Partner at Samurai Incubate Africa who led the round commented, “Releaf’s novel approach to operating within the value chain with proprietary technology set it aside from many agtech startups we have spoken to. We believe the firm’s thesis on decentralizing food processing would have a strong match with Africa’s economic development landscape for the next few decades. Ikenna and Uzo are the perfect founders to disrupt this market in Nigeria and beyond. We are thrilled to back them as they innovate in providing both agro-processing and financial services to rural communities and farmers.”
Iyin Aboyeji, General Partner at Future.Africa noted, “more than 50% of the goods in supermarkets globally contain glycerine – an extract made from palm oil – a cash crop that is passed down from generation to generation. The team at Releaf is building the agro-allied industry of the future from the ground up starting with palm oil which they have developed novel technology to aggregate, deshell and process into critical ingredients like vegetable oil and glycerine. Future Africa is delighted to back Releaf to build the future of modern agriculture”
Dr. Nneka Enwonwu, Country Relationship Manager, from The Challenge Fund for Youth Employment (CFYE) said, “We are thrilled to partner with Releaf on their mission to improve efficiency and profitability for farmers and food factories in Africa. The founders’ vision and the team’s enthusiasm gave us confidence that Releaf will deliver real value for rural communities and create digital/technical jobs for women and youth. We are looking forward to their results and success over the coming years and continuing to support their work.”
Graça Machel Trust Appoints Melizsa Mugyenyi as New Chief Executive Officer
Graça Machel Trust New CEO, Ms. Melizsa Mugyenyi (Image: Supplied)
Board of Trustees of the Graça Machel Trust, announces that Ms. Melizsa Mugyenyi has been appointed as the new Chief Executive Officer (CEO) and commences her tenure in this leadership role as of September 6, 2021.
A Ugandan by birth, and residing in Kenya currently, Ms. Mugyenyi brings to the Graça Machel Trust an impressive range of executive management and strategic partnership building skills, as well as extensive experience working in multi-country settings. We look forward to her leadership to expand our Pan African programming, nurture our diverse women’s empowerment Networks, and develop the necessary relationships to fortify our resource base and long-term sustainability.
Ms. Mugyenyi will spearhead the conceptualization and implementation of a bold new Strategic Plan for our institution and take our work of social and economic transformation to greater scale and impact. The Board has every confidence in Ms. Mugyenyi and her ability to effectively steer our organization, in conjunction with our staff and stakeholders, to augment our impact on the African continent and expand our thought leadership globally.
“We are grateful to Dr. Shungu Gwarinda, who steadfastly served as our Interim CEO, driving us forward with a determined focus on advancing the rights of Africa’s women and children, and strengthening our institution and Networks during this interim period. Dr. Gwarinda will be actively supporting this management transition and will resume concentrating her leadership in her substantive role as Director of Programmes. We are grateful for her invaluable contributions to further the mission of the Graça Machel Trust”. said Mrs. Graҫa Machel, Founder and Chairperson of the Graҫa Machel Trust
To our valued partners, both current and future, we look forward to positively transforming the lives of Africa’s women and children together with you as we enter this exciting new chapter of our institution’s journey.
Pezesha Raises Seven-figure Seed Extension from GreenHouse Capital to Fuel Expansion of its Embedded Credit Infrastructure across Africa
Pezesha team (Image: Supplied)
Pezesha, a pan-African fintech company building scalable lending infrastructure for SMEs and institutions, today announced the close of a seven-figure growth funding round led by GreenHouse Capital (GHC). In addition to GHC’s investment, Pezesha received on-lending liquidity support from GHC’s sister company Venture Garden Group (VGG). These financing milestones will support Pezesha’s continued growth across Africa and its mission to expand access to affordable working capital for SMEs.
Pezesha is solving Africa’s $82 billion working capital and trade finance access problems by enabling non-traditional finance institutions to offer working capital to SMEs using Pezesha’s lending infrastructure. The company has built robust APIs to originate quality SMEs and original credit scoring models that allow capital to flow efficiently and productively. Pezesha’s new partnership with VGG will expand the capital available for Pezesha and its institutional partners to lend to SMEs. Pezesha previously raised capital from Consonance and Seedstars.
Hilda Moraa, CEO and Founder of Pezesha, commented, “we are delighted to have GreenHouse Capital join the Pezesha family. We are aligned in vision as well as our commitment to solving the working capital challenges that are preventing African SMEs from achieving their full growth potential. GHC’s investment will catapult our growth by enabling us to scale our existing partnerships with the likes of Twiga Foods, Jumia, Marketforce, and Popote Pay, among others. More so, the investment will unlock our vision of building the operating system to power embedded finance in Africa”
Ruby Nimkar, Principal at GreenHouse Capital, added, “Pezesha is breaking down barriers to SME financing by taking an ecosystem approach to the problem of access to capital. Their embedded finance model is truly groundbreaking, and we have full confidence in Hilda and her talented team to take their model into new markets and continuously close the SME financing gap across Africa.”
Bunmi Akinyemiju, CEO of Venture Garden Group, commented, “Pezesha’s innovative model is driving capital to the African SMEs that need it the most. We are excited to be partnering with them to expand their access to funds that they can use for their on-lending liquidity.”
Pezesha has scaled its lending infrastructure in Kenya, Ghana, and Nigeria and is planning to launch in Uganda in September of 2021.