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MAX founders join Endeavor Network

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MAX founders Adetayo Bamiduro, Guy-Bertrand Njoya, and Chinedu Azodoh (Image: Max)

Endeavor announced today that Adetayo Bamiduro, Chinedu Azodoh, and Guy-Bertrand Njoya co-founders of Metro Africa Xpress (MAX) were selected as Endeavor Entrepreneurs after a panel deliberation. The selection came after a rigorous multi-step selection process to identify high-impact entrepreneurs who demonstrate the potential to leverage Endeavor’s resources and mentorship. To create large-scale wealth and jobs and are committed to reinvesting their time and capital in their local entrepreneurship ecosystem. 

Founded in 2015, MAX is building Africa’s largest mobility-tech platform. It aims to serve the millions of independent commercial drivers across Africa who every day move people and goods to where they need to be through the use of 2, 3, and 4-wheeler vehicles. The company provides these independent commercial drivers with financing and tech solutions that ensure they are able to work safely, affordably, and in a way that minimizes damage to the environment. It does this by enabling access to a fast-growing fleet of low and zero-emission vehicles, which include its revolutionary M3 Electric Motorcycle. As well as a service bundle that solves their greatest pain points, such as digital wallets, and savings products, insurance, maintenance plans, and licensing support. 

MAX’s innovative model helps independent commercial drivers to dramatically increase their income to more than 3x the national minimum wage. With current operations in 5 cities in Nigeria and over 7K drivers on its platform, MAX aims to scale its platform and capture a significant portion of the $250B mobility market in Africa.

According to Tosin Faniro-Dada, Managing Director & CEO of Endeavor Nigeria, “We are proud to welcome Tayo, Chinedu, and Guy into Endeavor’s global network and look forward to working with them. They join a select group of inspiring founders, leading some of the most innovative companies in the world”.

Speaking on the value of joining the Endeavor network, Tosin said, “Our goal is to help Endeavor Entrepreneurs become even more successful, pushing them to dream bigger, scale faster and invest in the next generation of entrepreneurs. We provide radical feedback, unparalleled peer and mentor networks, and curated services to help solve many of the common challenges entrepreneurs face. We look forward to supporting more Endeavor Entrepreneurs in Nigeria.”

Speaking on their selection experience and joining the Endeavor network, Tayo Bamiduro, CEO of Metro Africa Xpress (MAX) said, “We are thrilled to be joining a community of innovators and disruptors who are laying the foundations for a better world for all through the power of entrepreneurship. We are excited for the collaborations that this opportunity will unlock, as we continue to advance MAX’s mission of revolutionising mobility in Africa”.

Guy-Bertrand Njoya, Adetayo Bamiduro, and Chinedu Azodoh were selected into the Endeavor network by a panel of global business leaders including Nabyl Al-Maskari (Executive Chairman, Al Maskari Holding & Chairman of the Board of Endeavor UAE), Arjuna Costa (Managing Partner, Flourish Ventures), Andreas Stavropoulos (Partner, Threshold), and Sebastian Gunnigham (Chairman of Santander Consumer Finance and vice-chairman of Openbank).

MAX is the 14th company selected into the global Endeavor network through the regional affiliated office in Nigeria. All three entrepreneurs represent the growing expectation for exceptional entrepreneurs with big ambitions and the ability to execute at scale. 

 

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Press Release

B.TECH, Fawry expand Partnership to avail easier access to finance for Customers

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B.TECH, Egypt’s number 1 omnichannel consumer electronics retailer, consumer financing specialist and leading purveyor and Sole Agent of Blue chip home appliances international brands, Signed today a memorandum of understanding with Fawry, the leading platform in banking technology, digital transformation, and electronic payments in Egypt, to expand the Partnership between the two companies and provide more services to their customers to avail easier access to finance. The MoU was signed by Dr Mahmoud Khattab, Chairman and Managing Director of B.TECH and Mr Ashraf Sabri, CEO of Fawry.
Commenting on the Partnership, Dr Mahmoud Khattab, Chairman and Managing Director of B.TECH, said: “We are proud to expand the partnership with Fawry, as part of our ambitious strategy to be accessible to all segments of society and provide them with technological and financial solutions, whether through our stores, which have exceeded 120 in more than 25 governorates nationwide, or through partnership and integration with companies that enjoy a wide outreach and the confidence of customers such as Fawry, to make it easier for customers to subscribe to our services such as Mini Cash, instalment payment solutions, cash vouchers, and PoS machines, in addition to other features and benefits.”
 Mr Ashraf Sabri, CEO of Fawry, said: “We are pleased to sign this partnership to offer our extensive expertise and digital solutions to serve B.TECH customers and provide many electronic collection methods simply and easily, whether through Fawry Plus branches or the FawryPay portal, which offers a variety of payment methods, including bank cards, electronic wallets, and instalments, through Fawry outlets and the MyFawry mobile application, in addition to bank channels and 250,000 points of sale.”
One of the advantages of the Partnership is the availability of FawryPay Promo Engine e-voucher exchange service that helps build an integrated points system, providing many flexible points replacement options. In addition, Fawry’s pioneering loyalty and point replacement program helps B.TECH offer promotions and incentives to its customers.
Fawry’s various payment solutions will be available within B.TECH branches, in addition to installment collection through Fawry’s machines. The Partnership will also benefit Fawry customers through B. TECH’s exclusive offers and promo codes, opening a Mini Cash account, and other benefits.
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Mastercard and OPay strategic partnership to grow cashless ecosystem and advance digital financial inclusion for millions

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Mastercard and fintech giant OPay today announced a strategic partnership, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across the Middle East and Africa. The collaboration enables OPay consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE – to engage with brands and businesses anywhere across the globe, thanks to a Mastercard virtual payment solution linked to the OPay eWallet.

This partnership is the latest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing Fintech’s such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps. Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organizing transport, lending, investing and listing items they wish to sell.

In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more. The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.

Amnah Ajmal, Executive Vice President for Market Development, Mastercard EMEA, said: “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”

Yahui Zhou, CEO of OPay, said: “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa.”

Since its operations started in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes millions of transactions per day on average. In Nigeria alone, where OPay takes significant market share, users have saved billions of US dollars in the last four years through credit-linked savings accounts from their mobile wallets and small loans from lenders that use its platform.

Plans are in place to launch OPay services in other markets in the next three to five years, significantly driving the growth of digital inclusion and digital commerce, while at the same time widening OPay customer inclusion into the global economy. Mastercard has made a worldwide commitment to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into the digital economy by 2025.

 

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Afreximbank Appoints New FEDA Executives

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African Export-Import Bank (Afreximbank) has announced the appointment of Ms. Marlene Ngoyi as the Chief Executive Officer of the Fund for Export-Development in Africa (FEDA), the Bank’s development-oriented subsidiary. Mr. Emmanuel Assiak has been appointed Chief Investment Officer.

Ms. Ngoyi, who hails from the Democratic Republic of Congo (DRC), has over 17 years of experience. She has worked with social enterprises, private companies, public-private partnerships, and governments across Africa to raise multi-billion-dollar debt, bonds, equity, quasi-equity, and foreign direct investment via bank syndication, capital markets, or private equity transactions to finance strategic investments.

Ms. Ngoyi has also served as the CEO of BGFI Investment Banking where she led the company in raising more than US$4 billion of capital and foreign direct investment for private and sovereign clients. Additionally, she was CEO of a commercial bank in the DRC, for two years, leading a financial turnaround by restoring its financial profitability. Under her leadership, the bank also became one of a select few banks in sub-Saharan Africa to complete and obtain an anti-money laundering 30000 certification for combating money laundering and terrorist financing.

Ms. Ngoyi graduated magna cum laude from Bentley University with a B.Sc. in Economics and Finance and holds a Master in Business Administration from Harvard Business School.

For his part, Mr. Emmanuel Assiak, who has been appointed FEDA’s Chief Investment Officer, joined FEDA a subsidiary of Afreximbank in 2019 as a director. As a pioneer staff, he played a key role in setting up and operationalising the organization. This includes putting in place the required service infrastructure (people, processes and systems) and leading the execution of FEDA’s first four equity deals and commitments in other strategic investments and partnerships amounting to about US$300 million. In his over 15 years of private equity experience, Mr. Assiak has played active roles in raising and deploying over US$1.5 billion in funds and equity transactions.

Mr. Assiak holds a First-Class Bachelor’s degree and a Masters in Economics from the University of Cross River State and University of Lagos, Nigeria respectively. He also holds an MBA with Distinction from Manchester Business School, United Kingdom. He is a Certified Accountant and an alumnus of the Coller Institute of Private Equity, London Business School.

 

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