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Nestlé announces the winners of the Sub-Saharan Africa innovation challenge

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The 3 start-ups winners have been awarded a 4-month residency in the new Nestlé R&D Accelerator for Sub-Saharan Africa

ABIDJAN, Ivory Coast, September 4, 2019 – Start-ups SHOPIT, EXPORTUNITY and WAKULIMA from South AfricaBenin and Tanzania respectively, emerged today the winners of the Nestlé Research and Development (R&D) Sub-Saharan innovation challenge. Selected from among a highly competitive group of 174 submissions received from 27 different countries across Africa, these start-ups projects were judged by a panel of Nestlé executives as the most promising.

In addition, the initiative MAFANI led by 2 students from University Gaston Berger of Saint Louis (Senegal) was selected as the winner of university category of the challenge and will receive CHF 10,000 in prize money.

The 3 start-ups winners have been awarded a 4-month residency in the new Nestlé R&D Accelerator for Sub-Saharan Africa, located at the Nestlé R&D Center in Abidjan, Côte d’Ivoire.

During their stay, the 3 selected start-ups will have the opportunity to tap into Nestlé’ R&D’s expertise, as well as have access to state-of-the-art infrastructure such as hot desks, labs, kitchens and pilot testing equipment to further advance and potentially commercialize their ideas.

According to Joëlle Abega-Oyouomi, Head of the Nestlé R&D Center in Abidjan, “the Sub-Saharan African innovation ecosystem is filled with creative energy and strong entrepreneurial minds. However, there is not enough infrastructure to test and validate new ideas therefore limiting access to a wider market’’. She highlighted that “Nestlé’s R&D science and technology expertise will contribute by providing a platform to deliver innovations adapted to African consumers’ needs and preferences.”

Also Read Cycles, Nigeria’s No.1 Bike-Sharing Platform Achieving The United Nations SDG Goal 11 – Damilola Soladoye

In May 2019, Nestlé launched the R&D innovation challenge in Sub-Saharan Africa as part of its efforts to stimulate innovative solutions across four areas: affordable nutrition, environmentally friendly packing solutions, sustainable cocoa plantlets, and new routes to markets. It has set a particular focus on universities and start-ups in Côte d’Ivoire, Ghana, Kenya, Nigeria, Senegal and South Africa.

Chair of the challenge selection panel, Mr. Rémy Ejel, Market Head for Nestlé in Central and West Africa, was pleased with the high level of participation from the region. “I am impressed by the original ideas pitched to us today.  With a majority of the submissions coming from Ghana and Nigeria and Côte d’Ivoire, the region is in an exceptional position to become an innovation hub for the African continent.”

Bruno Olierhoek, Market Head for Nestlé East and Southern African Region expressed his delight at the dedication showed by students and start-ups to this initiative. “We are thrilled that this innovation challenge resulted in such great interest from the East and Southern African Region. In the spirit of co-creation we can now look forward to joint ideation between the winners and Nestlé for solutions that will contribute to a healthier future of the people of Africa’’.

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aYo Uganda delivers value through pandemic

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Microinsurer aYo Uganda has underlined its commitment to the economic wellbeing of its customers in the country by paying out more than UGX 760 Million Shillings in 2020, through the height of the Covid-19 pandemic. The company offers Hospitalisation and Life Insurance Cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’. Commenting on the company’s performance, the CEO of aYo Uganda, Allan Lwanga, said consumer anxieties around Covid and its related economic challenges had heightened awareness of the need for protection and help in the event of either loss of life or hospitalisation.

“Despite the challenges brought about by the containment measures and an uncertain pathway of the pandemic including over three months of lockdown, the company was able to onboard up to 1 million new customers for the Recharge with Care product, and over 200 000 new customers for Send with Care products,” said Mr Lwanga.

Microinsurance is seen as a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens. This is particularly important in a developing country such as Uganda, where lower income households and informal traders have been hard-hit by the pandemic, as it has reduced their ability to generate an income.

aYo Uganda’s ‘Send with Care’ and ‘Recharge with Care’ products cater for all MTN subscribers. aYo Recharge with Care offers life and hospital insurance cover every time customers recharge their MTN airtime. Subscribers can sign up by dialling *296# on their mobile phones, and use the same process for filing claims. Valid claims are paid directly to the claimant’s mobile money wallet without any hassle. With Send with Care, aYo provides up to triple the amounts that customers have sent via MTN Mobile Money over the previous four months. Life cover pays out to their family in the event of their passing, and hospital cover pays straight into their MTN Mobile Money account if they spend one night or more in hospital due to an accident or illness. When customers send money, they simply select aYo Send with Care when prompted*, or dial *165*1*4#.

 

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CEO Corner

African Bank Appoints Kennedy Bungane, CEO

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African Bank New CEO, Kennedy Bungane (Press Release & Image: African Bank)

African Bank (“Board”) announces the appointment of Mr. Kennedy Bungane as the Chief Executive Officer (“CEO”) and as an executive director of the Bank and its holding company, African Bank Holdings Limited (“ABH”) effective 14 April 2021. The Bank confirms that the appointment of Kennedy was done in accordance with African Bank’s policy on the selection and nomination of executive directors, and in order to fill a vacancy as well as add to the skillset on the Board.

Kennedy brings over 20 years of banking experience with him, having started his career at Standard Bank in 1991, holding a number of senior positions, including Head of Global Markets Sales, Head of Institutional and Corporate Banking, CEO Corporate and Investment Banking for Standard Bank South Africa, and a member of the Standard Bank Group Executive Committee. After joining Barclays Africa in 2012 as Chief Executive of Barclays Africa Limited and Head of Absa Group strategy, Kennedy led the sale of Barclays Africa Limited to the ABSA Group. More recently, Kennedy headed up the Phembani Group as its CEO. He also brings investment and strategic experience gained as the founder and chairman of Nokeng Telecoms and chairman of Idwala Capital.

Kennedy holds a Bachelor of Commerce degree, a Master of Business Administration, and completed the advanced management program at the Harvard Business School (USA).

Commenting on Kennedy’s appointment, the Chairman of the Board, Thabo Dloti, stated, “We welcome the appointment of Kennedy as the new permanent CEO. Kennedy has a keen sense for managing complex stakeholder issues. He has a proven track record in identifying and nurturing leadership, which promotes strong teams to deliver successful results. His passion for the role that banking can play in transforming society resonated strongly with the Board.

As an experienced banker, he also critically has a good grasp of the strategic challenges facing the Bank, within a muted South African economy and competitive landscape, as well as the required regulatory and governance framework.

 

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Investment

Platform Capital invests in USA-based innovative peer-to-peer financing platform SoLo Funds

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Platform Capital Chairman, Dr. Akintoye Akindele and Rodney Williams, Co-Founder of SoLo Funds Inc. (Image & Press Release: Platform Capital)

Platform Capital (“Platform”), a leading growth markets investor, is pleased to announce its investment in and partnership with SoLo Funds Inc. (“SoLo”), an innovative and proprietary peer-to-peer financing platform based in USA that has revolutionised the access to and supply of short-term funds for individuals, entrepreneurs, and businesses.

Twenty-five percent of Americans are unbanked or underbanked, whilst 80% of American workers live paycheck to paycheck, and don’t have adequate savings to cover unforeseen expenses. In addition, implicit and explicit biases mean that women and people of colour are three times more likely to see their credit applications rejected. As a result, they are left with no other options, and fall prey to payday lenders, where a small loan can accrue over 400% APR, trapping them in a cycle of debt.

SoLo replaces payday lenders with a community-based, market-driven model for access to short-term funds for individuals. Through its community, individuals are able to access funds ranging from $50 to $1,000 for up to 2 weeks, that are delivered within hours through a simple and non-approval sign-up process powered by artificial intelligence and machine learning. The platform connects users directly and determines a SoLo score based on ability to repay, spending habits, payment frequency, behavioural data, and location-based data. There are no fees or compounding interest paid to SoLo or the member of the community providing the funds, avoiding the debt trap that is common in traditional short-term lending.

Since launch in 2018, the SoLo community has grown to over 300,000 users. The company has seen significant adoption of its model in states with large populations and high cost of living. Over the past 12 months, SoLo’s community has experienced more than 2,000% growth, introduced a new product feature “lender protection service” that safeguards the financed amount in case of a default, and has partnered with Kiva to enable access to funds for entrepreneurs and business owners ranging from $1,000 to $15,000.

SoLo Funds mission is to replace payday lenders with a community-based, market-driven model for individuals, entrepreneurs, and businesses to access financing. The company has raised $10 million lead by international investors including ACME Capital, Impact America Fund, Techstars, Endeavor Catalyst, and CEAS Investments to further develop its technology, scale its team, and expand across the USA.

Dr. Akintoye Akindele, Chairman of Platform Capital, joins the Board as an observer & adviser.

Rodney Williams, Co-Founder of SoLo Funds Inc., said “We’re excited about our partnership with Platform Capital, we look forward to expanding our services into Africa. This partnership enables us to achieve our vision of being the number one access to funds provider for people and businesses in need. We believe that our platform will certainly impact and change conversation in Africa around how businesses and individuals can access funds.”

Dr. Akintoye Akindele, Chairman of Platform Capital, said: “We are proud to partner with SoLo Funds. Access to funds is a problem that affects millions of people globally. We believe that SoLo’s alternative approach to laccessing funds will impact millions of lives and position them as an innovative disruptor in the funding space. We look forward to working with SoLo Funds to scale their innovative solutions to positively impact people’s lives.”

 

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