Press Release
Savvy Secures New Funding From The International Telecommunication Union And The United Nations
Savvy Co-founder and Head of Fellowship Program, Chidi Nwaogu
Savvy, an entrepreneurial support organization, has secured an extra $25,000 in grant funding, which is their second grant for this year. Earlier in the year, Savvy secured $15,000 in grant funding from The Roddenberry Foundation through its Catalyst Award. Now, it secured $25,000 as one of the 10 winners of the Global South COVID-19 Digital Innovation Challenge organized by the International Telecommunication Union (ITU) and the United Nations Office for South-South Cooperation (UNOSSC).
According to a Twitter post by Chidi Nwaogu, the Head of Fellowship Program at Savvy, and one of the founders, the new grant will be used “to further make good on our mission to train the next generation of impact-driven entrepreneurs as a way to reduce global unemployment that has been broadened by the COVID-19 pandemic.” Global South COVID-19 Digital Innovation Challenge sought to identify scalable, innovative, digital solutions that will enable countries, societies, communities, institutions, and individuals from the Global South to deal with the cascading effects of the pandemic.
“Aside from the new funding, my team will receive mentorship and training support from ITU, and that’s what I most look forward to,” says Chidi Nwaogu. Savvy was founded to help at least 10,000 young professionals around the world transition into entrepreneurship, equip them with the relevant knowledge and skills to become successful entrepreneurs, as a way to reduce global unemployment thanks to the COVID-19 pandemic.
So far, the program has trained over 4,800 individuals in 143 countries, who have gone on to start over 1,000 impact-driven businesses across diverse sectors in different regions. The Savvy program consists of three components – the learning, assessment, and mentorship sessions. Which all take place online at https://savvyfellows.com/
For 12 weeks, selected participants learn how to start, build, and scale an impact venture. Using visual presentations, Savvy helps them answer all the relevant questions on their mind. They learn how to gain early traction, achieve product-market fit, and scale into newer markets. While learning, Savvy participants are offered mentorship as well, which is a great way for them to have a better understanding of their chosen industry. Mentorship comes in two ways: peer-to-peer mentorship and expert mentorship.
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.
