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TEF Director of Operations, Ifeoma Okafor-Obi’s Speech On The Strong Female Entrepreneur at Eloy Conference 2019
TEF Director of Operations, Ifeoma Okafor-Obi with Tewa Onasanya, Founder ELOY awards (Pic: TEF)
Every morning Mama Bisi sets out – her stool on her head, her beans paste, oil and other paraphernalia in a bucket, held in her right hand – to the junction by 5.45 am.
By 6.30 am, passers-by and her loyal customers line up to buy her fresh akara while you and I send someone from the comfort of our homes to do the same.
Occasionally she hears the magic words – “Oya keep the change” and she is extremely glad. A smile rends her face ear to ear and you wonder…
You see, that N50 or N100 tip means more groundnut oil to fry akara, the occasional N200 windfall, an additional cup of beans – both direct investment into her business. Mama Bisi is frugal, there are no excesses around her except when once in a while, she gives in to her mothering instincts and buys sweets for her children. But when it comes to herself, she is extremely austere.
Mama Bisi did not go to school but she is more financially savvy than some business school graduates. She knows the costs of all her raw materials. Even N50 makes a difference, it is salt for two weeks of her business. She longs to raise money to buy a full bag at N25,000 and reduce the cost of the cups of beans for her business.
She is a route-to-market, consumer segmentation and customer service expert. She knows the locations to sit at different times of the day to maximise sales. She also changes her product offerings from akara to buns and then to puff puff as each day progresses.
She is a marketing expert. You can hear her voice early in the morning calling out in her local dialect that “if you taste better akara or puff puff anywhere, you should return her wares for a full refund”. There have been no refunds till date.
She is a branding expert. She wears her white Apron and tells you that it is to show her customers she is clean, and her wares are prepared under hygienic conditions.
From the proceeds of her enterprise, she contributes meaningfully to her family, ensuring her children are educated, well-fed and well-dressed to the best of her ability. This is because Mama Bisi is a strong female entrepreneur.
For a lot of women, motherhood and entrepreneurship are blurred lines- everything they get goes into the business and every profit or loss impacts their families.
According to the world bank female labour force participation in developing countries index 2014, as more women enter the labour force, economies can grow faster in response to higher labour inputs. At the same time, as countries develop, women’s capabilities typically improve, while social constraints weaken, enabling women to engage in work outside the home.
How then do we ensure that the work that they engage in is meaningful? How do we give Mama Bisi access to financing to expand her enterprise? To move from roadside selling to dry or wet premixed packages to expand her market and customer base? How do we help her uplift her family through entrepreneurship? What innovative models can we use to reach her and remove finance as one of the major deterrents to entrepreneurial activities, industrial transformation and private sector development especially for women? What trainings do we have to leverage her financial savviness, help her with the right staffing and corporate governance? How can she access external partners to move from a small-scale business to a global brand, leveraging her unique recipe? How can she build a trusted network in the right sectors in the shortest possible time? How do we enable her to be the catalyst to harnessing Africa’s strengths – its youthful population and fertile land.
Bearing in that Africa needs 12 to 15 million jobs annually to reduce poverty.
The TEF Model
The TEF Entrepreneurship Programme is a 10-year commitment to select, train, mentor, provide seed capital and access to a supportive network to 10,000 entrepreneurs to create 1million jobs in 10 years and generate 10 billion Revenue growth across the African continent.
In 5years we have almost reached our original goal. Partially through our partnerships because our model has been proven to be successful and sustainable.
We are piloting a program to reach even more people with our UNDP partnership. We plan to train at least 10,000 each year.
What makes it successful is that we achieve in 1 year, things that take programs like the apprenticeship program 5 to 8 years to achieve.
TEF Democratises luck. The impact of our flagship programme is so far-reaching because we are gender and Sector agnostic and we chose thousands from across Africa. In the past 5 years, we have had targeted communication for women and almost doubled the volume of female participation in our programme from 24% in 2015 to 41.6% in 2019.
After a 12-week intensive training with emphasis on finance, scaling, structure and transparency, due diligence and mentorship, these women get seed capital. As part of our Alumni network, they also get ongoing mentorship and value-add exposure to enable them to scale their businesses and to access 2nd stage funding.
However, more interventions are needed to enable women excel. We need:
- Mass education for women on financing options available across the business lifecycle. Females by default have a scarcity mindset and want to create miracles out of nothing. They need to know it is ok to ask for more to deliver more.
- We need a female lens into the route to market for reducing the number of unbanked and financing female-owned SMEs through technology. Bearing in mind that ladies like Mama Bisi will never buy a smart phone unless her family is very comfortable.
- Increased access to seed capital
- Access to creative financing for special sectors e.g. creative and tourism industries in which women excel.
- Leveraging technology for global scale –This is what we are working to achieve at the foundation with our technologically driven Digital platform TEFConnect. We can create local communities showcasing female entrepreneurs in various endeavors to access global markets. Already we have connected a significant number of businesses across Africa. TEFConnect is our gamechanger.
- We need to emphasize the need for governance and transparency within businesses. That is key to being able to attract external funding. With increased transparency and verifiable records, the financing will come, and more meaningful jobs will be created.
If this is done, then one day, Mama Bisi will proudly be illustrated on the covers of a premixed akara package bearing her name, in a store in London.
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Chowdeck secures $2.5 million seed funding to optimize on-demand food delivery in Nigeria
Chowdeck Founders L-R_ Olumide Ojo, Lanre Yusuf, and Femi Aluko (Image: Supplied).
Chowdeck, Nigeria’s leading on-demand delivery service, has secured $2.5 million in seed funding to optimize its operations and support expansion into more cities across the country. The seed funding round included investment from YCombinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds and Haleakala Ventures. Simon Borrero and Juan Pablo Ortega (co-founders of Rappi – Latin America’s largest online delivery platform), Shola Akinlade and Ezra Olubi (co-founders of Paystack – one of Africa’s leading fintech companies. Acquired by Stripe for $200m), Sudeep Ramani (Sportybet), Ayo Arikawe (Thrive Agric) and Karthik Ramakrishnan (Amazon) also participated as angels.
Since launching in October 2021 after the COVID-19 lockdown in Lagos, Chowdeck has acquired more than 500,000 users and more than 3,000 riders (typically earning the same as senior civil servants in Nigeria) that serve 8 Nigerian cities (Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba). This new funding will enable Chowdeck to double down on its market leadership in these cities and lay the groundwork for further expansion into other Nigerian cities.
Driven by a combination of increased smartphone and internet penetration, improved payment systems, evolving consumer preferences and a range of other factors, there has been a significant growth in on-demand delivery services in Nigeria in recent years. For example, heavy traffic in major cities makes it challenging for people to shop for groceries, meals, or other goods, increasing the attractiveness of delivery services that can save time. This growth trajectory is poised to continue as many of the challenges that hampered previous attempts at providing on-demand delivery services are fixed.
Chowdeck is the fastest delivery service operating out of Africa today, allowing consumers to buy food and have it delivered to their doorstep in 30 minutes, on average. The startup has built an effective logistics operation that food vendors can leverage to seamlessly deliver meals to customers while also providing consumers with an easy platform to order meals from their favourite restaurants in their city. The startup has also partnered with a wide range of leading quick-service restaurants such as Chicken Republic, Burger King, Bukka Hut and more to drive sales, provide logistics infrastructure and other services to enable enhanced customer experiences.
Femi Aluko, CEO and co-founder of Chowdeck, said, “We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire. Chowdeck was birthed to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors and riders. We are pleased with the success we have achieved to date and excited to have raised these funds that will enable us to replicate that success in more parts of Nigeria, and add value to our customers, vendors, and riders in as many ways as we can.”
Shola Akinlade, CEO and co-founder of Paystack said, “Chowdeck is not only addressing the crucial need for an efficient and reliable on-demand delivery service in Nigeria, the team embodies innovation and a commitment to excellence. It is a privilege to be part of their journey and I look forward to celebrating more success with them in months and years to come. Apart from investing financially into the company, our experience with building Paystack puts us in a great position to provide a lot of practical support and I am excited to see what it is to come from the Chowdeck team.”
June Angelides, Partner at Levare Ventures, said “Chowdeck has quickly become a household name across Nigeria, priding itself on very high standards of execution. They are addressing a large and complicated problem, especially in Africa, delivering goods at record speed. I am excited that they have proven that the opportunity is there beyond restaurants and supermarkets. The team have secured landmark partnerships with Shoprite, Chicken Republic and KFC, a sign of their grit. Their customers love them, their riders love them. There’s so much more to come and I’m excited to be with them on the journey”
Leatherback has joined forces with MCB Bank to power more business and lifestyle opportunities in Pakistan and the wider South Asia region by enabling easier Pakistani Rupee (PKR) payouts and remittances for its users. Leatherback is a global banking service provider for individuals and businesses and MCB Bank is one of Pakistan’s largest commercial banks.
Together, the two organisations will make it easier for businesses, international students, medical migrants, tourists, and other Leatherback users to seamlessly send money to businesses and individuals in Pakistan where it can be instantly received in the local currency. Users simply need to sign in to their Leatherback app, navigate to SendR, Leatherback’s remittance solution, and follow 5 simple steps to send the funds.
Pakistan received approximately $150 billion in remittances from 2017 to 2022. This ranks Pakistan sixth among the top remittance-receiving countries in 2022, with $29.9 billion going into the country that year. According to the most recent estimates, trade between Pakistan and Africa is worth $4.18 billion. Following the recent launch of Indian Rupee remittances and payouts on the Leatherback platform, this new partnership connects Leatherback users to more opportunities across the South Asia region, establishing Leatherback as the ideal banking partner to help them access business and lifestyle opportunities around the world.
According to Ibrahim Toyeeb Ibitade, CEO of Leatherback, “Our partnership with MCB Bank is another step in our mission to make it much easier for our customers to access the opportunities they desire around the world, removing barriers that were previously in place due to limited payment options. As developing commerce models and the rise of digitisation alter how the world interacts, we are pleased to bring people from all over the world closer together by offering them effective cross-border payment solutions that allow them to trade and enjoy more experiences.”
Mr. Omair Safdar, Group Head Wholesale Banking, MCB Bank Limited added that “through our partnership with Leatherback, we’re poised further to enhance the scale of our digital remittance services, empowering customers with seamless and efficient cross-border transactions. This collaboration underscores our commitment to innovation and delivering unparalleled value to our customers.”
From remittances to business transactions, the ability to move money seamlessly across borders is critical for facilitating access to lifestyle and business opportunities. Leatherback, with a specific focus on migrants and global citizens, aims to provide robust, cross-border financial services that cater to the needs of individuals and businesses operating across multiple markets, taking advantage of a seamless, digital identity verification process, upfront low transaction fees, real-time competitive FX rates, and a secure, fast, and simple onboarding.
Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. The company currently has more than 50,000 customers and is projected to reach $500 million in monthly transactions before the end of the year 2024. Leatherback is FCA Authorised, PCI DSS Compliant, and ISO Certified.
NBA Africa CEO Clare Akamanzi and U.S. Trade and Development Agency Director Enoh T. Ebong at the launch. Credit: NBA Africa
In support of President Biden’s Digital Transformation with Africa Initiative and building on the U.S. Department of Commerce-wide Africa strategy, NBA Africa today announced the launch of “Triple-Double: NBA Africa Startup Accelerator,” a startup accelerator based on the continent focused on early-stage African startup companies.
Triple-Double: NBA Africa Startup Accelerator will support Africa’s tech ecosystem and the next generation of African tech entrepreneurs by providing them with access to mentorship and capital that will help drive growth in the sports and creative industries.
Operated by ALX Ventures, a leading technology incubator that provides the continent’s tech leaders with access to the skills and tools to launch and scale their startups, Triple-Double: NBA Africa Startup Accelerator is open to early-stage startups in Africa that develop solutions in event management and ticketing, youth development, AI, and digital marketing in the sports and creative industries. Startups can apply to participate here through Friday, May 31, after which the submissions will be narrowed down to the top 10.
The 10 selected startups will then be paired with mentors comprised of NBA Africa and ALX leadership, and other corporate stakeholders, who will provide guidance to the companies with a focus on product development, business growth and go-to-market strategy. In September, NBA Africa will hold a Demo Day in New York City that will coincide with the United Nations General Assembly (UNGA). Participating companies will pitch their products to a panel comprised of top industry leaders from the U.S., Africa, and around the world. The panel will then determine the four winning companies, which will be awarded financial support, mentorship, and the opportunity to work with NBA Africa and the Basketball Africa League (BAL) on their current and future initiatives on the continent.
The announcement was made today by NBA Africa CEO Clare Akamanzi, who was joined by U.S. Secretary of Commerce Gina M. Raimondo and U.S. Trade and Development Agency Director Enoh T. Ebong at the American Chamber of Commerce’s Business Summit in Nairobi, Kenya.
“We are thrilled to launch an accelerator program based on the continent and focused on early-stage African startups,” said Akamanzi. “This groundbreaking new initiative reflects our commitment to expanding the African sports ecosystem, and these incredible companies will be at the forefront of shaping the future of sport on the continent.”
Additional information about Triple-Double: NBA Africa Startup Accelerator will be announced at a later date.
