E-Business
12 African Startups Draw Full House as Techstars Hosts Demo Day in Lagos
Techstars, the most active startup investor in Africa, held its second pan-African Demo Day in partnership with Lagos-based innovation program, ARM Labs.
The ARM Labs Lagos Techstars Accelerator Demo Day was held on 20th February at Balmoral Convention Center, Federal Palace Hotel, Lagos.
The event featured presentations from Techstars’ stellar second cohort from across the continent, marking the end of an immersive three-month accelerator program.
The startups presented to Techstars’ vast network of investors, mentors, senior operators, and ecosystem leaders, unveiling achievements and future plans whilst vying for strategic partnerships and commercial collaboration.
In addition to the startups’ presentations, the event featured a lively panel discussion with key figures in the African tech and Venture Capital ecosystems, exploring the state of VC funding and innovation in Africa.
Panellists included Olumide Soyombo, Partner at Voltron Capital; Biola Alabi, Partner at Acasia Ventures; and Ovo Emorhokpor, Founding Partner at Beta.Ventures. The event also drew the attention of more than 480 industry leaders and investors, including Idris Bello, Founding Partner at LoftyInc Capital; Tosin Faniro-Dada, Partner at Breega; Eloho Omame, Partner at TLCom Capital, Victor Sada, Head of Ventures & M&A at Interswitch; Bode Abifarin, Ex-Chief Operating Officer at Flutterwave; and Olusegun Adeniyi, Chief Digital Officer at Wema Bank, who were in attendance. An additional 2,500 viewers joined online via Youtube and Linkedin.
The ARM Labs Lagos Techstars Accelerator second cohort, chosen from over a thousand applicants across Africa included 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.
Over the past 13 weeks, along with the $120,000 each in investment, the startups received comprehensive training and mentorship from leading industry experts in the form of workshops on Go-to-markets Strategies, Financial Modelling, Customer Acquisition, Investment Readiness, People and Leadership, Legal and Governance, and Product Management.
Additionally the select startups gained access to more than 300 perks, valued at over $4 million in savings, and will benefit from lifetime access to the Techstars worldwide network.
In her Demo Day welcome address, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, stated, “At Techstars, we are committed to empowering entrepreneurs through our accelerators, venture funds, and network of investors, corporates, and mentors across various cities.
“We firmly believe that entrepreneurs are the driving force behind a better future for all, and our mandate is to ensure they succeed. As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa.
“Teaming up with ARM, we’ve developed a program aimed at showcasing the remarkable innovation and talent on the continent. We’re excited about the 12 companies we’ve backed, each leveraging technology, data, and intelligence to serve a population growing in size, youth, income and digital access”.
The engaging event schedule also featured a keynote address by Adetayo Bamiduro, Co-founder of Max.ng, the first African startup selected for a Techstars program.
Adetayo emphasised the profound impact Techstars has had on his startup since selection in 2015, and also shared meaningful insights on the startup’s learnings, milestones and the growth opportunity that Africa offers.
Kenise Hill, U.S. Consulate Deputy Political and Economic Chief, also gave an address, highlighting the U.S’s commitment to trade with Africa, and their areas of focus – technology, healthcare, renewable energy and food security.
In the closing address by Sadiq Mohammed, Deputy Group CEO of ARM Holding Company, disclosed, “We are delighted to have partnered in this innovative program where our aim was to expand our horizons and improve our processes, introduce a new asset class to clients, and contribute to the ecosystem growth. We’re thrilled with how these objectives are being met based on the program’s success and the inherent impact of the selected startups.
Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing fully well that the best market-creating innovations thrive best when value-chains and markets are restructured. We believe this cohort is well-positioned for success.”
Oluwadunni Fanibe, Program Manager at ARM Labs Lagos Techstars Accelerator also commented on the progress attained by the founders over the past weeks.
She stated “Throughout the program, the cohort demonstrated genuine enthusiasm, passion and dedication, qualities highly valued by investors. They’ve mastered articulating and executing their business models, also honing their pitching skills along the way. The program has boosted their capabilities, propelling them into the next stage of their entrepreneurial journey and we wish them continued success.”
As founders showcased the product-market fit of their startups, track record and growth opportunity, it highlighted the ingenuity and opportunities abound in the African market. The event now sets the stage for follow-on investment and innovation in the months ahead for the cohort.
E-Business
Konga Jara Brings Joy to Shoppers with Up to 50 Percent Discounts
Konga’s annual Jara campaign has sparked excitement among Nigerian shoppers, offering timely discounts of up to 50% across various product categories.
The initiative, themed “Confam New Year Deals,” has emerged as a vital lifeline for consumers navigating the financial challenges typical of January.
Market analysis shows a significant surge in essential household purchases, with electronics, home appliances, and FMCG items leading the sales charts.
Data from the first two weeks of the campaign reveals that home appliances and electronics account for 45% of total sales. Groceries and FMCG follow closely at 30%, while fashion and lifestyle products make up 25% of purchases.
“Konga Jara couldn’t have come at a better time,” says Mrs. Folake Adeyemi, a Lagos-based civil servant.
“With school fees and other January commitments, the discounts on groceries have helped me maintain our family’s standard of living without breaking the bank.”
Similarly, Mr. Chidubem Okafor, a small business owner in Abuja, notes, “I’ve been able to restock my shop with quality products at much lower prices. The authenticity of products on Konga gives me confidence in my purchases.”
The campaign’s success reflects growing consumer trust in online shopping platforms that prioritize genuine products and competitive pricing.
Shoppers have particularly appreciated the convenience of accessing these deals both online at www.konga.com and offline across Konga’s nationwide retail stores.
Beyond mere discounts, the initiative demonstrates Konga’s understanding of the Nigerian consumer’s needs, especially during traditionally challenging financial periods.
The combination of competitive pricing, product authenticity, and accessible shopping channels has created a winning formula for both the business and its customers.
As the campaign continues, shoppers are encouraged to take advantage of these substantial savings across all categories.
Whether shopping for household essentials, electronics, or fashion items, Konga Jara offers an opportunity to make significant savings while ensuring access to genuine, high-quality products through Nigeria’s trusted e-commerce platform.
E-Business
NOA Launches Nigeria’s General Multipurpose National Identity Card
National Orientation Agency (NOA) has officially unveiled details about Nigeria’s upcoming General Multipurpose National Identity Card (GMPC).
This innovative initiative aims to consolidate identification documents, improve financial accessibility, and streamline government and private sector services for Nigerian citizens.
Key Features of the GMPC
Unified Identification:
The GMPC will replace multiple identity documents, serving as a comprehensive form of identification for Nigerians.
This will reduce the burden of carrying multiple cards and simplify access to services.
Financial Integration:
In collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), the GMPC will allow users to conduct financial transactions directly through the card. It will act as both an ID and a payment tool.
AFRIGO Support:
The GMPC will operate under the AFRIGO card scheme, Nigeria’s domestic payment system.
This move aims to promote the use of locally developed financial infrastructure and reduce dependency on foreign systems.
How to Apply
Citizens can apply for the GMPC through several channels:
Online Portal: Applicants can initiate the process online via a self-service portal.
NIMC Offices: Physical applications will be accepted at National Identity Management Commission (NIMC) offices across the country.
Banks: Selected banks will also facilitate applications, allowing individuals to apply directly through their financial institutions.
Applicants will need to provide their National Identification Number (NIN) as part of the application.
Once processed, the GMPC will be issued through the applicant’s chosen bank, similar to how debit and credit cards are distributed.
Cardholders can collect their GMPC at designated collection points or opt for home delivery at an additional fee.
The General Multipurpose National Identity Card (GMPC) is expected to revolutionise identification and service delivery in Nigeria.
It will provide secure, multi-purpose access to financial, governmental, and private sector services.
Additionally, the card is poised to enhance financial inclusion by bridging gaps for underserved communities.
The new identity card is part of the government’s broader effort to embrace digital transformation.
By consolidating identification and financial services into a single platform, the GMPC aligns with the country’s drive toward technological advancement and efficient service delivery.
The NOA has urged all eligible citizens to stay informed about the application process and prepare to leverage the benefits of the GMPC once it becomes available.
This initiative underscores the government’s commitment to modernising administrative systems and improving the quality of life for Nigerians.
E-Business
US Supreme Court Upholds Law Banning TikTok
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
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