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Asante Financial Service Closes $7.5M Series A Funding to Scale its Credit Offerings in Africa

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Asante Financial Services Group (“Asante”) announces $7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.

Asante is a high-impact fintech focused on supporting the growth of African Micro, Small and Medium Enterprises (MSMEs).

The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda, and expand to Nigeria and Rwanda.

“We are delighted to welcome our new investors including Goodwell, Sorenson and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, Founding CEO of Asante.

MSMEs have a significant impact on the economies of most countries, especially emerging markets, representing 90% of all businesses, 66% of all jobs created and 50% of the world’s GDP.

Yet according to the World Bank, the annual SME credit gap in Sub-Saharan Africa is about US$330 million.

MSMEs are often neglected by lenders due to a combination of factors. These include the high cost of customer acquisition and due diligence, insufficient data availability for accurate credit assessments, lack of collaterals, uncertain customer lifetime values, and the high costs of distribution and servicing. There is a large opportunity for lenders who are able to overcome these challenges.

Asante differentiates itself with its ecosystem-based digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to MSMEs.

The company works directly with ecosystem channel partners to collect conventional and non-conventional MSME data, with the prior consent of the clients. Its channel partners include Africa’s largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs.

This significantly reduces the cost of customer acquisition and due diligence, while providing sufficient alternative data for credit underwriting.

As a result, Asante is in a strong position to address the credit gap and accelerate its rollout. Asante has executed over 16 strategic corporate channel partnerships, giving Asante direct access to 2m MSMEs with a monthly lending opportunity in excess of US$200 million.

“With over 650% growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5%, Asante is well-positioned to fast track scale and deepen our impact in our operating markets.

“Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded.

We look forward to a round extension very early in the new year to support the solid growth momentum,” notes Okpala.

“MSMEs—particularly those in the informal sector—are being held back by a lack of responsible lending from traditional financial services providers who are unable to run accurate credit checks and offer profitable loans to this segment of the market.

Asante has solved these problems through its innovative digital platform and ecosystem approach. The company’s success to date is proof that the model works, and we are very confident that the business will scale quickly and successfully with this round of funding,” explains Bitta Wycliffe, Senior Investment Associate at Goodwell Investments.

“This is the 20th investment by Goodwell Investments’ uMunthu fund, of which 50% is invested in financial inclusion. Asante is a perfect fit and a great addition to our portfolio of other socially responsible financial services providers.”

Asante is a strategic partner of Mastercard for digital lending in Africa and the only African fintech in a class of 6 scaling start-ups selected in May 2021 to join the award-winning Mastercard Start Path program.

Asante is currently piloting its Business Lending Platform, to further extend its lending and other services to small business clients with essential tools like Business Financial Manager, Management Toolkit and Tax Advisory to assist them to operate more efficiently while infusing resilience into their operations. Via the platform, Asante will also be able to offer insurance, payments, and other products to its clients.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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TECNO and Tiwa Savage Unveil ‘Water and Garri’ in Style

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The recent premiere of the highly anticipated film Water and Garri was nothing short of a star-studded affair. Its compelling storyline and stellar performances captured audiences. Held at the Livesport Event Center, the event drew A-list celebrities, industry insiders, and eager fans, all eager to witness the cinematic spectacle unfold.

One of the most memorable aspects of the evening was the irresistible allure of the TECNO booth, where celebrities couldn’t get enough of the state-of-the-art devices on display. From snapping selfies with the latest TECNO smartphones to exploring the myriad features and functionalities, it was clear that TECNO had struck a chord with its audience.

But it wasn’t just the TECNO booth that had everyone buzzing – the movie itself was the talk of the town. ‘Water and Garri,’ inspired by the real-life journey of singer/actress Tiwa Savage, resonated deeply with audiences, offering a poignant portrayal of love, loss, and redemption. As the lights dimmed and the opening credits rolled, guests were not just spectators but participants in Tiwa’s world, swept away by the raw emotion and heartfelt storytelling.

Celebrities couldn’t get enough of the film throughout the evening, lauding its authenticity and powerful performances. From the lead actors to the supporting cast, each portrayal was met with applause and admiration, underscoring the talent and dedication of all involved. As the credits rolled and the cheering subsided, guests lingered, eager to share their thoughts and reflections on the film’s profound impact.

As the night ended, it was clear that “Water and Garri” had left an indelible mark on all who attended. From its captivating storyline to its unforgettable performances, the movie has captivated hearts and minds, earning its rightful place among the year’s most anticipated releases. With the support of innovative partners like TECNO, the film’s reach and impact are sure to extend far beyond the premiere, inspiring audiences for years to come.


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Nigeria DigitalSENSE forum @15, gets June date

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The date for the 2024 Nigeria DigitalSENSE Forum on Internet Governance for Development (IG4D) has been unwrapped for Thursday, June 27, by organisers, ITREALMS Media group.

Disclosing this, the Lead Consulting Strategist, DigitalSENSE Africa and Group Executive Editor, ITREALMS Media, Mr. Remmy Nweke, said that this year’s edition marks the 15th edition of Nigeria DigitalSENSE Forum on IG4D series and comes with the theme “IG4D: Innovative Digital Economy & Safer Civic Space in Nigeria” at the prestigious Welcome Center Hotels, International Airport Road, Lagos.

Nweke recalled that in 2009, the Nigeria DigitalSENSE Forum (NDSF) series on Internet Governance for Development made a debut and ever since has been steadfast in rallying stakeholders to take discourse on Internet access, openness, affordability, connectivity and ICT infrastructure among others.

This year, he also said, as NDSF marks 15th years of impacting various Nigeria’s economic sector with yet another series on the theme: IG4D: Innovative Digital Economy and Safer Civic Space in Nigeria.

“It will also be a time for recognition of corporates and individuals for their contributions in deepening Internet penetration, improving access and affordability as well as technological adaptation that begets digital sense in our society,” Nweke said.

NDSF series on IG4D, powered by ITREALMS Media group is hosted by DigitalSENSE Africa, an At-Large Structure (ALS) certified by the Internet Corporation for Assigned Names and Numbers (ICANN), in collaboration with relevant stakeholders including Internet Society (ISOC), Nigeria chapter, Nigerian Communications Commission (NCC), Internet Exchange Point of Nigeria (IXPN) among others.


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Exposing the Malicious Sabotage of MoMo PSB Project in Enugu Ezike

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By Cyprian Nwodo

The recent activities of some individuals with one Davids Iyida attempting to sabotage the MoMo Payment Service Bank project intended to benefit, especially Enugu Ezike people, have raised significant concern and outrage within the community.

Market Vendor accessing the MTN MoMo Loans and Savings on her phone — Enugu Ezike traders deserve the same

Such actions aimed at undermining a project with immense potential to uplift and empower the people of Enugu Ezike can only be described as malicious.

The MoMo PSB project is designed to bring financial services closer to the people of Enugu Ezike, facilitating easier access to banking and financial transactions.

This project is expected to create jobs, stimulate local businesses, and provide a much-needed boost to the local economy. In a region where such opportunities are rare, the MoMo PSB project represents a beacon of hope for many residents.

It is particularly baffling and disheartening to witness a member of the community collaborate with outsiders to hinder the progress of their own people.

The reasons behind such alliances remain unclear, but the impact of these actions is evident and deeply troubling. Working to obstruct the project is not only delaying progress but also actively working against the welfare and advancement of Enugu Ezike.

The efforts to destroy Kingsley Ifeanyi Adonu’s good intention, despite all the positive contributions he has made, are nothing short of wickedness.

Adonu, a visionary entrepreneur and the leading MTN Partner in the South East, has dedicated significant resources and efforts to bring the MoMo Payment Service Bank project to fruition.

His vision for the community includes economic growth, financial inclusion, and overall development. Attacking his vision is an attack on the progress and future of Enugu Ezike.

The question that lingers in the minds of many is: Why sabotaging our own benefits? In a time when unity and collective effort are paramount for the community’s advancement, such actions of sabotage are counterproductive and harmful. The community needs all hands on deck to drive development and improve the quality of life for its residents. Internal conflicts and malicious actions only serve to set back these efforts.

Davids Iyida

Despite the challenges and the malicious attempts to derail the project, it is important to reaffirm that S Mobile Group vision for establishing a MoMo Payment Service Bank in Enugu Ezike will prevail.

The community stands behind this vision, recognizing the immense benefits it promises to bring. Efforts to hinder progress will ultimately fail in the face of collective determination and support.

The actions of these ungrateful individuals, aimed at sabotaging the MoMo PSB project, are grave disservice to the community of Enugu Ezike.

In a time when progress and development are desperately needed, such malicious activities are deeply regrettable.

However, the vision and determination of Kingsley Ifeanyi Adonu and the community’s support ensure that the project will succeed, bringing much-needed growth and prosperity to Enugu Ezike.

Let it be known that no amount of sabotage can dim the light of progress and unity.

_Nwodo, a public commentator writes from Enugu State


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