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e-Logistics Start-up Kobo360 Secures $30M Funding

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Kobo360, the digital technology platform disrupting African third-party logistics, today announced the completion of a $20M Series A equity round led by Goldman Sachs, with participation from Asia Africa Investment and Consulting Pte. and existing investors including TLcom Capital, Y Combinator, the International Finance Corporation.

An additional $10M in local currency working capital financing has been secured from Nigerian commercial banks.

Launched in 2017 by Nigerian entrepreneurs Obi Ozor and Ife Oyedele II, Kobo360’s tech-enabled full truckload offering enables the development of an efficient supply chain for end-to-end long-haul freight operations, connecting and supporting cargo owners, truck owners & drivers, and cargo recipients.

The company has moved over 500Mkg of goods, aggregated a fleet of over 10,000 drivers and trucks, and services SMEs and over 80 large enterprises such as Dangote Group, DHL, Unilever, Olam, African Industries, Flour Mills of Nigeria, and Lafarge.

Located in key strategic trade hubs in Western and Eastern Africa, the e-logistics company will continue its expansion with the ambition to build a Global Logistics Operating System [G-LOS] powering trade and commerce across Africa and emerging markets.

With the funding, the team will continue to scale the organization, develop the technology offering and accelerate supply growth – planning to add 25,000 drivers to the platform in the coming months to power the recent Africa Free Trade Continental Agreement, expected to catalyze intra-African trade.

Kobo360 is also planning to significantly broaden its reach in Africa, entering 10 new countries by the end of 2020 beyond its footprint in Nigeria, Togo, Ghana and Kenya.

Obi Ozor, Co-founder and CEO of Kobo360 said, “Our Series A allows us to invest in growing our talented team that is working hard on the ground to systematically address the inefficiencies within the African logistics sector, and strengthen our already extensive network of clients and truck owners across the continent.

“We are also focusing on developing the partnership with drivers, ensuring that they are trained to use mobile-enabled technology, so they can convey goods seamlessly and earn more money. We are already seeing drivers running trips on the Kobo360 platform increase their monthly earnings by 40%, as we work together to mobilize logistics across Africa.”

Jules Frebault of Goldman Sachs said, “Kobo360’s on-demand logistics offering has generated impressive traction and we are excited to support Obi, Ife and the team as they harness technology to tackle one of Africa’s most pressing development challenges – increasing market transparency, improving reliability and unlocking efficiencies for all participants in the logistics ecosystem”.

Senior Partner of TLcom Capital, Omobola Johnson said, “We see this Series A round as a means to support an ambitious, laser-focused company who are using technology to actively solve problems for enterprises across the continent, and we look forward to working with them as they continue to scale and transform the African logistics sector.”

Kobo360 is also developing a suite of driver-focused products to support the over 10,000 drivers on the Kobo360 platform. It has launched KoPAY, offering access to up to $5,000 monthly working capital; KoboSAFE, access to an insurance product; and KoboCARE, access to discounted petrol, comprehensive HMO packages and an incentive-based education program for drivers’ families.

Wale Ayeni, who heads venture investing in Africa for the International Finance Corporation, added: “IFC’s continuous investment into Kobo360 stems from the company’s successful track record. Kobo360 is empowering and enhancing the capacity of the vast underserved network of “micro” fleets in Africa to serve the huge unmet long-haul freight needs of large enterprises and SMEs, delivering value to both sides.”


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E-Business

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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