News
Four Nigerians Make Africa Netpreneur Prize Initiative Top 10 Finalists List
The Africa Netpreneur Prize Initiative (ANPI) has identified the top 10 finalists for its grand finale event taking place in Accra, Ghana on 16 November 2019. Among them are four Nigerian netpreneurs.
The finalists were chosen from nearly 10,000 applicants from 50 African countries. After months of judging and deliberation, the finalists were shortlisted and will now go on to pitch their business directly to four finale judges – Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba Group – during a televised finale event called “Africa’s Business Heroes”. The winners will receive a share of the $1 million USD grant prize pool.
The Jack Ma Foundation will host a full-day Africa Netpreneur Summit, an invitation-only conference where African and global entrepreneurs, investors, educators, and leaders will convene to discuss how best to enable entrepreneurship and the digital economy across the continent. Guest speakers at the conference will include Ban Ki-moon, Former UN Secretary General and Co-chair of the Ban Ki-moon Centre for Global Citizens. The conference will be followed by the “Africa’s Business Heroes” event in the evening.
“We launched the Africa Netpreneur Prize Initiative to identify top entrepreneurs from across the continent, not only to reward them but to inspire a whole new generation of potential gamechangers for Africa. I have been inspired by the entrepreneurs I met in Africa, many of whom are dealing with the same challenges we faced when we started Alibaba years ago. I truly believe the potential of Africa’s business heroes is limitless,” said Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation.
“Africa’s Business Heroes” will air on November 29. More details of how to tune in to the program will be released in the coming weeks. Highlights from the Africa Netpreneur Summit will also be shared via ANPI social media handles. Follow along on Facebook, Twitter, and Instagram.
The diverse group of 10 finalists represent a range of industries and experience.
The finalists: Waleed Abd El Rahman, CEO, Mumm (Egypt)
Mumm is a virtual cafeteria for businesses, harnessing the power of shared economy through technology, cloud kitchens and an online marketplace for home-based entrepreneurial cooks. Waleed is a seasoned entrepreneur with 12+ years in food tech. He is also the former founding managing director of MIT Technology Review-Middle East and a member of the Advisory Committee of the World Economic Forum’s Global Shapers Community.
Ayodeji Arikawe, co-founder, Thrive Agric (Nigeria)
Thrive Agric is an agricultural technology-enabled company that works with smallholder farmers to enable them with greater access to finance, as well as improve their income and harvest distribution. Today, Thrive Agric works with 22,000 farmers in Nigeria, but the company is aiming to build the largest network of farmers in Africa. They are on a mission to “build an Africa that feeds the world and Itself.” Ayodeji is an accomplished software engineer and serves as both co-founder and CTO for Thrive Agric.
Temie Giwa-Tubosun, founder and CEO, LifeBank (Nigeria)
LifeBank is a medical distribution company that uses data and technology to help health workers discover critical medical products. The company has saved over 5,300 lives in Nigeria. Founder Temie has over 10 years of health-management experience with Department for International Development, the World Health Organization, the United Nations Development Programme and Lagos State. In 2014, BBC listed her as one of the 100 women changing the world. She was also recognized by Quartz and the World Economic Forum.
Mahmud Johnson, founder and CEO, J-Palm (Liberia)
J-Palm Liberia (JPL) was founded with the goal of making premium consumer goods while creating income-earning and employment opportunities through sustainable palm-oil production. When JPL was first founded, palm oil kernels had been going to waste in Liberia, but founder and CEO Mahmud Johnson found a way to innovate productive uses for this overlooked natural resource.
Today, JPL has created a range of beauty and clean-energy products, built a robust network of partnerships across the country, and helped to create jobs for hundreds of Liberians. Mahmud holds a degree in economics from Dartmouth College and is a 2017 recipient of the Order of the Star of Africa conferred by the President of Liberia.
Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y (Rwanda)
UZURI K&Y is an African-inspired ecofriendly shoe brand established in Rwanda. Kevine is the co-founder and CEO of UZURI K&Y, and she is passionate about ending global waste while also leveraging her creativity to create employment opportunities for her community.
UZURI has made a direct impact on more than 750 people through employment and skills training. In addition to obtaining her degree in creative design, she has participated in numerous entrepreneurship programs to enhance her skills in business development. In 2017, she was recognized as the winner of the Made in Rwanda Enterprise of the Year.
Christelle Kwizera, founder, Water Access Rwanda (Rwanda)
Water Access Rwanda pioneered INUMA™️, a Safe Water Microgrid that reclaims broken boreholes and transforms them into state-of-the-art solar-powered water kiosks and pipelines. The water is sold for $1/1000 litre and creates off-farm jobs for youth.
Currently, Water Access Rwanda employs 68 people, and allows 47,612 customers to access water daily across 86 stations. Christelle is a mechanical engineer and was named INCO’s woman entrepreneur of the year in 2019, among other high-profile awards.
Dr. Tosan J. Mogbeyiteren, founder, Black Swan (Nigeria)
WeMUNIZE by Black Swan Tech Ltd is helping to solve Nigeria’s public-health challenges by deploying an automated scheduling, GPS-enabled software-as-a-service that uses a combination of digital record keeping and community engagement to increase birth registration and early childhood immunizations.
Black Swan is working with USAID Nigeria to expand WeMUNIZE coverage in northern Nigeria. Tosan is a public-health specialist with more than 13 years of experience in deploying technology to solve development challenges in Nigeria.
Chibuzo Opara, co-founder, DrugStoc (Nigeria)
DrugStoc is a cloud-based pharmaceutical IT and logistics platform focused on eliminating counterfeit drugs, expanding access to pharmaceutical products and improving transparency in pricing for healthcare providers and the product supply chain. Chibuzo is a health economist and medical doctor with over 12 years of experience in the health sector. He has worked with the World Health Organization, the World Bank, and the International Finance Corporation.
Dr. Omar Sakr, founder and CEO, Nawah-Scientific (Egypt)
Nawah-Scientific is the first private research center in the MENA region focused on natural and biomedical sciences that offers analytical and scientific services online and on-demand. Dr. Sakr has 13 years of pharmaceutical experience, has worked as an adjunct assistant professor of entrepreneurship at Zewail City of Science and Technology, and holds scientific and business awards for innovative product design.
Moulaye Taboure, co-founder and CEO, Afrikrea (Cote D’Ivoire)
Afrikrea.com is the leading “Made of Africa” fashion, art and handicraft online marketplace. The marketplace has processed more than $4 million in sales across 101 countries and supports merchants from all over the world. After growing up in Mali and working for companies like PricewaterhouseCoopers and Alstom, Moulaye now dedicates his time to building the global infrastructure for African culture.
News
AfDB Approves Equity Investment in The Currency Exchange Fund to Support Access to Local Currency Financing Across Africa
The Board of Directors of the African Development Bank Group has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.
This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent.
The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent.
The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.
Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.”
He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”
The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries.
The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks), infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.
Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”
This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.
The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.
Shoprite, once a beacon of modern retail shopping in Nigeria, is currently grappling with significant operational challenges as several of its stores across the country face closure or remain understocked.
Investigations reveal that Shoprite outlets in Ilorin and Ibadan have permanently shut down, while other branches, including the popular Ikeja City Mall outlet in Lagos and the Jabi Lake Mall branch in Abuja, are struggling with empty shelves and few customers. The usually bustling shopping spots now resemble shadows of their former selves, with hollow aisles and dwindling merchandise.
A staff member at Ikeja City Mall told our correspondent that the new management is in the middle of tough negotiations with suppliers that have delayed restocking. “Hopefully, when that is completed, things will return to normal,” she said, while also admitting that the impasse has stretched on for months, leaving many workers anxious about the future.
Similarly, workers at the Jabi Lake Mall branch lamented a lack of supplies for over two months, expressing fears about their job security. “Everybody here, our chest is beating because we don’t know what’s happening,” one employee disclosed.
Shoprite first entered Nigeria in 2005 and quickly expanded to multiple cities, employing thousands of Nigerians. However, a combination of rising operational costs, including exorbitant rents such as the reported ₦66 million monthly rent at the Kano Ado Bayero Mall branch, forex challenges, and fierce competition have severely affected the chain’s operations.
Despite the gloomy outlook, Shoprite management insists they are not exiting Nigeria. A spokesperson said efforts are ongoing to resolve the supply chain issues and assured that shelves would be restocked by the end of September.
Still, with two branches already closed and others appearing deserted, shoppers and workers alike are left wondering whether Shoprite can regain its footing and recapture its former dominance in Nigeria’s retail sector.
Africa’s leading neobank and foremost fintech platform, PalmPay, is celebrating six years of delivering value, impact, and reliable banking services to millions of users across Nigeria. With more than 35 million people now choosing PalmPay for their everyday financial needs, the company marks this milestone by reflecting on a journey shaped by its users.
Since its launch in 2019, PalmPay has transformed from facilitating its very first transaction into powering millions daily. Along the way, PalmPay has helped small and medium businesses scale, supported families in reaching their goals, and made everyday money management simpler, safer, and more rewarding. Its users’ trust has fueled PalmPay’s journey and continues to inspire the company’s commitment to making financial services smarter, simpler, and more inclusive.
“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding,” said Chika Nwosu, Managing Director at PalmPay. “Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs.”
To celebrate this milestone, PalmPay is launching the Lucky Wish Campaign, running from September 12 – 29th, 2025. The campaign will spotlight user stories, reward loyal customers with Apple AirPods, iPhone 17 Pro, Samsung A16, and highlight impact data, to showcase the trajectory of the brand’s impact since its launch in 2019.
In addition, the ongoing Hustle Grant Campaign continues to spotlight ambitious entrepreneurs leveraging PalmPay’s solutions. As part of the celebrations, 9 final winners will be announced in phases with the final announcement scheduled for September 26th. Each of these winners are set to receive N500,000 to support and grow their businesses, further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.
As PalmPay looks ahead, the company remains focused on powering the future of smarter banking and driving impact across its diverse user base.
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