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Nigerian fintech startup, Baxi, acquired by MFS Africa. 2 other things and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today.

1. MFS Africa acquires Nigeria’s fintech startup Baxi

Pan-African payments company, MFS Africa, has acquired Nigerian fintech startup Baxi.

The startup, which is one of the country’s leading super-agent networks, was founded in 2014 by Degbola Abudu and Folu Majekodunmi.

The acquisition will facilitate MFS Africa’s expansion into Nigeria.

Before the acquisition, Baxi provides a cash-in/cash-out offering as well as value-added services such as account opening, money transfer, bill payment amongst others.

The startup, since its inception, claimed to serve the last mile through its network of more than 90,000 agents.

Meanwhile, the deal is still subject to approval from the Central Bank of Nigeria.

It is expected that MFS Africa will also expand Baxi’s proposition for offline SMEs such that it can select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.

Tech Trivia: Which adjective describes input devices that are designed to have a natural feel?
A Haptic
B Ergonomic
C Solid state
D Analog
Answer: See end of post

2. New EU-funded accelerator opens call for applications

The Ugandan Green Enterprise Finance Accelerator (UGEFA) has opened call for applications into its programme.

READ ALSO: Nigeria’s foodtech startup, smallChops, looks to expand venture. 1 other thing and a trivia

The programme will offer green businesses in Uganda free finance-focused workshops and discounted loans to help them scale up.

According to the management, the team is set out to help high-potential small and medium-sized enterprises that specialise in eco-tourism, clean energy, sustainable transport, waste management and green manufacturing.

During the six-month programme, successful applicants will receive customised business development support from expert advisors. This tailored scheme includes capacity building workshops and peer learning, delivered by implementation partners adelphi and Finding XY.

Also, after graduating from the UGEFA programme, enterprises are matched with banking partners. If they prove to be investible they are provided loans, 33 per cent of which is covered by UGEFA, through funding from the European Union.

3. Rwanda’s Payday selected for prestigious accelerator programme

Payday, an African fintech based in Rwanda, has been selected to join the renowned Techstars Toronto Accelerator programme.

Payday, which becomes the first Rwandan startup to be selected to participate, is led by Favour Ori.

Speaking on the development, CEO Favour Ori noted that the selection will be a game changer for the startup.

He said: “Joining Techstars will be a game-changer for us. This is an opportunity to work with and learn from outstanding mentors, as well as to leverage their experience, skills, and network to create a platform where all Africans, regardless of location, can enjoy financial inclusion.”

Hosting the programme, Techstars is an operational investment company that assists founders and early-stage entrepreneurs to scale and grow their concept into a thriving business.

The accelerator programme is expected to be conducted over a three-month period and aims to provide participants with various skills, resources and the opportunity to network and connect with potential investors.

Tech Trivia Answer: Ergonomic

Ergonomics involves designing the workplace to fit the needs of the worker rather than trying to make the worker adjust to the workplace. Good ergonomic design has been shown to increase work quality and production as well as worker well-being.

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