This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Nigeria’s Toju launches credit services to unbanked population
Toju, a Nigerian fintech startup, on Friday, launched as a venture looking to provide alternative credit-scoring for the unbanked.
According to the startup, its team, before launch, had developed a record management platform for local savings clubs, thrift collectors, microfinance institutions and cooperatives.
Sources familiar with the startup noted that the venture was conceived during a pre-incubation programme run by Accion Venture Lab in 2019.
Co-founded by Olaide Oladipupo, Byron Neji and Sodiq Tijani, Toju is expected to run with the goal of bringing traditional savings clubs into the modern era and helping their members access financial services.
Speaking on the vision of the startup, Oladipupo explained that the idea was to solve the common challenge encountered by traditional thrift managers.
Oladipupo said: “In Africa, while selected people use bank branches, ATMs, and USSD, the vast majority makes use of a different kind of banking, services that have existed since even before colonial times, one that involves an agent going from door-to-door collecting cash deposits and sometimes fulfilling withdrawals at the end of the month.
“And because all their customers withdraw at the same time each month, they would not be able to fulfil their other clients’ demand for a loan.”
Tech Trivia: What is another name for an external device you connect to your computer?
Answer: See end of post
2. Google Startup Accelerator opens call for applications
Google has opened call for applications for the third edition of its Startups Accelerator: Middle East and North Africa programme.
The opportunity will offer startups access to mentorship and support from Google experts.
The three-month digital programme is expected to kick off in January of next year.
According to Google, the accelerator seeks to admit seed to Series A tech startups.
Previous startups accelerated by the body include ElCoach, FreshSource, Hekouky, Zammit and MyTindy.
Commenting on the development, Salim Abid, Google’s regional lead of developer ecosystem in MENA, noted that Google looks forward to seeing how the startups go on to leverage technology as they scale.
He said: “It’s always an honour to witness the level of passion and confidence the startups have as they work towards making their dreams a reality.
“We’re looking forward to seeing how they continue to use technology to solve challenges in their communities and, most importantly, their sustainable growth in the tech ecosystem.”
Tech Trivia Answer: Peripheral
A peripheral or peripheral device is an auxiliary device used to put information into and get information out of a computer.
The term peripheral device refers to all hardware components that are attached to a computer and are controlled by the computer system, but they are not the core components of the computer, such as the CPU or power supply unit. In other words, peripherals can also be defined as devices that can be easily removed and plugged into a computer system.
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