TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Grey, AWS, UNDP, WhiteBIT, DeFi, PrestaFreedom, LemFi, Zofi Cash, FinMont, CardoO were some of the names that made the headlines in the tech ecosystem this week.

Grey, the Nigerian startup founded by Idorenyin Obong and Femi Aghedo, has introduced a seamless currency exchange service, allowing users to effortlessly convert to the local currency and access foreign currencies in their accounts.

Also, a European cryptocurrency exchanges, WhiteBIT, has announced intent to expand into the Nigerian market as it seeks to enable Nigerians access global crypto market.

Let’s get into details.

Grey, the Nigerian startup founded by Idorenyin Obong and Femi Aghedo, has introduced a seamless currency exchange service, allowing users to effortlessly convert to the local currency and access foreign currencies in their accounts.

This is contained in a press release seen by Ripples Nigeria on Friday, June 2, 2023.

Launched in 2021, Grey has gained prominence with its international money transfer service, enabling quick and unrestricted sending and receiving of international payments.

The startup, backed by Y Combinator, secured a funding round of US$2 million in August last year and has since been focused on expansion.

 

Twenty-five African fintech startups, have secured a coveted spot in the inaugural cohort of the Amazon Web Services (AWS) FinTech Africa Accelerator.

In an effort to strengthen its presence in Africa, AWS, the cloud computing division of e-commerce giant Amazon, launched the accelerator program earlier this year.

Early-stage startups operating in the fintech and fintech-adjacent sectors across Africa were invited to apply.

 

The Libyan government, in partnership with the United Nations Development Programme (UNDP), the European Union (EU), and the African Development Bank (AfDB), has launched the Deraya Entrepreneurship Initiative to foster entrepreneurship in Libya.

The initiative aims to equip young entrepreneurs with the necessary skills and knowledge to transform innovative ideas into thriving startups.

The Deraya initiative is a joint effort between the Ministry of Local Government (MoLG), UNDP, EU, and AfDB, with the participation of a consortium including Flat6Labs, Tatweer Research, and MAZAM.

 

A European cryptocurrency exchanges, WhiteBIT, has announced intent to expand into the Nigerian market as it seeks to enable Nigerians access global crypto market.

Volodymyr Nosov, the CEO of WhiteBIT, made the announcement in a press release forwarded to Ripples Nigeria on Thursday, June 2, 2023.

According to Nosov, while the expansion is expected to create new opportunities for Nigerians looking for gains in the crypto space, it signals a significant milestone in expanding its global presence.

 

Kenya’s Patamali has announced launching a new  decentralised finance (DeFi) platform to enhance the real estate sector.

The startup, in a press release on Thursday, announcing the development noted that the new platform operates on the Celo blockchain that aims to revolutionise the real estate financing space.

Patamali was founded by Laura Omanga and Allan Musomba Mulei in November 2021.

 

A Moroccan startup, PrestaFreedom, has closed a MDH11 million (which is equivalent to US$1.1 million) from the Azur Innovation Fund to accelerate its growth at the national and regional level.

The startup, which is a home services platform specialising in household subscriptions and other services for individuals, made the announcement on Thursday in a press statement signed by its CEO and founder, Majid Benslimane.

The startup, according to the press statement, was founded in 2020 as a services platform offering a recurring and personalised cleaning subscription.

 

A Nigerian fintech startup, Lemonade Finance, has rebranded its name to LemFi, as it looks to simplify and capture the essence of the company’s vision.

The company, in a press release on Wednesday, May 31, 2023, noted that the decision was reached as it sought to differentiate itself in the evolving financial services landscape.

The startup was founded in 2020 to empower immigrants seeking to achieve financial freedom in their lives.

 

A Ugandan fintech startup, Zofi Cash, has closed a US$1 million in pre-seed funding to double down on its commitment to ensuring that every day is a payday for salaried workers.

The instant salary advance platform made the announcement on Wednesday, May 31, 2023.

According to the startup, its service offers employees early access to wages, ensuring that people have the financial resources they need to take care of immediate needs without waiting until the end of the month.

 

A Ugandan fintech startup, Zofi Cash, has closed a US$1 million in pre-seed funding to double down on its commitment to ensuring that every day is a payday for salaried workers.

The instant salary advance platform made the announcement on Wednesday, May 31, 2023.

According to the startup, its service offers employees early access to wages, ensuring that people have the financial resources they need to take care of immediate needs without waiting until the end of the month.

 

Germany-headquartered fintech startup, FinMont, has announced a new partnership with an emerging markets payment provider, dLocal, as the duo look to bring significant benefits to Africa and other emerging economies.

FinMont made the announcement in a press statement seen by Ripples Nigeria on Tuesday, where it stated that the startup entered into the partnership to invest aggressively in the tech Ecosystem.

Ripples Nigeria gathered that FinMont, launched by the founders of German airline Hahn Air, aims to streamline both B2C and B2B payments.

 

Egyptian Internet of Things (IoT) startup, CardoO, has launched its first IoT-enabled smartwatch.

The launch marks the company’s debut in the device market.

According to CardoO, the goal of the team is to simplify and enhance the lifestyle of its users through advanced features and connectivity.

 

Morocco-based PrestaFreedom, a home services marketplace, on Tuesday, May 30, 2023, announced it has closed a US$1.1 million led by Morocco’s Azur Innovation Fund.

The new funds, according to PrestaFreedom, will be invested in its logistics and technology development.

The three year old startup noted that its aim was to boost the company’s expansion to the African markets by the coming year.

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