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

GEM Capital, Moove, Lumi AI, Dabchy, M-PESA, Tramatch, d.light, Traction, Twitter (now X) were some of the names that made the headlines this week.

Nigerian startup Traction, an innovative platform tailored for African Micro, Small, and Medium Enterprises (MSMEs), has announced intent to expand its footprint across its service threshold.

Also, Tramatch, a Nigerian-founded dating app that connects lovers, has announced its beta launch on mobile to democratize how people connect with potential partners.

Let’s get into details.

Tech billionaire and owner of Twitter (now X), Elon Musk has announced that the blocking feature on the microblogging app will be removed, citing that the feature “makes no sense.”

Musk disclosed this recently in a tweet, responding to a public enquiry about the difference between “Mute and Block”.

While users, according to Musk, will still have the ability to prevent people from directly messaging them, this decision has sparked concern among social media users who rely on the blocking feature to remove abusive content from their timelines.

 

Nigerian startup Traction, an innovative platform tailored for African Micro, Small, and Medium Enterprises (MSMEs), has announced intent to expand its footprint across its service threshold.

The expansion comes after securing $6 million in funding and recording a 70, 000 customers milestone.

Founded in 2020, Traction offers a holistic business solutions platform, exclusively designed for African MSMEs.

 

d.light, a company specializing in off-grid solar solutions for low-income households, has secured an additional investment of $125 million to further develop its presence in Tanzania.

The funding, which is expected to aid the expansion of d.light’s low-cost PayGo personal finance segment, will allow more customers to access sustainable energy solutions.

Founded in 2007, d.light has evolved into a prominent player in the off-grid solar industry. Its product lineup spans various solar-powered devices, catering to different household needs.

 

Digital Africa has announced investing in GARA, a pan-African platform that is transforming the distribution landscape for video games, books, and comics across the continent.

The new injection of capital from Fuzé highlights GARA’s ambitions to expand its presence and capitalize on the growing digital trends in Africa.

The investment is expected to bolster GARA’s expansion efforts, leveraging the digital transformation wave sweeping across Africa.

 

African and international investors are set to meet with tech founders and budding innovators in Nigeria to discuss how stakeholders can build radical solutions to the continent’s most pressing problems.

Between 2015 to 2022, the Nigerian tech sector raised $2.06 billion from deep-pocket investors globally to fund their operations.

However, these funds and the existing tech innovations are not enough as there are more complex problems to solve through the deployment of technology.

 

Tramatch, a Nigerian-founded dating app that connects lovers, has announced its beta launch on mobile to democratize how people connect with potential partners.

The cofounder and product manager, Ani Okono, made the announcement in a press release forwarded to Ripples Nigeria on Thursday, August 17, 2023.

Founded in 2023, Tramatch.com, according to Ani, is on a mission to address “the age-old human yearning for authentic connections and enduring relationships.

 

Ethiopia’s financial sphere is on the way to undergo a transformative shift with the official launch of M-PESA, the revolutionary mobile financial service pioneered by Safaricom.

The development follows the acquisition of the Payment Instrument Issuer License from the National Bank of Ethiopia just three months ago, in May 2023.

Through strategic partnerships with key banks and meticulous technical groundwork, M-PESA pushes to be a game-changer in Ethiopia’s financial sector.

 

Tunisia’s peer-to-peer fashion marketplace, Dabchy, has set foot in Egypt, extending its transformative platform to a broader audience.

Established in 2016 by Amani Mansouri, Ghazi Ketata, and Oussama Mahjoub, Dabchy is an innovative online platform enabling users to buy and sell pre-used and new clothing items.

The startup’s foray into Egypt comes after achieving substantial success in Tunisia, Morocco, and Algeria, garnering a community of hundreds of thousands of users.

 

Lumi AI, an innovative AI startup redefining business intelligence for organizations with physical supply chains, has announced raising a funding round.

The round was backed by New York-based B2B SaaS investors Forum Ventures, UAE-based Annex Investments, and angel investors.

Founded in April 2023, Lumi AI is on a mission to democratize access to data, insights, and predictive analytics.

 

Nigerian mobility fintech company, Moove, has announced an infusion of $76 million in funding to bolster its global expansion efforts.

Known as Uber’s largest vehicle supply partner in the EMEA region, Moove is revolutionizing vehicle ownership in Africa by extending revenue-based vehicle financing options to mobility entrepreneurs.

The brainchild of British-born Nigerians Ladi Delano and Jide Odunsi, Moove’s innovative approach entails integrating its alternative credit scoring technology into ride-hailing, e-logistics, and instant delivery platforms.

 

GEM Capital, a pioneering venture capital firm with a distinct focus on the gaming industry, has launched a $50 million fund aimed at catalyzing investment opportunities across various regions.

Positioned in Cyprus and the UAE, GEM Capital has emerged as a formidable player in gaming investment.

This new fund underscores their commitment to nurturing innovation, entrepreneurial ventures, and strategic growth within the dynamic gaming sector.

 

The Iraq Telecom Ministry has announced the lifting of the ban imposed on the Telegram app.

This decision comes after the company responded to pressing security concerns and undertook necessary measures to address regulatory requirements.

The initial ban was prompted by reports of data leakage involving official state institutions and citizens.

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