The week that ended October is yet another noteworthy week. Not necessarily because it saw the expansion of some major Nigerian startups, but for featuring wins and further portfolio investments that will in turn grow the economy.
While Abasi Ene-Obong’s 54gene launched a Clinical Program Services (CPS) division to provide end-to-end clinical development services in ensuring clinical trials are conducted in Africa successfully, Abeokuta-based logistics company PickMeUp pushed out plans to expand outside Nigeria.
The new Jumia-MTN equity deal where the telecoms giants sold out its stake in the company also caught our attention.
Below is a digest for the week, highlighting the major tech build up.
Through the new Clinical Program Service from healthtechstartup, 54gene, Nigerians, and by extension Africans, will benefit from a system dedicated to provide end-to-end clinical development services, intelligence, logistics, and infrastructure.
Evidently, this drives towards the Abasi-led company’s ambition to improve health services on the continent. It is expected that the startup will ensure that clinical trials are conducted in Africa successfully in a bid to demonstrate its commitment to advance precision medicine capabilities in Africa through research, advanced molecular diagnostics, and clinical programs.
The CcHub acquisition
Amongst one of the leading Hubs in Nigeira, CcHub, during the week flexed its portfolio muscle as it swallowed one Kenyan startup to become its education arm. Coming unexpected as it was only 3 months ago when the accelerator hub launched its Women in Business initiative.
Celebrated by the press as a big win for both parties, we discovered that eLimu, the Kenyan company, is an edutechorganisation, developing solutions that makes learning fun and engaging for children both at school and at home.
New digital wallet
SeamPay, Nigerian Fintech startup, during the week, launchesits digital payment wallet, adding to a long list of existingmobile wallets such as Firstmonie and Paga.
With the vision to provide users with a fast, safe, easy and contact-free way to send and receive money and pay for products and services, Nigerian fintech startup SeamPaylaunched a mobile wallet. Review indicated that the newly launched wallet will look into the provision of users with payment experiences that are seamless, inclusive, simple, and delightful.
Listed as a fraud prone country
Alongside South Africa, Nigeria, was during the week, listed among top 5 countries mostly affected by banking fraud. This comes after statements from experts that Africa remains especially vulnerable to banking fraud amid the proliferation of digital banking channels and fintechs in the continent.
The judgement was based on PwC’s 2018 Global Economic Crime and Fraud Survey, where five (5) of the top 10 countries most affected by fraud are from Africa was shortlisted. Although, according to the survey, South Africa recorded the most cases of fraud, followed by Kenya, Uganda, Gambia and Tanzania.
The big sell out
MTN Group reportedly sold its stake in Jumia, to make a huge net proceeds of $142 million. Jumia, being one of Africa’s largest eCommerce firms, will have to continue its business without MTN forthwith.
Clearing the air, MTN noted that it’s making a net proceed of $142.31 million dollars from the sale as part of its ongoing efforts to streamline its portfolio and minimise debt by disposing of its non-core businesses. Perhaps, unsurprising as MTN had earlier in 2018 hinted on possibilities of selling some of its stake.
The promising expansion
After raising $10k from an angel investor, Pickmeup, an Abeokuta-based logistics company, wants to expand outside Nigeria. Barely 3 years after business launch in Ogun State as a transport business helping users schedule rides and charter vehicles.
Quite impressive traction, the startup seemed ready to take its venture beyond the shores of Nigeria. Only last year, the company launched a laundry arm in a bid to increase revenue.
These stories, and many others, made headlines during the week.Join us next week for another edition of TechNigeria.
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