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We-Fi secures $54.8M to support African women entrepreneurs. One other story and a trivia



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

1. We-Fi secures $54.8M to support African women entrepreneurs

A multilateral initiative supporting women’s organisation, Women Entrepreneurs Finance Initiative (We-Fi), has secured a $54.8M round to support women entrepreneurs in developing countries.

Bärbel Kofler, Parliamentary State Secretary of Germany’s Ministry for Economic Cooperation and Development, confirmed the development in a statement seen by Ripples Nigeria.

Being the fourth round of financing, the new $54.8 million will benefit more than 69,000 women entrepreneurs in low-income (IDA-eligible) countries and countries affected by fragility, conflict, and violence (FCV).

Ripples Nigeria gathered that the African Development Bank’s Africa Digital Financial Inclusion Facility (ADFI) will receive $15 million from the fund to develop and extend digital financial solutions to women-owned businesses in Africa.

Speaking on the raiser, Bärbel said:

“We-Fi’s fourth round of allocations comes at a crucial time.

“Women’s economic empowerment is under pressure due to conflict and insecurity, rising prices, and the continuous fallout from the Covid pandemic around the world.”

Other beneficiaries include the Islamic Development Bank with an allocation of $5.5 Million, and the Inter-American Development Bank Group (IDB Group) allocated approximately $4.9 Million.

Tech Trivia: Which of the following online services uses the slogan, “Broadcast Yourself?”
A Facebook
B Google+
C YouTube
D LinkedIn
Answer: see end of post

Read also: Nigeria’s edtech startup, 9jacodekids, raises $350K seed funding. Two other stories and a trivia

2. Techstars to launch accelerator program for Lagos entrepreneurs

American seed accelerator, Techstar, is set to invest in Lagos entrepreneurs.

The development, which comes in partnership with ARM Lab, seeks to launch a Lagos-based innovation program.

The General Manager, Techstars, Nancy Wolff, made the announcement in a statement on Wednesday.

Ripples Nigeria gathered that the new accelerator program will focus on investing in early-stage fintech and proptech companies based in Africa.

Speaking on the choice of picking Lagos, Nancy said:

“Lagos has built a successful startup ecosystem that merits more global exposure, investments, and resources, and we see extraordinary potential in the market.”

Trivia Answer: YouTube

The slogan of the YouTube website is “Broadcast Yourself.” This implies the YouTube service is designed primarily for ordinary people who want to publish videos they have created.

While several companies and organizations also use YouTube to promote their business, the vast majority of YouTube videos are created and uploaded by amateurs.

By: Kayode Hamsat

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