Connect with us

Startups

Nigerian Digital-Only Bank, Lays Off 5% Of Its Workforce

Kuda Bank, Nigeria’s First digital-only bank has joined the list of companies that have laid off some of its workforce.

Published

on

Kuda Microfinance Bank - Investors King

There was a wave of layoffs that occurred in the past few months, sweeping across several companies in diverse sectors around the globe, due to inflation, and fear of possible recession among several other factors.

Kuda Bank, Nigeria’s First digital-only bank, has joined the list of companies that have laid off some of its workforce. The bank further revealed that only 5% of its 450-strong workforce was laid off, which is about 23 people.

The company held a town hall meeting in August to cut down seemingly redundant roles, sacked underperforming staff to save costs, and extending the runway were topics of conversation in light of current macroeconomic trends, according to sources.

However, the number of employees sacked is reported to be small, when compared to other layoffs that have taken place within Africa’s tech ecosystem over the past few months, especially among startups that have raised vast sums of venture capital within the last year or two; for instance, Swvl laid off 400; wave, approximately 300; 54gene, 95; and Vezeeta, 50.

However, these recent event speaks to varied efforts startups including unicorns and unicorns are making. It’s not entirely a surprise, in Kuda’s case, even though the company went on a hiring spree for designers in July. 

Meanwhile, the bank raised about $55 million in August last month, where it stated its plans to use the money to kickstart new services in Nigeria and also prepare for its launch into more African countries, like Ghana and Uganda in a Series B round that saw it valued at $500 million.

The company, having raised more than $90 million in total from investors such as Valar Ventures and Target Global, is also planning an expansion outside Africa to Pakistan.

It recently hired Pavel Khristolubov, an ex-Tinkoff executive, as its global chief operating officer and Elena Lavezzi, a former Revolut executive in Europe, as chief strategy officer to oversee efforts in this regard and also grow its over 4 million customer base.

Founded in 2017, Kuda calls itself “the bank of the free”, as it offers a no-fee virtual account and accompanying debit card.

Continue Reading
Comments

Startups

Sendy Partners With Meta to Offer Free Training to SMEs in Kenya And Nigeria

Kenyan logistics startup that connects clients to drivers Sendy, has partnered with Facebook parent company Meta, through the Innovation growth hub (IG Hub) to train small business owners and entrepreneurs in Kenya and Nigeria.

Published

on

Facebook Meta

Kenyan logistics startup that connects clients to drivers Sendy, has partnered with Facebook parent company Meta, through the Innovation growth hub (IG Hub) to train small business owners and entrepreneurs in Kenya and Nigeria.

The two-day training which is slated to hold between September 28 and 29 will educate business owners and entrepreneurs on the necessary digital skills and information they need to acquire to scale their business.

Through its partnership with Meta, Sendy disclosed that these SMEs, Small Business Owners, and entrepreneurs will be empowered on how to leverage digital skills using Meta Platforms; Facebook, Instagram, and WhatsApp to position their business for growth.

They will be trained on how to amplify their business online presence, target customers on social media, as well as creating engaging ads, virtual stores amongst others, on the different social media platforms.

Speaking on the program CEO and founder of Sendy Mesh Alloys said, “Social media has evolved to be a critical enabler supporting the growth of many businesses.

“We believe that this partnership with Meta through the IG Hub will provide a platform for businesses to leverage the power of digital platforms for growth. This also speaks to our continued efforts to empower more businesses using our solutions”.

Also commenting on the program is the CEO of IGHub Daniel Chinagozie who said, “In 2022 Innovation Growth Hub (IGHub) is working with META formerly Facebook to train 8000 Small Business owners in Nigeria, and this IGHub is working with organizations and clusters to reach small businesses and Sendy has shown great interest in their customers and SMEs within their network and is partnering with IGHub to reach Business owners with MetaBoost Training”.

Since its inception, the Meta Boost training has helped thousands of small and medium-sized businesses across Africa, to learn how they can use digital tools to scale their business.

Continue Reading

Startups

Nigerian Agritech Company Afrimash Launches USSD Code to Improve Farmers Access to Farm Inputs

Nigerian agritech company Afrimash, an online marketplace for livestock farmers to find and access farm supplies and equipment, has launched a USSD code.

Published

on

Afrimash

Nigerian agritech company Afrimash, an online marketplace for livestock farmers to find and access farm supplies and equipment, has launched a USSD code.

The USSD code *2282*2# launched by Afrimash will enable farmers to have access to farm inputs through the Agent Network systems that are unique in the Agri-tech ecosystem. 

Speaking on the newly introduced USSD technology, the Chief Executive Officer and Co-Founder of Afrimash Company Limited Ayoade Ahmed Oyedotun said; “In partnership with the United States Agency for International Development (USAID), we started the Agent Network, which tries to solve the critical problem of getting quality agricultural inputs for farmers. 

“Afrimash has over 3,000 products on its platform and we are passionate about helping farmers gain easy access to them.

“What we did was to get agents in every community to serve these farmers and farming clusters, ask them what they need, help them place their orders on our platforms, and get them delivered.

“In collaboration with USAID and GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit), we started this network in sixteen (16) states, Kaduna, Kebbi, Adamawa, Yobe, Gombe, Borno, Benue, Niger, Ebonyi, Delta, Cross River, Oyo, Osun, Lagos, Ogun, and Ekiti.

Across each state, we have a minimum of a hundred agents. When you multiply it by these sixteen states, we have over a thousand six hundred agents across these states.

“This has positively impacted our finances and revenue. We have created jobs for over a thousand six hundred people and we have also been able to reach more than one hundred and twenty-three thousand farmers across the nation.”

With regards to the USSD technology, Afrimash has made it possible for farmers that do not have smartphones to also access products and farming input.  The USSD code is basically focused on farm input purchase and delivery to farmers in any part of the country. 

In its role to ensure food security in the country, Afrimash was announced as one of the 32 winners of the USAID/Nigeria COVID-19 Food Security Challenge last year October.

Continue Reading

Startups

ThriveAgric Unveils Marketplace for Small Scale Farmers

Agricultural technology startup ThriveAgric has unveiled its ‘ThriveAgric Marketplace’ as the company seeks to enable 1 million smallholder farmers access affordable and quality farming inputs, such as Fertilizers, Seeds, Grains, etc to boost their productivity.

Published

on

agriculture

Agricultural technology startup ThriveAgric has unveiled its ‘ThriveAgric Marketplace’ as the company seeks to enable 1 million smallholder farmers access affordable and quality farming inputs, such as Fertilizers, Seeds, Grains, etc to boost their productivity.

According to the company, ‘ThriveAgric Marketplace’ was set up to increase local food production in the country as well as boost the aggregation of farm produce in high demand, and also ensure food security.

Speaking on the unveiling of this initiative and new strategy, Chief Executive Officer of ThriveAgric, Uka Eje disclosed how ThriveAgric seeks to contribute to the sustainable growth of Nigeria and Africa’s Agricultural sector.

He said, “In recent times, experts argue that agricultural production in Sub-Saharan Africa remains lower than the rest of the world due to factors such as limiting regulations, climate, soil quality, disease, and a reliance on subsistence farming.

“Yet, in time past, our continent boasted of thriving agricultural systems which enabled food production and security. 

“At ThriveAgric, we aim to overthrow this current trend and rebuild Africa’s agricultural systems through our new strategy and attendant initiatives which will encourage scale by positioning our smallholder farmers to derive more value for their efforts.

“In the long term, this will contribute to the sustainable growth of Africa’s agricultural sector and support food security, manufacturing, and trade.”

ThriveAgric has so far provided smallholder farmers with over 150,000 tonnes of fertilizers and seeds in loans.

It has also produced and traded up to 800,000 metric tonnes of grains, impacted 2,600+ communities by creating 9000+ jobs, and has over 500 warehouses across Nigeria.

Founded in 2016, with barely six years of operations, ThriveAgric has used its proprietary technology, an Agricultural Operating System (AOS), to empower over 350,000 smallholder farmers in Nigeria to increase their yield and income by selling their products to FMCGs & food processors.

In the 2021 dry season, the company collaborated with the Flour Milling Association of Nigeria (FMAN) to drive import substitutions, by funding 10,000 wheat farmers.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending