Nigerian Nguvu Health Partners Axa Mansard to Give More Access to Mental Health Care
Nguvu Health has partnered with AXA Mansard, a financial service platform, to bolster its effort to help Africans access affordable health care services.
On-demand digital teletherapy platform for Africans both at home and in the diaspora, Nguvu Health has partnered with AXA Mansard, a financial service platform, to bolster its effort to help Africans access affordable health care services.
The 2-years partnership deal brings together Nguvu Health’s connections to teletherapy services and AXA Mansard’s connections to thousands of users seeking proper mental health coverage.
At the core of this collaboration is Nguvu’s novel and signature mental health audit that covers policy and procedures review, confidential staff interviews and surveys, and assessments of workplace communication, health, and safety.
With this partnership, AXA Mansard’s corporate clients and stakeholders will be granted quarterly discounted wellness sessions and a mental health audit. For AXA Mansard’s users, Nguvu will provide discounts for different therapy types, and 15% off couple and support group therapy.
Speaking on the recent partnership with Axa Mansard the CEO of Nguvu Health Joshua Koya said, “According to a Deloitte global survey, 64% of employees are frustrated which leads to a decline in productivity.
“This survey result is a reflection of many workplaces globally, especially in Africa where the numbers are amplified due to the tough work environments.
“This partnership holds special promise for the corporate industry, and offers a particular benefit for the healthcare sector, particularly the mental health space by addressing difficulties and disorders created or exacerbated by work such as stress and burnout.”
According to the World Health Organisation (WHO), Africa is home to 6 of the 10 countries in the world with the highest suicide rates, coupled with a scarcity of mental health professionals.
Therefore, due to these challenges, Nguvu health has been on a mission to provide Nigerians with access to clinical psychologists, Investors King understands.
Founded in 2020, the digital healthcare startup which currently has over 10,000 users have disclosed its plans to acquire 50,000 more users by the end of the year.
TLG Capital Partners One Pipe, Provides N2.25 billion Collateralized Credit Facility to Expand Operations
Private investment firm which invests in small and medium-sized enterprises (SMEs) across sub-Saharan Africa TLG Capital has closed a N2.25 billion deal with One Capital, a startup that powers digital financial services, to expand its operations.
The deal which had reportedly been in the works since the third quarter of last year will power One capital’s inventory finance solution for small businesses.
Speaking on the investment made to One Pipe, investment professional at TLG Isaac Marshall said, “Despite contributing $220 billion per year in economic activity, micro-enterprises that deal in cash are Nigeria’s most neglected business segment. Fintechs tend to prefer more digitally integrated clients and traditional financiers tend to prefer bigger clients.
“With a clever product to help these small shops to obtain both credit and better purchasing terms on their goods, OnePipe has pioneered a model that can provide sustainable income growth to tens of millions of micro-enterprises.”
This investment will enable OnePipe to grow its business and work towards its goal of being Nigeria’s top supplier of financial services to small businesses. Its partnership with several banks and fintech has provided the startup with the underlying infrastructure.
OnePipe helps organizations integrate financial services within their value chains to create customer loyalty & improve overall business operations. Since its launch in 2018, OnePipe has raised at least $9.2 million.
Investors King understands that the Techstars-backed company is one of the African companies that has also garnered the support and partnerships of several banks and businesses. This includes, Flutterwave, Quickteller, Fidelity Bank, Migo, Polaris Bank, SunTrust Bank, Providus Bank, Paystack, and Quickteller.
The startup was also exposed to the fall of Silicon Valley Bank; with about $829,000 in the bank which represented 70% of their cash position. Onepipe’s funding announcement also comes as the company has laid off about 20% of its employees, as it seeks to navigate the current economic downturn and adjust to the macroeconomic headwinds.
African Development Bank And Partners Support Nigeria’s Digital And Creative Industries With $618 Million
The African Development Bank (AFDB) and its partners have launched a $618 million investment in the Digital and Creative Enterprises (iDiCE) program to support Nigeria’s digital and creative industries.
The $618 million fund is made up of $170 million from the African Development Bank (AFDB), and $100 million from the Agence Française de Dévelopment, a public financial institution that implements policy defined by the French Government, while the Islamic Development Bank (IsDB) will provide $70 million in co-financing.
Also, the Federal government of Nigeria through the Bank of Industry (BOI) which will lead the iDiCE program, will back the fund with $45 million as a counterpart contribution to be availed through loans for qualifying startups and $271 million from the private sector and institutional investors.
Speaking at the launch of the event at the state capital Abuja on Tuesday, Nigeria’s Vice President Prof. Yemi Osinbajo lauded the inflow of capital to tech startups in the country which he stated has contributed significantly to Nigeria’s GDP.
In his words, “This influx of private capital has enabled start-ups to expand operations and create new jobs while contributing significantly towards our GDP growth. It is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programs that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent”.
Also speaking at the event is African Development Bank President Akinwunmi Adesina who emphasized the need to leverage the huge potential of iDiCE for sustainable job creation and economic transformation.
He said, “we are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth”.
Mr. Adesina further disclosed that the iDiCE fund will create 6.1 million direct and indirect jobs and equip more than 175,000 young people with technology startups, 226 creative enterprises, and 75 enterprise support organizations will be supported by the fund.
The i-DiCE model will be rolled out in other regional member countries through AFDB’s Youth Entrepreneurship Investment Bank Initiative, which will be designed to create a financial and non-financial services ecosystem to support startups run by young Africans and to create jobs.
It is also set to improve regulatory policy frameworks, including the 2022 start-up act, and establish a DICE fund, a venture capital fund managed independently to provide access to financing.
Investors King understands that Nigeria is the most popular tech startup investment destination in Africa. Between 2015 and 2022, 383 tech startups raised a combined US$2,068,709,445. The country also attracts the highest number of investors more than any other African country.
Hence, it is not far-fetched to say that the continuous influx of investments in Nigerian startups will no doubt solidify the country’s position as the premier hub for young entrepreneurs and start-up investments in Africa.
Several Nigerian Tech Startups Likely to be Impacted by Silicon Valley Bank Collapse
VC companies like the Y combinator accelerator which help African Tech startups raise funds were reported to be affected, as 30 percent of their portfolio companies were impacted
The recent collapse of Silicon Valley Bank has no doubt put tech companies on alert as several Nigerian tech startups have been reportedly exposed to the bank crisis, as tech entrepreneurs predict a negative impact on these startups.
VC companies like the Y combinator accelerator which help African Tech startups raise funds were reported to be affected, as 30 percent of their portfolio companies were impacted, and Nigerian tech startups make up part of those companies.
Nigerian entrepreneur and Co-Founder of Andela Iyinoluwa Aboyeji speaking on the impact of SVB collapse on tech startups in Nigeria disclosed that the prestigious tech-focused Bank was one of the most prolific lenders and banking institutions that catered to a large swath of the startup and venture community, which is why many of these tech companies banked with it.
He further added that the foreign exchange problems in Nigeria were what spurred most startups to commit their funds to foreign banks.
In his words,
“Silicon Valley Bank was one of the few banks that understood how to bank technology companies. Most of our local banks don’t understand how to bank us and that was why there were so many tech companies that went to SVB. Most of the affected startups could have kept their money at home. The only challenge is that there are lots of regulations around the restriction of foreign exchange”.
“For instance, VC companies, like the Y combinator accelerator, which help African Tech startups raise funds, were impacted, as 30 percent of their portfolio companies were impacted, and Nigerian tech startups were part of the portfolio companies of Y combinator accelerator.”
He, therefore, urged the Nigerian government to develop a tech bank, which would function slightly differently from the way normal banks operate, in order to protect the nation’s technology startups hub.
Also, the Co-founder of Digital of Carbon, a digital lending company Ngozi Dozie said that the collapse of Silicon Valley Bank may result in less funding for African startups this year.
According to him, most investments into startups are financed by Silicon Valley Bank and its peers and with the recent developments, Venture Capitalists are now faced with uncertainties that will make them withdraw and become less adventurous in investing.
Investors King understands that if SVB’s collapse degenerates into a broader economic downturn or a contraction in the tech industry, it could become more difficult for Nigerian startups to raise capital or attract investment, which could slow down the growth of the tech industry in the country and lead to a reduction in the number of new startups.
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