Unlimit, the leading global fintech and payment solutions company, is thrilled to announce its entry into the Kenyan market and the receiver of the Central Bank of Kenya license, marking a significant milestone in its ongoing expansion throughout Africa.
This strategic move follows Unlimit’s recent acquisition of the Central Bank of Nigeria license, solidifying the company’s official recognition as a reputable provider of payment solutions within the region.
As part of its strategic expansion, Unlimit is committed to delivering an unparalleled payment experience by integrating internationally acclaimed payment best practices, industry-leading security protocols, comprehensive merchant analytics, and a customer-friendly interface.
By offering diverse payment solutions, Unlimit will cater to the preferences and support the unique requirements of local enterprises in Kenya. This milestone demonstrates Unlimit’s dedication to advancing the payment landscape in Africa and empowering businesses with cutting-edge payment solutions.
Trevor Goott, Director for Africa, and India at Unlimit, expressed immense enthusiasm about the company’s African expansion and its entry into the Kenyan market. “It gives me great pleasure to bring on board Kenya as our second African country, following the recent announcement of the awarding of our Nigerian license,” said Goott.
“We are also pleased to add Kenya to our global portfolio for our foreign merchants seeking access to the Kenyan market. The high demand from our international merchants to establish local operations in Kenya has further motivated us to enter the market. Also, given its strategic location in East Africa, Kenya serves as an ideal hub for the expansion of our operations in the region.”
Commenting on the expansion, Unlimit’s CEO, Kirill Evstratov, said: “We have ambitious plans for Kenya and East Africa, and are looking forward to supporting local businesses on their expansion goals. For 14 years we have successfully been aiding companies worldwide to enter new markets and go beyond borders, strengthening their business outreach and expanding their customer base. Now, we are bringing those years of expertise to Africa. Our unwavering ambition is to establish ourselves as the benchmark in the payments processing industry, setting the standard for excellence and innovation, and allowing companies around the globe to go borderless with their payments. ”
Over the last 15 years, Kenya has emerged as a leading force in the African payment ecosystem, gaining global recognition for its ground-breaking mobile money revolution. This
innovation has not only propelled Kenya’s economy forward but has also facilitated business expansion for numerous companies. Leveraging mobile payment technology, Kenya has created a robust payment infrastructure that presents promising opportunities for domestic and foreign enterprises seeking to establish a presence there. By expanding its operations to Kenya, Unlimit strengthens its position in the continent’s payment landscape as part of its mission to lead Africa’s payment evolution in the coming years.
Nigerian Autotech Startup, Fixit45, Secures $1.9 Million for East Africa Expansion
Nigerian autotech startup Fixit45 has successfully secured $1.9 million in equity and working capital to fuel its ambitious expansion plans into East Africa.
The funding round, spearheaded by Launch Africa Ventures, witnessed significant participation from notable investors, including Soumobroto Ganguly and Dave Delucia, alongside a diverse group of angel investors.
In a press release issued on Wednesday, Fixit45 underscored the significance of this capital infusion as a substantial stride towards broadening its footprint and influence within Africa’s thriving automotive aftermarket industry.
The company revealed that these funds have been earmarked to fuel its strategic expansion initiatives, with a particular emphasis on fortifying its automotive repair business.
Fixit45 also shared its unwavering commitment to enhancing its spare parts distribution capabilities through its online-to-offline platform, xparts.africa. With a keen eye on the East African market, Fixit45 has set its sights on Kenya and Uganda.
Co-founded by visionaries Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 offers a unique platform that empowers car owners to seamlessly connect and engage with a vast network of aftermarket stakeholders.
This extensive network encompasses automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.
Pankaj Bohhra, one of the co-founders of Fixit45, expressed his enthusiasm, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”
Fixit45’s strategic move into East Africa holds the promise of ushering in transformative developments in the automotive industry across the region.
As the company intensifies its efforts, the future of automotive repair and spare parts distribution in East Africa appears poised for a remarkable evolution. Stay tuned for more exciting updates as Fixit45 continues to make waves in the autotech sector.
Payday’s $3 Million Seed Round: From Hope to Headaches
Six months after securing $3 million in a seed round led by Moniepoint, Nigerian fintech startup Payday finds itself embroiled in controversy and uncertain about its future.
Founder and CEO, Favour Ori, confirmed that the company is actively engaged in discussions with potential buyers.
In March, reports surfaced that Moniepoint was in talks to acquire Payday, with an expected deal closure within three months. However, the deal fell through, reportedly due to Moniepoint’s board’s lack of enthusiasm. Despite this setback, negotiations to sell the company continue.
Payday faced a wave of negative publicity in August after suspending access to customer accounts following fraudulent activities that resulted in customer losses. The company was accused of misappropriating customer funds before acknowledging the account restrictions.
Internal issues further marred the company’s reputation, especially after Payday implemented contentious salary reductions for some Nigerian staff in July and failed to issue promised stock options to affected employees.
This led to dissatisfaction and several employee departures.
Payday’s COO, Ogechi Obike, also departed, citing goal misalignment and clashes with Favour Ori.
Accusations arose that Favour marginalized Obike in crucial meetings and decision-making processes.
Favour Ori’s management style came under scrutiny, with allegations of impulsiveness and a lack of transparency.
Employees claimed that he hired top talent but stifled their input, resulting in customer disruptions, including difficulties creating virtual cards and accessing accounts.
Amid these controversies, Favour Ori has reduced his involvement in the company, focusing on external work with GitHub while the co-founder, Elijah Kingson, is employed at Revolut.
Payday’s future remains uncertain, with the potential sale of the company and the need to regain customer trust and employee satisfaction hanging in the balance.
The company faces the challenge of restoring its reputation and stability while navigating a tumultuous period in its young history.
Nigerian-American Nurse Turned Millionaire Entrepreneur: The Inspiring Journey of Courtney Adeleye
In the world of entrepreneurship, there are tales of rags to riches, and then there’s the remarkable journey of Courtney Adeleye, a Nigerian-American nurse who transformed herself into a millionaire entrepreneur. Her story is one of determination, innovation, and a relentless belief in herself.
From Nursing Scrubs to Business Suits
Rewind to 2013, and you’d find Courtney Adeleye in the role of a dedicated registered nurse, tirelessly caring for patients. But she had a different passion simmering beneath the surface. Courtney was on a quest to find the perfect product for treating natural hair, and her search proved to be a turning point in her life.
“I realized there were not many brands that used natural ingredients and specialized in healthy hair growth at the same time,” Adeleye recalls. Undeterred by the lack of suitable options in the market, she took matters into her own hands. Armed with a vision and just $500 to her name, she began mixing her own hair care products at home, infusing them with vitamins, nutrients, and healthy ingredients.
From YouTube to Entrepreneurship
Courtney’s journey took an unexpected turn when she decided to document her homemade hair care routine on YouTube. What started as a personal project soon attracted a devoted following of individuals eager to discover her secret for beautiful, natural hair. Not only did they seek knowledge, but they also wanted to purchase her products directly.
This grassroots movement led to the birth of “The Mane Choice,” Courtney Adeleye’s hair care solution for healthy locks. Her formulas were distinct, boasting ingredients that were free from mineral oil, petrolatum, parabens, sulfates, and formaldehyde, setting her brand apart in a crowded market.
The Mane Choice quickly gained momentum, and within the first three years of business, Adeleye sold a staggering $10 million worth of products from her own home. But she was far from finished. In just two more years, she had partnered with over 60,000 retailers across the United States, achieving the remarkable milestone of $100 million in sales and even launching an IPO in 2019.
However, Courtney Adeleye’s entrepreneurial spirit knew no bounds. In a testament to her commitment to health and wellness, she launched Olbali, a health-focused direct-selling company. Under this umbrella, she housed her private brands, including The Mane Choice, Cool Coffee Clique, Foolproof Body, and more, expanding her entrepreneurial empire even further.
Breaking Stereotypes and Inspiring Diversity
Courtney Adeleye’s journey hasn’t been without its challenges. Like many Black entrepreneurs, she faced the limiting perception that her products were exclusively for Black women, despite her extensive and diverse marketing efforts. This stereotype is a pervasive issue, as highlighted by research from McKinsey & Company.
Adeleye’s response to this challenge is simple yet profound: “My goal has always been to be diverse and inclusive.” She strives to be intentional about displaying diversity across her brands, aiming to realize her business’s full growth potential on a mass scale.
10 Secrets to Success
Courtney Adeleye has distilled her entrepreneurial wisdom into 10 key guidelines for those ready to take their businesses to new heights:
- Be authentic.
- Don’t meet your customer expectations…exceed them.
- If you don’t think you have a great product, try again before releasing it.
- Informal content can be more powerful than formal content.
- Be a walking billboard for your brand.
- Engage with your customers on all platforms.
- Show up consistently on social media.
- Bring your brand to life through grassroots events and activations.
- Invest more in your customers and micro-influencers versus macro-influencers.
- Fix the brand before you start spending money on marketing. Great branding can exceed great marketing.
Belief in Oneself
Throughout her remarkable journey, Courtney Adeleye holds one piece of advice above all others: “You have to believe in yourself before anyone else will.” Her unwavering self-belief has been the driving force behind her accomplishments, proving that with determination, innovation, and an unshakeable belief in one’s abilities, even the loftiest dreams can become reality.
As we celebrate the accomplishments of entrepreneurs during National Black Business Month, Courtney Adeleye’s story serves as an inspiring reminder that success knows no boundaries when passion, hard work, and self-belief lead the way.
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