The three beneficiaries emerged winners in a competitive idea pitch session that featured seven tech innovators during the fourth edition of the bank’s annual flagship tech event, the 2025 DBN Techpreneur Summit 4.0, with the theme: ‘CTRL+SHIFT Tech Empowered Movement for Naija’, which held in Lagos recently.

BuyScrap, an e-waste tech start-up, came first and got N6 million. QiqiFarms, an agritech start-up, received N4 million for emerging as the first runner-up, while Enugu-based Ecocyclers, a plastic waste-to-resource tech start-up, got N3 million as the second runner-up. A panel of judges comprising eminent industry leaders and experts judged the winners.

Managing Director/CEO, Development Bank of Nigeria, Dr. Tony Okpanachi, in his welcome address, said the Summit was not just an event but a celebration of innovation, collaboration, and the bold spirit of Nigerian entrepreneurship, enthusing that over the years, the DBN Techpreneur Summit has evolved into a movement — a tech-empowered movement for Naija.

“Our theme this year, symbolises more than just a keyboard command. It represents a bold pivot — a strategic reset, powered by technology, to reimagine and rebuild the future of business in Nigeria,” he stated. “It is a rallying cry for us to take control, initiate a shift, and chart a new course where technology serves as the backbone of inclusive and sustainable growth.”

Okpanachi reiterated that since 2017, DBN has remained steadfast in its commitment to empowering MSMEs across Nigeria by providing innovative financing models to foster partnerships, build capacity, and now championing tech-driven entrepreneurship, stressing that DBN has also walked this journey with resilience and purpose, while noting that the Techpreneur Summit is a testament to the DBN’s unwavering commitment to MSMEs growth.

“From the Digital Shift workshops to the Eco-Innovation Challenge, we are embedding sustainability, scalability, and impact into the DNA of Nigerian tech ventures,” he further said, stating that DBN has over the years continued to “switch gears to focus more on strategies for increasing financing in Nigeria’s tech industry.

The post DBN Empowers Tech Startups with N13m to Scale Ideas appeared first on Tech Digest News.

TECHDIGEST – After a year marked by an economic meltdown that led to the worst mass layoffs of tech workers across the globe including Africa, and decreased investor appetite, tech startups in Nigeria are picking up the pieces in hopes for a better 2023.

As of December 2022, over 150,000 tech workers have lost their jobs across the world according to Layoffs.fyi. It is the highest the tech industry has witnessed since its inception.

The Great Recession in 2008-2009 only saw about 65,000 tech workers lose their jobs, while 80,968 workers were laid off in 2020 when the COVID-19 pandemic ravaged many parts of the world.

That figure would likely be erased by the fourth quarter of 2022 with 73,210 workers having lost their jobs. Tech industry professionals project the layoffs are not over.

“This is just the beginning of layoffs in tech. (There is) still so much excess in the system. It has been in vogue for a decade now to reward companies that are not doing much but burning money,” Jared Isaacman, founder and CEO of Shift4, an e-commerce company. “It should never have been glorified because it is rather easy to build an unprofitable business.”

Tech companies in Nigeria also laid off workers, although they mostly did not disclose how many staff were impacted.

TechPoint Africa Intelligence reported that at least five startups were involved in a layoff event, making Nigeria number 1 in Africa. Kenya was second with four startups.

Funding has also declined elsewhere in the world apart from Africa. The European tech industry, for example, saw $400 billion in value wiped out in 2022 and an 18 percent decline in venture capital funding, according to a report from Atomica, a venture capitalist firm.

For Africa, it is a mixed bag of realities. In general, the continent has had another record-breaking year with 4.6 billion raised so far compared to 4.5 billion raised in the previous year, data from Big Deal Africa show. The four countries that continue to dominate the continent have not had it rosy in 2022. They continue to dominate, accounting for 75 percent of the funding in Africa this year but a decline from 82 percent in 2021.

Nigeria, which took the crown as the country with the largest amount raised in 2021, has struggled to maintain that lead. The Big Deal report notes that while the country continues to maintain the lead in absolute numbers (almost $1.2 billion), its ecosystem would have to raise $534 million in December to top its 2021 performance, as much as it raised in the past 7.5 months combined. Nigeria is therefore expected to record a year-on-year decline in funding in 2022.

READ ALSO: How NITDA Revolutionized Digital Literacy in Nigeria

But tech experts as well as startups in Nigeria are increasingly optimistic that the tide will turn positive and inventors would begin to grow more confident once again in doing deals.

“Last year, 150 agritech VC deals were done. This year, supply chain issues, climate shocks, and inflation have accelerated food insecurity in Africa,” said Jasiel Martin-Odoom, Africa investment lead at AccionV Lab, an early-stage venture fund. “Next year, I expect investors will back startups building solutions addressing accessibility and financing of agriculture.”

While some startups are counting their losses, others are already brushing off the blues of 2022 and have gone on aggressive customer recruitment campaigns. Piggyvest, the parent company of the Pocket App, decorated a bus with Santa and went around Lagos to deliver Christmas gifts to savers on its platform.

Flutterwave was a headline sponsor of the Flytime concert of Asake, a Nigerian afrobeats singer. Carbon, the digital banking platform, had earlier in December rewarded customers that participated in its ‘Splitting in 4’ campaign, which allows them to split payments into four installments. Seamless HR is planning to open a new office in South Africa in the first quarter of 2023.

Local funds like Ventures Platforms are also getting ready to invest more funds in early-stage startups. Ventures Platform announced in December that it has closed $46 million in the final phase of the funding raise.

The funding would enable Ventures Platform to grow its investment portfolio on the continent as well as seek opportunities in markets outside Nigeria, such as Kenya, Egypt, and French-speaking West Africa. The firm has so far backed 20 startups in the past year, some of which are from Senegal, Kenya, Uganda, and South Africa.

“It’s still day one and I look forward to the real work – deploying, returning, and building the future of Africa,” Kola Aina, founder and general partner at Ventures Platform said.

One of the positive highlights of funding in the African tech ecosystem was the increased participation of local funds and investors. The Big Deal showed that local investors’ involvement amounted to 58 percent of the investment raised between January and September. This is expected to grow in 2023.

But an expert said the outcome of the general elections would decide how much confidence the investors display in deals with Nigerian startups. Many of the investors are currently holding on to their money and waiting for the outcome of the elections.

Source: BusinessDay

The post Nigerian tech startups shrug off layoffs, funding slowdown appeared first on Tech Digest News.

TECHDIGEST – Despite the global economic headwinds that saw many tech giants embark on mass layoffs last year, the growth trajectory of tech startups across the world continued in 2022 as Venture Capitals and angel investors injected billions of dollars into innovative companies globally.

In Africa, Nigeria maintained its leadership in terms of numbers even though funding slowed across the continent.

Indeed, 2022 was not as buoyant for the startups as 2021 in terms of funds raised. By the end of the year, Nigerian startups raised a total of about $1.3 billion according to various figures released by the individual companies. This is lower than over $1.5 billion raised by Nigerian startups in 2021.

The four quarters of the year were a mix for Nigerian startups in terms of funding. While the first quarter was buoyant with huge deals announced across segments of the tech ecosystem, fundraising in the second quarter was slower. By the third quarter, some landmark deals were sealed, while the 4th quarter was also low.

Notwithstanding the slowdown, some startups in the country recorded a significant amount of fundraising in the year, thus helping to boost the number for the ecosystem. Highlighted below are the top 10 deals that made the news in 2022.

10. Credpal ($15 million)

CredPal, one of the earliest pioneers of buy now, pay later in Nigeria, also closed a bridge round of $15 million in equity and debt in March 2022 to expand its consumer credit offerings across Africa.

According to a statement shared by the company, the investment would support its expansion into other African markets, mainly Kenya, Egypt, Ghana, and Cameroon.

9. Bamboo ($15 million)

In January, fintech company, Bamboo, a brokerage app that lets Africans buy and trade US stocks in real-time. The start-up raised a US$15 million Series A funding round to accelerate its growth, move into new markets and launch more products.

The US$15 million Series A round was led by Greycroft and Tiger Global with participation from Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel, amongst others. With the capital, Bamboo plans to further accelerate its growth, doubling down on unlocking new markets and launching more products.

8. Umba ($15 million)

Nigerian digital banking startup, Umba, in April raised $15 million in a Series A funding round, which brought its total fundraising to date to $17.5 million.

The round was led by VC firm Costanoa Ventures and saw participation from Lux Capital, Lachy Groom, Act Venture Capital, Streamlined Ventures, Palm Drive Capital, Chandaria Capital and Banana Capital, as well as Monzo co-founder Tom Blomfield.

Umba prides itself as a customer-centric, mobile-first digital bank that increases access to financial tools, including current accounts, bill payments, loans, cashback, P2P payments, and bank transfers.With the funding, the company said it intended to launch in Egypt, Ghana, and Kenya as well as roll out new financial products including debit cards, savings accounts, and stock trading.

7. Ominibiz ($15 million)

Omnibiz, Nigerian B2B e-commerce platform closed a $15 million pre-Series A round comprising $5 million equity and $10 million debt in August 2022. The funding was led by Timon Capital with participation from other VC firms such as Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria Capital and Musha Ventures.

Omnibiz said it would use the funding to double down on winning the loyalty of retail customers and driving their retention. The company also planned to begin its regional expansion into cities it cited during its seed raise last year: Abidjan, Takoradi, Kumasi, and Accra. Earlier, the company had closed a $3 million seed round in August 2021.

6. Vendease ($30 million)

Vendease, Nigeria’s food procurement startup raised $30 million in equity and debt funding round in September 2022. The Series A equity round of $20 million was co-led by TLcom and Partech, in a rare joint investment by two of the biggest Africa-focused funds, while $10 million debt round was raised from the local finance market. The equity round also included VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels, who returned after participating in the previous round.

The company said the investment would be used to consolidate its growth and operations in Nigeria and Ghana and to support its expansion across the continent. It would also be used for the development of new solutions and services to drive growth across the food value chain.

5. Reliance Health ($40 million)

In February 2022, Reliance Health, an emerging markets-focused digital healthcare provider, completed a $40 million Series B funding round led by General Atlantic, a leading global growth equity investor, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvanitis Social Foundation.

Headquartered in Lagos, Nigeria and Austin, Texas, Reliance Health began operations in Nigeria in 2015 as a telemedicine-focused startup, Kangpe, founded by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki, and later expanded into a single-fee healthcare provider to better address the complex, evolving needs of patients.

4.TeamApt ($50 million)

TeamApt, a Nigerian fintech that provides business payments and banking platforms, topped the fundraising table in Q3 2022 with its $50 million pre-series C funding announced in August. QED Investors, a U.S. fintech-focused venture capital firm led the new investment, while Novastar Ventures (co-lead), Lightrock and BII also participated in the round.

The company said the fund would allow it to expand its credit services, move into new markets, and spread financial happiness by digitising Africa’s economy. TeamApt operates one of Nigeria’s largest business payments and banking platforms and processes a $100 billion annualized run-rate transaction value via its products Moniepoint and Monnify.

3. ThriveAgric (56.4 million)

ThriveAgric, a technology-driven agricultural company, also secured $56.4 million in debt funding from commercial banks and institutional investors in March 2022. Additionally, the company received a $1.75 million co-investment grant from West Africa Trade & Investment, which is funded by USAID.

As a result of the new investment, the company will be able to expand its 200,000+ farmer base, as well as enter new markets in Africa, including Ghana, Zambia, and Kenya.

2. Moove ($181.8 million)

In March last year, Nigeria-based mobility fintech startup, Moove had raised $105 million in an oversubscribed Series A2 round to scale to seven new markets across Asia, MENA, and Europe over the next six months.

But that was not all for the company in the year. Earlier in February, Moove had raised $10 million. It later raised $20 million in July and another $16.8 million in October, before raising another $30 million round in December. With a total round of $181.8 million, Moove secured the second-highest funding round for a Nigerian startup in 2022, only behind Flutterwave.

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

1. Flutterwave ($250 million)

Recognised as one of the most-valuable startups in Nigeria, Flutterwave became Africa’s fourth unicorn last year after raising $170m in a Series C round. The company in February last year put an icing on its cake as it raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and a growing existing customer base.

The latest series D funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management. According to the Chief Executive Officer of the company, Olugbenga Agboola “the funding gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”

Source: Nairametric

The post Top 10 Nigerian tech startups deals in 2022 appeared first on Tech Digest News.

TECH DGEST- The Zenith Bank Pitching Competition formally announces the opening of applications from Nigerian business owners with tech-enabled, scalable solutions intended to disrupt various industries.

On November 22 and 23, the top ten startups will be invited to compete in a pitch competition at Zenith Tech Fair, where the winners might take home up to N15 million in cash awards.

A partnership between Zenith Bank and Seedstars called the Zenith Bank Pitching Competition aims to assist Nigerian minimum viable product (MVP) stage startups in moving on to the next development level.

The goal of the competition is to find potential companies and provide support for the top startups who are employing technology and original concepts to help solve today’s problems in the following areas:

• Future of Wholesale and Retail
• Future of eCommerce
• Future of Payments
• Future of Lending
• Future of Wellness
• Future of Cybersecurity
• Future of EdTech
• Future of Electricity (power vending)
• Future of Agri-tech

READALSO: Danbatta: Media and The Telecom Regulator Are Partners

Future of EntertainmentBy offering the resources and knowledge required to promote business growth and development, the Zenith Bank Pitching Competition aims to aid participating startups. The cohort will also learn about lean methodologies and best startup practises from internal experts at Seedstars and carefully chosen outside mentors.

Criteria for startups looking to join the competition are as follows:

• Existing startups/young tech companies (<3 years) in the Nigerian ecosystem;
• The startup must have a demonstrable product or service (MVP) or must demonstrate viability of business model;
• The startup needs to be scalable or have the potential to reach scalability;
• Startup must have a complete team;
• Startup must not have raised more than $75K; and;
• Startup must be operating in one of the sectors listed above.

Benefits

The pitch competition taking place at the Zenith Tech Fair on November 22 and 23 will give the ten startups the opportunity to pitch their solutions for a chance to win the following cash prizes:

• 1st Prize: N15 million
• 2nd Prize: N10 million
• 3rd Prize: N5 million

The rest of the startups will be awarded a participatory prize of N1 million each, and the top 5 startups will receive follow-on mentorship through Seedstars’ Mentorship Hub that will enable them to continue scaling their businesses and receive additional support from a global network of experts and investors.

Startups interested in joining the Zenith Bank Pitching Competition can send in applications before the 14th of November.

The post Zenith Bank Commence Pitch Competition for Tech Startups appeared first on Tech Digest News.

TECHDIGEST – Paradigm Initiative, PIN, a tech driven non-governmental organization is organizing a capacity building training for top position in Tech companies and other Tech Startups to create business model that minimize the potential reputational and legal damages.

The event aptly tagged as “Co-creating Paths to Improve tech-based Business Practices in Nigeria Using BHR Standards”
Is aiming to increasing their capacity in building business models and products that meet global standards for human rights protection and data protection.

The workshop is designed for senior positions at tech SMEs, as well as decision make in companies strategy such as CEOs, COOs, founders, CPOs among others.
The event expected goal is;

(i) to lay a solid foundation for a multi-stakeholder dialogue on how to improve tech-based business models in Nigeria while still respecting human rights.

(ii) to assist companies in minimizing the potential reputational or legal damage as a result of human rights violations, as well as a light-hearted discussion on how adhering to this norm could help them stand out given that more consumers are demanding better technology and more transparency.

The event is scheduled for 27th July, 2022, in Ikeja Lagos.

Please register here:
https://forms.gle/UxtNFMpLCvXJkc3n6
Note: Attendance is strictly on Invitation

The post PIN to Organize Workshop For Tech Companies, Startups appeared first on Tech Digest News.

TECHDIGEST – Nigeria has achieved unprecedented milestone when it comes to start-ups and the development of innovative products to address challenges in the African continent. Ranging from Fintech, to edtech and to proptech, young innovators in the country are breaking new grounds.

It is, therefore not shocking that Nigerian start-ups are attracting more foreign investors’ interests than their counterparts in other African countries.

READ ALSO: Pantami Unveils Books on Datafication and Cybersecurity at Emerging Technologies Forum

Last year alone, Tech Digest reports that the start-ups attracted over $150 billion, which was 35 percent of the total investments that came into Africa in 2021.

This year, Nigerian startups have accumulated close to a billion dollars in the first quarter.

The Tech Digest, a publication of Image Merchants Promotion, presents top five performing startups that made the news in Q1 2022:

Flutterwave ($250 million)

Recognised as one of the most valuable startups in Nigeria, Flutterwave became Africa’s fourth unicorn last year after raising $170m in a Series C round. The company in February this year put the icing on its cake as it raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and a growing existing customer base.

The latest series D funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management. According to the Chief Executive Officer of the company, Olugbenga Agboola, “the funding gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”

Moove ($105 million)

In March, Nigeria-based mobility fintech startup, Moove had raised $105 million in an oversubscribed Series A2 round to scale to seven new markets across Asia, MENA, and Europe over the next six months.

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

ThriveAgric ($56.4 million)

ThriveAgric, a technology-driven agricultural company, also secured $56.4 million in debt funding from commercial banks and institutional investors in March this year. Additionally, the company received a $1.75million co-investment grant from West Africa Trade & Investment, which is funded by USAID.

As a result of the new investment, the company will be able to expand its 200,000+ farmer base, as well as enter new markets in Africa, including Ghana, Zambia, and Kenya.

Reliance Health ($40 million)

In February this year, Reliance Health, an emerging markets-focused digital healthcare provider, completed a $40 million Series B funding round led by General Atlantic, a leading global growth equity investor, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvanitis Social Foundation.

Headquartered in Lagos, Nigeria and Austin, Texas, Reliance Health began operations in Nigeria in 2015 as a telemedicine-focused startup, Kangpe, founded by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki, and later expanded into a single-fee healthcare provider to better address the complex, evolving needs of patients.

Credpal ($15 million)

CredPal, one of the earliest pioneers of ‘buy now, pay later’ services in Nigeria, also closed a bridge round of $15 million in equity and debt in March this year to expand its consumer credit offerings across Africa.

According to a statement shared by the company, the investment will support its expansion into other African markets, mainly Kenya, Egypt, Ghana, and Cameroon.

The post Tech Digest Presents Top five performing Nigerian tech startups in Q1 2022 appeared first on Tech Digest News.

By Emmanuel Otori

TECHDIGEST – Many organizations are seeking ways to offer their products and services to customers in an efficient way in order to save time, ease the processing of the orders and provide the highest quality of delivery as at the expected time.

One major opportunity that most start-ups are not taking advantage of is the availability of data in the public domain as well as the internal data they are gathering to make business intelligent decisions.

Organizations are drowning in an overwhelming amount of data and know little or nothing about gaining insights from the data and turning them into actionable goals and objectives.

The purpose of data is to act with precision and less assumption which makes it possible for a business to thrive by reducing the probability of making errors to the barest minimum.

How To Gain Actionable Insights From Data

Data gathering

Gathering of data is the most rigorous step as without data, the ability to make decision is hampered. Assumptions would thrive and there would be much gap in the margin of errors. Before collecting data, the scope of the project in terms of questions to be asked in the survey, the duration of the project and field enumerators to be used as well as medium for gathering the data should be known. These tools are for gathering data Surveymonkey, Google forms, Microsoft forms, Hubspot and Google analytics.

Data Cleansing

Data cleansing or wrangling is the art of removing unwanted items not needed in working with the data collected such as symbols, extra spacing, grammatical error etc.

Data Analysis

To analyze any form of data that has been collected, these tools are the most comprehensive tools in the marketplace, they include Microsoft Excel, SPSS, STATA, Python, R programming, MATLAB, E-views.

Data Visualization

Data visualization is the art of representing data in the form of charts in order for comprehension by stakeholders. Examples of tools for data visualization are Power BI, Tableau etc

Business Intelligence

The action taken having seen the feedback hidden in the data collected is called business intelligence (BI). This is the most important aspect in order to act with precision.

What is Predictive Analytics?

Predictive Analytics is a form of using records from past data collected over a period of time to determine what the future holds in the form of forecasts. Predictive Analytics is a branch of data analysis that helps to make decisions in the business world.

Tools for Predictive Analytics

There are free and paid tools for predictive analytics and they are numerous in the form of software applications. They can be utilized by anyone who has competence in gathering data from customers through surveys or from a database and knowledge of which tool is applicable to best analyze certain data.

Non-coding tools

Microsoft Excel

SPSS

STATA

Coding tools

Python

R Programming

Application of Predictive Analytics

Stock Control
Staff Utility
Price fixing
Managing of Peak Times
Determining call rates

The future of business will be driven by African start-ups that can use the data gathered to study behavioural tendencies of customers and how to serve their needs with a greater level of efficiency.

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

The post How African Tech Startups Can Leverage Predictive Analytics For Efficient Service Delivery appeared first on Tech Digest News.

TECHDIGEST – Humanity acknowledges that the current global realities demand creativity and innovation to address the numerous challenges confronting countries, businesses and individuals as a result of dwindling resources. The situation has further worsened with the crippling effect of the COVID-19 pandemic in all areas of human endeavour.

In fact, the health crisis is credited for spurring governments in developing countries to start exploring ways of lifting their countries out of the prevailing economic predicament through the process of working together in cooperatives to achieve mutual benefits.

It is instructive that the health crisis has been a blessing of sort because it has thrown up opportunities for stronger cooperation among countries and individuals to exchange ideas on fresh ways of doing things.

While creativity, innovation, and technological forces are engendering high-speed transformations in the business environment, they are also helping to highlight the need for adoption of the cooperative model in the tech industry.

Despite the increasing number of tech startups, many of them are barely surviving in the rapidly evolving tech ecosystem across local and international environments.

As such, the cooperative model is a revolutionary concept for equality, fairness, social justice and generally for the good of startups. It could lead to a number of startups coming together to build associations of designers, developers and sellers of digital services to stakeholders in the digital economy.

The cooperative business model is a voluntary association of persons with the common motive of protecting and promoting the welfare of weaker sections of society. These associations are active in all countries worldwide and represented in all the sectors, including agriculture, food, finance, healthcare, etc.

The International Cooperative Alliance (ICA) in the Statement on the Cooperative Identity defines the cooperative as an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

In other words, cooperatives nurture long-term visions for sustainable growth on the basis of ethics, values and principles that vest ownership, control of, and are managed by members in order for them to collectively realise their economic, social and cultural aspirations.
Invariably, tech cooperatives would comprise people-centred businesses which bring individuals together on the basis of the democratic principle of equality among all members, whether they are customers, employees or users.

While Nigeria boasts of a large number of agricultural/farmers’ cooperatives, consumer cooperatives, credit cooperatives, housing cooperatives and multipurpose cooperatives, it is yet to develop technology cooperatives.
Tech cooperatives refer to worker-owned organisations that operate in the Information Technology industry to provide software development and consulting services that enable startups to thrive in the midst of the big tech companies.

North America, South America, Europe, Asia and Oceania are home to some of the world’s innovative tech cooperatives such as Agaric in USA, Germany and Nicaragua; Agile Collective in the UK; and Devtopia in Spain.
Others include Equality in Argentina; Sofi Cooperative in Israel; Protozoa in New Zealand; Hypernova in Italy and Happy Dev in France.

The website of Co-operative Technologists (CoTech) states that, “it aims to create a better technology sector in the UK that focuses primarily on the worker, customer and end-user needs rather than on generating private profit.”

As such, members of the network use their collective experience, skills, resources and knowledge to radically increase the market share of companies that are owned and run by their workers. They have discovered that the cooperative model creates better workplaces, better digital products and better value for customers, thereby helping more people to enjoy the benefits of this model.

Each member of a cooperative is a company that is owned and democratically run by its workers and customers. This means there are no private shareholders and profits generated are either reinvested in the enterprise or returned to the members.
The model stimulates economic, social and human capital development within the communities where they are established. It emphasises the emergence of a new option that guarantees equality for the generation of stable jobs and prosperity in the tech startup ecosystem.
It might seem a long shot before Africa embraces the tech cooperative culture that is already spreading in other continents of the world. The earlier countries on the continent take steps in this direction, the better it would be for existing tech entrepreneurs and others planning to open shop.
Blessed with a large population of young, creative minds, Nigeria stands to gain a lot by encouraging the tech-savvy segments of the society to come together and form cooperatives to allow them to take control of their economic future and enjoy the benefits of their activities.

Since cooperatives are based on the values of self-help, self-responsibility, equality, and solidarity, young talented Nigerians can find new channels of venting their creative energies therein. As founders, members would promote the virtues of honesty, openness, social responsibility and caring for others to succeed.

The tech community has nothing to lose by introducing the universally renowned principles of cooperatives into the tech sector to contribute enduring productivity, create and maintain a sustainable economy and the well-being of people who work and own these cooperatives as members.

For Nigeria, tech cooperatives would further build and increase the population of a crop of indigenous expertise and profits, empower the weak and vulnerable, create decent jobs and tackle the scourge of poverty as the workers also own and control every aspect of such enterprises for the common good of all the members.

There is no doubt that the Ministry of Communications and Digital Economy and its Science, Technology and Innovation counterpart would leverage the tech cooperative model to lead Nigeria into the new frontiers of truly democratically-run enterprises that guarantee equality and shared benefits to all the worker-owners/members of tech cooperatives.

Inyene Ibanga is Managing Editor Techdigest and writes from Wuye District, Abuja

The post Tech startups and the profit of cooperatives appeared first on Tech Digest News.

TECH DIGEST – The Federal Government says about 50 million dollars foreign investments are already being attracted into the economy for the support of various start-ups in the country through its digital economy and innovations policy.

The Minister of Communications and Digital Economy, Dr Isa Pantami, disclosed this while speaking with newsmen in Dubai, United Arab Emirates, shortly after unveiling Nigeria’s Pavillion at the 2020 40th Gulf Information Technology Exhibition(GITEX).

Pantami noted that the journey of start-ups is a tough one, but urged them to be consistent and steadfast as the breakthroughs might come after several years.

According to him, Nigeria was not lacking in terms of innovative ideas, stating that it was the plan of the government to identify the challenges confronting the start-ups and see how government could assist them.

The minister pointed out that start-ups in Lagos and Abuja have really made Nigeria proud as they keep attracting foreign investments into the country.

“The startups need to be mentored, any start-ups without mentorship cannot be successful on the platter of gold, you need to be patient, and consistent.

“You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding, but mentoring. That is why our focus now is on mentoring our young start-ups.

“We are also providing the enabling environment for them to thrive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprises taxes.

“If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally,” headed.

Pantami recalled that Amazon became a global brand with huge profit today after several years of trials and failures, expressing confidence that Nigeria start-ups which attracted the 50 million dollars investments gives hope that the future would be bright for the country.

Mr Kashifu Inuwa, Director-General of the National Information Technology Development Agency(NITDA), in his address, said about ten Nigerian start-ups would be showcasing their innovations in Dubai this year.

He reiterated the commitment of NITDA to continue encouraging all Nigerians to invest and participate in efforts that would boost innovation and digital economy in the country.

GITEX is the biggest annual consumer computer and electronics trade show, exhibition, and conference in the Middle East and East Africa that takes place in Dubai, United Arab Emirates at the Dubai World Trade Centre.

The GITEX 2020 started on Dec. 6 and is expected to end on Dec. 10.

The post Nigerian Tech Startups to Benefit from $50m Foreign Investments appeared first on Tech Digest News.

TECH DIGEST – The National Information Technology Development Agency (NITDA) has unveiled 10 top Nigerian tech startups that have produced critical solutions to emerging technology.

The Director-General of NITDA, Mallam Kashifu Inuwa said the agency has offered full sponsorships for the winners to attend the 40th edition of GITEX Technology at the World Trade Centre (DWTC) Dubai, United Arab Emirates.

Inuwa who led Minister of Communication and Digital Economy, Dr. Isa Pantami to inspect the Pavillion of Nigerian startups at the ongoing GITEX Conference, said Nigeria is fostering its participation at GITEX Future Stars on promoting youth-led enterprises to showcase innovations coming from its tech startups community, and the strong policy-thrust on digital economy.

PRNigeria reports that a panel of judges considered and scored the technology startups which meet the major requirement in providing solutions focusing on major areas of technology.

Most of the applications received from startups focused on 5G, AI & Augmented Analytics, Future Mobility, Digital Economies, Cyber Security and Resilience, Cloud and Edge Computing and Blockchain Technology.

The Successful Winners are listed below:

1. Vinsight (AI & AA), Ogun State

The product, Vinsighte, uses computer vision and sonar technology to enable anyone that is visually impaired to navigate their environment independently.

2. Powerstove (Block Chain), Abia State

The Product, Anya, is a low-power, GSM enabled, fully integrated IoT device customized for installation in clean cookstoves. Anya is integrated with Blockchain, innovative sensing and user-centric climate financing that allow Powerstove to track, quantify and monetize carbon emission in US$

3. Schoola (AI & AA), Katsina State

The product, Schoola is a gamified Artificial Intelligent learning solution that is curriculum agnostic and powered by local content generated by the individual K12 schools. It sees to leverage AI by first using machine learning to effectively help students, teachers, and schools get the best out of our solutions

4. Chekkit (Blockchain), Lagos State

The product, Chekkit run a COVID-19 USSD help service for AfricanCDC and Africa union using short code *347*03*03# to provide data and other contacts information of people requisition COVID-19 test to NCDC. The startup leverage on Africastaling’s infrastructure for USSD service but it comes as a post-paid with MTN which is free for users and pre-paid to other networks at N5-20 cost id deducted from users airtime.

5. VNTS (5G), Anambra State

The product, VNTS NetPremise Data Traffic Extender (DTE) device, is an AI-integrated LTE/5G router device with the ability to improve signal throughput and transmit it into and around a building using in-premise electrical cabling, easily allowing our devices to become the backbone superhighway, thoroughly and securely funneling all that data from the networks to those devices, ensuring the widest coverage, fast throughputs and great quality of service.

6. One Kiosk (Digital Economies), Kwara State

The product, One Kiosk, is an Instacart for Africa, using a marketplace approach to aggregate local and medium scale retailers across various communities leveraging on Geolocation and Machine learning to connect customers with sellers based on their location and preference thus achieving an efficient delivery cycle of one (1) hour to our users for the direct shopping while our open market list service achieves same-day delivery. We equally use the data generated from our system to provide access to finance for small businesses (over 14,000 at the moment). Our Solution is available on Web and Mobile App.

7. Lexchain (Blockchain), Kaduna State

The product, LexChain is a Blockchain-based Startup for data (document) verification and decentralised storage that leverages and solve the problems of the health, education and Land GIS sector.

8. Blieu Intelligence (Cloud & Edge), Bayelsa State

The product, a new valve lock System deployed with remote cloud-based correspondence Intelligence and OTP, to monitor the operation of sensitive process valves remotely, thus check-mating the problem of petroleum products siphoning from storage tanks or theft of high-value process chemicals or any relevant liquid, unauthorized operation of sensitive valves or discharge terminal valves.

9. TraceRoot (AI & AA), Katsina State

The product, Traceroot is a face recognition company, helping law enforcement solve crimes. Traceroot Watch ensures accurate face detection and recognition, even when people are moving. It offers faster, automated identification and is extremely user-friendly.

10. EduOS (AI & AA), Bauchi State

The product, EduOS is an Artificial Intelligence, Machine Learning, Natural Language processing powered writing and research aid tool that acts a sort of personal assistant that helps you by searching for relevant materials related to what you are writing about.

The post NITDA Unveils Top 10 Nigerian Tech Start-Ups at GITEX 2020 Forum appeared first on Tech Digest News.