Kamusta,
Victoria from Techpoint here,
Here's what I've got for you today:
- How Flickwheel is solving Nigeria's car repair challenges
- Safaricom and Pezesha want to offer loans for small businesses in Kenya
- Airtel Africa activates 2Africa Cable linking Kenya, Tanzania, and SA
How Flickwheel is solving Nigeria's car repair challenges
In Nigeria, there are over 12 million vehicles, mostly used cars called tokunbo. But owning a vehicle here comes with its headaches: finding trustworthy mechanics, dealing with pricey repairs upfront, and not knowing much about maintenance can be a real hassle.
Flickwheel, a startup that's been around for three years, wants to fix all that. They're all about making sure car owners can get their wheels rolling again quickly and without breaking the bank.
In 2019, Paul Edward helped a friend fix his Uber car with ₦25,000, linking him up with a mechanic to get it done.
That small act sparked more requests, showing him a business opportunity. Despite a previous startup that didn't take off, he managed this side gig with Excel until COVID-19 hit and paused everything.
After the lockdown, he rallied a team, including Henry Okafor and Steve Amire, to build a mobile app for his business. Flickwheel launched with 200 signups, but funding was tough, burning through personal funds and a ₦10 million facility.
They offer a "fix-now-pay-later" service to tackle Nigeria's challenge of finding reliable mechanics, where roadside fixes can sometimes make things worse due to theft or shady practices.
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Flickwheel provides access to reliable mechanics and affordable repair solutions, aiming to enhance the vehicle maintenance experience in Nigeria. For more information, read Chimgozirim's story.
Safaricom and Pezesha want to offer loans for small businesses in Kenya
Safaricom has teamed up with Pezesha, a Kenyan fintech, to offer a new credit option — Mkopo wa Pochi — for small business owners.
Mkopo wa Pochi will let business owners borrow money straight through their M-PESA business accounts, adding to Safaricom’s current loan products like M-Shwari and Fuliza.
The new offering is now available via an update on Safaricom’s M-PESA super app. It will work alongside Pochi la Biashara, which is Safaricom’s business wallet for small business owners.
This marks Pezesha’s first foray into Kenya’s mobile money market, giving them access to Safaricom’s huge customer base of over 32.4 million active M-PESA users.
Loans from Mkopo wa Pochi come with a one-time access fee of 2.76% on the borrowed amount. Borrowers get a 7-day term, with an optional 7-day extension. Extending the loan costs a one-time fee of 3.85% for the whole 14-day period, and if repayments are late, there’s a 1% daily penalty for up to 7 days.
To decide if a borrower qualifies, Pezesha will use various tools, like credit bureaus, to check for loan defaulters. They’ll also look at the borrower’s business transaction history with Safaricom, mobile money account activity, credit information from the Credit Reference Bureau, and overall market conditions.
Pezesha recently secured a $500,000 Technical Assistance grant to leverage advanced computing technologies for improved credit scoring algorithms from the United States International Development Finance Corporation (DFC) in May 2024.
Airtel Africa activates 2Africa Cable linking Kenya, Tanzania, and SA
Airtel Africa just activated the 2Africa submarine cable system, linking Kenya, Tanzania, and South Africa. This huge project aims to connect Africa, Europe, and Asia, promising faster and more reliable internet across the continent.
Airtel Africa's wholesale arm, Airtel Telesonic, teamed up with Alcatel Submarine Networks to make this happen. Alcatel is a big name in optical submarine networks, known for their cutting-edge technology and turnkey solutions.
According to PD Sarma, CEO of Airtel Telesonic, this activation is a major move towards closing the digital gap in Africa. “We’re thrilled to kick off the first phase of the 2Africa cable system with the latest SLTE equipment from our partners. It shows our commitment to investing in top-notch infrastructure and empowering communities in the digital age,” Sarma said.
The 2Africa cable is expected to revolutionise Africa’s digital landscape, offering unmatched connectivity and growth opportunities. As Airtel Africa keeps growing its network, they promise to keep delivering innovative solutions to meet their customers' needs.
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Opportunities
- Ventures Platform has over 100 job openings across its portfolio companies. Apply here.
- Earna is looking for a Product Marketing Manager. Apply here.
- Are you a startup founder with at least an MVP? Apply for Founders Clinic, an eight-week mentorship programme connecting early-stage startup founders with experienced professionals. Register here by June 26, 2024.
- Moniepoint is hiring for 63 positions in the United Kingdom and several Nigerian states, including Lagos, Abia, and Anambra. Check them out here to apply.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a lovely Tuesday!
Victoria Fakiya for Techpoint Africa.