Anything you are selling to the average Nigerian is competing with food!
Anything you are selling to the average Nigerian is competing with food!
On average nearly 60% of a Nigerian income is spent on food. But this average is spread across all segments including the rich. So we can assume that most Nigerians are spending 80%-90% of their income on food.
To scale in Nigeria products need to be affordable, accessible and acceptable as I described in my article, how to make $1bn in Nigeria.
A year after expanding to Europe, Nigerian fintech Lidya raises $8.3M to scale lending operations
Nigerian fintech and lending startup Lidya today announced that it has completed its $8.3 million pre-Series B funding round.
In addition to the $1.3 million seed round secured in 2017 and $6.9 million Series A a year later, Lidya has raised a total of $16.5 million.
This investment will see Lidya grow its lending operations for small and medium businesses across its markets.
Lagos rolls out digital devices to reduce corruption behind traffic jams
The Lagos State transport ministry on Wednesday revealed plans to deploy Traffic Management Solution (TMS) devices that will, among other things, enable traffic law violators to pay fines digitally.
Lagos is the smallest state in Nigeria by land area but is home to the highest number of people in the country.
Lagos govt have to deploy unique traffic solutions tools like the TMS to curb excesses on roads. It is not a new device but the way we’re using it is novel,” he added.
Facebook partners with Liquid Intelligent Technologies to build metro fibre network in Democratic Republic of Congo
Pan-African technology group, Liquid Intelligent Technologies, is partnering with Facebook to build a long haul and metro fibre network in the Democratic Republic of Congo (DRC).
The build will be funded by Facebook but owned and operated by Liquid Intelligent Technologies. This will improve Internet quality for 30 million people and provide regional connectivity for Central Africa.
South African students can now get Microsoft’s Office 365 for free
US students have always had the good life. A lot of tech companies have always showered them with discounts.
They get free domains with Namecheap, they pay less for Spotify, they get free Jetbrain licences, a free Github pack and they get Google Workspace for free.
Above all, they get Microsoft Office for free too. Now it seems Microsoft has brought this to the horned continent too. South African students can now get Microsoft Office for free.
Founders Factory Africa invests in 3 more African tech startups
Founders Factory Africa has invested in three more African tech startups to take its portfolio past the 25 marks.
The latest funded startups are Kenya’s Wazi, a digital mental health company connecting people to affordable, high-quality services; Uganda’s Asaak, an asset financing company that provides credit by lending motorcycles, fuel and smartphones to drivers; and South Africa’s Revix, a fintech platform that makes investing in cryptocurrencies simple, engaging and automated.