The new rate, effective immediately, will be ₦225 per kilowatt-hour (kWh), a significant jump from the previous ₦66 per kWh, NERC’s vice chairman, Musliu Oseni told journalists on Wednesday.

These customers—under the Band A classification—use 20 hours of power supply daily and represent 15% of the country’s 12 million electricity customers. The upward price review will not affect customers on the other bands, he said.

On Tuesday, Bloomberg reported that Nigerian authorities plan to hike electricity prices as President Bola Tinubu seeks to reduce government spending and subsidise tariffs for only Nigerians in rural areas. The move follows pressure from the country’s electricity distribution companies, the report said.

The electricity tariff hike comes amid Nigeria’s worsening power supply which has been blamed on its low level of power generation and distribution. The West African nation has an installed capacity of 13,000 megawatts for its 200 million population. 

In March, Nigeria’s power minister Bayo Adelabu said plans were underway to “settle outstanding debts owed to power generation and gas supply companies, which will alleviate the financial strain and contribute to improved generation levels nationwide.”

In 2010, a report by the National Financial Inclusion Strategy (NFIS) revealed that out of 39.2 million financially excluded individuals in Nigeria, 54.4% were women. This alarming statistic prompted the rise of fintechs aiming to bridge this gap, among which Herconomy emerged as a “female-focused” fintech startup.

Herconomy’s roots trace back to the “AGS Tribe”, a community launched following the acceptance of Accessing Grants for Startups, a book authored by Ife. The book contained information on how to access grants, fellowships and scholarships. According to Ife, more people asked about new opportunities which led to the need to form a community for easier means of communication and sharing opportunities.

The community’s growth led to the development of an app for hosting savings challenges, marking the company’s pivot to financial services when integrating a savings API proved challenging. “I am a solo founder but I’ll say our community started Herconomy,” Ife said.

With an overall size of 23 staff members, the company operates a hierarchical structure, with Genevive Obi as the Chief Operating Officer (COO) and Dolapo Sanusi Ola as the Chief Financial Officer (CFO). Both report directly to Ife Durosinmi-Etti, founder and CEO. Genevive, who has experience in business operations, partnership growth and relationship management, shapes the company’s strategy. She manages performance and oversees annual operations planning. Dolapo, also a co-founder of Nest Agribusiness and Technologies, oversees Herconomy’s financial operations. 

The structure includes middle management, with Gbemisola Araba serving as the People Operations Manager. Gbemisola served as a Human Resources officer at Herconomy between 2020 and 2021. Anu Oyeleye, who has previous experience as a product management consultant at Begine Fusion and as a product marketing analyst at Access Bank, is the Product Manager at Herconomy. Both report to Genevive(COO) and Dolapo (CFO).

“We also have supervisors reporting to their managers, and at the operational level, staff who report directly to the supervisors,” Ife explained.

Driven by the belief that the community’s input is instrumental in shaping its path, Herconomy lives by the mantra “the community calls the shots,” as affirmed by Ife.

This TechCabal org chart details the leadership structure of Herconomy.

If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: towobola@bigcabal.com.

The exact funding amount was not disclosed. Pharmacy Marts raised  $2 million in funding from investors since its launch.

“We are excited about having Acasia Ventures on board, given its great presence in African markets that we are planning to enter, as well as their solid network of advisors and experts in the pharmaceutical industry,” CEO and Co-Founder of Pharmacy Marts Ahmed Kadous said.

Founded in 2021, Pharmacy Marts allows pharmacists to access medical products and connect them with suppliers. It also provides access to working capital and long-term financing, including “Buy Now, Pay Later” options. Pharmacy Marts claims it currently services about 12,000 of Egypt’s pharmacies, equivalent to 20% of the total market, and boasts over 200 suppliers on its platform. The startup says it aims to digitize the pharmaceutical sector’s supply chain to improve patient access to medication.

“In a short period, Pharmacy Marts has emerged as a category leader in this space and we are confident it will continue to go from strength to strength,” Managing Partner at Acasia Ventures Aly El Shalakany said.

“It is one thing to be a financial services provider, and it is another thing to be a banking service provider. OurPass will start providing those banking services in weeks,” said Samuel Eze, the company’s CEO.

The company secured approval in principle (AIP) for a new MFB—OurPass MFB—in January 2024. It also undertook a recapitalisation and assumed the liabilities and assets of Fasildapo MFB, an existing microfinance banking entity, and submitted its new name to the Central Bank of Nigeria (CBN).

OurPass provides free business bank accounts, loans, and tools, including free invoice generators and team management tools, to help them manage their businesses.

An MFB licence will mean the startup has to ramp up its loan offering, which is currently restricted to invoice financing. The company said it would monitor those loans closely, acknowledging the difficulty of lending in the Nigerian market. 

And while it’s still early days, the company has already set its sights on becoming profitable quickly. 

“When we ventured into business banking in June/July 2022, we entered the field with zero funds. But before the end of the year, all things being equal, we should become profitable,” Eze shared.