The rise of Lagos

Amid this digital evolution, Lagos state has emerged as a frontrunner, capturing global attention and investor interest. “Lagos State is at the forefront of Africa’s digital transformation,” Governor Babajide Sanwo-Olu declared in his keynote address at the recently-concluded GITEX Africa. “This emphasises the region’s pivotal role in shaping the continent’s tech narrative with strategic initiatives to propel Lagos State’s tech ecosystem to unprecedented heights,” he added.

According to Disrupt Africa, startups based in Lagos accounted for over 87% of total tech startup funding in Nigeria as of 2022, solidifying the city’s position as the epicentre of the country’s tech scene. In 2022, the startup ecosystem in Lagos is ranked 82 out of 100 globally, from 41 the previous year, according to StartupBlink Global Startup Ecosystem Index 2023.

The ascendancy of Lagos as an African tech powerhouse can be attributed to two key factors. Firstly, the number of tech hubs in the city has grown from 10 to 85 in five years. These hubs provide a collaborative space for entrepreneurs, innovators, and investors. Secondly, Lagos boasts a large pool of tech talent, with 67% of Nigeria’s developers choosing to stay in the city, as reported by a survey conducted by DevCenter. This concentration of skilled professionals fuels the local industry and attracts investments from across the world.

Building the future

The Sanwo-Olu-led government of Lagos is seeking to consolidate the state’s status as the foremost tech ecosystem in Africa. One way the administration is doing this is through its  equity-free investments in startups, and its support for R&D initiatives in tertiary institutions. Startups such as Farmz2u, a Techstars-backed agritech venture, WellaHealth, Pricepally and GIVO are beneficiaries of the Lagos State Science Research and Innovation Council (LASRIC) fund. Others include DOCi Healthcare, SolidLab, Adire Lounge, Celloop, Retreasure, Brickify, Scrapays, Amjurose, ThinkBikes, STEM METS, TeensCanCode, Terawork, SHIFA Technologies among others. The Science Research and Innovation Council has also driven and supported R&D projects with institutions like the University of Lagos, Lagos State University of Science & Technology, Yaba College of Technology and others. Some of the R&D projects include the use of Convolutional Neural Networks (CNNs) for viral load detection in medical images and the Conversion of Sargassum seaweed microalgae into multiple uses including alternative plastic replacement.

According to Olatunbosun Alake, special adviser to the Lagos State governor on innovation and technology, the government has launched its own venture capital fund that is a fund of funds which will help derisk innovation funding at the very early stages for Nigerian startups. “The Lagos state government’s commitment to providing substantial support to the thriving startup ecosystem underscores its dedication to drive innovation and foster a favorable environment for entrepreneurial growth,” said Olatubosun. 

Lagos state is also focusing on cybersecurity, data privacy, and consumer protection to reinforce its role as a driving force for technological advancement across the continent. Lagos as a sub-national government is domesticating the Nigeria Startup Act and implementing supportive regulations. “We recognise the transformative power of the technology ecosystem and its ability to drive inclusive growth by injecting capital into the tech sector, propelling job creation, economic development, and unprecedented growth,” Sanwo-Olu emphasized.

Removing obstacles

However, as Lagos state embarks on its journey as a tech powerhouse, it faces significant challenges. Robust internet connectivity, reliable power infrastructure, and security, which are part of the pillars of a thriving digital economy, still need to be improved in Lagos. Given these existing infrastructural limitations, the government is confronting them head on. Over the past 24 months, Lagos State has been expanding on its Metrofibre Project: about 2900km of fibre optic cable has been deployed connecting multiple points of interest.

A significant duct infrastructure has also been deployed to help derisk private sector investment in the internet connectivity market. This will increase internet connectivity to almost double digit rates in the coming years. “We are aware of the challenges we face regarding power and internet connectivity,” stated the Gov. Sanwo-Olu. “And we are actively working on improving these critical infrastructure elements to unlock the full potential of our tech ecosystem,” he added.

Lagos state has also been at the forefront of the power sector reform. It helped push the national legislation for the decoupling of power from the federal government and on its own pushed its own power sector reform through the Lagos State House of Assembly. This will allow significant investment into the power sector in Lagos. 

The Lagos State Innovation MasterPlan also takes a comprehensive approach to addressing Innovation and Technology enablement in the State. The government aims to enhance the state’s tech ecosystem through infrastructure development, public-private partnerships, regulatory reforms, capacity building, and progress monitoring.

Projections indicate that with sustained investments and infrastructure improvements, Lagos state’s digital economy will contribute about 40% to Nigeria’s GDP and increase job creation in the tech sector by 30%, according to Stears Insights.

Lagos state’s journey towards reaching its digital economy ambitions is underway as it aims to  lead Africa’s tech revolution by prioritizing digital policy initiatives. 

The Future of Commerce will explore how trends like social commerce and BNPL which have become consumer favourites are shaping the market, as well as all the other innovative ways in which startups and large organizations are catering to the needs of the informal sector, particularly in areas like payments, mobile money, last-mile delivery, agent networks, and the digitisation of informal trade. 

The conference is a hybrid event and as such, all interested attendees are welcome to join online by registering here. There will also be a small physical audience but attendance will be strictly by invitation.

“Africa’s markets are evolving rapidly, pushed by the technology and business model innovation of relentless startups, intent on solving long-standing problems and building world-eating companies. At the same time, global players like Amazon are expanding footprint on the continent, seeking new opportunities in Africa’s fractured markets, and large but underserved populations,” said Tomiwa Aladekomo, CEO of Big Cabal Media. 

“TechCabal’s annual Future of Commerce conference aims to make sense of these movements; bringing the biggest and brightest players together to provide actionable insight into the future of commerce on the continent.”

Partnering with TechCabal this year as a headline sponsor is Moniepoint, powered by TeamApt. Speaking on the sponsorship, TeamApt’s CEO, Tosin Eniolorunda said: “At TeamApt, we’re hyper-focused on serving the informal economy, and Moniepoint is the largest payment provider for such businesses in Nigeria, providing them with the financial tools needed to run and grow their operations. As such, we’re delighted to partner with TechCabal on this conference, which is the biggest of its kind on the continent and speaks clearly to what we do.” 

This year, the conference has a special focus on the informal economy. Africa’s informal sector is the largest in the world; according to the International Labor Organization, about 90% of the economy in sub-Saharan Africa is informal. The informal sector is also the backbone of economic activity in Africa. As such, the digitisation of this sector plays a pivotal role in the future of urban Africa and is central to the growth of commerce on the continent.

Confirmed speakers at the event include Akshay Grover (group CEO at Cellulant), Nika Naghavi, (director of MNOs at MFS Africa), Jacobo Singer (president at dLocal), Tim Steel (CEO at Copia Global), Tosin Eniolorunda (founder and CEO at TeamApt) and Ismael Belkhayat, founder and CEO at Chari. 

These speakers will discuss how trends in payments, social commerce, mobile money, agent networks, last-mile delivery, informal trade, buy-now-pay-later and the digitization of informal trade are influencing commerce now and in the near future. They will also speak about what we can expect to see in the coming decade.

dLocal, a payments technology platform with a focus on emerging markets in LATAM, APAC and EMEA is also coming on board as an associate sponsor. Moses Sule, Head of Growth Africa at dLocal also spoke about the organisation’s commitment, saying: “We’re very excited to sponsor this conference and see it as a vantage point for our entry into and positioning on the continent.”

KasuwaGo, a mobile app platform connecting grain farmers, wholesalers and retailers, is also an associate sponsor for the conference. Dr. Olabisi, the researcher behind the innovation, said, “The aim of KasuwaGo is to bridge connection gaps in the informal sector using modern technology, and we are thrilled to be part of this conference and this vital conversation.” The technology was developed with funding by the United States Agency for International Development (USAID) through Feed the Future, the U.S. Government’s global hunger and food security initiative.

The inaugural edition of the conference which was held last year saw over 2,500 people join across different platforms, with speakers including Shola Akinlade (CEO of Paystack), Ray Youssef (CEO of Paxful), Juliet Anammah (Chairwoman at Jumia Nigeria), Nkebet Mesele (Senior Director at Visa Sub-Saharan Africa), and Dami Osunsanya (Director, SoftBank Opportunity Fund). 

For sponsorship inquiries, contact the Head of Partnerships at Big Cabal Media, Favour Ogunlana | Favour@bigcabal.com

For general event inquiries, please send an email to tcinsights@bigcabal.com

About TechCabal

Founded in 2013, TechCabal is a future-focused publication that speaks in-depth to African innovation and technology. In addition to well-researched and written articles, reports, events and expert opinions on the main website, we publish the TC Daily newsletter, the most comprehensive roundup of technology around Africa. The TC Daily arrives in inboxes Monday through Friday at 7 am WAT and can also be accessed on the website. For more information, visit www.techcabal.com, and follow www.twitter.com/TechCabal and www.instagram.com/techcabal.

About Moniepoint

Moniepoint by TeamApt is a business banking solution that provides merchants and business owners with the financial tools needed to run and grow their businesses. To date, Moniepoint has processed over 100 million transactions, servicing over 120,000 businesses and 10 million customers. Moniepoint helps businesses get paid easily, by providing a reliable network and affordable rates. Businesses also get quick and easy access to overdraft and business expansion loans. The service also enables businesses to manage their operations in one place, by offering services such as payroll management, tax management, business insurance, integrated accounting management and so on. For more information, visit www.moniepoint.com

About dLocal

Founded in 2016, dLocal’s mission is to enable global merchants to connect seamlessly with billions of emerging market users. dLocal focuses on making the complex simple, redefining the online payments experience in emerging markets. Through the “One dLocal” concept (one API, one platform, one contract), global companies can accept payments, send pay-outs, settle funds globally, and issue white label prepaid virtual and physical debit cards in local currencies, without the need to manage separate pay-in and payout processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market. We reach billions of consumers in emerging markets by accepting over 700 local payment methods in 35 countries across Africa, Asia, Latin America, and the Middle East. For more information, visit www.dlocal.com

About KasuwaGo

KasuwaGo is an application platform that promotes trade integration in regional grain markets using mobile technologies, developed and funded through the Feed the Future Innovation Lab for Legume Systems Research managed by Michigan State University. This virtual marketplace app connects farmers, wholesalers and retailers across grain value chains to promote market integration between the major producing areas and markets in West Africa. For more information, download the application here.

Pan-African PR & communications mentorship programme for tech start-ups expands to add legal, business and consumer influencer/social experts to speaker line-up

Wimbart, the tech focused public relations agency that specialises in Africa and emerging markets, has launched its fourth edition of Wimbart Office Hours.

Wimbart Office Hours is a PR mentorship and business support programme designed to equip early-stage African start-ups with media know-how and insights. Long-time Wimbart collaborators Ventures Platform will join the Office Hours programme for a third consecutive year and will be joined by TechCabal in delivering keynote talks. In an enhanced offering for 2022, cohort four will also receive talks by ecosystem leaders TLP Advisory, Norebase and Wowzi.

Wimbart Office Hours is a free mentorship programme targeted at early-stage startups with a focus on companies building tech solutions for Africans on the continent or the diaspora and has been structured to provide guidance, insight and tools on a range of topics from developing successful communications plans to building relationships with journalists, communicating with investors and how to amplify press coverage. To-date, 70+ start-ups have gone through the programme, from over 10 countries and Wimbart Office Hours alumni include Healthtracka, Tix Africa, Artdey, Nguvu Health, Fashtracker and Vybe, among others.

Applications to be part of the fourth cohort are now open and will close on Friday 22nd July 2022. Eligible startups must:

• be located on our providing services to the continent 
• be less than two years old
• have a minimum viable product available 
• have secured investment at no later than a seed-level stage 

Successful Cohort 4 Office Hours start-ups will receive three X one hour all-cohort keynote training sessions, led by Wimbart [an introduction to PR & Communications], Ventures Platform [How to communicate with VCs] and TechCabal [How to communicate and build relationships with the media] before being matched with senior PR professionals from the Wimbart team who will deliver three one-on-one mentorship sessions over an 8 week period. In addition, cohort four will receive expert talks from leaders in the investment strategy, legal and brand/consumer social space, with  Odunoluwa Longe of TLP Advisory, Garth Manthe of Wowzi and Adetola Onayemi of Norebase delivering presentations. 

Speaking on the launch of the fourth edition of Wimbart Office Hours, Founder and CEO, Jessica Hope says, “Wimbart has worked with almost 100 African technology companies over the years, which has given us a unique insight into the support and business tools they need. Previously we have focused Office Hours on PR & communications, but we realised that even more access to professional services was needed, which is why for 2022, we are excited to connect our incredible network of ecosystem operators to our cohort”. 

Kola Aina, Founder and General Partner of Ventures Platform says, “The funding space within Africa has grown tremendously over the last few years and it’s critical for start-ups to understand how they communicate with investors at every stage and how to powerfully connect with their customer base. The Wimbart team has a stellar track record of selecting and mentoring some very exciting early-stage companies and we’re excited to be on board for cohort four”

Tomiwa Aladekomo, CEO Big Cabal Media says, “Building long-term relationships with the media is a skill that needs to be learned and adopted by any start-up looking to build and maintain their public profile in our ecosystem. We’ve seen how companies who’ve progressed through previous Office Hours cohorts have managed to navigate the space, and so we’re excited to be joining the programme and continuing the work Wimbart has done to help nurture communications skills in our space.” 

Tech startups based in Africa or the diaspora interested in applying for Wimbart Office Hours can find out more information and apply for the programme via the website. Applications close on Friday 22nd July 2022 at 12pm BST, successful applicants will be notified on Thursday, 1st September 2022.

About Wimbart

Wimbart is an independent PR agency specialising in Africa and emerging markets. With a focus on the continent’s tech and start-up sectors, they produce hyper-targeted, relevant & meaningful media campaigns for clients. Since launching in 2015, they have gained a reputation for providing services beyond traditional public relations agencies, breaking big news stories and curating memorable press campaigns.

Earnipay, the fintech start-up committed to improving staff productivity and financial well-being by enabling employees get flexible and on- demand access to their earned salaries ahead of payday has partnered with OnePipe to ensure that the financial transactions that characterize Earnipay’s offerings are done friction free and at lightning speed. 

In Nigeria today, employees often have to wait for a 30 day payday cycle, meanwhile, life doesn’t stop happening and unforeseen financial obligations and pressure to meet expenses and settle bills have historically cost employers up to 30 working days in lost productivity annually. Earnipay is fast becoming the definitive on-demand salary access solution, taking on the single biggest source of distractions and declining productivity in the workplace– money worries and helping employers stay out of debt cycles from predatory payday loans and unlock financial freedom. 

Speaking on the collaboration, Earnipay founder and CEO, Nonso Onwuzulike said; “We are constantly improving the way that we serve our primary customers; employers and employees, and our adoption of the robust APIs available on the OnePipe gateway is in line with our commitment to offer financial freedom to businesses. For employers, this is freedom from the challenges that come with poor performance and staff turnover created by employees having to deal with financial struggles while for employees, its freedom from restrictive monthly payment cycles and an open door to flexible access to the money you’ve earned. Leveraging OnePipe’s resilient infrastructure ensures that disbursement/collections happen in a matter of seconds, improving our promise to our consumers” 

This partnership sets the stage for Earnipay to further scale its service to over 200,000 employees before the end of 2022 and rapidly expand across the African region. 

Commenting on the partnership, OnePipe’s CEO, Ope Adeoye had this to say: “OnePipe’s fundamental promise is to work with its partners to achieve customer intimacy and operational excellence through embedded finance. We keep to this promise daily by ensuring that the OnePipe gateway delivers world class service on time, every time. Earnipay choosing OnePipe as they progress on this laudable journey is a further incentive for Onepipe to keep to its promise.”

About EarniPay

Earnipay is a financial wellness fintech solution that integrates employers payroll and HRM systems to enable on-demand financing for employees to access their earned salary instantly without interest. Earnipay’s Flexible Salary Access helps organizations improve employee engagement and productivity by relieving financial stress caused by eliminating the need for a salary advance or predatory payday loans with interest rates. For more information, visit earnipay.com  

Press Contact

Busayo Oyetunji  (hello@earnipay.com)

About OnePipe

OnePipe is a mission-driven organization with an intense belief that the world needs a new type of financial services ecosystem. One where everyone has a role to play, and everyone has some value to capture. And while there’s a need for some gatekeepers, their influence needs to be minimal. Since its inception in August 2018, OnePipe has facilitated the seamless launch of financial services products by diverse, cross-industry innovators. OnePipe successfully processed over $70 million worth of Embedded Finance transactions as at February 2022

For more information, visit OnePipe’s website at https://onepipe.com/ 

Press Contact:

Femi Apesin (consult@onepipe.com) 

The event, tagged the #FutureOfCommerce2021 and set to hold on Friday, 24th of September, is a high-production event that will enable registered stakeholders to learn the shifts in the industry and buying behaviour, and how they can better prepare to take advantage of the rising tide, whether as organizations or individuals.

As part of the sessions, TechCabal will organize two strategic workshops – a partnership pitch session where growth-stage startups can pitch to corporate organizations for potential partnerships, and an investment pitch session where early-stage startups can pitch to potential investors. Asset & Resource Management Holding Company Limited (ARM), a provider of global asset management services across a wide range of traditional and alternative investment options, has partnered with TechCabal on the partnership pitch session.

Ina Alogwu, Group Director of Digital Transformation at ARM Group will be speaking at the session. 

Ina is a distinguished professional with over 17 years of experience in the Digital Commerce &  Mobile Payment space, providing thought leadership in identifying key innovation and technology trends, initiating and driving the execution of new digital product initiatives, contributing to the next wave of growth in digital commerce and mobile payments and championing cross-border strategic growth initiatives for the pan-African payment ecosystem. 

At ARM, he oversees the execution of the Group’s digital transformation strategy, helping the seven subsidiary companies in the Group drive their digital initiatives. He also helps the Group facilitate external innovation by overseeing and running the Labs by ARM Start-up Accelerator  Program.

The Future of Commerce will look at how global events like the COVID-19 pandemic have shaped consumer behaviour, and how businesses can apply their models to these changes.

Speaking about the event, Olanrewaju Odunowo, Head of TechCabal Insights said, “The COVID-19 pandemic has changed the face of commerce. Not only did businesses have to adjust their processes and systems, but consumers also changed their shopping habits. More than 84% of consumers have shopped online since the pandemic and we saw businesses introduce things like contactless payments and curbside deliveries.”

“Although the worst of the pandemic is over – thankfully there are now vaccines – the question for most businesses is what next? What will the next few years look like for commerce? Will the trends we’re seeing remain the same? Will there be any significant changes? There are talks of new variants etc; how should businesses prepare? These are the questions we plan to answer at the conference.”

Confirmed speakers at the event include Juliet Anammah, Chairwoman and Group Chief Sustainability Officer, Jumia Nigeria; Ray Youssef, CEO of Paxful; Nakampe Molewa, General Manager (Sub-Saharan Africa), Uber Eats; Nkebet Mesele, Senior Director (Solutions Management), Visa; Tayo Oviosu, Founder and CEO of Paga, and many others.

The Future of Commerce is brought to you in partnership with DAI Magister and Paystack and is sponsored by Doroki, Chipper Cash, Klasha, VerifyMe, and GIG Logistics.

The event is free to attend, and potential attendees can sign up here.

The Summit will bring together investors and investment professionals in the fintech ecosystem to discuss the digital revolution which has seen fintech firms account for $55 million (30 percent) of total capital invested in new African companies.

The Summit will include prominent speakers such as the CEO of 9mobile, Boye Olusanya; Neku Atawodi-Edun of the Meltwater Entrepreneurial School of Technology (MEST); and Bismarck Rewane of the Financial Derivatives Company (FDC).

In addition to panel discussions, the Summit will feature a company showcase with prominent fintech companies like FINT, Piggybank,ng, FarmCrowdy and Flutterwave presenting to the audience and showcasing their impact on the expanding financial services industry in Nigeria. To join the company showcase, apply here.

To register to attend the Summit, visit stearssummit.eventbrite.com.