Eden Life was founded in 2019 as a home service company providing laundry, cleaning and chef-made meal services to Nigeria’s middle to high-income earners.

Ex-Andela employees Nadayar Enegesi, Prosper Otemuyiwa, and Silm Momoh started the company and have since raised $2 million in total investments. According to its LinkedIn, Eden Life has over 50 employees, some of whom joined after it announced plans to expand operations to Kenya.

A significant exit from the team is its former growth lead, Fu’ad Lawal, who worked with the team from 2020 until June 2023, during a time when employees reportedly took pay cuts to deal with unfavourable economic conditions.

As a response to a bad economic situation heralded by multiple inflations and soaring prices of foodstuff in Nigeria, Eden Life unbundled some of its services and started a fast-food delivery service.

In October 2023, Eden Life said it could become profitable in 12 months, a bold move in an uncertain market. As the company continues to work towards its sustainability, here are the people at the helm of affairs at Eden Life.

1. CEO & Founder – Nayadar Enengesi.
2. CTO & Co-founder – Prosper Otemuyiwa.
3. Product lead & Co-founder – Silm Momoh.
4. HR Lead – Diseye Amy Naasin.
5. Head of Marketing – Adedeji Adeleye.
6. Director of Operations – Sofiri Daminabo.
7. Ajoke Yusuf – Customer Sales and Success Lead.
8. Food Production Lead – Firi Adoki.
9. Jomi Oguntuase – Chief of Staff.
10. Brand and Content Lead – Olumide Yomi-Omolayo.
11. Operations Lead – Adebukola Alao.

At 10:20 a.m. on October 28, 2023, Professor Tayo Arulogun, Miva open university’s vice chancellor, mounted the stage at The Podium event centre in Lagos, Nigeria, and kicked off the university’s first matriculation ceremony. With 532 students in Lagos and Abuja, Miva was making history as Nigeria’s first fully accredited private open university.

Miva’s launch will contribute to solving the capacity problem in Nigeria’s tertiary education system. In 2014, for instance, almost 1.2 million candidates who sat for college-entry exams into Nigerian tertiary institutions didn’t gain admission. Nigeria’s 170 universities can only hold 1.8 million students, and there are not enough places for even those who pass college entry exams. 

“The traditional method of brick and mortar cannot address the demands of 50 to 60 million Nigerians trying to get into tertiary institutions at the same time,” said Sim Shagaya, the founder of uLesson Group, Miva’s parent company. “We have to be able to use the internet somehow.” 

Shagaya shared those thoughts in a 2014 interview when he was still CEO of Konga, Jumia’s e-commerce rival. He had a thesis for online education but would dedicate the next four years to building Konga before selling the company in 2018.

With time on his hands, Shagaya launched uLesson, an edtech company targeting the k-12 category, in 2019.  “I decided to revisit this education opportunity, which I had been thinking about for a while,” he told TechCabal in a virtual interview.

Unlike most businesses, uLesson refined its business model away from Nigeria’s economic capital, Lagos, and major cities like Port Harcourt or Abuja. uLesson started building in Jos, a city not bothered by traffic congestion while taking advantage of a lockdown that forced staff to work from one building. Within four years, uLesson would grow to birth Miva University in one of the fastest business expansions in the edtech space. Here is how uLesson did it.

uLesson’s Day 1 in Jos

uLesson’s focus on K-12 education was new and important. As K-12 education was changing globally with technology-assisted learning, ed-techs like uLesson helped Nigeria attempt to catch up. uLesson’s approach involved three phases: pre-recorded content, live content, and personalised services.

uLesson’s time in Jos (early 2019 to late 2020) was spent building the pre-recorded content library, which eventually became their best-selling product when they went to market in 2020. At inception, the learning content was accessible to students through USB dongles and an Android app which students could access without the internet. The live content had educators teach students in real time, and the personalised services allowed teachers to help students directly and also give them homework

Having all the staff in one place, and building a massive library of educational content, meant that, for a long time, uLesson couldn’t pursue revenue. “We were trying to teach academic principles in a way that’s fun and engaging through rich animation and interaction between live humans and animation, and to test efficacy while we’re doing that,” Shagaya said. “It was very tough. It took a year and a half before we could even reasonably go to market.” 

uLesson planned to go to market in February 2020 in Nigeria, Ghana, Sierra Leone, and Gambia. To achieve that, they went into overdrive.

First raise, COVID-19, and expansion challenges

Late in 2019, Shagaya was on the phone with an old friend, Omobola Johnson, a one-time ICT Minister in Nigeria and now a partner at startup investment firm, TLCom. He mentioned uLesson to her and she was excited to invest in uLesson, as its overall objective matched what TLCom was looking to invest in.

Johnson and her partner, Ido Sum, travelled from London to Abuja, from where they took a four-hour road trip to Jos, to see the uLesson team, discuss growth plans, and figure out how TLCom could support the company.

In November 2019, uLesson announced its $3.1 million seed round led by TLCom. Johnson was not just a friend of Shagaya’s; she was now on uLesson’s board of directors with Sum.

In 2020, months after uLesson brought all its staff to its Jos hub where they all lived and worked, and after it had raised capital, the COVID-19 lockdown started.

Abdulafeez “Penzu” Ojetola, who was the pioneering illustrator at uLesson said of those days that: “Work needed to keep going, the library needed to be completed, [so] we didn’t stop work at all. We had two different lockdown shelters. One was the [residential] mansion and the other was the office complex. We had people who were cooking for us. Work was going on. We were not commuting, we lived in the same place. We got our salaries. We got our allowances. We needed to work overtime because we weren’t going anywhere.” 

Two other former employees who did not want to be quoted shared similar sentiments about work not stopping and everyone in Jos working round the clock.

Ojetola said he “worked from 6 a.m. till 10 p.m. for weeks on end. There wasn’t much to be done because of the lockdown so we worked double time. The workload of six months was done in three months.”

In 2020, uLesson went to market as planned. “The first product was very basic and was Android only. We covered only senior secondary school sciences,” Shagaya told TechCabal. 

While they had initially hoped to benefit from growing internet usage, Shagaya said the market let them know convincingly that “for us to provide a compelling academic experience, there had to be a physical component because of the internet issues that continued to challenge us.” As uLesson made more USB dongles, they experienced new problems.

“It was buggy,” Shagaya told TechCabal. “They [the customers] would put the SD cards in their phones and sometimes they won’t work, and we’d have to ship out another one. But they were buying and we had a core base of users that were patient with us, and we tried very hard to make them happy and just focused on that base which was very small. There were less than 1,000 for the entire first year.”

Customers also complained that the USB dongles were susceptible to computer viruses. An insider said uLesson spent a lot of time resolving customer complaints instead of shipping new products. Despite the challenges, uLesson continued to expand its database through the lockdown.

Many people, including former employees, believe that the lockdown helped uLesson grow significantly. Ojetola told TechCabal that “the pandemic was the era where we introduced the online classes. The pandemic helped the company grow to new heights.” 

However, Shagaya has a different perspective: “I think what COVID did was, it set up the environment for our longer-term growth, but didn’t provide a short-term boost or anything like that.”

Whether it was a long-term boost or a short-term accelerant, the COVID-19 lockdowns soon ended, and so did uLesson’s time in Jos.

The curtain closes on Jos

As lockdowns started to ease and uLesson started thinking about expansion, it started looking outside of Jos to hire engineers. According to Shagaya, most of the talents they needed in that period were available in the south-west and south-south regions of Nigeria. uLesson would have to fly them to Abuja where they’d travel by road to Jos because there weren’t many flights available to Jos. In some cases, people refused to travel due to insecurity in the north-central region.

After the lockdown, the company’s leadership also needed to speak to more investors and pitch at events to get more people to support the uLesson goal. At this time, Shagaya said uLesson was mostly B2B as most of their products were being sold directly to schools, with a smaller fraction being B2C. The resources they needed to scale were elsewhere. So, uLesson started considering a relocation to Abuja.

“It was very difficult to broach it to the team,” Shagaya said. “It’s something I struggled with for a while because they were all settled in. Some of them started finding romantic partners and I said, look, we have to go to Abuja. Everybody protested.” Several early-day employees, including Ojetola, refused to make the relocation with uLesson at the end of 2020, although uLesson managed to retain a lot of talent and hired fast for replacements.

The company’s relocation did not stop its lofty plans. In January 2021 it announced a $7.5 million Series A raise, led by US-based Owl ventures. It modified its strategy and shifted from dongle hardware to focus fully on online learning. “The issues with that [SD cards] were just too much,” Shagaya said.

In July 2021 uLesson started operating physical centres across Lagos, Port Harcourt, Asaba and Abuja. But the company quickly realised that the model wasn’t sustainable as schools were back fully onsite and uLesson could only get the primary-secondary-level students for barely three months in a year. As revenues couldn’t carry the cost of operation, uLesson shut down the centres that same year.

Despite the challenges, Shagaya told Techcabal that uLesson is now cash flow positive. “Every financial goal that we set for investors we achieved.”

uLesson has evolved to a learning bundle model, selling tabs with pre-installed learning resources and a subscription that means students don’t have to worry about additional internet costs.

From uLesson to Miva

Having recorded success with the K-12 division, Shagaya and the board knew it was time to expand. So, uLesson tried opening offices in South Africa, Kenya, Uganda, and Ghana to grow the distribution of its bundled products and services. However, they faced several challenges, especially with K-12 syllabuses being different across those countries.

Shagaya told TechCabal in a virtual call that as an alternative, around this time, “I started interacting with the National Universities Commission (NUC), calling them and trying to explain to them what we could set up [an online university].” But the NUC didn’t seem to be ready.

The NUC, which regulates the creation of tertiary institutions in Nigeria, does not currently have guidelines for establishing online universities. However, it has one for open and distance learning (ODL), a learning method which doesn’t happen in real-time. The current NUC guidelines for ODL state that “For all academic programmes to be taught by ODL, interactive texts shall be at the heart of teaching and learning. These shall be supplemented with other resources such as: CD-ROM, DVD or USB sticks to deliver ebooks, simulations, assessment etc”, all of which uLesson excelled at with its pre-university clients.

Shagaya convened an emergency board meeting where he tried to make the case for Miva. “The thing about online universities or universities, in general,” he said, “is that the curriculum is the same everywhere.” This meant that if they made it work in Nigeria, they could easily replicate it elsewhere without having to build a new syllabus. He said that the business could either keep trying to figure out K-12 expansion or they could become a pan-African tertiary institution within months, applying the lessons they had learned from building large educational resources with uLesson.

The board unanimously supported a university expansion. 

In May 2023, after several meetings with the NUC, Miva Online University became accredited to provide open and distance learning education.

Miva University had two faculties at inception: the Faculties of Computing, and Management and Social Sciences. Months later, it added the Allied Health Sciences faculty. Together, they offer 10 bachelor of science degrees.

To gain admission into tertiary institutions in Nigeria, candidates have to have a minimum of five credits in the Senior School Certificate Examination (SSCE) before writing matriculation exams organised by Nigeria’s Joint Admissions and Matriculation Board (JAMB). Afterwards, candidates who reach marks set out by both JAMB and the institution can then proceed to write another matriculation exam set by the institution. At Miva, the exams end at SSCE.

Arulogun, Miva’s first VC, told TechCabal over WhatsApp that “Miva Open University recognises the unique opportunities and challenges associated with using technology to bridge educational gaps in Nigeria and beyond. We are committed to addressing the identified educational gaps, which is critical to achieving the national education goals in the areas of access, affordability, and quality education.”

Fifteen years ago when Shagaya first thought about building an open university in Nigeria, Muneerat Shitta-Bey had just been born. Fifteen years later, she is matriculating as a Miva student. 

Shitta-Bey’s relationship with Miva started in 2020 during the COVID-19 lockdown, her mother, Mrs Shitta-Bey, told TechCabal at the matriculation event in Lagos. “During the COVID-19 pandemic, when everybody was locked down, they were doing online classes at her [Muneerat’s] school. But we needed extra lessons to help her focus and do better. It was difficult getting lesson teachers. I was wondering, why can’t we get lesson teachers from wherever? I went online and discovered uLesson.”

When Muneerat finished her secondary school education, she was looking forward to  gaining admission into university. In Nigeria, traditional tertiary institutions are not excited about giving university admission to students under 16 years old. As a 15-year-old, she would have had to wait one more year.

Speaking about her daughter’s matriculation and not having to wait an extra year, Mrs Shitta-Bey said, “When I knew that they [uLesson] had a university, we were so happy. COVID taught us that you don’t need to be there physically to learn.”

Muneerat, who is studying for a BSc in public policy for the next three years, as against four years in a traditional university, told TechCabal that “uLesson was very good for me because, in school, sometimes when teachers talk, it was difficult for me to pay attention. uLesson helped me because the lessons were broken down and well visualised. I had a private teacher monitoring my progress. Miva is almost the same. I wanted to do animation, but they don’t offer that yet.”

Another opportunity that Miva provides to people like Muneerat is that they can do multiple courses at the same time, experimenting with their preferences and settling on what they’re most interested in. Muneerat told TechCabal that she’s doing other programmes outside Miva, and she’s happy she has the opportunity to do other things. Her mother confirms that “she is doing software engineering as well”.

Shagaya said Miva will operate with a similar model as uLesson’s with pre-recorded sessions, live classes and personalised support, which will come from top professionals and professors globally.

While Miva seems a promising alternative to traditional universities, one wonders if Nigerians with a minimum wage of ₦30,000 can afford the ₦200,000 to ₦250,000 annual tuition. As uLesson has done, time will tell where Miva will go in the next few years.

On October 23, 2023, Shagaya announced on Twitter that he was transitioning out of his role as CEO of uLesson into a broader role as the CEO of uLesson group and chancellor of Miva University. 

He announced Ayooluwa Nihinlola, who has been at the company since 2019, as the new CEO of the uLesson K-12 division.

Nihinlola said, “By showing what’s possible via this expansion into tertiary, we hope to inspire other organisations in the ecosystem to leverage the resources at their disposal to

provide world-class education at scale.”

Kippa is a fintech startup that’s revolutionising bookkeeping and digital payments for small businesses in Nigeria. In under two years, the startup has secured over $10 million from global fintech investors and has a workforce of 50. 

In an interview with TechCabal, Kippa’s co-founder and CEO, Kennedy Ekezie-Joseph shares what he’s learned building a startup in his early twenties as well as how he ensures the company grows fast to accommodate their over 500,000 small business owners.

What are some things you’ve learned about building a bookkeeping and finance app?

Kennedy Ekezie-Joseph: One thing I learned was that all solutions have to be tailored towards the pain points of the target audience. In our case, the small business owners. Psychographically, small businesses want to make more money, and they want to keep as much of that money in their pockets for as long as possible. This means that whatever solutions you’re building for them have to very directly address one of the pain points that affect their ability to do that.

We also learned that imported solutions do not work. You cannot convince businesses that they need a solution that they are not convinced that they need, which has been an incredible pain point for us because there’s always a risk when building software and replicating a playbook. There’s the tendency to over-index on your playbook to the point where you lose touch with your customers and what their needs are. That is something important that we’ve learned so far.

Are there other things that you’ve learned about building a startup and working with teams?

KE: A big lesson we learned while building Kippa was definitely to not scale your team too early. You need to have very few people who are very hard-working and can take on multiple roles and multiple hats. Another lesson we learned was avoiding the temptation to throw money at problems. If you’re in a position where you can afford to throw money at problems, you have a quality problem, because most people don’t have the money to solve their problems, but it’s still not always the best solution.

Kippa has seen rapid growth since its launch in 2021. What are certain things you think have contributed to this growth?

KE: I think it’s mainly because we are building in one of the very few segments on the continent where rapid growth is possible. For the longest time, small businesses have not had anyone deeply building for these particular problems that they have, and so there’s ample opportunity to scale.

Another reason is that as a startup, we move fast. It’s one of our ethos internally, and it’s always when I speak to people outside of my company that I realise how fast we move. It doesn’t always feel that way, but when I zoom out enough, I’m really able to understand how quickly we move from building products to shipping products which I think comes from how impatient leadership is. Why should we take 10 days to do what we can do in two days? We are very clear with deadlines and timelines internally, and there’s no task that is allocated without the person allocating the task issuing a hard deadline. That’s a muscle we spent time building, and we’ll continue to build. I think all of those micro things help us on the macro scale to move very quickly and experience the sort of growth that we’re seeing. 

What’s the team at Kippa like?

KE: We’re a team that’s not afraid to have hard conversations. When we realise we’ve made bad decisions, which we’ve made in spades, we correct them very transparently. There is no one who is above correction, not me, not my co-founder, and definitely not any senior member of the team. 

I think that building and embedding that sort of culture in the team is also responsible for the growth that we’ve seen so far. Culture-wise, we’re not the sort of team where you come and find folks making TikToks at the office, or hugging each other and laughing with each other; not that anything is wrong with that. We run our business like it’s serious. We know that the work we’ve signed up for is a very hard task, and if we’re going to succeed, then we have to burn all cylinders. We can’t let anything slip through the cracks.

Are you bothered by the funding winter that’s affecting some startups currently?

KE: Yes, we are. We cannot afford to not be bothered about it, because that would be irresponsible. Our sector is also one that’s very capital-intensive, and so you actually do need capital to grow. Fortunately, we have a great team of investors behind us, and we are in a position where we can afford to put our heads down and focus on product building. However, we’re always paying attention and consistently monitoring how the market evolves. 

Beyond Kippa, what makes this path of helping SMEs scale important to you?

KE: Even before Kippa, everything I’ve done has been very Africa-centric. I’d describe my personal mission as one that involves creating economic prosperity for Africa, and when we look at the stats, small businesses contribute to 60% of Africa’s GDP. SMEs employ about 84% of the total labour force and 96% of all businesses in Africa are small businesses. So economic prosperity for Africa is impossible if small businesses cannot grow sustainably and profitably. For me, Kippa was just a logical next step and I believe that my life’s work is for Kippa to be able to live out and self-actualize.

How easy has it been to find people who share in this vision?

KE: Finding great people, especially those who are visually oriented, is probably one of the hardest things to do. At the same time, it’s important that we continue to keep the bar very high. There’s a random element of luck that comes into play with finding such people, because there’s no formula for finding them. You can’t rely on numbers of years of experience or background as it boils down to the individual and what their personal motivations are. 

How easy is it for business owners to adapt to your product?

KE: We’re very intentional about product design, so there’s no one who can use a smartphone and won’t be able to use the Kippa app. However, I would say that our ideal customers aren’t those who have never used a smartphone before or are digitally illiterate. Our ideal users are folks who have tried to do business on WhatsApp, Facebook, and Instagram, and have some sort of familiarity with using digital tools.

Africa is a continent full of young people with business ideas and creative solutions. However, turning these ideas into real, growing businesses often comes with many challenges. This is where incubators and accelerators play a crucial role.

These programmes provide a holistic environment that fosters learning, mentorship, and access to essential networks. They bridge the gap between ideation and implementation, enabling startups to leap from concepts to market-ready solutions. By offering a blend of resources, expertise, and industry connections, incubators and accelerators play a pivotal role in amplifying the impact and sustainability of startups.

One clear example is the story of African fintech startups. They have grown partly because of helpful programmes that guide and support them. These fintech ventures have gone on to ease financial access, propel financial inclusion, and foster a culture of innovation in a banking sector traditionally resistant to change. The ripple effect of their success reverberates across various sectors, demonstrating the power of a well-nurtured startup ecosystem.

Moreover, incubators and accelerators serve as conduits attracting global investments into the African startup scene. They are the touchpoints for international investors seeking to tap into the boundless potential that African startups offer. By showcasing the high-quality products and services that come from their programmes, these incubators and accelerators are essentially attracting a lot of foreign investment, which is essential for startups to survive and grow.

As the narrative of Africa continues to shift from a continent of challenges to a hub of innovation, the role of incubators and accelerators will only become more seminal. To encourage more new ideas, these programmes need to change to address the special challenges and opportunities found in the different African markets. It is very important to have a more tailored approach when creating and launching these support programmes.

Additionally, fostering a culture of collaboration over competition among incubators and accelerators could unlock a treasure trove of synergies beneficial to the startup ecosystem. Creating a community where people share knowledge, good methods, and connections can make a bigger positive impact together.

It is up to people within and outside of Africa to work together to provide more support, resources, and policies that will help incubators and accelerators be more effective and reach more startups. As we continue to track the success of African startups, we need to make sure that the support systems they rely on are also improving. This will help African innovation to be heard around the world.

Here are some specific recommendations for how incubators and accelerators in Africa can drive the next wave of innovation in countries such as Nigeria, Kenya, South Africa, and the Democratic Republic of Congo:

1. Tailor programmes to the unique needs of African markets

Incubators and accelerators should take a contextual approach to their programs, taking into account the specific challenges and opportunities faced by startups in different African countries and industries.

2. Promote a culture of collaboration

Incubators and accelerators should work together to create a supportive ecosystem for startups. This could involve sharing resources, best practices, and business networks.

3. Attract institutional investors

Incubators and accelerators can play a key role in attracting foreign investment into the African startup scene. By showcasing the high-quality startups that emerge from their programmes, they can help to build trust and confidence among international investors in Europe and America.

4. Support startups throughout their journey

Incubators and accelerators should provide startups with support not only during the early stages of development, but also as they grow and scale. This could include mentorship, access to funding, and help with market entry into French-speaking Africa.

By taking these steps, incubators and accelerators can play a pivotal role in driving the next wave of innovation in Africa going forward in a way that leads to economic growth and improvements in social living conditions.

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In recent years, Africa has faced significant economic instability due to a confluence of challenges. High inflation, currency volatility, supply chain disruptions, and insecurity have made the business environment difficult to navigate. 

The unstable economic conditions agitate the core challenges faced by startups seeking to scale. Compared to last year, the first half of 2023 saw a 54% dip in VC funding for Nigerian tech companies. Without adaptive strategies, these growing businesses risk being derailed or discouraged altogether by the unpredictability.

This article will explore how startups in Africa can formulate adaptive solutions to the problems of scaling within unstable economies by drawing from real-world examples and expert recommendations. The goal is to provide a roadmap for startups seeking to successfully expand their reach and deepen their solutions despite economic volatility.

1. Use adaptive marketing and growth hacks

a. Demand generation over lead generation

Focus marketing efforts on generating real demand and sales from existing customers and interested prospects rather than just acquiring new leads that may not convert due to economic pressures. Marketing tactics such as email drip campaigns, community building, and webinars are low-cost ways of educating, nurturing, and retaining customers in a marketing funnel. 

For instance, if you were building a conversion funnel for a SaaS solution, a monthly webinar can act as a growth lever that demonstrates your understanding of the subject matter while giving you a chance to get real-time insights from your prospects. Each webinar can end with a call-to-action that drives customers into a curated community (on WhatsApp, Telegram, or Slack) where you nurture them with interesting and witty content that addresses their pain points. 

Finally, you can use an email drip campaign to retain customers and cross-sell products—65% of a company’s revenue comes from existing customers, highlighting the importance of cross-selling in retaining and growing business from current clients.

b. Cost-effective digital experiments

• Leverage low-cost content marketing and SEO. Using AI, anyone can build a comprehensive SEO campaign that drives qualified traffic to a source.
• Motivate existing users to invite others by incentivizing referrals, and building social proof via social media challenges that leverage user-generated content.
• Leverage automations to respond nimbly to unfolding economic and customer behavior signals with customised, dynamic journeys at scale. In simpler terms, use relevant APIs and AIs.

2. Hedge against economic uncertainties

a. Hedge against economic uncertainties

Keep a portion of assets in stable foreign currencies to protect against currency devaluation. Saving funds in a US corporate bank account is an important contingency measure that will protect you from the unpredictable effects of the floating naira.

b. Incorporate in relatively stable economies

Target countries with steady GDP growth, low inflation, stable currencies, developed financial systems, consistent regulations, and minimal political unrest. Prioritise markets like the US, UK, Canada, Kenya, Rwanda and South Africa. 

By all means, avoid incorporating in very volatile markets.

3. Cut down on costs

a. Review all expenses and look for areas to reduce spending 

Renegotiate contracts and rates with vendors and suppliers. Reduce office space if remote work is feasible. Freeze hiring for non-critical roles. Delay new projects and capital expenditures. 

b. Automate as much as possible

Look for opportunities to automate manual processes using software and tools. This could include HR tasks, customer service, bookkeeping, social media marketing, etc. Automation increases efficiency and reduces labour costs. But provide training to employees to work alongside these new technologies.

c. Retain staff

Avoid layoffs if possible, as hiring and training new employees later is costly. Consider temporarily reducing hours or pay rather than terminating jobs. Support employees by clearly communicating about the business challenges. Keep staff motivated with development opportunities and recognition. Losing key staff now means losing invaluable expertise and company knowledge.

Conclusion

Scaling a startup in a volatile market is not as simple as this article has rendered it. However, if you’re like me and failure is not an option, then you should adopt the lean startup mindset. In no time, you will find yourself piercing through the noise and growing against all economic and financial odds.

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If you invested ₦1 million into Computer Warehouse Group (CWG) in January, your stake would be worth ₦5 million today. The share prices of three publicly-listed Nigerian tech companies — Chams, eTranzact and CWG — are up over 169% this year. While all three firms have seen minimal movements in their share prices over the previous five years, an uptick between April and July this year has caused their market value to double.

Payments company eTranzact is up over 171.4%; Chams Holdings is trading at 350% higher than any time in the last few years before April; And Computer Warehouse Group (CWG) share price has jumped 169% since the start of the year.

The growth coincides with a broader trading activity on the Nigerian Stock Exchange that has pushed the market to reach a new all-time high over the previous three months. Since the start of the year, share prices of Nigeria’s most valuable public equities have grown significantly, surpassing records from 2008.

However, the stock market rally doesn’t reflect some economic realities in the country, as inflation has soared to 24%, while currency devaluation has negatively impacted companies in multiple industries. The performance of Chams, eTranzact and CWG  suggests growing interest in tech equities on the Nigerian bourse. Overall, the technology and communications industry sector rose 41% year-on-year compared to Q2 2022, data from the National Bureau of Statistics (NBS) shows. 

Analysts speculate that the surge in tech stocks aligns with the general market trends. “It is a case of a rising tide lifting all boats,” Onome Ohwovoriole, an analyst with Money Africa, told TechCabal.

The three firms represent an older cohort of Nigerian technology services dating back nearly 40 years.  They are among the handful of technology companies trading on the bourse while younger startups chase higher valuations in the private market or posture they will list their equities abroad. 

eTranzact, a two-decade-old company that offers payment processing services to individuals, merchants, small businesses and large corporates, saw its 2022 revenue rise 157% to ₦1.17 billion. Chams, a 40-year-old firm recently transformed into a HoldCo, provides identity management and payment services to government entities and private companies in Nigeria. It reported an annual income of ₦5.2 billion for 2022 and net losses of ₦375 million. CWG, which operates fintech and cloud services, has seen its share price peak this year as company insiders increased their holdings. The company’s flagship products are technology infrastructure services and cloud software services.

Despite the strong performances since April, analysts warn of market uncertainty and volatility. Ohwovoriole told TechCabal it is challenging to predict the market’s direction in the near term. Mayowa Badejo, a partner at 213 Capital Ltd, an investment and risk advisory firm, stressed that all three stocks represent high-risk-high return scenarios. 

“While their revenues have grown over the years, their earnings have nosedived greatly due to debt servicing. They also don’t pay dividends historically,” Badejo explained to TechCabal. The price-to-earnings valuation of Chams and CWG, a key performance metric monitored by investment researchers, shows that both companies are undervalued and cheap to buy, he believes.

“eTranzact has good earnings and lower debt. It is profitable and undervalued compared to its fair value but expensive based on price to earnings. The only risk is that it appears to be overvalued now,” Badejo concluded.

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Since its inception in 2017, the Africa Fintech Summit (AFTS) has grown into a key fintech event, not just in Africa, but globally. Can you share with me the initial vision behind the AFTS, and how it has evolved over the past editions, leading to the upcoming 10th edition in Lusaka, Zambia?

Andrew Barden: The original vision, which remains our vision today, is that Africa is uniquely positioned to be a global leader in the financial technology industry, that much work remains to be done, and that fintech can transform people’s lives and economies through the power of meaningful financial inclusion and enhanced sustainable development.

We take great care in organising each summit because we are uniquely positioned to be a catalyst for enabling investment, building balanced regulation, and facilitating collaboration across sectors and geographies. Over the years, AFTS has become the top stage for industry stakeholders to explore, debate, and connect around this shared vision for African fintech.

The AFTS has supported millions in capital raise efforts and has been instrumental in shaping policy guidelines and startup ecosystems. From your perspective, what are some of the most transformational impacts the summit has had, especially concerning the African fintech landscape?

AB: That is a spectacular question. Personally, I have always been fascinated by the entrepreneurial process. One of the programmes we have run since day one is our AlphaExpo Micro-Accelerator. This non-equity programme has enabled many startups across the continent to not only raise their public profile, but also to connect with potential investors and like-minded individuals.

Some people have told me, “Africa has too many fintechs.” I do not agree with that thinking. I believe that as a pan-African ecosystem, we need to do everything we can to remove the barriers to entry that prevent entrepreneurs from taking the step from idea to execution.

The summit is known for its cross-sectoral collaborations involving investors, entrepreneurs, and regulators. How do you manage to bring such diverse stakeholders under one roof, and what has been the secret sauce in fostering successful partnerships and new business ventures?

AB: The short answer is a lot of phone calls, emails, and letters. Getting the right decision makers in the room is the result of years of building relationships across industries and geographies. At AFTS, we pride ourselves on not being a “pay-to-play” event; it is important to us that this diverse and dynamic industry is well represented at each edition. The secret sauce for us is our thought-leadership-first approach and our focus on keeping the majority of our audience at the C-suite and director level. These two things work together to allow for the organic discovery and conversation necessary for efficient dealmaking and relationship building.

Given the variety of participants at the summit, from seasoned investors to budding fintech entrepreneurs, how do you ensure that there is a shared vision and synergy among attendees? What strategies have proven effective in aligning the interests of these diverse groups towards common goals?

AB: Of course, everyone will have their own opinions and insights, but when it comes to the macro vision of Africa’s fintech industry as a means to drive meaningful financial inclusion and sustainable economic development, I have not met many people in our industry who disagree with that vision. However, when it comes to the specifics of how that vision can be realised, that is where people start to disagree.

One of the benefits of being a sector-specific event is that AFTS attracts an audience that is already heavily focused on the fintech sector. With a wide net of different stakeholders attending AFTS, it is special to listen to many of the conversations on and off stage, because, while people may share a macro vision for African fintech, the different perspectives often help open people’s eyes to much more than their “focus area”. For me, it is less about aligning everyone’s vision and more about facilitating a conversation about a vision that is both geographically diverse and inclusive of different stakeholders.

Last year, in collaboration with Congo Business Network, AFTS organised a panel in French at the 8th edition in Cape Town, South Africa. This year, you have renewed this partnership for the panel titled: “Fintechs and the future of financial inclusion in francophone Africa”. Why is it essential to emphasise the French-speaking region in Africa, and what unique opportunities and challenges does francophone Africa present in the fintech business?

AB: There has been a divide that has cut off much of francophone Africa from participating in the conversations around financial technology in Africa. For me, it is important that we emphasise that Africa is not a monolith but rather a mosaic of cultures, languages, and more. I would say that not only is it important to highlight the francophone part of the continent, but it is also paramount that we facilitate the pan-African community to come together in a meaningful way. If you have ever been to an African Union meeting, there are many languages being spoken and translated at the same time. I see no reason why the private sector cannot do the same.

As we look towards the 10th edition of the AFTS in Lusaka, Zambia, what should attendees expect in terms of content, innovation showcases, and opportunities? Further, as a co-founder, can you share some insights on the future trajectory of AFTS, especially in light of the rapid developments in African fintech?

Zekarias Amsalu: We have a lot planned for the Lusaka edition and have been working closely with many spectacular stakeholders, including Zambia’s Ministry of Science and Technology as well as the Payments Association of Zambia. Planning for the Lusaka edition is on track to welcome over 700 delegates from over 60 countries around the world and will cover topics such as fintech’s involvement in artificial intelligence, cross-border trade, infrastructure development, climate adaptation, and much more. While in Lusaka, we will look forward to announcing next year’s summit, and we will actively be working to foster greater collaboration across industries and geographies.

As the co-founder of AFTS, can you recount the inspiration behind launching this platform, and how do you perceive its growth and evolution leading up to the upcoming 10th edition in Lusaka, Zambia?

ZA: Organically, since 2017, AFTS has grown to become a world-leading platform for Africa’s fintech stakeholders. When we started, fintech in Africa was a much smaller industry, but we recognised the need for collaboration between stakeholders and the encouragement of entrepreneurship. Over the years, we have had the pleasure of bringing several major investors and corporations to the continent for the first time.

The AFTS is not just a conference, but an ecosystem-building initiative. Could you delve into the importance of creating such an ecosystem in Africa, and how initiatives like workshops, pitch competitions, and ecosystem tours contribute to the growth and dynamism of the fintech sector?

ZA: “Ecosystem” is a word that is overused in the startup world, but we like to think of it as a community. How can we better strengthen the community of fintech professionals in Africa? Anyone can connect with anyone else, but if you do not take the time and effort to build meaningful connections, it becomes much harder to operate in the industry. Much of our industry is built on partnerships, and that cannot happen without community building. We see our initiatives, especially our ecosystem tour, as a way to strengthen this fintech community and propel it into the future.

The dual nature of AFTS, taking place in Washington, DC and rotating among African cities, seems strategic. How do you believe this bi-geographical approach has impacted the discourse on African fintech, especially when juxtaposed with global events like the spring meetings of the World Bank Group and the International Monetary Fund?

ZA: This bi-geographic approach and our model of choosing a new host city each November does not make our job any easier. While it would undoubtedly be simpler to replicate the summit in a fixed location each year, as is common with many other events, our team at AFTS is committed to constantly exploring new markets to broaden the impact of our message. Hosting the summit in Washington, DC during the spring meetings of the World Bank and the International Monetary Fund has played an important role in not only bringing the diaspora to the table, but also in building credibility for Africa’s technology sector.

For example, a New York City-based investor who has never done business in Africa may not be willing to fly to the continent to learn and see for themselves, but if they see an event focused on African fintech just a short train ride away from Washington, that alone helps remove the barrier to entry. Several investors have come to the summit in Washington specifically to “explore” what is going on. After the summit, they email us asking when the next one is on the continent.

With an impressive track record of supporting millions in capital raise efforts and significantly aiding market entry and policy guideline creation, how do you envision the next phase of AFTS? Particularly, what do you believe are the emerging opportunities and challenges for African fintechs as we enter 2024?

ZA: Our team sees a lot of work to be done in the area of public education. One of the core values we hold at AFTS is the belief that financial inclusion is paramount, but financial inclusion is meaningless without the development of financial literacy. Over the next decade, I believe we will see more and more fintechs operating outside of the Big Four markets. 

This is one of the reasons why we held our summit in Addis Ababa in the past and in Lusaka this year. In terms of challenges, the slowdown we are seeing in venture funding is strengthening the overall due diligence process that fintechs have to go through, and will help to add credibility to the fintech space for those companies that are able to raise funding at this time and those that are able to become cash flow positive.

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With its vibrant history and culture, the Democratic Republic of Congo (DRC) has always been a land of potential. However, challenges faced by its entrepreneurs, especially startups, have been many. Congo Business Summit is the largest gathering of startups, innovation leaders, and investors in the DRC. This ambitious initiative is designed to solve three key problems that have prevented the Congolese startup ecosystem from reaching its full potential.

Congo’s entrepreneurial spirit is deeply rooted in its people. Throughout history, Congolese have demonstrated resilience, adaptability, and a unique ability to innovate in the face of adversity. But like many emerging markets in Africa, Congo’s promising startups face unique challenges, often stemming from infrastructure limitations, lack of access to capital, and limited opportunities for international expansion.

In our interconnected global economy, a nation’s growth trajectory is shaped by how seamlessly its companies can integrate into the international arena. Startups, with their nimbleness and knack for innovation, are at the forefront of this global integration. But without the right scaffolding, guidance and visibility, these nascent businesses risk being overshadowed in the immense global business ecosystem. Congo Business Summit is emerging as the critical link, connecting Congolese innovation with global opportunities.

The summit is not just a solution; it is a statement. It announces to the world that Congo-Kinshasa is open for business and its entrepreneurs are ready to take on the world. By addressing the core challenges facing startups, the event aims not only to nurture the local ecosystem, but to position Congo as a burgeoning hub for innovation and real investment opportunities in the heart of Africa. The journey ahead is promising, and with collective efforts, the potential of the Congolese entrepreneurial spirit will be realised on the world stage.

Let us delve into the three key problems that Congo Business Summit has identified and the solutions it offers:

1. Boosting global visibility

The first hurdle is ensuring visibility for the private sector, the startup ecosystem, entrepreneurs, and the myriad solutions they bring to consumers. Unfortunately, brilliant concepts often fade into obscurity, deprived of the necessary exposure and audience. Congo Business Summit is addressing this visibility problem head-on. By cementing partnerships with the three leading online news media in Kinshasa, and expanding its reach with English-language outlets such as TechCabal, we are ensuring that these stories of innovation receive the spotlight they deserve, both in the French and English-speaking world. In addition, our proactive efforts to secure media coverage from countries such as Nigeria, Kenya, South Africa, the United States, the United Kingdom, and France are putting Congolese entrepreneurs in the global spotlight, championing their groundbreaking ideas, and ensuring that they receive the recognition that is vital to attracting investors, securing business partnerships, and reaching potential customers both in Kinshasa and internationally.

2. Enabling startup fundraising

The lifeline of any startup is the capital that fuels its growth. Yet fundraising remains a daunting challenge for many Congolese startups. By inviting business angels and institutional investors from around the world to Kinshasa to participate in Congo Business Summit in October, we are creating a bridge between promising startups and investors with the financial resources to move them forward. This is not just about securing funding; it is about initiating a dialogue, educating investors about the country’s rich investment opportunities, and cultivating a sense of belief in the future of Congolese innovation. President Felix Tshisekedi announced on August 19, 2023, that the national government will prioritise innovation funding in the 2024 budget.

3. Building fruitful partnerships

The third challenge involves developing commercial partnerships. Whether it is between startups and large corporations or government agencies in Kinshasa, partnerships are a major contributor to startup success. Congo Business Summit is not just another conference; it is a breeding ground for synergy. I invite not only local players, but also startups from abroad in Nigeria, Kenya, South Africa, France, the United Kingdom, Canada, Germany, Belgium, and the United States to come explore partnerships with Congolese startups. These interactions will open the door for Congolese startups to understand global markets and for international companies to explore partnerships with Congolese entrepreneurs, ensuring a two-way street of growth and learning.

In conclusion, Congo Business Summit is more than an event; it is a solution to three key problems the startup ecosystem is currently experiencing in Kinshasa. It is about changing the narrative, driving growth, and ensuring that the Congolese entrepreneurial spirit is not only recognised, but celebrated and supported locally and internationally. Let us not just talk about the potential of Congolese startups, let us make it happen. For a brighter, more innovative Congo, the summit is the beacon that lights the way. That is why I invite business angels, institutional investors, and startups ready for expansion from around the world to join us in Kinshasa this upcoming October on this journey of transformation, networking, and investment exploration.

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In the ever-changing realm of technology and innovation, I have been privileged to witness the colossal gatherings at Viva Technology (VivaTech) and the Consumer Electronics Show (CES). These experiences were not only informative, but transformative. They provided a bird’s eye view of the seismic shifts in the global technology ecosystem. From my four visits to VivaTech, beginning in May 2019, and my two trips to CES in January 2022 and earlier this year, I harvested rich insights and observations that planted the seeds for the upcoming Congo Business Summit.

A global technology playground

Both VivaTech and CES are like global carnivals for tech enthusiasts. Thousands of startups, established companies, investors, and journalists gather to showcase their latest innovations. Every nation with a technology story to tell makes sure it has a presence. The diversity of people attending these events is a testament to the universality of the role technology plays in our lives, whether in China, South Korea, France, Canada, or the United States. Each of these countries is eager to make its mark as a major technology titan, determined to shine a spotlight on startups and connect them with potential investors, business partners and journalists.

Real solutions for real challenges

One aspect that was particularly evident at CES was the focus on innovations that address real-world problems. Rather than chasing hypothetical scenarios, the technology on display offers solutions to real challenges that people face every day. This is innovation with a heart and a purpose.

Networking as the heartbeat of progress

Beyond the exhibitions and demonstrations, the myriad of networking and relationship-building side events stood out. The tech world thrives on collaboration, partnerships, and collective brainstorming, and these events are the perfect avenues to foster those connections.

Startups are the pioneers of Africa’s innovation engine

Drawing inspiration from these mammoth tech conclaves, I envisioned the creation of Congo Business Summit. But why the emphasis on startups, you might ask? Startups, in their essence, embody agility, resilience, and a fresh perspective. These startups are the unsung heroes, operating on shoestring budgets yet fortified with groundbreaking visions, unwavering determination, and a fervent passion that is hard to match. In contexts like Africa, where challenges are many but so are opportunities, startups can be the game-changers that will drive the next wave of innovation.

In sectors such as fintech, we have seen how startups in Nigeria, Kenya, and South Africa have democratised financial access, granting many their first banking experiences. Edtech startups have broken educational barriers, ensuring that learning is not limited by geography. Agritech ventures promise food security and sustainable farming solutions, while medtech initiatives bring healthcare closer and make it more accessible.

Moreover, insurtech and regtech startups simplify complex processes, ensuring that people do not just have access to services, but understand them too. These startups are not just businesses; they are the pulse of innovation, often seeing potential where traditional corporations see challenges.

Innovation’s renaissance is upon us

In essence, Congo Business Summit is more than an event. It is a clarion call for Africa to recognise, support and amplify the startups that are working tirelessly to create a prosperous future. As we have seen in places like Europe and North America, technology and startups are not just about apps and gadgets; they are about improving lives, driving development, and setting the stage for a prosperous future for millions of men and women, whether in Paris, London, Montreal, New York, or San Francisco.

African nations, teeming with young, vibrant populations, have a unique opportunity. By nurturing startups and fostering innovation, we are not only building businesses, we are building a brighter future for an entire continent. The question is, are we ready to seize this opportunity to drive innovation in the heart of Africa at Congo Business Summit this October, when startups, investors, and government officials will meet at Pullman Kinshasa to discuss business?

There is no better time than now to draw attention to the underexplored opportunities for Kenyan tech startups in the Democratic Republic of Congo (DRC). Set to take place at Pullman Kinshasa Grand Hotel from October 12 to 13, 2023, Congo Business Summit is the largest gathering of startups, innovation leaders, and investors in the DRC. It provides an unparalleled environment for engaging discussions, strategic networking, and fostering partnerships. The event will feature exhibitions, panels, and workshops on topics related to startups, entrepreneurship, investments, and technology. And it promises significant media visibility and direct access to investors for participating startups from Kinshasa, Lubumbashi, Goma, and Matadi.

The DRC, a vast country with a population of over 100 million people, has been experiencing steady economic growth and digital transformation. As a result, an abundant and untapped landscape ripe with opportunities awaits Kenyan tech startups eager to explore new markets and drive unprecedented growth. The DRC’s strategic location, bordering nine countries, offers an additional potential consumer base of around 250 million people – a prospect too significant for any ambitious startup in Nairobi to overlook.

For years, the narrative about Congo-Kinshasa has been dominated by its natural resources, valued at nearly $24 trillion. However, this perspective significantly underestimates the vast business opportunities that the country presents beyond just the mining sector, especially for tech startups ready to dive into international expansion. The DRC’s youthful and large population, reasonable labour costs, and massive consumer market provide a wealth of opportunities for growth and scale.

That is why Kenyan tech startups need look no further than their homegrown success stories for inspiration. Equity Bank, as a prime for example, expanded into the Democratic Republic of Congo and has since merged with Banque Commerciale du Congo. The bank has since achieved remarkable success, with more than one million customers.

Innovative startups in Kenya in sectors such as fintech, edtech, agritech, insurtech, and medtech can find a dynamic and receptive market in the DRC. The country’s technology infrastructure is constantly improving and there is a growing demand for innovative solutions to everyday challenges, from financial inclusion to access to quality education, healthcare, and sustainable agriculture.

Congo Business Summit, with its diverse representation of various sectors, provides a unique platform for Kenyan tech startups to connect with Congolese counterparts, potential business partners, and government decision-makers. It is a rare opportunity to gain first-hand knowledge and insights into conducting business in the DRC, navigating regulatory requirements, understanding consumer behaviour, and forging business partnerships.

Kenyan tech startups should approach the DRC market not only as an opportunity for business growth, but also as a chance to contribute to the socio-economic development of both countries. By introducing innovative solutions and services, Kenyan tech startups can help to address key challenges, create jobs, improve living standards, and promote mutual prosperity.

The DRC is ready and open for business, and for Kenyan tech startups looking to grow and expand, the opportunities are limitless. As we look forward to the upcoming Congo Business Summit in October, I encourage Kenyan tech startups to explore the untapped potential in the DRC.

Kenyan entrepreneurs can in fact break new ground, disrupt industries, create value, and drive sustainable development across borders. The future is here, and it is full of promise in the heart of Africa: the Democratic Republic of Congo.