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How Errandpay is driving financial inclusion across Sub-Saharan Africa by powering Fintechs, MFBs and MFIs 
Abiola Bonuola
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Many financial organisations believe that Fintechs, Microfinance Banks (MFBs), and Microfinance Institutions (MFIs) are seventh heavens in the global effort to alleviate poverty in Sub-Saharan Africa. Unfortunately, this impression is very far from reality. 

Filtering through the World Bank’s 2021 report on Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, one would find that over 65% of the region still has limited access to deposit and credit facilities provided by financial institutions.

Not only are these financial services essential to the growth of small and medium-scale enterprises (SMEs), they are integral to improving the money markets and fostering social development amongst individuals. 

Fintechs, MFIs and MFBs require more technologically-driven solutions, proper bookkeeping and reporting mechanisms, clear credit policies and better internal controls to provide these life-altering services. Fortunately, Errandpay’s robust agency banking and mobile money models promise to enhance such solutions. 

Errandpay is a fintech company operating across Nigeria, Ghana, Kenya and Uganda, providing financial services providers with agency banking applications and affordable point of sales (PoS) terminals, amongst other innovative products for processing real-time transactions. 

The company’s agency banking solution is entirely white label and reduces major obstacles in go-to-market strategies banks experience. Banking stressors like recruiting and managing developers, setting and meeting timelines, projecting, collecting and aggregating vendors, negotiating with other banks, customer onboarding and documentation are eliminated. Time spent on these stressors is reduced from years, sometimes months, to days. 

Agency banking, also known as branchless banking, usually allows banks to expand their branches, reach and customers by using authorised agents who can offer banking services like deposit and credit facilities using authorised PoS machines. 

A more detailed description; Aliyu, an Hausa retailer in the North Eastern part of Nigeria, has been authorised to operate a PoS machine by a bank. Aliyu helps his family, neighbours, and friends send, receive and withdraw money using his PoS machine. Through Aliyu, the bank can reach more customers in indigenous areas. Aliyu can earn additional income from commissions from each transaction he processes on his PoS device. 

As an agent, Aliyu is in the best position to help his bank make lending decisions because he is more familiar with his customers. He knows their repayment capacity, financial stability, credit ratings, etc. These insights can help his bank maintain its asset quality. 

Errandpay is passionate about driving financial inclusion by ensuring its API can easily be integrated by any financial institution planning to leverage the platform to expedite its expansion plans across the continent.

In a recent chat with Errandpay’s Chief Technology Officer, CTO Paul Dureke, he explained that the platform helps facilitate the operations of other financial institutions, 

“Building technology is difficult and time-consuming, so we have made developer-friendly and easy-to-integrate APIs readily available for all our partners. From white labelled services to aggregation of major services and an ability to integrate seamlessly to any core banking platform in Africa, Errandpay’s features are fully customisable to the needs of any potential partner. Fintechs, MFBs and MFIs can worry less about building technologies and focus more on strengthening their structures through the platform”.

Errandpay’s vision is to transform authorised agents into human MFBs. However, this dream can only be actualised through more partnerships.

“As we have rightly seen in the past 10 years across the Sub Saharan Africa region, the fintech revolution has been chiefly driven by collaboration. One of ErrandPay’s core strategies is collaborations with Microfinance banks, financial institutions, Aggregators, agents, fintech companies and lots more. We have built our technology for ambitious banks, organisations, Founders and CEOs looking to scale super fast,” stated Paul Dureke. 

Since March 2022, Errandpay’s products have significantly improved many people’s financial lives through its 15 special fintech partners across Africa. The platform can facilitate lending, insurance and investment products, credit card payments, registration for different services and so on, while its partners avoid additional charges for using the platform.  
Onboarding on Errandpay is free. The platform is accessible on errandpay.com and/or its app on iOS and Android devices, while its ever-supportive technical team can be reached at hello@errandpay.com. 

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ARTSPLIT’S MOCONA Auction Grows Value Of Artworks By An Average Of 14% 
Abiola Bonuola
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ARTSPLIT, the pioneer art trading platform for African art, closed its split and lease online auction MOCONA – a Modern and Contemporary African Arts, on Sunday, 31st of July, with a closing event and exhibition at Hourglass Gallery, attended by the creme of the Lagos art scene and exhibiting artists; Edosa Ogiugo, El-Dragg Okwoju and Abiodun Olaku. The total value of bids placed was $57,000 for the five artworks, with an average growth value of 14%.

Rite of Passage by Oliver Enwonwu

This first-of-its-kind auction, titled Ode to Mastery, took place from 15 – 31 July, and featured five prominent Nigerian artists who are key drivers of the contemporary art scene on the continent: Abiodun Olaku, Duke Asidere, Edosa Ogiugo, El-Dragg Okwoju and Oliver Enwonwu. 

The ARTSPLIT app allows users to own fractions of prominent African artworks, also known as “Splits,” and keep or trade them on the app if they win the “Split Auction.” The Splits allow multiple people to co-own a single iconic piece of art, which no other art platform allows. Users can also participate in a ‘Lease Auction’ on the app to win physical custody of these split artworks for a set period. 

ARTSPLIT curated the MOCONA Auction to further put African art and artists at the forefront. ARTSPLIT highlights the importance and value of the works, and welcomes a global audience to its app, where users can experience, invest and earn.

Each of the 5 artworks were divided into 100,000 units for auction. All works in the auction were fully subscribed to, and lease contracts on the works were taken up for the next 24 months. The artwork Euphoria by the artist El-Dragg Okwoju saw the most significant increase in value by 20%, with 100,000 units purchased under a Split contract, increasing the reserve price of 0.10 to 0.12, with a new value of $12,000. Market Day in Dalston, London by Edosa Ogiugo grew by 17% with a new value of $14,000; Rite of Passage by Oliver Enwonwu grew by 13% with a new value of $9,000; The Death of Honour by Duke Asidere grew by 10% with a new value of $11,000 and The Seeker (Portrait of a Beggar) by Abiodun Olaku grew by 10% with a new value of $100,000. The top markets by bid value are located in Nigeria, the UK and South Africa.

The event follows the successful inaugural auction held in May, where Ben Enwonwu’s 1977 artwork ‘Agbogho Mmuo’ from the Ogolo series was valued at $105,000, as well as ARTSPLIT’s debut at the 59th Venice Biennale, where the platform partnered with The African Art in Venice Forum (AAVF) and the South African pavilion at the 59th Venice Biennale in 2022. 

By presenting MOCONA, ARTSPLIT intends to raise the profile of these artists further and introduce them to a new set of diverse art collectors and investors, which would ultimately boost the status of both their works and the platform. Indeed, this is the new ART ECONOMY!

About ARTSPLIT:

ARTSPLIT is an art trading technology company driven by one common goal; enhancing the investment status of African art by allowing users to co-own rare and valuable artworks on a platform that guarantees price discovery and market liquidity.  

Our mission is to position African art & artists as the preferred alternative investment choice by developing the African art ecosystem through technology and co-ownership.  We believe that in this way, we can make wealth accessible through alternative investments. 

The platform (ARTSPLIT mobile app) allows art lovers to own fractions (also known as Splits) of prestigious African artworks, which they can trade in real-time. ARTSPLIT also provides opportunities for owners of investment-grade African art to list their works and have them evaluated and sold to members of our community. ARTSPLIT also offers advisory and management services for art collectors, which are personalised to requirements to manage art portfolios online fully and on offline platforms.

To find out more about ARTSPLIT, send an email at info@artsplit.com or visit www.artsplit.com.

You can also call or WhatsApp our mobile at +234(0)9088962169 and follow @artsplitofficial on Twitter, Instagram, and Facebook.

ARTSPLIT can be downloaded on App Store and Google Play Store.

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Engaging The Government Is Crucial To The Technology And Innovation Ecosystem – VFD Group’s Executive Director, Niyi Adenubi.
Abiola Bonuola
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As many organizations pivot to the technology industry and emerging markets continue to evolve, engaging governments and policy leaders has become imperative for corporate bodies to improve economic growth in Sub-Saharan Africa.

Niyi Adenubi who leads the Governance, Government & Subsidiary Relations at VFD Group Plc, a sector agnostic, proprietary investment company, has encouraged top and budding players in the innovation ecosystem to engage the relevant stakeholders for the development of the sector.

Speaking at a panel session on “the role of regulation & ease of doing business in reviving employment” at the LSETF Employment Summit in Lagos, Niyi stressed that, “Tech enthusiasts need to be in the room where policy conversations are being had to create a macro-environment that empowers diverse communities.”

On building these inclusive communities, he added that, “VFD Group is a sector investor and is constantly on the lookout for spirited engagements that can further growth. We believe engagement is important and we are always ready to start these conversations. Fintech has been exciting for us and we see other relevant sectors growing. We are encouraged by the government of Lagos State and we will do more to drive the conversation.”

Adenubi’s session which was moderated by Managing Partner, TNP, Baba Alakolaro, had in attendance intelligent and resourceful individuals from the corporate world including Special Adviser to the President of Nigeria on Ease of Doing Business, Dr. Jumoke Oduwole; CEO, Nigeria Economic Summit Group, Olaoye Jaiyeola; Stears Head of Intelligence, Michael Famoroti and CEO, Happy Coffee, Princess Adeyinka Tekenah.

Adenubi is a financier and investor with more than 15 years of experience working in Private Equity, Venture Capital, Financial Advisory, Institutional and Corporate banking, Investment management and other consulting sectors. He has played exceptional advisory roles to numerous firms in Nigeria and the United Kingdom, most notably with the Royal Bank of Scotland and ATOS Consulting.

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New Reality TV Show, The Residence Afrika Premieres March 2022, Announces $500,000 Grand Prize 
Abiola Bonuola
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The Residence Afrika Reality TV Show will promote African culture and air on local platforms for viewers globally.

Nigerian company, Africa Network Entertainment Limited (ANEL) has announced plans for the premiere of its much-awaited reality TV Show; The Residence Afrika. The first season of the Show tagged The Quest Edition will debut in March 2022 with 24 contestants from Anglophone countries in Africa competing for the grand prize of $500,000. 

Chairman of Africa Network Entertainment Limited (ANEL) and Executive Producer of The Residence Afrika; Mr Kelechi Freeman Ukadike speaking to guests and pressmen at the launch party of the Reality TV Show in Lagos, Nigeria.

Chairman of ANEL and Executive Producer of The Residence Afrika; Mr Kelechi Freeman Ukadike made this known at the launch party of the reality TV Show held on Saturday in Lagos, Nigeria. He stated that,

“There is a possibility for the contestants to win more than $500,000 because they will all have the opportunity to showcase their knowledge, talents and business skills throughout the Show especially during brand tasks”.

While presenting the vision of the Show to pressmen and special guests, the Project Manager of the Reality TV Show; Mr Chuks Anyaduba, said that the goal is to curb political upheavals and misunderstandings created by cultural diversity. This will be achieved by showcasing and harmonizing the value systems of different ethnic groups in Africa on the Show. 

Also representing ANEL as a Vice-Chairman and Director of the Show, Popular Movie Producer; Jim Iyke said, 

“After two years of planning and preparation, the Show’s first season will be aired in Africa and around the world including the United States and the United Kingdom.” 

According to the group, preparations are being made to drive engagement and publicity via digital platforms globally. Organisers are also working on ensuring viewers can vote for their favourite contestants by purchasing credits via digital solutions like Paypal, Flutterwave and Bitcoin.” 

Viewers will be able to watch the Show on The Residence Afrika app which will be available on Google Playstore and the App Store. They can also have direct conversations with the contestants and choose their Star contestant of the week, every week of the Show.

Auditions will be open to Africans irrespective of status, gender and background. All contestants will apply online through a transparent audition process. Visit https://theresidenceafrika.com/ for more information on the Show.

The Residence Afrika which will have 2 Mansions in an undisclosed location, is a much-anticipated reality TV Show for Africans aimed at empowering talents from the continent with more business opportunities. 

Hosted by Cee Classic, the Launch Party had in attendance notable personalities, celebrities, comedians and tastemakers like Solomon Oyekunle, Uti Nwachukwu, Melvin Oduah, DJinee, Jay One, Wilma, Hero Daniels, Moses Inwang, and a host of others. 

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Bossbus Is Transforming Urban Mobility With Other Affordable And More Convenient Transport
Abiola Bonuola
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While a lot is being said about startups providing ride-hailing, freight management, delivery and logistics services, not much is being said about transport technology platforms catering to the underserved sectors of urban mobility in Africa. 

Few companies have figured out how to aggregate the majority of these underserved sectors like the vehicle rental and vehicle charter services for land, water and air in one tech-enabled platform. 

Incidentally, a revolutionary platform, Bossbus has broken the mould and is using the power of technology to transform the urban mobility industry by delivering these integrated charter services, thereby offering more reliable, safe, affordable and convenient commuting experiences to many customers.  

How Bossbus is disrupting urban mobility.

Starting with Nigeria, Bossbus is pledging access to multiple means of transport at a cheaper rate through its custom tech services.

The transport tech company engages, manages and helps owners, vendors and drivers of luxurious saloon cars and buses, SUVs, boats, helicopters and private jets earn and retain customers with its innovative new app. Bossbus charter services ensure riders have access to fixed transportation fares, affordable rates, convenient scheduling and ride tracking system.  

The platform’s mission is to put an end to the growing pains of commuting for many riders; they can book trips based on price, location, length of days and many more bespoke options on the Bossbus app using a Smartphone or laptop.

Speaking on how customers use the platform with pressmen at a Conference in Lagos recently, Bossbus Founder and CEO; Oluwatobi Johnson Fakayode says, 

“While we are still developing our ride pooling app, our charter services allow riders who usually take four trips in a day and spend up to N20,000, to book a saloon car and a chauffeur available throughout the day at a cheaper rate. You can also have one driver for multiple trips. ”

He added, “The difference is there is no last-minute cancellation of rides by drivers, you can book rides weeks or days before the take-off date and take vehicles for inter/ intrastate travels. Bossbus is a very user-friendly platform so you won’t have any trouble using it. We also have an extensive GPS and security system that helps us monitor trips and verify all our drivers and vendors before and after take-off.”

Investing in the future.

Bossbus has built an unconventional transport app from scratch through the help of its dedicated developers and tech experts who began working on the platform in 2019. Owners, vendors and drivers of underserved services will be able to register on the platform, monitor their earnings and serve riders in any part of Africa utilising the app. 

The team also confirmed that they are working on integrating e-ticketing solutions through USSD payments without the use of smartphones. 

The Bossbus app is currently available in major Nigerian cities like Lagos, Ibadan, Port Harcourt, Abuja, Enugu, Owerri, and many more. 

While discussing investments from individuals, Venture Capital firms and other interested organisations, Oluwatobi Johnson Fakayode says, 

“We are finally ready to have partners and investors work with us to provide comfortable, luxury, and seamless transport services to millions of customers around the country.” 

We are also seeking the intervention of the government to create a better enabling environment for startups like ours. We are already in talks with them and we look forward to more collaborations in future.” 

Last month, Nollywood Actor, Jim Iyke partnered with Bossbus on his debut movie, Bad Comments. The transport tech company has been supporting the actor’s movie premieres in major cities like Lagos and Abuja, stunning fans and guests with premium  SUVs, Rolls Royce and Hummer Limousine.  

Bossbus is a leading provider of transport technology solutions in Africa and continues to exceed expectations where many tech-enabled mobility companies give up and drive their businesses to other industries. 

The tech firm has been working with top business, travel, lifestyle, entertainment and transport companies in Africa to break free from the regular infrastructure and stand out with exciting and innovative tech products and services. Download the app via the App Store, Playstore or visit app.bossbusworld.com to use the Bossbus platform. 

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