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BD Insider, Letter 84: eNaira, MFS in Nigeria, Autochek Launched in Kenya

This is a blog copy of the 84th version of our weekly newsletter, BD Insider. Subscribers get to read it first and can take action based on it.

Hello Insider,
Here’s the 84th letter!

After the abrupt postponement on the 30th of November, the Central Bank of Nigeria is set to launch Nigeria’s digital currency today.

While the nation’s apex bank intends to ensure accessibility of the digital currency, a statement by the CBN stated that a “series of further modifications, capabilities and enhancements to the platforms” will go on even after the official unveiling.

Wondering what the eNaira will achieve? Read this. Get started!

Before we dive into today’s stories, we sincerely apologize for the mistake in last week’s newsletter. Today, we will look at:

MFS Africa’s expansion into Nigeria
Autochek’s operations in Kenya
Tech Word of the Week: Business-to-Consumers

Aside from these, we also covered fundraising stories from last week, job openings and other opportunities, and other issues that will interest you. Let’s go inside!

💳MFS is now in Nigeria

With an agreement to acquire Baxi awaiting CBN’s approval, MFS Africa intends to combine Baxi’s network of SMEs operating as agents with its pan-African network thereby accelerating Nigeria’s SMEs to other parts of Africa and the world.

According to Baxi, “only 3% of Nigerian SMEs have access to credit products”, this acquisition will be the second-highest fintech acquisition in Nigeria and will “offer more value-added products and services, such as cross-border payments, to support Nigerian SMEs in their growth”

Read our coverage of the expansion.

🚘 Autochek has commenced operations in Kenya

A few weeks after the acquisition of Cheki Kenya, Autochek is now set to bring the sales and servicing of cars in Africa online for Kenyans. In 2020, after closing a $3.4 million pre-seed round co-led by TLcom Capital and 4DX ventures, the CEO Etop Ikpe said “acquisitions are going to be a core part of our expansion strategy”

To ensure vehicles remain in good condition, customers in Kenya can access affordable and expert maintenance services from standardised workshops (AutoXpress, Motor Consult, Kei Cars & ) and insurance partners (PesaBazaar & MTEK) through Autochek’s partner network.

Learn more here.

📝Tech Word for the Week: Business-to-Consumer

B2C became popular as a terminology in the late 1990s. With the rise of the internet, B2C was predominantly used by online retailers who sold products to clients online. It was first used in 1979, by Michael Aldrich who used television as the primary medium of reaching out to clients.

Last week, Dara wrote an in-depth explainer about this business model.

🗓️ Event

Wednesday, October 27, 2021: Our Editor-at-Large, Benjamin Dada will be moderating the first episode of AfricaWorks Insights Webinar "From Africa to Silicon Valley" to discuss and explore growth opportunities for African businesses to scale up to larger markets globally with Iyinoluwa Aboyeji, Lucy Hoffman and Hassan Bourgi.

Reserve a seat here

💰 Fundraising

Here are some of the recent startup fundraises across Africa that you should be aware of:

Egpytian’s ILLA raised $2 million seed round.
Sendbox raised $1.8 million to enable deliveries for SMEs in Africa
Kenyan fintech, Asante raised $7.5 million Series A funding for Pan-African expansion
Nigerian digital bank, Brass has secured $1.7m funding to provide affordable premium banking services to African SMEs.

Tip: If you're looking to improve your take-home (salary) by moving jobs, companies that have just raised are a great place to apply. Companies almost always hire after a significant raise.

🧐Interesting.

Here are some of the most exciting stories we've written and read over the last seven days:

The Economist thinks that Facebook is nearing a reputation point of no return.
How a trending video cost Kenya’s Wapipay major investors support.
Five legal issues you should consider before launching your startup. Are you an intending founder? Get in here
Paypal might acquire Pinterest. Huh!?
Donald Trump is launching an App, TRUTH!