Happy mid-week guys,
Welcome to the mid-week edition of the Big 5 Daily, where we bring you African innovation stories!
Have a fun read!
We have news that Nomanini, a South Africa based fintech startup, has secured a $4million investment to scale up its business. The investment was led by Standard Bank, and completed by Goodwell investment company. The startup will use the funds to expand the company’s services across 14 African countries. Way to go!
There is also news that Trolley, a grocery delivery platform based in Cairo has secured a $200,000 seed funding. The startup is looking to leverage the fund to expand to Alexandria and two more Egyptian cities by mid-2020. They plan to expand their team and develop their websites and mobile apps. What do you think?
Guess what? The Federal Inland Revenue Service (FIRS) has announced that it will commence Value Added Tax (VAT) on domestic and international online transactions in Nigeria from January 2020. They tend to leverage the VAT to generate more revenue for the country.
Also, The Rwandan government is set to issue a national policy-guideline that will eliminate gas motorcycle- taxi, in a bid to pave way for e-motos. This process aligns with a national e-mobility plan in the works for the East African nation. Applaudable!
Finally, Fincheck- a financial comparison site that compares insurance and loan for its users, has acquired FundingHub to become the major financial comparison site and lead aggregator with 71 banks, lenders and insurers.
That’s it for today’s edition of the Big 5 Daily!
Hope you had a fun read?
Thanks for joining!