Business

Lipa Later Group, a leading fintech platform founded to empower African businesses to do more by enabling e-commerce, financial inclusion, and shopping on a centralized and fully integrated platform, has successfully managed the closure of a KES 500 million privately placed Debt issuance, reaffirming its commitment to providing innovative financing solutions for our customers.

A raise was made possible by the support of Rubicon Landing, a reputable transaction advisory firm, acting as the transaction advisor, and KN Law, a leading legal advisory firm, acting as the Legal advisor. Our journey to empower Kenyan consumers with convenient and accessible financing options has been met with incredible enthusiasm from our customers and the private capital markets.

Lipa Later enhances financial inclusion in Kenya by providing flexible payment options for consumers and businesses. This successful raise is a testament to our growth trajectory and the trust we have earned within the Kenyan financial ecosystem, and it will enable us to expand our offerings and serve our customers better.

“We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers ” said Eric Muli, Group CEO at Lipa Later.

He further revealed that looking Forward, there is a plan to raise an additional KES 2 Billion in both Equity and Debt to spur our growth further as we work towards unlocking a $500bn Financial Inclusion Opportunity in Urban Africa. This capital infusion will support our continued growth and expansion plans, enabling us to reach more customers and businesses nationwide.

The Kenyan market holds immense potential for financial innovation, and we are committed to playing a significant role in shaping the future of financing in Kenya. With the support of our stakeholders and investors, we are confident that we can achieve our goal of making financing more accessible and inclusive for all.

Lipa Later is dedicated to providing Kenya’s best financing solutions and customer experiences. We look forward to continued collaboration with Rubicon Landing and our partners as we work towards our vision of a financially inclusive Kenya.

inDrive a leader in global mobility and urban services, is thrilled to introduce the Underdog Tech Award. This new international prize is designed to honor the founders of the most promising tech startups outside of the well-established tech hubs and startup communities.

Marking its global debut, the Underdog Tech Award is making a significant entry in Kenya — a country that is fast garnering a reputation as the heart of innovation in the East African region. This initiative celebrates Kenya’s role as a critical entity in the African startup landscape, highlighting the nation’s commitment to spearheading innovative technologies.

Kenya is majorly represented in the jury, with Fatma Nasujo, Global Head of Corporate Operations for Wasoko, serving as a jury member. The Underdog Tech Award invites aspiring innovators to seize this opportunity as the application process is now officially open.

The Underdog Tech Award has been created to support technology startups that are successfully founded despite facing challenges due to their location, such as limited resources and lack of access to funding and important events.

Early-stage technology startups located outside major IT hubs, specifically those in the US, Israel, and Europe, can participate in the Underdog Tech Award selection process. To be eligible for entry, startups must have a significant positive impact on their communities (or have the potential to do so), and have good prospects for rapid scaling.

The first stage – the application phase – begins on 19 September and ends on 1 December 2023. All applications submitted during this time will be considered.

During the second stage, which starts in December 2023, award nominees and the top 20 candidates will be determined and shortlisted.

“At inDrive, we aim to unlock human potential and expand access to education and other social benefits. We consider it essential to support a global equality of access to the resources that support development and achievement: For example, we have already established the Aurora Tech Award, an award for women in IT, along with other initiatives to support those who need and deserve it”, says Mark Loughran, Group President of inDrive.

Mark further said that having organized an award for ‘underdogs’ is a milestone since at inDrive are still underdogs, and proud of it.  Adding that their aim is to support innovative startups that make the world better it’s a thrill to provide them with the platform and financial support needed for their growth and development.

The Underdog Tech Award confers recognition and a monetary reward (the prize fund is $60,000) on the winner, along with other important benefits: All startups that submit applications will gain valuable feedback from various venture and investment funds, while the shortlisted candidates will also receive feedback from the award’s jury. In addition, winners will receive PR support and the opportunity to undergo training by industry experts.

By: David Chesoni, Managing Director Trading, Car & General

Driving requires good visual acuity and clarity. Any problems with your eyes can significantly impact your ability to see and react to road hazards. A driver’s ability to see and interpret road signs, other vehicles, and pedestrians is critical to their safety, as well as the safety of other road users. Therefore, it’s essential for motorists to prioritize their eye health and schedule regular eye checkups.

A recent eye screening exercise conducted in five counties on drivers of Public Service Vehicles (PSVs) last year revealed that at least 40 percent of the 900 drivers screened had unattended eye problems. This points to a major road safety challenge because these eyesight defects no doubt hinder the drivers’ visual judgment as they may not see oncoming vehicles in good time and this reduces reaction time.

According to the 2022 Kenya Health Demographic Survey (KHDS), visual impairment is the most prevalent disability in the population with the burden being heavier on those aged 50 years and above. The Lancet, a medical journal, states motorists with poor central visual acuity are 46 percent more likely to have a road traffic incident than people with normal vision.

This necessitates regular eye checkups and correction of visual impairments for motorists especially public transport drivers as a way of enhancing safety on our roads. However, there exists a huge challenge in ensuring that drivers undergo regular examinations. For one, such examinations involve a huge cost, logistical resources, expertise, and sustainability. Then there is the issue of behavior change to encourage participation.

This calls for a multifaceted approach that prioritizes safety, compliance, professionalism, and community well-being. At scale, such an approach would benefit drivers, passengers, organizations, and the broader society by creating safer roads, enhancing public trust, and promoting overall public health.

Through partnerships with various stakeholders, organizations can create a comprehensive and sustainable approach to minimize road carnages on our roads. This approach not only ensures the safety of drivers and passengers but also contributes to improved road safety and overall public health. By extension, reducing road accidents translates to better livelihoods, fewer economic losses, and pressures on healthcare and auxiliary services.

By leveraging the strengths, expertise, resources, and facilities of different organizations, these partnerships can help enhance road safety and contribute to overall public health.

Eye checkups require specialized equipment, trained professionals, and infrastructure. By partnering with healthcare institutions, optometrists, or NGOs, the necessary resources can be pooled to ensure comprehensive and accurate eye examinations.

Healthcare organizations and professionals bring their expertise in conducting thorough eye examinations. They can identify potential vision problems that might not be apparent to the untrained eye. This expertise ensures that drivers’ vision issues are accurately diagnosed and treated.

Partnering with established and reputable healthcare providers adds credibility and trust to the eye checkup process. Public transport operators are more likely to participate in the screenings when they know they are being conducted by trusted medical professionals.

Car and General has a long-standing partnership with the Lions Sight First Hospital through which we have conducted numerous eye checkups in various parts of the country. One of the challenges we have encountered in these initiatives is the reluctance to participate by the same groups we aim to help.  Some drivers are not readily willing to undergo the examinations fearing doing so would be tantamount to admitting unsuitability for their jobs, which might jeopardise their source of livelihood if their employers found out.

Partnering with the transport operators Saccos and associations, NGOs and other community organizations could help unlock these bottlenecks since they have strong connections with local communities. Their involvement can also help in reaching out to raise awareness about the importance of regular eye checkups among public transport drivers.

Partnerships can help distribute the financial burden of conducting eye checkups. Public transport drivers might not have the means to afford regular eye exams, but by collaborating with healthcare institutions, the costs can be reduced or subsidized, making it more affordable for drivers.

Another important component of these eye checkups is data sharing and analysis.  Healthcare partners can provide valuable data analysis capabilities. They can track trends in drivers’ eye health, identify common issues, and propose targeted interventions. This data-driven approach can lead to more effective and tailored solutions.

And lastly, through partnerships, we can create a sustainable framework for regular eye checkups. By establishing ongoing relationships between the government, public transport players, healthcare providers, and other stakeholders, a continuous system of eye health monitoring can be established.