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Marketplace Africa explores women entrepreneurs in the fintech space

Published

2 years ago

February 24, 2023

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In the latest edition of Marketplace Africa, CNN’s Eleni Giokos speaks to the Spotify Head of Music for sub-Saharan Africa, Phiona Okumu, about how Spotify is tapping into the African market and CNN’s Zain Asher learns how women are narrowing the female Fintech gap in Africa.

Spotify launched in South Africa in 2018 and in 38 more African countries in 2021. Okumu believes that Spotify is growing alongside its young population and is “resonating with a youthful audience… in a continent that is diverse as Africa. We needed to make sure that the product was custom-made for the region.”

Okumu acknowledges the musical complexities of the continent, and adds that it is important to “know that the world is ready and read indicators like the popularity and growth of different genres from the continent becoming billboard hits in the US, for example.” She continues, “We’ve seen such amazing success from artists like Wizkid, who is now a billboard artist, something that 10 years ago we might have only dreamed of. I think that’s also very much a result of what streaming is doing in the music world as a whole. It’s enabling discovery.”

According to Okumu, “a lot of Africa is unbanked and does not use credit cards”. To best cater to its new market, Spotify leveraged a partnership with M-PESA, a mobile payment service which is local to Kenya. “We are continuing to ensure that we partner with different service providers across the continent to make sure that the lifestyle of the audience that we want to court also makes sense to the product or makes sense with the product.”

The playlist African Heat is an example of a customised playlist that creates a taste of various African nations. This has enabled discovery for all music lovers across the world, “When you see them being reflected in global charts, then you know that it’s not just a story that we are telling ourselves, the success is global, it’s real, it’s exciting.”

In Nigeria, CNN meets Ife Durosinmi-Etti, founder and CEO of Herconomy, who shares the difficulties she faced when raising money for her business.

The World Bank says all-female start-ups received only 3% of the almost 2 billion dollar of investment going to African tech start-ups from 2013 to 2021. “What I’ve noticed in the tech space is that women are over mentored and underfunded. We need to do more to fund more women and ensure that their businesses actually grow from small businesses to big businesses,” says Durosinmi-Etti.

Fara Ashiru Jituboh, founder and CEO of Okra, raised 3.5 million dollars of venture capital (VC) funding in 2021. “Last year was one of the biggest funding years generally across the board. This last year, if you look at venture capital dollars into technology companies were over 5 billion, 2021 getting close to 6 billion,” she says.

Founder of Ingressive Capital, Maya Horgan Famodu believes that with the help of advancing technical contributions, talent, and infrastructure, “We’re seeing the version 4.0 of a typical emerging market technology ecosystem.”

She adds, “I don’t think there is necessarily a shortage of women technical talent across Africa. If you look at Nigeria, the requirement now for 30% plus of board members to be female. There are a ton of women owned funds [in Nigeria]. Almost every prominent VC in Nigeria has a female partner. If you have a bunch of female founded funds that are hanging out in diverse communities, then likely their portfolios will be reflective. We’re continuously seeing that materialise. There is a literal higher return on investment and higher IRR with diverse teams.”

Durosinmi-Etti concludes, “While funding is very difficult for women to get, some women are getting it and it is opening up. Things are changing.”

Horgan Famodu believes “We are all capable and we are all requisite. We’re all required to build a better Africa.”

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JANDOR Congratulates President Bola Ahmed Tinubu on His 73rd Birthday

Published

6 days ago

March 29, 2025

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JANDOR Congratulates President Bola Ahmed Tinubu on His 73rd Birthday

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lead Visioner of the Lagos4Lagos Movement and former gubernatorial candidate of the Peoples Democratic Party (PDP) in Lagos State, Dr. Abdul-Azeez Olajide Adediran (JANDOR), extends his heartfelt congratulations to His Excellency, President Bola Ahmed Tinubu, GCFR, on the occasion of his 73rd birthday.

President Tinubu’s contributions to Nigeria’s political and economic landscape remain significant, with a legacy of leadership that has shaped governance at both state and national levels. As he marks this milestone, Dr. Adediran acknowledges his resilience, strategic vision, and dedication to public “I join millions of Nigerians in celebrating President Bola Ahmed Tinubu today.

His journey in leadership has been marked by courage and a commitment to nation-building. I wish him good health, divine guidance, and renewed strength as he continues his renewed hope agenda and the task of leading Nigeria towards greater development and prosperity,” JANDOR stated.

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JANDOR Commends Hon. Faleke, Benson, and Badru for Sponsoring Constitutional Amendment Bill to Upgrade Lagos LCDAs

Published

1 week ago

March 28, 2025

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JANDOR Commends Hon. Faleke, Benson, and Badru for Sponsoring Constitutional Amendment Bill to Upgrade Lagos LCDAs

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lead Visioner of the Lagos4Lagos Movement and former Lagos State gubernatorial candidate, Dr. Abdul-Azeez Olajide Adediran (JANDOR), acknowledge, appreciate and commend the trio of Hon. James Faleke, Hon. Jimi Benson, and Hon. Enitan Badru for their bold and progressive step in sponsoring a constitutional amendment bill seeking to upgrade Lagos State’s 37 Local Council Development Areas (LCDAs) to full-fledged Local Government Areas.

JANDOR applauds this initiative, recognizing it as a long-overdue step toward deepening grassroots governance, improving service delivery, and ensuring that Lagosians enjoy the full benefits of decentralization. The move aligns with the aspirations of the people of Lagos, who have long yearned for full autonomy and federal recognition of their LCDAs.

Hon. James Abiodun Faleke (Ikeja Federal Constituency), Hon. Babajimi Benson (Ikorodu Federal Constituency), and Hon. Enitan Dolapo Badru (Lagos Island I Federal Constituency), alongside 19 other lawmakers sponsored the proposed legislation which has successfully scaled its second reading in the House of Representative.

“This legislative push is a significant milestone in our collective quest for a more functional and efficient local government system in Lagos State. By sponsoring this amendment, Hon. Faleke, Hon. Benson, and Hon. Badru have demonstrated true representation, putting the interests of Lagosians first,” JANDOR stated.

He further urged all stakeholders, including other lawmakers, political leaders, and Lagos residents, to support the bill’s passage, emphasizing that upgrading the LCDAs will promote equitable development, improve infrastructural growth, and strengthen governance at the grassroots level.

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Dupe Olusola Empowers Women Entrepreneurs at WIPO’s IP & Women Business Summit 2025

Published

2 weeks ago

March 23, 2025

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Dupe Olusola, Founder of the Next Generation Foundation and a transformational leader with vast experience spanning hospitality, finance, agribusiness, SME growth, and private equity, delivered a powerful keynote address at the World Intellectual Property Organisation (WIPO) Nigeria Office’s IP & Women Business Summit 2025.

The event, held at the United Nations House in Abuja on Thursday, March 20, 2025, brought together female entrepreneurs and professionals to explore the intersection of intellectual property (IP) and business growth.

In her inspiring speech, Olusola emphasized the importance of personal branding and intellectual property protection as critical tools for women in business. She acknowledged the overwhelming interest in the event, noting how many women were eager to participate.

“That energy speaks to our collective thirst for growth and our commitment to being better,” she remarked.

Olusola highlighted the essence of personal branding, stating that a brand is more than a logo or a tagline—it is an individual’s reputation, voice, and the unique value they bring to the marketplace. She urged women to embrace their authenticity, stand for something meaningful, and remain consistent in their brand messaging.

“Authenticity is key. Your journey, including the challenges, is what makes you unique. Integrity and consistency will set you apart in your industry,” Olusola noted.

She also underscored the significance of intellectual property in protecting personal and business brands.

Encouraging women to safeguard their work, she stated, “We invest years into crafting our stories and expertise—so why leave them vulnerable? Intellectual property protection is not just for corporations; it is for every entrepreneur, every innovator, and every woman who wants to safeguard her legacy.”

Highlighting the financial impact of a strong personal brand, Olusola explained how it opens doors to new business opportunities, leadership roles, and partnerships. “Your network is your net worth.

A well-managed personal brand directly translates into increased revenue and influence,” she said.

She further explored key strategies for brand visibility, emphasizing the need to show up consistently, engage in meaningful networking, and leverage digital platforms to amplify one’s voice.

She encouraged attendees to be bold in advocating for themselves and their ideas, reminding them that success is built through persistence and resilience.

Concluding her speech, Olusola challenged the audience to take ownership of their personal brands and intellectual assets. “Audit your brand today. Do you own your name, your logo, and the content you produce? Have you taken the necessary steps to protect your identity and ideas? Your brand is not just who you are today—it is an asset that will create opportunities and impact for generations to come.”

Her message resonated deeply with attendees, many of whom left the event empowered with new strategies to strengthen and protect their personal and business brands.

The IP & Women Business Summit 2025 served as a crucial platform for knowledge-sharing, inspiring female entrepreneurs to harness the power of intellectual property to secure their businesses and legacies.