Nigerian flour-making giant, Honeywell Group, just launched Itanna, a new Lagos-based accelerator and investment vehicle. The accelerator is providing USD $25,500 each and world-class mentorship to four Nigerian startups in a four-month-long innovation program.
This pilot cohort includes Accounteer, a cloud accounting platform; KoloPay, a FinTech startup; the AI-enabled commodities sourcing platform TradeBuza; and PowerCube, a renewable energy startup.
— Honeywell Group Official (@TheHoneywellGrp) August 7, 2018
In this post, you will meet three of the four startups selected for the first Itanna Incubator programme cohort:
Accounteer is a complete cloud accounting solution that allows users to create invoices, track expenses, manage assets, inventory and more. The platform, which was founded in 2015 by CEO Merijn Campsteyn, currently services more than 9,000 businesses across 72 different countries. With their services, users are able to receive payments directly from invoices and above all they can access all these services from any device anywhere.
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— Startup Nigeria (@startsng) July 2, 2018
This year, in July, along with two other startups, Accounteer was selected as a winner at two DEMO Africa tour events held in Casablanca and Lagos. Before this, the cloud accounting platform was selected as the inaugural winner of the $50,000 MEST Africa Challenge.
Many Nigerian small and medium enterprises(SMEs) face the threat of closing shop due to inaccurate and poorly-done financial accounts. These budding startups often operate in the informal economy and so, know next to nothing about overpaying taxes, access to growth capital opportunities, and even how to reconcile their income and expenses.
Accounteer understands these problems and thus created the first Nigerian accounting software for entrepreneurs and recently released a mobile app to complement its web-based offering.
KoloPay is a mobile and web application that allows target savings towards planned goals over a period of time and helps users achieve their targets at amazing and unbeatable discounts. The application, which was initially known as MyKolo when it was launched in September 2017, is a product of MYKOLO-TECH INNOVATIONS LIMITED.
However, the product has since been rebranded with a new name, KoloPay. With this application, users can set financial goals, enjoy discounts, and get 6% interest as an incentive as soon as they meet their savings targets.
How far have you gone achieving your plans for the year? How many targets are pending? How much have you saved? Never too late to start… KoloPay helps you save towards planned goals and offer you discounts as incentives. Visit https://t.co/Y2b0Z4d0v6 pic.twitter.com/qbALx0n76S
— KoloPay (@kolopay) April 3, 2018
In 2017, KoloPay emerged the 2nd runner-up at the Ennovate Naija Contest organized by NIBSS. It also made the semi-final list at the Humanique Global Challenge 2017. Earlier, this year, KoloPay made it into the Make-IT Accelerator program organized by the German International Cooperation 2018.
Africans, especially Nigerians are known for ‘doing contributions’ to meet their savings targets. Taking advantage of this, KoloPay, unlike traditional savings accounts is a cashless mobile savings application that helps to restrict easy access to savings and help users meet their goals at good discount prices.
The mobile app is available on Play Store while the web application is accessible here.
TradeBuza, founded in 2017, is an AI-enabled commodities sourcing platform that connects commodities sellers with buyers. With the application, users can source and buy commodities, negotiate price and complete trade transactions.
On the platform, users are able to reach more potential buyers or sellers than if they were making a deal by phone. The platform is designed to provide a market structure solution that is scalable across all physical commodity markets.
Congratulations @TomiOtudeko on the launch of @ItannaAfrica in #Nigeria 🇳🇬! A 1st of its kind corporate #startup #accelerator in #Lagos! Let’s get some rocket 🚀 fuel into @Accounteer, @kolopay, #TradeBuza and #PowerCube! #StrongerTogether #CVC https://t.co/0DXDTe6FFo
— Aaron Fu (@AaronQFu) August 8, 2018
The TradeBuza platform is designed to provide solutions to the problem of inefficient farm production process which leads to high operational cost, poor access to a market for agro commodities, and high barriers to agro international trade.
The platform delivers value via the Aggregators & Outgrowers, Trade & Brokerage, and Payment modules. You can access these services here.
Interestingly, two days ago, we opined, in an article, that FinTechs are becoming more and more profound and omnipresent in Nigeria.
If that continues to happen, who knows, FinTech startups may become the go-to financial solution, especially as they provide a more lean and flexible approach to service delivery than traditional banks.
Congratulations to the participants of the first Itanna Accelerator Program!
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