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Zinox Group: Four Things You Should Know About Konga’s New Owner

News broke last weekend that Zinox Group acquired Nigeria’s E-commerce startup; Konga . Sim Shagaya founded Konga in July 2012. Konga received investments worth millions of dollars from Kinnevik and Naspers. Reports had it that Konga was acquired for about $10 million.


Here are four major things you should know about Zinox:

Zinox Manufactures Laptops, Tablets and Destop Computers

The organization sells made in Nigeria laptops, tablets and desktop computers. It also sells its own inverters. Sizes include 2 KVA, 5 KVA and 10 KVA. Zinox laptops include the following Zinox iPro, Excel Book, Seven Elite and Ultra-book Pro.


Zinox Group’s Founder Is Leonard Stanley Ekeh

Leonard Stanley Ekeh is the Founder of the organization. The sixty-one year old businessman is from Imo State, Nigeria. Furthermore, Leonard holds a bachelor’s degree in Economics. Additionally, he bagged the degree from Punjab University in India. Leonard also completed a post graduate degree from Nottingham University, United Kingdom.

Here is a brief statement from Wikipedia about him:

“In addition to Zinox, he has been involved with companies Task Systems, Technology Distributions Limited, ICT Brokers, TD Plus, ICT Connect and Buyright AFRICA Dotcom. Mr. Ekeh through his company Task Systems Limited was one of the few who pioneered Desktop Publishing and Computer Graphics in Nigeria. He computerized 95% of the Print Media, Publishing Houses and Advertising Agencies in Nigeria. Task Systems Limited, his first company has consistently won outstanding industry Awards as Best Partner Award for Compaq, HP, Microsoft, American Power Solution, APC, etc. for 20 years. Mr. Leo Stan Ekeh also pioneered IT Solutions in West Africa through his company ITEC Solutions Limited through which he has delivered the largest IT Solutions ever, from an indigenous firm, to the Nigerian Corporate Market.”


Zinox Group Offers Additional Services

In addition to its products, the company offers additional services including E-library, Advanced Biometrics etc. It also supplied Nigeria’s Election Body with 80,000 biometric devices according to this article. Other services it also offers are fibre development and connectivity. Additionally, it provides network operation center service.


Zinox Group Is Heavily Involved In Corporate Social Responsibilities (CSR)

Here is a statement from the company’s website about its CSR activities:

“Zinox has made strategic interventions aimed at building capacities primarily in the educational sector. Prominent among these donations are the building of digital centers and laboratories in the following institutions:

  • Federal Polytechnic, Nekede, Owerri, Imo State.
  • Federal Polytechnic, Idah.
  • Lagos State Polytechnic, Ikorodu.
  • Imo State University, Owerri etc.”


Image Credit; Wikimedia Commons

Social Lender Is Seeking To Help Low Income Earners In Africa Get Access To Formal Credit

Nigeria’s fintech industry is not only buzzing with innovative solutions, it is changing how we live and do business. One of such innovative solutions is Social Lender. Social Lender is a lending solution that provides loans to individuals based on their social reputation. Bincom ICT solutions is the mother company of Social Lender.

Faith History spoke with Bade Adesemowo, Co-founder & CTO (Chief Technology Officer) at Social Lender, listen to the interview here. Bade Adesemowo is a techie who started off with website development seventeen years ago. He handles software development and everything technology at Social Lender. The CEO (Chief Executive Officer), Faith Adesemowo, has an investment banking background.


Social Lender: Here’s A Brief Background About The Startup

Social Lender piloted its product in 2014 with Sterling Bank. However, the startup officially launched in Nigeria in January 2015. After successfully testing and validating the solution, Sterling Bank took it live. The pilot was crucial as there was no similar solution at the time in Nigeria.

While Sterling Bank currently provides the funds in Nigeria, the startup has gone on to launch in South Africa. It launched in South Africa through Barclays Bank (ABSA Bank). The organization is looking to launch in Ghana in the nearest future. It is however worthy of note that the funds in Nigeria are not only available to Sterling Bank account holders. Non account-holders can also receive the loans. This was initially impossible in the first year the product launched.


Social Lender: Loans Are Given Based On Social Reputation

Social Lender helps banks lend money to people based on their social reputation. This includes social media footprint, mobile reputation etc. The social reputation score is not only based on an individual’s social profile. It also assesses the profile of a user’s social guarantor.  The premise for the startup is the fact that every individual has a digital footprint. This is available either on social media or via your telephone contacts. This implies that reputation score is available for individuals who do not have a social media account.

The startup provides the technology that enables banks assess an individual’s social reputation. The individual can then use the reputation to borrow money from banks. Individuals can get a maximum of 100,000 Naira ($277) using their social reputation score. Once a social audit has been conducted, the loan will be paid into the users bank account within ten minutes. The organization is looking to increase the funds to up to 1 million in a few years’ time. One important fact Mr. Adesemowo mentioned (in this interview) was that the platform has a bad debt ratio of 4%. This is in comparison to the average of 10% – 20% in Nigeria. Essentially more than 95% of borrowers are paying up their loans. This proves that the algorithm works.


Social Lender: Here’s Why The Solution Is Very Important

The startup’s solution caters to more than 50% of adult Nigerians who lack access to credit. It provides a means to prove their credit worthiness which is one of the barriers to accessing funds.  People use the loans from Social Lender for emergency needs, small scale business capital etc. This has a ripple effect as it goes on to increase economic prosperity.

The startup is also set to launch its USSD platform with its eyes set on low-income earners. It recently signed a partnership with CGAP (Consultative Group to Assist the Poor). The partnership will involve exploring how social data can predict the loan repayment behavior of low-income earners. The pilot program will also provide loans to low-income earners. Feature phone users will also be able to apply for these loans via Social Lender’s USSD platform. You can learn more about the partnership here. Click here to begin the process of getting a loan.


Do listen to the full interview with Bade Adesemowo here. Kindly let us know your thoughts in the comments.

AccountingHub.ng Is Demystifying Book-keeping For Startups And Small Businesses

Chioma Ifeanyi-Eze founded AccountingHub.ng after she spent eleven years working as an Accountant in different organizations. She received several invitations from friends to help set-up accounting systems for businesses from ground up. Chioma finally decided to set-up shop to help startups get their numbers right. Her startup now provides professional and affordable accounting services to startups and small businesses.

She spoke with Faith History in this interview about her journey as an entrepreneur and her startup. The Founder considers herself an accountant and a techie. This dual personality (if you will) is what has culminated into AccountingHub.ng.


AccountingHub.ng: The Founder’s Entrepreneurial Journey

Chioma Ifeanyi-Eze recalls that she has always loved numbers from a young age. She fell in love with maths right from her primary school years. Her Dad was an Engineer who spent time teaching mathematics. Chioma later went on to get a Bachelor’s and Masters degree in Accounting.

After her education, she landed a job with PricewaterhouseCoopers one of the big four accounting firms. After some time, she moved around several industries including banking, investment, aviation, logistics, just to mention a few. She spent eleven years in the accounting functions of about nine different organizations. Chioma got her ‘aha moment’ during those years when she found out that accounting systems and processes were non-existent in many businesses. Passion meets opportunity? Yes please!


AccountingHub.ng: Passion Meets Opportunity On A Scale

The startup was founded out of her goal to scale her work of establishing accounting systems and functions in several organizations. Setting up AccountingHub.ng consequently enabled Chioma leap from helping eight businesses to working with hundreds of businesses. It essentially gave her more time to solve the accounting problems of several organizations.

The startup focuses on helping several businesses with book-keeping and accounting systems. It helps them get credible numbers without having to chase down an accountant. The startup also ensures proper accounting processes are in place in every business it engages. Many times wrong numbers or losses are a result of failed processes. Where they don’t exist, there is consequently bound to be confusion or like we say in Nigerian lingo, “mago-mago” or better still “wuru-wuru”.


Now Business Owners Can Take Their Accountant Everywhere They Go

No, we don’t mean an actual person. AccountingHub.ng provides cloud accounting services which implies that you can keep tabs on your numbers wherever you are. Startup founders and business owners can track inventory, sales etc. on the go without a need to call an accountant every second. The startup is a Certified Sage One Adviser. Sage One is an cloud accounting system which satisfies the book-keeping needs small businesses may have. AccountingHub.ng also works with other accounting systems, find a full list here.

Chioma and her team also automate accounting processes for startups so they always get their numbers right. Additionally, the startup provides training to in-house accountants. Furthermore, startups can get a free consultation from AccountingHub.ng. Organizations can also purchase services from its online shop. The startup also helps with financial projections, analysis and assumptions. Finally, AccountingHub.ng also assists businesses with filing their taxes.

You can listen to the full interview with Chioma Ifeanyi-Eze here or download it here. Do let us know what you think in the comments.


Arkounting.com.ng| Everything Digital NG

On today’s episode, we will be discovering a cool digital brand whose main duties are to handle the figures that relates to your business profitability and developing basic business solutions to enable your SME thrive.

Arkounting.com.ng| Everything Digital NG
Arkounting.com.ng| Everything Digital NG

Click here to read about a digital brand that keeps you connected

You should have an idea by now what brand it is. However if you don’t we are talking about the “Arkounting brand” – that’s right – Ark and Accounting…

With us, is Chukwuma Nwanze, he is the founder of Arkounting.com.ng and he chats up Faith History about his background as a Chartered accountant and how he got into tech.

Listen in and discover 5 cool things you need to know about Arkounting.com.ng 

Beavly.com| Everything Digital NG

Are you interested in learning a vocational skill? Do you have a skill you will like to share? Then this for you . . .

Beavly.com| Everything Digital NG
Beavly.com| Everything Digital NG

Listen in as Chijioke Onuoha, who is a Business Developer at Beavly meets Faith History and throws more light about Beavly.com as well as how you can get into the program.

Also read: Do you need a Mentor?

Also, discover 5 cool things you should know about this Beavly.com

Be sure to leave us a comment.

Gomyway – Ride share with Damilola Teidi

Gomyway.com is a ride sharing startup that allows commuters share the cost of transport across Lagos. The service currently provides convenient and affordable trips both passengers and drivers.

Faith and Damilola
Faith and Damilola

Riders get to split the bill with car owners and both get to enjoy the benefits of a shared ride. With the current high costs of transportation resulting from the recent fuel hike, this service might be useful if you’re looking to embark on a short commute ..perhaps to work, school, or a longer trip/vacation out of town to a neighbouring city.  Faithy chats with Damilola Teidi, founder of Gomyway Africa and she shares both her inspiration and vision for this service.


User Rating: Be the first one !

PiggyBank.NG|Everything Digital NG

Faith History chats up founder of Piggybank.ng – Joshua Chibueze and he gives more insight to his digital transformation of the traditionally known Piggybank aka ‘Kolo’.

Savings not enough? click here to discover a smart way to get a loan

Piggybank.ng provides quick access for its users to conveniently save money daily, weekly or monthly. What makes it different? Piggybank.ng guarantees a swift process to saving money with 1% interest per quarter, side note- this is not a commercial bank but works hand-in-hand with your commercial bank.

Piggybank.ng with Faith History

The best part is that, you can withdraw at any time from your Piggybank. However, Piggybank.ng has 4 withdrawal dates in a year and withdrawing outside these dates will attract a penalty charge

bottom line- this is a great platform for everyone looking at getting disciplined with their saving habits.  

SheLeadsAfrica.org|Everything Digital NG

Afua Osei is a Ghananian returnee who co-founded an organization Sheleadsafrica.org that provides Entrepreneurship mentoring and bootcamps for young female professionals all over Africa and beyond.

SheLeadsAfrica.org|Everything Digital
SheLeadsAfrica.org|Everything Digital

In case you are wondering whether that’s all…
Well it isn’t, so find out more.
Just listen in!

Aella Credit review

Aella Credit – for when you need to borrow money and do it fast! These guys apparently have a highly proprietory algorithm that has been developed specifically for private lending in the Nigerian market- they’ve loaned close to a million dollars and don’t look like they’re slowing down anytime soon. Guys…where are these kinds of services when one really needs them and do they in fact work?

Short of actually installing the app and testing it out for its usability, load time and all that jazz- I couldn’t really borrow from them could I? Actually I wasn’t approved.. or was I?  Just teasing… I wasn’t but my application did go through and I still got a chance to discuss with Akin Jones, one of the Co-founders exactly who this service is designed for! I need some money Man!

Aella Credit App

DESIGN - 8.3
User Rating: 4.45 ( 4 votes)