<h1>Press Release: Renew Capital Angels Invest in Ugandan Digital Payment Platform Xente</h1>Digital payments made easy for African businesses&nbsp;<a href="https://latest-api.renewcapital.com///uploads/FINAL_Xente_Press_Release_dfdc3697ca.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>Renew Capital Angels have invested in Ugandan digital payment platform <a href="https://www.xente.co/" target="_blank" rel="noopener noreferrer">Xente</a>. Xente makes it easier for businesses to make payments and track and manage their finances in a single easy-to-use digital platform.<img src="/uploads/IMG_9631_e68e4877b5.jpg">Xente, a business neo-bank, is helping to drive the agenda of digital transformation in the region where the majority of payments are done manually. Only 5%–7% of all payment transactions in Africa were made via electronic or digital channels (Mckinsey, 2022). In addition, banks reported the proportion of SMEs that use digital banking to be less than that of retail customers (Backbase, 2022).&nbsp;“The scale of the problem Xente is solving and the market opportunity that exists for their offering is impressive. We are proud to be on this journey with Xente as it expands its business across the region,” says Renew Capital Senior Investment Manager Diana Njuguna.&nbsp;“We are excited that Renew Capital Angels has invested in Xente. This investment serves as a validation of our commitment to transforming Africa from underdeveloped to developed through our digital finance solution for businesses,” says Xente CEO Allan Rwakatungu. “Our focus remains on diligently executing our mission and addressing the real problems faced by our customers.”&nbsp;Businesses can use Xente to make payments using cards, mobile money, domestic and international bank transfers, as well as to pay bills and send airtime and data. Furthermore, the platform allows them to efficiently manage their petty cash expenses to ease the complexity of accounting and finance.&nbsp;In 2022, Xente acquired a license from the Bank of Uganda and also partnered with Visa to launch one of the first physical and virtual corporate cards by a fintech in East and Central Africa. Xente hopes to expand its user base with the investment from the Renew Capital Angels and continue enhancing its product offering.&nbsp;

Digital payments made easy for African businesses 

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Press Release: Renew Capital Angels Invest in Ugandan Digital Payment Platform Xente

<h1>BuuPass: Enhancing Mobility Across East Africa</h1>&nbsp;Q&amp;A with BuuPass Founders, Sonia Kabra and Wyclife Omondi<figure class="image"><img src="/uploads/Whats_App_Image_2022_11_23_at_9_33_06_AM_a5d36d376e.jpeg"></figure><a href="https://buupass.com/">BuuPass</a> founders&nbsp;<a href="https://twitter.com/kabra_sonia?lang=en">Sonia Kabra</a> from India and&nbsp;<a href="https://twitter.com/omondiwyclife16">Wyclife Omondi</a> from Kenya, first met in college in the United States. The pair’s common interest to address the pain points of Africa’s public transportation inspired them to create BuuPass, a web platform that&nbsp;streamlines online bookings for intercity bus, train and plane travel.&nbsp; BuuPass now works with 29 active bus companies with a total fleet size of over 1200 vehicles and they are the exclusive ticket provider for Kenya Railways. Sonia and Wyclife share the BuuPass journey and their vision for reshaping the way Africans book travel in this rapid-fire Q&amp;A: Q. What inspired you to start BuuPass?&nbsp;We&nbsp;met at&nbsp;<a href="https://twitter.com/earlham1847">Earlham College</a> in Richmond, Indiana in the United States. We shared similar interests in finding solutions to existing problems. We both shared experiences with inaccessible transportation from our home countries (India and Kenya) and had the idea to bring to market a solution that would make transportation more accessible and efficient. We participated in a series of student business competitions, and we won a 2016&nbsp;$1M<a href="https://www.hultprize.org">&nbsp;Hult Prize</a> that helped us to start BuuPass.Q.&nbsp;What major challenges have you observed within Kenya’s transportation sector?&nbsp;When we first started BuuPass, the digitization of Kenya's transportation sector was still in its early stages. Our initial solution focused on building a booking platform, but once we entered the market, we quickly realized that the main challenge was the lack of digitization among bus operators. Many of these companies were still using pen and paper for their ticketing processes, and they lacked a centralized data source to inform their business decisions. To address this gap, we developed a bus management system that allows our clients to digitize their processes. The system allows the bus operators to set up their routes, booking stations and real-time ticket booking, as well as access daily reports on their business transactions.&nbsp;We also identified cargo management as another challenge for bus operators, and in response, we’ve expanded our services to include a cargo management solution. Our goal is to help digitize the transportation sector in East Africa and ultimately improve the customer experience for travelers.Q. As a women-owned business, how important has it been to build a gender-smart business?Creating a company that reflects our values and attracts diverse talent has always been a top priority for us. As a tech company, we faced challenges in attracting female talent, and that's why we sought investors who shared our values. We are delighted to partner with Renew Capital especially as we aim to become more gender-smart in our approach. Our goal is to create a more inclusive work environment while de-risking ourselves by developing the right policies and culture.&nbsp;Q. What advice do you have for investors that are looking to invest in Africa-based social enterprises?One of the gaps I often see with investors is the lack of understanding of local context. An investor who is based in Africa or one who understands the context of the market would easily see the scale and opportunity of the transportation problem. I believe that building this knowledge and making the effort to understand the context is extremely important for investors.

Q&A with BuuPass Founders, Sonia Kabra and Wyclife Omondi

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 BuuPass: Enhancing Mobility Across East Africa

<h1>Standing on the Shoulders of Giants&nbsp;&nbsp;&nbsp;</h1>Love, G.R.I.T. and Ikigai: Calvin’s Journey to Renew Capital in Zambia&nbsp;Calvin Chitangala joined Renew Capital as an investment and project manager and our first staff member in Zambia. In honor of women’s month, Calvin shares how his journey has been shaped by the powerful influence of the women in his life and by G.R.I.T: Guts, Resiliency, Intensity, Tenacity and Teamwork.&nbsp; &nbsp;A Legacy of Love&nbsp;&nbsp;<figure class="image"><img src="/uploads/image_9fcd0b7382.png"></figure>Calvin and his MayoI grew up in Zambia, surrounded by love, friendships and community—influenced primarily by the women in my life, especially my grandmother and mother. My grandmother’s home was the best place in the world. Together with my many cousins, we shared the warmest hugs, the deepest stories, wholesome meals and an ambition to be great. We nicknamed my grandmother&nbsp;Mayo which means “mother” in Bemba, a Zambian language.&nbsp;Mayo told us stories of how she migrated from her village in northern Zambia to the capital city of Lusaka and began to build a solid foundation for her family. My mother followed in her footsteps and similarly decided to shift much of her life to the United States to earn a living and provide for my sister and me. Mayo and my mother both built a great legacy, and growing up I had an opportunity to have a front-row seat to lessons of love, selflessness and grit.&nbsp;Growing with G.R.I.T: Guts, Resiliency, Intensity, Tenacity and&nbsp; Teamwork<figure class="image"><img src="/uploads/image_ddf8eaf2e1.png"></figure>Breaking bread as the sun set, on the top of Lion's HeadI am and have been intrinsically motivated to show up as the best version of myself, tapping into the values of G.R.I.T and faith picked up from my life experiences and the women in my life. I remember how critical these values were as I reached one of my cherished personal achievements which was making my way up Lion’s Head mountain in Cape Town, South Africa. I almost threw in the towel mid-way up the mountain when a group of colleagues reminded me that though talent wins games, it is team spirit and faith that wins championships and gets you to the top of the mountain, and back down safely.&nbsp;From my childhood two-plus-hours bus commute to and from school; to sleepless nights at university; to career climbs and the Renew Capital application and vetting process, I have been moved by G.R.I.T and faith towards my ikigai.&nbsp;Finding Ikigai: My Passion&nbsp;I first dipped my toes into the impact investing world through an internship at GroFin Zambia, an impact investment firm, during my third-year study of economics at the University of Zambia. It was my first due diligence experience, a social and environmental impact assessment, that allowed me to see firsthand how setting up a milling plant in the rural part of Mumbwa (150 km from the capital city), transformed the socio-economic well-being of rural households below the poverty line and still achieved financial viability for the Grofin impact investors.&nbsp;<img src="https://lh3.googleusercontent.com/LFRTz1wuxgw2o_6r-xd-N_54W9-y-5utxnyu6WwQFEaLzTs5X3-j3jOsJjp8mqWPVXBMABrUdhIv5UfiCP-_CGzvNAbn7WSzwcYCyHFgNCfl7aXVF71D4_jkPvNb1fGVR--D2m8AN1sfVu1N8P1pvAA">Calvin having an exchange of knowledge with smallholder farmersAfter graduation, I connected with a group of friends and mentors, and together, we embarked on a three-year “entrepreneurial” journey to build the impact investing ecosystem in Zambia driven by the philosophies of impact investing. There was a lot of selfless work to do, again G.R.I.T was required. In 2018–19, we launched the task force for the National Advisory Board for Impact Investing (NABII) Zambia. In 2019–20 (NABII) Zambia was set up with the support of Prospero Zambia and partners.&nbsp;&nbsp;&nbsp;<img src="https://lh6.googleusercontent.com/NgYScUGFqP9DOHd_yykUYLdCvUgHmhaHF4DyTz_oetFzns1Qp48Jw-vsYOytWxjsLSPak9W51U4rY_OgYCSQb9wl253VG3ySciu8SRVMy9AW8Dmlo2ynkaE5kUhuP_NtY7dE1wurYfUjRMQwpu0Q9WY">The Taskforce for the National Advisory Board for Impact Investing (NABII) ZambiaFrom rural Mumbwa to the boardrooms, this advocacy duty gave me great satisfaction. Themed by lots of learning and bootstrapping, I found it fulfilling to help create an enabling environment to support underprivileged and underserved communities through investments. One can only imagine how delighted I was, when, in 2018 I had the opportunity to serve at the Development Bank of Zambia where we attempted to deliver on the philosophies of impact investments. My last ‘ikigai moment’ prior to joining Renew Capital, was an opportunity to coordinate a team and showcase Zambia’s impact investing pipeline potential to solid institutional impact investors (largely VCs and DFIs)—from an agribusiness investment opportunity providing a market for smallholder farmers, to million-dollar renewable energy investments to address the energy deficit in Zambia.When I saw that Renew Capital was looking for a trailblazer to help grow the firm's presence in Zambia, I thought to myself, oh boy, the stars are aligned. I immediately dusted up my CV and felt this is it, I can now connect the dots looking backward to the first time I dipped my toes into the world of impact investments. And after a four-month rigorous recruitment process, demanding the best version of myself, I was delighted to receive an invite to join the Renew Capital team for onboarding in Kigali.&nbsp;<img src="https://lh6.googleusercontent.com/gQG1MpJLR7_tVMRelQ3AFbaETKfFVd2oX578fubOTq8ea-6mCvN-WxhirP_eCNaUKBmeVja8K2qz9qoYjI1QzeMcK-dyNx1oTnR_jgUA7qzkFPm_7o-fWNHOlK4d6ndYmyb1WxdA0UK2KQ3lMgqsg7M">Renew Capital onboarding in KigaliRenew Capital emphasizes that we seek to change how the world engages Africa, from a place of giving to a place of investing – this puts a fire in my belly! I am excited to continue advocating for people and the planet; demonstrating that investment capital can both do good and do well, and demystifying the world of impact investments for entrepreneurs.&nbsp;In hindsight, I am thankful to the giants in my life like my grandmother, mother, and my career mentors,&nbsp; who have allowed me to stand on their shoulders and see further. Having G.R.I.T has been&nbsp;critical as I decided to take on a trailblazing opportunity with Renew Capital and to be the team’s first boots on the ground here in Zambia. Joining Renew Capital has been invaluable because I consider it a rare opportunity to continue to serve in my line of passion—impact investing—now, through a venture capital lens, and with&nbsp;renewed vigor.Renew Capital in&nbsp; Zambia&nbsp;Zambia is a land of peace and love, with a people of G.R.I.T and faith, and a fairly predictable economy. I am excited to market Zambia’s potential to the world, especially at a time when the macro-economics and governance structures have demonstrated resilience—beyond the Covid economic recession and the 2021 general and presidential elections—and when financial sector regulators are proactively creating a favorable environment to incentivize foreign direct investments. Zambia is budding with impact investment opportunities using technology to solve the needs of the mass markets in Zambia and the region.

Love, G.R.I.T. and Ikigai: Calvin’s Journey to Renew Capital in Zambia 


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Standing on the Shoulders of Giants 

<h1>Press Release: Renew Capital Angels Invest in Ugandan Eyewear Company, Wazi&nbsp;</h1>Eyewear Made by Africans for Africans<a href="https://latest-api.renewcapital.com/uploads/FINAL_Wazi_Press_Release_78c26ef19a.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;Kampala, Uganda, March 16, 2023&nbsp;—&nbsp;The Renew Capital Angels have invested in Wazi Vision, a women-founded Ugandan company with a vision to change the eyewear industry in Africa.&nbsp;Founders Brenda Katwesigye Baganzi and Geogette Ochieng Ndabukiye launched Wazi in response to a gap in Uganda’s eyewear market.&nbsp;“Accessing high-quality eyewear in Africa is often prohibitively expensive and unattainable for the majority of the population. However, available alternatives are of subpar quality and fail to offer adequate value to customers.” Baganzi explains.&nbsp;<figure class="image"><img src="/uploads/Wazi_Image_1_0da10c24da.png"></figure>Baganzi and Ndabukiye built Wazi to address these pain points for the African eyewear consumer.“We provide eyewear that is both high-quality and affordable, relatively accessible for the mass market and designed to be comfortable for African faces,” Baganzi says.Wazi glasses are made by a skilled African team who consider various facial features to ensure each pair of frames is fashionable and comfortable. Wazi also allows customers to design frames that capture their individual personality and choice of material including acetate and sustainable eco materials like cow horn, bamboo and denim.Wazi glasses are becoming popular with the youth for their wide selection of chic styles and unique and trendy brand persona. Wazi plans to open a new store in one of the busiest suburbs in Kampala to cater to demand.“And because making eyewear accessible to everyone is part of our mission, we also partner with corporates to give back to low-income communities,” says Ndabukiye.With the help of an investment from the Renew Capital Angels, Wazi plans to expand its product line and enhance its distribution capacity in Kampala and beyond.“Innovation within the eyewear sector is at a nascent stage in sub-Saharan Africa. We like the fact that Wazi is a homegrown technology-driven business looking to improve the accessibility of unique and affordable eyewear. We look forward to working with Geogette and team in creating an eyewear brand by Africans, for Africans, in Africa,” said Diana Njuguna, Renew Capital, Senior Investment Manager.&nbsp;###

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Press Release: Renew Capital Angels Invest in Ugandan Eyewear Company, Wazi 

<h1>NINJA Program Creating Champions for the Startup Ecosystem of Ethiopia&nbsp;</h1>Launching the NINJA Acceleration ProgramThe first industrial revolution used water and steam power to mechanize production. The second used electric power to create mass production. The third used electronics and information technology to automate production. Now, a fourth “digital” industrial revolution is underway, building on the technological advancements of the last century and characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.&nbsp;Ethiopia is no exception - as stated in the country’s most recent Ten Year Development Plan (2020/21-2029/30) published by FDRE Planning and Development Commission, “technological capability and digital economy” is one of the ten key strategic pillars that are set to help attain the development goals of Ethiopia. In support of this work, the Government of Ethiopia (GoE) has committed to “build the human resources capacity to increase the potential workforce in the innovation, technology and research subsectors”.&nbsp;<figure class="image"><img src="/uploads/2_S4_A3486_2f6e583bcb.jpg"></figure>In its current state, Ethiopia has to play catch up with the rest of the world when it comes to fully integrating the fruits of the third industrial revolution into its key economic sectors. Materializing this and fully entering into the fourth industrial revolution can likely be attained by promoting the nascent startup ecosystem that is just developing in the country’s economy, something that the GoE recognizes and supports.&nbsp;&nbsp;&nbsp;The Ethiopian Ministry of Innovation and Technology (MinT) is giving due attention to entrepreneurship and its immense potential to contribute to the growth of the economy. Working alongside the Japan International Cooperation Agency (JICA), MinT and JICA are seeking to encourage startup innovation that has the potential to solve persisting sectoral problems through the use of emerging technologies as part of the Next Innovation With Japan (NINJA) Acceleration Program.&nbsp;After the launch of the 2022 NINJA Acceleration Program in Ethiopia, the program accepted nearly 100 applications from startups all over Ethiopia in December to compete in a multi-stage and multi-month acceleration competition. The program’s three-phased selection process resulted in six trailblazing, technology startup finalists that have the potential to revitalize the country’s economy through driving sectors such as agriculture, tourism, logistics and digitalization and ICT.Following the selection of the six startups that fit the objectives of NINJA Acceleration Program, JICA and MinT, in collaboration with the implementing partner Renew Capital, will be hosting a Kickoff Conference on April 7, 2023 that will serve as the formal launch of a curated, four-month intensive training program for the six startups. The NINJA Acceleration program will lay the foundation for the selected startups to appropriately scale and build a world-class business through practical training, coaching and mentorship. It will also provide the six startups with a disbursement amount of ETB 500K and a trip to Japan for further training and networking.&nbsp;The Kickoff Conference will host a panel discussion by key stakeholders and the final business pitches of the winning six startups. This Kickoff Conference will also serve as a platform from which the finalists and their products are widely publicized to local and international stakeholders, such as enabling bodies, entrepreneurial support organizations, capital providers and potential customers.&nbsp;&nbsp;----------------------------------------1)Schuab, Klaus. World Economic Forum. 2016.&nbsp;<a href="https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/">Link</a>

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NINJA Program Creating Champions for the Startup Ecosystem of Ethiopia 

<h1>Inputi: Using Technology to Boost Agricultural Productivity</h1>Q&amp;A with Inputi’s founder and CEO, David Lukwago&nbsp;Food security is one of the most pressing challenges of our time. According to the International Committee of the Red Cross (ICRC),&nbsp;<a href="https://www.icrc.org/en/document/food-crisis-soaring-across-africa">close to 346 million people are currently affected by the food crisis</a>&nbsp;in Africa&nbsp;as a result of conflict, a changing climate and unproductive farming. In Uganda, agri-tech company Inputi, is helping farmers to increase productivity by providing a digital marketplace to improve B2B and B2BC sourcing of farm inputs, ultimately allowing farmers to access quality and genuine products downstream at affordable prices.&nbsp;The idea of Inputi was sparked during the COVID-19 pandemic as countries like Uganda imposed strict lockdowns that led to significant disruptions in the supply chain. David Lukwago, a graduate of Harvard University Kennedy School, saw an opportunity to fill a gap in the market to provide access to farm inputs and boost agricultural productivity using digital technology.&nbsp;–This interview has been edited for length and clarity<figure class="image"><img src="/uploads/INPUTI_IMAGES_36_c46673517e.jpg"></figure>What is Inputi?&nbsp;Inputi is a digital marketplace for the agriculture sector. We connect manufacturers and suppliers of quality and genuine farm inputs with agro-dealers and cooperatives that can hardly access them.&nbsp;In the long term, we intend to grow our digital platform to include a produce-trading platform that links smallholder farmers to buyers. Vendors upload e-catalogs of their products, which are then accessible to our agents or farmers. This transparent pricing approach makes farm inputs more affordable to farmers.What is your background that led you to Inputi? Were you involved in farming?For a long time, I was on the market side. I used to buy maize from farmers and sell it to the World Food Programme. Our biggest challenge was that even when there was a demand from the market, the farmers struggled to meet the demand because their production was very little and there were problems with quality control.&nbsp;After living in the United States for a while, I came back to Uganda and opened a non-profit with the intent to help farmers improve their practices and link them to markets. I have a lot of experience with setting up demonstration gardens and farming in general, and right now, we have nine demonstration gardens in different communities where we bring farmers together to learn the best farming practices and methods.How is Inputi currently aggregating the demand for inputs?One of our goals is to aggregate demand based on location. We are working to make the pickup of farm inputs as convenient as possible for farmers by delivering inputs to the nearest agro shop. For livestock farmers who have more mature and organized value chains, we deliver inputs through cooperatives.&nbsp;Customers are also able to order through our call center, website, WhatsApp or through their agents.&nbsp;We are also testing the use of the USSD code for users that do not have a smartphone or internet connection.What challenges have you encountered in the two years that Inputi has been operating?&nbsp;Most farmers know that they need to use quality and genuine farm inputs to increase productivity, but uptake is usually hindered by the high costs of inputs. For example, a farmer may want to use quality fertilizer on his or her farm, but the cost of fertilizer is too high, so they resort to their old planting methods. This often leads to a decline in productivity. Inputi is solving the distribution headache for manufacturers while providing farmers with a diverse array of inputs and pricing transparency. Today, we have farmers walking into an agro shop knowing how much a bag of fertilizer costs.&nbsp;Also, as a result of increased demand we are starting to see young women and men opening up agro shops closer to the farmers. It is still a bit early for us to draw substantive conclusions but I would imagine we are playing a part in youth empowerment and food security.We also have farmers who have been growing the same type of crop on a small piece of land for years. The soils are exhausted and are no longer productive. While some argue that using inorganic fertilizers is not a solution due to potential environmental damage, the reality is that we don't have an adequate supply of organic fertilizers, and when it is available, it is often too expensive for many farmers. This leaves us in a difficult position to choose between rendering farmers unproductive or providing them with the technology they need to increase productivity. In my opinion, the key issue is not the use of fertilizers or pesticides, but rather the wrong application of these inputs. By teaching farmers how to apply these inputs properly we can minimize the negative impact on the environment while still increasing yields.&nbsp;<figure class="image"><img src="/uploads/INPUTI_IMAGES_22_0281dd24fe.jpg"></figure>There is a looming famine in places like Sudan. What are your concerns right now as you look at the next few months?Famine is sometimes a consequence of dysfunctional food systems. This can be seen in the Karamoja region of Northeastern Uganda where a significant number of people have died of hunger. In contrast, in the southwest region of the country, people have an abundance of food to the point of excess, leading to food wastage and loss.We cannot eliminate famine caused by climate change, but we can mitigate it by improving food distribution systems which cannot be fixed by donors or governments alone. The private sector plays an extremely critical role in building efficient, effective and sustainable means to move food to where it is needed. The private sector should be fully empowered and should have a seat at the table wherever food security discussions are had.What’s on your wishlist for the next 10 years?My wish for the next 10 years is that everything shifts to organic and that we allow the market to dictate the products that consumers want. Widespread use of organic fertilizer is not yet a feasible alternative but I believe that promoting its use and making it more accessible to farmers is an essential step toward achieving long-term sustainability in agriculture.Are there any additional points that you would like potential investors in Africa to understand?&nbsp;The next one billion people born in the next 30 years are going to be on the African continent. This alone is going to pose a food security challenge. Demand is going up and currently, there's enough data to show that food production is declining. One of the ways to solve this problem is to bring technology onto smallholder farms. Digital technology is going to help us leapfrog all these other broken pieces along the value chains.<a href="https://www.renewcapital.com/newsroom/press-release-inputi-receives-an-investment-to-grow-smart-technology-for-food-security" target="_blank" rel="noopener noreferrer">Learn more about Inputi.</a>

Q&A with Inputi’s founder and CEO, David Lukwago 


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Inputi: Using Technology to Boost Agricultural Productivity

<h1>Celebrating 10 Years of Investing in Women</h1>Happy International Women’s Day from Renew CapitalInternational Women’s Day comes around once a year, but at Renew Capital we are working everyday to support women entrepreneurs.&nbsp;<figure class="image"><img src="/uploads/8_F5_A4796_6b43c82021.JPG"></figure>Fitting into this year’s theme of&nbsp;DigitALL: Innovation and technology for gender equality, we are proud to spotlight one of our recent investments, the innovative women-owned tech startup BuuPass. BuuPass founders&nbsp;<a href="https://twitter.com/kabra_sonia?lang=en">Sonia Sandeep</a> and&nbsp;<a href="https://twitter.com/omondiwyclife16">Wyclife Omondi</a> have raised&nbsp;<a href="https://techcrunch.com/2023/02/13/buupass-raises-1-3m-to-scale-mobility-sector-digitization-in-africa/">1.3 million in their pre-seed round</a> to help solve Kenya’s mobility challenges by streamlining online bookings for intercity bus, train and plane travel.&nbsp;While women entrepreneurs hold the key to unlocking the potential of African SMEs, data shows that women-led&nbsp;<a href="https://www.renewcapital.com/newsroom/gender-lens-investing-closing-the-dollar42-billion-funding-gap-for-women-entrepreneurs-in-africa">businesses in Africa are severely underfunded</a>. Throughout women’s month, we will continue to highlight women entrepreneurs as we announce investments in women-owned companies from our 2022 women’s package.&nbsp;For the next seven years, Renew Capital will expand its work in seven African countries supporting SMEs and women-owned businesses in particular with training and mobilizing investment through the&nbsp;<a href="https://www.renewcapital.com/newsroom/press-release-government-of-canada-and-renew-capital-sign-a-seven-year-partnership-to-expand-the-firms-business-model-across-africa">Accelerating Regional Business Growth</a> (ARBG) program.&nbsp;“ARBG is making a concerted effort to support women-owned and women-led businesses. In addition, we're helping all businesses we work with to look at ways in which their businesses can be gender smart and cognizant of the role gender plays in fostering successful businesses in Africa,” says Lucas Robinson, Renew Capital Senior Consultant, Regional Private Sector Projects.&nbsp;Check out these additional resources to learn more about our work in creating gender-smart companies.&nbsp;<ul><li><a href="https://www.renewcapital.com/newsroom/what-is-the-sg2x-playbook">SME Gender Growth Acceleration (SG2X) Playbook&nbsp;</a>is a set of practical tools that fund managers and SMEs can download and adapt to fit the needs of their investment strategy and businesses. The SG2X playbook and its corresponding Gender Smart Exec’s training program have been transformational for business owners like&nbsp;<a href="https://www.renewcapital.com/newsroom/one-year-strong-business-after-the-sg2x-gender-smart-execs-program">Rebecca Mugwanya</a>, CEO of Ugandan-based Lhexcopt Investments.&nbsp;<a href="https://www.renewcapital.com/newsroom/what-is-the-sg2x-playbook">Get your free SG2X playbook copy now.</a></li><li><a href="https://www.renewcapital.com/newsroom/arise-re-launches-the-last-week-of-september-2022">ARISE</a>:&nbsp;Successful agribusinesses are part of the solution to mitigate the challenges of food security. Through the Enhanced ARISE program, organized by AGRA and implemented by Renew Capital, hundreds of women-led agribusinesses have access to training on how to strengthen their marketing and sales.</li></ul>

Happy International Women’s Day from Renew Capital

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Celebrating 10 Years of Investing in Women

<h1>Press Release: Renew Capital Angels Invest in Kenyan Smartphone Recommerce Startup, Badili</h1>Badili and Renew Capital Angels partner to enhance the African recommerce experience<a href="https://latest-api.renewcapital.com/uploads/FINAL_Badili_Press_Release_9711c51e8d.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;Nairobi, Kenya, March 7, 2023&nbsp;—&nbsp;The number of smartphone connections in sub-Saharan Africa is expected to rise to nearly 700 million by 2025 but even then the adoption rate still remains at modest levels across the continent.&nbsp;Kenya-based startup Badili is on a mission to change this and put a smartphone in the hands of every African through its recommerce platform.&nbsp;<figure class="image"><img src="/uploads/Badili_1_a1c3a51b3d.jpeg"></figure>“We are providing an alternative platform where people can buy used and refurbished smartphones safely and affordably,” says Badili’s CEO Rishabh Lawania. “Most of our devices cost less than half their original price, and all come with a 12-month warranty.”Badili was founded in 2021 by Rishabh Lawania and Keshu Dubey with the aim of providing a credible platform for buying and selling pre-owned smartphones in Kenya. Lawania saw a need for the platform after a colleague was arrested after buying a stolen phone.To safeguard buyers, Badili requires its sellers to provide ID and headshots and to sign an affidavit stating that they are the rightful owners of the devices. This system provides extra protection for buyers and helps to ensure the authenticity of the products."We are thrilled to have Renew Capital Angels as partners in our journey to create a better recommerce experience for everyone in Africa. We want to make it easy, safe and affordable for people to buy and sell pre-owned devices. This investment will help take us one step closer to achieving that goal," Lawania says.“Badili is on a mission to create a standardized and affordable parallel economy for consumer electronics across Africa,” says Esther Mwikali, Renew Capital Investment and Project Manager. “Renew Capital Angels are proud to help support this journey.”&nbsp;### &nbsp; &nbsp;

Badili and Renew Capital Angels partner to enhance the African recommerce experience

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Press Release: Renew Capital Angels Invest in Kenyan Smartphone Recommerce Startup, Badili

<h1>Five Facts about Accelerating Regional Business Growth&nbsp;</h1>ARBG to benefit thousands of East African SMEs through training and mobilized capital&nbsp;<figure class="image"><img src="/uploads/IMG_0093_06ef9ec373.jpeg"></figure>Renew Capital officially launched the seven-year&nbsp;<a href="https://www.renewcapital.com/newsroom/press-release-government-of-canada-and-renew-capital-sign-a-seven-year-partnership-to-expand-the-firms-business-model-across-africa">Accelerating Regional Business Growth (ARBG) program</a> in partnership with Global Affairs Canada (GAC) this month in Kigali, Rwanda. The ARBG program will benefit thousands of SMEs through training and help attract and mobilize capital into the continent.&nbsp;Here are five exciting facts you should know about the ARBG program:1. ARBG focuses on regional impactUnlike many programs that take a country-by-country approach, ARBG starts with a regional perspective in order to learn from and leverage regional experiences. For example, with a regional approach, a company in Kenya can learn from the experiences of a company doing similar things in Zambia, or a company in Ethiopia will hear about the growth process of a Ugandan company. Regional impact sharing is hugely valuable.2. ARBG supports intra-African tradeThe vast majority of trade-enabling programs in Africa over the last two decades have been focused on trade with the West, the Middle East or Asia. Very few programs have focused on supporting trade&nbsp;between African countries. By making intra-African trade a focus of the ARBG training program we hope to leverage the African Continental Free Trade Area, which should be implemented over the next decade. The program will support businesses with knowledge of how to trade with other African countries and produce country-by-country trade assessments outlining barriers to trade that many entrepreneurs on the continent face.&nbsp;<img src="https://lh4.googleusercontent.com/yh3eecWZN8r4YGKzpbYE3Qf24LPg6W7eAwX4cvFrUSB8-9os7gG_b4SJy5L5lrX_nwY9pn3-3mBHAsutcbgSCfkVc5iFXiuWNfIP7L2Fpc5qiK0WSLiG5JwXWjlPdLXloYw0Y18VwOuw67CWMX7i1Hw">3. ARBG empowers women-led businessesARBG is making a concerted effort to support women-owned and women-led businesses. In addition, we're helping all businesses we work with to look at ways in which their businesses can be gender smart and cognizant of the role gender plays in fostering successful businesses in Africa.4. ARBG expands Renew Capital’s presence on the continentARBG will operate in seven cities: Addis Ababa, Ethiopia; Kigali, Rwanda; Kampala, Uganda; Nairobi, Kenya; Lusaka, Zambia; Dar es Salaam, Tanzania; and Khartoum, Sudan. Expanding Renew Capital’s efforts across a number of different countries exposes investors to a much wider range of investment opportunities and spreads out investment risk and – hopefully – will get people that otherwise may not be comfortable investing in Africa more comfortable with that idea.5. ARBG to train thousands of SMEs&nbsp;The ARBG training program will train thousands of entrepreneurs in elements of what it means to run a successful business, including finance, management, trade training, etc. ARBG allows us to reach thousands more businesses in the region than we otherwise might have been able to reach. And even though Renew Capital may only invest in a small number of these companies, there are countless wider benefits for the companies in the region that are involved in the program.Ongoing and upcoming ARBG training programs:<ul><li>Trade training - March 2023 (<a href="https://docs.google.com/forms/d/e/1FAIpQLSeAr2nm7hAjpmo108CVXKrCely7l_miBY6DY_qRqCyHdkt21Q/viewform">Register here</a>)</li><li>CFO 100 program - ongoing&nbsp;</li><li>Execs’ training - ongoing</li><li>Pitch coaching sessions - ongoing</li></ul>

ARBG to benefit thousands of East African SMEs through training and mobilized capital 

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Five Facts about Accelerating Regional Business Growth

<h1>Financial Inclusion and Market Linkages Transform Lives</h1>Q&amp;A with Quest Digital Finance founder Jean Antony Onyait <img class="image_resized" style="width:100%;" src="/uploads/20210518_112053_889a1e0b0d.jpg">Since 2016, Ugandan fintech startup Quest Digital Finance has been bringing financial inclusion and market linkages to the “unbanked” through its fintech products&nbsp;<a href="https://akellobanker.com/#">Akellobanker</a> and&nbsp;<a href="https://www.questbanker.com/index.php#welcome">Quest Banker</a>.&nbsp;&nbsp;Quest Banker was created to help address the needs of 65% of adults in Uganda with no access to formal credit institutions (World Bank, 2017). By enabling end-to-end digital transformation for financial institutions, Quest Banker de-risks facilitating credit to these underserved populations.&nbsp;The Akellobanker platform serves the other side of the market, enabling smallholder farmers and traders to access loans from financial institutions, primarily SACCOS (Savings and Credit Cooperatives) and microfinance institutions. By providing underserved farmers, their biggest user segment, with access to finance, the fintech company is also helping to bolster food security. A 2022 Renew Capital Angels&nbsp;<a href="https://www.renewcapital.com/newsroom/quest-digital-finance-connects-the-unbanked-to-formal-credit-systems">investment</a> in Quest Digital Finance is helping to fund the growth of the Akellobanker platform user base.Founder,&nbsp;<a href="https://ug.linkedin.com/in/jonyait">Jean Antony Onyait</a> shares his startup journey in an interview with Renew Capital.&nbsp;This interview has been edited for length and clarityQ. What changes and challenges have you seen in entrepreneurship in your country over the past 10 years?&nbsp;Cash flow challenges are the reason most businesses in Uganda die. However, that is changing. The appetite for investment is definitely growing. The government is showing more interest in investing in companies that are locally born. Development partners have also realized the need to support local solutions which have been contextualized to address local problems.Q. What do you think the private sector in Uganda might look like in the next 10 years?In the next 10 years, I think the private sector in Uganda will play a critical role in influencing public policy. For example, if you look at finance 10 years ago, commercial banks were the owners of financial inclusion. Five years ago, financial technology companies came over and showed banks that they could break through to places they weren’t reaching—breaking monopolies and creating healthy competition. This competition goes a long way in reducing prices and making services more affordable for local communities. I foresee many partnerships being created because governments will want to use locally existing solutions to deliver services to the local communities. Already, these public-private partnerships have become common in the agriculture, finance and healthcare sectors.&nbsp;Q. Why is private sector innovation important to bolster agricultural production in Uganda?Uganda’s population is growing fast, but the land mass, especially that which can be used for agriculture remains the same, so there need to be new ways of catalyzing production for agriculture. At the same time, industrialization is increasing, and most of the raw materials will come from agriculture. The only way we can meet this demand is to educate the millions of people working in agriculture and provide access to financial linkages, quality traceable inputs, buyers, equipment and insurance. Today, decisions need to be made with data, which is best leveraged with a traceable, end-to-end digital ecosystem or economy. That’s what our business is helping to build.&nbsp;Q. Can you tell us a bit about your future plans for the business?Demand for our line of work grew as a result of COVID-19 which reaffirmed the importance of helping businesses through digitalization. Unfortunately, the cost of infrastructure can be prohibitive. As such, we need to think about how to bundle more products and services so that we can eventually build a premium product that helps us recoup our money from the transactions and services we deliver. That's why it’s so important and strategic for us to get as many clients as we can now. With the investment from the Renew Capital Angels, we are able to sign on a lot of rural cooperatives and financial service providers as we integrate or link them to relevant products and service bundles that will transform the lives of millions of smallholders.&nbsp;