Author Archives: bankelele

Diamond Trust & Habib: Bank Mergers & Musical Chairs – Part III

See Part I and Part II 

  • An unexpected piece of news today was the announcement that Diamond Trust intends to acquire Habib Bank.  Diamond Trust is Kenya’s  sixth largest bank with assets of Kshs 230 billion (September 2016), while Habib is number 34 with assets of Kshs 11 billion. The banks have a common shareholding though the Aga Khan network. EDIT: the purchase will be done by the issuance of 13.28 million shares of Diamond Trust at Kshs 137.39, valuing the deal at Kshs 1.82 billion. Other shareholders of Diamond Trust will be diluted by 4.75%.
  • A week earlier, the Central Bank of Kenya also announced that it was in the process of licensing two new banks – DIB and Mayfair. DIB Kenya is a wholly owned subsidiary of Dubai Islamic Bank, a leading sharia compliant bank from the United Arab Emirates. DIB is not associated, and won’t want to be linked to the Dubai Bank that’s currently in liquidation.  Mayfair Bank is owned by a diverse group of Kenyan investors with interests in various sectors (including politics)
  • Also, a decision on Chase Bank is expected in the next few weeks. A target had been set to restore the bank back to indecent owners by the first anniversary of it being put into receivership. A merger or buyout is likely.
  • More mergers expected with the credit squeeze on small banks?

Vodacom IPO launched in Tanzania: a Prospectus Peek

Quick note excerpts from the 140-page Vodacom IPO prospectus. There’s even a Swahili version  (PDF) of this Vodacom Tanzania PLC prospectus.

About Vodacom

  • Vodacom Tanzania PLC is a subsidiary of Vodacom Group (South Africa), which in turn is a subsidiary of Vodafone Group Plc (UK). Vodacom Group Limited is the beneficial owner of 82.15% of Vodacom Tanzania. Mirambo Limited directly holds the remaining 17.85%.
  • Vodacom is Tanzania’s leading mobile operator. Market share: Vodacom Tanzania (31% ), Tigo (29%), Airtel (26%), Halotel (7%), Zantel (4%), Smart Telecom (2%), TTCL (1%)
  • In 2016 Vodacom had 12.38 million customers (including 5.4 million active data customers) and an ARPU of TZS 5,972. Vodacom Tanzania has 570 employees, 189 nationwide retail points, in excess of 17,000 freelance distributors and 75,000 mobile money agents.
    Vodacom is part of a “consortium” (with Tigo, Airtel, Zantel) that has constructed about 400 km of metro fibre, in Dar es Salaam, Dodoma, Morogoro, Mwanza and Arusha, as well as over 1,300 km of backbone fibre linking the major cities of Dar es Salaam, Dodoma, Arusha and Moshi.
  • Vodacom Tanzania estimates that the total net proceeds from the Vodacom IPO issue of 560 million new shares, after deducting expenses (and assuming that the offer is fully subscribed), will be TZS 469 billion (~$210 million)

Use of proceeds:

  • Vodacom Tanzania intends to apply such net proceeds to:
    (i) The execution of inorganic growth opportunities geared towards growing and maintaining Vodacom Tanzania’s leading market position (elsewhere the prospectus mentions that Vodacom Tanzania may consider mergers, acquisitions or strategic investments),
    (ii) Working capital augmentation for Vodacom Tanzania; and
    (iii) general corporate purposes for Vodacom Tanzania (elsewhere it mentions that part of the Vodacom IPO proceeds will be used to repay loans from the Vodacom Group and Mirambo).

Risks & Regulation

  • (this is a) Forced listing & IPO: The Company converted from a private limited company to a public limited company in November 2016. Following the 2016 Finance Act, all licensed telecommunication operators are to have a minimum local shareholding of 25% of their authorized share capital issued to the public and listed on the Dar es Salaam Stock Exchange (DSE).. penalties may be imposed by TCRA should the IPO not take place within six months from 1 July 2016.

Non-compliance:

  • The Bank of Tanzania allowed Vodacom Tanzania to continue offering Mobile Money Services whilst the license applications are pending (it has applied for Payment System License and will apply for an Electronic Money Issuer License)
  • Vodacom Tanzania is also working on forming a separate M-Pesa corporate entity to comply with regulations.
  • Vodacom Tanzania is working on a project plan to migrate all its Network Operating Centre (NOC) operations to Tanzania to comply with an in-country NOC requirement.
  • Vodacom Tanzania is also working on network optimisation and modernisation initiatives to ensure compliance with Quality of service (QOS) obligations.

Government Moves

  •  Issuance of new licenses: presents a risk to the profitability of the company. The awarding of a new license to a new operator last year saw the advent of an eighth licensee to an already intensively competitive market. 99% of Vodacom Tanzania’s customers are prepaid (But) It is unlikely that there will be a new entrant into the Tanzania telecommunication market. Any new player in the Tanzania market should not pose a significant competitive challenge in the period to 31 March 2018 because of market penetration and lead time to setting up a telecommunication network.
  • Spectrum: Vodacom Tanzania is on record that it requires additional spectrum to meet quality of service requirements (QOS), especially for data services. The decisions taken by the Government on the timing, fees, and allocation of digital dividend and other spectrum will have a major impact on Vodacom Tanzania’s ability to serve its customers,
  • Tax Risks:  “The complex tax environment in Tanzania poses a number of challenges to Vodacom Tanzania.”  Two new taxes going up may affect Vodacom Tanzania’s profitability: Draft amendments to the UCSAF Regulations seek to increase the service levy from 0.3% of service revenue to 1% of service revenue while a draft revision of the Local Government Finances Act (LGFA) proposes an increase in the rate of service levy charged from the current 0.3% to 1.5% of turnover net of value added tax and excise duty for all businesses. The LGFA further proposes to empower local government authorities to impose levies on telecommunication transmission towers.
  • Vodacom Tanzania already has a number of tax matters and litigations that are pending at various appellate levels. Tax litigation with the Tanzania authorities over TZS 100 billion  (~$51m) calculated on issues like undersea fibre, towers, foreign exchange, losses, withholding taxes, VAT, roaming, interconnection licenses capital allowance). There’s also a potential $500 million from a tort conspiracy case over frequency allocation and a half dozen other staff cases.

Performance:

  • Vodacom Tanzania’s audited annual Accounts for the years ended 2014 and 2015 showed a profit before tax was TZS 166 billion in 2014, TZS 78 billion in 2015 (from revenue of TZS 908 billion). For 2016 it was 74 billion in 2016 (from revenue of TZS 923 billion)
  • They project a project a pre-tax profit of TZS 82 billion for March 2017 and  TZS 137 billion for March 2018

Strategies

  • Continue to grow M-Pesa There has been the phenomenal success story of mobile financial services in Tanzania, where Vodacom Tanzania remains the market leader in terms of customer share and has significant brand equity…Vodacom M-Pesa makes up in excess of 20% of Vodacom Tanzania’s service revenues
  • Benefit from Vodafone: Vodacom Tanzania will, however, remain part of the Vodafone Group and will continue to benefit from their scale of operations and expertise.
  • Vodacom Tanzania may consider mergers, acquisitions or strategic investments.

Other Companies

  • In 2016, the Group acquired 100% of Shared Networks Tanzania (SNT) from its shareholders for $15 million
  • The group remains committed to its decision to exit its investment in Helios Towers Tanzania (HTT ), an associate in which the group holds a direct investment of 23.78%. In September 2013, Vodacom Tanzania PLC decided to sell and lease back its passive equipment to HTT.

Vodacom IPO Expenses

Issue expenses are estimated at TZS 7.1 billion (about $3.9 million) and include amounts for the lead advisor and sponsoring broker’s fees (Orbit Securities) TZS 650M, lead receiving bank fees (National Bank of Commerce) TZS 872M, Capital Markets & Securities Authority fees TZS 283M, Dar es Salaam Stock Exchange listing fee of TZS 1 billion, and all authorised collecting agents will share TZS 3.8 billion.

For Investors

  • 560 million new shares (or 25%) are being sold, and all the shares will be listed on the DSE. Vodacom IPO shares will only be sold to Tanzanian citizens and entities incorporated in Tanzania in which Tanzanian citizens have a majority beneficial ownership (no shares for East Africans unlike previous IPO’s in the region)
  • The minimum investment is TZS 85,000, equal to about $38 or KES 3,926. This is for 100 shares at TZS 850, and after that buy in multiple of  10 shares.
  • Buy via phone: Using their phones, Tanzanians can apply for shares through the DSE platform (dialling *150*36#) and also pay for shares via M-Pesa (by dialling *150*00# and entering the business number 236622, and a unique DSE reference number)
  • After the IPO. the public will own 25% alongside (Vodacom and Mirambo), and the dividend policy is to pay out at least 50% of earnings after tax but at the discretion of the board of directors. (31 March 2016 EPS was 34.65 TZS and the group expects to pay dividends of TZS 16.5 billion in FY17.
  • Timetable: The Vodacom IPO opened on 9th March, and closes on 19th April. The results will be announced on April 28, the listing will be on 16 May, and an AGM is scheduled for 1st June 2017.

Will the Vodacom IPO be as successful as the Safaricom IPO was in Kenya a decade ago?  The Vodacom IPO certainly seems to be selling well, attracting lots of first time Tanzania investors, in the first two days.
100 USD equals 223,000 TZS and 100 KES = TZS 2,165.

Pesalink & The Wajanjas

The Wajanjas is the name given to the pre-launch activities of Pesalink which was unveiled three weeks ago. Pesalink is an initiative of the Kenya Bankers Association that may be the next revolutionary thing in Kenyan banking. Already 20 commercial banks have activated it.

While it may appear to be a reaction to mobile money, and m-pesa, Pesalink is actually a reaction to the banks’ own customer habits and the prevalence of the mobile phone – and recent bank internal numbers show customers moving from branches to phones. According to Barclays Bank, its customers did 43% of their transactions at their branches in 2016 down from 59%. At KCB, 75% of customers use mobile phone banking services and 91% of loans transactions are processed on phone, while at Coop, just 25% of transactions were done at branches at branches in 2015.

One of the main bank activities now is customers performing real-time cash transfers and payments. This is done by customers going to ATM’s or getting cash which they then upload to mobile money to be sent to a recipient, who then withdraws cash at an agent, and probably re-deposits it into a bank. But all that changes with Pesalink which short-circuits the long chain as transfers can be initiated at by phone (USSD / bank app), at a bank branch/agent, or bank ATM or over the (bank) Internet – and sent to any recipient registered at any of the 20 banks. This will also lower the costs of transacting. For the consumer, it currently costs a lot of money to send money, and Equity Bank CEO, James Mwangi,  said Kenyans spent 59 billion to transfer money last year, but that figure should come down with Pesalink.

In addition, the mobile money limits of Kshs 70,000 per transaction and Kshs 140,000 (~$1,400) per day don’t apply here. Pesalink limits are similar to that of bank cheques – which can go up to Kshs 1 million shillings (~$10,000). This is very useful when there are events like fundraisers, weddings, and (unfortunately) funerals. These are often expensive affairs where as soon as funds are raised they have to be disbursed quickly to service providers.

Another useful feature, that’s finally here, and which mobile money has failed to incorporate, is adding in the reason for a transaction. You can tag each payment with a useful message as to what it is for “bride car hire” or “apartment F6 water repair” and this helps account holders to track their mobile money transfers over time.

Try out Pesalink at your bank, by designating your phone number, and your primary bank account number. NIC Bank has some nice menus (PDF) that explain how simple it is to use Pesalink.

CBA Launches Loop Banking

#unbankyourself

The 54-year-old bank continued the journey it started in 2006 with mobile payments (when they helped design, test and support m-pesa) and extended in 2012 with the launch of m-shwari, with another new chapter today.

The launch of Loop extends the transformation of CBA to a digital bank. removed paper. Loop creates a virtual cycle, a digital financial service that combines payments, savings, insurance, credit – into one solution. The account can be opened on a phone app or website, with no paper forms to be filled. Features of the accounts are the Loop app, Loop store, and Loop card – and combined, these enable access to Loop products.

Account owners get access access loans and overdrafts, as well as savings, budget and networking tools to help them grow their net worth and meet their financial goals. The Loop app also helps them control and analyze their spending in support of their financial goals.

The primary target is 20 – 34-year-old entrepreneurs, followed by 35+-year-old established bank customers. One can open a Loop account right on the app or website, and there are six Loop centers (Sarit, in Nairobi CBD, Yaya, Buru Buru, Rongai, and Garden City)

In reading the terms and conditions (T&C’s):

  • Loop is an electronic-only account, and customers won’t get served at CBA branches. This is similar to M-shwari.
  • Agreeing to the T&C’s also grant the bank the right to access a user’s mobile money information from telco’s.
  • To get finance, loan insurance from CBA (from death & disability) is mandatory.
  • A debit card (not a credit card) is provided, which can be loaded, can be used to deposit and withdraw cash at an ATM.
  • Account holders can also sign up for CBA investment products that range from between 3 to 12 months.
  • Any disputes that can’t be settled with bank staff, can only go to mutual arbitration (not a court).

The launch had a nice panel discussion that highlighted the disconnect between bankers and entrepreneurs. 

Idea Exchange: Blog, Fintech, Food, scholarships, SGR, Bellagio, Uber opportunities

Africa Food Prize: The preeminent award that recognizes outstanding individuals or institutions that are leading the effort to change the reality of farming in Africa from a struggle to survive to a business that thrives. Now in its second year, the US $100,000 prize celebrates Africans who are taking control of Africa’s agriculture agenda. It puts a bright spotlight on bold initiatives and technical innovations that can be replicated across the continent to create a new era of food security and economic opportunity for all Africans. The Africa Food Prize began as the Yara Prize, and was established in 2005 by Yara International ASA in Norway to honor achievements in African agriculture. The deadline for nominations is 05 June 2017 and the winner will be unveiled at a high-profile gala dinner at the African Green Revolution Forum (AGRF), 4-8 September 2017 in Abidjan, Cote d’Ivoire.

ACF is an innovative US$7 million financial support mechanism designed to provide local power project developers and originators with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life. Now in its third year,  ACF 2017 is a financial support mechanism designed to provide local developers and entrepreneurs with the technical expertise and funding required to bring their renewable energy projects to life edit

BAKE Awards:  Since 2012, the Bloggers Association of Kenya (BAKE) Awards first run in 2012, has recognized and awarded exceptional Kenyan bloggers in different categories every year. You can now submit your blog, or even a blog you like, in the BAKE Awards 2017., in 22 different categtors including technology, photography, creative writing, business food, governance , best new blog, corporate sports, travel etc. Deadline is 10th March

BBC: Komla Dumor Award 2017: The BBC is seeking a future star of African journalism for the BBC World News Komla Dumor Award, now in its third year.Journalists from across the continent are invited to apply for the award, which aims to uncover and promote fresh talent from Africa.The winner will spend three months at the BBC headquarters in London, gaining skills and experience. Applications close on 15th March 2017 at 23:59 GMT.

British Institute in Eastern Africa (BIEA):  The (GIGA) Institute of African Affairs (IAA) is looking to fund a limited number of research projects by doctoral students and early career researchers in economics, political science or other social sciences based at research institutions in sub-Saharan Africa, in particular in South Africa.edit

Centum 2017 graduate program runs from 10th to 31st  March 2017 edit

Citi Tech For integrity Challenge:  Citi and its Allies are proud to present the Citi® Tech for Integrity Challenge (T4I), a global initiative to invite and encourage technology innovators from around the world to create solutions to help public sector entities increase transparency and promote integrity. Tech innovators can now apply to the challenge by submitting an application form and one-page document explaining their solutions. Applications are reviewed by Citi and allies for the Accelerator program. edit

EcobankFintech: Developers, programmers and fintech innovators all over Africa are joining forces with Ecobank, the continent’s biggest banking ecosystem to transform finance through technology and innovation. Ecobank is challenging Africa’s new generation of entrepreneurs to find lasting solutions to the continent’s most pressing banking issues. Submit entries in one or more of our key areas of interest for your Chance to win up to $500,000 funding. Deadline 14th April.

EJEA III – The 2017 edition of the Energy Journalism Excellence Awards competition is open to Kenyan based professionals, those directly employed or freelancers, reporting about Kenya through print, broadcast or digital media. edit

Google: If you’re in Kenya, Nigeria and South Africa (for Africa), apply now to Launchpad Accelerator.  Apply here by 9 April 24, 2017 for training at Google HQ (that) includes intensive mentoring from 20+ Google teams, and expert mentors from top technology companies and VCs in Silicon Valley. Participants receive equity-free support, credits for Google products, PR support and continue to work closely with Google back in their home country during the 6-month program.

GrowthAfrica is looking for ambitious, committed and innovative entrepreneurs in Kenya and Uganda to be part of GrowthAfrica’s Accelerator Programme. The program will equip participating entrepreneurs with skills and knowledge on business and growth strategies, business models, and access to investments. The programmes will be led by experienced facilitators who are carefully selected from GrowthAfrica’s vast pool of industry specialists, who understand the dynamics of running a business and can provide valuable insights to the selected entrepreneurs. The application deadline for Kenya and Uganda is March 12th at midnight 2017.

IFC: Offers a wide variety of financial products for private sector projects in developing countries. To be eligible for IFC funding, the project must: be located in a developing country that is a member of IFC;Be in the private sector; Be technically sound;Have good prospects of being profitable; Benefit the local economy. Also IFC does not lend directly to micro, small, and medium enterprises or individual entrepreneurs, but many of our investment clients are financial intermediaries that on-lend to smaller businesses.

IFRA-Nairobi is offering fieldwork grants to masters and doctoral students to conduct their research in 2017 in one of the five East African countries covered by the Institute: Kenya, Uganda, Tanzania, Burundi and Rwanda.IFRA’s main research themes include: political dynamics, culture and society, economy and land issues. The following topics are IFRA’s priority areas: Elections in Kenya (2017) : mobilization, devolution, culture & technologies, Violence & security : police violence, daily security practices, Informal trade and rural-urban linkages, Social inequalities, morality and authority. edit

Interswitch Group: Pan-African payments company Interswitch Group has announced the extension of a US$10 million ‘ePayment Growth Fund’ (KSH 1 Billion) to East Africa.  The company is looking to collaborate with African entrepreneurs and startups that are developing innovative products that empower Africans to participate in emerging payment ecosystems. The fund is open to any African startup at growth stage that has come up with disruptive concepts within the digital commerce payments industry in Africa. edit 

Mbugua Rosemary Foundation – Young Entrepreneurship Program: The Foundation selects and supports a group of extraordinary emerging-market entrepreneurs who have the potential to transform themselves and their communities through an in-depth training program. It is a resourceful set of classes designed specifically to help you develop a solid plan and learn what it takes to build a thriving business. This program also aims to nurture creativity and develop the participants into socially responsible business leaders and entrepreneurs to support the local economy. The individuals selected will have a strong and viable start-up idea or a business that has been running for a maximum of 3 years. edit

Orange: Call for candidates for the 7th Orange Social Venture Prize in Africa and the Middle East. The OSVPAM will be awarded to innovative projects which make use of information and communication technologies to improve living conditions for the peoples of Africa and the Middle East in fields such as health, finance, education and agriculture. In addition to national prizes, the three international winners will receive 25,000 euros, 15,000 euros and 10,000 euros respectively, along with support from professionals in start-up creation and funding.OSVPAM is open to any student, employee or entrepreneur over the age of 21 whose initiative is less than 3 years old and who lives in Botswana, Cameroon, Côte d’Ivoire, Egypt, Guinea-Bissau, Guinea-Conakry, Madagascar, Mali, Morocco, Niger, the Central African Republic, the Democratic Republic of the Congo, Senegal, Tunisia, Jordan, Liberia or Burkina Faso.

(The) Pulitzer Center on Crisis Reporting, is seeking applications for data-driven journalism projects related to land rights and property rights..We are seeking data-driven stories that utilize the tools of the trade—satellite imagery, 360° cameras, drones, sensors, data visualizations, and interactive maps/graphics ..They will award three grants for a total of $75,000. Apply by May 1, 2017. edit

Rockefeller Foundation BellagioCenter 2017/2018 Academic Writing Residency Program. The Rockefeller Foundation Bellagio Center, through a combination of conferences and residency programs, supports the work of scholars, artists, thought leaders, policymakers, and practitioners who share in the Foundation’s pioneering mission to “promote the well-being of humanity around the world. The Academic Writing residency is for university and think tank-based academics, researchers, professors, and scientists working in any discipline.Successful applicants will demonstrate decades of significant professional contributions to their field or show evidence of being on a strong upward trajectory for those earlier in their careers. Applications are available on the online application portal along with detailed instructions and further information on applying to the Bellagio Residency Program http://www.opportunitiesforafricans.com/rockefeller-foundation-bellagio-center-20172018-academic-writing-residency-program/. Application Deadline: May 1, 2017

Sage: The Sage Foundation launches $1 million Enterprise Fund to inspire innovation and change in Africa. The new $1 million fund is open to non-profits in Africa with enterprising ideas to help improve the lives of military veterans, young people or women and girls. The $1 million will be split between two rounds of $500,000; with the second round ready for release in July 2017. Applications for the first round are open until April 5; grants between $5,000 and $35,000 will then be awarded to successful applicants.

SGR Photography Competition: China Roads and Bridges Corporation (CRBC) presents SGR photography competition, the 2017 edition, an artistic project to nurture creativity and use photography to tell stories.

Stanford Seed Transformation Program:  The Stanford Seed Transformation Program is a 12-month, intensive leadership program for established business leaders which includes four, week-long immersive sessions spread over a six month period. Designed specifically for business owners, the program is delivered in-country (Nairobi, Kenya) and led by Stanford Graduate School of Business faculty. The ultimate goal: to create a detailed action plan to help you grow and scale your company. Take advantage of a world-class curriculum from Stanford GSB and the innovative thinking that has shaped some of the most successful companies in Silicon Valley. Target is founders and senior leaders of for-profit companies, across all industries, with annual revenues between US$150,000 and USD $15 million and that are headquartered, legally registered, and currently operating within East Africa.

WCSJ News Thanks to generous support from foundations, science and media organizations, and individual donors, WCSJ2017 is excited to offer travel fellowships for professional and student attendees from the U.S. and abroad. These fellowships are intended to enable those who otherwise could not attend to join us for the conference in San Francisco, October 26-30, 2017. The grants will provide full or partial support to cover economy airfare, accommodation for the duration of the conference, and reasonable ground transport, up to a maximum amount based on the traveler’s location and circumstances. Fellowship recipients will receive complimentary meeting registration.

World Food Programme Innovation Accelerator: The United Nation’s World Food Programme (WFP) and Singularity University have teamed up to launch the [on/su.org/foodgic]Global Impact Challenge – Food in Emergencies, a contest open to social innovators and entrepreneurs worldwide keen of solving the issue of providing sustainable sources of food in emergencies. The challenge runs over about two months, since the official launch by the Executive Director in Davos at the World Economic Forum last month until the 10th March. Apply for the 2017 Global Impact Challenge

Yale University initiatives support African students:  The path to a university education in the United States has become smoother for African school kids thanks to the introduction of Yale University’s Young African Scholars Program (YYAS).The idea of the program to help talented secondary school pupils in Africa discover academic opportunities in the U.S. came from African undergraduates studying at Yale. In partnership with the HigherLife Foundation and Yale University, YYAS is free of charge to participating pupils and the application is open until March 16, 2017. http://www.your-bizbook.com/en/Club-Africa-News/yale-university-initiatives-support-african-students

Recent Ones (Now Closed)

Andela: Every month we receive applications from talented aspiring developers interested in joining the Andela Fellowship Program. In 2016 alone, we hired 70 developers in Kenya, 30.5% of whom were female. You may be asking, with such great success why an all female cohort? Why an all female cohort? Having an all female cohort encourages women to venture into tech as it counters the narrative that tech is a male dominated field. The only requirements are that the candidate is female, hardworking, detail oriented and has a passion for technology. The application submission deadline is February 15, 2017. Applications are at http://bit.ly/AndelaCohortXVI

Blackbox  The Blackbox Connect Female Founders Edition is an exclusive cycle for high potential female entrepreneurs. The target is to bring at least 17 female founders to the Silicon Valley for a two week immersion program where they will have the opportunity to live and collaborate with like-minded entrepreneurs from all around the world and take part in an intense agenda of meetings and workshops with entrepreneurs, investors, experts and executives. The Blackbox Connect, Female Founders Edition is powered by Google for Entrepreneurs The application is officially LIVE and will be open until March 8, so get those nominations finalized as soon as possible!

Tony Elumelu Foundation (TEF):  Africa’s largest business incubator is now accepting applications from African entrepreneurs, with business ideas that can transform Africa. Successful applicants will join the third cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100 million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country. Since inception in 2015, the Programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.

#UberPITCH Powered By Mettā:  Uber and Mettā in conjunction with Nairobi Innovation Week are giving entrepreneurs a chance of a lifetime. We’re giving you the opportunity to have your ideas heard. On March 6, startup heroes, CEOs and investors will listen to your ideas, all in the back of an Uber through #UberPITCH powered by Mettā Nairobi and the rides won’t cost a thing. The theme of this year’s UberPITCH powered by Mettā will be ‘Innovation to solve pressing local and global challenges’. The top teams will be invited for a special event with some of Kenya’s leading investors and business leaders. Find out more and submit your application → http://t.uber.com/pitch254 We are teaming up with Uber during Nairobi Innovation Week 2017 to give entrepreneurs the chance of a lifetime! On March 6, request an UberPITCH and pitch your idea to an investor. For more information, visit t.uber.com/pitch254