TechCabal, a leading publication focused on the African tech ecosystem, recently interviewed Otaigo Elisha and Diana Orembe, co-founders of NovFeed, the Grand Prize Winner of the Milken-Motsepe Prize in AgriTech. The interview details NovFeed’s journey from identifying a key problem in the agriculture sector, developing a solution, and winning the $1 million Grand Prize to scale its business. Read the full interview here.
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Why FinTech?
In emerging and frontier markets, particularly in rural areas, small and medium enterprises (SMEs), including micro-enterprises (MSMEs), are the backbone of local economies. These enterprises, which represent over 90 percent of all global businesses, contribute to nearly 40 percent of gross domestic product in such economies. In Sub-Saharan Africa, SMEs represent approximately 95 percent of all registered businesses and are drivers of economic progress. Small and Medium Enterprises (SMEs) play an instrumental role in advancing sustainable development goals (SDGs). They create jobs, reduce poverty, empower women, innovate, and adopt eco-friendly practices, contributing to economic growth, gender equality, and environmental sustainability. However, SMEs in African markets encounter obstacles when it comes to accessing capital and financial services. With limited access to digital tools, such as internet connectivity and modern software, small businesses face hurdles in conducting transactions efficiently. Additionally, the high costs associated with financial transactions, coupled with stringent identification requirements,