Hi everyone, and welcome back to This Week in StartupGhana newsletter! From new funding milestones to strategic appointments and policy updates, we’ve got the latest news shaping the future of business and technology. Here are the top headlines:
- Ghana’s inaugural women-focused fund, Zinari, hits first close of its GHS 120 million fund.
- Intern to Chief Operating Officer: ShaQ App appoints Rhoda Folie as Chief Operating Officer.
- Ghana’s Reach for Change selected for Village Capital’s Empowering Sustainable Africa Initiative.
- Startups Cooperative Credit Union hits 1,000 members.
- Oze advances to the final stage of the $1 million Milken-Motsepe Fintech Prize.
- Is the FMCG giant, GB Foods, considering a corporate venture capital strategy?
Accelerator & Incubator
Ghana’s Reach for Change selected for Village Capital’s Empowering Sustainable Africa Initiative.
Reach for Change, the social enterprise-focused venture builder is part of the five Enterprise Support Oragnizations (ESOs) that have advanced to the final phase of Village Capital’s Empowering Sustainable Africa Initiative. Backed by the Norwegian Agency for Development Cooperation, the initiative focuses on strenthening the capacity and impact of climate focused entrepreneur support organisations across Sub-Saharan Africa.
Each of the five selected ESOs will receive up to $260,000 in funding to support team time, venture workshops, and startup grants in their markets. Two members from each ESO will spend up to 70% of their time seconded to Village Capital, gaining hands-on experience in startup support, venture selection, program design, and facilitation.
Oze advances to the final stage of the $1 million Milken-Motsepe Fintech Prize.
Ghana’s Oze has reached the final stage of the Milken-Motsepe Prize in Fintech. The company will compete for the $1M prize against Kenya’s Chumz and the UK’s Verto in May 2025 at the Milken Institute’s Global Conference in Los Angeles.
Led by Meghan McCormick, Oze offers a digital lending platform to close Africa’s credit gap for small and medium-sized enterprises. The app digitizes SMEs’ financial data, allowing banks to evaluate risk more accurately and extend credit to businesses that may otherwise struggle to access funding. By providing reliable lending options for African SMEs, Oze aims to help businesses grow sustainably and reach their full potential.
Funding
Ghana’s inaugural women-focused fund, Zinari, hits first close of its GHS 120 million fund.
Zinari Women’s Enterprise Fund (Z-WEF), Ghana’s first women-focused fund has announced the successful GHS 35 million first close for the GHS 120 million Fund. Anchored by the government’s fund-of-fund vehicle, Venture Capital Trust Fund, the fund seeks to bridge the financing gap for female entrepreneurs.
The fund will write cheques of between GHS 100,000 to GHS 12 million to 20 Small and Growing Businesses that are women-owned, led/managed and/or incorporate women in their value chains with an expected impact of creating both direct and indirect jobs.
Startups Cooperative Credit Union hits 1,000 members.
The Startups Cooperative Credit Union has reached a major milestone, surpassing 1,000 members. This alternative finance scheme empowers entrepreneurs with a wide range of financial solutions, including savings and current Accounts, investments (shares and dixed deposits), debt and equity Financing, hire purchase, and business advisory support. By pooling resources, the union not only bridges funding gaps but also offers financing at more affordable rates than traditional financial institutions.
Is the FMCG giant, GB Foods, considering a corporate venture capital strategy?
GB Foods, the producer of popular products like Gino and Pomo, may be exploring corporate venture capital (CVC) as part of its growth strategy. Last week, the company posted a job listing for an Investment Analyst, signaling potential interest in expanding its footprint in the startups and SMEs. According to the job description, the Investment Analyst will support GBHub Africa’s investment strategy by identifying and evaluating investment opportunities in startups and SMEs across Africa’s food systems.
This move reflects a growing trend among FMCG companies using CVC to innovate and strengthen their supply chains, particularly in emerging markets like Africa, where food systems are rapidly evolving.
Policy
Taptap Send and Consolidated Bank Ghana resume forex transactions after the BOG’s suspension.
Taptap Send and Consolidated Bank Ghana have resumed their operations after having their licenses suspended by the Bank of Ghana last month. Taptap Send, which provides cross-border money transfer services, has now resumed its operations, ensuring continued remittance services for its users. Similarly, CBG has restored its foreign exchange services, allowing customers nationwide to buy and sell foreign currencies once again. Both companies have worked closely with the central bank to address compliance issues, marking a return to full service.
Talent
Intern to Chief Operating Officer: ShaQ App appoints Rhoda Folie as Chief Operating Officer.
ShaQ App, the super app transforming digital services in Ghana, has announced the appointment of Rhoda Folie as its new Chief Operating Officer (COO) and Co-founder. Folie joined ShaQ App as an intern in 2021 with a vision and determination to make an impact. Over time, she rose through the ranks, excelling in multiple roles such as Vendor and Product Administrator, Ecommerce Manager, and eventually assuming the role of Head of Business. Her leadership abilities, strategic mindset, and commitment to operational excellence made her a natural fit for the COO position.
Stay tuned for more updates on the exciting progress of Ghana’s startup landscape and the key players driving change. We look forward to bringing you more insights in our next edition.
Until next time,
The GIJ Team
