Tech News Across Africa

Nigerian startup CashMadam wins Tony Elumelu Foundation Pitch Competition


Nigerian startup, CashMadam yesterday led other four startups from Benin Republic, Madagascar, Nigeria and Tunisia to win the Tony Elumelu Pitch Competition.

CashMadam; founded by Mahassin Quadri, a lawyer and launched in 2015, helps businesses record key business information and uses them to make business recommendations to users with features such as invoice generation, stock alerts as well as daily reports about revenue margins. The startup aims to make inventory and sales management easy for low tech companies.

The 2018 TEF forum featured a Pitching competition session with presentations from the following entrepreneurs;

-Vital Sounovou of Exportunity Benin Republic

-Sandra Onwuekwu of Ecoprune Nigeria

-Jessica Rakotoarisa of Nomad Solar Bag Madagascar

-Mohamed Dhaouafi of Cure Medicare, Tunisia

-Mahassin Quadri of Cash Madam Nigeria

Speaking at Tony Elumelu Foundation forum in Lagos,The CEO of the Foundation Parminder VIR,OBE  disclosed that about $20m has been released for 4,000 African entrepreneurs since the inception of the Tony Elumelu Entrepreneurship Program (TEEP).  this at the 4th edition of the.

Described as the largest gathering of entrepreneurs in the continent, the TEF CEO shared that the initiative keyed into the ideals of the founder Mr Tony O.Elumelu,CON a strong believer in entrepreneurship as a vehicle for Africa’s transformation.

She asserted that the objective of the forum was to change the perception and narrative of Africa, through enterprise development.

Speaking further the TEF boss noted that approximately $10m has been invested in developing the technology infrastructure, that connects all the entrepreneurs across Africa.

She commended the United Nations Development Programme, International Committee for the Red Cross and GIZ-Germany for partnering with TEF to support an additional 460 entrepreneurs in the 2018 edition.

The Chief Operating Officer of the Tony Elumelu Foundation Ifeyinwa Ugo said the TEF Programme has succeeded in creating a model and a blueprint for investing in African entrepreneurs.

Eleni Giokos of the CNN Marketplace in an interactive session engaged Dr(Mrs) Awele Elumelu a board member of the Tony Elumelu Foundation, on the role of the private sector in furthering economic development in the region.

Dr (Mrs) Awele Elumelu who is the wife of the founder of the TEF forum, harped on public-private partnerships as a veritable tool for addressing the challenges in sectors like healthcare.

There was a special dialogue anchored by Mr Tony O.Elumelu , CON which had as special guest President Nana Akuffo Addo of Ghana discussing the role of policy and an enabling environment in promoting entrepreneurship in the region.

Highlights of the event was the official launch of the “TEF Connect” the single largest online platform connecting African entrepreneurs in the globe.


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