• Latest
  • Trending
Madica Ventures bridges the financial gap in Fintech

Madica Ventures bridges the financial gap in Fintech

December 29, 2022
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Technology 5G

Madica Ventures bridges the financial gap in Fintech

Felicia Akindurodoye by Felicia Akindurodoye
December 29, 2022
149 1
0
Madica Ventures bridges the financial gap in Fintech
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Madica stands for “Made in Africa” and aims to close the funding gap. In a statement, Emmanuel Adegboye, the head of Madica, explained that the investment initiative initiated by Flourish Ventures sums to “broaden the pool of capital coming into Africa.” Under the sector-neutral program, which will run for three years, pre-seed firms across the continent will receive up to $200,000 in equity capital.

There are various preferred funding sources for the ICT industry in Africa. In Africa, entrepreneurs raised $5.2 billion last year, but the Big 4 nations—Nigeria, South Africa, Egypt, and Kenya—collected more than 70% of the total. The other 50 African countries raised a total of $1.4 billion, which isn’t much but is a 382% increase from the year before.

The funding gap is not only geographical but also shows up in the grant-receiving sectors. Despite making up only 32% of investment deals, fintech got 63% of funding on the continent last year. Fintech’s dominance is understandable—57% of the continent is still unbanked—but other industries that could help the continent expand and thrive are not given the same attention. Because of this lack of money, there is a need for more funding and research in deep technology, especially in areas like artificial intelligence and blockchain.

Read also: Madagascar, Mauritania Get $36.5m Clean Cooking And $40 M Water Supply Project Funding

Program Budget of Madica

Madica has budgeted an additional $6 million for programmatic support in addition to the $6 million set up for investment funding. Adegboye claims that this aid comes in the form of a network of coaches, mentors, and specialists who can give companies specialized hands-on help.

RelatedPosts

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

Airtel Africa invests in education with 100 scholarships and new tech hubs

AfriChange embraces stablecoins to power cross-border remittances

Program Eligibility

A minimally viable product (MVP), full-time founders, and little to no institutional funding are requirements for startups to be accepted into the program. Startups in the pre-seed stage are still in the ideation stage, where they are trying to design a product and figure out if there is a market for it. When questioned about whether Madica, ideally, paying customers for these pre-seed firms, Adegboye responded that Madica is designed for startups who are at the initial stages of trying to raise institutional finance.

Karim Beguir, the co-founder and CEO of Instadeep AI firm based in Tunisian, stated that “artificial intelligence will drive decision-making and will soon determine the next most powerful government and economy.” Instadeep raised $100 million in Series B funding in January. Beguir has good reason to be confident. An artificial intelligence chatbot named ChatGPT acquired 1 million users in just 5 days. For comparison, Facebook presently has 3 billion users, and it took them a year to grow by just 1 million.

BLNK Raises $32 Million for Instant Inclusive Consumer Credit in Egypt

In a phone call, Adegboye said that with his experience in venture capital and as a founder, along with Flourish Ventures’ knowledge of the continent, they had found that most of the investment in Africa went to the Big 4, fintech, and well-connected male founders.

Adegboye also said that Madica’s plan to include other ecosystem sectors was important because “it takes a diverse group of founders to solve the problems on the continent.” Even though Madica will continue to invest in businesses from the Big 4, Adegboye noted that the program would specifically look for firms from other nations to demonstrate to investors that investing in other African countries is secure.

He continued, “There is a monumental effort to shift that narrative and produce 25 to 30 success stories throughout the continent over the next three years, which will then encourage global investors to think about other industries and nations differently.

Tags: AfricaFintechMadica
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.