Chika Uwazie, 29, is the dynamic and successful founder of a company providing payroll solutions to Nigerian businesses. She is one of 20 top African digital start-ups supported by the World Bank Group through its XL Africa acceleration program.
A pan-African pilot program, XL Africa’s objective is to scale up high-growth digital start-ups that are providing services and generating revenue while creating employment. The program aims to help businesses attract capital between $250,000 and $1.5 million. It culminated in a two-week residency in Cape Town, South Africa, where entrepreneurs pitched their business concepts to investors following intense mentorship and support on getting investment-ready. Coming from eight different countries, they provide services including solar energy, event planning, printing, and agriculture data via drones.
“Being here, pitching to investors has been very helpful. I could never have got this exposure. It’s hard to be in a room full of investors interested in investing in Africa,” said Uwazie. “But what we need are people who will help us open doors, mentors who understand how Nigeria works.”
Uwazie said it was helpful to spend time with her peers, Africa’s crème de la crème of start-ups, who went through a rigorous selection process from over 900 applicants to be chosen for the XL Africa program.
She founded her company, TalentBase, whose motto is “bringing payroll online across Africa” after working in human resources for 10 years and says providing a software solution in this sector was a natural progression. Next, Uwazie plans to take TalentBase to other countries such as Kenya and Ghana.
Paul Noumba Um, World Bank country director for southern Africa, said XL Africa showed that scaling up Africa’s top start-ups was a worthwhile project which needs continued support.
“What I saw here is really exciting. These are companies that are already running and solving problems in Africa and helping consumers and businesses to be more efficient. For instance, if you are in Nigeria, there’s Rensource, which offers affordable electricity supply, and a company can run without having to worry about investing in back-up generators,” he said. “It’s great to see the World Bank Group develop a platform such as XL Africa for identifying and nurturing innovative and disruptive start-ups, but we need to continue building national and regional ecosystems to multiply these successes.”
In designing XL Africa, the World Bank Group elected to target the investment readiness of the top digital firms that were poised for scaling through custom mentorship and direct access to investors, a need unmet by many existing accelerators on the continent. Sourcing experienced local mentors for the program was especially difficult and is among the elements of Africa’s entrepreneurship ecosystems that need further strengthening for future generations of pan-African programming to be successful, said Natasha Kapil, World Bank senior private sector specialist.