Connect with us

GRTech

TradeDepot Set To Transform Informal Retail Supply Chain With Another $10M

Published

on

TradeDepot, the B2B eCommerce platform for consumer goods in Africa, has raised a further $10 million in a pre-Series B equity round co-led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital.

This is in addition to the $3 million Series A led by Partech in 2018. TradeDepot will use the new investment to continue its integration of the fragmented informal retail supply chain in Nigeria, expand into other African cities and launch a suite of financial products and credit facilities, to support its retailers

Since its launch in 2016, TradeDepot has built a network of more than 40,000 micro retailers in Nigeria. Working with global distributors and manufacturers including Nestlé, Unilever, GB Foods and Danone, TradeDepot makes household supplies, such as milk, soap, detergent and other essentials more accessible and affordable for the informal urban retail networks it operates in. 

Retailers order and pay for goods using TradeDepot’s mobile apps (Android and Whatsapp), USSD or a toll-free number and have them delivered directly to their stores via the company’s fleet of vans and tricycles. They can also order stock and manage their inventory online, with a number of ways to pay, including digital payments and cash.

For consumer goods brands, TradeDepot enables direct-to-retail distribution in the massive informal sector in some of Africa’s busiest cities. TradeDepot also provides a CRM and data management system that enables suppliers to plan and monitor their sales routes in real time, as well as gain invaluable insights into trade and retail data.  

Working with TradeDepot, retailers across Nigeria have increased their revenue and improved their business outcomes as a result of better access to products for their stores. One retailer grew the amount of sales transacted by more than 15x. Another retailer who was barely breaking even and had seen no real growth in 15 years was able to increase her net monthly margin by almost 100 percent monthly, hire three new employees and is now considering expansion.

Using data and analytics to inform better retail decision making at each stage of the supply chain, TradeDepot has recorded considerable growth since its launch, activating a new store every three minutes, and receiving a retailer order every 4 seconds, on average. The company has also tripled its volume of trade in the last 12 months.

Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot says, “We are excited to strengthen our team and welcome on board some incredible strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent. Africa’s offline retail market is estimated at $1 trillion, and this new investment allows us to capture an even greater segment of that market. We will continue to use data to drive efficiencies and provide an easier stock acquisition service for our 40,000+ retailers, driving down costs for them by negotiating even better deals with our global manufacturing partners, whilst simultaneously providing a better, faster route to market for our suppliers.”

In a bid to help retailers grow their businesses, TradeDepot is set to launch a suite of financial products and credit facilities. Many retailers do not have the collateral that banks demand but by leveraging their trading relationship with TradeDepot, retailers can access the funds they need to buy more goods, scale their businesses and generate more revenue.

Wale Ayeni, Head of Africa Venture Capital Investment at IFC adds, “TradeDepot is a rising star in

the African internet landscape, helping digitize a substantial underserved informal retail segment,

which is the pillar of economic growth in Africa. The founders’ vision to build a digital platform that

improves the unit economics of serving the mass-market is one that we feel privileged to

support.”

More than 75 percent of the retailers on TradeDepot’s platform are female entrepreneurs and TradeDepot will offer mentorship and opportunities to link with domestic and global markets, to further support its predominantly female customer base to grow and expand their own businesses. 

Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, said, “Women play a pivotal role in driving economies across Africa, but lack of access to capital, limited market linkages, cultural norms and other challenges often prevent them from achieving the success they want. We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”  

Tidjane Dème, General Partner at Partech said, “we are proud to continue our partnership with TradeDepot as they continue their work to transform the huge informal markets that are present in Africa. The founders have a wealth of experience that puts them in a great position to execute on their vision, and their approach and results to-date are why we are so excited by the extraordinary entrepreneurs harnessing the power of technology to address issues across the continent.”

Ben Harburg, Managing Partner at MSA Capital said, “TradeDepot is leading the digitization of informal enterprise across West Africa at the most critical touch point – the distribution and sale of essential foodstuffs by SME retailers – driving efficiency improvements, increased service offerings, and costs savings to both consumers and merchants.”

Continue Reading

GRTech

Identity Management Day: Sophos Warns Against Data Breaches Linked to Identity Theft

REPORTER: Sandra Ani

Published

on

identity theft -
identity theft -

79% of data breaches are linked to identity theft and cost businesses an average of $4.5 million, according to reports from the Identity Defined Security Alliance (IDSA) and the Ponemon Institute.

Additionally, the 2025 edition of the Sophos Active Adversary Report reveals that the average time between the start of an attack and data exfiltration is only 72.98 hours (3.04 days), while the average time between exfiltration and attack detection is just 2.7 hours.

Cyberattacks are becoming increasingly fast, and the longer a compromised identity remains active, the greater the potential damage.

In light of this, Sophos, one of the world’s leading providers of innovative security solutions designed to neutralize cyberattacks, is taking advantage of Identity Management Day, which takes place on Tuesday, April 8, 2025, to remind businesses of the best practices they should follow to manage and secure digital identities.

Cybercriminals can use a compromised identity to access confidential information, steal data, move laterally within the organization, and launch further attacks.

It is therefore crucial to take immediate action to contain breaches and minimize their consequences.

In this context, automation plays a key role by enabling organizations to respond quickly and effectively to identity-related threats.

Five Automated Measures to Protect Against Identity Theft

1. Disable the User

When an identity breach is detected, one of the first steps is to disable the compromised user account. By preventing the attacker from using the stolen identity to access company systems and data, this measure outpaces the hacker and helps contain the breach.
Automation significantly speeds up this process. With automated response tools, businesses can quickly identify compromised accounts and disable them in real-time. This reduces the attack window and minimizes potential damage.

2. Force Password Reset

Passwords are often the first line of defense against unauthorized access attempts. In the event of an identity breach, it is essential to immediately force a password reset for the compromised account to prevent hackers from using stolen credentials.
Automated rules can be set up to trigger an instant password reset as soon as a breach is detected. This saves time and ensures that the reset process is initiated without delay, reducing the risk of further unauthorized access attempts.

3. Force Multi-Factor Authentication (MFA) Reset

Multi-factor authentication (MFA) adds an extra layer of security by requiring users to enter a verification code in addition to their password. If an identity breach occurs, it is crucial to reset MFA for the compromised account. This means that the user will have to re-authenticate using their MFA tool, which automatically invalidates any stolen authentication tokens the attacker may have acquired.

Automated rules can trigger the refresh of MFA tokens, ensuring that compromised accounts are quickly reauthenticated. This prevents cybercriminals from using stolen authentication tokens to access company systems.

4. Lock the Account

Locking a compromised account prevents hackers from attempting to use it until the issue is resolved. This also gives the organization time to investigate the breach and apply the necessary corrective measures.

Automation streamlines the account locking process, allowing businesses to lock compromised accounts as soon as a breach is detected. This immediate response helps contain the breach and blocks further unauthorized access attempts.

5. Revoke Active Sessions

In addition to disabling the user account and forcing a password reset, it is essential to revoke all active sessions associated with the compromised identity. This ensures that the attacker is immediately logged out of all systems they accessed using stolen credentials.
Automated actions can be configured to revoke active sessions in real-time, instantly disrupting any unauthorized access. This is a critical measure to neutralize the breach and prevent further malicious activity.

For more information, please visit: https://www.secureworks.com/blog/5-critical-response-actions-for-an-identity-breach

Continue Reading

GRTech

Samsung Expands Accessibility with Local Language Integration on Galaxy S25, A56, A36, and A26 Devices

By SANDRA ANI

Published

on

Samsung local Language integration launch
L-R: Stephen Okwara, Head, Product Management, Mobile Experience, Samsung Electronics West Africa; Joy Tim-Ayoola, Group Head, Mobile Experience, Samsung Electronics West Africa; Tae Sun Lee, Samsung Electronics West Africa CEO; Oge Maduagwu, Head of Marketing Samsung Electronics West Africa, and Nathan Lee, Regional Business Lead, Mobile Experience, Samsung Electronics West Africa, at the launch of Nigeria local language integration on Galaxy S25, A56, A36, and A26 devices, on April 03, 2025.

Samsung Electronics has taken a bold step in enhancing user experience and inclusivity by introducing Hausa, Igbo, and Yoruba as official language options on selected Samsung Galaxy devices.

The feature, which is now available on the Galaxy S25, A56, A36, and A26 devices, reaffirms Samsung’s commitment to delivering innovative technology that speaks the language of its users.

With this groundbreaking update, Samsung users across Nigeria can now navigate their smartphones in their preferred local language, making technology more accessible, while also upholding our cultural heritage.

A Celebration of Culture and Technology

To mark the launch, Samsung hosted a cultural-themed press briefing featuring traditional music, local cuisine, and a showcase of the new language feature. Employees and guests attended in traditional Yoruba, Igbo, and Hausa attires, celebrating Nigeria’s rich cultural diversity.

Samsung also announced plans to expand local language support to more devices in the near future, reinforcing its dedication to making technology more inclusive for African users.

Empowering Users Through Language

The integration of Hausa, Igbo and Yoruba on Samsung devices reflects the brand’s mission to bridge the digital gap and enhance user engagement. Speaking at the press conference, Oge Maduagwu, Head of Marketing, Samsung Electronics West Africa, said, “At Samsung, we understand that technology is most powerful when it is accessible to all. By incorporating our local Nigerian languages, we are making our devices more intuitive and relatable, ensuring that millions of Nigerians can interact with their smartphones in the language they love and understand best”.

Seamless Language Transition on Galaxy Devices

Stephen Okwara, Head of Product Management, Samsung Electronics West Africa added, “The new local language feature is designed to deliver a seamless user experience, allowing customers to easily switch between languages. Users can activate Hausa, Igbo, or Yoruba on the Galaxy S25, A26, A36, and A56 by navigating to:

Settings > Language & Input > Select Language

“This update enhances smartphone usability, particularly for those who prefer their native language over English, ensuring greater digital inclusivity, enhancing digital literacy and encouraging more users to engage with technology in their native tongues”, he concluded.

Availability

Customers can visit all Samsung Experience Stores or authorized retailers in Nigeria to learn more and experience the feature firsthand.

Continue Reading

TechNews

NITDA DG Inaugurates National Technical Working Group on Cloud Infrastructure

REPORTER: Sandra Ani

Published

on

Kashifu Inuwa DG NITDA during virtual inauguration of TWG on National Cloud Infrastructure
The Director General of NITDA, Kashifu Inuwa, during the virtual inauguration of the Technical Working Group on National Cloud Infrastructure

In a significant move to bolster Nigeria’s digital infrastructure, the National Information Technology Development Agency (NITDA) has inaugurated the Technical Working Group (TWG) on National Cloud Infrastructure.

This initiative aims to enhance local cloud capabilities, attract hyper-scale investments, and position Nigeria as a leading technology hub in Africa. 

Speaking at the inauguration, NITDA’s Director-General, Kashifu Inuwa, CCIE, emphasised the need for accurate data and regulatory frameworks to support these initiatives, necessary for Nigeria to control its digital infrastructure, data, and technological future noting that,

“Without this foundation, we cannot achieve true digital sovereignty. Our goal is to build an ecosystem where both local data centre providers can scale, and global hyper-scalers see Nigeria as a viable investment destination.” 

While identifying lack of accurate data on Nigeria’s IT infrastructure as significant challenge, Inuwa noted that while Africa comprises nearly 19% of the world’s population, it hosts less than 1% of global data centres.

“This disparity, coupled with limited insights into Nigeria’s existing IT capacity, hampers investment efforts and without clear data on our infrastructure, attracting investment becomes challenging,” he said.  

The NITDA boss maintained that, to address this, NITDA commissioned comprehensive research to assess Nigeria’s digital landscape which findings have highlighted the need for improved regulatory frameworks, clearer investment incentives, and stronger public-private collaboration. He added that subsequently upon this, NITDA has engaged global consultants to redefine strategies for cloud development. 

As the TWG embarks on its mission, NITDA urges industry experts, policymakers, and stakeholders to contribute their expertise and resources. “With collective effort, Nigeria can emerge as the premier digital hub for West and Central Africa,” Inuwa concluded.

While corroborating the Director General’s point of views, Acting Director of Regulation and Compliance, Barrister Emmanuel Edet, underscored the importance of regulatory intervention in fostering a robust digital economy.

“Our objective is to establish policies and legal frameworks that support cloud development, enabling us to securely host and manage our data. This is crucial for the growth of our digital economy, he said.”  

He also highlights the necessity of capacity building, stating that, “Equipping ourselves with top-tier training and expertise is essential to fully leverage digital technologies.” Barrister Edet called on all stakeholders to actively participate in shaping Nigeria’s digital future.

“Collaboratively, we must develop a framework that reflects our national interests, and it should be widely accepted. This effort will define Nigeria’s role in the global digital arena, he observed. 

The TWG will help in the drive to attract hyperscale investments and enhance local cloud capabilities by proffering measures to encourage the use of accurate data, recommend the enactment and compliance to enabling policies.

Members of the TWG which includes Google, AWS, IBM, Oracle, Microsoft, HUAWEI Cloud, Equinix, Kasi, Rack Centre, Africa Data Centres, several other data centre operators and the Nigeria Data Protection Commission expressed support and readiness to volunteer and contribute resources.

Continue Reading

Trending