Sokowatch: African startup gets GHC70m in funding; set to digitize informal B2B supply-chain markets

Sokowatch: African startup gets GHC70m in funding; set to digitize informal B2B supply-chain markets

- Sokowatch, a startup based in Kenya, has raised $14 million in funding to helo it create a unique platform for merchants

- The platform connects the merchants with suppliers in a bid to digitize orders, payments and logistics

- Plans are in place for Sokowatch to broaden its clients base from working-capital to data-analytics and target new African markets

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A Kenya-based B2B e-commerce startup, Sokowatch, is set to revolutionize the African supply-chain industry with a focus on informal retailers.

Sokowatch raised $14 million in funding and has created a platform that connects merchants with local and multinational suppliers.

The suppliers, include business giants such as Unilever and Proctor and Gamble, and Sokowatch’s plan is to digitize orders, payments and logistics.

Sokowatch: African startup secures over GHC70 million in funding; set to digitize informal B2B supply-chain markets

Source: techcrunch.com
Source: UGC

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Per a report by techcrunch.com, , Sokowatch, which was launched in 2016, raised a $2 million seed round in 2018.

It has since then expanded into other African countries such as Rwanda, Tanzania and Uganda.

The chief executive officer (CEO), Daniel Yu, has hinted that Sokowatch intends to soon broaden its clients base from working-capital to data-analytics and target new African markets.

The business has also revealed plans of using its infrastructure to enter into business-to-consumer online retail in the near future.

In other news, the Bank of Ghana has introduced a platform with which commercial banks can trade in real-time.

The decision, according to the Central Bank, is in line with measures to help stabilize the cedi against its major trading currencies.

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Referred to as the Refinitiv Matching Platform, it forms part of the Bank of Ghana’s plan to provide a transparent trading system.

This, per a report by Business Insider, would create a stable pricing strategy for the local currency.

According to the governor of the Bank of Ghana, Dr. Ernest Addison, the platform is the latest addition to the number measures the bank is employing to stabilize the cedi.

“The adoption of this platform is key to deepening the local FX market, and we, therefore, expect full adoption from every bank.

I expect this platform to play an effective role in further transforming the interbank market into a deeper, liquid and more efficient one which would, in turn, support the central bank’s mandate of price and financial stability,” Dr Addison noted.

YEN.com.gh understands that other major stakeholders such as the Bulk Oil Distribution Companies and mining firms would soon be rolled unto the platform.

This would help them see in real-time the trading position of the cedi against the other currencies

READ ALSO: Akufo-Addo promises to pay clients of savings & loans companies from Monday, February 24, 2020

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Source: Yen

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