InvestXD Heads to African Innovation Summit As One of Top 50 InnovationsThis June, Africa’s senior policy-makers, business angels, top innovators, and other experts will gather in Kigali, Rwanda for the Africa Innovation Summit. The summit serves as a platform working to harness the innovative potential of the African continent through mobilization and engagement.
As part of the event, AIS invites the 50 top innovators in Africa to exhibit their solutions at the forum. Among this year’s attendees will be MEST Portfolio Company InvestXD, a FinTech startup that has created an online savings and investing platform that helps users identify, understand and deposit funds into investment securities such as treasury bills, mutual funds, and fixed deposits easily.
We spoke to founders Richard Yao Baku, Emmanuel Akin-Awokoya, and Andrew Nduati Njage to learn more about AIS.
What does it mean for InvestXD to be one of the Africa Innovation Summit top 50 Innovations?
It is great to be acknowledged by AIS as one of the top 50 innovations in Africa. This only proves that InvestXD has Pan-African potential, and our contribution to shaping the continent is being noted. As Entrepreneurs-in-Training at MEST, we quickly recognised the potential of the young African young population and how the existing silos of financial opportunities can be used for the benefit of the youth.
Why do you believe innovation ecosystems in Africa are important? How have you seen the ecosystem in Ghana grow?
The power lies with consumers. To provide customers value, companies need to understand and keep innovating for their customer. Africans cannot stop innovating since we are burdened with a human capital which is constantly fed by a growing population. Countries like Ghana, Nigeria, Kenya, and Morocco that have been strong in building innovation ecosystems have seen an immense growth in foreign investment, wealth creation, and economic improvement.
More countries should create these ecosystems to allow them to compete in the emerging Africa where a country’s boundaries are broken down by technology.
How does the AIS vision to build a “platform that will support innovators, refine the ideas, and scale them up across Africa and the world” align with InvestXD’s vision?
InvestXD’s vision is to unify the investment assets in Africa under one platform so cross-investment can take place at any time, anywhere, for capital maximization.
The platform AIS is providing allows InvestXD to meet different customers and entrepreneurs that help in refining our ideas and solutions to suit the needs of Africans.
Where do you see the future of innovation in Africa?
There are a lot of unexplored opportunities in Africa. Africa is actively participating in the fourth industrial revolution by applying existing innovations. We are seeing novel innovations that are leveraging emerging technology such as Blockchain, VR, and Internet of Everything. InvestXD in particular is closely watching the progress of blockchain, with a potential focus on building group investing upon it.
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Due to COVID-19, MEST postpones training program to next year and doubles down on growing portfolio companies
At MEST, we continue to be deeply concerned about COVID-19 and have been closely monitoring developments locally and globally. Our number one priority remains the health and safety of our community and we will continue to follow local authority and health official guidelines.
Due to the ongoing nature of the pandemic and the uncertainty that the future of travel holds, we have been unable to conduct in-person interviews and host recruitment around Africa for our next cohort. For this reason, we have taken the decision to postpone the Training Program to next year.
While these circumstances are indeed unfortunate, we see this as an exciting opportunity at MEST to double down on providing support and mentorship to our existing portfolio companies and the African ecosystem.
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