Untapped Global and Asaak Partner to Finance 2,000+ Motorbikes in Uganda

Partnership expands financing options for African entrepreneurs through Smart Asset Financing™

KAMPALA, Uganda, Dec. 2, 2021 /PRNewswire/ — Untapped Global, an innovative investment company focused on emerging markets, announced today a scale up of its partnership with Asaak, a financial services provider to unbanked Ugandan entrepreneurs, to provide financing for over 2,000 motorcycles over the next 12 months.

Asaak Boda Boda Driver

The partnership will revolutionise motorcycle leasing in Uganda, by leveraging the rapid digitization happening across the continent. In the past, access to money-making assets such as motorbikes was limited to those who could afford to purchase them in full, and markets were dominated by informal lenders. Now, companies like Asaak are digitizing the lending process, making it safer and easier for entrepreneurs to lease and finance their own assets – a key to economic development on the continent.

Asaak offers financial services via a digital platform to entrepreneurs who otherwise would not have access. Asaak’s boda boda (motorbike) financing program approves drivers for loans based on financial and behavioral data, such as the number of trips completed on mobility apps, including Bolt (Taxify), Safeboda, Uber and Jumia. Most boda drivers rent motorcycles because they cannot afford to buy one in cash, nor do they have the formal credit or income history to qualify for a bank loan. This is where Smart Asset Financing™ comes in.

Untapped Global’s Smart Asset Financing investment model finances revenue-generating assets for entrepreneurs and SMEs in the world’s fastest-growing emerging markets, such as Uganda, Kenya, South Africa, and Mexico. Untapped and Asaak had a successful initial pilot in November 2020 to finance 40 motorbikes, and this month, Untapped signed on to provide scale-up financing for over 2000 vehicles in the next 12 months.

The pilot and scale up prove Untapped Global’s innovative Smart Asset Financing model offers great potential for follow-on funding for growing partners. The company uses real-time IoT data for the assets it finances to track key metrics such as usage and revenue, allowing for faster due diligence. While Asaak’s fast growth and expansion have enabled an equally fast scale-up of investment from its financing partner.

“Mobility is an important driver of economic development in Africa, and digitizing financing for boda bodas is key to making transport more accessible and affordable,” says Jim Chu, Founder and CEO at Untapped. “We look forward to providing the financing to help Asaak scale their business as much as they, and their entrepreneurs, need.”

“Our goal at Asaak is to make it easier for gig economy workers across Africa to access sustainable financial services,” Dylan Terrill, Chief Business Officer of Asaak said. “The team at Untapped is aligned with that goal and our growing partnership underscores the dedication to ensure that business owners have the opportunity to reach their full economic potential.”

Untapped Global is currently running a crowdfunding campaign on Wefunder to enable any investor large or small to participate in the movement to empower entrepreneurship around the world.

About Untapped Global
Based in San Francisco with teams in East Africa, West Africa, the Caribbean, and Europe, Untapped Global is reshaping profitable investing in frontier markets. On a mission to empower the next billion entrepreneurs to scale to their full potential, Untapped creates opportunity by connecting frontier market innovators to global investors through its Smart Asset Financing™ platform that provides CAPEX financing for revenue-generating assets. Press or other inquiries please reach out to Lundie@untapped-global.com.

About Asaak
Asaak  is an African fintech company that provides asset financing to entrepreneurs across Africa. In 2019, they launched a motorcycle financing product for taxi (“boda”) drivers in partnership with the country’s largest ride hailing apps: Jumia, Uber, SafeBoda, and Bolt. Asaak is backed by leading American and African VCs (Resolute Ventures, Social Capital, 500 Startups, HOF Capital, Catalyst Fund). For more information, visit www.asaak.com or contact press@asaak.com

Untapped Global Logo

Photo – https://mma.prnewswire.com/media/1700940/Asaak_Boda_Boda_Driver.jpg

Logo – https://mma.prnewswire.com/media/1640513/Untapped_Global_Logo.jpg

Govt searches for African visitors

Published by
The Bangkok Post

The Immigration Bureau and the Ministry of Public Health are tracking about 783 African travellers who have entered Thailand since Nov 15. They want to test them for the Omicron coronavirus variant. The African visitors are believed to be in tourist destinations including Bangkok. The immigration police and the ministry are also maximising Covid-19 control measures at the airports. From Nov 15 until last Saturday, a total of 333 people from eight southern African countries, currently banned by several countries from entering, have entered Thailand. The countries are Botswana, Eswatini, Lesotho… Continue reading “Govt searches for African visitors”

Multiple Cases of Omicron Variant Detected In New York City

Multiple cases of the omicron coronavirus variant have been detected in New York, health officials said Thursday, including a man who attended an anime convention in Manhattan in late November and tested positive for the variant when he returned home to Minnesota.

In addition to the conventioneer, tests showed five other people recently infected with COVID-19 had the variant, health officials said. They included a person in the city’s Long Island suburbs who had recently traveled to South Africa, residents of Brooklyn and Queens, and another case possibly linked to travel.

“No cause for alarm. We just want to make sure that the public is aware of information when we receive it,” said Governor Kathy Hochul.

New York City Mayor Bill de Blasio said the geographic spread of the positive tests suggested the variant was undergoing “community spread” in the city and wasn’t linked to any one event.

The news came a day after the U.S. announced its first case of the variant had been detected in California, in a person who had recently traveled to South Africa.

Officials reported another case Thursday in a Colorado woman who had recently traveled to southern Africa.

The Anime NYC 2021 convention Nov. 19-21 drew about 50,000 people, according to event organizers, and attendees were required to wear masks and show proof of having received at least one dose of a COVID-19 vaccine.

Officials in New York said they were working to trace attendees of the convention, which was held at the Jacob K. Javits Convention Center as New York City prepared to host the annual Macy’s Thanksgiving Day Parade and braced for throngs of tourists to return after the U.S. opened up to vaccinated international travelers.

Infections were expected

Officials in the city of 8.8 million said they expected it would be only a matter of time before the new variant was reported in the city. City Health Commissioner Dave Chokshi urged people who attended the event to get tested.

“We should assume there is community spread of the variant in our city,” de Blasio said in a statement.

The Minnesota man began experiencing mild symptoms Nov. 22. He had been vaccinated and received a booster shot in early November, according to health officials in his home state. He sought COVID-19 testing Nov. 24, and his symptoms have subsided, officials said.

Minnesota Health Commissioner Jan Malcolm said the man had not traveled outside the U.S. recently.

“Just given the timing … it seems quite possible, perhaps the most likely, that this transmission happened at the arena convention in New York City, but that’s not definitive,” Malcolm said.

Nov. 22 was the same day the person infected in the California case returned to the U.S. from South Africa. The California traveler, who was vaccinated, developed mild symptoms and tested positive Monday.

Much remains unknown about the new variant, including whether it is more contagious, as some health authorities suspect, whether it makes people more seriously ill, and whether it can thwart the vaccine.

Omicron is classified by the World Health Organization as a “variant of concern” as scientists work to determine how it may compare with the predominant delta variant in terms of transmissibility and severity. Scientists also are studying the degree to which existing vaccines and therapies protect against omicron.

Scientists in South Africa first reported it, but the samples came from several countries in southern Africa. And health officials in the Netherlands now say it was found there prior to the South Africa detection.

‘Get vaccinated’

As comfort over air travel returns, it’s inevitable that new variants like omicron will spread from country to country and state to state, said professor Danielle Ompad, an epidemiologist at New York University’s School of Global Public Health.

“We shouldn’t panic, but we should be concerned,” she said.

Hochul said the case involving the Minnesota visitor underlined the need for everyone who is eligible to get vaccinated against COVID-19 or receive a booster shot if they have not already.

“There is one way to address this — New Yorkers, get vaccinated, get boosted, and get ready,” the Democrat said.

Japan’s consul general in New York, Kanji Yamanouchi, delivered the opening remarks at the convention.

A spokesperson for the consulate said Yamanouchi was vaccinated and received a booster shot about three weeks ago. He said staffers at the consulate underwent testing as a precaution.

“He had absolutely no problem in his health condition,” said the consulate’s spokesperson, Kenju Murakami, noting Thursday it had been nearly two weeks.

A website for the convention says that Anime NYC is mounted by Leftfield Media, an event company based in Shelton, Connecticut. A company spokesperson did not immediately respond to an email requesting comment.

Peter Tatara, its founder and event director, referred questions to company spokespeople. He said he had been tested “multiple times” since the event.

New York City Council Ben Kallos, who appeared at the event with the Japanese ambassador, said a rapid antigen test taken Thursday showed he was negative for the virus.

“I can attest to the fact that my vaccine was checked and I got a wristband, and the person who tested positive for omicron was also fully vaccinated,” Kallos said, urging his “fellow anime fans” to get tested. “So it goes to show you, even when you follow all the precautions, we’re still seeing breakthrough cases.”

Source: Voice of America

US Jobless Benefit Claims Remain at Low Level

First-time claims for U.S. unemployment compensation remained at a low level last week as employers retained their workers and searched for more as the United States continues its economic recovery from the coronavirus pandemic.

The Labor Department said Thursday that 222,000 jobless workers made first-time claims for unemployment compensation, up 28,000 from the revised figure of 194,000 the week before, which was a 52-year low.

Even with the increase in claims last week, the figures from both of the last two weeks were well below the 256,000 total in mid-March 2020 when the pandemic first swept into the country and employers started laying off workers by the hundreds of thousands.

The declining number of claims for unemployment benefits shows that many employers are hanging on to their workers even as millions have quit jobs to move to other companies offering higher pay and more benefits.

Many employers are looking for more workers, even as about 7.4 million workers remain unemployed in the United States.

There are 10.4 million available jobs in the country, but the skills of available workers often do not match what employers want, or the job openings are not where the unemployed live. In addition, many of the available jobs are low-wage service positions that the jobless are shunning.

U.S. employers added 531,000 jobs in October, the biggest monthly gain in three months and the unemployment rate dropped to 4.6%. But the U.S. economy is still short more than four million jobs since February 2020. The November jobs figure is set for release on Friday.

The U.S. economic advance is occurring even as President Joe Biden and Washington policy makers, along with consumers, voice concerns about the biggest increase in consumer prices in three decades and supply chain issues that have curtailed delivery of some products to retail store shelves.

Source: Voice of America