TechCabal Daily – mPharma raises $17 million in DFI-led funding round – TechCabal

TechCabal Daily – mPharma raises $17 million in DFI-led funding round – TechCabal


Ghanaian startup, mPharmahas closed$17 million in a funding spherical described by its founder, Greg Rockson as “opportunistic”. Rockson says his company changed into bright for the likelihood to work with a improvement finance institution (DFI) with deep roots in Africa like CDC. CDC led the spherical with participation from about a of the startup’sold investors.

Rockson believes working with a DFI with broad govt contacts across Africa would give a employ to its appeal and relief make stronger its company governance. mPharma additionally launched the appointment to its board of Helena Foulkes, conventional president of CVS, the finest pharmacy retail chain within the United States.

mPharma partners with drug producers, insurance firms, financial institutions, and governments to negate prescription treatment straight to customers in emerging markets. It objectives to operate greater patient gain entry to to excessive-quality drugs. Since its seed spherical in 2015, mPharma has raised over $40 million. In 2019, it outmoded about a of that money to diagram Kenya’s 2d-finest pharmacy chain, Haltons.

In Kenya, OPay-affiliated lending app, OKash uses social shaming to punish users who default on price. Accordingto this pieceby Rest of World, reviews of OKash’s social shaming ways started surfacing as quickly as the app went are residing. A College of Nairobi pupil said the texts mark him his relationship, and
one other user said his boss nearly fired him for embarrassing the company.

Even supposing an OKash glean urged Bloomberg in January that the app not utilized contact lists as leverage over defaulters, buyer reviews teach in every other case. Whereas OKash changed into updated in January to adapt to Google Play’s new guidelines relating price sessions for credit apps, it did not employ away clause 8 — which grants it gain entry to to Kenyan users’ contact data — from its phrases and prerequisites. An Opera spokesperson said that the company is “within the intervening time working on the latest updates of the phrases and prerequisites within the app.”

To fight OKash’s debt collection practices, some other folks glean started gaming the system. Tactics encompass other folks telling their contact listing their
phones bought stolen.

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