When Bright Chinyundu H’20, the CEO and founder of BroadPay in Zambia, and Andrew Airelobhegbe H’20, the co-founder and CEO of Lenco in Nigeria, landed up as roommates en route to the Harambe Bretton Woods Symposium in 2021, little did they think that this chance encounter would lead not only to an enduring friendship but to a business partnership.
Chinyundu started Broadpay, a payments solution, in Zambia in 2013. It was initially set up as a traditional business and not a tech venture, but he lost control very early on after raising seed capital. Subsequently, every move had to be validated by his investor, who held a majority stake. “From the beginning, they were calling the shots,” says Chinyundu. It was at this point that he decided to create “Sparkle” to regain some degree of independence and he was ultimately able to buy out his early investor in Broadpay and fold Sparkle as a product under it.
The Alliance was a “turning point” for both Sparkle and Broadpay. Chinyundu began promoting his ideas to other Harambeans as he sought ways to expand beyond the relatively small Zambian market. A pivotal moment occurred during the Bretton Woods retreat when he roomed with Airelogbhegbe, who had a similar solution, Lenco, that he was building in the Nigerian ecosystem. With Airelogbhegbe’s support, Sparkle entered the Nigerian market operating under the Lenco license. Chinyundu also benefited from the Alliance’s local events in Lagos, where he had access to “everyone that mattered.”
An interaction with GB from Flutterwave, whom he had first met in China as part of an Alibaba fellowship was reignited at an Alliance event in Lagos. GB invited him to Flutterwave’s office and Chinyundu soon established an office in the same building. “You feel safe when you can go to a foreign country and call anyone,” said Chinyundu.
After launching Sparkle, Chinyundu sought to expand into the South African market, but the licensing landscape again proved difficult to navigate and he decided to join forces with Lenco and the pair opted for a “divide and conquer” strategy. “Local context matters. While we can push the Sparkle brand and cater to Bantu people’s sensibilities in a specific way in Southern Africa, Nigeria’s culture fits with the Lenco brand. So, we will join forces and run two separate brands in our respective regions,” said Chinyundu. He is now considering Malawi, Zimbabwe, Botswana, Mozambique and Angola as the next steps in his SADC expansion. “Networks, like the Harambean Alliance are the only reason why my venture is alive today,” said Chinyundu.
“This story is a great example of two Harambeans with a shared set of values who built trust during their time together at Bretton Woods and who went on to leverage this trust and friendship to expand and ultimately become business partners. It also illustrates the strong and supportive coalitions being formed by Harambeans,” said Okendo Lewis-Gayle, Chairman and Founder of Harambeans.
A business acquisition thanks to the Alliance
Aeko Ongodia H’20 is building a goal-based investment platform called Xeno. He started his venture in Uganda and is now expanding into Nigeria and Kenya. Ongodia participated in a pitch competition at Wharton where the prize included membership of the Alliance. He credits the Alliance with not only providing him with an audience, but more importantly,‘an alliance of entrepreneurs and investors. “The greatest value of being part of the Alliance are the introductions to market players in other geographies, short-term consultancy and angel checks from fellow members. “The Alliance ultimately led me to pursue an acquisition in Nigeria that we are about to close,” said Ongodia.
Ongodia singled out a Harambean event in Lagos that was instrumental in his venture’s trajectory. “Everyone I needed to meet was there,” he said. While it’s difficult to build away from the Valley and the big four in Africa, the Alliance has been transformative as his gateway to connect with other builders on the continent.