In Africa’s fragmented $3 trillion market, where over 1.2 billion people have relatively low disposable income and many reside in landlocked countries, offering services to businesses across different sectors is no small feat. This complex landscape contributes to the difficulties of intra-continental trade, a challenge that the African Continental Free Trade Area (AfCFTA) Agreement, launched in 2019, aimed to resolve. Despite the promise of a unified market, its impact has been limited.
Adetola Onayemi, who played a significant role in bringing the AfCFTA Agreement into action, recognized this challenge firsthand. Drawing from his extensive experience as a technical advisor to Nigeria’s vice president and his work in the policy space, Onayemi co-founded Norebase, a startup designed to simplify and streamline cross-border trade in Africa. Norebase recently raised $1 million in a pre-seed round to help businesses scale and enter new markets across the continent.Onayemi’s vision for Norebase grew out of conversations with entrepreneurs struggling to navigate Africa’s fragmented trade landscape, especially those in tech who had secured capital but were unsure how to expand into other markets. With a deep understanding of policy and trade agreements, Onayemi saw an opportunity to leverage technology to bridge the gap and facilitate easier market entry.
Africa’s digital economy is growing across six main sectors: education, payments, logistics, transport, identity, and trade. Despite this, the trade sector has seen limited innovation and startup activity. Onayemi believes the complexity of intra-continental trade requires specialized knowledge and expertise, something Norebase aims to provide with its platform.
Norebase simplifies the often complicated process of business incorporation across multiple African countries. Businesses using the platform can quickly incorporate in markets like Nigeria, Kenya, Ghana, South Africa, and others, reducing the need for complicated legal processes and minimizing the risks associated with cross-border expansion. The platform also provides additional services, such as opening bank accounts, setting up virtual mailing addresses, and registering trademarks—all in compliance with local regulations.
The platform’s key offering is its Incorporation API, which allows third-party services, such as payment processors, to enable seamless registration for their users. This is particularly useful for platforms with stringent KYC and regulatory requirements, like Paystack and Flutterwave, where merchants are often unable to continue transactions unless they fully register their businesses. By integrating Norebase’s API, these platforms can streamline the registration process and reduce churn, allowing merchants to complete the necessary steps directly on their site.
Norebase’s API positions the company as a unique player in the trade-tech space, offering incorporation-as-a-service, a feature not widely available in Africa. The startup currently works with partners including Brass, Nestcoin, Edenlife, and others. While competition is limited, Norebase expects the trade-tech sector to expand rapidly as more African businesses engage in intra-continental and international transactions.
With its strong growth—boasting 100% month-on-month transaction volume increases and a 40% rise in revenue—Norebase is poised to become a key player in Africa’s growing trade ecosystem. The company plans to use its pre-seed funding to refine its API, expand its trademark registration services, and hire additional talent.
