Frankfurt (Germany) and Abidjan (Cote D’Ivoire), November 2018.GreenTec is expanding into the legaltech sector with its investment into Cote D’Ivoire-based Legafrik. Legafrik has developed an online platform providing a range of legal and business services targeting the OHADA region.
Opaque administrative requirements, bureaucracy, and expensive legal costs are among the primary barriers to entrepreneurs seeking to enter the formal sector in Africa. Legafrik, solves this problem for the OHADA region, with Africa’s first SAAS legaltech solution. The OHADA region is comprised of 17 west and central African countries that has OHADA is a system of corporate law and implementing institutions adopted by seventeen West and Central African nations in 1993 in Port Louis, Mauritius. OHADA is the acronym for the French “Organisation pour l’harmonisation en Afrique du droit des affaires”, which translates into English as “Organisation for the Harmonization of Corporate Law in Africa”. OHADA was created with the objective of fostering economic development in West and Central Africa by creating a better investment climate to attract investment into the 225 million-consumer market represented by the 17 member states. The OHADA treaty harmonizes the legal codes of its member countries, covering a wide range of commercial activity facilitating transparency and the ease of doing business.
Legafrik’s solution builds on OHADA’s initiative and represents the first effort to digitize and make legal and business affairs into the digital era. Lefafrik offers services both through its online platform as well as through a network of carefully selected trusted agents. Users can find a variety of services offered including: 1) incorporation; 2) legal templates; 3) debt collection; 4) domiciling; and 5) access to legal services with more on the way.
Legafrik is currently working on further developing its service offerings and expanding its network of agents in Cote D’Ivoire with the target or rapidly expanding into other OHADA region states in the near future.