At a glance
The importance of entrepreneurship and SME’s to the African economy is undeniable. On a continent dominated by the informal market where investments are typically into commodities or resource extraction, entrepreneurs are making an impact by developing local solutions to local problems. With SME’s projected to drive job creation, it is clear why supporting entrepreneurship and SME’s has become both a local and international development priority. International efforts are aimed at improving investment conditions on the continent, but there are still many impediments to growth, starting with bureaucracy.
Legafrik, solves this problem for the OHADA region with the first SAAS Legal Tech solution. The OHADA region is comprised of 17 west and central African countries that have adopted OHADA as a common corporate business law framework. The OHADA treaty was instituted 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. By simplifying the access to business and legal services, Legafrik facilitates incorporations, domiciling, contract and other legal matters, as well as debt collection and arbitration and is actively working on expanding its service offerings. Legafrik offers its services through their online platform, or through a network of carefully screened agents. Further, through the digital implementation and processing of business and administrative documents, the company eases processing burdens for government administrators.