Investors continue to pump money into Nigerian fintech startups. Many will say when will this stop? Folks, this will last decades. Why? The digitization and transformation of African financial services is still in its infancy. Yes, nothing has happened. The African banking sector was just a rent collector for decades. Now we are just getting started with the redesign.
Of the more than $360 billion that moves from consumers to businesses in Nigeria annually, a large portion is still cash-based. In Oriendu Market in Ovim Abia State, business is cash only. So fintech hasn’t reached my village – and possibly it hasn’t reached yours. Although they are fighting in Lagos, Nairobi, Accra, etc., rural Africa is running on cash.
Big news tomorrow. A Tekedia Capital (our next investment cycle begins on September 19th, sign up and join us) portfolio company will announce an increase. This business run by an amazing young woman is going to be HUGE. She is a visionary and one of the finest on the continent. Yes, it’s fintech, but the friction being fixed is unique. We support such innovators.
Registration for Tekedia Mini-MBA issue 9 (12 September – 3 December 2022) is ongoing. Register here. The cost is N60,000 or $140 for the 12-week programme. Hit the early bird for free books and other bonuses.
Because finance is the operating system for commerce, more money goes into it. That’s why NowNow just raised $13 million!
Nigerian-based fintech startup, NowNow Digital Systems, has raised $13 million in its seed round led by NeoVision Ventures Ltd., DLF Family Office and Shadi Abdulhadi heralds, which will be used to implement the company’s plans to scale and expand the service offering. across Africa.
NowNow said the fund will be used to improve financial inclusion across Africa by providing financial services to the continent’s unbanked and underbanked.
CEO and co-founder, NowNow, Sahir Berry said that in addition to driving financial inclusion across Africa, the new fund will be used to promote financial education as a way of empowering Africans in the last mile.
Yes, if finance is the operating system for trade, Africa may need to fix it before we can redesign most other sectors. Yes, everyone wants to have the means to get paid. And because of that, investors become friends with fintech builders!
Nigeria-Based Fintech Startup NowNow Raises $13 Million in Seed Funding to Scale Operations Across Africa
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