Fintech raises $13m seed funding to promote financial inclusion across Africa
A fast-growing Nigerian fintech startup, NowNow Digital Systems, said it had raised 13 million dollars in its seed round to improve financial inclusion across Africa.
The Chief Executive Officer, NowNow, Sahir Berry said this in a statement on Wednesday in Lagos.
Berry said the seed funding would drive financial inclusion by providing financial services to the unbanked and underbanked in the continent.
He said that with the newly secured funds, NowNow would drive financial empowerment and introduce new products which would further enhance its already existing consumer banking, agency banking and merchant payment solutions.
According to him, the funding round led by NeoVision Ventures Ltd., DLF Family Office and Shadi Abdulhadi, heralds NowNow’s plans to scale and expand its service offerings across Africa.
He said that, equipped with a rapidly growing product suite and highly agile technology platform, NowNow “sought to build the world’s best technology that digitises cash payments for Africans.”
According to him, NowNow’s renewed commitment and vision is to include everyone financially.
“Today we announce that we have moved to the next stage of our commitment to drive financial access and empowerment for Africans at the last mile.
“With the secured funding, we not only provide services that include everyone financially but also upscale our agile ecosystem which ensures that our multidimensional offering remains a market leader.
“The credit facility will also support our unique strategy to advance financial inclusion and independence through financial education,” he said.
According to him, the interest and backing of investors will enable the organisation to grow world-class team as we would be unveiling innovative products and services.
Berry said that NowNow was focused on solving everyday financial challenges by creating the largest fintech ecosystem in Africa as well as supporting the financial inclusion goal in the continent.
He said that the innovative fintech platform was recently selected to participate in the Mastercard Start Path Global programme created to help later-stage startups innovate and scale.
According to him a financial literacy report from the Central Bank of Nigeria (CBN) shows that most Nigerians want training and information on financial concepts.
He said such trainings included long-term financial planning, budgeting, financial products and services, risk management, the financial security of their dependents, and insurance.
Berry said that while the CBN’s report revealed that there was genuine interest in financial literacy, it also revealed a significant knowledge gap.
He said that proceeds from NowNow’s seeding round would focus on improving Africa’s financial inclusivity and would help bridge the gap between the banked and unbanked in Nigeria.
According to him, the African B2B and B2C FinTech company, recently partnered with the Lagos Business School’s (LBS) Sustainable Inclusive Digital Financial Services (SIDFS).
The co-founder said that it was to initiate a financial education and literacy programme aimed at driving Nigeria’s financial inclusion growth.
The CEO said that NowNow would utilise SIDFS’s rich data, library content, and resources to provide financial and digital literacy tools for its customers to ensure smart financial planning.
He said that NowNow was on a mission to deliver best-in-class financial services to SMEs, banking agents, and consumers and to provide financial empowerment to Africans.
According to him, some of NowNow’s customers in Nigeria, have never had a bank account, so it is the company’s social mission to provide the proper educational support with the funding.
Berry said that NowNow aims to advance the introduction of other innovative solutions in the region to help create a more financially inclusive continent.
Gary Peters, Managing Partner, Capital V Ltd, said that one of the key elements that propelled the investment in NowNow was based on the founders’ tenacity to grow the company to a viable level, as well as overcoming many challenges and market cycles since its inception in 2018.
He said that its core business and vision of digitizing the African region through facilitating daily payment services, was also another important element.
According to him, NowNow leadership’s vision aligns with Capital V’s fund of funds strategy to back disruptive and high-potential start-ups, especially in emerging markets like Africa, the decision process becomes easier.
