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  • Updated: September 07, 2022

Fintech Raises $13 Million Seed Funding To Promote Financial Inclusion Across Africa

Fintech Raises $13 Million Seed Funding To Promote Financial

In order to increase financial inclusion throughout Africa, NowNow Digital Systems, a rapidly expanding Nigerian fintech firm, says it has secured 13 million dollars in its seed round.

This was said in a statement issued by Sahir Berry, the Chief Executive Officer of NowNow, on Wednesday in Lagos.

By offering financial services to the continent's unbanked and underbanked, Berry said that the seed cash would promote financial inclusion.

He declared that NowNow would promote financial inclusion with the recently acquired money and launch new products to improve its consumer banking, agency banking, and merchant payment solutions.

He disclosed that NowNow's aspirations to develop and broaden its service offerings across Africa are signalled by the fundraising round, which was headed by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi.

Having a quickly expanding product line and a highly adaptable technological foundation, he claimed that NowNow "sought to establish the world's greatest technology that digitises cash payments for Africans.

He asserts that NowNow's reaffirmed mission and vision are to financially incorporate everyone.

“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.

He claims that the organisation will be able to hire top talent when we introduce new products and services thanks to the enthusiasm and support of investors.

Berry stated that NowNow was committed to addressing common financial issues by building Africa's largest fintech ecosystem and promoting the continent's aim of financial inclusion.

He claimed that the cutting-edge financial platform had just been chosen to take part in the Mastercard Start Path Global initiative, which was designed to support later-stage firms' efforts to develop and grow.

He claims that a CBN survey on financial literacy reveals that the majority of Nigerians seek education and training on financial principles.

Such training, according to him, will cover insurance, risk management, long-term financial planning, budgeting, financial products, and services.

While Berry acknowledged that the CBN's research showed a genuine interest in financial literacy, it also exposed a large knowledge gap.

According to him, NowNow's seeding round funds would be used to close the gap between Nigeria's banked and unbanked populations and expand financial inclusion throughout Africa.

He claims that the African B2B and B2C FinTech startup has collaborated with the Sustainable Inclusive Digital Financial Services programme at the Lagos Business School (LBS) (SIDFS).

According to the co-founder, the goal was to launch a programme for financial literacy and education with the intention of accelerating Nigeria's financial inclusion growth.

NowNow will make use of SIDFS's extensive data, library materials, and resources to offer its consumers financial and digital literacy skills to enable sensible financial planning.

He declared that NowNow's goal was to empower Africans financially by providing best-in-class financial services to SMEs, banking agents, and consumers.

He disclosed that some of NowNow's Nigerian customers have never had a bank account, therefore it is the company's social mission to use the funding to give the appropriate educational support.

READ ALSO: Insutech Startup, ETAP Secures $1.5 Million Funding

According to Berry, NowNow wants to promote the adoption of further cutting-edge solutions in the area in order to contribute to the development of a more economically inclusive continent.

According to Gary Peters, Managing Partner at Capital V Ltd, one of the major factors driving the investment in NowNow was the founders' perseverance in building the business to a sustainable size and overcoming numerous obstacles and market cycles since its founding in 2018.

According to him, another crucial component of the company was its core business and its aim to digitise the African continent by facilitating daily financial transactions.

He stated that because Capital V's fund of funds strategy and NowNow leadership's vision are in sync, making the choice to support disruptive and high-potential start-ups, particularly in developing markets like Africa, is simpler.

NowNow is a major African digital banking platform that was established in 2018.

Its goal is to provide SMEs, agents, and consumers with best-in-class financial services.

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