The newly secured funds will drive financial empowerment as well as help introduce new products, which will further enhance its already existing consumer banking, agency banking, and merchant payment solutions.
Nigeria’s fast-raising fintech startup, NowNow Digital Systems, has raised $13 million in seed funding to improve financial inclusion in Nigeria and across Africa. It will provide financial services to the unbanked and under-served in the continent.
With the funding the fintech company aim to scale and expand its service offerings across the continent. The funding move was led by NeoVision Ventures Ltd, DLF Family Office and Shadi Abdulhadi.
According to the fintech startup, the newly secured funds will drive financial empowerment as well as help introduce new products, which will further enhance its already existing consumer banking, agency banking, and merchant payment solutions.
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The firm equipped with a rapidly growing product suite and highly agile technology platform also seeks to build the world’s best technology that digitises cash payments for Africans. The company’s Chief Executive Officer and Co-founder, Sahir Berry, said the firm has moved to the next stage of its commitment to driving financial access and empowerment for Africans.
“With the secured funding, we look to not only provide services that include everyone financially but also upscale our agile ecosystem which ensures that our multidimensional offering remains a market leader. He also added that the credit facility would also support its strategy to advance financial inclusion and independence through financial education.
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“The interest and backing of our investors will enable us to grow our world-class team as we would be unveiling innovative products and services.”
A financial literacy report from the Central Bank of Nigeria (CBN) showed that most Nigerians want training and information on financial concepts such as long-term financial planning, budgeting, financial products and services, risk management, the financial security of their dependents, and insurance.
While the CBN’s report reveals that there is genuine interest in financial literacy, it also indicated a significant knowledge gap.
To this effect, the firm said the proceeds from the seeding facility will be deployed in improving Africa’s financial inclusivity and help to bridge the gap between the banked and unbanked in Nigeria.
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