NowNow Digital Systems, a fintech firm in Nigeria, has raised $13 million in early money to increase financial inclusion in Nigeria and throughout Africa. The continent’s underserved and unbanked populations will receive financial services from it.
NowNow’s aspirations to develop and broaden its service offerings across the continent are signaled by the fundraising move, which was spearheaded by NeoVision Ventures Ltd, DLF
Family Office, and Shadi Abdulhadi.
The newly acquired funds, according to the business, will promote financial inclusion and aid in the development of new products that will further improve its consumer banking, agency banking, and merchant payment solutions.
With a rapidly expanding product portfolio and a highly adaptable technological foundation, the company aims to provide the greatest technology in the world for digitizing cash payments for Africans.
Sahir Berry, the chief executive officer and co-founder of the company, claimed that it had advanced to the next phase of its commitment to advancing financial inclusion and Africans’ empowerment.
“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.”
According to him, the lending facility would also help the organization’s strategy to promote financial education and independence through promoting financial inclusion.
Our world-class team will be able to expand thanks to the support of our investors as we introduce our cutting-edge goods and services.
The majority of Nigerians want training and information on financial concepts like long-term financial planning, budgeting, financial products and services, risk management, the financial security of their dependents, and insurance, according to a report on financial literacy from the Central Bank of Nigeria (CBN).
Although there is a genuine interest in financial literacy, there is also a sizable knowledge gap, according to the CBN survey.
To this end, the company stated that the earnings from the seeding facility would be used to increase financial inclusion in Africa and assist close the gap in Nigeria between the banked and unbanked.
“One of the primary factors that prompted us to participate in NowNow through one of our funds is based on the founders’ perseverance to build the company to a viable level, as well as to overcome several hurdles and market cycles since its founding in 2018,” said Gary Peters, managing partner of Capital V Ltd. Another crucial component is its primary objective, which is to digitize Africa by facilitating daily payment transactions.
“Whenever we meet a company founder like Sahir Berry, whose 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,” he said.
