This move marks the end of the freemium banking era for millions of Nigerians, who have long enjoyed cost-free electronic transactions from the country’s fast-growing financial technology sector.
Over 500 African female tech entrepreneurs have attended previous editions of the Summit with last year’s event in Lagos spotlighting Planet FWD’s Julia Collins, the first black woman to build a unicorn, as a headline speaker.
FlapKap’s goal is to scale its impact across the MENA region, providing essential capital to SMEs that often face barriers in accessing traditional financing.
Paga was one of the first in Nigeria to offer a mobile wallet solution at scale, allowing independent agents to help users deposit and withdraw money via their phones.
Beyond Capital Ventures has been increasingly active in Africa, where it sees immense growth potential in sectors like healthcare and renewable energy.
Participants will also benefit from interactions with representatives from development banks and international organizations, including the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and British International Investment (BII), among others.
Currently, recipients of remittances in Ethiopia have a variety of options, including mobile money services, cash pickups through agents, and direct bank deposits.
The funding from FCDO will enable AgDevCo Ventures to attract further capital, with an additional £20 million currently being raised from development finance institutions and family offices.
The firm, which began as a nonprofit entrepreneurial support organization nine years ago, has already raised nearly $5 million of the fund, according to its latest regulatory filing.
