NowNow Digital Systems, a rapidly expanding Nigerian fintech startup, has secured $13 million in its seed round to increase financial inclusion throughout Africa by offering financial services to the continent’s unbanked and underbanked population.
With the help of the fundraising round, which was co-led by Shadi Abdulhadi, DLF Family Office, and NeoVision Ventures Limited, NowNow now has the means to scale and broaden its service offerings throughout Africa.
It added in a statement that with the recently obtained money, it will promote financial empowerment and launch new products to improve its consumer banking, agency banking, and merchant payment solutions, all of which were already in place.
CEO & Co-founder, NowNow, Sahir Berry, shared NowNow’s renewed commitment and vision 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 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. The credit facility will also support our unique strategy to advance financial inclusion and independence through financial education. 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.
NowNow is committed to addressing common financial issues by building the largest fintech ecosystem in Africa and promoting the continent’s drive toward financial inclusion. The cutting-edge financial platform was been chosen to take part in the Mastercard Start Path Global initiative, which was designed to support later-stage entrepreneurs with innovation and scaling.
The majority of Nigerians want education 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).
The CBN survey demonstrates a large knowledge gap in addition to a sincere interest in financial literacy. The money raised in NowNow’s seeding round will be used to close the financial inclusion gap in Nigeria and expand financial inclusion throughout Africa.
Recently, the African B2B and B2C FinTech startup joined forces with Sustainable Inclusive Digital Financial Services (SIDFS) at the Lagos Business School (LBS) to launch a financial education and literacy program with the goal 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 solutions that will promote wise financial planning.