Owoafara, Nigerian Fintech Startup Secures Funding From ShEquity
Owoafara, a Nigerian fintech startup that provides digital banking to help the world’s unbanked population gain access to financial products and services, has received funding from gender lens investment firm ShEquity.
Owoafara, founded by Tale Alimi, provides financial solutions such as payments, credits, savings, health insurance, and pensions on a single platform.
Member businesses are verified and provided with a variety of financial services, including credit not normally provided by banks, through Owoafara’s digital platform and card services.
ShEquity, a gender lens investment firm that seeks to address Africa’s gender funding gap by making smart investments in African-owned and led businesses, has now funded the startup.
“We at Owoafara are excited to collaborate with ShEquity to accelerate our growth, broaden our impact, and help us scale competitively in West Africa.” Eighty percent of our current loan portfolio is made to unbanked female microentrepreneurs. We are proud that our products promote an inclusive fintech sector in which hardworking informal women entrepreneurs can increase their earning capacity and economic agility to resist financial precarity, ensuring long-term livelihood and family security. “The investment from ShEquity will help us reach one million underserved micro-entrepreneurs and small businesses by 2023,” Alimi said.
In September 2021, Owoafara was one of 16 businesses that graduated from the first cohort of the ShEquity Business Accelerator (SHEBA). The USAID Trade Hub-supported initiative aims to close the gender funding gap by de-risking African female-led businesses and preparing them for investment.
“The investment in Owoafara exemplifies ShEquity’s singular focus on providing catalytic investments to African women entrepreneurs and innovators,” said Pauline Koelbl, ShEquity’s founder and managing partner.
