Aboki Africa, a Nigerian money transfer business, has acquired pre-seed capital to help it grow its workforce and scale its services.
Aboki Africa, founded by Idorenyin Obong and Femi Aghedo in July of this year after a year of testing, allows users to build a free virtual global bank account to receive and make overseas payments as well as convert currencies.
Abdul Hassan, CEO of fellow Nigerian fintech Mono, is leading the startup’s pre-seed investment round, which also includes Niche Capital, Ingressive Capital, and other strategic investors. The funds will be used to scale the company’s product and grow its core workforce.
“We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying to alleviate. People who work and do business remotely should not have to jump through hoops to receive payments. We are fixing that,” said Aghedo.
“We are proud of the team that we have built and how far we have come. It is remarkable to see how much we have accomplished with a small, passionate team, and we’re excited that we have the best partners backing us.”
According to Uwem Uwemakpan, vice president of fund operations at Ingressive Capital, Nigeria has a significant population of creative and intelligent young individuals seeking and participating in lawful enterprises to earn foreign currency salaries.
“Ingressive’s investment in Aboki Africa further cements our belief that technology will help us lift African out of poverty and create numerous opportunities for the youths as well as freelancers, importers, and exporters, traders, and manufacturers to easily exchange forex as well as seamlessly create foreign accounts to collect payments,” he said.
