ShEquity led funding raised by Nigerian fintech startup Owoafara
ShEquity, a gender-lens-focused investment business, has provided capital to the Nigerian fintech startup Owoafara, which offers digital banking to help the unbanked people of the globe access financial goods and services.
Owoafara, which was founded by Tale Alimi, enables users to access a variety of financial services on a single platform, including payments, credit, savings, health insurance, and pensions.
Businesses that are members of Owoafara are vetted and given access to a range of financial services, including credit not often offered by banks, using the company’s digital platform and card services.
ShEquity, a gender-lens investment firm that aims to close Africa’s gender financing gap by making wise investments in African-owned and -led firms, has now contributed capital to the venture.
“We at Owoafara are thrilled to partner with ShEquity to accelerate our growth, broaden our impact, and support us to competitively scale in West Africa. Eighty percent of our current loan book is to unbanked women micro-entrepreneurs. We are proud that our products promote an inclusive FinTech sector wherein hardworking informal women entrepreneurs can increase their earnings capacity and strengthen their economic agility to resist financial precarity, thus ensuring long-term livelihood and family security. ShEquity’s investment will support us in reaching one million underserved micro-entrepreneurs and small businesses by 2023,” said Alimi.
In September 2021, 16 companies from the inaugural cohort of the ShEquity Business Accelerator (SHEBA) graduated, including Owoafara. The USAID Trade Hub-supported programme seeks to close the gender funding gap by reducing the risks faced by African female-led firms and preparing them for investment.
“The investment in Owoafara illustrates ShEquity’s singular focus on providing catalytic investments to African women entrepreneurs and innovators,” said ShEquity’s founder and managing partner Pauline Koelbl.