Nkwa, a fintech startup based in Cameroon, has secured a seed funding of $15,000 from a group of local angel investors called Cameroon Angels Network (CAN). The funds will be used to expand the startup’s operations and enhance product development.
Nkwa is focused on promoting financial inclusion through a mobile app that encourages a culture of saving to achieve financial goals. The startup has already onboarded over 12,000 users, half of whom are active every month. The app has helped users save money worth 2 billion francs CFA for purposes such as buying work equipment, paying off debts, and going on vacation.
The startup, which is supported by Cameroon’s Ministry of Finance, plans to use the seed funding to onboard more customers and scale operations. The co-founder and CEO of Nkwa, Akwo Ashangndowah Ngwashie, expressed gratitude for the support and said that the funds would be put to good use.
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Nkwa’s team is exploring new opportunities to expand its offerings and bring new products and services to customers. As a fintech startup focused on financial inclusion, Nkwa believes that everyone should have access to the tools and resources they need to manage and grow their finances effectively. The co-founder reiterated the startup’s commitment to driving financial inclusion through innovation.
“We believe that financial inclusion is a critical issue that affects millions of people in Africa, especially French [Francophone] Africa, and we are committed to doing our part to address it. The future is bright for leveraging financial technology to reach the unbanked and underbanked, and we are committed to playing a leading role in shaping that future,” Ngwashie said.
Nkwa Cameroon Nkwa Cameroon
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard