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Cameroonian fintech Nkwa secures seed fund to drive financial inclusion

By , Freelance Investigative Journalist
Cameroon , 09 May 2023

Fintech startup Nkwa has secured $15,000 from a group of local angel investors – Cameroon Angels Network (CAN) – to scale its operations.

Nkwa promotes financial inclusion through promoting a culture of saving to meet target financial goals through its mobile app.

The fintech has so far signed up over 12,000 users – of which about half are active every single month – and has assisted its users save money worth 2 billion francs CFA towards buying work equipment, paying off debts or taking vacation.

The startup backed by Cameroon’s Ministry of Finance will use the seed funding to on-board more customers and scale operations as well as enhance product development.

Akwo Ashangndowah Ngwashie, Nkwa CEO and co-founder, commented: “It is a great validation of our vision and the hard work that we have put into building Nkwa. We are grateful for the support and excited to put the funding to good use.

Ngwashie said the 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, we believe that everyone should have access to the tools and resources they need to manage and grow their finances effectively.

“We are focused on building a platform that empowers individuals to manage their finances more effectively and efficiently, and we believe that we have the team and the technology to achieve that goal,” Ngwashie told ITWeb Africa.

The Nkwa co-founder said together with his team they will keep 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.

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