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Investech wave building up in Africa

From Left to Right:  Rogito Nyangeri, Radhika Bhachu and Gianpaolo De Biase.
From Left to Right: Rogito Nyangeri, Radhika Bhachu and Gianpaolo De Biase.

Widespread connectivity and ubiquitous data has resulted in a significant increase in investech in Africa.

“We are on the cusp of wealth management or investech,” said Rogito Nyangeri, co-founder and CCO of Ndovu investment platform.

Ndovu officially launched its investment platform in Kenya with services available to anyone with a smartphone.

Nyangeri said, “Whether you are in Nigeria, Kenya or South Africa, it’s the same niche. You have money sitting in a bank account and you want to make the money work for you. We think this is the beginning of a wonderful wave across the continent.”

According to Ndovu co-founder and CEO Radhika Bhachu said African banks hold up to US$85-billion, which is money not invested in a higher return facility.

She believes this is a missed opportunity for many.

Nyangeri and Bhachu aim to onboard at least one million users in the next three years as they open up opportunities for investment, those that have been out of reach for most consumers.

Humphrey Watanga, a commissioner at the Commission on Revenue Allocation and contributor towards the government-backed bond trading platform, M-Akiba, hailed the launch of Ndovu as an easy avenue for investment.

He underlined the importance of technology in offering investment opportunities to more people in the case of M-Akiba and now Ndovu app.

The investech wave seems to be building and recently Nigerian, investment platform Bamboo received US$15-million in Series A funding to continue offering Africans an opportunity to trade in international stocks.

“We want to give you and millions of people across the continent easy and secure access to global investment options that help you earn real returns,” the company said during the announcement of its Series A.

Other upcoming players in the investech scene in Nigeria include Trove, Wealth.ng and RiseVest.

HisaApp in Kenya has also taken off to offer investment opportunities through mobile-based interface. 

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