African fintechs expand financial services through new funding

West African fintech companies are securing significant funding to expand financial services and cross-border infrastructure.

Gigmile Technologies, a Nigerian startup founded by former Jumia managers, provides a collateral-free leasing platform for gig economy workers such as drivers and delivery personnel. By utilizing vehicle usage data and trip regularity instead of traditional credit scores, the company has financed over 10,000 vehicles in Nigeria and Ghana since 2022, maintaining a 94% repayment rate. The International Finance Corporation (IFC) is considering an investment of up to $4 million in Gigmile’s Series A round to support its commercial viability and market competition. The startup also maintains a strategic partnership with the ride-hailing platform Yango.

Separately, the fintech Nomba has secured $3 million in debt financing from CardinalStone Finance Company Limited to expand its cross-border payment infrastructure. The funding aims to facilitate trade between the Democratic Republic of the Congo (DRC) and Asia, specifically providing US dollar liquidity for operations in Hong Kong and Singapore. Nomba currently manages over $480 million in monthly cross-border payments and intends to scale this volume to over $1 billion per month. The company plans to use the DRC as a springboard for further expansion into Zambia and Uganda.