West African fintech and mobile money expansion

Fintech services and digital financial infrastructure are expanding across West Africa, driven by new consumer financing models and increased investment.

In Ghana and Nigeria, companies are addressing affordability and financial inclusion through mobile money and specialized credit schemes. In Ghana, MTN Ghana has partnered with Access Bank Ghana PLC to offer ‘Pick and Pay Later’ programs, allowing customers to finance smartphones via mobile money deposits and installments. In Nigeria, MTN’s fintech subsidiary, MoMo PSB, appointed Bode Abifarin as Managing Director and CEO to lead its digital services.

Further expansion is being supported by new funding for specialized fintech platforms. Gigmile Technologies, which provides collateral-free vehicle leasing for gig economy workers in Nigeria and Ghana, is seeking up to $4 million in Series A funding from the International Finance Corporation. Founded by former Jumia managers, the startup utilizes vehicle usage data and trip regularity instead of traditional credit scores, having financed over 10,000 vehicles with a 94% repayment rate. It also maintains a strategic partnership with the ride-hailing platform Yango.

Additionally, the fintech Nomba secured $3 million in debt financing from CardinalStone Finance Company Limited to expand its cross-border payment infrastructure. This funding provides US dollar liquidity through banking relationships in Hong Kong and Singapore to facilitate trade between the Democratic Republic of the Congo and Asian markets. Nomba currently manages over $480 million in monthly cross-border payments and aims to scale this to over $1 billion per month, using the DRC as a gateway to expand into Zambia and Uganda. The company is also preparing to raise between $20 million and $50 million in additional funding to accelerate regional growth.