Nigerian fintech startup Awabah raised US$200,000 in angel funding in July, which it has followed up by banking another US$120,000 after joining the Techstars London accelerator programme.
Launched last year by Tunji Andrews, Tina Ajishebiyawo, and Gboyega Olatunde, Awabah is a digital platform providing pension access to Africa’s self-employed. The startup is dedicated to making micro-pension services available to those in the informal sector and those whose employers are not legally required to deduct and remit pensions.
Having signed up over 700 clients since its launch, Awabah raised US$200,000 in angel backing from early-stage investors including ODBA and Co Ventures and Correlation Capital in July, which it used to roll out its services in Lagos and Ibadan. It now plans to start providing services in five more Nigerian cities over the next six months, and expand to Ghana, after being selected to take part in the Techstars London accelerator.
“Awabah in simple terms is an aggregator of wealth creation tools that are sorely lacking on the continent. We onboard the financial service providers, break their products into bite size chunks, sprinkle a bit of the Awabah magic on it, and give this leverage to our customers. What’s even greater is that our services come completely at no charge to the customer. Financial services should liberate, not enslave,” Tunji Andrews said.