Nigerian Fintech Startup Owoafara Raises Funding

Nigerian fintech startup Owoafara, which provides digital banking to assist the unbanked population of the world in accessing financial products and services, has raised funding from gender lens investment firm ShEquity.

Owoafara helps people access financial solutions such as payments, credits, savings, health insurance, and pensions on a single platform. Through Owoafara’s digital platform and card services, member businesses are verified and provided with a variety of financial services including credit not normally provided by banks.

Owoafara was among 16 businesses that graduated from the first cohort of the ShEquity Business Accelerator (SHEBA) in September 2021. The USAID Trade Hub-backed initiative addresses the existing gender funding gap by de-risking African female-led businesses and getting them to become investment-ready.