The African Finclusion Group (AFG) is a company that is geared towards helping disadvantaged people in the continent. They do this through a number of different avenues. One of the ways is through equity financing. Another one is through their product offerings. For instance, they sell insurance products to help protect families against fires, theft, and natural disasters.
rebranding to Fin
The Finclusion Group has rebranded itself to “Fin.” This neobank of neobanks has more than 40,000 unique users and a loan book that has grown by more than 30 percent over the last year. It is also active in Tanzania and Swaziland.
In the fintech space, Fin’s Fin Capital Investments, or FinCI, offers asset finance and secured working capital loans. Also, a recent acquisition of Awamo, a microfinance technology services provider, will aid in Fin’s quest to provide simple yet effective financial solutions to customers.
To top it all off, Fin’s other subsidiary, GetBucks Kenya, is making the switch to a sexier name. In fact, it’s become the preeminent provider of microfinance in the country.
With the rebranding, Fin is repositioning itself to be a full-fledged fintech company. As such, it has invested in an insurtech platform in Kenya. Meanwhile, the company has launched a suite of products to boost the financial inclusion of Africa’s most economically diverse demographics.
Products offered
If you are looking for the latest and greatest in financial technology, look no further than the products offered by African finclusion group. This company focuses on the big three; credit, direct lending and customer experience. The fin-tech outfit boasts a team of industry experts tasked with driving the next wave in Africa’s financial sector.
Its flagship offering is a microfinance-like platform dubbed Fin which has recently raised $2 million in equity financing. This venture is also set to expand into Mozambique, Namibia and Uganda. In addition, the company has added a new member to its board of directors, Jai Mahtani. Founder and CEO Timothy Nuy has spent the better part of 10 years chasing the sub-Saharan gold mine. As a result, the Fin inclusion group is well-capitalised to take on the competition.
There are many financial technology Hibooz companies on the continent and the Fin inclusion group is proving that the industry can be a force for good. Using AI and technology to solve the age old problem of obtaining credit, this company is on the cutting edge of the financial services industry.
Expanding into Uganda and Mozambique
Mozambique is an important hub for international trade in the southern African region. Its deep seaports, a large pool of labor, and strategic location allow it to connect to global markets.
China has long helped Mozambique in its struggle for independence, and the Chinese government is willing to work with other African countries to build cross-border infrastructure in the region. President Xi Jinping said on Thursday that his country is ready to boost cooperation with Uganda and Ethiopia.
According to Raxio, the company plans to establish a network of interconnected data centres across Africa by 2023. The facility in Mozambique will be a key component of its digital backbone. It will be located at Beluluane Industrial Park, a 20-km drive from Maputo, and will be powered by hydro-generated grid power.
In addition to building its data center in fashionnowdays Mozambique, the Raxio Group has also established presences in other countries in the region, including Democratic Republic of Congo and Ivory Coast. It is a portfolio company of Roha Group Inc., a global investment firm that focuses on developing profitable businesses in Africa.
Equity financing
Finclusion Group, an African credit-led neobank, has closed a $2 million equity financing round. The funding will support the company’s expansion plans. It also brings the company closer to its aim of becoming the leading international neobank in Eastern and Southern Africa. This will be achieved by consolidating the group’s footprint across the continent.
Founded in mid-2018, Finclusion Group is focused on boosting financial inclusion in Sub-Saharan Africa. By using AI algorithms, the company provides financial services to its African customers. Currently, the neobank offers a range of products, including BNPL, insurance, and other financial services. It also works with microfinance institutions, allowing them to access new customer bases. With the investment, Fin will expand its operations, develop new products, and add more fully integrated territories.
Finally
Several investors have already invested in the company. Leonard Stigeler has joined the board of directors and will support the new offerings. Sudeep Ramnani and Jai Mahtani have also joined the company.
