AFRICA – EMURGO Africa, the venture arm of Cardano’s official commercial entity, has announced a strategic investment in Fig Finance, a US-incorporated company providing innovative financial solutions across Africa, the EU, and the US.
The partnership aims to revolutionize access to capital for underserved small and medium-sized enterprises (SMEs) in Africa while setting a precedent for similar models in other regions.
Ahmed M. Amer, CEO of EMURGO Africa, emphasized the commitment to driving financial inclusion and empowering African communities on the Cardano blockchain.
“By investing in Fig, we are not only supporting a pioneering fintech company but also contributing to the development of a robust DeFi ecosystem that empowers SMEs and fuels sustainable economic growth across the continent,” he stated.
Founded in 2022 by George Johnston, Obi Ozor, Oscar Price and Seye Akinola, Fig Finance is dedicated to providing innovative financial solutions to underserved small and medium-sized enterprises (SMEs), making significant strides towards democratizing access to capital for trade across Africa.
Fig Finance has distinguished itself by demonstrating the ability to disburse loans instantly to hundreds of small businesses daily, with zero defaults.
Leveraging the founders’ networks established during their roles as CEOs of emerging market banks and founders/advisors to major tech companies in Africa, Fig has positioned itself as an efficient and transparent access point for real-world decentralized finance (DeFi) lending in Africa and beyond.
In many African nations, traditional banking systems face challenges in catering to the needs of creditworthy SMEs. Issues such as limited access to credit data and inadequate infrastructure hinder traditional banks in serving this crucial sector.
This collaboration addresses these gaps, presenting a significant opportunity to democratize access to capital for SMEs.
Oscar Price, CEO of Fig Finance, expressed excitement about the partnership, stating, “We are thrilled to join forces with EMURGO Africa and enable capital to flow from DeFi to creditworthy businesses, with full line of sight and real-time reporting that has not previously existed.”
EMURGO Africa’s investment in Fig signifies a commitment to nurturing a thriving DeFi ecosystem in Africa.
Through strategic partnerships like this, EMURGO Africa empowers African entrepreneurs, unlocks new avenues for economic growth, and lays the foundation for a more inclusive and prosperous future for the continent.
The collaboration between EMURGO Africa and Fig Finance promises to be a transformative force, bridging financial gaps and fostering sustainable development in Africa’s SME sector.
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