Ecobank has provided over $248k (£200k) in seed funding to AinFin, a financial technology company that through its product Swifin enables both the banked and unbanked to participate in financial transactions globally.
The seed investment will initially fuel AinFin’s ambition to provide global access to transactions services.
In a few weeks, the Swifin service will see its first African market entry, Uganda, where the company aims to make a difference to the lives of many individuals and local businesses.
The current reforms in Uganda on agency banking are expected to boost and expand the reach of banks in the country through the use of financial technology such as that offered by AinFin.
Ecobank sees this as a great opportunity to expand its client base, support local economic activity and enhance financial inclusion.
AinFin’s technology is all about financial inclusion; that everyone deserves access to financial services. AinFin makes transactions easy even in challenging markets.
Linus Etube, CEO and co-founder of AinFin, said: ”The seed funding is a great beginning for us. We aim to see actual transaction levels reach an exponential growth within a few months after roll out.”
“Swifin is more than just a service that addresses a significant market gap it also offers opportunities for global multi-currency transactions capability,” he said.
Weaved in AinFin is a simple but powerful solution to the development challenges of many emerging markets, promoting financial liquidity.
It is mobile network agnostic, multi-channel, cross-border and allows flexible design of financial instruments to be executed.
Joy Braun, CEO and co-founder of AinFin, said: “AinFin delivers this service in the most cost-efficient, effective and secure manner. We aim to enrich the lives of hundreds of thousands of individuals who otherwise may not have had any prospect to access financial services.”
“We are so very proud to find team members, and now an investor, Mr. Giovanni Fontana, who shares our passion and deep conviction to make significant contributions to societal and economic development. The welcoming enthusiasm of our target clients for our service is such a big boost of energy and key driver for us to continue to do what we do, and achieve even more,” he added. Source: Africa Global Funds