Lagos, Nigeria – Fast-growing Nigerian Fintech startup, Aboki Africa, has recently raised pre-seed funding led by Abdul Hassan (CEO of Mono), alongside Niche Capital Limited, Ingressive Capital, and other strategic investors.
Aboki Africa is a service that provides foreign accounts for Africans. According to the founders, Idorenyin Obong and Femi Aghedo, it is the easiest way to send and receive international payments without restrictions. The business currently offers British Pound (GBP) and Euro (EUR) foreign accounts to their customers, with plans to add United States Dollar (USD) accounts soon.
When the company launched in June 2020, the mission was to simplify the currency exchange process for Africans, starting at home in Nigeria. However, it has since expanded its mission to incorporate other international payment-related processes. “We are building TransferWise for Africa,” said Idorenyin, one of the co-founders.
Aboki Africa now allows its growing customer base to create foreign bank accounts and get their own IBAN as well as transfer money anywhere in the world from their account.
Speaking on the relevance of Aboki Africa, co-founder Femi Aghedo said, “We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying to alleviate. People who work and do business remotely should not have to jump through hoops to receive payments. We are fixing that.”
With the pre-seed funding, the company aims to focus on scaling its products and expand its core team to help it reach more Africans in need of their services.