EMURGO Africa Fuels Financial Inclusion with Strategic Investment in Fig Finance

EMURGO Africa, the venture arm of EMURGO focusing on Africa and the Middle East, has made a strategic investment in Fig Finance, a US-incorporated company operating in Africa, the EU, and the US. 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.

Revolutionizing Financial Solutions for SMEs

Traditional banking systems in various African nations often fall short in serving the needs of creditworthy SMEs. This gap provides a significant opportunity for innovative solutions that have access to SMEs and their data. Fig Finance, founded by individuals with extensive experience in emerging market banks and major tech companies in Africa, stands out for its ability to disburse loans instantly to hundreds of small businesses daily, with zero defaults. Leveraging their vast networks and expertise, Fig Finance has become a transparent and efficient access point for real-world decentralized finance (DeFi) lending in Africa and beyond.

EMURGO Africa’s Vision for Financial Inclusion

EMURGO Africa, aligned with its mission to drive financial inclusion and empower African communities on the Cardano blockchain, sees this investment as a catalyst for fostering a robust DeFi ecosystem. Ahmed M. Amer, CEO of EMURGO Africa, emphasizes that supporting Fig is not only backing a pioneering fintech company but also contributing to the development of a resilient DeFi ecosystem that empowers SMEs and fuels sustainable economic growth across the continent.

Partnership Impact on Financial Landscape

Oscar Price, CEO of Fig, expresses enthusiasm about the partnership, highlighting the potential to enable capital flow from DeFi to creditworthy businesses. The collaboration aims to provide real-time reporting and transparency that has been lacking in traditional financial processes. Akinseye Akinola, CFO of Fig, underscores the significance of technology in addressing the perennial underserving of SMEs by traditional lenders. Fig’s technology promises to streamline processes for distribution partners with no coding required.

Unlocking New Avenues for Economic Growth

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.