Dropin, a Nigerian start-up pioneering portable NFC-based contactless payment solutions for Africa’s road transport sector, has announced a strategic partnership with global venture capital firm FasterCapital. The collaboration is aimed at accelerating Dropin’s growth trajectory as it prepares for a seed funding round and regional expansion.
The partnership was formalised under FasterCapital’s LaunchUp program, which provides early-stage start-ups with access to global mentorship, capital-raising support, and a network of industry experts. Through this program, Dropin will also receive critical resources for licensing, talent acquisition, and scalable customer acquisition strategies.
Dropin is addressing a long-standing challenge in Africa’s public transportation sector: the overwhelming reliance on cash payments. These transactions are often plagued by security risks, including theft and counterfeit currency, as well as operational inefficiencies and high costs associated with cash handling.
In Nigeria alone, card transactions reached $147.7 billion in 2024, with projections showing a compound annual growth rate (CAGR) of over 22% through 2028. This signals a rapidly maturing market that is increasingly receptive to digital payment solutions.
Dropin’s flagship product includes portable NFC-enabled devices and smart cards that allow for secure, contactless fare payments, eliminating the need for cash or exact change. The solution is designed to be lightweight, easy to deploy, and adaptable to the informal and semi-formal transit systems common across African cities.
Emmanuel Iwenze, Co-founder and CEO of Dropin, emphasized the importance of the partnership in realizing the company’s mission:
With FasterCapital’s support, we can accelerate development, expand our reach, and deliver a frictionless payment system that benefits millions of riders and drivers alike. This partnership marks a critical step toward building the future of digital, touchless, and safe mobility in Africa.
Hesham Zreik, Founder and CEO of FasterCapital, praised Dropin’s innovation and market relevance:
Dropin exemplifies the kind of innovative, market-driven start-up that aligns perfectly with FasterCapital’s vision. Their solution addresses a pressing need in Africa’s transportation ecosystem by digitising payments and enhancing security.
With this partnership, Dropin is positioning itself to become a key enabler of digital transformation in Africa’s mobility sector. The company aims to scale its platform across Nigeria and into other African markets, offering a modern, secure, and inclusive payment infrastructure for public transport operators and commuters alike.
As Africa’s urban centers continue to grow and digitize, Dropin’s technology could play a pivotal role in shaping the future of mobility, one tap at a time.
