NIGERIA – Nigerian fintech start-up Kwaba, which helps low and middle-income earners to split their annual rent into convenient monthly installments, has secured a pre-seed round of funding to help it expand across Nigeria and Africa.
The start-up will use the fund to continue its expansion plans across Nigeria and Africa to give more people access to its solution.
Founded by Obinna Molokwu in January 2020, Kwaba is a digital platform that helps facilitate home payments for Africans and is aimed at Nigerians looking to pay rent in a modern way that reflects their financial reality.
Kwaba makes home financing easy by enabling savings via convenient monthly installments and instant loan provision.
The start-up also offers services such as apartment search, quick funds at affordable rates, and further credit facilities for the purchase of properties.
Over the last year, Kwaba had rent payment requests of NGN115 billion, with over 30,000 customers. Its mobile app, released in August 2021, has garnered almost 2,000 downloads.
“Kwaba is helping to bridge the gap between property and finance. We understand the economic reality of Nigerian renters and have built our product to reflect this,” said Obinna Molokwu, founder of Kwaba.
Added to its services offerings, Kwaba offers apartment search services, quick funds at affordable rates, and further credit facilities for the purchase of properties.
The company’s instant loans are up to 40% of customers’ rent savings, which are insured by NDIC and secured with bank-grade security features.
Kwaba works with PCIDSS compliant payment processors to ensure users’ money and data are safe and fraud-proof. Its partners also include ARM, AXA Mansard, and Paystack.