EMURGO Africa, which focuses on Africa and the Middle East, has invested $100 million into Fig Finance.
EMURGO Africa is a founding entity of the Cardano blockchain and provides products and services to drive the adoption of Cardano’s Web3 ecosystem.
Fig Finance is a company that operates in Africa, the EU, and the US. Their aim is to make it easier for businesses to get money for trading in Africa.
In Africa, regular banks can’t help small and medium-sized businesses much. They often don’t have enough information about the businesses to give them loans.
This creates a big opportunity for companies that do have access to SME information.
Ahmed M. Amer, the CEO of EMURGO Africa said that they were excited to support fig because it helps African businesses.
“At EMURGO Africa, we are passionate about driving financial inclusion and empowering African communities on the Cardano blockchain.
“By investing in Fig, we are not only supporting a pioneering fintech company but also contributing to the development of a robust Decentralized Finance(DeFi) ecosystem.
“This ecosystem empowers SMEs and fuels sustainable economic growth across the continent.”
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Empowering African Entrepreneurs through Innovative Financial Partnerships
Fig Finance gives loans quickly to hundreds of small businesses every day, without any of them failing to pay back.
It works with big business platforms to make it easy for them to give loans to small businesses.
Oscar Price, CEO of Fig, was happy about the partnership. He said it helps businesses get money in a new and better way.
“We are thrilled to join forces with EMURGO Africa and enable capital to flow from DeFi, to creditworthy businesses, with full line of sight and real time reporting that has not previously existed.”
EMURGO Africa’s investment in Fig shows they want to help DeFi (decentralized finance) grow in Africa.
They believe this will help African entrepreneurs and make the continent’s economy better.
Akinseye Akinola, CEO of Fig, added that small businesses often have a hard time getting loans from regular banks.
He’s happy that Fig’s technology can help fix this problem without needing lots of complicated coding.
“Traditional lenders have perennially underserved SMEs globally. Oftentimes, they lose valuable trading time and money as a result of lenders’ cumbersome and non-transparent processes.
“We’re excited to have built technology that solves this problem and can be deployed by our distribution partners without requiring any coding.
Such partnerships help EMURGO Africa support African entrepreneurs. Additionally, it opens up new paths for economic growth, and also creates a more inclusive and prosperous future for the continent.