For its first investment, Usawa Venture Capital is backing Logiciel, a Ghanaian fintech company, in an undisclosed equity deal. Michel Kabanga will be representing the investor on Logiciel’s board.
The deal was led by Mike Nkansah, the Founding Partner of Accra-based advisory firm GoldCoast Partners. Usawa Venture Capital is a joint venture between GoldCoast Partners and 3nity Global, a fellow investment advisory firm based in Luxembourg and currently operates as a fundless investor pitching deals to investors on an opportunity by opportunity basis. In an email reply to Africa Capital Digest, the firm indicated that it is in the initial stages of raising its first venture fund.
Logiciel operates the largest microfinance banking software platform in Ghana, serving over 280 financial institutions throughout the country. As well as microfinance institutions, Logiciel counts credit unions, savings and loans companies as well as universal banks in Ghana and Nigeria among its clients. Through this network, it’s estimated that the firm reaches over 2 million financially underserved individuals. This and future investment rounds will help Logiciel continue its expansion which in recent years has seen the firm make significant product development investments in solutions for upmarket customer segments in the region as well as growing the low-cost value proposition for microfinance practitioners in Ghana.
Fidelity Law Group advised both parties on the transaction.
By Allan Cunningham | Africa Capital Digest
