Nigerian Tech Startup Secures $10 Million Funding for Expansion

Source:Vanguard Nigeria
June 29, 2025
Lagos, Nigeria
technology
major
positive
fintech
startup
funding
digital payments

Lagos-based fintech startup PayFast has secured a $10 million Series A funding round led by international investors on June 29, 2025. The company, which provides digital payment solutions for small businesses, plans to use the funds to expand its operations across West Africa. CEO Amina Ibrahim stated that this investment will help bridge the financial inclusion gap in the region. Industry experts have hailed this as a significant boost for Nigeria's burgeoning tech ecosystem, which continues to attract global attention despite economic challenges. The funding comes at a time when digital transactions are on the rise, with mobile money usage increasing by 30% in the past year. PayFast aims to onboard 500,000 new users by the end of 2026.

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