The Convergence Partner has injected new equity capital of $20 million of Convergence Partners Communications Infrastructure Fund (CPCIF) for a minority stake in a Nigerian Fintech Firm, Venture Garden Nigeria (VGN). This was announced by Convergence Partners which recently opened an office in Lagos to establish its local presence in Nigeria.
CPCIF that recently closed with more than $200m is the largest fund provided only for information and communication technology (ICT) in Africa. Recently, it has provided capital for investment in all aspects of ICT, for better access to technology and broadband services.
While talking about the new investment, the CEO of Convergence Partners, Brandon Doyle said that the key component of the African development story was innovative financial technology. According to him, this is true because it improves efficiency and governance and makes it possible for service to be provided to a larger part of the population.
The CEO of VGN, Bunmi Akinyemiju also commented on the investment by saying that the company was pleased with the investment made by Convergence Partners. Akinyemiju described technology as the economic development’s major enabler and driver. His company according to him shares this view with Convergence Partners.
With the investment, VGN will be able to actualize and speed up its domestic growth as well as growth across WestAfrica.