Nigerian money transfer startup Aboki Africa raises pre-seed funding for expansion.


Aboki Africa, a Nigerian Fintech startup, recently raised pre-seed funding led by Abdul Hassan (CEO of Mono) and other strategic investors, including Niche Capital Limited, Ingressive Capital, and others.

Aboki Africa, founded by Idorenyin Obong and Femi Aghedo in July of this year after a year of piloting, allows users to build a free virtual global bank account to receive and make foreign payments as well as convert currencies.

“We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying to alleviate. People who work and do business remotely should not have to jump through hoops to receive payments. We are fixing that,” said Aghedo.

“We are proud of the team that we have built and how far we have come. It is remarkable to see how much we have accomplished with a small, passionate team, and we’re excited that we have the best partners backing us.”

According to Uwem Uwemakpan, VP for fund operations at Ingressive Capital, Nigeria has a large population for creative and talented young people looking for and participating in legitimate activities to earn foreign currency wages.

“Ingressive’s investment in Aboki Africa further cements our belief that technology will help us lift African out of poverty and create numerous opportunities for the youths as well as freelancers, importers and exporters, traders, and manufacturers to easily exchange forex as well as seamlessly create foreign accounts to collect payments,” he said.