Logiciel Raises $100,000 from Usawa Venture Capital

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It’s always nice to hear one of these. Just a couple of weeks ago, there were several talks about investments in African startups. It’s great to know that there are absolutely investible startups in Africa, and especially in Ghana. Logiciel Ghana Limited has received a funding round of $100,000 from Usawa Capital.

Quite a new venture firm, Usawa is investing in Logiciel for an undisclosed equity stake in the Ghanaian company. 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.

Logiciel develops the largest microfinance banking software platform in Ghana, reaching more than 280 clients in Ghana alone. With the many clients that these microfinance institutions service, it’s likely the firm reaches more than 2 million Ghanaians through its products. For any company, this is great validation for the amount of work they have put in over the past 6+ years.

Managing Partner of Usawa Venture Capital commented that the move was to support the Africa’s growing tech industry. He noted that technology in Africa is on the takeoff and government and investors cannot afford to miss this huge opportunity. He further emphasized the need for government to develop policies and incentives to support Upcoming tech firms like Logiciel.

CEO of Logiciel Derrick Dankyi expressed appreciation for the donation. He indicated that technological solutions to microfinance institutions will go a long way to improve financial services among the unbanked population as well as check the cost of credit. He said when the microfinance institutions are able to check their data and have better records they are able to maintain strong balance and businesses in general.

Co-founder and CTO of Logiciel, Farida Bedwei stressed the need for more investment in the Ghanaian tech sector. She explained that investments into the tech sector will create a lot of jobs for the youth and further improve the economy.

Most of Ghana’s informal sector population is reached through micro-finance institutions, and it’s great to see that there are tech startups catering to the core needs of many Ghanaians through software.

It will be even exciting to see more investments in Ghanaian startups to validate the value most of them create through software.

 


Also published on Medium.

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