Dealflow | November 8, 2021

Aruwa Capital invests in Pngme to use phone data to improve lending in Africa

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, November 8 — Lagos-based private equity fund manager, Aruwa Capital Management, invests in growth-stage businesses in Africa, primarily in Nigeria and Ghana. Adesuwa Okunbo Rhodes founded the firm in 2018 to back more women founders (see “Agent of Impact: Adesuwa Okunbo Rhodes).

Pngme, a women-led fintech, collects financial data from users’ smartphones to help banks, mobile money operators, credit bureaus and other fintechs improve lending services to consumers in emerging markets.

Aruwa also has backed Nigeria’s Wemy Industries, a personal hygiene company and Lifestores Pharmacy, a pharmacy chain in underserved communities.

Financial inclusion

A majority of Nigerian adults don’t have any credit history, making them unable to access loans. Pngme’s software can help financial institutions “effectively match products to end users while minimizing their risk,” said Rhodes