ImpactAlpha, February 23 — Around 95% of retail transactions in Africa are done in cash.
Nairobi-based MarketForce is aiming to reach one million retailers in sub-Saharan Africa to digitize their transactions. “Our goal is to be the ultimate partner for informal merchants, empowering them to maximize their profits and grow in a digital age,” said MarketForce’s Tesh Mbaabu.
The company operates RejaReja (Swahili for retail), a business-to-business marketplace that helps informal and small retailers procure food products and other essentials. With its acquisition of Digiduka last year, MarketForce offers retailers bill payments, money transfers and other services.
Retail payments on the continent are projected to exceed $2.1 trillion by 2025.
MarketForce is expanding into Uganda, Tanzania, Rwanda and two more countries in West Africa and will offer buy now, pay later options for merchants.
Nigeria’s V8 Capital Partners led the Series A round, with participation from investors including Ten13 VC, SOSV Select Fund, Greenhouse Capital, Century Oak Capital and others.
Ken Njoroge of Africa payments firm Cellulant also invested in the round and will join MarketForce’s board as chairman.